Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Recently Issued Accounting Pronouncements

Refer to the discussion under the heading "Recent Accounting Pronouncements" in Note B of our Notes to the unaudited Consolidated Financial Statements.

Results of Operations

The Company has two reportable segments: Reinforcement Materials and Performance Chemicals. The Performance Chemicals reporting segment aggregates the specialty carbons, specialty compounds, fumed metal oxides, battery materials, inkjet colorants and aerogel product lines.

Our measure of business segment earnings is Segment earnings before interest and taxes ("Segment EBIT") and is the measure utilized by the Chief Operating Decision Maker ("CODM") to allocate resources and to assess operating results and financial performance. The CODM reviews the change in the actual results compared to the same period forecast, the same period year-ago, and the preceding period on a quarterly basis. Segment EBIT includes all items that are controlled by the business segment and those management considers are representative of the fundamental on-going segment results.

The Company is also organized for operational purposes into three geographic regions: the Americas; Europe, Middle East and Africa ("EMEA"); and Asia Pacific. The discussion of our results of operations for the periods presented reflects these structures.

Definition of Terms

When discussing our results of operations, we use the term "product mix", which refers to the mix of types and grades of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business and/or segment.

Overview

During the third quarter of fiscal 2026, Income (loss) before income taxes and equity in earnings of affiliated companies decreased as compared to the third quarter of fiscal 2025. The decrease was primarily due to higher expenses related to restructuring activities, lower Segment EBIT in our Reinforcement Materials segment, and a settlement charge for the termination of two pension plans in the U.K., partially offset by higher Segment EBIT in our Performance Chemicals segment.

Third quarter of Fiscal 2026 versus Third quarter of Fiscal 2025-Consolidated

Net Sales and Other Operating Revenues and Gross Profit

For the three and nine months ended June 30, 2026, Net sales and other operating revenue increased by $59 million and decreased $79 million, respectively, compared to the same periods of fiscal 2025.

The increase in Net sales and other operating revenue in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 was driven by higher volumes in both our Reinforcement Materials and Performance Chemicals segments ($51 million combined). The higher volumes in our Reinforcement Materials segment were primarily due to increases in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico. The higher volumes in our Performance Chemicals segment were primarily due to higher demand in our battery materials and fumed metal oxides product lines. The increase in battery materials volumes was driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers. The increase in fumed metal oxides volumes was driven by growth in electronics applications.

The decrease in Net sales and other operating revenue in the first nine months of fiscal 2026 compared to the same period of fiscal 2025 was primarily driven by less favorable pricing and product mix in our Reinforcement Materials segment ($173 million), partially offset by the favorable impact from foreign currency translation in both our Reinforcement Materials and Performance Chemicals segments ($77 million combined) and higher volumes in both our Reinforcement Materials and Performance Chemicals segments ($20 million combined). The less favorable pricing and product mix in our Reinforcement Materials segment was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements, lower raw materials costs, which are generally passed through to our customers, and lower pricing from increased competitive intensity in Asia Pacific. The higher volumes in our Reinforcement Materials segment were primarily due to increases in Asia Pacific, including increased sales volume from our capacity addition in Indonesia and acquisition in Mexico. The higher volumes in our Performance Chemicals segment were primarily due to higher demand in our battery materials product line. The increase in battery materials volumes was driven by higher

demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers.

For the three and nine months ended June 30, 2026, gross profit decreased by $60 million and $115 million, respectively, compared to the same periods of fiscal 2025.

The decrease in Gross profit in the third quarter of fiscal 2026 as compared to the same period of fiscal 2025 was driven primarily by lower gross profit per ton in our Reinforcement Materials segment ($40 million) and higher restructuring expenses ($38 million), partially offset by higher volumes in both our Reinforcement Material and Performance Chemicals segments ($22 million combined). The lower gross profit per ton in our Reinforcement Materials segment was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements. The higher restructuring expenses were primarily estimated severance costs, asset impairments, and accelerated depreciation related to ceasing production at our facility in Campana, Argentina, ceasing production of fumed silica at our manufacturing plant in Barry, Wales and the intention to close multiple manufacturing lines at our facility in Botlek, The Netherlands. The higher volumes in our Reinforcement Materials segment were primarily due to higher demand in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico. The higher volumes in our Performance Chemicals segment were primarily due to higher demand in our battery materials and fumed metal oxides product lines. The increase in battery materials volumes was driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers. The increase in fumed metal oxides volumes was driven by growth in electronics applications.

The decrease in Gross profit in the first nine months of fiscal 2026 as compared to the same period of fiscal 2025 was driven primarily by lower gross profit per ton in our Reinforcement Materials segment ($105 million) and higher restructuring expenses ($49 million), partially offset by higher gross profit per ton in our Performance Chemicals segment ($18 million) and higher volumes in both our Reinforcement Materials and Performance Chemicals segments ($10 million combined). The lower gross profit per ton in our Reinforcement Materials segment was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements and lower pricing from increased competitive intensity in Asia Pacific. The higher restructuring expenses were primarily for estimated severance costs, asset impairments, and accelerated depreciation related to ceasing carbon black production at our facility in Campana, Argentina, ceasing production of fumed silica at our manufacturing plant in Barry, Wales and the intention to close multiple manufacturing lines at our facility in Botlek, The Netherlands. The higher gross profit per ton in our Performance Chemicals segment was primarily due to price increases implemented ahead of rising material costs and a favorable product mix and optimization efforts. The higher volumes in our Reinforcement Materials segment were primarily due to higher demand in Asia Pacific, including increased sales volume from our capacity addition in Indonesia and our acquisition in Mexico. The higher volumes in our Performance Chemicals segment were primarily due to higher demand in our battery materials product line. The increase in battery materials volumes was driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers.

Selling and Administrative Expenses

Selling and administrative expenses increased by $11 million and $17 million, respectively, for the three and nine months ended June 30, 2026 compared to the same periods of fiscal 2025. The higher selling and administrative expenses for the three and nine months ended June 30, 2026 compared to the same period of fiscal 2025 were primarily due to higher legal and digital expenses.

Research and Technical Expenses

Research and technical expenses decreased by $2 million and $4 million, respectively, for the three and nine months ended June 30, 2026 compared to the same periods of fiscal 2025 primarily due to cost management efforts.

Interest and Dividend Income, Interest Expense and Other Income (Expense)

Interest and dividend income increased by $1 million and $2 million, respectively, for the three and nine months ended June 30, 2026 compared to the same periods of fiscal 2025 primarily due to higher average cash balances and higher interest rates on cash and investments in South America.

Interest expense decreased by $1 million for the three months ended June 30, 2026 compared to the same period of fiscal 2025 primarily due to lower average short-term borrowings. Interest expense decreased by $2 million for the nine months ended June 30, 2026 compared to the same periods of fiscal 2025 primarily due to lower average balances and lower rates on short term borrowings

Other income (expense) increased by $30 million for the three and nine months ended June 30, 2026 compared to the same periods of fiscal 2025 primarily due to a settlement charge for the termination of two pension plans in the U.K.

(Provision) Benefit for Income Taxes and Effective Tax Rate

For the third quarter of fiscal 2026, the (Provision) benefit for income taxes was a provision of $46 million compared to a provision of $43 million for the same period in fiscal 2025 with the change primarily due to lower earnings, change in the mix of earnings and a net discrete tax expense of $19 million primarily related to changes in valuation allowance as a result of ceasing carbon black production at our plant in Campana, Argentina. Our income taxes are affected by the mix of earnings in the tax jurisdictions in which we operate and by the presence of valuation allowances in certain tax jurisdictions.

For the nine months ended June 30, 2026, the (Provision) benefit for income taxes was a provision of $127 million compared to a provision of $133 million for the same period in fiscal 2025 with the change primarily due to lower earnings, change in the mix of earnings, a net discrete tax expense of $30 million primarily related to changes in valuation allowance as a result of ceasing carbon black production at our plant in Campana, Argentina and withholding taxes on dividend distribution from our China subsidiary. Our income taxes are affected by the mix of earnings in the tax jurisdictions in which we operate and by the presence of valuation allowances in certain tax jurisdictions.

Equity in Earnings of Affiliated Companies and Net Income (Loss) Attributable to Noncontrolling Interests

Equity in earnings of affiliated companies, net of tax, increased by $1 million and was unchanged for the three and nine months ended June 30, 2026, respectively, compared to the same periods of fiscal 2025. The increase for the three months ended June 30, 2026 compared to the same period of fiscal 2025 was primarily due to higher profitability of our equity affiliate in Venezuela.

Net income (loss) attributable to noncontrolling interests, net of tax, decreased by $4 million and $7 million, respectively, for the three and nine months ended June 30, 2026 compared to the same periods of fiscal 2025 primarily due to lower profitability of our joint venture in the Czech Republic.

Net Income Attributable to Cabot Corporation

In the third quarter of fiscal 2026 and 2025, we reported Net income (loss) attributable to Cabot Corporation of $6 million ($0.12 per diluted common share) and $101 million ($1.86 per diluted common share), respectively. The lower Net income in the third quarter of fiscal 2026 compared with the same period in fiscal 2025 was primarily due to higher expenses related to restructuring activities ($39 million), lower segment EBIT in our Reinforcement Materials segment ($31 million) and a settlement charge for the termination of two pension plans in the U.K. ($29 million) partially offset by higher Segment EBIT in our Performance Chemicals segment ($11 million).

In the first nine months of fiscal 2026 and 2025, we reported Net income (loss) attributable to Cabot Corporation of $147 million ($2.77 per diluted common share) and $288 million ($5.22 per diluted common share), respectively. The lower Net income in the first nine months of fiscal 2026 compared with the same period in fiscal 2025 was primarily due to lower segment EBIT in our Reinforcement Materials segment ($97 million), higher expenses related to restructuring activities ($51 million) and a settlement charge for the termination of two pension plans in the U.K. ($29 million) partially offset by higher segment EBIT in our Performance Chemicals segment ($23 million).

Third quarter of Fiscal 2026 versus Third quarter of Fiscal 2025-By Business Segment

Reinforcement Materials

Sales and EBIT for Reinforcement Materials for the third quarter of fiscal 2026 and 2025 were as follows:

Sales in Reinforcement Materials increased by $26 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to higher volumes ($33 million) and the favorable impact from foreign currency translation ($12 million) partially offset by less favorable pricing and product mix ($20 million). The higher volumes were primarily due to higher demand in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico. The less favorable pricing and product mix was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements.

Sales in Reinforcement Materials decreased by $115 million in the first nine months of fiscal 2026 compared to the same period of fiscal 2025 primarily due to less favorable pricing and product mix ($173 million) partially offset by the favorable impact from foreign currency translation ($50 million) and higher volumes ($12 million). The less favorable pricing and product mix was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements, lower raw materials costs which are generally passed through to our customers and lower pricing from increased competitive intensity in Asia Pacific. The higher volumes were primarily due to higher demand in Asia Pacific, including increased sales volume from our capacity addition in Indonesia and our acquisition in Mexico.

EBIT in Reinforcement Materials in the third quarter of fiscal 2026 decreased by $31 million compared to the same period of fiscal 2025. The decrease in EBIT was primarily driven by lower gross profit per ton ($40 million) and higher selling and administrative expenses ($4 million) partially offset by higher volumes ($14 million). The lower gross profit per ton was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements and the higher selling and administrative expenses were primarily due to higher legal expenses. The higher volumes were primarily due to higher demand in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico.

EBIT in Reinforcement Materials decreased by $97 million in the first nine months of fiscal 2026 compared to the same period of fiscal 2025. The decrease in EBIT was primarily driven by lower gross profit per ton ($105 million) partially offset by higher volumes ($6 million). The lower gross profit per ton was primarily due to less favorable pricing and product mix in our 2026 calendar year customer agreements and lower pricing from increased competitive intensity in Asia Pacific. The higher volumes were primarily

due to higher demand in Asia Pacific, including increased sales volume from our capacity addition in Indonesia and our acquisition in Mexico.

As we look to the fourth quarter of the fiscal year, we expect the Reinforcement Materials segment EBIT to modestly decline sequentially from the third quarter of fiscal 2026 due to lower expected seasonal volume and regional mix impacts.

Performance Chemicals

Sales and EBIT for Performance Chemicals for the third quarter of fiscal 2026 and 2025 were as follows:

Sales in Performance Chemicals increased by $31 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to the higher volumes ($18 million), the favorable impact from foreign currency translation ($7 million) and more favorable pricing and product mix ($5 million). The higher volumes were primarily due to higher demand in our battery materials and fumed metal oxides product lines. The increase in battery materials volumes was driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers. The increase in fumed metal oxides volumes was driven by growth in electronics applications. The more favorable pricing and product mix was primarily due to price increases implemented ahead of rising material costs and a favorable product mix.

Sales in Performance Chemicals increased by $37 million in the first nine months of fiscal 2026 compared to the same period of fiscal 2025 primarily due to the favorable impact from foreign currency translation ($27 million) and higher volumes ($8 million). The higher volumes were primarily due to higher demand in our battery materials product line driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers.

EBIT in Performance Chemicals increased by $11 million in the third quarter of fiscal 2026 compared to the same period of fiscal 2025 primarily due to higher volumes ($8 million) and higher gross profit per ton ($3 million). The higher volumes were primarily due to higher demand in our battery materials and fumed metal oxides product lines. The higher gross profit per ton was primarily due to price increases implemented ahead of rising material costs and a favorable product mix in our specialty carbons product line.

EBIT in Performance Chemicals increased by $23 million in the first nine months of fiscal 2026 compared to the same period of fiscal 2025 primarily due to a higher gross profit per ton ($18 million), higher volumes ($4 million) and the favorable impact from foreign currency translation ($2 million). The higher gross profit per ton was primarily due to price increases implemented ahead of rising material costs, a favorable product mix and optimization efforts. The higher volumes were primarily due to higher demand in our battery materials product line driven by higher demand for electric vehicles and battery energy storage systems and our strengthening participation with market-leading global battery manufacturers.

As we look to the fourth quarter of the fiscal year, we expect the Performance Chemicals segment EBIT to decline sequentially from the third quarter of fiscal 2026 due to lower expected sequential volumes and the expectation that gross profit per ton will normalize as raw material costs are expected to catch up to the pricing actions we implemented in the third quarter.

Liquidity and Capital Resources

Overview

Our liquidity position, as measured by cash and cash equivalents plus borrowing availability, decreased by $126 million during the first nine months of fiscal 2026, largely reflecting a higher commercial paper balance at June 30, 2026 due to our funding of our acquisition of MXCB and higher net working capital. As of June 30, 2026, we had cash and cash equivalents of $250 million and borrowing availability under our revolving credit agreement of $1.1 billion.

During the third quarter of fiscal 2026, we entered into a new $1.3 billion unsecured revolving credit agreement (the "U.S. Credit Agreement") with JPMorgan Chase Bank, N.A. and JPMorgan SE, as Administrative Agent, Citibank, N.A., as Syndication Agent, and the other lenders party thereto, which matures in May 2031. Concurrently with entering into the U.S. Credit Agreement, we terminated our $1 billion revolving credit agreement with JPMorgan Chase Bank, N.A., and the other lenders party thereto, and our €300 million revolving credit agreement with PNC Bank, National Association, and the other lenders party thereto (the "Euro Credit Agreement"), both of which were scheduled to mature in August 2027. The U.S. Credit Agreement supports our issuance of commercial paper, and borrowings under it may be used for working capital, letters of credit and other general corporate purposes.

As of June 30, 2026, we were in compliance with the debt covenant under the U.S. Credit Agreement, which, with limited exceptions, requires us to comply on a quarterly basis with a leverage test requiring the ratio of consolidated net debt to consolidated EBITDA not to exceed 3.75 to 1.00. Consolidated net debt is defined as consolidated debt offset by the lesser of (i) unrestricted cash and cash equivalents and (ii) $200 million.

A significant portion of our business occurs outside the U.S. and our cash generation does not always align geographically with our cash needs. The vast majority of our cash and cash equivalent holdings tend to be held outside the U.S. We generally use a combination of U.S. earnings, repatriation of certain foreign earnings, commercial paper issuances and borrowings under our U.S. Credit Agreement to meet our U.S. cash needs. With the exception of Argentina, which has some currency controls that prevent the distribution of cash, we are generally able to move cash throughout the Company through our cash pooling structures, intercompany accounts and/or distributions, as needed. Although we repatriate certain foreign earnings, cash held by foreign subsidiaries is generally considered permanently reinvested and is used to finance the subsidiaries' operational activities and future investments. We usually reduce our commercial paper balance and, if applicable, borrowings under our U.S. Credit Agreement, at quarter-end using cash derived from customer collections, including the utilization of customer supply chain financing programs, settlement of intercompany balances and short-term intercompany loans. If additional funds are needed in the U.S., we expect to be able to repatriate cash, including cash from China, while paying any withholding or other taxes. Changes in regulations and tax laws in the U.S. or foreign countries could restrict our ability to transfer funds or impose material costs on such transfers.

As of June 30, 2026, we had $84 million of borrowings under the U.S. Credit Agreement. At September 30, 2025, we had $130 million of borrowings under the Euro Credit Agreement and no borrowings under the $1.0 billion U.S. Credit Agreement. There was $118 million and $6 million of commercial paper outstanding as of June 30, 2026 and September 30, 2025, respectively.

We anticipate sufficient liquidity from (i) cash on hand; (ii) cash flows from operating activities; and (iii) cash available from the U.S. Credit Agreement and our commercial paper program to meet our operational and capital investment needs and financial obligations for both the next twelve months and the foreseeable future. The liquidity we derive from cash flows from operations is, to a large degree, predicated on our ability to collect our receivables in a timely manner, the cost of our raw materials, and our ability to manage inventory levels.

The following discussion of the changes in our cash balance refers to the various sections of our Consolidated Statements of Cash Flows.

Cash Flows from Operating Activities

Cash provided by operating activities, which consists of net income adjusted for the various non-cash items included in income, changes in working capital and changes in certain other balance sheet accounts, totaled $278 million in the first nine months of fiscal 2026 compared to $446 million of cash provided by operating activities during the same period of fiscal 2025.

Cash provided by operating activities in the first nine months of fiscal 2026 was driven by business earnings excluding the non-cash impacts of depreciation and amortization of $140 million, long-lived asset impairment charge of $24 million and employee benefit plan settlement charge of $29 million, which were partially offset by an increase in net working capital of $58 million. The increase in net working capital was largely driven by increases in Accounts and notes receivable and Inventories, which was partially offset by an increase in Accounts payable and accrued liabilities.

Cash provided by operating activities in the first nine months of fiscal 2025 was driven by business earnings excluding the non-cash impacts of depreciation and amortization of $114 million and cash dividends received from our equity investments of $13 million, which was offset by an increase in net working capital of $13 million. The increase in net working capital was largely driven by a decrease in Accounts Payable and accrued liabilities offset by a decrease in Accounts and notes receivable and Inventories.

Cash Flows from Investing Activities

Investing activities consumed $216 million of cash in the first nine months of fiscal 2026 compared to $239 million of cash consumed during the same period of fiscal 2025.

In the first nine months of fiscal 2026 and 2025, investing activities included $152 million and $210 million, respectively, of capital expenditures for sustaining and compliance capital projects at our operating facilities as well as growth-related capital. In addition, in the second quarter of fiscal 2026, investing activities included $66 million of cash paid, net of cash acquired, for the acquisition of MXCB and in the first quarter of fiscal 2025, investing activities included $27 million for cash paid for an asset acquisition, both of which are described in Note C of our Notes to the Consolidated Financial Statements.

Capital expenditures for fiscal 2026 are expected to be between $200 million and $215 million. Our planned capital spending program for fiscal 2026 is for sustaining, compliance and improvement capital projects at our operating facilities.

Province of Ontario Ministry of Environment, Conservation and Parks' ("MECP") Regulation 419

As described in Part 1, Item 1 of the 2025 Form 10-K under the heading "Safety, Health, Environment, and Sustainability", a new regulation for sulfur dioxide emissions went into effect on July 1, 2023 for our reinforcing carbons plan in Sarnia, Ontario. We are out of compliance with this new air standard, and under the terms of the current abatement plan we have in place with the MECP regarding this requirement, we are required to install air pollution controls at the plant by July 1, 2028, with specified milestones before that date. Given current trade dynamics and the implications on our business in Sarnia, we have requested an extension of the July 1, 2028 compliance deadline, which is under consideration by MECP. To date, our ability to operate our reinforcing carbons plant in Sarnia has not been restricted as we are working with MECP on a solution.

Cash Flows from Financing Activities

Financing activities consumed $88 million of cash in the first nine months of fiscal 2026 compared to $190 million of cash consumed during the same period of fiscal 2025.

In the first nine months of fiscal 2026, financing activities primarily consisted of repurchases of common stock of $101 million, dividend payments of $72 million and $47 million to common stockholders and noncontrolling interests, respectively, and net repayments of long-term debt of $39 million, which includes repayments of $133 million partially offset by proceeds of $94 million. These payments were partially offset by net proceeds from the issuance of commercial paper of $112 million and net proceeds from short-term borrowings of $59 million.

In the first nine months of fiscal 2025, financing activities primarily consisted of repurchases of common stock of $129 million and dividend payments of $71 million and $57 million to common stockholders and noncontrolling interests, respectively. These payments were partially offset by net proceeds from the issuance of commercial paper of $52 million and net proceeds from short-term borrowings of $3 million.

Forward-Looking Information

This report on Form 10-Q contains "forward-looking statements" under the Federal securities laws. These forward-looking statements address expectations or projections about the future, including our expectations regarding our future business performance and overall prospects, including for EBIT in our business segments in the fourth quarter of fiscal 2026, and the principal assumptions underlying these expectations, including demand for our products, the sufficiency of our cash on hand, cash provided from operations and cash available under our credit and commercial paper facilities to fund our cash requirements in both the next twelve months and the foreseeable future; anticipated capital spending; cash requirements and uses of available cash, including future cash outlays associated with respirator liabilities and reorganization activity and the timing of such outlays; amortization expenses; the amounts and timing of the charges we expect to record and the estimates of the total costs of restructuring plans and expected cash outlays in connection with reorganization activities; our operating tax rate; and the possible outcome of legal and environmental proceedings. From time to time, we also provide forward-looking statements in other materials we release to the public and in oral statements made by authorized officers.

Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control or difficult to predict. If known or unknown risks materialize, our actual results could differ materially from those expressed in the forward-looking statements.

In addition to factors described elsewhere in this report, the following are some of the factors that could cause our actual results to differ materially from those expressed in our forward-looking statements: industry capacity utilization, shifts in the geographic area of tire production, and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials, including with respect to the Russian invasion of Ukraine or the conflict in the Middle East; a significant adverse change in a customer or joint venture relationship or the failure of a customer or joint venture partner to perform its obligations under agreements with us; failure to achieve growth expectations from new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; in connection with our restructuring activities in Campana and The Netherlands, finalization of employee severance arrangements, finalization of the accounting impact of the closures, higher than expected demolition, site clearing, environmental remediation or asset retirement costs, and our ability to successfully consolidate production in fewer plants, and to maintain customer volumes as we consolidate production; unanticipated delays in or increased costs of site development projects; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; litigation or legal proceedings; interest rates, tax rates, tariffs, currency exchange controls, and fluctuations in foreign currency; and the accuracy of the assumptions we used in establishing reserves for our share of liability for respirator claims. These other factors and risks are discussed more fully in our 2025 10-K.