2024 Outlook

• Third quarter 2024 net loss of $42 million to $52 million
• Third quarter 2024 Adjusted EBITDA of $65 million to $75 million

Commenting on the third quarter outlook, Bozich said, "We expect market conditions and Adjusted EBITDA in the third quarter to be similar to the second quarter. Normalized MMA market dynamics continue to support healthy margins in Engineered Materials, while seasonal improvements in building and construction and consumer electronics applications are expected to continue through the third quarter. We also expect free cash flow to turn positive in the second half of the year from continuing higher profitability and typical seasonal working capital improvements."

Bozich continued, "We are pleased to see a sustained higher level of profitability following the asset and cost optimization actions that we implemented. While operating results have improved and we have more than adequate access to liquidity, we continue to focus on developing additional profit improvement initiatives while prioritizing liquidity preservation."