Ashland — Apr 30, 2025 release

Intermediates margins were below expectations due to persistent pricing pressure and reduced production in response to the challenging demand environment.” Novo continued, "With our portfolio optimization now complete, highlighted by the sale of Avoca and the full identification of our $30 million cost reduction plan in the second quarter, our key focus moving forward is accelerating cost savings from our $60 million manufacturing optimization plans. Overall, we are successfully delivering on our cost savings initiatives and are on track to exceed our full-year target. The early benefits are evident in the robust EBITDA margins, above 30 percent, achieved by our Life Sciences and Personal Care business units this quarter, despite macroeconomic headwinds. We anticipate the financial impact of our cost   1   reduction and manufacturing optimization initiatives will accelerate through the second half of this fiscal year and into fiscal 2026, supporting our results in this uncertain market." Second-quarter sales were $479 million, a decrease of 17 percent compared to $575 million in the prior year. This included a reduction of approximately $67 million or 12 percent due to the Portfolio Optimization initiatives, which involved curtailing or divesting certain lower-margin products. Excluding these initiatives, sales declined by five percent year-over-year. Year-over-year organic sales volume decreased two percent, while Intermediates delivered improved volumes and Life Sciences organic volumes were stable. These positive trends were more than offset by organic volume declines in Personal Care and Specialty Additives. Overa