Stepan reported 3Q26 sales of $692.2M, up 17% y/y, while adjusted EBITDA increased 18% to $66.3M and adjusted EPS nearly doubled to $0.94. Organic volume increased 7%, led by broad-based growth in Surfactants and strong North American Polymer demand, while continued customer additions and share gains helped offset largely flat underlying markets. Project Catalyst remains ahead of plan, with management now expecting $66M–$70M of savings in 2026 and average quarterly savings above $25M in 2027, while continued ramping at Pasadena provides additional manufacturing and tolling-savings opportunities. Management maintained expectations for full-year adjusted EBITDA growth, positive free cash flow and continued deleveraging, with the October $28.5M land sale providing an additional source of debt-repayment proceeds.