NEWMARKET CORP Q3 FY2024 earnings call

• Petroleum additives operating profit increased in Q3 2024 mainly due to lower raw material and operating costs, though partially offset by lower selling prices. Pleased with the strong performance of the petroleum additives business in the first 9 months of 2024 and ongoing focus on margin management. • Completed the acquisition of American Pacific Corp. (AMPAC) on January 16, 2024, and has reported the financial results of the AMPAC business since the acquisition date. Specialty materials results in Q3 and first 9 months 2024 reflect the sale of AMPAC finished goods inventory acquired at closing, which had no margin. • Operations generated strong cash flows during the quarter, with $24 million paid in dividends and $14 million funded for capital expenditures. Since the AMPAC acquisition, net payments of $259 million have been made on the revolving credit facility. As of September 30, 2024, the net debt-to-EBITDA ratio was 1.4, slightly below the target range of 1.5 to 2. • Thanked employees for their hard work in integrating AMPAC and emphasized focus on long-term value for shareholders and customers, citing business fundamentals like safety-first culture, customer-focused solutions, etc.

Petroleum additives sales in the third quarter of 2024 were $663 million, compared to $664 million in the same period of 2023. The operating profit for petroleum additives in the third quarter of 2024 was $157 million, versus $140 million in the third quarter of 2023. Specialty materials sales were $59 million in the third quarter of 2024 and $114 million in the first 9 months of 2024. The operating profit for specialty materials in the third quarter and first 9 months of 2024 was $16 million.

• Anticipates substantial variation in quarterly results for AMPAC due to the nature of its business and expects full-year 2024 results to be consistent with preacquisition expectations. • For 2024, expects capital expenditures to be in the range of $50 million to $70 million.

• Relevant factors that could cause actual results to differ materially from forward-looking statements are contained in the earnings release and SEC filings, including the most recent Form 10-K. • Substantial variation in quarterly results for AMPAC is anticipated due to the nature of its business.