Ashland Half-Year Report 2023

Ashland reports financial results1 for second quarter of fiscal year 2023 and updates fiscal year 2023 financial outlook; announces completion of $200 million share repurchase

• Sales of $603 million consistent with the prior-year quarter
• Net income (including discontinued operations) of $91 million, or $1.67 per diluted share
• Income from continuing operations of $92 million, or $1.68 per diluted share
• Adjusted income from continuing operations excluding intangibles amortization expense of $78 million, or $1.43 per diluted share
• Adjusted EBITDA of $145 million
• Cash flows provided by operating activities of $56 million; ongoing free cash flow2 of $37 million

Sales were $603 million consistent with the prior-year quarter. Sales on a constant-currency basis increased by two percent. Sales results were driven primarily by disciplined pricing leading to cost recovery and strong demand for pharmaceutical ingredients within the Life Sciences segment. Continued inflation-recovery actions and demand for pharmaceutical ingredients within Life Sciences were offset by continued customer inventory de-stocking and sluggish overall demand in Personal Care and Specialty Additives.