Form 8-K

8-K — AVIENT CORP

Accession: 0001122976-26-000123

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001122976

SIC: 2821 (PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — avnt-20260630x8k.htm (Primary)

EX-99.1 (avnt-20260630xnewsrelease.htm)

GRAPHIC (image_0.jpg)

8-K

8-K (Primary)

Filename: avnt-20260630x8k.htm · Sequence: 1

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 6, 2026

Avient Corporation

(Exact Name of Registrant as Specified in Its Charter)

Ohio 1-16091 34-1730488

(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

33587 Walker Road

Avon Lake, Ohio 44012

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (440) 930-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares, par value $.01 per share AVNT New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, the Registrant issued a press release, furnished herewith as Exhibit 99.1, announcing earnings for the second quarter of 2026. The press release shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number Exhibit

99.1

Press release dated August 6, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AVIENT CORPORATION

By: /s/ Giuseppe Di Salvo

Name: Giuseppe Di Salvo

Title: Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

Dated: August 6, 2026

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Document

NEWS RELEASE

FOR IMMEDIATE RELEASE

Avient Announces Second Quarter 2026 Results; Increases Full-Year Guidance

•Second quarter sales grew 5.8% to $917 million, driven by 4.3% organic sales growth and 1.5% favorable foreign exchange, with organic growth in both business segments

•Second quarter GAAP EPS of $0.70 compared to $0.57 in the prior year quarter

•Second quarter adjusted EPS grew 20% over the prior year to $0.96; exceeded adjusted EPS guidance of $0.89, primarily driven by better-than-expected organic volume growth

•Strong cash flow generation in the quarter supported $50 million of debt repayment; expect to repay a total of $100 to $150 million during the full year 2026

•Increasing 2026 full year adjusted EPS guidance range to $3.10 to $3.25 from previous guidance of $2.93 to $3.17; updated full year adjusted EPS guidance range represents 10% to 15% growth over the prior year

CLEVELAND – August 6, 2026 – Avient Corporation (NYSE: AVNT), an innovator of materials solutions, today announced its second quarter results for 2026. Second quarter GAAP earnings per share (EPS) were $0.70 compared to $0.57 in the prior year quarter.

The company noted that in the second quarter 2026, GAAP EPS includes special items of $0.09 and intangible amortization expense of $0.17 compared to special items of $0.07 and intangible amortization of $0.16 in the second quarter 2025 (see attachment 1).

Second quarter 2026 adjusted EPS was $0.96 compared to $0.80 in the prior year quarter, reflecting 20% growth in adjusted EPS over the prior year.

"Our teams delivered another quarter of strong execution, generating organic growth and adjusted EBITDA margin expansion in each of our two business segments. By remaining close to our customers, proactively managing inflation and supply chain disruptions, we delivered profitable growth across the portfolio," said Dr. Ashish Khandpur, Chairman, President and Chief Executive Officer, Avient Corporation.

"Organic sales growth was driven by a combination of market share gains, new product innovation, and pricing actions. Our performance reflects the team’s execution of our strategy to intersect Avient’s capabilities with high growth secular trends while driving productivity improvements to enable both top-line growth and margin expansion. As a result, organic sales grew 4.3% and adjusted EBITDA margins expanded by 110 basis points to a record high 18.3%.” added Dr. Khandpur.

2026 Outlook

“Our teams once again demonstrated strong operational discipline to manage a volatile business environment while executing our strategy to drive long-term value creation. Supported by our year-to-date results and visibility into third quarter demand, we are increasing our full-year 2026 adjusted EBITDA guidance to $575 to $603 million and adjusted EPS guidance to $3.10 to $3.25, representing 10% to 15% adjusted EPS growth for the year,” said Joe Di Salvo, Senior Vice President and Chief Financial Officer.

“Strong cash generation continues to support both investment in growth and balance sheet improvement. We expect to repay a total of $100 to $150 million of debt during 2026, including $50 million repaid during the second quarter," said Mr. Di Salvo.

Dr. Khandpur added, "Our strategy continues to produce strong financial results, delivering earnings growth in both 2024 and 2025 and positioning us to deliver double-digit adjusted EPS growth in 2026. As we look ahead, we remain focused on balancing strong near-term execution and financial performance with targeted investments in our prioritized growth portfolios, while continuing to serve our customers with innovation, quality, and reliability that underpin long-term value creation."

Webcast Details

Avient will provide additional details on its 2026 second quarter and its 2026 full year outlook during its webcast scheduled for 8:00 a.m. Eastern Time on August 6, 2026.

The webcast can be viewed live at avient.com/investors, or by clicking on the webcast link here. Conference call participants in the question and answer session should pre-register using the link at avient.com/investors, or here, to receive the dial-in number and personal PIN. This information is required to access the conference call. The question-and-answer session will follow the company’s presentation and prepared remarks.

A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.

Non-GAAP Financial Measures

The Company uses both GAAP (generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures include organic performance (which excludes the impact of foreign exchange), adjusted EPS, adjusted operating income, adjusted EBITDA, adjusted EBITDA margins, free cash flow and adjusted free cash flow. Avient's chief operating decision maker uses these financial measures to monitor and evaluate the ongoing performance of the Company and each business segment and to allocate resources.

The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as adjusted EPS, adjusted EBITDA and free cash flow, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, environmental remediation costs and associated recoveries, mark-to-market adjustments on pension and other post-retirement obligations, acquisition-related charges, and other non-routine costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

To access Avient’s news library online, please visit www.avient.com/news.

About Avient

Our purpose at Avient Corporation (NYSE: AVNT) is to be an innovator of materials solutions that help our customers succeed, while enabling a sustainable world. Our local touch and customer engagement, combined with our global presence, allows us to serve customers with agility. We harness the collective strength of more than 9,000 employees worldwide to collaborate and build on each other's ideas. In doing so, we innovate solutions that help our customers overcome their challenges or capitalize on opportunities provided by the fast-changing world and secular trends. Our expanding portfolio of offerings includes colorants, advanced composites, functional additives, engineered materials, and Dyneema®, the world’s strongest fiber™. By intersecting our broad portfolio of technologies with the product roadmaps of our customers, we help create differentiated and high-performance products that make the world better and more sustainable. Visit www.avient.com to learn more.

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the global credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; disruptions or inefficiencies in our supply chain, logistics, or operations; changes in laws and regulations in jurisdictions where we conduct business, including with respect to plastics and climate change; changes to foreign trade policy, including new or increased tariffs and changing import/export regulation; fluctuations in raw material prices, quality and supply, and in energy prices and supply; demand for our products and services; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures, cybersecurity breaches and cyberattacks; our ability to service our indebtedness and restrictions on our current and future operations due to our indebtedness; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; and other factors affecting our business beyond our control, including without limitation, changes in the general economy, changes in interest rates, changes in the rate of inflation, geopolitical conflicts and any recessionary conditions. The above list of factors is not exhaustive.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.

Investor Relations Contact:

Avient Investor Relations

InvestorRelations@avient.com

Attachment 1

Avient Corporation

Reconciliation of Adjusted Net Income and Earnings Per Share (Unaudited)

(In millions, except per share data)

Senior management uses comparisons of adjusted net income attributable to Avient common shareholders and diluted adjusted earnings per share (EPS) attributable to Avient common shareholders, excluding special items, to assess performance and facilitate comparability of results. Further, as a result of Avient's strategic shift towards an innovator of materials solutions, it has completed several acquisitions and divestitures which have resulted in a significant amount of intangible asset amortization. Management excludes intangible asset amortization from adjusted EPS as it believes excluding acquired intangible asset amortization is a useful measure of current period earnings per share. Senior management believes these measures are useful to investors because they allow for comparison to Avient's performance in prior periods without the effect of items that, by their nature, tend to obscure Avient's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items.

Three Months Ended June 30,

2026 2025

Reconciliation to Condensed Consolidated Statements of Income $

EPS(1)

Net income attributable to Avient common shareholders $ 64.8 $ 0.70 $ 52.6 $ 0.57

Special items, after-tax (Attachment 3) 8.2 0.09 5.7 0.07

Amortization expense, after-tax 15.3 0.17 15.2 0.16

Adjusted net income / EPS $ 88.3 $ 0.96 $ 73.5 $ 0.80

(1) Per share amounts may not recalculate from figures presented herein due to rounding

Six Months Ended June 30,

2026 2025

Reconciliation to Condensed Consolidated Statements of Income $

EPS(1)

Net income attributable to Avient common shareholders $ 120.5 $ 1.31 $ 32.4 $ 0.35

Special items, after-tax (Attachment 3) 13.7 0.15 81.4 0.89

Amortization expense, after-tax 30.8 0.33 29.7 0.32

Adjusted net income / EPS $ 165.0 $ 1.79 $ 143.5 $ 1.56

(1) Per share amounts may not recalculate from figures presented herein due to rounding

Year Ended

December 31, 2025

Reconciliation to Condensed Consolidated Statements of Income $

EPS(1)

Net income attributable to Avient common shareholders $ 81.9 $ 0.89

Special items, after-tax 116.4 1.27

Amortization expense, after-tax 60.7 0.66

Adjusted net income / EPS $ 259.0 $ 2.82

(1) Per share amounts may not recalculate from figures presented herein due to rounding

Attachment 2

Avient Corporation

Condensed Consolidated Statements of Income (Unaudited)

(In millions, except per share data)

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Sales $ 917.0 $ 866.5 $ 1,764.4 $ 1,693.1

Cost of sales 609.4 588.6 1,184.2 1,152.0

Gross margin 307.6 277.9 580.2 541.1

Selling and administrative expense 195.2 181.8 372.0 444.3

Operating income 112.4 96.1 208.2 96.8

Interest expense, net (22.3) (24.7) (44.3) (51.6)

Other expense, net (1.0) (0.5) (2.5) (0.9)

Income before income taxes 89.1 70.9 161.4 44.3

Income tax expense (23.4) (17.4) (39.9) (10.7)

Net income $ 65.7 $ 53.5 $ 121.5 $ 33.6

Net income attributable to noncontrolling interests (0.9) (0.9) (1.0) (1.2)

Net income attributable to Avient common shareholders $ 64.8 $ 52.6 $ 120.5 $ 32.4

Earnings per share attributable to Avient common shareholders - Basic: $ 0.71 $ 0.57 $ 1.31 $ 0.35

Earnings per share attributable to Avient common shareholders - Diluted: $ 0.70 $ 0.57 $ 1.31 $ 0.35

Cash dividends declared per share of common stock $ 0.2750 $ 0.2700 $ 0.5500 $ 0.5400

Weighted-average shares used to compute earnings per common share:

Basic 91.7 91.5 91.7 91.5

Diluted 92.2 91.8 92.2 91.8

Attachment 3

Avient Corporation

Summary of Special Items (Unaudited)

(In millions, except per share data)

Special items (1)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Cost of sales:

Restructuring costs, including accelerated depreciation $ (1.6) $ (2.6) $ (4.8) $ (6.7)

Environmental remediation costs (4.7) (1.8) (8.6) (6.7)

Reimbursement of previously incurred environmental costs — 0.6 0.3 1.9

Impact on cost of sales (6.3) (3.8) (13.1) (11.5)

Selling and administrative expense:

Restructuring and employee separation costs (0.7) (2.7) (1.5) (7.8)

Legal and other (2.3) (0.5) (3.6) (0.9)

Cloud-based enterprise resource planning system impairment — — — (86.3)

Impact on selling and administrative expense (3.0) (3.2) (5.1) (95.0)

Impact on operating income (9.3) (7.0) (18.2) (106.5)

Interest expense, net - financing costs — (0.3) — (2.0)

Impact on income before income taxes

(9.3) (7.3) (18.2) (108.5)

Income tax benefit on special items

1.8 1.6 3.8 27.1

Tax adjustments(2)

(0.7) — 0.7 —

Impact of special items on net income

$ (8.2) $ (5.7) $ (13.7) $ (81.4)

Diluted earnings per common share impact $ (0.09) $ (0.07) $ (0.15) $ (0.89)

Weighted average shares used to compute adjusted earnings per share:

Diluted 92.2 91.8 92.2 91.8

(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results.

(2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves and valuation allowances.

Attachment 4

Avient Corporation

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 425.6 $ 510.5

Accounts receivable, net 553.5 435.0

Inventories, net 443.0 367.2

Other current assets 111.3 88.2

Total current assets 1,533.4 1,400.9

Property, net 961.9 988.8

Goodwill 1,737.6 1,757.6

Intangible assets, net 1,420.8 1,492.4

Other non-current assets 351.1 385.9

Total assets $ 6,004.8 $ 6,025.6

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term and current portion of long-term debt $ 0.5 $ 0.5

Accounts payable 474.7 410.0

Accrued expenses and other current liabilities 331.7 435.8

Total current liabilities 806.9 846.3

Non-current liabilities:

Long-term debt 1,875.3 1,922.6

Deferred income taxes 278.1 285.7

Other non-current liabilities 594.5 584.7

Total non-current liabilities 2,747.9 2,793.0

SHAREHOLDERS' EQUITY

Avient shareholders’ equity 2,436.9 2,374.2

Noncontrolling interest 13.1 12.1

Total equity 2,450.0 2,386.3

Total liabilities and equity $ 6,004.8 $ 6,025.6

Attachment 5

Avient Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Six Months Ended

June 30,

2026 2025

Operating activities

Net income $ 121.5 $ 33.6

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 96.7 91.9

Cloud-based enterprise resource planning system impairment — 71.6

Share-based compensation expense 4.1 4.6

Changes in assets and liabilities:

Increase in accounts receivable (124.8) (102.9)

Increase in inventories (80.5) (20.8)

Increase in accounts payable 69.0 1.4

(Decrease) increase in restructuring obligations (11.1) 3.2

Decrease in incentive accruals (2.3) (40.6)

Environmental insurance recovery — 34.0

Accrued expenses and other assets and liabilities, net (13.3) (14.3)

Net cash provided by operating activities 59.3 61.7

Investing activities

Capital expenditures (41.3) (39.5)

Net cash used in investing activities (41.3) (39.5)

Financing activities

Cash dividends paid (50.4) (49.4)

Payments on long-term borrowings (50.0) (50.2)

Other financing activities (2.6) (6.8)

Net cash used in financing activities (103.0) (106.4)

Effect of exchange rate changes on cash 0.1 14.2

Decrease in cash and cash equivalents (84.9) (70.0)

Cash and cash equivalents at beginning of year 510.5 544.5

Cash and cash equivalents at end of period 425.6 474.5

Attachment 6

Avient Corporation

Business Segment Operations (Unaudited)

(In millions)

Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These costs are included in Corporate.

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Sales:

Color, Additives and Inks $ 574.2 $ 538.6 $ 1,102.3 $ 1,058.3

Specialty Engineered Materials 343.9 329.7 664.1 638.1

Corporate (1.1) (1.8) (2.0) (3.3)

Sales $ 917.0 $ 866.5 $ 1,764.4 $ 1,693.1

Gross margin:

Color, Additives and Inks $ 205.2 $ 188.0 $ 383.9 $ 361.1

Specialty Engineered Materials 109.3 93.8 209.9 191.6

Corporate (6.9) (3.9) (13.6) (11.6)

Gross margin $ 307.6 $ 277.9 $ 580.2 $ 541.1

Selling and administrative expense:

Color, Additives and Inks $ 103.4 $ 97.7 $ 200.7 $ 192.2

Specialty Engineered Materials 56.6 53.6 109.8 104.3

Corporate 35.2 30.5 61.5 147.8

Selling and administrative expense $ 195.2 $ 181.8 $ 372.0 $ 444.3

Operating income:

Color, Additives and Inks $ 101.8 $ 90.3 $ 183.2 $ 168.9

Specialty Engineered Materials 52.7 40.2 100.1 87.3

Corporate (42.1) (34.4) (75.1) (159.4)

Operating income $ 112.4 $ 96.1 $ 208.2 $ 96.8

Depreciation & amortization:

Color, Additives and Inks $ 22.7 $ 22.4 $ 45.1 $ 44.1

Specialty Engineered Materials 23.1 22.4 45.7 43.9

Corporate 2.8 1.8 5.9 3.9

Depreciation & amortization $ 48.6 $ 46.6 $ 96.7 $ 91.9

Earnings before interest, taxes, depreciation and amortization (EBITDA):

Color, Additives and Inks $ 124.5 $ 112.7 $ 228.3 $ 213.0

Specialty Engineered Materials 75.8 62.6 145.8 131.2

Corporate (39.3) (32.6) (69.2) (155.5)

Other expense, net (1.0) (0.5) (2.5) (0.9)

EBITDA $ 160.0 $ 142.2 $ 302.4 $ 187.8

Special items, before tax 9.3 7.3 18.2 108.5

Interest expense included in special items — (0.3) — (2.0)

Depreciation & amortization included in special items (1.1) (0.3) (2.5) (0.7)

Adjusted EBITDA $ 168.2 $ 148.9 $ 318.1 $ 293.6

Attachment 7

Avient Corporation

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In millions, except per share data)

Senior management uses operating income before special items to assess performance and allocate resources because senior management believes that this measure is most useful in understanding current profitability levels and how it may serve as a basis for future performance. In addition, operating income before the effect of special items is a component of Avient's annual incentive plans and is used in debt covenant computations. Senior management believes this measure is useful to investors because it allows for comparison to Avient's performance in prior periods without the effect of items that, by their nature, tend to obscure Avient's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items.

Three Months Ended

June 30, Six Months Ended

June 30,

Reconciliation to Condensed Consolidated Statements of Income 2026 2025 2026 2025

Sales $ 917.0 $ 866.5 $ 1,764.4 $ 1,693.1

Gross margin - GAAP 307.6 277.9 580.2 541.1

Special items in gross margin (Attachment 3) 6.3 3.8 13.1 11.5

Adjusted gross margin $ 313.9 $ 281.7 $ 593.3 $ 552.6

Adjusted gross margin as a percent of sales 34.2 % 32.5 % 33.6 % 32.6 %

Operating income - GAAP 112.4 96.1 208.2 96.8

Special items in operating income (Attachment 3) 9.3 7.0 18.2 106.5

Adjusted operating income $ 121.7 $ 103.1 $ 226.4 $ 203.3

Adjusted operating income as a percent of sales 13.3 % 11.9 % 12.8 % 12.0 %

Three Months Ended

June 30, Six Months Ended

June 30,

Reconciliation to EBITDA and Adjusted EBITDA: 2026 2025 2026 2025

Net income - GAAP $ 65.7 $ 53.5 $ 121.5 $ 33.6

Income tax expense 23.4 17.4 39.9 10.7

Interest expense, net 22.3 24.7 44.3 51.6

Depreciation & amortization 48.6 46.6 96.7 91.9

EBITDA $ 160.0 $ 142.2 $ 302.4 $ 187.8

Special items, before tax 9.3 7.3 18.2 108.5

Interest expense included in special items — (0.3) — (2.0)

Depreciation & amortization included in special items (1.1) (0.3) (2.5) (0.7)

Adjusted EBITDA $ 168.2 $ 148.9 $ 318.1 $ 293.6

Adjusted EBITDA as a percent of sales 18.3 % 17.2 % 18.0 % 17.3 %

Attachment 7

Year Ended

December 31,

Reconciliation to EBITDA and Adjusted EBITDA: 2025

Net income – GAAP $ 83.6

Income tax expense 28.1

Interest expense, net 98.6

Depreciation & amortization 185.9

EBITDA $ 396.2

Special items, before tax 152.2

Interest expense included in special items (2.0)

Depreciation & amortization included in special items (1.8)

Adjusted EBITDA $ 544.6

Adjusted EBITDA as a percent of sales 16.7 %

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