Gary Prestopino

Liam Burke

David Marsh

Michael Mathison

Jamie Wilen

- Koppers is implementing "Project Catalyst," a strategic transformation process aimed at driving recurring sustainable and achievable EBITDA margins of at least **15%** by **2027**.  **[1315257_tx_375183_4]**  In Q2 2024, the company achieved an adjusted EBITDA margin greater than **15%**, marking the first time in eight years.  **[1315257_tx_375183_4]** 
- The company is focusing on strong cash flow generation, with Q2 2024 cash flow exceeding **$50 million** and a full-year operating cash flow target of **$150 million**.  **[1315257_tx_375183_4]** **[1315257_tx_375183_5]**  This is supported by reduced capital spending, projected to be between **$52 million** and **$58 million** for full-year 2024, a significant decrease from the over **$100 million** spent in each of the prior three consecutive years.  **[1315257_tx_375183_5]** 
- Koppers is returning capital to shareholders, having repurchased close to **$30 million** worth of stock through Q2 2024 and increasing its quarterly dividend for the fourth consecutive year to **$0.08** per quarter.  **[1315257_tx_375183_5]**  The primary focus for excess cash is debt reduction, with a long-term target to get below **3x** leverage, down from **3.5x** at the end of Q2 2024.  **[1315257_tx_375183_5]** 
- Koppers' business units include Railroad and Utility Products and Services (RUPS), Performance Chemicals, and Carbon Materials and Chemicals, with RUPS accounting for roughly half of total company revenue.  **[1315257_tx_375183_2]**  The company sees growth potential in its utility pole business through geographical expansion and in its performance chemicals business internationally.  **[1315257_tx_375183_5]** **[1315257_tx_375183_6]**

Koppers Holdings (KOP)