Ecovyst (ECVT.N): Solid Q2Q6 Results; EBITDA Guidance Raised on Calabrian Acquisition with Underlying Largely Unchanged

研报英文原文证据摘录

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05 Aug 2026 06:44:10 ET │ 12 pages

Ecovyst (ECVT.N)

Solid 2Q26 Results; EBITDA Guidance Raised on Calabrian Acquisition

with Underlying Largely Unchanged

CITI'S TAKE

ECVT delivered a small beat on adj. EBITDA of $53mm vs. our $52mm and

consensus the same. The strong performance was driven by higher regen

& virgin sulfuric acid and favorable net pricing. Margins were ~600bps

higher excluding the $55mm pass-through effect of higher sulfur costs.

Like-for-like guidance maintained but for higher sulfur pass through ($65

mm higher sales) and $10-12mm EBITDA contribution from Calabrian, inline with our modeled $11mm EBITDA. Midpoint adj. EBITDA guidance

moves to $201mm, above consensus of $198mm and slightly below our

$203mm. 3Q26 midpoint adj. EBITDA guidance of $57mm is in-line with

consensus. Underlying demand trends suggests incrementally weaker

virgin demand for nylon precursors. The low-end of FY26 FCF outlook was

raised $5mm to a range of $45-$55mm. The company has repurchased

$35.7mm YTD and has $146mm remaining on its authorization. Overall

net leverage moved to 2.0x on the Calabrian deal.

Segment Analysis — Sales increased 42% Y/Y to $250mm (vs our $260mm est)

driven by higher sales volume and pricing. Average selling prices were higher

primarily due to the pass-through effect of higher sulfur costs of ~$55mm and

favorable contractual pricing for regen sulfuric acid. Volumes were higher due to

strong regen sulfuric acid demand and less customer downtime, as well as higher

virgin sulfuric acid demand and Waggaman contribution. Adj EBITDA increased 26%

Y/Y to $53mm (vs our $52mm est) with the increase primarily driven by higher sales

volume and favorable net pricing, partially offset by higher manufacturing costs,

general inflation, and higher transportation costs.

Neutral

Price (04 Aug 26 16:00)

US$12.11

Target price

US$14.50

Expected share price return

19.7%

Expected dividend yield

0.0%

Expected total return

19.7%

Market Cap

US$1,325M

Patrick CunninghamAC

Rachel Lee

Alexander Yi

Call Today at 11 AM ET — 1 (800) 245-3047; Code: ECVTQ226

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

-0.03A

0.04A

0.19A

0.28A

0.48A

0.39A

2026E

0.11A

0.18E

0.23E

0.16E

…