Wayne, Pa. – November 05, 2026 -- Ecovyst Inc. (NYSE: ECVT) reported third-quarter 2026 sales from continuing operations of $308.6 million, up 51% from $204.9 million a year earlier, and raised its full-year Adjusted EBITDA guidance to $208 million-$212 million from $195 million-$207 million.
Calabrian acquisition and sulfur pass-through drive the revenue increase
Sales rose $103.7 million year over year. Higher volumes and pricing contributed, as did the Calabrian sulfur dioxide business acquired on June 30, 2026. Average selling prices climbed mainly because of roughly $67 million in pass-through of higher sulfur costs and favorable contractual pricing for regenerated sulfuric acid. Regenerated sulfuric acid volumes grew on strong demand and less customer downtime.
Net income reached $18.4 million, against $0.2 million in the year-ago quarter, or $0.17 per diluted share. Adjusted Net Income rose to $25.3 million from $21.5 million, or $0.23 per diluted share.
Adjusted EBITDA climbs 6% to $61.2 million, above guidance
Adjusted EBITDA grew $3.7 million from $57.5 million. Higher volume and favorable net pricing were partly offset by higher manufacturing, transportation and general inflation costs. CEO Kurt J. Bitting said the result came in "above the high end" of the company's guidance range. He credited strong refining margins and export demand for regenerated acid growth, and solid mining demand for virgin sulfuric acid.
Full-year guidance raised across sales, cash flow and earnings
Ecovyst now expects 2026 sales of $1,050 million-$1,070 million, up from $1,020 million-$1,060 million. The outlook assumes roughly $220 million of sulfur cost pass-through. The Adjusted EBITDA range includes a $5 million-$6 million fourth-quarter contribution from Calabrian. It also reflects a turnaround shifting from the fourth quarter into early 2027.
- Adjusted Free Cash Flow: $50 million-$60 million (previously $45 million-$55 million)
- Adjusted Net Income: $70 million-$85 million (previously $65 million-$85 million), or $0.63-$0.77 per diluted share
- Capital expenditures: $90 million-$95 million (previously $85 million-$95 million)
- Depreciation and amortization: $84 million-$88 million (previously $80 million-$84 million)
- Interest expense: $19 million-$21 million
Management expects high refinery utilization and strong alkylate demand to support regenerated acid sales, and copper mining growth to support virgin acid. It also expects high operating rates at Canadian gold mines to continue in the fourth quarter. Risks include unplanned refinery outages and a sharp sulfur price drop that could trigger short-term customer destocking.
Leverage rises to 2.1x after $100 million term loan increase
Net Debt Leverage stood at 2.1x at September 30, up from 1.2x at December 31, 2025. The increase reflects a $100 million term loan add-on for Calabrian and only one quarter of Calabrian EBITDA in the trailing twelve months. Gross debt was $497.1 million. Liquidity totaled $167.0 million, made up of $71.2 million in cash and $95.8 million of availability under the asset-based lending facility, with no revolver borrowings.
Nine-month operating cash flow rose to $80.7 million from $77.0 million. Adjusted Free Cash Flow fell to $32.4 million from $42.4 million.
Ecovyst repurchases $2.7 million of stock and targets $20 million in second half
The company bought back 263,719 shares at an average $10.25 in the third quarter. It intends to repurchase up to $20 million in the second half of 2026. About $143.8 million remains available under its $450 million authorization, which no longer has an expiration date.