Orbia (ORBIA) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenues reached $7.6 billion, up 2% year-over-year, with growth in all segments except Polymer Solutions; EBITDA declined 7% to $1.02 billion, and adjusted EBITDA was $1.11 billion.

• EBITDA margin declined 124 bps YoY to 13.4%, mainly due to lower profitability in Polymer Solutions and Building & Infrastructure, offset by gains in Connectivity Solutions, Fluor & Energy Materials, and Precision Agriculture.

• Operating cash flow for FY 2025 increased 24% YoY to $645 million, with a conversion rate of 63%.

• Net debt-to-EBITDA ratio increased YoY from 3.30x to 3.70x, mainly due to currency effects and lower EBITDA, but improved sequentially in Q4.

• Leadership transition announced: Jim Kelly retiring as CFO, succeeded by Christian Capece Cappellino effective March 2026.

Financial highlights

• Q4 2025 net revenues were $1.9 billion, up 5% year-over-year, with growth in all segments except Polymer Solutions.

• Q4 EBITDA was $227 million, up 2% YoY; adjusted EBITDA for Q4 was $236 million, down 14% YoY.

• Q4 operating cash flow was $349 million (+23% YoY); free cash flow was $204 million (+$80 million YoY).

• Full year operating cash flow was $645 million; free cash flow was $111 million, up $175 million YoY.

• Capital expenditures for 2025 were $405 million, down 15% YoY.

Outlook and guidance

• 2026 EBITDA expected between $1.1 billion and $1.2 billion; capex projected at ~$400 million, focused on safety, operational integrity, and strategic growth in Fluor & Energy Materials.

• Effective tax rate for 2026 anticipated at 27–32%.

• No ordinary dividend proposed for 2026 to prioritize deleveraging and balance sheet strength.

• Positive momentum expected in Precision Agriculture, Fluor & Energy Materials, and Connectivity Solutions; Polymer Solutions and Building & Infrastructure expected to remain weak.

• Segment outlooks: PS faces excess supply but some price recovery; B&I subdued in Europe, moderate growth in Latin America; PA strong in Brazil, Africa, Middle East, and U.S.; F&EM and CS benefit from market trends and investments.