# Ingevity Corp (NGVT) Informational only - not investment advice. CIK: 0001653477 SIC: 2800 Chemicals & Allied Products SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2800 Chemicals & Allied Products](/industry/2800/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1653477 Filing source: https://www.sec.gov/Archives/edgar/data/1653477/000165347726000014/ngvt-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001653477-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653477.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,167,600,000 USD | 2025 | verified | | Net income | -167,100,000 USD | 2025 | verified | | Assets | 1,651,100,000 USD | 2025 | verified | | Free cash flow | 273,500,000 USD | 2025 | computed | | Net margin | -14.31% | 2025 | computed | | Operating margin | 35.86% | 2025 | computed | | Revenue YoY | -2.71% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NGVT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -14.3% | -5.0% | 20 | 11 | | Operating margin | 35.9% | 0.1% | 100 | 9 | | Revenue growth | -2.7% | 0.4% | 40 | 11 | | FCF margin | 23.4% | 3.7% | 90 | 11 | | ROE | -220.4% | -10.3% | 0 | 11 | | ROA | -10.1% | -4.0% | 10 | 11 | | Liabilities / equity | 54.59 | 1.48 | 100 | 11 | | Current ratio | 1.33 | 1.78 | 30 | 11 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2800 Chemicals & Allied Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1167600000 | USD | 2025 | 2026-02-26 | | Net income | -167100000 | USD | 2025 | 2026-02-26 | | Assets | 1651100000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653477.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 908,300,000 | 972,400,000 | 1,133,600,000 | 1,292,900,000 | 1,216,100,000 | 1,391,500,000 | 1,668,300,000 | 1,215,500,000 | 1,200,100,000 | 1,167,600,000 | | Net income | | 35,200,000 | 126,500,000 | 169,100,000 | 183,700,000 | 181,400,000 | 118,100,000 | 211,600,000 | -5,400,000 | -430,300,000 | -167,100,000 | | Operating income | | 163,600,000 | 242,700,000 | 320,500,000 | 396,900,000 | 397,900,000 | 422,200,000 | 452,600,000 | 423,200,000 | 425,900,000 | 418,700,000 | | Gross profit | | 274,400,000 | 329,000,000 | 416,800,000 | 482,000,000 | 465,500,000 | 512,800,000 | 570,100,000 | 445,000,000 | 464,800,000 | 461,500,000 | | Diluted EPS | | 0.83 | 2.97 | 3.97 | 4.35 | 4.37 | 2.95 | 5.50 | -0.15 | -11.85 | -4.61 | | Operating cash flow | | 127,900,000 | 174,300,000 | 252,000,000 | 275,700,000 | 352,400,000 | 293,300,000 | 313,400,000 | 205,100,000 | 128,600,000 | 331,200,000 | | Capital expenditures | | 56,700,000 | 52,600,000 | 93,900,000 | 114,800,000 | 82,100,000 | 103,800,000 | 142,500,000 | 109,800,000 | 77,600,000 | 57,700,000 | | Share buybacks | | 0.00 | 6,600,000 | 47,400,000 | 6,400,000 | 88,000,000 | 109,400,000 | 145,200,000 | 92,100,000 | 0.00 | 56,300,000 | | Assets | | 832,800,000 | 929,600,000 | 1,315,200,000 | 2,141,700,000 | 2,334,500,000 | 2,469,000,000 | 2,736,500,000 | 2,623,300,000 | 2,022,600,000 | 1,651,100,000 | | Liabilities | | 698,200,000 | 651,700,000 | 976,500,000 | 1,610,900,000 | 1,692,400,000 | 1,795,200,000 | 2,038,200,000 | 1,991,900,000 | 1,827,400,000 | 1,621,400,000 | | Stockholders' equity | 513,600,000 | 127,000,000 | 263,900,000 | 338,700,000 | | 642,100,000 | 673,800,000 | 698,300,000 | 631,400,000 | 195,200,000 | 29,700,000 | | Cash and cash equivalents | | 30,500,000 | 87,900,000 | 77,500,000 | 56,500,000 | 257,700,000 | 275,400,000 | 76,700,000 | 95,900,000 | 68,000,000 | 78,100,000 | | Free cash flow | | 71,200,000 | 121,700,000 | 158,100,000 | 160,900,000 | 270,300,000 | 189,500,000 | 170,900,000 | 95,300,000 | 51,000,000 | 273,500,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 3.88% | 13.01% | 14.92% | 14.21% | 14.92% | 8.49% | 12.68% | -0.44% | -35.86% | -14.31% | | Operating margin | | 18.01% | 24.96% | 28.27% | 30.70% | 32.72% | 30.34% | 27.13% | 34.82% | 35.49% | 35.86% | | Return on equity | | 27.72% | 47.93% | 49.93% | | 28.25% | 17.53% | 30.30% | -0.86% | -220.44% | | | Return on assets | | 4.23% | 13.61% | 12.86% | 8.58% | 7.77% | 4.78% | 7.73% | -0.21% | -21.27% | -10.12% | | Liabilities / equity | | 5.50 | 2.47 | 2.88 | | 2.64 | 2.66 | 2.92 | 3.15 | 9.36 | 54.59 | | Current ratio | | 2.16 | 2.41 | 2.31 | 2.15 | 2.81 | 2.70 | 2.25 | 1.81 | 1.87 | 1.33 | ## As-reported value updates 8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/NGVT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653477.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.98 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.35 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.97 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 35,500,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 446,000,000 | | 0.69 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 371,700,000 | -116,800,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 340,100,000 | -56,000,000 | -1.54 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -56,000,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 390,600,000 | | -7.81 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -283,700,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 376,900,000 | | -2.95 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 298,800,000 | 16,600,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 284,000,000 | 20,500,000 | 0.56 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 20,500,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 365,100,000 | | -4.02 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -146,500,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 333,100,000 | | 1.18 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 255,100,000 | -84,600,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 258,000,000 | 59,800,000 | 1.66 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 59,800,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 314,100,000 | | 1.00 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NGVT's latest 10-K: [/company/NGVT/business/](/company/NGVT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NGVT's latest 10-K: [/company/NGVT/risk-factors/](/company/NGVT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1653477/000165347726000047/ngvt-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Management's discussion and analysis of Ingevity Corporation's ("Ingevity," "the company," "we," "us," or "our") financial condition and results of operations ("MD&A") is provided as a supplement to the Condensed Consolidated Financial Statements and related notes included elsewhere herein to help provide an understanding of our financial condition, changes in financial condition and results of our operations. The following discussion should be read in conjunction with Ingevity's consolidated financial statements as of and for the year ended December 31, 2025, filed on February 26, 2026, with the Securities and Exchange Commission ("SEC") as part of the company's Annual Report on Form 10-K ("2025 Annual Report") and the unaudited interim Condensed Consolidated Financial Statements and notes to the unaudited interim Condensed Consolidated Financial Statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All references to notes (herein referred to as "Note") in this section refer to the notes accompanying the Condensed Consolidated Financial Statements included in Item 1 within this Form 10-Q. Investors are cautioned that the forward-looking statements contained in this section and other parts of this Quarterly Report on Form 10-Q involve both risk and uncertainty. Several important factors could cause actual results to differ materially from those anticipated by these statements. Many of these statements are macroeconomic in nature and are, therefore, beyond the control of management. See "Cautionary Statements About Forward-Looking Statements" below and at the beginning of our 2025 Annual Report. Unless otherwise indicated, the information in MD&A refers only to our continuing operations. Refer to Notes 1 and 16 for more information. Cautionary Statements Regarding Forward-Looking Statements This section and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements, within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995 that reflect our current expectations, beliefs, plans or forecasts with respect to, among other things, future events and financial performance. Forward-looking statements are often characterized by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "outlook," "project," "intend," "plan," "believe," "target," "prospects," "potential," and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. We caution readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such risks and uncertainties include, among others, those discussed in Part I, Item 1A. Risk Factors of our 2025 Annual Report, as well as in our unaudited Condensed Consolidated Financial Statements, related notes, and the other information appearing elsewhere in this report and our other filings with the SEC. We do not intend, and undertake no obligation, to update any of our forward-looking statements after the date of this report to reflect actual results or future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied by the forward-looking statements include, but are not limited to the following: •our review of strategic alternatives for the Advanced Polymer Technologies ("APT") segment may not result in a transaction; •any transaction we enter into, including the sale of our road markings product line and our North Charleston crude tall oil ("CTO") refinery assets and the majority of our former Performance Chemicals industrial specialties product line, may not yield the expected results or benefits; •if the review of strategic alternatives for APT results in a transaction, we may be adversely impacted if we are unable to adjust our costs and operating structure to reflect the requirements of the business after giving effect to such transaction; •we may be adversely affected by general global economic, geopolitical, and financial conditions beyond our control, including inflation, the Russia-Ukraine war, and the conflict in the Middle East; 34 •leadership transitions within our organization; •we are exposed to risks related to our international sales and operations, including recent changes in tariffs and trade policies; •adverse conditions in the automotive market have and may continue to negatively impact demand for our automotive carbon products; •if more stringent air quality standards worldwide are not adopted, our growth could be impacted; •we face competition from substitute products, new technologies, and new or emerging competitors; •we may be adversely affected by a decrease in government infrastructure spending; •adverse conditions in cyclical end markets may continue to adversely affect demand for our products; •lack of access to raw materials upon which we depend would impact our ability to produce our products; •the inability to make or effectively integrate future acquisitions and other investments may negatively affect our results; •we are dependent upon third parties for the provision of certain critical operating services at several of our plants; •we may be adversely affected by disruptions in our supply chain; •the occurrence of natural disasters and extreme weather or other unanticipated problems such as labor difficulties (including work stoppages), equipment failure, or unscheduled maintenance and repair, which could result in operational disruptions of varied duration; •we are dependent upon attracting and retaining key personnel; •we are dependent on certain large customers; •from time to time, we are and may be engaged in legal actions associated with our intellectual property rights; •if we are unable to protect our intellectual property and other proprietary information, we may lose significant competitive advantage; •information technology security breaches and other disruptions; •government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies, tariffs, the chemicals industry and subsidies or incentives that may impact key raw materials or products may adversely affect financial results; and •losses due to lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes. Overview Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including automotive gasoline vapor emissions control systems, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics, coatings, and elastomers. We operate in three reportable segments: Performance Materials, Pavement Technologies and Advanced Polymer Technologies. Recent Developments and Updates Reportable Segment Renaming During 2026, dispositions within our former Performance Chemicals reportable segment resulted in a change to the segment's name. Historically, our Performance Chemicals reportable segment consisted of the Pavement Technologies, industrial specialties, and road markings product lines. Following the sale of the industrial specialties product line on January 1, 2026, and the sale of the road markings product line on April 15, 2026, the Pavement Technologies product line became the sole remaining product line within the former Performance Chemicals segment; refer to Note 16 for additional information regarding these dispositions. Accordingly, during the second quarter of 2026, we renamed the Performance Chemicals reportable segment to Pavement Technologies to better reflect the segment's operations. The segment rename did not affect our reportable segment structure, and segment information has been updated to reflect the new segment name, where applicable. 35 Long-Lived Asset Impairment Charge - Advanced Polymer Technologies Asset Group We periodically evaluate whether current events or circumstances indicate that the carrying value of our long-lived assets, including intangible assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to carrying value to determine whether impairment exists. As the sale process for the Advanced Polymer Technologies segment progressed during the second quarter of 2026, information obtained from potential buyers indicated that its carrying amount may not be recoverable. Accordingly, we determined that a triggering event had occurred and performed a recoverability assessment of the asset group's long-lived assets. The assessment indicated that the carrying amount was not recoverable. Accordingly, we performed an impairment analysis to assess the fair value of the asset group. Based on the results of the quantitative analysis, which was based on both quoted market prices in active markets and a discounted value of estimated future cash flows, we concluded that the carrying value of the Advanced Polymer Technologies asset group exceeded its fair value. As a result, we recorded a non-cash impairment charge of $32.1 million. The charge is included within "Long-lived asset impairment charge" on the consolidated statements of operations for the three and six months ended June 30, 2026, and was allocated between "Property, plant, and equipment, net" and "Other intangibles, net" on the condensed consolidated balance sheet as of June 30, 2026 in the amount of $13.2 million, and $18.9 million, respectively. Legal Proceedings On April 1, 2026, we paid $113.2 million to resolve matters related to the litigation with BASF Corporation, consisting of: (1) the judgment, plus post-judgment interest, in the amount of $97.0 million and (2) $16.2 million to resolve BASF's claim for attorneys' fees and costs. The litigation, including all appeals and counterclaims, is now complete. Refer to Note 13 to the condensed consolidated financial statements for additional information. Road Markings Product Line Disposition On April 15, 2026, we completed the sale of our former Performance Chemicals' road markings product line to PPG Industries Inc. (the "Disposition"). We received all-cash proceeds of $63.2 million, inclusive of preliminary traditional working capital adjustments, and recorded a gain of $8.6 million within "Other (income) expense, net" on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026. The transaction did not represent a strategic shift in the company's future operations and financial results and therefore is not presented as a discontinued operation. 36 Results of Operations [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1653477/000165347726000014/ngvt-20251231.htm Complete FY 2025 MD&A: /company/NGVT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Management's discussion and analysis of Ingevity's financial condition and results of operations ("MD&A") should be read in conjunction with Item 8. Financial Statements and Supplementary Data. Investors are cautioned that the forward-looking statements contained in this section and other parts of this Annual Report on Form 10-K involve both risk and 26 uncertainty. Several important factors could cause actual results to differ materially from those anticipated by these statements. Many of these statements are macroeconomic in nature and are, therefore, beyond the control of management. See "Cautionary Statements about Forward-Looking Statements" at the beginning of this Annual Report on Form 10-K for further discussion. All references to notes (herein referred to as "Note") in this section refer to the notes accompanying the Consolidated Financial Statements included in Part II. Item 8 within this Form 10-K. Unless otherwise noted, discussion within Part II relates to continuing operations. Refer to Note 20 of the Notes to the Consolidated Financial Statements included in Part II. Item 8 within this Form 10-K for further information regarding discontinued operations. Overview Ingevity Corporation ("Ingevity," the "Company," "we," "us," or "our") provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including automotive gasoline vapor emissions control systems, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics, coatings, elastomers, and paint for road markings. We operate in three reportable segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies. Recent Developments Performance Chemicals Repositioning and Industrial Specialties Divestiture Beginning in 2023, following a sharp decline in volumes in the industrial end markets served by our Performance Chemicals industrial specialties product line, we announced a series of strategic initiatives designed to right-size our cost structure, streamline our footprint, and strengthen the overall resilience of the Company. Collectively, these initiatives are referred to as the Performance Chemicals ("PC") Repositioning Actions. The PC Repositioning Actions were designed to: •Prioritize growth in our higher-margin Performance Chemicals product lines, such as pavement technologies; •Improve the financial performance of the industrial specialties product line; and •Reduce exposure to lower-margin, more cyclical end-use markets, including adhesives, publication inks, and oilfield applications, which historically represented approximately 45 percent of our industrial specialties product line's pre-2023 annualized net sales. The actions completed through fiscal year 2024 successfully enhanced the financial performance of the industrial specialties product line and positioned that business for strategic alternatives. As a result, on January 16, 2025, we announced our intention to pursue a potential sale of the product line. On September 3, 2025, Ingevity entered into a sales agreement to sell substantially all of the assets, rights, and liabilities associated with the industrial specialties product line and the CTO refinery, (collectively, the "Divestiture"). Upon execution of the sales agreement, the industrial specialties product line and the CTO refinery included in the Divestiture met the criteria for classification as discontinued operations. As such, the results of operations of the Divestiture have been reclassified and presented as discontinued operations for all periods presented. The sale was completed on January 1, 2026. PC Repositioning Status and Charges To Date We have substantially completed all activities associated with the restructuring program and expect the plan to be completed in 2026. The PC Repositioning Actions restructuring program is expected to result in total charges of approximately $370 million, consisting primarily of: •~$255 million in non-cash asset-related charges; and •~$115 million in cash charges, including: ▪~$25 million in severance and other employee-related costs, and 27 ▪~$90 million in other restructuring costs, including decommissioning, dismantling, and removal charges, and contract termination costs. We expect to incur approximately $10 million of additional cash charges during 2026. Through December 31, 2025, we have incurred $353.7 million in total charges, including $248.3 million of non-cash asset-related charges and $105.4 million in cash charges. As of December 31, 2025, we have paid $91.3 million of the cash charges. The charges expected in connection with these actions are subject to several assumptions and risks, and actual results may differ materially. Additional charges may arise from events related to or resulting from these actions. Savings and Impact The combined PC Repositioning Actions were expected to generate realized savings of approximately $95 million to $110 million. As of December 31, 2025, we have captured substantially all of the anticipated savings. Inclusive of continuing and discontinued operations, since November of 2023, we have realized approximately $105 million in cash savings. These savings were recognized in the following financial statement captions: •~75 percent in Cost of sales, •~20 percent in Selling, general, and administrative expenses, and •~5 percent in Research and technical expenses The savings also included approximately $15 million of annualized run-rate savings from corporate and shared service model changes that will continue to benefit New Ingevity, following the Divestiture. In addition to the cash savings, we realized approximately $12 million in lower full year depreciation and intangible amortization expenses. Long Lived Asset Impairment Charge - Performance Chemicals' Road Markings Asset Group We periodically evaluate whether current events or circumstances indicate that the carrying value of our long-lived assets, including intangible assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to carrying value to determine whether impairment exists. As a result of the advanced diligence completed in the fourth quarter of 2025 as part of our pursuit of a sale of the Performance Chemicals' road markings asset group, we concluded that a triggering event occurred. The triggering event required us to conduct an impairment analysis of the Performance Chemicals road markings long-lived assets, which included significant assumptions such as the revenue growth rates, earnings before interest, taxes, depreciation, and amortization ("EBITDA") margins, and discount rate, which are judgmental. Variations in any assumptions could result in materially different calculations of fair value. Based on the results of the quantitative analysis, which was based on both quoted market prices in active markets and a discounted value of estimated future cash flows, we concluded that the carrying value of the Performance Chemicals road markings asset group exceeded its fair value. As a result, we recorded a non-cash impairment charge of $109.3 million. The charge is included within "Long lived asset impairment charge" on the consolidated statements of operations for the twelve months ended December 31, 2025, and was allocated between "Property, plant, and equipment, net" and "Other intangibles, net" on the consolidated balance sheets in the amount of $25.2 million, and $84.1 million, respectively. Interim Goodwill Impairment Charge - Advanced Polymer Technologies During the second quarter of 2025, the announcements and subsequent modifications of international tariffs escalated global trade tensions and contributed to increased consumer uncertainty, which negatively impacted parts of our businesses, particularly Advanced Polymer Technologies ("APT"). As a result, we conducted an analysis of the APT reporting unit's goodwill and long-lived assets. This analysis incorporated revised expectations regarding the pace and strength of industrial demand recovery in key markets. In addition, the macroeconomic changes experienced during the quarter contributed to unfavorable movements in key valuation inputs, including an increase in the risk-free rate used in calculating the discount rate. 28 Our analysis included significant assumptions such as the revenue growth rates, EBITDA margins, and discount rate, which are judgmental. Variations in any assumptions could result in materially different calculations of fair value. Based on the results of the quantitative analysis, we concluded that the carrying value of the APT reporting unit exceeded its fair value. As a result, we recorded a non-cash goodwill impairment charge of $183.8 million, representing all of the goodwill associated with the APT reporting unit. The charge is included within "Goodwill impairment charge" on the consolidated statements of operations for the twelve months ended December 31, 2025. Specific to our long-lived assets, we determined that the undiscounted cash flows were in excess of the carrying values and therefore concluded that no impairment existed. Our analysis included significant assumptions such as the revenue growth rates, EBITDA margins, and EBITDA exit multiple, which are judgmental. Variations in any assumptions could result in materially different calculations of undiscounted cash flows. Strategic Investments Equity Method Investments During the year ended December 31, 2025, we sold a strategic equity method investment for $6.8 million, resulting in a $7.1 million loss, recorded within "Other (income) expense, net" on the consolidated statement of operations for the twelve months ended December 31, 2025. We recognized an additional $0.1 million gain associated with an equity method investment sale during the year ended December 31, 2025. Measurement Alternative Investments During the year ended December 31, 2025, the Company identified triggering events indicating that investments being accounted for under the measurement alternative may be impaired, and recognized impairment charges of $11.9 million, recorded in "Other (income) expense, net" on the consolidated statement of operations for the twelve months ended December 31, 2025. Proxy Contest On March 30, 2025, the Company entered into a cooperation agreement (the "Cooperation Agreement") with Vision One Fund, L.P. and its affiliates ("Vision One"), a stockholder of the company. Pursuant to the Cooperation Agreement, our Board of Directors ("Board") agreed to appoint a new member to the Company's Board within one day of the 2025 annual meeting of stockholders ("Annual Meeting"), and Vision One agreed to withdraw its nominees for election at the Annual Meeting and to abide by certain customary standstill restrictions, mutual non-disparagement provisions, voting commitments and other obligations until the opening of the nomination window for the company's 2026 annual meeting of stockholders. In connection with the Cooperation Agreement, Vision One was entitled to the reimbursement of certain of its reasonable and documented out-of-pocket fees and expenses. During the year ended December 31, 2025, we incurred costs of approximately $8.2 million in connection with our response to the proxy contest. These costs, which were included within "Other (income) expense, net" on the consolidated statements of operations, in [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NGVT/mda/fy2025/ All MD&A years: /company/NGVT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NGVT/mda/fy2024/): filed 2025-02-19; accession 0001653477-25-000015 (https://www.sec.gov/Archives/edgar/data/1653477/000165347725000015/ngvt-20241231.htm) - [FY 2023 MD&A](/company/NGVT/mda/fy2023/): filed 2024-02-22; accession 0001653477-24-000009 (https://www.sec.gov/Archives/edgar/data/1653477/000165347724000009/ngvt-20231231.htm) - [FY 2022 MD&A](/company/NGVT/mda/fy2022/): filed 2023-02-28; accession 0001653477-23-000010 (https://www.sec.gov/Archives/edgar/data/1653477/000165347723000010/ngvt-20221231.htm) - [FY 2021 MD&A](/company/NGVT/mda/fy2021/): filed 2022-02-24; accession 0001653477-22-000008 (https://www.sec.gov/Archives/edgar/data/1653477/000165347722000008/ngvt-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2800 Chemicals & Allied Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NGVT.md · JSON record: /company/NGVT.json · verified financials: /company/NGVT/financials.json / /company/NGVT/financials.csv · machine TOC for the whole site: /llms.txt