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Koppers (KOP) investor relations material
Koppers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved adjusted EBITDA of $256.7 million with a 13.7% margin for 2025, the second highest on record, and operating profit of $167.8 million; adjusted EPS was $4.07, marking six consecutive years above $4.
Operating cash flow reached $122.5 million, exceeding $100 million for the seventh straight year.
Launched the Catalyst transformation, delivering $46 million in benefits, offsetting a 10% sales decline, and reducing adjusted SG&A by 15% and headcount by up to 17% from year-end 2024.
Completed the sale of the railroad structures business and exited the phthalic anhydride product line, contributing to sales decline but improving cost structure.
Recognized for safety and sustainability, with 21 of 41 sites accident-free and inclusion in Newsweek's Most Responsible Companies 2026 and TIME's Best Mid-Sized Companies 2025.
Financial highlights
Full-year 2025 sales declined 10.2% to $1.88 billion from $2.09 billion in 2024; Q4 sales were $433 million, down 9% year-over-year.
Adjusted EBITDA for 2025 was $256.7 million (13.7% margin); Q4 adjusted EBITDA was $53 million (12.3% margin).
Net income for 2025 was $56.0 million, up from $48.6 million in 2024; adjusted EPS was $4.07, slightly down from $4.11.
Net debt at year-end was $881 million, with a net leverage ratio of 3.4x and available liquidity of $383 million.
Operating cash flow for 2025 was $122.5 million; capital expenditures were $55 million.
Outlook and guidance
2026 sales guidance: $1.9–$2.0 billion, with PC and RUPS expected to comprise 80% of total sales.
Adjusted EBITDA forecast for 2026: $250–$270 million; adjusted EPS guidance: $4.20–$5.00.
Projecting $300 million in cumulative free cash flow over the next three years and a mid-teens margin run rate by 2028.
Operating cash flow for 2026 projected at $150–$170 million; capital expenditures expected to remain at $55 million.
Q1 2026 expected to be the weakest quarter due to severe winter weather and early-stage Catalyst initiatives.
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