Stepan : First Quarter 2024 Results

First Quarter 2024

Earnings Results

April 30, 2024

Providing innovative chemical solutions for a cleaner, healthier, more energy efficient world.

Cautionary Statement

Certain information in this presentation consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about Stepan Company's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Stepan Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "should," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Stepan Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company's control, that could cause actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factors described in Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to disruptions in production or accidents at manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfully develop or introduce new products; compliance with laws; our ability to make acquisitions of suitable candidates and successfully integrate acquisitions; global competition; volatility of raw material and energy costs and supply; disruptions in transportation or significant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including currency exchange rate fluctuations, legal restrictions and taxes; unfavorable resolution of litigation against us; maintaining and protecting intellectual property rights; our ability to access capital markets; global political, military, security or other instability; costs related to expansion or other capital projects; interruption or breaches of information technology systems; our ability to retain its executive management and key personnel; and our debt covenants.

These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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Earnings Conference Call Agenda

2024 First Quarter Highlights

Scott R. Behrens, President & Chief Executive Officer

2024 First Quarter Financial Results

Luis E. Rojo, Vice President & Chief Financial Officer

Strategic Outlook

Scott R. Behrens, President & Chief Executive Officer

Analysts Q&A Session

Closing Remarks

Scott R. Behrens, President & Chief Executive Officer

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Net Income Bridge - Q1 2023 to Q1 2024

Note: All amounts are in millions of U.S. dollars and are reported after-tax.

1. The adjustments to Reported Net Income in Q1 2023 consisted of environmental remediation expense and restructuring costs of $0.4 million, deferred compensation expense and cash-settled SARs income of $0.1 million.
2. Adjusted Net Income and Adjusted EPS are Non-GAAP measures that exclude certain significant, non-recurring items. See Appendix II for GAAP reconciliations.
3. The adjustments to Reported Net Income in Q1 2024 consisted of environmental remediation expense of $1.2 million and deferred compensation income of $0.4 million

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Adjusted EBITDA(1) Bridge - Q1 2023 to Q1 2024

Note: All amounts are in millions of U.S. dollars.

1. Adjusted EBITDA is a Non-GAAP measure. See Appendix III for GAAP reconciliations.

Surfactants Adjusted EBITDA growth was driven by margin improvement, partially offset by higher expenses associated with our Pasadena facility and expenses associated with operational interruptions at the Millsdale plant site

Polymers results decreased mainly as a result of expenses associated with operational interruptions at our Millsdale site

Specialty Products results increased due to margin recovery and higher MCT product line end market demand

Corporate expenses were down primarily due to cost reduction activities, partially offset by higher incentive-based compensation accruals

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Stepan Strategic Priorities & Growth Strategy

Creating and Delivering

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