Shares fell 19.8% as investors reacted to a cautious outlook and a notable operational setback in Advanced Performance Materials (APM), with the Washington Works outage causing significant volume declines and margin pressure despite mixed results in other segments.

• Advanced Performance Materials sales declined due to the Washington Works outage and prior closure of the SPS Capstone line, creating a $25 million adjusted EBITDA headwind.
• Thermal and Specialized Solutions (TSS) achieved 22% year-over-year sales growth with record adjusted EBITDA and expanded margins to 33%, driven by strong pricing and volume gains in refrigerants.
• Titanium Technologies (TT) faced volume declines in non-Western markets but maintained net sales inline with expectations through disciplined global pricing, surpassing EBITDA targets.
• Balance sheet improvements included accelerated sale of Kuan Yin properties and debt repayment, enhancing financial flexibility.
• Management highlighted ongoing market uncertainty and emphasized operational flexibility and continued pricing initiatives, signaling a cautious outlook.