-margins HVA businesses, in- tegration into advantaged feedstocks in balanced markets and timely investments in key geogra- phies. As is evident in the graph alongside, earn- ings growth has accelerated

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent