Adjusted EBITDA was $54 million in Q2 2025, compared to $116 million in Q2 2024, with an adjusted EBITDA margin of 18% versus 29% last year.
Cash cost of sales decreased by $35 million to $225 million, with cash cost per short ton falling to $101 from $124, reflecting lower variable transportation and royalty costs and cost control efforts.
Free cash flow was negative $57 million in Q2 2025 due to $94 million in capital expenditures and mine development, primarily for Blue Creek, but the underlying business generated approximately $40 million of free cash flow excluding these investments.
Total revenues decreased to $298 million from $397 million year-over-year, driven by lower average gross selling prices and a higher mix of high vol A coal sold.
Warrior reported net income of $6 million or $0.11 per diluted share in Q2 2025, down from $71 million or $1.35 per diluted share in Q2 2024, primarily due to 30% lower average net selling prices.
Adjusted EBITDA for Ecoservices was $49.8 million, flat compared to Q2 2024, with pricing gains offset by lower volume and higher manufacturing costs.
Adjusted free cash flow was a use of $2 million in the first half of 2025, impacted by timing of dividends, higher capital expenditures, the Waggaman acquisition ($41 million cash outlay), and $22 million in share repurchases.
Advanced Materials and Catalysts segment sales declined slightly due to lower event-driven custom catalyst sales, with adjusted EBITDA at $13.7 million, above guidance but down from prior year.
Ecoservices sales increased 14% year-over-year to $176 million, driven by favorable pricing, the Waggaman acquisition, and higher sulfur costs pass-through.
Ecovyst reported adjusted EBITDA of just under $56 million for Q2 2025, exceeding the high end of guidance.
Net debt leverage rose to 3.5x at quarter-end, primarily due to acquisition and share repurchases, with pro forma leverage at 3.2x.
Total liquidity remained healthy at $152 million, including $83 million available under the ABL facility.
Zeolyst joint venture sales were $28 million, slightly below prior year, with higher sustainable fuel catalyst sales offsetting lower hydrocracking and custom catalyst sales.
Adjusted Q2 operating profit was $5 million, significantly down from prior year, excluding $15 million in severance and asset impairment costs.
Bolzoni revenues declined year-over-year due to phasing out lower-margin legacy products, but showed sequential revenue growth.
Lift Truck segment margins were negatively impacted by $10 million in tariff-driven material and freight cost increases.
Net debt improved year-over-year due to excess cash generation and debt reduction; liquidity remains strong with nearly $260 million unused borrowing capacity.
Operating cash flow improved to approximately $30 million in Q2, driven by working capital management and inventory reductions.
Q2 2025 revenues declined 19% year-over-year due to lower volumes and tariff-related economic uncertainty.
Tax expense was $200,000 in Q2 compared to $26 million prior year, influenced by lower pretax earnings and capitalization of R&D costs.
Adjusted operating profit was $489 million, up 28% year-over-year, with an adjusted operating margin of 18.5%, down 110 basis points primarily due to tariffs.
Free cash flow for Q2 was $277 million, lower year-over-year, but adjusted free cash flow for the first half was $542 million, up 24%.
Net leverage ratio stood at 0.6x at quarter-end, reflecting strong balance sheet management.
Organic sales grew 34% year-on-year, with Americas up mid-40s, APAC mid-30s, and EMEA high single digits.
Q2 orders surpassed $3 billion, up 15% from Q2 2024 and 11% sequentially from Q1 2025, with a trailing 12-month organic orders growth of 11%.
Segment results showed Americas with 43% organic sales growth and 24% adjusted operating margin; APAC with 37% growth and 10.6% margin; EMEA with 7% growth but facing operational challenges and investments.
Vertiv reported adjusted diluted earnings per share of $0.95 in Q2 2025, a 42% increase year-over-year, driven by higher adjusted operating profit.
Dafinchi