v3.26.3
Financial Information by Segment
 9 Months Ended
Sep. 30, 2026
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”), who is our chief operating decision maker (“CODM”). Discrete financial information is available for each of our reportable segments. The CODM reviews segment Adjusted EBITDA and related segment operating results as drivers of Adjusted EBITDA to allocate resources and to assess operating results and financial performance. The CODM reviews changes in actual results compared to prior periods, forecasts, and operating objectives. Segment Adjusted EBITDA includes items management considers representative of the underlying performance of each segment.
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, stock-based compensation, and non-recurring items (such as restructuring expenses, Recovery due to misappropriation of assets, net, Goodwill impairment, 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, 2026 and 2025 are as follows:
RubberSpecialtyCorporateTotal
(In millions)
2026
Net sales from external customers$306.4 $166.4 $— $472.8 
Less:
Cost of Sales250.8 131.2 — 382.0 
Selling, general and administrative expenses35.7 24.0 0.2 59.9 
Other segment items3.3 3.5 1.3 8.1 
Add:
Equity in earnings of affiliated companies, net of tax0.1 — — 0.1 
LTIP and other non-operating charges1.4 1.4 1.5 4.3 
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets23.3 16.3 — 39.6 
Adjusted EBITDA$41.4 $25.4 $— $66.8 
Capital expenditures6.1 5.7 — 11.8 
2025
Net sales from external customers$290.9 $160.0 $— $450.9 
Less:
Cost of Sales237.9 127.4 — 365.3 
Selling, general and administrative expenses34.1 23.2 0.2 57.5 
Recovery due to misappropriation of assets, net
— — (7.3)(7.3)
Goodwill impairment32.3 48.5— 80.8
Other segment items4.2 4.1 — 8.3 
Add:
Equity in earnings of affiliated companies, net of tax0.5 — — 0.5 
LTIP and other non-operating charges1.8 1.7 0.2 3.7 
Recovery due to misappropriation of assets, net——(7.3)(7.3)
Goodwill impairment32.3 48.5 — 80.8
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets19.1 14.6 — 33.7 
Adjusted EBITDA$36.1 $21.6 $— $57.7 
Capital expenditures15.5 25.4 — 40.9 
Other segment items—Other segment items for each reportable segment include Research and Development costs and Other expense (income), net.
Segment operating results for the nine months ended September 30, 2026 and 2025 are as follows:
RubberSpecialtyCorporateTotal
(In millions)
2026
Net sales from external customers$912.3 $520.9 $— $1,433.2 
Less:
Cost of Sales782.0 388.2 — 1,170.2 
Selling, general and administrative expenses105.8 75.2 0.7 181.7 
Other segment items11.3 11.9 2.6 25.8 
Add:
Equity in earnings of affiliated companies, net of tax0.4 — — 0.4 
LTIP and other non-operating charges3.3 3.4 3.3 10.0 
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets62.7 42.5 — 105.2 
Adjusted EBITDA$79.6 $91.5 $— $171.1 
Assets$1,119.1 $680.1 $159.1 $1,958.3 
Capital expenditures26.5 46.8 — 73.3 
2025
Net sales from external customers$916.2 $478.8 $— $1,395.0 
Less:
Cost of Sales739.3 373.6 — 1,112.9 
Selling, general and administrative expenses104.4 68.4 0.8 173.6 
Recovery due to misappropriation of assets, net
— — (6.5)(6.5)
Goodwill impairment32.3 48.5 — 80.8 
Other segment items12.1 12.5 — 24.6 
Add:
Equity in earnings of affiliated companies, net of tax1.6 — — 1.6 
LTIP and other non-operating charges4.6 4.6 0.8 10.0 
Recovery due to misappropriation of assets, net——(6.5)(6.5)
Goodwill impairment32.3 48.5 — 80.8 
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets59.2 38.0 — 97.2 
Adjusted EBITDA$125.8 $66.9 $— $192.7 
Assets$1,109.9 $701.6 $152.4 $1,963.9 
Capital expenditures46.4 65.9 — 112.3 
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,
2026202520262025
(In millions)
Income (loss) before earnings in affiliated companies and income taxes $5.0 $(68.1)$6.7 $(37.6)
LTIP and other non-operating charges4.3 3.7 10.0 10.0 
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets39.6 33.7 105.2 97.2 
Recovery due to misappropriation of assets, net
— (7.3)— (6.5)
Goodwill impairment— 80.8 — 80.8 
Equity in earnings of affiliated companies, net of tax0.1 0.5 0.4 1.6 
Interest and other financial expense, net17.8 14.4 48.8 47.2 
Adjusted EBITDA$66.8 $57.7 $171.1 $192.7 
Long term incentive plan (“LTIP”) and other non-operating charges include the following:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In millions)
Long term incentive plan$3.1 $3.7 $7.5 $10.0 
Other non-operating1.2 — 2.5 — 
LTIP and other non-operating charges$4.3 $3.7 $10.0 $10.0