Ashland Q3 Report 2023

• Sales of $546 million, down 15 percent compared to the prior-year quarter
• Net income (including discontinued operations) of $50 million, or $0.94 per diluted share Income from continuing operations of $42 million, or $0.79 per diluted share
• Adjusted income from continuing operations excluding intangibles amortization expense of $65 million, or $1.23 per diluted share
• Adjusted EBITDA of $133 million
  Cash flows provided by operating activities of $137 million; ongoing free cash flow2 of $97 million

Sales were $546 million, down 15 percent compared to the prior-year quarter. While sales to pharmaceutical customers increased, each of the company’s reportable segments reported sales declines when compared to the prior-year period driven by lower volumes from customer inventory destocking partially offset by favorable pricing. Foreign currency had a negligible impact on sales.