Koppers Holdings Inc. · NYSE:KOP
Koppers — Investor Day (2026)
64 slides from Koppers's investor day presentation, 2026
Slide 1: Pre-Meeting Safety Brief
Pre-Meeting Safety Brief Plan for an Emergency: Call 911: Designate an attendee to call 911. CPR, First Aid and AED: Identify the location of the AED and designate an attendee to retrieve it in an emergency. Flagger: Designate an attendee to go outside and escort EMS personnel to the location. Exits
Slide 2: Company Overview and Catalyst Update
Company Overview and Catalyst Update Leroy Ball Chief Executive Officer and Board Chair 1
Slide 3: Today's Agenda
Today’s Agenda Company Overview and Catalyst Update 1 Leroy Ball | Chief Executive Officer and Board Chair Strategy for Enhanced Value Creation 2 Stephanie Apostolou | Chief Legal and Strategy Officer Leadership Panel: Our Strategy for Disciplined Value Creation 3 Jim Sullivan | President, Koppers I
Slide 4: Safe Harbor Statement
Safe Harbor Statement Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Kopp
Slide 5: Next Era of Focused Value Creation
Next Era of Focused Value Creation KEY MESSAGES Our focus since we launched our CATALYST TRANSFORMATION in 2025: $ $ Transformed the Increased cash Streamlined Targeted Laser focused on operating model flow generation capital allocation adjacent growth return of capital as we adopted creating opport
Slide 6: A Balanced Portfolio Driving Shareholder Value
A Balanced Portfolio Driving Shareholder Value COMPANY 1 2 3 4 5 OVERVIEW: Vertical Focus on Value Market leader in Diverse end markets Reduced capital Driving cash flow and integration Creation critical end markets are a strength intensity shareholder value drives value FINANCIAL SNAPSHOT: Accelera
Slide 7: Diversified and Integrated Businesses in Essential Markets
Diversified and Integrated Businesses in Essential Markets • Global leader in wood preservation chemicals and technologies • Largest supplier of crossties to Class I Performance Railroad Railroads in North America • Supplies 10 of the 11 largest lumber treating Chemicals companies in the U.S. and 4
Slide 8: Strong Portfolio Management Record
Strong Portfolio Management Record Our strategic shift towards wood preservation has been carefully managed over more than 10 years 2014 – 2020 2021 – 2025 2026+ Portfolio Transformation and Restructuring Expand & Optimize • Wood treatment expansion • Railroad tie facilities Accelerate Cash • Shifte
Slide 9: Catalyst: Reshaping the Operating Model
Catalyst: Reshaping the Operating Model OBJECTIVES [image placeholder] Unleash the ingenuity Stronger competitive Greater scalability Enhanced cash in the organization to position and resilience flow generation deliver: 2027 & Beyond MAY DECEMBER INVESTOR • Build on the one-time gains of Catalyst to
Slide 10: Catalyst Transformation Program Enabling Great Returns
Catalyst Transformation Program Enabling Great Returns A Clear Path Towards Significant Ongoing Benefit (in $M) The Next Phase: Key Value Opportunities $40M - $53M Commercial Excellence $15M - $22M Network Rationalization (Stickney, Vance, Florence) $10M - $15M Commercial Excellence Network Rational
Slide 11: Organizational Design
CASE STUDY: Organizational Design Identified Opportunity: Guiding Principles for Organization Review 1 2 3 4 5 Centralize where scale Simplify and Push transactional Build capability Design for execution and standardization streamline before work down, out or where risk, judgment not theoretical mat
Slide 12: Performance Chemicals: Customer Intimacy, Proven Technology
Performance Chemicals: Customer Intimacy, Proven Technology 11
Slide 13: Business-at-a-Glance: Performance Chemicals
Business-at-a-Glance PC: PERFORMANCE CHEMICALS Product Overview Key Drivers Key Strengths $543.8M Residential and Industrial wood • Residential home building 2025 Revenue preservatives: supported by long term housing Vertically integrated through micronized copper azole (MicroPro®), shortage 1 in-ho
Slide 14: Utility and Industrial Products: Well Positioned for Growth
RUPS Utility and Industrial Products: Well Positioned for Growth 13
Slide 15: Business-at-a-Glance: Utility and Industrial Products
Business-at-a-Glance UIP: UTILITY AND INDUSTRIAL PRODUCTS Product Overview Key Drivers $304.6M • Provide treated utility poles to utility 2025 Revenue customers • Grid investment and AI-driven load growth leading to durable demand environment Pressure-treated transmission and • Investor-owned utilit
Slide 16: Railroad Products and Services
RUPS Railroad Products and Services: Optimized for Success and Enhanced Profitability 15
Slide 17: Business-at-a-Glance: Railroad Products and Services
Business-at-a-Glance RPS: RAILROAD PRODUCTS AND SERVICES Product Overview Key Drivers $622.2M 2025 Revenue • Provides pressure-treated railroad ties to • Class I railroads buy ~70% of all railroad industry in the U.S. and Canada crossties produced in the U.S. and Canada • Includes crossties, switch
Slide 18: Carbon Materials and Chemicals
Carbon Materials and Chemicals: Strategic Location, Enhanced Logistics 17
Slide 19: Business-at-a-Glance: Carbon Materials and Chemicals
Business-at-a-Glance CMC: CARBON MATERIALS AND CHEMICALS Product Overview Key Drivers Key Strengths $408.7M Principal products: creosote, for Believed to be the largest 2025 Revenue • Provides logistics capability global supplier of creosote to wood treatment and as a carbon black 1 and flexibility
Slide 20: Deep Commitment to Sustainability
Deep Commitment to Sustainability 2026 vs. 2025 Koppers Sustainability Strategy focuses on three Leading Activities Recordable Injury Serious Safety Rate Rate Incidents key pillars of People, Planet, and Performance: -29% 0% +4 • People: Treat people with dignity, respect, and fairness • Planet: Our
Slide 21: Taking Action to Drive Improvement and Offset Market Headwinds
Taking Action to Drive Improvement and Offset Market Headwinds Current Headwinds Stagnant Cost Inflation, Freight, We are not waiting for CMC Margins RUPS Pricing Housing Market Energy & Tariffs markets to recover. Lower profitability and Lower demand and Higher mortgage Continued input-cost Actions
Slide 22: Driving Cash Flow Generation for Deployment Towards Targeted Growth Areas
Driving Cash Flow Generation for Deployment Towards Targeted Growth Areas 01 Pursue Adjacent Growth Streamline Structure and Enhance Opportunities Business Mix Explore New Markets and Geographies for PC • Reduce SG&A and UIP • Optimize Capex • Streamline Working Capital 04 02 03 Return Capital to Sh
Slide 23: 2028 Targets
2028 Targets 3-year Adjusted Net leverage Free cash PC and RUPS Adjusted EPS EBITDA margin flow average CAGR <2.5x >85% >15% >10% $100M/yr. of sales 22
Slide 24: Next Era of Focused Value Creation
Next Era of Focused Value Creation $ $ Transformed the Increased cash Streamlined Targeted Laser focused on operating model flow generation capital allocation adjacent growth return of capital as we adopted creating opportunity approach investments in PC to shareholders Catalyst process and UIP Incr
Slide 25: Strategy for Enhanced Value Creation
Strategy for Enhanced Value Creation Stephanie Apostolou Chief Legal and Strategy Officer 24
Slide 26: Next Era of Focused Value Creation
Next Era of Focused Value Creation CATALYST PROGRAM is the engine driving execution across all segments. TARGETED STRATEGY to maximize value of each segment: Performance RUPS RUPS Carbon Materials Chemicals: Utility and Railroad Products and Chemicals: Grow with New Industrial Products: and Services
Slide 27: The Opportunity in Performance Chemicals
The Opportunity in Performance Chemicals PC: PERFORMANCE CHEMICALS NEW PRODUCTS GROWTH MARKETS COMMERCIAL EXCELLENCE • Next generation residential • Brazil CCA manufacturing wood preservative: finalizing facility scheduled for development with improved completion by Q1 2027 • Partner with customers
Slide 28: Why Koppers Wins
Why Koppers Wins PC: PERFORMANCE CHEMICALS Partner with customers, Work closely to help customers not just a supplier solve production challenges Optimize production processes Provide engineering expertise and safety improvements Continue to advance wood Develop new technologies that keep preservati
Slide 29: UIP Opportunity by Region: 2023 → 2028
UIP Opportunity by Region: 2023 → 2028 UIP: UTILITY AND INDUSTRIAL PRODUCTS Above GDP growth opportunity Share gain from consolidated markets Douglas Fir lumber expand primarily in Midwest and Southwest product offerings Market Size U.S. Wood Pole Growth Projection ($B) Northeast West Midwest $.24B
Slide 30: RPS and CMC: Generating Cash Flow
RPS and CMC: Generating Cash Flow RPS: RAILROAD PRODUCTS AND SERVICES CMC: CARBON MATERIALS AND CHEMICALS Improved Reset & Focused & Portfolio Optimization Cash Generative July 2026: • Koppers Railroad • Commercial wins • Leaner, simplified 2025: Services sold to secure new footprint N.A. Supply Sep
Slide 31: Leadership Panel
Leadership Panel Our Strategy for Disciplined Value Creation Moderated by Stephanie Apostolou, Chief Legal and Strategy Officer Jason Bakk Doug Fenwick Travis Gross Jim Sullivan Vice President, Utility President, Koppers Vice President, President, Koppers, Inc. and Industrial Products Performance C
Slide 32: Next Era of Focused Value Creation
Next Era of Focused Value Creation CATALYST PROGRAM is the engine driving execution across all segments. TARGETED STRATEGY to maximize value of each segment: Performance RUPS RUPS Carbon Materials Chemicals: Utility and Railroad Products and Chemicals: Grow with New Industrial Products: and Services
Slide 33: Financial Overview and 2028 Targets
Financial Overview and 2028 Targets Eric Brenner Chief Financial Officer and Treasurer 32
Slide 34: Next Era of Focused Value Creation
Next Era of Focused Value Creation KEY MESSAGES Our focus since we launched our CATALYST TRANSFORMATION in 2025: $ $ Transformed the Increased cash Streamlined Targeted Laser focused on operating model flow generation capital allocation adjacent growth return of capital as we adopted creating opport
Slide 35: Historical Financial Performance
Historical Financial Performance Sales ($B) Adj. EBITDA ($M) & Margin (%)1 Free Cash Flow ($M)1 Adj. EPS1 $1.9 $4.12 $4.07 $1.9 $139 $3.84 $257 $244 $211 $87 $1.7 $2.11 13.7% $68 $153 12.6% 12.9% $57 $1.6 9.7% 2015 2020 2025 TTM TTM 2026 2015 2020 2025 TTM TTM 2026 2015 2020 2025 TTM TTM 2026 2015 2
Slide 36: A Portfolio Positioned to Grow Earnings & Improve Cash Flow
A Portfolio Positioned to Grow Earnings & Improve Cash Flow PERFORMANCE RAILROAD & UTILITY CARBON MATERIALS CHEMICALS PRODUCTS & SERVICES & CHEMICALS Expanding Our Multiple Ways To Grow Optimizing to Most Profitable Segment • Capturing share of recurring rail & utility Enhance Returns • Geographic e
Slide 37: Catalyst Exceeding Expectations & Offsetting Headwinds
Catalyst Exceeding Expectations & Offsetting Headwinds Transformation Program Benefits $ millions Rapidly implemented margin preservation actions in 2025 • $46M of benefits in 2025 led by cost reduction efforts • 2025 adj. SG&A1 declined 15% vs. 2024 • Headcount down >20% from 2024 peak to 2026 $136
Slide 38: Improving Yield Through Data-Driven Operational Excellence
CATALYST CASE STUDY: Improving Yield Through Data-Driven Operational Excellence Identified Solution Results Opportunity • Implemented performance • Reduced downgrade rates dashboards and improved product • Significant variability existed consistency for customers • Increased transparency in incoming
Slide 39: Leveraging Data & Scale to Reduce Enterprise Costs
CATALYST CASE STUDY: Leveraging Data & Scale to Reduce Enterprise Costs Identified Solution Results Opportunity • Implemented spend • Reduced operating analytics and centralized expenses with contracted • Historically, indirect spend governance framework cost reductions and scope was managed locally
Slide 40: Catalyst Transformation: Enabling Margin Expansion
Catalyst Transformation: Enabling Margin Expansion Our Path To >15% Adj. EBITDA Margin1 0.5% – 1.8% 15%+ Key drivers for 13.7% (3.0% – 2.0 %) 0.8% – 1.2% 0.6% – 0.9% margin expansion: 0.8% – 1.2% (0.03%) • Closure of Stickney • Supply chain improvements and cost reductions to drive further efficienc
Slide 41: Delivering Improved Cash Flow with Further Upside
Delivering Improved Cash Flow with Further Upside A Structurally Stronger Free Cash Flow Profile $ millions 2026 Free Cash Flow Above Target • Record YTD June 2026 cash from operations and free cash flow led by deliberate working capital gains $191 • Pension derisking actions have reduced future cas
Slide 42: Our Disciplined Capital Allocation Framework
Our Disciplined Capital Allocation Framework Cash Allocation Profile Our Priorities 2020 – TTM 6/30/26 ($M) $250 1 Capex investments to sustain operations $200 Future capex estimated at $150 ~2 -3% of revenue going forward down from an average of 5% $100 between 2021 to 2025 $50 2 Shareholder return
Slide 43: Extending Our Track Record of Returning Capital
Extending Our Track Record of Returning Capital Returned $187 million to Shareholders In Dividends and Share Repurchases since 2020 ($M) $43 Substantial capital $34 $37 returns for shareholders expected to continue with improved cash $19 $18 generation1 0.7% Dividend Yield $9 as of June 30, 2026 $2
Slide 44: Balance Sheet Overview
Balance Sheet Overview Net Debt & Net-Debt to Adj. EBITDA1 $390 Million Net Debt ($M) Net Debt Ratio of liquidity with no significant debt maturities until 20302 $900 4 $850 3.5 Improved Cash Flow has enabled debt repayment and returns to shareholders $800 3 $750 2.5 Continue to Target <2.5x Net-Deb
Slide 45: Strategic Growth Framework
Strategic Growth Framework • Geographic expansion for UIP and PC • Strategic bolt-ons to support our core markets FOCUS AREAS • Portfolio expansion in Performance Chemicals • Derisking and reducing volatility in our CMC business • IRR exceeds 12% • Accretive growth and margins FINANCIAL CRITERIA • A
Slide 46: 2028 Targets
2028 Targets TARGETS GROWTH DRIVERS Adjusted EBITDA margin >15% Catalyst transformation is driving more focused portfolio and meaningful cash generation 3-year adjusted EPS CAGR >10% Favorable near- and long-term infrastructure demand with recurring replacement Net leverage <2.5x Upside in underbuil
Slide 47: Key Messages: The Next Phase of Focused Value Creation
Key Messages: The Next Phase of Focused Value Creation $ $ Transformed the Increased cash Streamlined Targeted Laser focused on operating model flow generation capital allocation adjacent growth return of capital as we adopted creating opportunity approach investments in PC to shareholders Catalyst
Slide 48: Koppers Investor Day
KOPPERS Investor Day 47
Slide 49: Appendix
KOPPERS Investor Day 48
Slide 50: Stephanie Apostolou
Stephanie Apostolou Chief Legal and Strategy Officer Stephanie Apostolou is Chief Legal and Strategy Officer, responsible for overseeing all aspects of our Transformation, Engineering, Strategy, Legal, Risk, Zero Harm, and Sustainability functions. Stephanie joined Koppers in 2011 as Corporate Couns
Slide 51: Jason Bakk
Jason Bakk Vice President, Utility and Industrial Products Jason Bakk is Vice President, Utility and Industrial Products (UIP) at Koppers. In this role, he is responsible for overseeing all aspects of the business including growing market share, strengthening customer relationships, optimizing produ
Slide 52: Leroy Ball
Leroy Ball Chief Executive Officer and Board Chair Leroy Ball is Chief Executive Officer of Koppers and serves as Chairman of the Board of Directors. Under Leroy’s leadership, Koppers is focused on creating, protecting, and preserving key elements of our global infrastructure. Additionally, he has p
Slide 53: Eric Brenner
Eric Brenner Chief Financial Officer and Treasurer Eric Brenner serves as Chief Financial Officer and Treasurer, leading Koppers global Finance organization, including Accounting, Budgeting, Forecasting, Tax, Investor Relations, Procurement, and Logistics, while advising on the company's strategic g
Slide 54: Doug Fenwick
Doug Fenwick President, Performance Chemicals Doug Fenwick serves as President, Performance Chemicals (PC), responsible for overseeing all aspects of the business. Previously, he served as Vice President of Performance Chemicals following the company’s acquisition of Osmose, Inc. in August 2014. Pri
Slide 55: Travis Gross
Travis Gross Vice President, Railroad Products and Services Travis Gross is Vice President of Railroad Products and Services (RPS), responsible for all aspects of the company’s legacy crosstie and maintenance-of-way businesses. Travis joined Koppers in 2007 as a Sales Administrator in RPS, and in 20
Slide 56: Quynh McGuire
Quynh McGuire Vice President, Investor Relations Quynh McGuire is Vice President, Investor Relations for Koppers. In this role since January 2020, she serves as the company’s primary liaison to inform and engage the investment community, while also ensuring compliance with financial disclosure regul
Slide 57: James Sullivan
James Sullivan President James Sullivan currently serves as President with responsibility for contributing to key enterprise- wide strategic initiatives. Jim joined Koppers in June 2013 as Vice President of Business Development for Koppers. He was named Senior Vice President of Global Carbon Materia
Slide 58: Non-GAAP Measures & Guidance
Non-GAAP Measures & Guidance This presentation includes unaudited “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, including adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted EPS, adjusted selling, general and administrative, net deb
Slide 59: Unaudited Segment Information
Unaudited Segment Information Twelve Months Ended Year Ended December 31, June 30, 2026 2025 2020 2015 (Dollars in millions) Net sales: Railroad and Utility Products and Services $ 907.3 $ 926.8 $ 759.1 $ 657.0 Performance Chemicals 582.4 543.8 526.3 356.4 Carbon Materials and Chemicals 403.7 408.7
Slide 60: Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin
Unaudited Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin Twelve Months Ended Year Ended December 31, June 30, 2026 2025 2020 2015 (Dollars in millions) Net (loss) income $ (86.9) $ 56.0 $ 121.0 $ (76.0) Interest expense 62.2 66.1 48.9 45.6 Depreciation and amortization 74.9 73.6
Slide 61: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
Unaudited Reconciliations of Net Income Attributable to Koppers to Adjusted Net Income Attributable to Koppers and Diluted Earnings Per Share and Adjusted Earnings Per Share Twelve Months Ended Year Ended December 31, June 30, 2026 2025 2020 2015 (Dollars in millions, except share and per share amou
Slide 62: Reconciliation of Total Debt to Net Debt and Net Leverage Ratio
Unaudited Reconciliation of Total Debt to Net Debt and Net Leverage Ratio Twelve Months Ended Year Ended December 31, June 30, 2026 2025 2024 2023 2022 2021 2020 (Dollars in millions) Total Debt $ 897.6 $ 919.2 $ 930.8 $ 840.4 $ 817.7 $ 783.5 $ 775.9 Less: Cash 40.7 38.0 43.9 66.5 33.3 45.5 38.5 Net
Slide 63: Reconciliation of SG&A to Adjusted SG&A
Reconciliation of Selling, General and Administrative to Adjusted Selling, General and Administrative Year Ended December 31, 2025 2024 (Dollars in millions) Selling, general and administrative $ 154.9 $ 179.3 Adjustments: Amortization of cloud-based software implementation costs 1.2 0.3 Pension set
Slide 64: Reconciliation of Operating Cash Flow to Free Cash Flow
Unaudited Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Twelve Months Six Months Ended June 30, Ended Year Ended December 31, 2026 2025 June 30, 2026 2025 2024 2023 2022 2021 2020 2015 (Dollars in millions) Net cash provided by operating activities $ 96.3 $ 27.8 $ 191