Koppers Holdings Inc. reported Adjusted EBITDA of $53.2 million for the Q4 ended December 31, 2025, a 4% decrease from $55.2 million in the same period last year, due to a shift in U.S. market share and hyper-competitive market conditions.
Net sales decreased by 9% to $432.7 million in Q4 2025. Net income was $29.7 million, compared to a net loss of $10.2 million a year earlier. Adjusted earnings per share were $0.70, down from $0.77 in the prior year quarter.
For the full year 2025, net sales were $1.88 billion, down from $2.09 billion in 2024. Adjusted EBITDA for the year was $256.7 million, compared to $261.6 million in the prior year. The company's Catalyst transformation program generated approximately $46 million in benefits during the year.
The Railroad and Utility Products and Services segment reported a 3% decrease in Q4 net sales to $208.7 million, driven by lower volumes from commercial crosstie customers. This was partially offset by a 9.7% volume increase in the domestic utility pole business. Adjusted EBITDA for the segment increased by 25% to $21.8 million, due to lower operating expenses and price increases.
The Performance Chemicals segment's fourth-quarter net sales decreased by 14% to $127.8 million, resulting from a 15.7% volume decrease primarily driven by a shift in U.S. market share. Adjusted EBITDA for the segment was $27.8 million, slightly lower than the prior year due to the volume decline.
The Carbon Materials and Chemicals segment's Q4 net sales decreased by 15% to $96.2 million, mainly due to volume decreases from discontinued phthalic anhydride production and lower sales prices for carbon pitch, which fell approximately 6.6% globally. Adjusted EBITDA for the segment decreased to $3.6 million from $9.1 million a year earlier.
Net cash provided by operating activities for the full year 2025 was $122.5 million, compared to $119.4 million in the prior year. Capital expenditures, net of proceeds, were $47.6 million.
In February 2026, the company decided to idle production at its facilities in Vance, Alabama, and Florence, South Carolina, to optimize its network, align capacity with demand, and reduce operating costs.
For 2026, Koppers forecasts net sales of $1.9 to $2.0 billion and Adjusted EBITDA of $250 to $270 million. The company expects adjusted EPS of $4.20 to $5.00, driven by benefits from Catalyst, a moderate sales recovery, a tighter operating footprint, lower interest costs, a lower effective tax rate of 28%, and a lower share count. Operating cash flow is forecast at $150 to $170 million with capital expenditures of $55 million. The company expects to gain market share in 2026 in all businesses other than CMC.
Koppers Holdings Inc. is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds.
