Ashland — Apr 28, 2026 release

Ashland continues to expect the year to follow a typical seasonal cadence, with stronger performance anticipated in the second half as commercial activity builds and operational stability improves.   Updating prior guidance • Sales: $1,835 to $1,870 million • Adjusted EBITDA: $385 million to $400 million • Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization: mid-to-high single-digit growth • Ongoing Free Cash Flow Conversion: approximately 50 percent of Adjusted EBITDA with capital expenditures of approximately $100 million Key planning assumptions • Portfolio Optimization initiatives completed last year continue to support mix improvement and structural margin resiliency • Demand in Life Sciences and Personal Care is expected to remain resilient, supported by stable fundamentals and progress across innovation-driven and globalized product lines • Specialty Additives and Intermediates markets remain stable at trough levels, with a coatings recovery expected to be regionally uneven until broader industrial and housing activity improves. In Specialty Additives the company is expanding its coatings product offering to shift momentum to overall growth. Against this backdrop, the outlook differs across key end markets, with specific areas under pressure: o Construction is expected to remain a year‑over‑year headwind as the company actively manages product mix toward higher‑value, pharma‑grade applications. o Energy, a smaller end market exposure, is expected to decli