Innospec Overview
Innospec is a mid-cap, debt-free specialty chemicals group with about USD 1.8bn of revenue (FY2025). It is built around three technically differentiated, service-intensive franchises:
Fuel Specialties: (39% of FY2025 sales; about 63% of segment operating income before corporate costs). This is a world-class fuel-additives business. It is independent of the oil majors, earns a 36% gross margin, and is the world's only producer of tetraethyl lead (TEL) for aviation gasoline.
Performance Chemicals: (38%). Mild, sulfate-free and 1,4-dioxane-free surfactants and emollients for personal and home care, plus agrochemical, mining and construction chemistries. Manufacturing is concentrated in North Carolina, Europe and Brazil.
Oilfield Services: (22%). Drilling, completion, production and drag-reducing-agent (DRA) chemistry, mainly for the US and the Middle East.
The investment case rests on Fuel Specialties' annuity-like cash generation and an under-levered balance sheet with about USD 250–290M of net cash. Optionality comes from margin repair in Performance Chemicals and Oilfield Services. The key debates are the durability of the 2025–26 recovery and the long-dated AvGas/TEL phase-out.
Company's own description (10-K FY2025, Item 1, paraphrased)
Innospec develops, manufactures, blends, markets and supplies specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Its three reportable segments are:
Performance Chemicals: technology-based solutions for personal care, home care, agrochemical, construction, mining and other industrial markets.
Fuel Specialties: fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions.
Oilfield Services: chemicals for drilling, completion, production and DRA, which make oil and gas exploration and production more cost-efficient and environmentally friendly.
The stated strategy is:
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develop new and improved products and technologies to strengthen market positions in all three segments;
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assess strategic acquisitions and partnerships that extend the technology base, geographic coverage or product portfolio;
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stay inside adjacent markets where Innospec already has expertise, which management argues lowers operating risk.
Business and revenue model
Product-based model: Revenue is almost entirely from sales of formulated and manufactured specialty chemicals, with technical service bundled in. There are no material subscription, licensing or royalty streams.
Contracts: Long-term supply contracts, often with fixed or formula-based pricing, sit alongside spot and order-book sales.
Value chain position: Innospec is a mid-stream formulator and manufacturer. It buys commodity and intermediate feedstocks and sells performance-critical, low-volume-share ingredients to brand owners, refiners, fuel marketers and E&P operators. Key feedstocks are oleochemicals and derivatives, cetane number improvers, ethylene, solvents, amines, alcohols, olefins and polyacrylamides.
Supply concentration: One German operation receives ethylene by direct pipeline, which makes it effectively single-source. Products from that operation are about 4% of group sales (10-K FY2025).
Customers: - large multinational personal and home care companies;
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national and multinational oil companies, fuel marketers, retailers, terminals and marine lines;
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coatings and plastics producers;
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multinational and independent E&P and oilfield service companies.
Customer concentration: No single customer exceeded 10% of net sales in FY2024 or FY2025. In FY2023, one Oilfield Services customer accounted for USD 265.2M, or 13.6% of group sales (10-K FY2025). This was the Latin American / Mexican production-chemicals relationship whose collapse explains most of the FY2024–FY2025 Oilfield Services decline.
End-markets: - Personal care: shampoos, body wash, syndet bars, cosmetics.
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Home care: detergents and cleaners.
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Agrochemicals: adjuvants and formulants.
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Mining: flotation and processing aids.
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Construction.
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Diesel, gasoline, jet, marine and heating fuels; renewable fuels.
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Piston aviation (AvGas TEL).
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Non-fuel industrial applications of fuel technologies.
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Oil and gas drilling, completions (fracturing), production and pipeline transport (DRA).
Independent characterization
Innospec is effectively three businesses with very different economics.
Fuel Specialties: is a high-return, cash-generative oligopoly niche. Gross margin was 36.0% and operating margin 20.6% in FY2025. It is now consistently within management's 32–35% gross-margin and 19–21% operating-margin targets.
Performance Chemicals: is a scale-sensitive surfactants and emollients franchise. Its returns depend on plant utilization in North Carolina and on passing through oleochemical (palm/coconut-derived) input costs. Gross margin fell from 23.4% (FY2022) to 17.9% (FY2025).
Oilfield Services: is a cyclical, service-heavy, customer-concentrated business. Revenue more than doubled from FY2021 to FY2023 on Latin American production chemicals, then fell 43% from FY2023 to FY2025 when that business stopped.
Group capital intensity is low:
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capex was USD 50.3M in FY2025, about 2.8% of sales;
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capitalized software spending was a further USD 25.2M in FY2025, reflecting a multi-year ERP rollout.
The balance sheet has carried net cash every year since FY2021, which gives Innospec unusual M&A capacity for its size.
Strategy
Stated strategy (10-K FY2025, paraphrased themes)
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Technology-led organic growth. Develop new and improved products and technologies to strengthen and grow market positions in all three segments.
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Disciplined adjacency M&A and partnerships. Target deals that extend the technology base, geographic coverage or product portfolio.
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Focus on core competence. Stay in Performance Chemicals, Fuel Specialties and Oilfield Services, where management sees positive returns with reduced operating risk.
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Geographic expansion. Grow the footprint in line with global market development.
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Capital allocation priorities, stated repeatedly in releases: M&A, organic investment, dividend growth and buybacks, all funded from a net-cash balance sheet.
Initiatives announced or advanced in the last 24 months
| Initiative | Segment | Status / detail | Source |
|---|---|---|---|
| Margin-recovery programme: price and cost management, productivity, mix, overhead reduction | Performance Chemicals | Launched 2H 2025; Q4 2025 gross margin rose 3 points sequentially to 18.1%; Q2 2026 operating income +15% YoY | Q3–Q4 2025 and Q2 2026 8-Ks |
| North Carolina plant repairs, process improvements and upgrades (High Point, Salisbury) | Performance Chemicals | After the Jan 2026 storm; capacity relief expected late Q4 2026 to Q1 2027 | Q1–Q2 2026 calls |
| New-product commercialization: sulfate-free and 1,4-dioxane-free personal and home care; agriculture, mining and construction technologies | Performance Chemicals | Ongoing; described as a "strong pipeline" | 10-K FY2025; FY2025 8-K |
| Renewable fuels and non-fuel applications | Fuel Specialties | Pipeline across all regions | FY2024–FY2025 releases; 10-K |
| DRA plant expansion | Oilfield Services | Completed; driving Q2 2026 margin gains | FY2025 and Q2 2026 8-Ks |
| US completions and production, and Middle East growth | Oilfield Services | Middle East recovery expected in 2026; Mexico assumed zero | FY2025 8-K |
| Company-wide ERP implementation | Group | Phased rollout across EMEA, ASPAC and the Americas in 2024–25; USD 20.9M (FY2024) and USD 25.2M (FY2025) capitalized software | 10-K FY2025 |
| Personnel-cost reduction | Group | Lower corporate costs in Q4 2025 (USD 16.0M vs 20.6M) | FY2025 8-K |
| UK pension de-risking | Group | Completed Q4 2024; UK liabilities removed | FY2024 8-K |
| Capital return: USD 75M three-year buyback from 12 May 2026; dividend +10% | Group | Active | Q1 2026 8-K |
| Sustainability: 2025 Sustainability Report (30 Jun 2026); 100% renewable electricity at manufacturing sites; ISO 27001 cyber certification targeted | Group | Ongoing | Company release; DEF 14A 2026 |
Medium-term financial targets and guidance
| Target | Value | Status |
|---|---|---|
| Fuel Specialties gross margin | 32–35% | Exceeded (36.0% FY2025; 36.6% Q2 2026) |
| Fuel Specialties operating margin | 19–21% | Achieved (20.6% FY2025) |
| Oilfield Services operating margin | 10% (stated 2023) | Missed (5.9% FY2025; 7.5% Q2 2026, calc.) |
| Performance Chemicals | Return operating income and margins toward FY2022 levels (USD 95.3M; 14.9%) — stated Feb 2025 | Not achieved (FY2025 9.0%) |
| Formal multi-year group revenue or EPS guidance | — | — |
Near-term guidance (Q2 2026 call):
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Q3 2026 Performance Chemicals broadly similar to Q2;
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Q3 Fuel Specialties similar to Q2, with a "strong second half";
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further sequential operating-income gains in Oilfield Services;
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higher 2H operating cash flow.
Products & Services
Performance Chemicals
| Product line | Description / capability | Target customer | Flagship / named offerings | Launch / latest | Pricing |
|---|---|---|---|---|---|
| Mild surfactants: isethionates | Sodium lauroyl methyl isethionate and related mild anionic surfactants; sulfate-free, high foam, mildness for skin and hair | Global personal care brand owners and contract manufacturers | ISELUX® family | Ongoing expansion; 10-K FY2025 cites continued expansion of the "industry-leading sulfate and 1,4-dioxane free" portfolio | — |
| Syndet bar bases | Synthetic-detergent bar chips and bases, alternatives to soap bars | Bar-soap and cleansing-bar producers | PUREACT® family | — | — |
| Emollients and esters | Skin-feel modifiers, sun-care solubilizers (alkyl benzoates and similar) | Skin care, sun care and color cosmetics | FINSOLV® family (heritage of the Finetex acquisition) | — | — |
| Silicones | Silicone emulsions and specialties for personal care | Hair and skin care formulators | Chemsil heritage line (Chatsworth, California) | — | — |
| 1,4-dioxane-free surfactants | Ethoxylate alternatives addressing US state limits on 1,4-dioxane | Home and personal care in the US | Portfolio-level claim (10-K FY2025) | 2020s | — |
| Home care ingredients | Surfactants and specialty additives for detergents and cleaners | Home care multinationals | Not individually disclosed | — | — |
| Agrochemical formulants and adjuvants | Wetting, spreading and dispersing agents for crop protection formulations | Agrochemical formulators | Not individually disclosed | — | — |
| Mining chemicals | Flotation and processing aids | Global miners | Not individually disclosed | — | — |
| Construction and industrial | Additives for building products and other industrial uses | Building-products and industrial companies | Not individually disclosed | — | — |
| QGP Química Geral (Brazil) | Surfactants and specialty chemicals manufactured and developed in São Paulo; broad South American end-market coverage | South American personal care, home care and industrial customers | QGP portfolio | Acquired Dec 2023 | — |
Fuel Specialties
| Product line | Description / capability | Target customer | Flagship / named offerings | Launch / latest | Pricing |
|---|---|---|---|---|---|
| Diesel performance additives | Detergents (deposit control for high-pressure common-rail injectors), cetane improvers, lubricity, corrosion inhibitors, anti-foams | Refiners, fuel marketers, retailers | Multifunctional "performance packages" (brand names not disclosed in 10-K) | Continuous development (10-K cites detergents) | — |
| Cold-flow improvers | Wax crystal modifiers and operability additives for winter diesel and biodiesel blends | Refiners and terminals in cold climates | Not individually disclosed | Cited as a recent innovation focus (10-K FY2025) | — |
| Gasoline additives | Deposit control, octane/combustion, stability | Refiners and marketers | Not individually disclosed | — | — |
| Jet fuel additives | Static dissipators, antioxidants and other aviation additives | Refiners, airports, militaries | STADIS® 450 static dissipator additive (company brand) | Long-standing | — |
| Marine and heavy fuel oil additives | Combustion, stability and emissions additives | Marine lines, power generation | Not individually disclosed | — | — |
| Renewable fuel additives | Additives for biodiesel, HVO/renewable diesel and SAF-compatible applications | Renewable fuel producers | Not individually disclosed | Strategic growth area (Q4 2024 and Q2 2026 releases) | — |
| AvGas (TEL) | Tetraethyl lead for piston-engine aviation gasoline; Innospec believes it is the world's only producer | Leaded AvGas blenders | "AvGas" product line | Heritage (1930s origin); faces the US EAGLE target to end leaded avgas by end-2030 (Alaska to end-2032); EU REACH authorization runs to April 2032 for three users | — |
| Non-fuel applications | Fuel technologies applied to coatings, plastics and industrial uses | Coatings and plastics producers, industrial users | Not individually disclosed | Growth pipeline (10-K FY2025) | — |
Oilfield Services
| Product line | Description / capability | Target customer | Flagship / named offerings | Launch / latest | Pricing |
|---|---|---|---|---|---|
| Drilling chemicals | Additives to improve drilling muds | E&P operators, drilling contractors | Not individually disclosed | 10-K FY2025 cites new mud additives | — |
| Completion / stimulation chemicals | Friction modifiers/reducers, biocides, surfactants for hydraulic fracturing | US onshore operators and pressure pumpers | BioSuite (biocide subsidiary named in Ex. 21.1) | 10-K cites new friction modifiers and biocides | — |
| Production chemicals | Scale, corrosion, paraffin and asphaltene inhibitors, demulsifiers; on-site service | Producing operators, NOCs; formerly Latin America (Mexico) | Not individually disclosed | Mexico activity ceased 2024 | Contract or service |
| Drag-reducing agents (DRA) | Polymers that cut friction in crude and refined-product pipelines to raise throughput | Pipeline operators | DRA (described as "industry-leading" in Q2 2026 release); plant expansion recently commissioned | Expansion contributing from 2026 | — |
| Middle East services | Sales, warehouse and administration in Al-Khobar, Saudi Arabia; Innospec Saudi Arabia Company | Middle East NOCs and service companies | — | Activity dip in 2H 2025, recovery expected in 2026 | — |
Financial Narrative
Income statement
Sources: FY2022, FY2023, FY2024 and FY2025 8-K earnings releases; 10-K FY2025.
Notes:
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FY2024 SG&A and R&D are the recast figures from the FY2025 release. Originally reported values were USD 314.0M and 47.8M.
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FY2025 operating income includes a USD 42.0M impairment and a USD 15.9M contingent-consideration credit.
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DPS from FY2022 onward is reconciled to the declared semi-annual dividends: USD 0.63 + 0.65 (FY2022); 0.69 + 0.72 (FY2023); about 0.76 + 0.79 (FY2024); 0.84 + 0.87 (FY2025). The FY2025 total of USD 1.71 is per the Q4 2025 call.
Margins and growth (%, calc.)
Revenue CAGR (calc.):
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FY2021–FY2025 (4 years): +4.6%.
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FY2022–FY2025 (3 years): -3.3%.
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FY2020 base of USD 1,193.5M to FY2025 (5 years): +8.3%.
Balance sheet
Sources: FY2022–FY2025 8-K balance sheets; 10-K FY2025 MD&A (adjusted working capital, plant closure provisions).
Mid-2026 position (30 June 2026):
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cash USD 250.2M, no debt;
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total assets USD 1,846.2M; equity USD 1,351.0M;
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receivables up USD 66M year-to-date to USD 408.6M (Q2 2026 8-K).
Cash flow
Sources: FY2022–FY2025 8-K cash flow statements.
The company's free cash flow definition is OCF less capex, less internally developed software, plus disposal proceeds. It reconciles exactly to the "cash from operations after capital expenditures" figures in each release.
1H 2026 cash flow:
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OCF USD 24.8M (1H 2025: 38.8M) after a USD 60.9M working-capital outflow;
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capex USD 26.6M; software USD 5.1M;
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dividends USD 22.7M; buybacks USD 13.5M (Q2 2026 8-K).
Ratios (calc. on year-end balances)
Notes on the ratios:
Interest coverage: is not meaningful from FY2023. The group earns net interest income. Coverage was about 88x in FY2021 and 170x in FY2022.
ROIC FY2025: falls to 9.4% because operating income is reduced by USD 42.0M of impairments. Excluding impairments, the contingent-consideration credit and restructuring, ROIC is about 11.4% (calc.).
Segment-level days (10-K FY2025): - Days sales outstanding: Performance Chemicals 61→72; Fuel Specialties 57→57; Oilfield Services 83→64.
- Days in inventory: Performance Chemicals 63→65; Fuel Specialties 113→133; Oilfield Services 76→83.
Commentary on trends, inflections and drivers
Revenue. FY2022 was the cyclical peak. Inflation-driven price/mix (+18% to +25% in Q4 2022 across Performance Chemicals and Fuel Specialties) and a 75% surge in Oilfield Services lifted revenue 32%. Since then, revenue has drifted down for three years in a row: -0.8%, -5.3% and -3.7%. Three forces drove this:
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deflationary pass-through of lower raw-material costs in Fuel Specialties and Performance Chemicals (FY2023–FY2024);
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the loss of the Mexican production-chemicals business in Oilfield Services, about USD 300M of revenue peak-to-trough;
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partial offsets from QGP and personal-care volume gains.
TTM revenue at Q2 2026 is about USD 1,842M (calc.), which signals the downturn has bottomed. Q2 2026 revenue grew 12%.
Profitability. Group gross margin held at 29–30% through FY2024, then slipped to 27.7% in FY2025 on the Performance Chemicals margin collapse. Group adjusted EPS has fallen from a FY2023 peak of USD 6.09 to USD 5.27 (FY2025), and TTM adjusted EPS at Q2 2026 is about USD 4.91 (calc.). The mix shift is striking: Fuel Specialties' share of segment operating income rose from 57% (FY2021) to 63% (FY2025).
GAAP distortions:
FY2024: the USD 155.6M pension buy-out charge was non-cash and removed UK defined-benefit risk permanently.
FY2025: - USD 42.0M of impairments (Oilfield Services PP&E; Performance Chemicals and Oilfield Services intangibles);
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a USD 15.9M credit from reducing the QGP earn-out;
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a USD 9.5M deferred-tax benefit from internal reorganizations.
Balance sheet. Net cash compounded from USD 142M to USD 293M between FY2021 and FY2025 while the company:
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paid USD 177M of dividends;
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funded the QGP acquisition (about USD 35M cash plus contingent consideration);
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completed an approximately USD 70M Performance Chemicals expansion.
Equity rose by about USD 300M. Goodwill is 22% of assets and showed no impairment indicators at step zero (10-K FY2025).
Cash conversion.
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FY2022 OCF was weak (USD 81.7M) on a USD 95M working-capital build.
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FY2023–FY2024 OCF was strong (USD 207M and 184M).
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FY2025 slipped to USD 138M. Fuel Specialties inventory days rose to 133, and USD 25M went into ERP software.
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1H 2026 OCF of USD 24.8M is weak. Management has guided to stronger 2H 2026 cash on working-capital actions.
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Segment Overview
| Segment | What it contains | Representative products / technologies |
|---|---|---|
Performance Chemicals | Technology-based ingredients for personal care, home care, agrochemical, construction, mining and other industrial markets; includes QGP (Brazil) since Dec 2023 | Mild and sulfate-free surfactants (isethionates, sarcosinates, amphoterics), 1,4-dioxane-free portfolio, syndet-bar bases, emollients and esters, silicones, agrochemical adjuvants, mining reagents |
Fuel Specialties | Additives for diesel, jet, marine, fuel oil, gasoline and renewable fuels; AvGas TEL; non-fuel applications | Diesel detergents, cetane improvers, cold-flow improvers, lubricity and corrosion additives, static dissipators for jet fuel, combustion improvers, TEL for aviation gasoline |
Oilfield Services | Chemistry and service for drilling, completion (stimulation/fracturing), production and pipeline transport | Drilling-mud additives, friction reducers, biocides, scale/corrosion/paraffin inhibitors, production chemicals, drag-reducing agents (DRA) |
Corporate | Group costs, legacy closed operations (Ellesmere Port remediation), ERP amortization | — |
Revenue by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Performance Chemicals revenue (USD Mn) | 525.3 | 639.7 | 561.6 | 653.7 | 681.4 |
Fuel Specialties revenue (USD Mn) | 618.3 | 730.2 | 695.9 | 701.1 | 701.5 |
Oilfield Services revenue (USD Mn) | 339.8 | 593.8 | 691.3 | 490.6 | 395.1 |
Total net sales (USD Mn) | 1,483.4 | 1,963.7 | 1,948.8 | 1,845.4 | 1,778.0 |
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View Subscription PlansResults by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Performance Chemicals gross profit (USD Mn) | 125.2 | 150.0 | 105.6 | 148.4 | 122.0 |
Fuel Specialties gross profit (USD Mn) | 193.2 | 221.9 | 215.1 | 239.9 | 252.2 |
Oilfield Services gross profit (USD Mn) | 116.5 | 214.8 | 270.4 | 154.6 | 118.2 |
Results by Segment — Performance Chemicals operating income
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Performance Chemicals operating income (USD Mn) | 70.9 | 95.3 | 54.5 | 82.9 | 61.0 |
Fuel Specialties operating income (USD Mn) | 104.6 | 121.7 | 109.7 | 129.6 | 144.8 |
Oilfield Services operating income (USD Mn) | 10.4 | 41.7 | 78.6 | 38.8 | 23.3 |
Corporate costs (USD Mn) | -55.6 | -71.4 | -81.2 | -70.2 | -72.8 |
Revenue by Segment — Profit on disposal
| Item | FY2021 | FY2024 | FY2025 |
|---|---|---|---|
Profit on disposal (USD Mn) | +1.8 | +0.2 | +0.2 |
Contingent consideration (QGP earn-out) (USD Mn) | — | -3.4 | +15.9 |
Restructuring (USD Mn) | — | — | -0.9 |
Impairments (USD Mn) | — | — | -42.0 |
Segment margin
| Segment margin | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Performance Chemicals gross margin (%) | 23.8 | 23.4 | 18.8 | 22.7 | 17.9 |
Fuel Specialties gross margin (%) | 31.2 | 30.4 | 30.9 | 34.2 | 36.0 |
Oilfield Services gross margin (%) | 34.3 | 36.2 | 39.1 | 31.5 | 29.9 |
Performance Chemicals operating margin (%) | 13.5 | 14.9 | 9.7 | 12.7 | 9.0 |
Fuel Specialties operating margin (%) | 16.9 | 16.7 | 15.8 | 18.5 | 20.6 |
Oilfield Services operating margin (%) | 3.1 | 7.0 | 11.4 | 7.9 | 5.9 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Performance Chemicals revenue growth YoY (%) | 21.8 | -12.2 | 16.4 | 4.2 |
Fuel Specialties revenue growth YoY (%) | 18.1 | -4.7 | 0.7 | 0.1 |
Oilfield Services revenue growth YoY (%) | 74.8 | 16.4 | -29.0 | -19.5 |
Performance Chemicals share of group revenue (%) | 32.6 | 28.8 | 35.4 | 38.3 |
Fuel Specialties share of group revenue (%) | 37.2 | 35.7 | 38.0 | 39.5 |
Oilfield Services share of group revenue (%) | 30.2 | 35.5 | 26.6 | 22.2 |
Revenue by Segment (1H2025–1H2026)
| Segment | 1H2025 | 1H2026 |
|---|---|---|
Performance Chemicals revenue (USD Mn) | 342.2 | 359.7 |
Fuel Specialties revenue (USD Mn) | 335.4 | 367.3 |
Oilfield Services revenue (USD Mn) | 202.9 | 217.6 |
Performance Chemicals operating income (USD Mn) | 34.1 | 27.1 |
Fuel Specialties operating income (USD Mn) | 72.3 | 74.1 |
Oilfield Services operating income (USD Mn) | 10.3 | 14.3 |
Corporate costs (USD Mn) | -38.6 | -43.9 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 1,483.4 | 1,963.7 | 1,948.8 | 1,845.4 | 1,778.0 |
Cost of goods sold (USD Mn) | 1,048.5 | 1,377.0 | 1,357.7 | 1,302.5 | 1,285.6 |
Gross profit (USD Mn) | 434.9 | 586.7 | 591.1 | 542.9 | 492.4 |
SG&A (USD Mn, as reported in year) | 267.2 | 360.7 | 387.8 | 305.3 | 285.1 |
R&D (USD Mn, income-statement line) | 37.4 | 38.7 | 41.7 | 56.5 | 51.0 |
Operating income (USD Mn) | 132.1 | 187.3 | 161.6 | 177.9 | 129.5 |
Pension settlement charge (USD Mn) | 0 | 0 | 0 | -155.6 | 0 |
Pre-tax income (USD Mn) | 134.4 | 184.6 | 174.4 | 41.2 | 138.1 |
Income taxes (USD Mn) | 41.3 | 51.6 | 35.3 | 5.6 | 21.5 |
Net income (USD Mn) | 93.1 | 133.0 | 139.1 | 35.6 | 116.6 |
Adjusted net income (USD Mn, company non-GAAP) | 119.3 | 151.0 | 152.4 | 148.4 | 132.0 |
EPS basic (USD) | 3.78 | 5.37 | 5.60 | 1.43 | 4.69 |
EPS diluted (USD) | 3.75 | 5.32 | 5.56 | 1.42 | 4.67 |
Adjusted EPS diluted (USD, company non-GAAP) | 4.80 | 6.04 | 6.09 | 5.92 | 5.27 |
EBITDA, company-reported (USD Mn; FY2021–22 old basis, FY2023–25 adjusted basis) | 178.2 | 225.4 | 216.0 | 225.2 | 203.0 |
Operating income plus D&A (USD Mn, calc.) | 174.8 | 227.4 | 200.9 | 221.4 | 173.1 |
Dividends per share (USD; FY2021 derived from cash paid ÷ basic shares) | 1.17 | 1.28 | 1.41 | 1.55 | 1.71 |
Weighted diluted shares (M) | 24.85 | 24.98 | 25.02 | 25.12 | 24.99 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 29.3 | 29.9 | 30.3 | 29.4 | 27.7 |
Operating margin (%) | 8.9 | 9.5 | 8.3 | 9.6 | 7.3 |
Company EBITDA margin (%) | 12.0 | 11.5 | 11.1 | 12.2 | 11.4 |
Net margin (%) | 6.3 | 6.8 | 7.1 | 1.9 | 6.6 |
Revenue growth YoY (%) | 24.3 | 32.4 | -0.8 | -5.3 | -3.7 |
Adjusted EPS growth YoY (%) | — | 25.8 | 0.8 | -2.8 | -11.0 |
GAAP effective tax rate (%) | 30.7 | 28.0 | 20.2 | 13.6 | 15.6 |
Adjusted effective tax rate (%) | 22.7 | 27.0 | 23.0 | 26.4 | 24.1 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 1,570.9 | 1,603.7 | 1,707.4 | 1,734.7 | 1,832.4 |
Cash and equivalents (USD Mn) | 141.8 | 147.1 | 203.7 | 289.2 | 292.5 |
Short-term debt incl. finance leases (USD Mn) | 0.1 | 0 | 0 | 0 | 0 |
Long-term debt (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Net debt (USD Mn; negative = net cash) | -141.7 | -147.1 | -203.7 | -289.2 | -292.5 |
Total equity (USD Mn) | 1,033.0 | 1,040.4 | 1,149.6 | 1,216.1 | 1,332.9 |
Goodwill (USD Mn) | 364.3 | 358.8 | 399.3 | 382.5 | 399.0 |
Other intangible assets (USD Mn) | 57.5 | 45.0 | 57.3 | 65.4 | 67.7 |
Goodwill plus intangibles (USD Mn) | 421.8 | 403.8 | 456.6 | 447.9 | 466.7 |
Total current assets (USD Mn) | 728.1 | 872.6 | 885.7 | 956.6 | 1,004.6 |
Total current liabilities (USD Mn) | 336.6 | 405.8 | 371.5 | 371.4 | 360.1 |
Working capital (USD Mn) | 391.5 | 466.8 | 514.2 | 585.2 | 644.5 |
Adjusted working capital, company definition (USD Mn) | — | — | — | 330.8 | 364.7 |
Plant closure provisions, current plus non-current (USD Mn) | 56.5 | 57.2 | 61.6 | 60.3 | 65.1 |
Pension asset (USD Mn) | 159.8 | 48.1 | 35.1 | 2.4 | 0 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 93.2 | 81.7 | 207.3 | 184.5 | 138.3 |
Capital expenditures (USD Mn) | 39.1 | 39.6 | 62.1 | 41.4 | 50.3 |
Internally developed software (USD Mn) | 0 | 2.7 | 15.1 | 20.9 | 25.2 |
Free cash flow, company definition (USD Mn) | 57.0 | 39.6 | 130.2 | 122.7 | 63.9 |
Free cash flow, OCF minus capex (USD Mn, calc.) | 54.1 | 42.1 | 145.2 | 143.1 | 88.0 |
Acquisitions net of cash (USD Mn) | 0 | 0 | 34.7 | 0.2 | 0.7 |
Dividends paid (USD Mn) | 28.8 | 31.7 | 35.1 | 38.8 | 42.4 |
Share buybacks (USD Mn) | 0.8 | 5.9 | 1.1 | 0.7 | 23.9 |
Change in working capital (USD Mn) | -45.6 | -95.2 | 39.3 | -14.8 | -16.0 |
Depreciation and amortization (USD Mn) | 42.7 | 40.1 | 39.3 | 43.5 | 43.6 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, year-end equity (%) | 9.0 | 12.8 | 12.1 | 2.9 | 8.7 |
ROA, year-end assets (%) | 5.9 | 8.3 | 8.1 | 2.1 | 6.4 |
ROIC: NOPAT at adjusted tax ÷ (equity minus cash) (%) | 11.5 | 15.3 | 13.2 | 14.1 | 9.4 |
Current ratio (x) | 2.16 | 2.15 | 2.38 | 2.58 | 2.79 |
Debt to equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net debt to company EBITDA (x; negative = net cash) | -0.80 | -0.65 | -0.94 | -1.28 | -1.44 |
Net interest income/(expense) (USD Mn) | -1.5 | -1.1 | 2.3 | 9.3 | 9.2 |
Asset turnover (x) | 0.94 | 1.22 | 1.14 | 1.06 | 0.97 |
Days sales outstanding (days) | 70.0 | 62.2 | 67.4 | 67.6 | 70.3 |
Days inventory outstanding (days) | 96.6 | 98.9 | 80.7 | 84.3 | 93.5 |
Days payables outstanding (days) | 51.8 | 43.8 | 44.0 | 45.9 | 49.6 |
Cash conversion cycle (days) | 114.8 | 117.3 | 104.1 | 106.0 | 114.2 |
Revenue by Region and Revenue by Region (%)
| Region (by origin) | FY2024 | FY2025 |
|---|---|---|
United States (USD Mn) | 1,040 | 952 |
United Kingdom (USD Mn) | 823 | 793 |
Rest of World (USD Mn) | 289 | 379 |
Inter-area eliminations (USD Mn) | -307 | -346 |
Net sales (USD Mn) | 1,845 | 1,778 |
Growth | FY2025 vs FY2024 | — |
United States (%) | -8.5 | — |
United Kingdom (%) | -3.6 | — |
Rest of World (%) | +31.1 | — |
Revenue by Region
| Region (by origin) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
United States and North America (USD Mn) | 822 | 1,240 | 1,270 |
United Kingdom (USD Mn) | 812 | 932 | 0 |
Rest of Europe (USD Mn) | 116 | 117 | 0 |
Europe combined (USD Mn) | 0 | 0 | 959 |
Rest of World (USD Mn) | 66 | 68 | 51 |
Inter-area eliminations (USD Mn) | -332 | -398 | -334 |
Driver Details
| Driver | Americas | EMEA | ASPAC | Total |
|---|---|---|---|---|
Volume (%) | 1 | -2 | 8 | 0 |
Price and mix (%) | -1 | 6 | -2 | 2 |
FX (%) | 0 | 4 | 1 | 2 |
Total change (%) | 0 | 8 | 7 | 4 |
Volume (%) | 24 | 10 | 26 | 17 |
Acquisition (%) | 0 | 0 | 0 | 7 |
Price and mix (%) | -11 | -6 | -5 | -8 |
Total change (%) | 13 | 5 | 22 | 16 |
Driver Details — Volume
| Driver | Americas | EMEA | ASPAC | AvGas | Total |
|---|---|---|---|---|---|
Volume (%) | 0 | 2 | -18 | 2 | -1 |
Price and mix (%) | -2 | 0 | 6 | -2 | -1 |
FX (%) | 0 | 4 | 1 | 0 | 2 |
Total change (%) | -2 | 6 | -11 | 0 | 0 |
Share Price & Returns
| Reference point | Price (USD) | Source |
|---|---|---|
Latest verified close (2 Sep 2026) | 93.76 | Yahoo Finance |
52-week range (to Aug 2026) | 65.89–93.97 | Equibles |
Month-end Oct 2025 (approx. 1-year-ago reference) | 73.58 | Digrin |
Oct 2023 (approx. 3-year-ago reference) | 98.00 | Digrin |
Oct 2021 (approx. 5-year-ago reference) | 90.61 | Digrin |
Price performance to 2 Sep 2026 (approx., unadjusted) | Change (%) | — |
1-year | +27 | — |
3-year | -4 | — |
5-year | +3 | — |
Capital Markets Data (USD)
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
Innospec TSR index (USD) | 100.00 | 100.85 | 116.25 | 140.88 | 127.59 | 90.71 |
S&P 500 TSR index (USD) | 100.00 | 128.71 | 105.40 | 133.10 | 166.40 | 196.16 |
S&P 1500 Specialty Chemicals TSR index (USD) | 100.00 | 127.74 | 95.97 | 110.28 | 108.35 | 109.07 |
Valuation Multiples
| Multiple | Innospec (TTM to Q2 2026) | Comment |
|---|---|---|
P/E on GAAP TTM EPS of USD 4.90 (x) | 19.1 | Investing.com also cites TTM EPS of USD 4.90 |
P/E on adjusted TTM EPS of about USD 4.91 (x) | 19.1 | calc. |
EV/adjusted EBITDA, TTM about USD 193.7M (x) | 10.6 | calc. |
EV/Sales, TTM about USD 1,842M (x) | 1.12 | calc. |
P/B on equity of USD 1,351.0M (x) | 1.71 | calc. |
Dividend yield (USD 0.92 × 2) (%) | 1.96 | Assumes H2 2026 dividend equals H1 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 1.17 | 1.28 | 1.41 | 1.55 | 1.71 |
Cash dividends paid (USD Mn) | 28.8 | 31.7 | 35.1 | 38.8 | 42.4 |
Payout ratio vs adjusted EPS (%) | 24.4 | 21.2 | 23.2 | 26.2 | 32.4 |
Capital Markets
| Item | Detail |
|---|---|
Moody's / S&P / Fitch | No public credit ratings identified. The company has no rated debt outstanding. |
Debt outstanding | Nil (30 Jun 2026) |
Revolving credit facility | Exists, with covenants on net debt/EBITDA and interest cover (10-K FY2025). |
Debt maturity profile | Not applicable (no drawn debt) |
Analyst Conclusions
Management guidance (Q2 2026 call, 5 Aug 2026)
Performance Chemicals: Q3 2026 broadly similar to Q2 (operating income about USD 16M). Supply-constrained until new capacity arrives in late Q4 2026 at the earliest, more likely Q1 2027. "Further improvement" expected in 2H 2026.
Fuel Specialties: Q3 similar to Q2 (operating income about USD 36M); positioned for a strong second half; margins within the target range.
Oilfield Services: further sequential improvement in 2H 2026, driven by DRA, US completions and production, and the Middle East. No resumption of Mexico assumed.
Cash: higher operating cash flow in 2H 2026 from working-capital efficiency.
Formal annual EPS or revenue guidance: not provided.
Consensus growth expectations
| Item | Value |
|---|---|
| 1H 2026 adjusted EPS (actual, Q1 USD 1.05 + Q2 USD 1.27) (USD) | 2.32 |
| Illustrative 2H 2026 adjusted EPS, assuming Q3 ≈ Q2 and a modestly stronger Q4 (USD) | 2.6–2.8 |
| Implied FY2026 adjusted EPS (USD) | 4.9–5.1 |
| FY2025 adjusted EPS (actual) (USD) | 5.27 |
A mechanical run-rate based on management's Q3 commentary is shown below as an analyst illustration, not guidance.
Bull case
-
Earnings trough is behind. Q2 2026 delivered +12% revenue and +16% operating income, with all three segments up by double digits. Performance Chemicals operating income could step up materially once North Carolina capacity returns in Q4 2026 to Q1 2027. Management's FY2022 benchmark for the segment is USD 95.3M of operating income, against USD 61.0M in FY2025.
-
Fuel Specialties is a compounding cash engine. Operating income rose from USD 104.6M to 144.8M over FY2021–FY2025 (an 8.5% CAGR), with margins now above target. That alone covers corporate costs about 2x and the dividend about 3x.
-
Optionality from the net-cash balance sheet. USD 250–290M of net cash, about 11% of market capitalization, funds M&A, the USD 75M buyback and continued 10% dividend growth. A sensible acquisition could lift EPS without balance-sheet risk.
Bear case
-
Performance Chemicals execution risk. The segment has disappointed twice in three years (FY2023 and FY2025). Oleochemical cost pass-through and plant reliability remain unresolved, and QGP needed earn-out reductions and intangible impairments.
-
Oilfield Services has lost its earnings engine. Revenue fell 43% from FY2023 to FY2025 and margins sit well below the 10% target. USD 22.9M of asset impairments signals structurally lower returns, and the recovery depends on volatile US completions and Middle East activity.
-
AvGas terminal value. The world's only TEL franchise faces a 2030 US elimination target and an April 2032 EU authorisation limit. Its loss would remove a high-margin profit pool from Fuel Specialties; the AvGas contribution is not separately disclosed. Meanwhile adjusted EPS has fallen from USD 6.09 to about USD 4.91 TTM, and 1H 2026 operating cash flow was only USD 24.8M.
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| Q3 2026 results | about 3 Nov 2026 (unconfirmed) | Performance Chemicals gross margin (Q2 17.3%); Oilfield Services sequential gain; H2 dividend declaration |
| North Carolina capacity restoration | Q4 2026 to Q1 2027 | Performance Chemicals volume and margin step-up |
| Q4/FY2026 results | about Feb 2027 | FY2026 adjusted EPS vs FY2025 USD 5.27; working-capital release; 2027 outlook |
| Capital deployment | Ongoing | M&A announcements; pace of the USD 75M buyback |
| AvGas regulation | Ongoing | FAA/EAGLE unleaded fuel approvals; EU REACH developments |
| Oil price and US completion activity | Ongoing | Oilfield Services demand |
| Oleochemical feedstock prices | Ongoing | Performance Chemicals margin |
| Board refreshment | 2027 AGM | Chair succession; Class II and III renewals |
| CEO succession planning | Medium term | CEO tenure 17 years; COO role no longer listed |
Concluding analyst verdict
Innospec enters late 2026 as a fundamentally sound, conservatively financed specialty-chemicals company emerging from a two-year earnings down-cycle. The cycle was largely self-inflicted in Performance Chemicals and externally driven in Oilfield Services. Its core asset is Fuel Specialties. That business has grown operating income at roughly 8–9% a year since FY2021 to a record USD 144.8M, now earns margins above management's own targets, and provides the cash flow that has let the group build about USD 290M of net cash while raising the dividend about 10% a year.
The weakness is in the other two segments. Performance Chemicals has shown it can earn mid-teens operating margins (14.9% in FY2022) but has twice fallen below 10%. Feedstock volatility, pricing lags, a struggling Brazilian acquisition and, in 2026, a weather-driven North Carolina outage explain the misses. Oilfield Services has shrunk to about 22% of sales after losing its largest customer. The impairments taken in 2025 acknowledge that the 2022–23 earnings peak will not return soon.
Q2 2026 is the first credible evidence of inflection. Revenue rose 12% and operating income rose in all three segments. Restored North Carolina capacity in Q4 2026 to Q1 2027 offers a visible, management-controlled catalyst.
At about 19x TTM earnings and about 10.6x EV/EBITDA, the shares already price a meaningful part of that recovery. This follows a roughly 24% year-to-date rally to about USD 94, close to the consensus target of USD 101.
Overall assessment:
-
The risk/reward is balanced to modestly positive.
-
The investment case depends on Performance Chemicals returning toward USD 80–95M of operating income by 2027, and on accretive deployment of the net cash.
-
The main long-dated threat is AvGas/TEL obsolescence (2030–2032).
-
The main near-term watch-points are 2H 2026 cash conversion and plant reliability.
Rating language (illustrative): HOLD with a positive bias. The stance would become constructive on confirmed Performance Chemicals margin recovery above 20% gross, or on a value-accretive acquisition.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Age | Prior roles / notes |
|---|---|---|---|---|
Patrick S. Williams | President & CEO; Director | CEO since 2 Apr 2009; Director since 11 May 2009 | 61 | EVP and President, Fuel Specialties (2005–09); added global Performance Chemicals (2008); CEO of Innospec Fuel Specialties LLC (2004–09); joined predecessor Starreon Corp. in 1993. Non-executive director of AdvanSix Inc. (since Feb 2020). |
Ian P. Cleminson | EVP & Chief Financial Officer | Joined Feb 2002; executive officer since 3 Jul 2006 | 60 | Previously Financial Controller, Fuel Specialties and Performance Chemicals; BASF plc Superabsorbents Financial Controller (1999–2002); accountant in private practice from 1989. Chair of Surface Transforms plc (since May 2025); Independent Governor, Edge Hill University (Nov 2025). |
Corbin Barnes | SVP, Corporate Development & Investor Relations | VP from Jun 2020; executive officer since 1 May 2021 | 52–53 | Financial Controller, Oilfield Services (6 years); CFO of Independence Oilfield Chemicals (acquired 2014); MS in Mechanical Engineering, Vanderbilt. |
David B. Jones | SVP, General Counsel, Chief Compliance Officer & Corporate Secretary | Compliance officer since 2018 (secondary source) | about 56–57 | — |
Dr. Ian M. McRobbie | SVP & Chief Technology Officer (Research & Technology) | Executive since about 2002 (secondary source) | about 77 | Long-serving R&T head |
Trey Griffin | SVP, Human Resources | — | about 60 | Named executive officer in the 2026 proxy ownership table |
Graeme Blair | Head of Group Finance | — | — | Section 16 filer (DEF 14A 2026) |
Directors' Remuneration
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
CEO total compensation, Summary Compensation Table (USD) | 9,897,900 | 7,888,489 | 7,299,862 | 13,216,384 | 8,253,108 |
Average other NEO total compensation (USD) | 1,668,578 | 1,375,137 | 1,253,550 | 2,282,244 | 1,425,451 |
Board of Directors
| Director | Role | Class | Director since | Age | Independent | Committees | Background |
|---|---|---|---|---|---|---|---|
Milton C. Blackmore | Non-Executive Chairman | II | Jun 2010 | 78 | Yes | Audit; Compensation | Former SVP Marketing and Product Supply and director, Sinclair Oil; 26 years at Kerr-McGee Refining |
Patrick S. Williams | President & CEO | III | May 2009 | 61 | No | — | See above |
Elizabeth K. Arnold | Director | I (re-elected May 2026, term to 2029) | Nov 2020 | 61 | Yes | Audit (financial expert); Nominating, Governance & Sustainability | Ex-CFO of Houghton International, Physiotherapy Associates and Tyco Flow Control; GE; director and audit chair at FreightCar America |
Claudia P. Poccia | Director | I (re-elected May 2026, term to 2029) | Jul 2019 | 66 | Yes | Nominating, Governance & Sustainability (Chair); Compensation | CEO, Grace De Monaco; beauty-industry executive (Estée Lauder, Avon, Shiseido/bareMinerals, Gurwitch) |
David F. Landless | Director | III | Jan 2016 | 66 | Yes | Audit (Chair; financial expert); Nominating, Governance & Sustainability | Ex-Group Finance Director, Bodycote plc; ex-Chair, Luxfer and Renold |
Lawrence J. Padfield | Director | III | Dec 2012 | 70 | Yes | Compensation (Chair) | 18 years at Shell Oil; co-founder, US Development Group and Blackline Partners |
Leslie J. Parrette | Director | II | Jan 2022 | 64 | Yes | Compensation; Nominating, Governance & Sustainability | Ex-General Counsel, Novelis and Aquila; Harvard JD |
Shelley Bausch | Director | II (to 2027 AGM) | 1 Jul 2026 | — | Yes (on standard NED terms) | Audit (member) | — |
Major Shareholders
| Holder | Shares | % of class | Basis |
|---|---|---|---|
BlackRock, Inc. | 3,681,666 | 14.7 | Schedule 13G/A, 30 Apr 2025 |
The Vanguard Group | 2,953,893 | 11.88 | Schedule 13G/A, 13 Feb 2024 |
Allspring Global Investments Holdings, LLC | 2,337,644 | 9.40 | Schedule 13G/A, 10 Jan 2024 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Notes on relative positioning |
|---|---|---|
Fuel Specialties | Afton Chemical (NewMarket Corp.) | Major petroleum-additives player, but mainly lubricant additives; NewMarket petroleum-additives sales about USD 2.5bn (FY2025) |
Fuel Specialties | The Lubrizol Corporation (Berkshire Hathaway) | Broad additives portfolio, including fuel additives; private within Berkshire |
Fuel Specialties | Infineum (ExxonMobil–Shell JV) | Fuel and lubricant additives; tied to the oil majors (Innospec's independence is a selling point) |
Fuel Specialties | Chevron Oronite | Fuel and lube additives; captive to Chevron |
Fuel Specialties | BASF (Fuel and Lubricant Solutions) | Gasoline performance additives |
Fuel Specialties | Clariant; Dorf Ketal; Baker Hughes (refinery and fuel chemicals) | Niche and regional fuel-additive competitors |
Performance Chemicals | BASF Care Chemicals | Scale leader in personal-care surfactants |
Performance Chemicals | Clariant | Personal and home care, agrochemical and mining formulants |
Performance Chemicals | Croda International | Premium personal care and crop care; higher-margin peer |
Performance Chemicals | Evonik (Care Solutions) | Mild surfactants, including amphoterics and biosurfactants |
Performance Chemicals | Stepan Company | Surfactants; FY2025 net sales USD 2,332.1M |
Performance Chemicals | Syensqo/Solvay, Galaxy Surfactants, Dow, Nouryon | Surfactants, agro and mining chemistries |
Oilfield Services | SLB (including ChampionX) | Production-chemicals leader |
Oilfield Services | Baker Hughes | Oilfield and production chemicals |
Oilfield Services | Halliburton (Multi-Chem) | Completion and production chemicals |
Oilfield Services | Clariant Oil Services | Production chemicals |
Oilfield Services | LiquidPower Specialty Products (Lubrizol) | DRA leader; Innospec's main DRA rival |
Oilfield Services | Flotek, Nalco/Ecolab legacy, regional players | Fragmented completion-chemicals market |
Peer Comparison FY2025
| Metric | Innospec | NewMarket (consolidated) | Stepan |
|---|---|---|---|
Revenue (USD Mn) | 1,778 | — | 2,332 |
Revenue growth (%) | -3.7 | Petroleum additives about -4 (2.6bn to 2.5bn) | 7.0 |
Key profit metric | Adjusted EBITDA USD 203.0M (11.4% margin) | Petroleum additives operating profit USD 520.1M (about 21% of segment sales) | Adjusted EBITDA USD 198.9M (8.5%) |
Net income (USD Mn) | 116.6 | 418.7 | 46.9 |
Net debt (USD Mn) | -292.5 (net cash) | — | 494 |
R&D intensity (%) | 2.9 | — | — |
Recent Developments
Releases cite "lower personnel related costs" in Performance Chemicals, Oilfield Services and corporate in Q4 2025, which implies headcount actions. Headcount is unchanged at about 2,450.
