Ashland Q1 Report 2022

• Sales of $512 million, up nine percent from the prior-year quarter
• Net income (including discontinued operations) of $48 million, or $0.83 per diluted share Income from continuing operations of $32 million, or $0.55 per diluted share
• Adjusted income from continuing operations excluding intangibles amortization expense of $51 million, or $0.88 per diluted share
• Adjusted EBITDA of $106 million
• Cash flows provided by operating activities of $14 million; ongoing free cash flow2 of $26 million

Sales were $512 million, up nine percent compared to the prior-year period. Strong demand continued across the company’s core, global end markets, despite global logistics challenges limiting the company’s ability to meet all customer demand. Enhanced pricing across all segments and the addition of the Schülke & Mayr acquisition were strong contributors to the year-over-year sales growth. Approximately $20 million of confirmed orders were delayed from late December into January because of logistics challenges. Foreign currency negatively impacted sales by one percent.