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March 2025 Investor Presentation
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2© Indorama Ventures This presentation and its content (“Material”) is proprietary to Indorama Ventures Public Company Limited (“Indorama Ventures”) and/or its affiliates (collectively, the “Group”) and may not be, in whole or in part, reproduced or disclosed, published, distributed or released to any other person or to the public domain unless the prior written consent from the Group is obtained. In addition, this Material may only be used for the purpose expressly stated herein by Indorama Ventures and may not be used for any other purposes. No representation or warranty or undertaking, express or implied, is made by the Group as to the accuracy or completeness of the information set forth herein and neither Indorama Ventures nor the Group (or any representatives including, without limitation, its and their directors, shareholders, officers, employees, agents (“Representatives”) assume any responsibility whatsoever related hereto. In addition, this Material may contain “forward-looking” statements of the Group that relate to future events including, without limitation the conditions and prospects of the specific industry and the macro economics as a whole which are, by their nature, subject to significant risks and uncertainties. All statements, including, without limitation, those regarding the future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where the Group participates or is seeking to participate and any statements preceded by, followed by or that include the words “target”, “believe”, “expect”, “aim”, “intend”, “will”, “may”, “anticipate”, “would”, “plan”, “could”, “should, “predict”, “project”, “estimate”, “foresee”, “forecast”, “seek” or similar words or expressions are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group control that could cause the actual results, performance or achievements of the Group to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Group present and future business strategies and the environment in which the Group will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as at the date of this presentation, and neither Indorama Ventures nor the Group assume any duty or obligation to supplement, amend, update or revise any such statements. In addition, neither Indorama Ventures nor the Group hereby make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved. As such, no information contained herein may be relied upon as a promise or presentation as to the past, present or future of Indorama Ventures or the Group and use of this Material therefore is subject to informed assessment and independent evaluation of the person to which this Material is disclosed. Further, the receipt of this Material shall not be taken to constitute the giving of investment advice by any of Indorama Ventures or the Group (and/or their respective Representatives) nor render the recipient a client of any such persons for the purpose of any applicable rules or regulations governing investment business or otherwise. This Material does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of the applicable securities laws, or an exemption therefrom. Disclaimer
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3© Indorama Ventures Diversified Portfolio with around 70% application in Daily Necessities By Segment2 F&B Pkg., 43% HPC & Hygiene, 16%Crop Solutions, 5% Energy & Resources, 4% Automotives, 11% Apparels & Home furnisings, 8% Coatings & Construction, 10% Others, 4% Daily Necessities 64% ASIA, 22% EMEA, 10% AMERICAS, 69% By Application1 By Region2 Note: 2024 Financials (1) Adjusted Contribution Margin %; (2) Adjusted EBITDA; (3) 2024 Effective Capacity; (4) As of Dec24 ; (5) Countries after rationalization. Integrated PET, 39% Packaging, 6% Specialty Chemicals, 5% Intermediates Chemicals, 16% Home & Personal Care Crop Solutions Energy & Resources Coatings & Construction Lifestyle, 3% Mobility, 5% Hygiene, 3% 67% 23% 10% CPET Indovinya Fibers 26,000 Employees4 ~$11B Capital Employed4 ~$15B Revenue ~$1.5B EBITDA2 ~18MT Capacity3 ROCE, 9% ROCE, 3% ROCE, 9% 31 Countries5
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4© Indorama Ventures IVL 2.0 is a transformation of who we are that is driven by purpose Indispensable Chemistry Indispensable organization Indispensable platform Indispensable processes Indispensable systems = → The right people in empowered roles → A lean and competitive footprint → E.g., Olympus to drive change → E.g., S/4 as system of record
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5© Indorama Ventures Growth is, and always will be, at the center of a family business’s DNA Source: IVL Capital Markets Day 2023 Building Scale … M&A excellence and speed 2010-2023 IVL 2.0 Value creation from within Organizational optimization Olympus transformation Footprint rationalization Digital value amplification 2024 – 2027 Growth 2.0 Building on new strength 2025 onwards Strategic Focus Markets Non-negotiable Financial Discipline Complementary Partnerships
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6© Indorama Ventures Getting real – examples of projects in line with pivot in growth strategy Project Horizon • JV with integrated chemicals major • Consolidation of regional capacity • Mutual upgrade of cost position EPL Packaging • Minority stake from Blackstone • Sound financial fundamentals • Substantial strategic upside Project Valor • Scale advantaged greenfield project • One-off partnership opportunity • Family ready to shoulder risk Financial Discipline Strategic Focus Markets Complementary Partnerships
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7© Indorama Ventures Break-even price for transport and fractionation EPL investment overview and rationale “I feel privileged to be soon sitting with EPL Board and supporting their potential. I have been keenly following this indispensable packaging Global market leader for 6 years and am impressed with the management team that is both professional as well as entrepreneurial, reflecting Blackstone’s value add to the founding family’s virtues. I believe, apart from the strong capital growth potential from EPL’s scale and geographic know-how, the time is right to bring my growth mindset complementing EPL’s organic story thereby leapfrogging to deliver above average TSR” Aloke Lohia, GCEO, Indorama Ventures Acquired 24.9% equity stake in EPL Limited Strong management – EPL is a well run company with experienced leadership, robust processes and governance as a listed entity in India No business cannibalization – No overlap of EPL products with the IVL packaging materials and solution business Regional advancements – Seize accelerated growth opportunities in new regions through individual resources Customer interest - Drawing upon the shared experiences of large blue-chip customers with differing needs (e.g. FMCG) India capital markets- EPL offers entry into attractive Indian capital market, with relatively higher multiples than Thailand Sustainability – Strong position in circular economy initiatives to complement EPL's sustainability goals 1. 2024 calendar year; Avg. exchange rate of $ 1 = 83.1119 INR (Revenue – INR 4,137 Cr, EBITDA – INR 806 Cr) ~8+ B Tube Volume'24 $ 498 M Revenue1 $ 97 M EBITDA1 ~19.5% EBITDA%1
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8© Indorama Ventures Sustainable Value Creation by Management Actions Net Debt / EBITDA 4.7 Revenue $B 15.4 EBITDA $B 1.5 ROCE % 7.1% 2024 Growth Capex $B 0.3 16.2 2.1 2.3 0.8 11.9% Base case 2027 Note: EBITDA = Adjusted EBITDA includes Equity income, EBITDA Margin = Adjusted EBITDA/Revenue Growth capex 2027 = 2025 to 2027 Margin % 9.9% 12.6%
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9© Indorama Ventures #1 PET recycler globally Specialty PET leader #1 PET producer globally, major Americas presence, shale gas advantaged 10.6% 2024 Net Adj. ROCE $914M 2024 Adj. EBITDA 48% 32% 20% 71% 18% 10% $10B 2024 Revenue Tailwinds Steady overall PET demand growth Accelerated demand for sustainable PET solutions China capacity overhang Inflationary impact CPET: Solid fundamentals, fortifying portfolio with decisive actions for the new ecosystem (1) AMEA = Asia, Middle East and Africa (2) Europe = EU + Türkiye Specialty Chemicals • Next-level innovation, accelerating speed to market • Expansion into Asian markets Recycling Expansion • Delivering on turnaround plan • Executing on investment strategy Integrated PET + Intermediate Chemicals • Capital efficient growth, enhancing quality of earnings • Accelerating our decarbonization Headwinds Americas AMEA1 Europe2 Trump tariffs & policies CPET
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10© Indorama Ventures 37% 46% 18% Current capacity breakdown (2024) Future capacity breakdown (2027 - Aspiration) 34% 30% 16% 19% 76% of IVL 2024 PET sales Local-for-local, customer-centric presence 71% of IVL 2024 PET sales Advantaged vs. China PET imports 10+ # of IVL key markets With significant trade barriers against China PET imports Integrated PET: Portfolio reinforced, capital efficient growth Asset footprint optimization with decarbonization at scale New organization (Co-leadership model, Hybrid structure, Lean and Agile) Market intelligence, customer intimacy Win-win partnerships Commercial & operational excellence Optimization Levers Americas AMEA Europe JV Driving capital efficiency: $280M NWC release1 1 Organized to Perform2 Olympus Business Transformation4Digital Enablement3 Asset Full Potential (1) 2024-2027 Source: Industry Data, IVL Analysis CPET
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11© Indorama Ventures 0 200 400 600 800 2014 2016 2018 2020 2022 2024 Reorganized, focused leadership team Close collaboration with Indovinya Optimization Levers Intermediate Chemicals: Structurally advantaged from US shale gas and proprietary technology Brent US Ethane US Shale Gas Advantage US shale gas advantage remains strong for EG business $/t Project MEGGA: Product mix enhancement Asset Full Potential1 Organized to Perform2 Olympus Business Transformation4Digital Enablement3 Enhancing asset productivity & reliability Asset performance management Technology licensing opportunities Source: CMA, IVL Analysis CPET
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12© Indorama Ventures Recycling: Our growth pillar with dedicated leadership to drive expansion and unlock value Strategic investments towards our 2030 target Bale input by region (kt) 2025 20272024 542 758 397 AMEA Europe Americas EU 30% by 2030 Mexico 30% by 2030 India 60% by 2028 USA, California 65% by 2032 Growth supported by mandates Delivering business performance combined with Circularity Asset Full Potential1 Organized to Perform2 Olympus Business Transformation4Digital Enablement3 Organic-led growth Asset enhancement, Versatile solutions Dedicated leadership to drive business turnaround and growth Digital tools to improve reliability, quality and reduce cost Value chain engagement for increased collection, reduced feedstock costs and regulatory derisking Optimization Levers Source: Industry Data, IVL Analysis CPET
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13© Indorama Ventures Specialty Chemicals: Positive reset in 2024, innovation-led growth, delivering double-digit ROCE Optimization Levers Asset Full Potential1 Organized to Perform2 Olympus Business Transformation4Digital Enablement3 Sustain and enhance turnaround achieved on operational excellence Restructured organization tailored to drive innovation and speed to market Driving robust innovation pipeline Deep assessment of adjacency opportunities and expansion into Asian markets to unlock new revenue streams Net Adj. ROCE (%) 2023 -6% 2024 7% 2027 13% Source: IVL Analysis CPET
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14© Indorama Ventures Indovida Entrenched market leader with a unique business model that drives deep customer relationships Market leader in high growth markets across South-East Asia and Africa Diversified portfolio to capture high SoW for customers Entrenched player with strong foothold in large customers Countries 2023 Market Size (kt) Market Position Merchant Bev. MS CAGR ’23-'26E ASEAN 1,333 #1 20% 6% AFRICA 653 #2 24% 7% N. Ireland 23 #1 56% 2% 6% CAGR overall vs 4% for global market Sizeable revenue contribution of high margin bottles & closures (basis 2024 figures) Anchor customers (Command majority share in end-user market) Largely local competition with limited global players 20+ year partnership with key customers: Pepsi, Coca- Cola Close proximity to customers: “wall to wall” model to drive deeper relationships Expansion to new markets with marquee anchor customers, e.g. Coca Cola in Tanzania 72% 17% 11% Pre-forms Bottles Closures Source: GlobalData, Woodmac, Management estimates, SOW= share of wallet, IVL Analysis Indovida
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15© Indorama Ventures Indovinya: Segment snapshot The leading EO producer in the Americas ~80% Biodegradable Products Home & Personal Care Crop Solutions Coatings & Construction Energy & Resources 34% 19% 35% 12% % Indovinya Revenue by Business Segment (2024A) Market Leader in the Americas Revenue EBITDACOMA Product Mix (2020-24 Avg) 78% 22% High Value-added (HVA) Essentials 85% 15% 90% 10% Mkt CAGR1: 3.0% Indovinya CAGR2: 5.4% Mkt CAGR1: 2.4% Indovinya CAGR2: 4.4% Mkt CAGR1: 2.4% Indovinya CAGR2: 7.1% Mkt CAGR1: 3.4% Indovinya CAGR2: 6.1% Note: 1.Source: S&P Global Market Intelligence (2024-2029 CAGR) 2.Indovinya Revenue base (2024-2029 CAGR) #1 Nonionic surfactants producer in the Americas #1 Supplier of Homecare Ingredients Americas #1 Leading supplier in crop solutions in the Americas Indovinya
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16© Indorama Ventures 2024 • Commercial Excellence • 3-7% CAGR growth (GDP+/GDP++) potential driven by strong macro trends (population growth, urbanization) and outsized end-market growth given portfolio and location • Market share gains via new business wins • New market development • Licensing Responsability • Synergy and transformation benefits • Re-engineer the core of Indovinya through GBS programs • Digital tools backbone • Margin expansion to >20% • Meet niche consumer demands • Lower volatility in earnings, through diversification of markets • Extending into downstream higher margin HVA portfolio • Accelerate into sustainable solutions and high growth product offerings • Increase scale in value-added products in end markets which are consumer-led • Access new markets / geographies to expand TAM. • Reduce business cyclicality • Expand product portfolio • Enhance margin and growth profile • Leverage shared technical knowledge • Superior free cash flow conversion driven by asset- lite business models Strong Runway for Long-Term Growth 2027F Accretive IndovinyaEBITDA ($MM) Commercial Growth Manufacturing and Enabling Functions Innovation Portfolio Strategic Opportunities M&A Opportunities Innovation Portfolio Manufacturing and Enabling Functions Commercial Growth $350M ~$500M Indovinya
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17© Indorama Ventures Turnaround Plan of Fibers • 2 Assets in 2025 • 2 assets in 2026-27 (Joint plan) • No further impairment on the above assets • Ongoing strategic review of some more assets Asset rationalizations $24M annually 23% 100% 2025 2027 • Fixed costs reduction (net of asset rationalization) • New Operating model • Network optimization executed Lifestyle Europe $13M (210 HC) NPT Fiber lines $4M (58 HC) Fixed costs reduction $74M annually 50% 72% 100% 20252024 2027 • Super soft (Nonwovens), USA • One-piece woven (OPW) & Lamination, Mexico • Single End Cord, Mexico New Investments in US & Mexico $27M annually 40% 100% 2025 2027 1,600+ Net Reduction in Manpower by 2027 (600+ done in 2024) • WC reduced by $158M vs 2023. • WC days reduced by 22 days to 59 days in 2024, target to reduce to 44 days by 2027 $228M cumulative 2024-2027 Working Capital reduction 69% 80% 100% 2024 2025 2027 Cash generationEBITDA uplift: $37M in 2024 … additional $88M by 2027 Fibers
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18© Indorama Ventures One-time cash inflow from sale of land & properties ($M) ~$100-130M + 2025E Inflow EBITDA increase from assets optimizations ($M) Fixed cost savings from assets optimizations ($M) ~140-150 2024 2026E Savings 2025E Savings 48 Source: IVL Analysis ~110-120 ~130-140 2024 2027E Uplift 2025E Uplift 36 Higher ROCE Higher ROE Lower Depreciation Lower Maint. Capex ~$50-70M 2026E Inflow $620M $180-190M p.a. $130-140M p.a. $150-200M One-time impairment and related expenses taken in 2024 1.5 million TCO2e per year Lower absolute GHG Emissions from Asset Rationalizations Update on Asset Optimizations Higher FCF ~180-190 2027E Savings 2026E Uplift
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19© Indorama Ventures Update progress on Strategic Actions to Unlock Value Processes are on track with targeting tentatively by 1H26 Selective Potential Listings Indovida EBITDA Margin: 20% Indovinya HVA EBITDA Margin: 18% $1B Potential Debt Pay Down and fund future growth ✓ Unlock value by establishing the relevant higher multiple peer group ✓ Standalone pure-play chemicals platform with medium- term EBITDA margin ✓ Strong strategic focus and the financial flexibility to pursue growth opportunities through its investment cycles ✓ Opportunity to raise equity to pay down group debt and fund future growth Note: 2024 Adjusted EBITDA margin, ~75-80% of Indovinya revenue from HVA
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20© Indorama Ventures Divest non-core assets to enhance our focus and recycle capital ~$0.20B Potential Debt Pay Down and fund future growth ✓ Non-core assets divestment ✓ Divestiture will focus on our resources enhancement and management actions of portfolio transformation strategy ✓ Proceeds to reduce debt and strengthen balance sheet ✓ Replacing Project Cobra with Project Arc Project Arc Revenue: ~$60Mx in Americas Project Luster Revenue: ~$160Mx in Europe & Asia Carve-Outs & Divestitures Note: 2024 Revenue
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21© Indorama Ventures Note: EBITDA includes equity income from EPL Source: IVL Analysis EBITDA Evolution EBITDA Bridge: 2024 to 2027 ($B) 1.52 2.05 0.41 0.04 (0.05) 0.13 Adjusted EBITDA 2024 Volumes, Sales and Market mix, Innovation Contribution Margins Fixed Cost Adjusted EBITDA 2027F Asset Rationalizations Management Actions & Inflations
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22© Indorama Ventures IVL 2.0: focusing on deleveraging and creating value Source: IVL Analysis 7.2 4.4 5.7 4.5 (0.7) (0.8)2.8 0.2 1.0 0.2 Net debt 2024 FCF created for IVL Shareholders Net debt after FCF Dividends paid to IVL Shareholders Growth capex Sales of properties of discontinued assets Net debt after dividends and capex Selective listings Carve-out & Divestiture Net debt 2027F 5.3 2.8 (1.3) (1.1) (0.1) Operating cash flow Maintenance capex Net financing cost Perp interest and NCI dividends FCF created for IVL Shareholders Including $219M EPL Investment Change in Net Debt, Cash Flow Generation: 2025 to 2027 ($B)
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23© Indorama Ventures Stringent focus on cash and cash management Note: (1) 2024 capex excludes $150M Oxiteno deferred payment, 2025 to 27 excludes proceeds from land and properties sell of ~200M; (2) Post-Refinancing in progress in 2024 CAPEX plan ($B)1 Post-Refinance Long-Term Debt Repayment Schedule ($B)2 88 78 2024 2027F 0.47 0.86 0.59 0.48 2024 2025F 2026F 2027F 0.5 0.9 1.1 0.9 2025F 2026F 2027F 2028F LTLDebenture Maintenance Growth CAPEX plan Debt Repayment Profile~$280M WC release 2025-2027 10 Working capital days One-time MTBE/IVOG/IVOL TAR EPL Investment
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Click to edit Master title style Click to edit Master subtitle style © Indorama Ventures 2024 Thank you