<div id="readability-page-1"><div>Fitch Ratings-New York-10 December 2025:Fitch Ratings has affirmed NewMarket Corporation's (NewMarket) Long-Term Issuer Default Rating (IDR) at 'BBB'. Fitch has also affirmed the company's senior unsecured notes, revolving credit facility, and term loan at 'BBB'. The Rating Outlook is Stable.NewMarket's 'BBB' rating is supported by its stable earnings profile, strong free cash flow (FCF) generation, and conservative capital allocation strategy. Fitch expects that NewMarket's demonstrated cost pass-through ability and financial flexibility will enable it to withstand periods of sustained weak demand or elevated input costs.The Stable Outlook reflects Fitch's expectations of EBITDA leverage around or above 1.5x throughout the forecast horizon.Key Rating DriversStable Earnings Profile: NewMarket benefits from barriers to entry formed by close customer relationships, lengthy qualification processes and a high cost of product failure. The company is one of four leading producers within the petroleum additives industry. Volumes within this space tend to grow in line with GDP and are influenced by factors such as fleet size, total miles driven, and the adoption of stricter emissions standards and more fuel-efficient vehicles.Margins are exposed to the price of oil, expanding when prices fall and contracting when prices rise. This creates a three- to six-month lag between oil price movement and NewMarket's ability to pass costs through to customers. NewMarket has consistently demonstrated pricing power by implementing price increases related to rising input costs.Conservative Leverage, Capital Allocation: Fitch expects the company to maintain a conservative balance sheet with EBITDA leverage around or slightly above 1.5x over the forecast. As NewMarket continues to retool its portfolio to address electric vehicle penetration, Fitch expects a disciplined, balanced capital allocation. This is evidenced by the short tenor of the term loan used for the 2024 acquisition of American Pacific Corporation (AMPAC), and the modest size and manageable funding for the October 2025 acquisition of Calca Solutions, LLC (Calca). Fitch expects full repayment of the $100 million 2026 term loan balance before maturity, alongside modest dividend payments, manageable growth capex, and opportunistic shares repurchases.Solid FCF Generation: NewMarket has historically generated strong positive FCF due to solid EBITDA margins, modest dividends and manageable capex. Lower raw material costs and stable pricing in lubricant additives, together with the higher-margin AMPAC and Calca businesses, partially offset expected market softness and support stable profitability through Fitch's forecast. Margins forecast in the mid-20% range are expected to provide sufficient FCF to fund capex and growth initiatives comfortably.Lack of Diversification: While the AMPAC and Calca acquisitions add some diversification, NewMarket remains highly exposed to petroleum additives. Specialty materials account for roughly 10% of EBITDA, and Fitch expects this mix to shift gradually over time. Sustained high oil prices can compress margins in petroleum additives, and concentration in this market elevates industry-level risk stemming from changes in the regulatory environment or consumer behavior. Although the market has been generally stable in recent years, a broad change in industry dynamics could pressure NewMarket's business and credit profile.Increasing Electric Vehicle Penetration: Fitch views the rise of electric vehicles (EVs) as a long-term threat to NewMarket's petroleum-based additives but expects risk mitigation through a conservative capital structure and portfolio diversification. Certain outlets could insulate the company from a secular trend toward EVs, such as wind turbines, commercial heavy-duty vehicles and hybrid vehicles. In the long term, increased exposure to heating and cooling products for EVs and the introduction of transmission fluid for multispeed transmission EVs could help the company mitigate EV-related risks.Peer AnalysisNewMarket's ratings reflect its stable earnings profile, solid EBITDA margins and strong FCF generation. Risks to the company include a lack of diversification and scale, as well as the movement toward adoption of EVs, which presents a long-term threat to the company's products. The company historically operates with conservative EBITDA leverage, like many of its 'BBB' category peers, and is expected to be well within Fitch's leverage sensitivities throughout the forecast.Westlake Corporation (BBB/Stable) offers relatively more commoditized products but operates with a higher degree of vertical integration and product diversification that shields it from much of the cash flow risk that characterizes NewMarket's products. NewMarket's relatively narrow product portfolio and lack of vertical integration are a headwind to positive ratings momentum, while its conservative financial policy will provide the company with a solid financial cushion at the 'BBB' level.Fitch’s Key Rating-Case Assumptions--Organic revenue grows 1%-2% per year;--Fitch-calculated EBITDA margins remain in the low- to mid-20% range;--Term loan is fully repaid with cash prior to 2026 maturity;--Capex is moderately elevated through 2026 for planned growth projects, then gradually reduces thereafter;--Dividends of around $100 million annually;--Fitch assumes excess cash flow applied to a combination of measured share repurchases and occasional bolt-on acquisitions.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade-- EBITDA leverage sustained above 2.5x, potentially driven by significant industry capacity additions, weighing on operating margins;-- A more aggressive than anticipated capital deployment policy, leading to heightened execution risk on M&amp;A and capital spending projects.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade-- Additional scale and diversification into broader end markets;-- Commitment to operating with EBITDA leverage durably below 1.5x.Liquidity and Debt StructureAs of Sept. 30, 2025, NewMarket had $102 million in cash on hand coupled with around $808 million of availability on its revolver. Fitch anticipates sufficient liquidity throughout the forecast period due to minimal capex requirements and manageable debt maturities.Issuer ProfileNewMarket primarily develops and manufactures highly formulated lubricant and fuel additives that work to improve fuel economy and reduce emissions in motor vehicles. Its two operating segments are Petroleum Additives and Specialty Materials.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.NewMarket Corporation; Long Term Issuer Default Rating; Affirmed; BBB; Rating Outlook Stable----senior unsecured; Long Term Rating; Affirmed; BBBContacts:Primary Rating AnalystJassim Ansari,Director+1 646 582 3457jassim.ansari@fitchratings.comFitch Ratings, Inc.33 Whitehall StreetNew York, NY 10004Secondary Rating AnalystNoah Naiditch,Director+1 312 368 3130noah.naiditch@fitchratings.comCommittee ChairpersonLucas Aristizabal,Managing Director+1 312 368 3260lucas.aristizabal@fitchratings.comMEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has affirmed NewMarket Corporation's Long-Term Issuer Default Rating at 'BBB' with a Stable Outlook. The rating is supported by stable earnings, strong free cash flow, and conservative capital allocation. NewMarket's ability to pass costs through and financial flexibility are expected to withstand weak demand or high input costs. The company benefits from barriers to entry and is exposed to oil price fluctuations. Fitch expects conservative leverage and capital allocation, with solid free cash flow generation despite market softness.

Fitch Affirms NewMarket Corporation at 'BBB'; Outlook Stable