Ashland — Apr 28, 2026 release

• Growth in high-value globalized platforms including biofunctional actives, microbial protection, injectables, and tablet coatings is expected to outpace underlying markets • The manufacturing optimization program is progressing; however, fiscal 2026 savings expectations have been reduced by approximately $10 to $12 million, reflecting delayed benefit realization driven primarily by a slower‑than‑anticipated productivity ramp‑up at the Hopewell HEC site. Corrective actions are underway, with gradual improvement expected as operational stability is restored over time • Raw material and freight costs are expected to trend higher amid geopolitically related supply pressures in the Middle East • Ashland believes it is favorably positioned on the global cost curve and has implemented recent pricing actions that are expected to substantially offset these impacts • Tariff-related uncertainty remains elevated, and the outlook assumes no material incremental impacts beyond known exposures, with mitigation actions aligned to current regulatory expectations “As we look ahead, our full‑year expectations reflect both the underlying strength of our portfolio and the reality that our operating performance this year has fallen short of our standards. Our updated outlook incorporates the 5   operating environment we are seeing today, including the impact of recent operational challenges at our Hopewell facility. While disappointing, these issues are internal and within our control, and we are taking targeted