Orion S.A. (OEC) Investor presentation summary

Company overview and market position

• Operates in over 80 countries with approximately 1,600 employees and 15 production facilities, generating $1.8B in revenue and $248M in adjusted EBITDA for 2025.

• Holds the #1 global position in specialty carbon black and #3 in rubber carbon black, serving diverse end markets including automotive, batteries, coatings, and plastics.

• Specialty carbon black accounts for 34% of revenue, with strong presence in engineered plastics, adhesives, and battery applications.

• Rubber carbon black represents 66% of revenue, with significant exposure to tire and replacement markets.

• Broad production capabilities and proprietary technologies provide competitive differentiation and resilience.

Financial performance and capital allocation

• Fiscal 2025 revenue was $1.81B, down 3.8% year-over-year, with adjusted EBITDA of $248M and a margin of 13.7%.

• Free cash flow reached $55M in 2025, driven by $216M in operating cash flow and $161M in capital expenditures.

• Net working capital was a $69M source of cash, and net debt was reduced by ~$40M to $921M, lowering leverage to 3.7x.

• 4Q 2025 adjusted EBITDA was $55M, with improved plant reliability and record safety performance.

• Capital allocation remains disciplined, prioritizing debt reduction and maintenance capex to support operational reliability.

Segment performance and market trends

• Rubber segment 2025 adjusted EBITDA was $155M, impacted by lower Western tire production, pricing pressure, and elevated imports.

• Specialty segment 2025 adjusted EBITDA was $94M, with a 5% volume decline but improved mix and lean downstream inventories.

• Rubber segment 4Q 2025 adjusted EBITDA was $29M, with volumes 20% below pre-COVID levels and subdued tire build rates.

• Specialty segment 4Q 2025 adjusted EBITDA was $27M, up year-over-year despite 12% lower volumes, aided by favorable price/mix and co-gen contributions.

• Both segments demonstrated margin resilience and operational flexibility amid challenging market conditions.