Ecovyst Raises 2026 Adjusted EBITDA Outlook Again

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter sales reached $308.6 million as the sulfur-chemicals producer lifted full-year Adjusted EBITDA to $208 million to $212 million.

Ecovyst Inc. (ECVT), a provider of regenerated sulfuric acid, virgin sulfuric acid and sulfur dioxide, reported third-quarter sales of $308.6 million, up 51% from $204.9 million a year earlier, and raised its full-year Adjusted EBITDA outlook for the second time in 2026.

The company now expects 2026 Adjusted EBITDA of approximately $208 million to $212 million, up from a prior range of $195 million to $207 million, including an expected Calabrian contribution of $5 million to $6 million in the fourth quarter. Sales guidance moved to $1,050 million to $1,070 million from $1,020 million to $1,060 million. Adjusted free cash flow guidance rose to $50 million to $60 million from $45 million to $55 million.

Chief Executive Officer Kurt J. Bitting said the company is “again raising” the outlook, citing strong momentum through the first nine months and the shift of a turnaround from the fourth quarter into early 2027. He said current refining economics support high refinery utilization through year-end and that demand across the portfolio is expected to remain healthy.

Third-quarter Adjusted EBITDA was $61.2 million, up 6% from $57.5 million in the year-ago quarter and above the high end of the company’s guidance range, Bitting said. The increase was driven primarily by higher sales volume and favorable net pricing, partially offset by higher manufacturing costs, general inflation and higher transportation costs. Adjusted EBITDA margin from continuing operations was 19.8%, compared with 28.1% a year earlier.

Average selling prices were higher primarily because of a pass-through effect of higher sulfur costs of approximately $67 million and favorable contractual pricing for regenerated sulfuric acid. Volume rose on stronger regenerated sulfuric acid demand and less customer downtime, plus sales from the Calabrian sulfur dioxide and related derivatives business acquired on June 30, 2026. Bitting said Calabrian’s third-quarter performance was consistent with the investment thesis and that integration is underway.

Net income from continuing operations was $18.4 million, or $0.17 a share, compared with $0.2 million, or zero cents a share, in the year-ago quarter. Adjusted net income was $25.3 million, or $0.23 a share, versus $21.5 million, or $0.19 a share, a year earlier. Gross profit rose 12.7% to $58.7 million as cost of goods sold increased 63.5% to $249.9 million. Operating income was $29.2 million.

The company said it expects demand for regenerated and virgin sulfuric acid to remain positive for the rest of 2026, with high refinery utilization and alkylate demand supporting regenerated acid and copper-mining demand supporting virgin acid. It said it remains cautious about potential unplanned outages at refining customers and that a significant decrease in sulfur prices could drive short-term customer destocking. For Calabrian sulfur dioxide, it expects high operating rates at Canadian gold mines to continue in the fourth quarter.

Cash and cash equivalents were $71.2 million as of September 30, 2026. Total gross debt was $497.1 million and availability under the asset-based lending facility was $95.8 million, for total available liquidity of $167.0 million. The net debt leverage ratio was 2.1x, up from 1.2x at December 31, 2025, which the company attributed to a $100 million increase in the term loan associated with the Calabrian acquisition offset by only one quarter of Calabrian-related Adjusted EBITDA in the trailing twelve-month period.

Ecovyst repurchased 263,719 shares in the third quarter at an average $10.25 a share, for $2.7 million, and said it intends to repurchase up to a total of $20 million in the second half of 2026. $143.8 million remained available under the share-repurchase program as of September 30, 2026.