Ashland Full-Year Report 2022

2022 highlights

• Sales of $2.4 billion up 13 percent
• Adjusted EBIT of $349 million up roughly 39%
• Adjusted EBIT margin 14.6% up from 11.9%

Business Results

Ashland’s net income was $927 million ($181 million income from continuing operations and $746 million income from discontinued operations) in 2022 compared to income of $220 million ($173 million income from continuing operations and $47 million income from discontinued operations) in 2021. Results for Ashland’s continuing operations for 2022 and 2021 were impacted by restructuring costs of $5 million in 2022 and $10 million in 2021, environmental reserve adjustments of $53 million in 2022 and $45 million in 2021, and unrealized losses of $102 million and unrealized gains of $21 million on restricted investment securities. The $95 million increase in Adjusted EBITDA was primarily driven by disciplined pricing leading to cost recovery in a highinflation environment and improved product mix partially offset by higher raw material and operating costs, unfavorable currency exchange and higher selling, general and administration costs.