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Ingevity

ngvt · NYSE Basic Materials
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FY2024 Annual Report · Ingevity
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2024
A N N U A L  R E P O R T
A N D  F O R M  1 0 - K
PURIFY  |  PROTECT  |  ENHANCE


Purify, Protect and Enhance
ABOUT INGEVITY
1,600
EMPLOYEES
11
MANUFACTURING SITES
7
TECHNICAL CENTERS
9
ADMINISTRATIVE OFFICES
Financial Highlights
Total Net Sales in Millions (U.S. $)
2022
2023
2024
Advanced Polymer Technologies
Performance Chemicals
Performance Materials
548.5
875.1
244.7
586.0
902.1
204.0
609.6
608.2
188.6
1,668.3M
1,692.1M
1,406.4M
Segment Earnings Before Interest, Taxes, Depreciation and 
Amortization (EBITDA) & Adjusted EBITDA in Millions (U.S. $)1
Total Adjusted EBITDA
2022
2023
2024
Advanced Polymer Technologies
Performance Chemicals
Performance Materials
252.2
160.4
40.0
286.6
65.7
44.5
319.1
14.7 35.2
452.6M
377.1M
362.7M
Segment EBITDA
2
2
Diluted Adjusted EPS1
$3.51
$6.01
$3.53
2024
2023
2022
Net Debt 
Ratio1
3.5x
Adjusted 
EBITDA Margin1
25.8%
1  See page 119 for definitions of these non-GAAP 
financial measures and the reconciliation of 
these non-GAAP financial measures to the 
nearest  GAAP financial measures.
2  For the year ended December 31, 2024 and 
2023, certain changes were not allocated in the 
measurement of the Performance Chemicals 
reportable segment profitability used by our 
CODM. For more detail on these changes see 
Note 19.
Ingevity provides products and 
technologies that purify, protect and 
enhance the world around us. Through a 
team of talented and experienced people, 
we develop, manufacture and bring to 
market solutions that help customers 
solve complex problems and make the 
world more sustainable. We operate in 
three reportable segments: Performance 
Materials, which includes activated 
carbon; Advanced Polymer Technologies, 
which includes caprolactone polymers; 
and Performance Chemicals, which 
includes industrial specialties and road 
technologies. Our products are used 
in a variety of demanding applications, 
including adhesives, agrochemicals, 
asphalt paving, certified biodegradable 
bioplastics, coatings, elastomers, 
pavement markings and automotive 
components. Headquartered in North 
Charleston, South Carolina, Ingevity 
operates from 24 locations around the 
world and employs approximately 1,600 
people. The company’s common stock is 
traded on the New York Stock Exchange 
(NYSE:NGVT). For more information, visit 
ingevity.com. 

DEAR INGEVITY STOCKHOLDERS,
In 2024, we took proactive steps to drive improved performance and deliver sustainable value creation for 
Ingevity stockholders. We advanced key priorities to accelerate execution and focus of business strategies, 
reduce leverage, and evaluate our business portfolio to determine the right composition for our company, and 
these actions are already delivering results. Led by our Board of Directors and our executive team, we positively 
positioned our businesses for profitable growth and success, and I could not be more impressed by our team’s 
commitment to Ingevity’s future. 
Executing our strategy
Strategic repositioning of our Performance Chemicals segment accelerated throughout 2024, and included 
exiting lower-margin, cyclical end markets and reducing our physical footprint to optimize costs. This segment 
is now focused on higher-margin end markets and will continue to benefit from an improved raw material cost 
structure. Additionally, we announced plans to explore strategic alternatives for our Industrial Specialties product 
line and North Charleston CTO refinery as part of our ongoing portfolio review and expect to finish that 
assessment by the end of 2025.
Our Performance Materials segment continues to gain momentum as we see internal combustion engine (ICE) 
vehicles increasingly become more fuel efficient and global consumer preferences trending toward hybrids, 
which require our more advanced carbon technology. We are making progress in developing new outlets for our 
carbon in silicon anode batteries through our investment in Nexeon, as we advance our strategy to expand our 
presence in the electric vehicle battery market.
Delivering results
The benefits of our repositioning actions translated to improved earnings, margins and cash flow for fiscal year 
2024. We delivered adjusted EBITDA* of $363 million, exceeding analyst estimates, and improved EBITDA 
margins* by 350 basis points to 25.8%. We generated $51 million of free cash flow* despite approximately $200 
million of cash outflows related to our repositioning actions, enabling us to reduce debt and improve our leverage 
ratio in the second half of the year.
In 2024, Performance Materials had a record year in sales and EBITDA, surpassing margins of 50% and 
demonstrating top- and bottom-line growth as the ongoing global leader in automotive vapor emissions control 
technology. This record result was primarily driven by operational improvements that enabled plants to run more 
efficiently and is a testament to our team’s laser-focus on continuous improvement. 
Strategic repositioning actions for Performance Chemicals delivered better than expected results in 2024, 
reflected in the significant improvement in EBITDA margins in the second half of the year. Advanced Polymer 
Technologies increased sales volumes in 2024, demonstrating resiliency in challenging market 
conditions. 

Culture of Excellence
Leadership changes in 2024 expanded the depth of our Board of Directors and executive team. In December, 
we appointed J. Kevin Willis, Senior Vice President & Chief Financial Officer of Ashland Inc., as a new, 
independent member of our Board. He is a proven leader with highly relevant experience in the specialty 
chemicals industry and is a positive complement to the Board and the initiatives underway. We also added 
Terry Dyer as Senior Vice President and Chief Human Resources Officer, and Ryan Fisher as Senior Vice 
President, General Counsel and Corporate Secretary as members of Ingevity’s executive leadership team.
Executive leadership changes announced in 2025 reinforce our company’s commmitment to growth and 
success. In March 2025, our Board announced the appointment of David H. Li, who brings over 25 years 
experience driving successful corporate transformation and stockholder value creation as a leader in the 
specialty materials industry, as Ingevity’s next president and CEO. We also announced the addition of Michael 
N. Shukov, a proven leader in the specialty chemicals industry with extensive experience transforming business
profitability in global markets, as senior vice president and president, Advanced Polymer Technologies.
In true IngeviWay spirit, our employees gave one hundred and ten percent throughout a challenging year to 
advance our commitments to prioritizing our people and communities. Safety remained a top priority, and I 
am very pleased to share we achieved our goal to reach top quartile in personal safety performance in the 
American Chemistry Council’s Responsible Care benchmarking. Within our communities, Ingevity employees 
donated over 4,900 volunteer hours through our IngeviCares philanthropy program in 2024, increasing overall 
employee volunteerism involvement by over 700 hours over 2023. Recently we were named as one of 
“America’s Most Responsible Companies of 2025” by Newsweek magazine for the third consecutive year. We 
are committed to advancing our mission to purify, protect and enhance the world, and are proud to be 
recognized for our efforts.
* Definitions and reconciliations of these non-GAAP financial measures can be found on page 119.
Thank you for your interest and continued investment in Ingevity. Led by our 
Board and executive team, our accomplishments in 2024 were the direct result of 
the collaborative efforts of Ingevity’s innovative employees, and I am immensely 
proud of the progress we have made transforming Ingevity for the future. We are 
confident in our ability to strengthen our position as a world class specialty 
chemicals leader, and we hope you share our enthusiasm for Ingevity and the 
exciting opportunities ahead.
Best Regards,
Luis Fernandez-Moreno
Interim President and CEO

BOARD OF DIRECTORS
LEADERSHIP TEAM
MARY DEAN HALL
Exec. Vice President  
and CFO
RYAN FISHER
Sr. Vice President, General 
Counsel and 
Corporate Secretary
ED WOODCOCK
Exec. Vice President 
and President, 
Performance Materials
BRUCE HOECHNER 
Former President and CEO 
at Rogers Corporation
BENJAMIN (SHON) 
WRIGHT
Vice President and President, 
Distribution Business at 
Cummins Incorporated
J. KEVIN WILLIS
Senior Vice President and 
Chief Financial Officer at 
Ashland Chemical
DIANE GULYAS
Former President, DuPont 
Performance Polymers at
E.I. du Pont de Nemours 
and Company
JEAN S. BLACKWELL
Chair of the Board 
at Ingevity and Former 
Exec. Vice President 
and CFO, Cummins Inc.
LUIS FERNANDEZ-
MORENO
Interim President and CEO 
at Ingevity
LUIS FERNANDEZ 
MORENO
Interim President and CEO 
at Ingevity
MICHAEL SHUKOV
Sr. Vice President and 
President, Advanced 
Polymer Technologies
RICH WHITE
Sr. Vice President and 
President, 
Performance Chemicals
DAN SANSONE
Former Exec. 
Vice President, Strategy 
and CFO at Vulcan 
Materials Company
FRED LYNCH
Operating Partner, 
AEA Investors, LP, 
and Former CEO and 
President at Masonite 
International Corporation
KAREN NARWOLD
Former Exec. Vice President, 
Chief Administrative Officer, 
General Counsel 
and Secretary at 
Albemarle Corporation
Audit Committee
Talent and Compensation 
Committee
Executive Committee
Nominating and  
Governance Committee
Sustainability  
and Safety Committee
TERRY DYER
Sr. Vice President 
and Chief Human 
Resources Officer

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