Orbia (ORBIA) investor relations material

Executive summary

• Q2 2025 revenues were $2.0B, flat year-over-year, with EBITDA of $300M, down 10%, reflecting challenging markets and early signs of stabilization.

• Operational efficiency initiatives and cost management progressed, with non-core asset divestitures and management changes underway.

• All material debt maturities extended to 2030 and beyond, raising $1.4B for refinancing and enhancing financial flexibility.

• Most markets stabilized, with pockets of growth; strategic focus remains on balance sheet strength and long-term value creation.

• Board and management changes implemented to drive performance and accountability, including new leadership in key segments.

Financial highlights

• Net revenues were $2.0B (or $1.97B), flat year-over-year; EBITDA was $300M, down 10%, with margin down 166 bps to 15.2%.

• Operating cash flow improved to $47M, up $43M year-over-year; free cash flow was negative $82M, an improvement of $48M.

• Net debt-to-EBITDA increased to 3.98x from 3.67x; adjusted net debt-to-EBITDA at 3.51x, expected to decline in H2.

• Two debt offerings completed: $300M in Mexican notes and $1.1B in senior notes, used to refinance short-term and 2026/2027 maturities.

• Net loss to majority shareholders was $126M versus $195M net income last year; operating income dropped 20% to $138M.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance reaffirmed at $1.1B–$1.2B; capex guidance at $400M or less.

• Net debt-to-adjusted EBITDA expected to peak at Q2 and decline to slightly above 3x by year-end, targeting 2.5x by 2026.

• Effective tax rate projected at 27–32%, excluding discrete items.

• Polymer Solutions expects H2 improvement after H1 disruptions; Building & Infrastructure anticipates modest growth and stabilization.

• Precision Agriculture and Connectivity Solutions forecast stable to improving conditions and volume growth; Fluor & Energy Materials expects stable to modestly improving demand.