Slides
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3rd Quarter 2025 Financial Results 11st November 2025
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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. Starting from 1Q25, a new addition to the Adjusted EBITDA definition has been made to also exclude weather-related impacts, aiming to better reflect the underlying business performance. Comparative figures for the year 2024 have been restated accordingly. These adjustments are non-GAAP and are presented for analytical purposes only; they should not be considered a substitute for reported financials under applicable accounting standards. Disclaimer
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Opening Remarks Aloke Lohia GCEO
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4© Indorama Ventures IVL by Regions IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) (10) 1 (8) (11) (11) 102 (9%) 93 (8%) 75 (7%) 99 (9%) 71 (11%) 28 (4%) 40 (6%) 18 (2%) 29 (4%) 25 (1%) 307 (15%) 225 (13%) 191 (10%) 213 (12%) 194 (8%) 427 358 276 330 279 80 75 75 68 68 (15) 85 185 285 385 485 3Q24 4Q24 1Q25 2Q25 3Q25 Brent oil ($/bbl) Reported EBITDA ($M) 374 299 275 280 258 Note: (1) Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done; (2) Starting from 1Q25, we have normalized weather-related disruptions into our adjusted financials, and all the prior periods are restated accordingly to reflect the correct business performances without weather-related events Source: IVL Analysis -35% YoY 3Q25 vs 3Q24 -15% QoQ 3Q25 vs 2Q25 Asia AMERS EMEA Corporate
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5© Indorama Ventures • Rotterdam PET/PTA • Portugal PTA • Canada PTA • Surfactant Australia • Wellman • Others Asset Optimizations since 2024-3Q25 Capacity rationalization 2.7 MMT Expected proceeds from land and property sales in 2026 Impairments (including severance and other expenses) $200 M+ $1.16 B $126 M LTM3Q25 fixed cost reduction
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6© Indorama Ventures Note: Excludes FC of Shutdown sites and one off costs Management Actions to reduce Fixed Costs IVL Fixed Costs ($B)
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7© Indorama Ventures 7.0 6.9 6.7 7.0 7.2 1.14 4.88 5.28 4.37 2022 2023 2024 9M25 CME Term SOFR(%) Note: (1) Net debt before currency translation and lease impacts to reflect underlying debt movement; (2) 2022 and 2023 includes $150M deferred payment liability for Oxiteno paid in 2024 Source: IVL Analysis IVL Net Debt and Interest Benchmark Cost 24.9% EPL Acquisition Net Debt1 ($B)
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8© Indorama Ventures 2,185 1,439 1,186 1,106 90 89 87 93 -10 10 30 50 70 90 110 - 500 1,000 1,500 2,000 2,500 3,000 3,500 3Q22 3Q23 3Q24 3Q25 WC Days Focus on Working Capital Net Working Capital ($M) Source: IVL Analysis
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9© Indorama Ventures IVL by Segments IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) (10) 1 (8) (11) (11) 286 (11%) 243 (10%) 147 (6%) 219 (10%) 182 (8%) 103 (16%) 81 (13%) 89 (14%) 75 (13%) 78 (12%) 48 (6%) 33 (4%) 47 (6%) 47 (6%) 31 (4%) 427 358 276 330 279 (15) 85 185 285 385 485 3Q24 4Q24 1Q25 2Q25 3Q25 Reported EBITDA ($M) 374 299 275 280 258 -35% YoY 3Q25 vs 3Q24 -15% QoQ 3Q25 vs 2Q25 Corporate CPET & Indovida Indovinya Fibers Note: (1) Total Reported and Adjusted EBITDA includes holding EBITDA which includes corporate expenses; (2) Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done; (3) Starting from 1Q25, we have normalized weather-related disruptions into our adjusted financials, and all the prior periods are restated accordingly to reflect the correct business performances without weather-related events Source: IVL Analysis
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10© Indorama Ventures 11 4 1 4 15 178 168 121 160 124 71 49 4 28 19 260 221 126 191 158 3Q24 4Q24 1Q25 2Q25 3Q25 3Q 2025 – Combined PET Source: IVL Analysis Specialty Chemicals Intermediate Chemicals -39% YoY 3Q25 vs 3Q24 -17% QoQ 3Q25 vs 2Q25 Combined PET Adjusted EBITDA ($M) Integrated PET Reported EBITDA ($M) 219 166 116 165 143 CPET YoY EBITDA decline due to lower industry spreads, lower volumes due to MTBE TAR, weaker than usual seasonal PET demand, unplanned outages, higher energy prices and dollar weakening partially offset by asset optimization savings. QoQ Integrated PET: Adjusted EBITDA of $123M, lower by 23%, due to softer industry conditions and unplanned outages. Intermediate Chemicals: Adjusted EBITDA of $19M, lower by 32%, mainly due to MTBE TAR partially offset by higher ethylene production (TAR in Q2’25) Specialty Chemicals: Adjusted EBITDA of $16M, higher due to full quarter of NDC campaign and improved PIA performance.
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11© Indorama Ventures Asset Optimization (Fixed Cost Savings, LTM 3Q ‘25) $111M NWC Reduction (YTD) $253M Digital Augmentation - Progressing as Planned IBP | Salesforce | Workday | S2C Management Focus on cost, capital efficiency, footprint optimization and delivering value-accretive digital roadmap Organize to perform Cost Reduction Digital Enablement Fixed Cost Run-rate Reduction by end ‘27 $50M+ NorthStar Program 2026-27 CPET
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12© Indorama Ventures 3Q 2025 – Indovida -11% YoY 3Q25 vs 3Q24 -14% QoQ 3Q25 vs 2Q25 Reported EBITDA ($M) 27 19 20 24 22 Indovida Adjusted EBITDA ($M) 26 23 21 27 23 3Q24 4Q24 1Q25 2Q25 3Q25 YoY Adjusted EBITDA decreased 11% YoY at $23M mainly due to lower volume from the discontinuation of bottling operations in Philippines QoQ Adjusted EBITDA decreased 14% QoQ from lower demand due to seasonality Source: IVL Analysis Indovida
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13© Indorama Ventures 11 5 6 1 6 93 78 82 74 71 22.4% 19.6% 22.7% 17.7% 15.3% 16.3% 12.9% 14.1% 12.7% 11.6% -80.0% -30.0% 20.0% -10 40 90 140 190 3Q24 4Q24 1Q25 2Q25 3Q25 103 81 89 75 78 3Q 2025 – Indovinya -24% YoY 3Q25 vs 3Q24 +3% QoQ 3Q25 vs 2Q25 Indovinya Adjusted EBITDA ($M) and Adjusted EBITDA Margin 1,2 Reported EBITDA ($M) 102 79 91 73 80 Essentials HVA HVA EBITDA% Total EBITDA% Indovinya Note (1) Indovinya has 2 reportable segments: HVA and Essentials. HVA is comprised predominantly of Surfactants, Ethanolamines, Oleochemicals (reclassified from Essentials), and Propylene Glycol, while Essentials is made up primarily of Ethylene Glycol, LAB, Solvents, and Propylene Oxide (reclassified from HVA). Prior periods have been duly restated for comparison purposes; (2) Adjusted EBITDA Margin calculated by Adjusted EBITDA / Revenue. Source: IVL Analysis YoY Adjusted EBITDA declined 24% YoY , primarily due to extremely competitive market conditions and continued pressure on margins HVA volumes grew 2.4%, though overall volumes declined 3.6% YoY QoQ Adjusted EBITDA increased 3%, led by Crop Solutions and Energy and Resources HVA volumes improved 3.4%, while Essentials volumes grew 2.4%. Overall, volumes grew 3.1% QoQ
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14© Indorama Ventures 3Q 2025 – Indovinya by End-Markets Note: Unaudited and unreviewed breakdowns and may change post reviews and audits Source: IVL Analysis Indovinya Home & Personal Care: Maintained market share despite macro headwinds Crop Solutions: Volume growth both YoY and QoQ driven by strong seasonal demand in Brazil and favorable mix Energy & Resources: Volume growth both YoY and QoQ despite continued volatility in energy markets and relatively low crude prices Coatings & Performance Solutions: Macro headwinds continue to weigh on the Coatings & Construction end market26% 22% 22% 74% 78% 78% 3Q24 2Q25 3Q25 Essentials HVA HPC 37% Crop 25% E&R 14% Coatings 24% HVA by End Markets HVA by End Markets 41%, HPC 24%, Crop 14%, E&R 21%, Coatings 36%, HPC 26%, Crop 14%, E&R 23%, Coatings HVA by End Markets Revenue Breakdown
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15© Indorama Ventures 3Q 2025 – Fibers -36% YoY 3Q25 vs 3Q24 -35% QoQ 3Q25 vs 2Q25 Reported EBITDA ($M) 41 34 61 36 29 Fibers Adjusted EBITDA ($M) 12 6 12 9 8 20 12 13 20 9 15 16 22 19 14 48 33 47 47 31 3Q24 4Q24 1Q25 2Q25 3Q25Hygiene Mobility Lifestyle Note: Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done Source: IVL Analysis Fibers YoY -36% YoY , due to soft market conditions; especially in Europe, partially offset by management actions on fixed costs and asset rationalizations QoQ Lifestyle: Softer market conditions in Asia, weak demand in Europe, and fire at our Indonesia plant impacted performance partly offset by benefits from asset optimization in Europe completed end-2Q25 Mobility: Impacted by weak demand in Western markets, particularly in the airbag segment, leading to extended shutdowns of our plants in Europe. Additionally, low-cost tire imports from Asia are intensifying competitive pressure in Europe. Hygiene: Weakness in Europe continues, partially offset by higher volumes in Americas with tariffs tailwinds for domestic volumes. Wellman discontinuation will improve results going forward
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16© Indorama Ventures -0.30B QoQ -2.32B YoY -15% QoQ -35% YoY-8% QoQ -31% YoY -4% QoQ -14% YoY 3Q 2025: Business Results 1 Sales volume of 3.22 MT, down 3% QoQ and 9% YoY from the planned PO/MTBE turnaround, unplanned outages, and lower volumes from optimized PTA assets in Canada 2 Adjusted EBITDA of $279M, down 15% QoQ and 35% YoY , reflecting challenged industry dynamics 3 9M25 OCF of $985M with EBITDA conversion of 121%, driven by efficient working capital management 4 Site optimization actions reduced overall fixed costs by ~$130 million when compared from LTM3Q23 to LTM3Q25. Reported Net Profit THB (818M) Reported EBITDA $258M Sales Volume 3.22MT Adjusted EBITDA $279M 9M 2025 OCF $985M 3Q 2025 Key Financials Revenue $3,388 -3% QoQ -9% YoY Adjusted Net Profit THB 177M -70% QoQ -94% YoY Note: (1) Adjusted EBITDA and adjusted net profits are core EBITDA and core net profits further adjusted with lag impacts hedging and other items to reflect underlying business performance; (2) Starting from 1Q25, we have normalized weather-related disruptions into our adjusted financials, and all the prior periods are restated accordingly to reflect the correct business performances without weather-related events; (3) EBITDA conversion is based on Reported EBITDA 121% EBITDA conversion
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17© Indorama Ventures 7,175 6,788 7,250 (81) (160) (221)388 Net debt Dec24 FCF created for IVL shareholders Net debt Sep25 after FCF Dividends paid to IVL shareholders Growth capex EPL acquisition Net debt Sep25 before currency translation and lease impacts Net Debt Bridge: 9M25 Change in Net Debt, Cash Flow Generation: $M Note: EBITDA conversion is based on Reported EBITDA; Net debt as of Sep’25 is shown excluding exchange rate impact to reflect underlying debt movement. Source: IVL Analysis 813 985 388 166 59 (53) (276) (284) (37) Reported EBITDA Change in NWC Cash Tax Others Operating cash flow Maintenance capex Net financing cost Perp interest and NCI dividends FCF created for IVL Shareholders121% EBITDA conversion Include $100M one-time TAR in IC
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18© Indorama Ventures Capital Expenditure ($M) Maintenance Turnarounds Growth & Acquisition Note: 2Q25 CAPEX excludes EPL 24.9% acquisition cost of $221M Source: IVL Analysis 106 131 183 129 124 3Q24 4Q24 1Q25 2Q25 3Q25 PO/MTBE IVOL/IVOG Disciplined Capital Allocation
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19© Indorama Ventures 36% 59% 9% 16% 52% 25% 3% Total Debt Net Assets 6.7 1.5 0.8 0.1 1.9 4.0 0.0 7.5 7.5 Net Debt Net Debt Non operating debt2 Operating debt $B THB EUR USD Others Fixed = 42% Floating = 58% Interest rate 4.6%4 (-27bps over Yr2024) Liquidity $2.6B Adj. Net D/E1 = 1.41 Diversified FundingNatural Hedge Bank financing ROW EMEA Americas USD debenture Sustainability financing Working Capital Loan, net of cash & cash under management THB debenture DSCR = 1.24x $B Natural hedge on foreign currencies with global investments Note: Data as of 30 Sep 25, (1) Adjusted Net Debt/ Adjusted Equity : Adjusted Net Debt = Net debt less non-operating debt less non-cash fx impact at constant opening rate, Adjusted Equity = Total Equity less non-cash fx impact at constant opening rate in Translation Reserves; (2) Includes various projects underway which are not yet completed and have not yet started contributing to the earnings; (3) Post-Refinancing in 2025; (4) Interest rate excluding bank charges and other associated costs 3.9 0.6 0.4 0.1 1.6 0.3 0.2 0.3 5.4 0.9 0.6 0.5 12% 9% 6% 2028-2037 2027 2026 2025 LTL Debenture Long-Term Debt Repayment schedule (Post- Refinancing)3 30th Sep 2025 73%
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20© Indorama Ventures Key Takeaways 1 Unprecedented industry turbulence with geopolitical uncertainty, overcapacity, weak downstream demand, and structural pressures in Europe from energy costs, competitive imports, and carbon policies 2 Focused self-help actions on cost discipline, productivity, footprint optimization (especially Europe), digitalization, sustainability, and innovation to strengthen internal resilience 3 Industry reshaping underway with regulatory intervention and expected consolidation through partnerships and M&A over the next 12–24 months 4 IVL advancing strategic collaborations and portfolio realignment to reinforce the balance sheet, improve earnings quality, and emerge stronger when demand recovers
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