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Ashland
Ashland (ASH) investor relations material
Ashland Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary3 Feb, 2026
Executive summary
Q1 results were solid with steady execution and cost discipline, despite ongoing demand softness in coatings and construction, operational challenges, and isolated disruptions; net loss improved to $12 million from $165 million, driven by the absence of large impairment charges and improved performance.
Life Sciences achieved healthy growth, driven by resilient pharma demand and innovation; Personal Care remained stable with double-digit growth in biofunctional actives, while Specialty Additives and Intermediates faced muted demand but benefited from cost actions.
Early Q2 sales trends are encouraging, with resilience in key segments and solid free cash flow despite weather and operational disruptions.
Exited the quarter with improving momentum, particularly in December and January.
Financial highlights
Q1 sales were $386 million, down 5% year-over-year, mainly due to lower volume, Avoca divestiture, and pricing pressure; excluding Avoca, sales declined 3%.
Adjusted EBITDA was $58 million, down 5% year-over-year, with a 15% margin; excluding Avoca, down 3%.
Adjusted EPS (ex-intangible amortization) was $0.26, down 7% year-over-year; gross profit margin improved by 120 bps to 29.3%.
Operating cash flow was $125 million, aided by a $103 million tax refund; free cash flow $26 million, with nearly 50% conversion.
Liquidity at quarter-end was ~$900 million; net debt $1.1 billion; net leverage 2.7x.
Outlook and guidance
Fiscal 2026 adjusted EBITDA guidance narrowed to $400–$420 million; sales guidance $1,835–$1,905 million.
Double-digit-plus adjusted EPS growth targeted; ongoing free cash flow conversion expected at ~50% of adjusted EBITDA, with $100 million capex.
Calvert City and weather disruptions to impact Q2 by ~$11 million, with most recovery expected in Q3 and Q4.
Life Sciences and Personal Care expected to remain resilient; Specialty Additives and Intermediates to see gradual, regionally uneven recovery.
Prudent approach to inventory and production management, with focus on long-term value creation.
How will Calvert City impact absorption be recovered
Which globalized platforms drive future growth?
How do FY26 cost savings support EBITDA guidance?
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Next Ashland earnings date
Q2 202630 Apr, 2026
Ashland
Next Ashland earnings date
Q2 202630 Apr, 2026
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Frequently asked questions
Ashland Inc. develops and manufactures specialty chemicals used in personal care, pharmaceuticals, food and beverage, energy, and industrial applications. Its product range includes polymers, rheology modifiers, and other performance-enhancing ingredients. The company is headquartered in Wilmington, Delaware, and its shares are listed on the NYSE.
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