Koppers Holdings Inc【KOP】株式ニュース

KOPPERS REPORTS FIRST QUARTER 2026 RESULTSMay 8, 2026 8:45 AM
PR Newswire (US) Sales of $455.3 million vs. $456.5 million in Prior Year QuarterNet income (loss) of $7.1 million vs. $(13.9) million in Prior Year QuarterDiluted EPS of $0.35 vs. $(0.68) in Prior Year QuarterAdjusted EPS of $0.57 vs. $0.71 in Prior Year QuarterAdjusted EBITDA of $49.3 million vs. $55.5 million in Prior Year QuarterCapital expenditures, net of insurance proceeds and sale of assets, of $11.4 million vs. $10.0 million in Prior Year QuarterOperating cash flow of $46.3 million vs. $(22.7) million in Prior Year QuarterFree cash flow of $34.9 million vs. $(37.0) million in Prior Year QuarterPITTSBURGH, May 8, 2026 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today reported its first quarter of 2026 results.
Three Months Ended March 31,

(Dollars in millions, except per share amounts)2026
2025
Change
% Change Net sales$       455.3
$       456.5
$        (1.2)
(0.3) %Net income (loss)$          7.1
$       (13.9)
$        21.0
151.1 %Adjusted net income(1)$        11.4
$        14.6
$        (3.2)
(21.9) %Diluted earnings per share (EPS)$        0.35
$       (0.68)
$        1.03
151.5 %Adjusted EPS(1)$        0.57
$        0.71
$       (0.14)
(19.7) %Adjusted EBITDA(1)$        49.3
$        55.5
$        (6.2)
(11.2) %(1)Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.Chief Executive Officer and Chair Leroy Ball said, "I'm happy to report that our consolidated first quarter results matched our expectations, while our cash generation picked up tremendous momentum. Performance Chemicals market share gains, combined with added benefits from our Catalyst transformation initiatives, partially offset a significant decline in Carbon Materials and Chemicals profitability, driven by persistent competitive pressures and higher raw material costs, including oil price spikes from the Middle East conflict. My thanks go out to our global team who is continuing to do the tough work of positioning Koppers for a major boost in performance when our end markets rebound."First Quarter Financial Performance
Three Months Ended March 31,

2026
2025
Change
% Change (Dollars in millions)
Net sales:

Railroad and Utility Products and Services$     220.0
$     235.0
$     (15.0)
(6.4) %Performance Chemicals142.1
120.9
21.2
17.5 %Carbon Materials and Chemicals93.2
100.6
(7.4)
(7.4) %Total$     455.3
$     456.5
$      (1.2)
(0.3) %Adjusted EBITDA:

Railroad and Utility Products and Services$       22.6
$       25.5
$      (2.9)
(11.4) %Performance Chemicals25.8
20.1
5.7
28.4 %Carbon Materials and Chemicals0.9
9.9
(9.0)
(90.9) %Total(1)$       49.3
$       55.5
$      (6.2)
(11.2) %Adjusted EBITDA margin as a percentage of GAAP sales:

Railroad and Utility Products and Services10.3 %
10.9 %
(0.6) %
(5.5) %Performance Chemicals18.2 %
16.6 %
1.6 %
9.6 %Carbon Materials and Chemicals1.0 %
9.8 %
(8.8) %
(89.8) %(1)Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

RUPS net sales decreased due to customer mix in Class I crossties, lower activity in maintenance-of-way businesses, including approximately $9.6 million related to the sale of its railroad services business during the third quarter of 2025, and price decreases across multiple markets, particularly for crossties. These decreases were partly offset by increased volumes in domestic utility poles, including the acquisition of a western U.S. pole procurement business, and higher volumes in commercial crossties. Foreign currency changes had a favorable impact on sales in the current year period of $1.4 million compared to the prior year period, primarily from the Australian utility pole business. Adjusted EBITDA decreased due primarily to lower net sales prices and lower sales volumes.PC net sales increased primarily driven by a 15 percent increase in volumes along with higher sales prices primarily in the Americas. Foreign currency changes from international markets had a favorable impact on sales in the current year period of $2.7 million compared to the prior year period. Adjusted EBITDA increased due to higher sales volumes and prices, partly offset by $2.4 million of higher raw material and operating costs. Higher raw material costs were unfavorably impacted by scrap copper costs, net of the benefit realized from the company's copper-hedging program.CMC net sales decreased mainly due to lower phthalic anhydride volumes of $13.9 million as the company discontinued its production in the second quarter of 2025 and lower sales prices across most products, especially carbon pitch where prices were down approximately nine percent globally, driven by market dynamics. These decreases were partly offset by volume increases for carbon pitch, naphthalene and carbon black feedstock. Foreign currency changes from international markets had a favorable impact on sales in the current year period of $7.6 million compared to the prior year period. Adjusted EBITDA decreased due to lower sales prices as well as higher operating and raw material costs. These decreases were partly offset by the operating cost savings from ceasing phthalic anhydride production.2026 OutlookAfter considering the current competitive environment and global economic conditions, as well as the ongoing uncertainty associated with geopolitical and supply chain challenges, Koppers is updating its 2026 forecast as follows:

2026 Forecast
2025 ActualNet sales
$1.9 - $2.0 billion
$1.9 billionAdjusted EBITDA
$240 - $260 million
$257 millionEffective tax rate on adjusted net income
28 percent
29 percentAdjusted EPS
$3.80 - $4.60
$4.07Operating cash flow
$165 - $185 million
$123 millionCapital expenditures
$55 million
$55 millionCommenting on the 2026 forecast, Mr. Ball said, "Today's announcement of ceasing production at our Stickney, Illinois, plant by this year-end again demonstrates our willingness to make the difficult choices necessary to chart a more sustainable path forward for all our stakeholders. That decision alone will bring tremendous benefit beginning in 2027; however, the economic fallout of higher oil prices is expected to have up to a $10 million impact on our profitability this year. As a result, we have revised our adjusted EBITDA and adjusted EPS ranges for the current year's guidance. The best news is that underlying demand in our PC and RUPS markets is projecting to be in line if not slightly better than what we thought coming into the year."We also expect higher operating cash flow and free cash flow than our previous guidance, as we deliver at the higher end of our inventory reduction targets.   While we welcome end market improvement, the actions we have planned and already taken put us in position for a step change in profitability in 2027 while maintaining our already healthy cash generation."Koppers does not provide reconciliations of guidance for adjusted EBITDA, free cash flow and adjusted EPS to comparable GAAP measures, in reliance on the unreasonable efforts exception. Koppers is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include, but are not limited to, restructuring and impairment charges, acquisition-related costs, mark-to-market commodity hedging, and LIFO adjustments that are difficult to forecast for a GAAP estimate and may be significant. Forward-looking statements, including the guidance above, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth above. Please see the "Safe Harbor Statement" below for more information.Investor Conference Call and WebcastKoppers management will conduct a conference call this morning, beginning at 11:00 a.m. Eastern Time to discuss the company's results for the first quarter of 2026. Presentation materials will be available at least 15 minutes before the call on www.koppers.com in the Investor Relations section of the company's website.Interested parties may access the live audio broadcast toll free by dialing 833-366-1128 in the United States and Canada, or 412-902-6774 for international, Conference ID number 10205147. Participants are requested to access the call at least five minutes before the scheduled start time to complete a brief registration. The conference call will be broadcast live on www.koppers.com and can also be accessed here.An audio replay will be available approximately two hours after the completion of the call toll free at 855-669-9658 for the U.S. and Canada, or 412-317-0088 for international, using replay access code 1468506. The recording will be available for replay through June 8, 2026.About KoppersKoppers (NYSE: KOP) is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of approximately 1,850 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Koppers.com.Inquiries from the media should be directed to Ms. Jessica Franklin Black at Non-GAAP Financial MeasuresThis press release contains certain non-GAAP financial measures. Koppers believes that adjusted EBITDA, adjusted net income, free cash flow and adjusted earnings per share provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends, and facilitates comparisons between periods. The exclusion of certain items permits evaluation and a comparison between periods of results for ongoing business operations, and it is on this basis that Koppers management internally assesses the company's performance. In addition, the Board of Directors and executive management team use adjusted EBITDA as a performance measure under the company's annual incentive plans and for certain performance share units granted to management prior to 2026. The Board of Directors and executive management also use free cash flow and adjusted earnings per share as performance measures for certain performance share units granted to management in 2026.Although Koppers believes that these non-GAAP financial measures enhance investors' understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures and should be read in conjunction with the relevant GAAP financial measure. Other companies in a similar industry may define or calculate these measures differently than the company, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.See the attached tables for the following reconciliations of non-GAAP financial measures included in this press release: Unaudited Reconciliation of Net Income to Adjusted EBITDA, Unaudited Reconciliations of Net Income to Adjusted Net Income and Diluted Earnings Per Share and Adjusted Earnings Per Share and Unaudited Reconciliation of Net Cash Provided by (Used In) Operating Activities to Free Cash Flow.Safe Harbor StatementCertain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any related impairment charges, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties.All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "outlook," "guidance," "forecast," "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plan," "potential," "intend," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, transformation initiatives, product introductions or expansions, the benefits of acquisitions, divestitures, joint ventures or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies.Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among other things, availability of and fluctuations in the prices of key raw materials, including coal tar, lumber and scrap copper; the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins; the successful implementation of multi-year cost mitigation programs; the extent of the dependence of certain of our businesses on certain market sectors and customers; economic, political and environmental conditions in international markets, including governmental changes, tariffs, restrictions on trade and restrictions on the ability to transfer capital across countries; geopolitical events (including the current war in the Middle East); current and potential future tariffs or duties; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; timing and results of any transformation initiatives, including estimates and assumptions related to the cost and the anticipated benefits of the transformation initiatives; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; disruptions and inefficiencies in the supply chain; changes in laws; the impact of environmental laws and regulations and compliance therewith; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and any subsequent filings by Koppers with the Securities and Exchange Commission. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this release may not in fact occur. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. KOPPERS HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended
March 31,
2026
2025(Dollars in millions, except share and per share amounts)(Unaudited)
(Unaudited)Net sales$     455.3
$     456.5Cost of sales368.7
350.7Depreciation and amortization19.4
18.0Selling, general and administrative41.7
41.1Impairment and restructuring7.8
20.0(Gain) on sale of assets(4.3)
(0.3)Operating profit22.0
27.0Other income, net0.9
1.4Interest expense15.0
16.6Loss on pension settlement0.0
29.0Income (loss) before income taxes7.9
(17.2)Income tax provision (benefit)0.8
(3.3)Net income (loss)$        7.1
$     (13.9)Earnings (loss) per common share:

Basic$       0.36
$     (0.68)Diluted$       0.35
$     (0.68)Weighted average shares outstanding (in thousands):

Basic19,552
20,369Diluted20,122
20,369 KOPPERS HOLDINGS INC.CONDENSED CONSOLIDATED BALANCE SHEET

March 31, 2026
December 31, 2025(Dollars in millions, except share and per share amounts)(Unaudited)

Assets

Cash and cash equivalents$             42.8
$             38.0Accounts receivable, net of allowance of $4.3 and $7.0181.0
158.7Inventories, net395.9
411.2Derivative contracts26.2
31.5Other current assets23.0
29.3Total current assets668.9
668.7Property, plant and equipment, net of accumulated depreciation of $473.1 and $465.4645.7
650.9Goodwill329.4
329.4Intangible assets, net103.1
106.7Operating lease right-of-use assets102.5
102.9Deferred tax assets6.5
7.0Other assets24.2
21.2Total assets$         1,880.3
$         1,886.8Liabilities

Accounts payable$           143.4
$           122.4Accrued liabilities70.1
72.6Current operating lease liabilities28.1
27.2Current maturities of long-term debt4.9
4.9Total current liabilities246.5
227.1Long-term debt915.3
914.3Operating lease liabilities74.6
76.1Accrued postretirement benefits13.1
13.7Deferred tax liabilities43.9
43.7Other long-term liabilities37.4
37.6Total liabilities1,330.8
1,312.5Commitments and contingent liabilities

Equity

Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000 shares authorized; no shares issued0.0
0.0Common Stock, $0.01 par value per share; 80,000,000 shares authorized; 26,789,723 and 26,213,052 shares issued0.3
0.3Additional paid-in capital336.4
332.4Retained earnings544.3
539.4Accumulated other comprehensive loss(65.8)
(61.4)Treasury stock, at cost, 7,560,355 and 6,757,247 shares(265.7)
(236.7)Total Koppers shareholders' equity549.5
574.0Noncontrolling interests0.0
0.3Total equity549.5
574.3Total liabilities and equity$         1,880.3
$         1,886.8 KOPPERS HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended March 31,
2026
2025(Dollars in millions)(Unaudited)
(Unaudited)Cash provided by (used in) operating activities:

Net income (loss)$            7.1
$          (13.9)Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization19.4
18.0Depreciation in impairment and restructuring0.0
12.2Stock-based compensation3.9
6.6Change in derivative contracts3.9
(9.1)Non-cash interest expense0.9
0.9(Gain) on sale of assets(4.3)
(0.6)Insurance proceeds0.0
(2.2)Deferred income taxes0.0
0.3Pension settlement0.0
29.0Change in other liabilities(0.3)
4.0Cloud-based software implementation costs, net of amortization0.1
(0.9)Other - net0.1
(0.6)Changes in working capital:

Accounts receivable(23.2)
(11.1)Inventories17.8
4.0Accounts payable22.1
(32.8)Accrued liabilities1.1
(24.3)Other working capital(2.3)
(2.2)Net cash provided by (used in) operating activities46.3
(22.7)Cash (used in) provided by investing activities:

Capital expenditures(11.4)
(14.3)Insurance proceeds0.0
2.2Sale of assets0.0
2.1Sale of business and divestitures0.5
(7.6)Other investing activities0.4
0.0Net cash used in investing activities(10.5)
(17.6)Cash provided by (used in) financing activities:

Borrowings of credit facility166.8
144.4Repayments of credit facility(165.5)
(94.1)Repayments of long-term debt(1.2)
(1.2)Issuances of Common Stock0.1
0.3Repurchases of Common Stock(29.0)
(19.1)Dividends paid and return of capital to noncontrolling interests(2.2)
(1.6)Net cash (used in) provided by financing activities(31.0)
28.7Effect of exchange rate changes on cash0.0
1.0Net increase (decrease) in cash and cash equivalents4.8
(10.6)Cash and cash equivalents at beginning of period38.0
43.9Cash and cash equivalents at end of period$           42.8
$           33.3 UNAUDITED SEGMENT INFORMATION

Three Months EndedMarch 31,
2026
2025(Dollars in millions)

Net sales:

Railroad and Utility Products and Services$    220.0
$    235.0Performance Chemicals142.1
120.9Carbon Materials and Chemicals93.2
100.6Total$    455.3
$    456.5Adjusted EBITDA:

Railroad and Utility Products and Services$      22.6
$      25.5Performance Chemicals25.8
20.1Carbon Materials and Chemicals0.9
9.9Total(1)$      49.3
$      55.5Adjusted EBITDA margin as a percentage of GAAP sales:

Railroad and Utility Products and Services10.3 %
10.9 %Performance Chemicals18.2 %
16.6 %Carbon Materials and Chemicals1.0 %
9.8 %(1)The table below describes the adjustments to arrive at adjusted EBITDA. UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

Three Months Ended
March 31,
Year EndedDecember 31,
2026
2025
2025(Dollars in millions)

Net income (loss)$        7.1
$     (13.9)
$       56.0Interest expense15.0
16.6
66.1Depreciation and amortization19.4
18.0
73.6Income tax provision (benefit)0.8
(3.3)
25.2Sub-total42.3
17.4
220.9Adjustments to arrive at adjusted EBITDA:

Acquisition inventory step-up amortization0.3
0.0
0.0Amortization of cloud-based software implementation costs0.5
0.3
1.2(Gain) on sale of assets(4.3)
(0.3)
(0.4)Impairment, restructuring and plant closure costs7.8
20.0
51.9LIFO (benefit)(1)(1.2)
(1.8)
(11.0)Mark-to-market commodity hedging losses (gains)3.9
(9.1)
(34.2)Pension settlement and expense0.0
29.0
28.3Total adjustments7.0
38.1
35.8Adjusted EBITDA$       49.3
$       55.5
$     256.7(1)The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. UNAUDITED RECONCILIATIONS OF NET INCOME TO ADJUSTED NET INCOME ANDDILUTED EARNINGS PER SHARE AND ADJUSTED EARNINGS PER SHARE

Three Months EndedMarch 31,
Year EndedDecember 31,
2026
2025
2025(Dollars in millions, except share and per share amounts)

Net income (loss)$        7.1
$     (13.9)
$       56.0Adjustments to arrive at adjusted net income:

Acquisition inventory step-up amortization0.3
0.0
0.0Amortization of cloud-based software implementation costs0.5
0.3
1.2(Gain) on sale of assets(4.3)
(0.3)
(0.4)Impairment, restructuring and plant closure costs7.8
20.0
51.9LIFO (benefit)(1)(1.2)
(1.8)
(11.0)Mark-to-market commodity hedging losses (gains)3.9
(9.1)
(34.2)Pension settlement and expense0.0
29.0
28.3Total adjustments7.0
38.1
35.8Adjustments to income tax:

Income tax on adjustments to pre-tax income(2.7)
(9.6)
(8.8)Effect on adjusted net income4.3
28.5
27.0Adjusted net income$       11.4
$       14.6
$       83.0Diluted weighted average common shares outstanding (in thousands)20,122
20,660
20,405Diluted earnings per share$       0.35
$     (0.68)
$       2.74Adjusted earnings per share$       0.57
$       0.71
$       4.07(1)The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW

Three Months Ended March 31,
2026
2025(Dollars in millions)

Net cash provided by (used in) operating activities$           46.3
$          (22.7)Less: capital expenditures(11.4)
(14.3)Free cash flow$           34.9
$          (37.0) For Information:
Quynh McGuire
Vice President, Investor Relations
412 227 2049
McGuireQT@koppers.com View original content to download multimedia:https://www.prnewswire.com/news-releases/koppers-reports-first-quarter-2026-results-302766900.htmlSOURCE KOPPERS HOLDINGS INC. Original: KOPPERS REPORTS FIRST QUARTER 2026 RESULTS

KOPPERS REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS; PROVIDES 2026 OUTLOOKFebruary 26, 2026 7:55 AM
PR Newswire (US)

Sales of $432.7 million vs. $477.0 million in Prior Year Quarter; Sales of $1.88 billion vs. $2.09 billion in Prior YearNet income (loss) attributable to Koppers of $29.7 million vs. $(10.2) million in Prior Year Quarter; Net income attributable to Koppers of $56.0 million vs. $52.4 million in Prior YearDiluted EPS of $1.47 vs. $(0.50) in Prior Year Quarter; Diluted EPS of $2.74 vs. $2.46 in Prior YearAdjusted EPS of $0.70 vs. $0.77 in Prior Year Quarter; Adjusted EPS of $4.07 vs $4.11 in Prior YearAdjusted EBITDA of $53.2 million vs. $55.2 million in Prior Year Quarter; Adjusted EBITDA of $256.7 million vs. $261.6 million in Prior YearCapital expenditures, net of insurance proceeds and sale of assets, of $47.6 million vs. $74.0 million in Prior YearOperating cash flow for the year ended December 31, 2025 was $122.5 million, compared with $119.4 million in the Prior Year. During 2025, the company paid $12.0 million related to the termination of its largest U.S. qualified pension plan.PITTSBURGH, Feb. 26, 2026 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today reported its fourth quarter and full-year 2025 results.

Three Months Ended
December 31,

(Dollars in millions, except per share amounts)2025
2024
Change
% ChangeNet sales$      432.7
$      477.0
$      (44.3)
(9.3) %Net income (loss) attributable to Koppers$        29.7
$      (10.2)
$        39.9
391.2 %Adjusted net income attributable to Koppers(1)$        14.1
$        16.0
$        (1.9)
(11.9) %Diluted earnings per share (EPS)$        1.47
$      (0.50)
$        1.97
394.0 %Adjusted EPS(1)$        0.70
$        0.77
$      (0.07)
(9.1) %Adjusted EBITDA(1)$        53.2
$        55.2
$        (2.0)
(3.6) %

(1)Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.Chief Executive Officer Leroy Ball said, "We maintained our focus on aligning our cost structure with our evolving portfolio and made further progress in the fourth quarter, with two of our segments expanding margins despite lower sales. Our financial results reflect disciplined execution and tangible progress simplifying our portfolio, including the completion of our railroad structures business sale, as part of Catalyst, our company-wide transformation process. For the full year, Catalyst generated approximately $46 million in benefits, largely offsetting lower profits driven by reduced market share and softer demand in some key business lines. I want to thank our global Koppers team for delivering solid financial performance despite a challenging market environment. I am particularly proud that the Koppers team achieved our best safety rates on record, while continuing to improve our sustainability metrics."Fourth Quarter 2025 Financial Performance
Three Months Ended December 31,

2025
2024
Change
% Change(Dollars in millions)

Net sales:

Railroad and Utility Products and Services$        208.7
$        215.6
$          (6.9)
(3.2) %Performance Chemicals127.8
147.9
(20.1)
(13.6) %Carbon Materials and Chemicals96.2
113.5
(17.3)
(15.2) %Total$        432.7
$        477.0
$        (44.3)
(9.3) %Adjusted EBITDA:

Railroad and Utility Products and Services$          21.8
$          17.5
$            4.3
24.6 %Performance Chemicals27.8
28.6
(0.8)
(2.8) %Carbon Materials and Chemicals3.6
9.1
(5.5)
(60.4) %Total(1)$          53.2
$          55.2
$          (2.0)
(3.6) %Adjusted EBITDA margin as a percentage of GAAP sales:

Railroad and Utility Products and Services10.4 %
8.1 %
2.3 %
28.4 %Performance Chemicals21.8 %
19.3 %
2.5 %
13.0 %Carbon Materials and Chemicals3.7 %
8.0 %
(4.3) %
(53.8) %

(1)Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. RUPS net sales decreased due to $4.7 million of lower volumes from commercial crosstie customers, and lower activity in its maintenance-of-way businesses, including the sale of its railroad bridge services business. These decreases were partly offset by a 9.7 percent volume increase in the domestic utility pole business and $4.2 million of price increases related primarily to crossties. Adjusted EBITDA increased due to $7.3 million of lower operating expenses, lower selling, general and administrative costs, and net sales price increases, partly offset by net lower sales volumes.PC net sales were lower as a result of a 15.7 percent volume decrease primarily driven by a shift in U.S. market share, partly offset by net sales price increases. Adjusted EBITDA was slightly lower due to lower sales volumes, partly offset by lower raw material and logistics costs and higher royalty income.CMC net sales decreased mainly due to $16.6 million in volume decreases of phthalic anhydride as the company discontinued production, lower volumes and lower sales prices for carbon black feedstock, and lower sales prices for carbon pitch, which decreased approximately 6.6 percent globally. These decreases were partly offset by volume increases for carbon pitch, primarily in Australasia. Foreign currency changes compared to the prior year period from international markets had a $3.5 million favorable impact on sales in the current year period. Adjusted EBITDA decreased due to net sales price decreases and lower plant utilization, partly offset by operating cost savings associated with ceasing phthalic anhydride production.Full-Year 2025 Financial Performance
Year Ended December 31,

2025
2024
Change
% Change(Dollars in millions)

Net sales:

Railroad and Utility Products and Services$         926.8
$         942.7
$        (15.9)
(1.7) %Performance Chemicals543.8
651.6
(107.8)
(16.5) %Carbon Materials and Chemicals408.7
497.8
(89.1)
(17.9) %Total$      1,879.3
$      2,092.1
$      (212.8)
(10.2) %Adjusted EBITDA:

Railroad and Utility Products and Services$         108.1
$           82.3
$           25.8
31.3 %Performance Chemicals102.7
142.7
(40.0)
(28.0) %Carbon Materials and Chemicals45.9
36.6
9.3
25.4 %Total(1)$         256.7
$         261.6
$          (4.9)
(1.9) %Adjusted EBITDA margin as a percentage of GAAP sales:

Railroad and Utility Products and Services11.7 %
8.7 %
3.0 %
34.5 %Performance Chemicals18.9 %
21.9 %
(3.0) %
(13.7) %Carbon Materials and Chemicals11.2 %
7.4 %
3.8 %
51.4 %

(1)Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.Network OptimizationIn February 2026, the company made the decision to idle production activities at its Utility and Industrial Products facility in Vance, Alabama, and its Railroad Products and Services facility in Florence, South Carolina. These measures are expected to further enhance network optimization, better align capacity with demand, reduce operating costs and strengthen the company's long-term competitiveness.2026 Outlook
2026 Forecast
2025 ActualNet sales$1.9 - $2.0 billion
$1.9 billionAdjusted EBITDA$250 - $270 million
$257 millionEffective tax rate on adjusted net income28 percent
29 percentAdjusted EPS$4.20 - $5.00
$4.07Operating cash flow$150 - $170 million
$123 millionCapital expenditures$55 million
$55 millionCommenting on the 2026 forecast, Mr. Ball said, "We expect to drive significant improvement in adjusted EPS and free cash flow in 2026. Benefits from Catalyst, moderate sales recovery, a tighter operating footprint, lower interest costs, a lower effective tax rate, and a lower share count are all expected to contribute to meaningful EPS growth. In addition, normalized capital expenditures and the lack of major pension contributions are expected to lead to record free cash flow generation. Debt reduction and returning capital to shareholders will remain our near-term focus, and we will remain disciplined and focused on value-creation as we continue to evaluate inorganic growth opportunities for our PC and UIP businesses."Our Catalyst program is driving transformational change that we expect will offset various market and cost headwinds. On the commercial side, we remain intensely focused on delivering superior service to our customers and expect to gain market share in 2026 in all businesses other than CMC, partially offset by net price erosion due to hyper competitive market conditions. In operations, we decided to idle two treating plants in our network and consolidate capacity into other facilities, which will improve utilization and lower our unit cost of production. These actions, and various others, will help meaningfully offset raw material cost increases and the normalization of incentive compensation from a lower base in 2025. Finally, we believe that several initiatives aimed at right-sizing inventories across the company will generate additional cash flow beyond our current projection. We are confident that our strategy positions Koppers to unlock significant and sustainable earnings and cash flow improvement in 2026 and for many years to come."Koppers does not provide reconciliations of guidance for adjusted EBITDA, free cash flow, and adjusted EPS to comparable GAAP measures, in reliance on the unreasonable efforts exception. Koppers is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include, but are not limited to, restructuring and impairment charges, acquisition-related costs, mark-to-market commodity hedging, and LIFO adjustments that are difficult to forecast for a GAAP estimate and may be significant. Forward-looking statements, including the guidance above, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth above. Please see the "Safe Harbor Statement" below for more information.Investor Conference Call and WebcastKoppers management will conduct a conference call this morning, beginning at 11:00 a.m. Eastern Time to discuss the company's results for the fourth quarter of 2025. Presentation materials will be available at least 15 minutes before the call on www.koppers.com in the Investor Relations section of the company's website.Interested parties may access the live audio broadcast toll free by dialing 833-366-1128 in the United States and Canada, or 412-902-6774 for international, Conference ID number 10205131. Participants are requested to access the call at least five minutes before the scheduled start time to complete a brief registration. The conference call will be broadcast live on www.koppers.com and can also be accessed here.An audio replay will be available approximately two hours after the completion of the call toll free at 855-669-9658 for U.S. and Canada, or 412-317-0088 for international, using replay access code 3792341. The recording will be available for replay through May 26, 2026.About KoppersKoppers (NYSE: KOP) is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of approximately 1,850 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Koppers.com.Inquiries from the media should be directed to Ms. Jessica Franklin Black at Non-GAAP Financial MeasuresThis press release contains certain non-GAAP financial measures. Koppers believes that adjusted EBITDA, adjusted net income attributable to Koppers, and adjusted earnings per share provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends, and facilitates comparisons between periods. The exclusion of certain items permits evaluation and a comparison between periods of results for ongoing business operations, and it is on this basis that Koppers management internally assesses the company's performance. In addition, the Board of Directors and executive management team use adjusted EBITDA as a performance measure under the company's annual incentive plans and for certain performance share units granted to management.Although Koppers believes that these non-GAAP financial measures enhance investors' understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures and should be read in conjunction with the relevant GAAP financial measure. Other companies in a similar industry may define or calculate these measures differently than the company, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.See the attached tables for the following reconciliations of non-GAAP financial measures included in this press release: Unaudited Reconciliation of Net Income to Adjusted EBITDA and Unaudited Reconciliations of Net Income Attributable to Koppers to Adjusted Net Income Attributable to Koppers and Diluted Earnings Per Share and Adjusted Earnings Per Share.Safe Harbor StatementCertain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any related impairment charges, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties.All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "outlook," "guidance," "forecast," "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plan," "potential," "intend," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, cost reduction efforts, transformation initiatives, product introductions or expansions, the benefits of acquisitions, divestitures, joint ventures or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies.Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among other things, availability of and fluctuations in the prices of key raw materials, including coal tar, lumber and scrap copper; the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins; the successful implementation of multi-year cost mitigation programs; the extent of the dependence of certain of our businesses on certain market sectors and customers; economic, political and environmental conditions in international markets, including governmental changes, tariffs, restrictions on trade and restrictions on the ability to transfer capital across countries; current and potential future tariffs or duties; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; timing and results of any transformation initiatives, including estimates and assumptions related to the cost and the anticipated benefits of the transformation initiatives; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; disruptions and inefficiencies in the supply chain; changes in laws; the impact of environmental laws and regulations and compliance therewith; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and any subsequent filings by Koppers with the Securities and Exchange Commission. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this release may not in fact occur. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. KOPPERS HOLDINGS INC.CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended
December 31,
Year EndedDecember 31,
2025
2024
2025
2024(Dollars in millions, except share and per share amounts)(Unaudited)
(Unaudited)

Net sales$      432.7
$      477.0
$   1,879.3
$   2,092.1Cost of sales321.9
393.4
1,431.5
1,669.5Depreciation and amortization20.0
15.3
73.6
67.5Selling, general and administrative36.8
44.0
154.9
179.3Impairment and restructuring4.1
16.9
51.9
16.9(Gain) loss on sale of assets0.0
1.0
(0.4)
10.7Operating profit49.9
6.4
167.8
148.2Other income, net2.4
1.2
6.6
1.3Interest expense15.5
18.3
66.1
76.2Loss on pension settlement(1.9)
4.0
27.1
4.0Income before income taxes38.7
(14.7)
81.2
69.3Income tax provision9.0
(4.5)
25.2
20.7Net income (loss)29.7
(10.2)
56.0
48.6Net income (loss) attributable to noncontrolling interests0.0
0.0
0.0
(3.8)Net income (loss) attributable to Koppers$        29.7
$      (10.2)
$        56.0
$        52.4Earnings (loss) per common share attributable to Koppers common shareholders:Basic$        1.52
$      (0.50)
$        2.82
$        2.54Diluted$        1.47
$      (0.50)
$        2.74
$        2.46Weighted average shares outstanding (in thousands):

Basic19,533
20,269
19,855
20,659Diluted20,207
20,864
20,405
21,291 KOPPERS HOLDINGS INC.CONSOLIDATED BALANCE SHEET

December 31,
2025
2024(Dollars in millions, except share and per share amounts)

Assets

Cash and cash equivalents$               38.0
$               43.9Accounts receivable, net of allowance of $7.0 and $6.9158.7
191.8Inventories, net411.2
404.6Derivative contracts31.5
1.5Other current assets29.3
38.8Total current assets668.7
680.6Property, plant and equipment, net650.9
660.8Goodwill329.4
317.1Intangible assets, net106.7
119.0Operating lease right-of-use assets102.9
89.8Deferred tax assets7.0
8.4Other assets21.2
14.5Total assets$          1,886.8
$          1,890.2Liabilities

Accounts payable$             122.4
$             179.1Accrued liabilities72.6
115.1Current operating lease liabilities27.2
26.7Current maturities of long-term debt4.9
4.9 Total current liabilities227.1
325.8Long-term debt914.3
925.9Operating lease liabilities76.1
64.4Accrued post-retirement benefits13.7
14.9Deferred tax liabilities43.7
25.9Other long-term liabilities37.6
44.3Total liabilities1,312.5
1,401.2Commitments and contingent liabilities

Equity

Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000 shares authorized; no shares issued0.0
0.0Common Stock, $0.01 par value per share; 80,000,000 shares authorized; 26,213,052 and 25,761,084 shares issued0.3
0.3Additional paid-in capital332.4
317.2Retained earnings539.4
490.3Accumulated other comprehensive loss(61.4)
(120.6)Treasury stock, at cost, 6,757,247 and 5,480,230 shares(236.7)
(198.5)Total Koppers shareholders' equity574.0
488.7Noncontrolling interests0.3
0.3Total equity574.3
489.0Total liabilities and equity$          1,886.8
$          1,890.2 KOPPERS HOLDINGS INC.CONSOLIDATED STATEMENT OF CASH FLOWS

Year Ended December 31,
2025
2024(Dollars in millions)

Cash provided by (used in) operating activities:

Net income$             56.0
$             48.6Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization73.6
67.5Depreciation in impairment and restructuring19.7
4.4Stock-based compensation13.8
20.8Change in derivative contracts(34.2)
7.9Non-cash interest expense3.7
3.3(Gain) loss on sale of assets(1.4)
10.0Insurance proceeds(2.2)
(1.0)Pension settlement27.1
0.0Deferred income taxes11.3
2.8Change in other liabilities5.0
(2.6)Cloud-based software implementation costs, net(5.6)
0.0Other - net(2.9)
1.9Changes in working capital:

Accounts receivable30.9
8.1Inventories10.4
(6.3)Accounts payable(57.2)
(19.4)Accrued liabilities(33.1)
(19.2)Other working capital7.6
(7.4)Net cash provided by operating activities122.5
119.4Cash (used in) provided by investing activities:

Capital expenditures(55.0)
(77.4)Acquisitions(20.7)
(99.3)Insurance proceeds2.2
1.0Sale of assets5.2
2.4Sale of business and divestitures4.8
0.0Other investing activities(9.2)
0.0Net cash used in investing activities(72.7)
(173.3)Cash provided by (used in) financing activities:

Borrowings of credit facility558.3
706.5Repayments of credit facility(566.1)
(712.1)Borrowings of long-term debt0.0
100.0Repayments of long-term debt(4.9)
(5.7)Issuances of Common Stock1.4
5.3Repurchases of Common Stock(38.2)
(50.8)Payment of debt issuance costs(2.6)
(1.6)Dividends paid(6.4)
(5.9)Net cash (used in) provided by financing activities(58.5)
35.7Effect of exchange rate changes on cash2.8
(4.4)Net decrease in cash and cash equivalents(5.9)
(22.6)Cash and cash equivalents at beginning of period43.9
66.5Cash and cash equivalents at end of period$             38.0
$             43.9 UNAUDITED SEGMENT INFORMATION

Three Months Ended
December 31,
Year EndedDecember 31,
2025
2024
2025
2024(Dollars in millions)

Net sales:

Railroad and Utility Products and Services$     208.7
$     215.6
$     926.8
$     942.7Performance Chemicals127.8
147.9
543.8
651.6Carbon Materials and Chemicals96.2
113.5
408.7
497.8Total$     432.7
$     477.0
$ 1,879.3
$ 2,092.1Adjusted EBITDA:

Railroad and Utility Products and Services$       21.8
$       17.5
$     108.1
$       82.3Performance Chemicals27.8
28.6
102.7
142.7Carbon Materials and Chemicals3.6
9.1
45.9
36.6Total(1)$       53.2
$       55.2
$     256.7
$     261.6Adjusted EBITDA margin as a percentage of GAAP sales:

Railroad and Utility Products and Services10.4 %
8.1 %
11.7 %
8.7 %Performance Chemicals21.8 %
19.3 %
18.9 %
21.9 %Carbon Materials and Chemicals3.7 %
8.0 %
11.2 %
7.4 %

(1)The table below describes the adjustments to arrive at adjusted EBITDA. UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

Three Months Ended
December 31,
Year EndedDecember 31,
2025
2024
2025
2024(Dollars in millions)

Net income (loss)$        29.7
$      (10.2)
$        56.0
$        48.6Interest expense15.5
18.3
66.1
76.2Depreciation and amortization20.0
15.3
73.6
67.5Income tax provision9.0
(4.5)
25.2
20.7Sub-total74.2
18.9
220.9
213.0Adjustments to arrive at adjusted EBITDA:

LIFO (benefit) expense(1)(3.7)
3.2
(11.0)
6.1Impairment, restructuring and plant closure costs4.1
16.9
51.9
17.3(Gain) loss on sale of assets0.0
1.0
(0.4)
10.7Mark-to-market commodity hedging (gains) losses(19.5)
10.9
(34.2)
7.9Acquisition inventory step-up amortization0.0
0.0
0.0
2.3Amortization of cloud-based software implementation costs0.1
0.3
1.2
0.3Pension settlement and expense(2.0)
4.0
28.3
4.0Total adjustments(21.0)
36.3
35.8
48.6Adjusted EBITDA$        53.2
$        55.2
$      256.7
$      261.6

(1)The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. UNAUDITED RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO KOPPERS TOADJUSTED NET INCOME ATTRIBUTABLE TO KOPPERS ANDDILUTED EARNINGS PER SHARE AND ADJUSTED EARNINGS PER SHARE

Three Months Ended
December 31,
Year EndedDecember 31,
2025
2024
2025
2024(Dollars in millions, except share and per share amounts)

Net income (loss) attributable to Koppers$        29.7
$      (10.2)
$        56.0
$        52.4Adjustments to arrive at adjusted net income:

LIFO (benefit) expense(1)(3.7)
3.2
(11.0)
6.1Impairment, restructuring and plant closure costs4.1
15.4
51.9
17.3(Gain) loss on sale of assets0.0
1.0
(0.4)
10.7Mark-to-market commodity hedging (gains) losses(19.5)
10.9
(34.2)
7.9Acquisition inventory step-up amortization0.0
0.0
0.0
2.3Amortization of cloud-based software implementation costs0.1
0.3
1.2
0.3Pension settlement and expense(2.0)
4.0
28.3
4.0Total adjustments(21.0)
34.8
35.8
48.6Adjustments to income tax and noncontrolling interests:

Income tax on adjustments to pre-tax income5.4
(8.6)
(8.8)
(9.6)Noncontrolling interest0.0
0.0
0.0
(3.9)Effect on adjusted net income(15.6)
26.2
27.0
35.1Adjusted net income attributable to Koppers$        14.1
$        16.0
$        83.0
$        87.5Diluted weighted average common shares outstanding (in thousands)20,207
20,864
20,405
21,291Diluted earnings (loss) per share$        1.47
$      (0.50)
$        2.74
$        2.46Adjusted earnings per share$        0.70
$        0.77
$        4.07
$        4.11

(1)The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis.For Information:
Quynh McGuire
Vice President, Investor Relations
412 227 2049
McGuireQT@koppers.com

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Original: KOPPERS REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS; PROVIDES 2026 OUTLOOK