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Financial Information by Segment | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Information by Segment | Financial Information by Segment Segment information We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two operating segments as follows: •Rubber Carbon Black—Used in the reinforcement of rubber in tires and mechanical rubber goods, and •Specialty Carbon Black—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and other special applications. Corporate includes income and expenses that cannot be directly allocated to the business segments or that are managed at the corporate level. This includes finance income and expenses, taxes and items with less bearing on the underlying core business. Our operations are managed by senior executives who report to our Chief Executive Officer (“CEO”), the chief operating decision maker (“CODM”). Discrete financial information is available for each of the segments, and the CODM uses operating results of each operating segment for performance evaluation and resource allocation. Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define Adjusted EBITDA as Income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as restructuring expenses, legal settlements gains, etc.) plus Earnings in affiliated companies, net of tax. The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources. Segment operating results for the three months ended September 30, 2025 and 2024 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2025 |  |  |  |  |  |  |
Net sales from external customers | $ | 290.9 |  |  | $ | 160.0 |  |  | $ | — |  |  | $ | 450.9 |
Less: |  |  |  |  |  |  |
Cost of Sales | 237.9 |  |  | 127.4 |  |  | — |  |  | 365.3 |
Selling, general and administrative expenses | 34.1 |  |  | 23.2 |  |  | 0.2 |  |  | 57.5 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (7.3) |  |  | (7.3) |
Goodwill impairment | 32.3 |  |  | 48.5 |  |  | — |  |  | 80.8 |
Other segment items | 4.2 |  |  | 4.1 |  |  | — |  |  | 8.3 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
LTIP and other non-operating charges | 1.8 |  |  | 1.7 |  |  | 0.2 |  |  | 3.7 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (7.3) |  |  | (7.3) |
Goodwill impairment | 32.3 |  | 48.5 |  | — |  |  | 80.8 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 19.1 |  |  | 14.6 |  |  | — |  |  | 33.7 |
Adjusted EBITDA | $ | 36.1 |  |  | $ | 21.6 |  |  | $ | — |  |  | $ | 57.7 |
Capital expenditures | 15.5 |  |  | 25.4 |  |  | — |  |  | 40.9 |
2024 |  |  |  |  |  |  |
Net sales from external customers | $ | 300.9 |  |  | $ | 162.5 |  |  | $ | — |  |  | $ | 463.4 |
Less: |  |  |  |  |  |  |
Cost of Sales | 230.0 |  |  | 125.9 |  |  | — |  |  | 355.9 |
Selling, general and administrative expenses | 35.9 |  |  | 21.7 |  |  | 0.3 |  |  | 57.9 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | 60.7 |  |  | 60.7 |
Other segment items | 2.2 |  |  | 3.1 |  |  | (1.1) |  |  | 4.2 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
LTIP and other non-operating charges | 1.6 |  |  | 2.9 |  |  | (0.8) |  |  | 3.7 |
Loss (recovery) due to misappropriation of assets, net | — |  | — |  | 60.7 |  |  | 60.7 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 18.3 |  |  | 12.5 |  |  | — |  |  | 30.8 |
Adjusted EBITDA | $ | 52.9 |  |  | $ | 27.2 |  |  | $ | — |  |  | $ | 80.1 |
Capital expenditures | 23.7 |  |  | 24.2 |  |  | — |  |  | 47.9 |
Segment operating results for the nine months ended September 30, 2025 and 2024 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2025 |  |  |  |  |  |  |
Net sales from external customers | $ | 916.2 |  |  | $ | 478.8 |  |  | $ | — |  |  | $ | 1,395.0 |
Less: |  |  |  |  |  |  |
Cost of Sales | 739.3 |  |  | 373.6 |  |  | — |  |  | 1,112.9 |
Selling, general and administrative expenses | 104.4 |  |  | 68.4 |  |  | 0.8 |  |  | 173.6 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (6.5) |  |  | (6.5) |
Goodwill impairment | 32.3 |  |  | 48.5 |  |  | — |  |  | 80.8 |
Other segment items | 12.1 |  |  | 12.5 |  |  | — |  |  | 24.6 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
LTIP and other non-operating charges | 4.6 |  |  | 4.6 |  |  | 0.8 |  |  | 10.0 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (6.5) |  |  | (6.5) |
Goodwill impairment | 32.3 |  | 48.5 |  | — |  | 80.8
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 59.2 |  |  | 38.0 |  |  | — |  |  | 97.2 |
Adjusted EBITDA | $ | 125.8 |  |  | $ | 66.9 |  |  | $ | — |  |  | $ | 192.7 |
Assets | $ | 1,109.9 |  |  | $ | 701.6 |  |  | $ | 152.4 |  |  | $ | 1,963.9 |
Capital expenditures | 46.4 |  |  | 65.9 |  |  | — |  |  | 112.3 |
2024 |  |  |  |  |  |  |
Net sales from external customers | $ | 944.4 |  |  | $ | 498.9 |  |  | $ | — |  |  | $ | 1,443.3 |
Less: |  |  |  |  |  |  |
Cost of Sales | 722.7 |  |  | 381.1 |  |  | — |  |  | 1,103.8 |
Selling, general and administrative expenses | 113.5 |  |  | 65.5 |  |  | 0.7 |  |  | 179.7 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | 60.7 |  |  | 60.7 |
Other segment items | 9.7 |  |  | 11.4 |  |  | (1.1) |  |  | 20.0 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
LTIP and other non-operating charges | 5.3 |  |  | 5.3 |  |  | (0.4) |  |  | 10.2 |
Loss (recovery) due to misappropriation of assets, net | — |  | — |  | 60.7 |  | 60.7
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 53.1 |  |  | 36.9 |  |  | — |  |  | 90.0 |
Adjusted EBITDA | $ | 157.4 |  |  | $ | 83.1 |  |  | $ | — |  |  | $ | 240.5 |
Assets | $ | 1,101.5 |  |  | $ | 730.5 |  |  | $ | 164.3 |  |  | $ | 1,996.3 |
Capital expenditures | 68.2 |  |  | 67.5 |  |  | — |  |  | 135.7 |
Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net. A reconciliation of Income before earnings in affiliated companies and income taxes to Adjusted EBITDA for each of the periods presented is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Income (loss) before earnings in affiliated companies and income taxes | $ | (68.1) |  |  | $ | (31.2) |  |  | $ | (37.6) |  |  | $ | 38.3 |
LTIP and other non-operating charges | 3.7 |  |  | 3.7 |  |  | 10.0 |  |  | 10.2 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 33.7 |  |  | 30.8 |  |  | 97.2 |  |  | 90.0 |
Loss (recovery) due to misappropriation of assets, net |  |  |  |  |  |  |
Misappropriation of assets, net | (7.3) |  |  | 59.2 |  |  | (7.3) |  |  | 59.2 |
Professional fees related to misappropriation of assets | — |  |  | 1.5 |  |  | 0.8 |  |  | 1.5 |
Goodwill impairment | 80.8 |  |  | — |  |  | 80.8 |  |  | — |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | 0.2 |  |  | 1.6 |  |  | 0.5 |
Interest and other financial expense, net | 14.4 |  |  | 15.9 |  |  | 47.2 |  |  | 40.8 |
Adjusted EBITDA | $ | 57.7 |  |  | $ | 80.1 |  |  | $ | 192.7 |  |  | $ | 240.5 |
LTIP and other non-operating charges include the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Long term incentive plan | $ | 3.7 |  |  | $ | 4.8 |  |  | $ | 10.0 |  |  | $ | 11.3 |
Other non-operating | — |  |  | (1.1) |  |  | — |  |  | (1.1) |
LTIP and other non-operating charges | $ | 3.7 |  |  | $ | 3.7 |  |  | $ | 10.0 |  |  | $ | 10.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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