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INDORAMA VENTURES 2nd Quarter 2026 Financial Results 11th Aug 2026
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2© Indorama Ventures 2026 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 wholeor 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 Materialmay 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 theGroup (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 themacro 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 resultsof 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 orthat include the words “target”, “believe”, “expect”, “aim”, “intend”, “will”, “may”, “anticipate”, “would”, “plan”, “could”, “should, “predict”, “project”, “estimate”, “foresee”, “forecast”, “seek” or similarwords 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 couldcause 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-lookingstatements. 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 thefuture 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 anysuch 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 beachieved.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 subjectto 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 byany 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 governinginvestment 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 salewould 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 requirementsof the applicable securities laws, or an exemption therefrom.The Company has implemented a significant transition in our financial reporting framework to better reflect our operational reality as a Thai-listed entity. Effective this period, we have shifted from USDollar-based adjusted metrics to “reported” results denominated in Thai Baht (THB). This move is designed to align our management reporting directly with our statutory accounts and internationaldefinitions of business performance. By reporting in THB, management gains critical visibility into currency translation impacts, enabling more robust balance sheet and exposure management.Furthermore, by moving away from adjusted EBITDA and focusing on reported figures, we aim to instill greater accountability for operating efficiency and inventory performance, ensuring that factorssuch as inventory gains or losses are not excluded from our primary performance assessments. Disclaimer
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3© Indorama Ventures 2026 Key Message 2026 outlook reaffirmed2H26 earnings moderation expected; 2028 ambitions maintained 2026 outlook reaffirmed2H26 earnings moderation expected; 2028 ambitions maintained Deleveraging on trackStrong cash generation; working-capital discipline; lower net debt Deleveraging on trackStrong cash generation; working-capital discipline; lower net debt Structural platform advantageGlobal footprint; local-for-local agility Structural platform advantageGlobal footprint; local-for-local agility Broad-based earnings recoveryManagement self-help actions; favorable market conditions Broad-based earnings recoveryManagement self-help actions; favorable market conditions
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4© Indorama Ventures 2026 IVL Snapshot – 1H 2026HighlightNet Profit1THB 7.4BEBITDATHB 29.7BProduction Volume6.14MTOCF 1H 20262THB 25.9BRevenueTHB 245BNote: (1) Net Profit before impairments and other exceptional items; (2) OCF after maintenance capex; (3) HoH represents 1H26 vs 2H25 and YoY represents 1H26 vs 1H25; (4) Please refer to Table 8in the MD&A appendix for change in Reported EBITDA from previously published quartersSource: IVL Analysis Net Debt/Equity1.56x -7% YoY-1% HoH61% YoY136% HoH4% YoY16% HoH87% EBITDA conversion440% YoY225% HoH-15 bps YoY-27 bps HoH
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5© Indorama Ventures 2026 1H 2026 – IVL EBITDAIVL EBITDA by Segments (THB M)61%YoY1H26 vs 1H25136%HoH1H26 vs 2H25CorporateCPETIndovinyaFibers(1,060)(1,611)(1,370)3,039 1,443 2,752 5,493 4,431 6,403 1,498 1,377 2,053 9,445 6,942 19,897 18,415 12,583 29,735 1H25 2H25 1H26 Source: IVL AnalysisIndovidaAsiaAMERSEMEACorporate IVL EBITDA by Regions (THB M)-6%-13%-5%30%32%30%3%2%13%73%79%61%18,415 12,583 29,735 (2,000) 3,000 8,000 13,000 18,000 23,000 28,000 33,0001H25 2H25 1H26
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6© Indorama Ventures 2026 2Q 2026 – IVL EBITDAIVL EBITDA by Segments (THB M)129%YoY 2Q26 vs 2Q25169%QoQ2Q26 vs 1Q26CorporateCPETIndovinyaFibers(611)(752)(618)1,348 879 1,873 2,416 1,715 4,688 810 743 1,311 5,491 5,464 14,433 9,454 8,048 21,687 2Q25 1Q26 2Q26 Source: IVL AnalysisIndovida-6%-9%-3%31%42%26%5%10%15%70%57%62%9,454 8,048 21,687 (2,000) 3,000 8,000 13,000 18,000 23,0002Q25 1Q26 2Q26AsiaAMERSEMEACorporate IVL EBITDA by Regions (THB M)
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7© Indorama Ventures 2026 Note: 1Q26 Financial data A New Era of Collective Leadership and Radical Clarity A Global Moat Built on Local-for-Local ModelMOAT #1MOAT #2MOAT #3MOAT #4One Integrated Global Core Fueling Four Competitive Engines The Americas -Our Unique AdvantageS&OE as Our Operating RhythmImproving Operating Leverage•Real-Time Discipline•Optimize Supply Chain and Integrated Planning•Maximizing Cash Flow•Improving Inventory Management •AI & Digitally Enabled•Integrated shale to PET business•Integrated shale to Surfactant businessFeedstock Integrationin the AmericasEngine #1: Combined PETEngine #2: IndovidaEngine #3: IndovinyaEngine #4: FibersOne Global CoreGlobal ScaleFeedstocksIntegrationCustomer AccessKnow-howFour Competitive Engines >90%Production and Saleswithin region
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8© Indorama Ventures 2026 8© Indorama Ventures 2026 Strengthening and stabilizing IVL’s pricing premium from local-for-local - 20 40 60 80 100 120 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,00020211Q222Q223Q224Q222023202420251Q262Q263Q264Q26Asia PET MeltAsia PET SpreadIVL PET Net PremiumBrent [RHS] $378/tIVL PET Price Buildup Note:(1) IVL PET Net Premium = realized premium above Asia PET spread; (2) ICE Brent Source: IVL Analysis How: S&OE & Inventory Turns•IVL net premium primarily reflects local-for-local advantage and commercial execution•Historical premium volatility was amplified by low inventory turns•Premium compression in late 2022 reflects low inventory turns in a falling crude environment•Disciplined S&OE rhythm and improved inventory turns to support healthier premiums going forwardAsia PET SpreadAsia PET Melt Cost$/bbl$/T 2 Low inventory turn in falling crude environmentBrent2 [RHS]1 $250/t $249/tIVL PET Net Premium1IVL PET Spread-128$/t
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9© Indorama Ventures 2026 Shale-to-PET integration provides a structural feedstock advantage CrackerMEGPETMTBEPTAA unique, fully integrated model from shale to PET in the AmericasMXPXAdvantaged PX Production 400 650 900 1,150 1,4002020 2021 2022 2023 2024 2025 1Q26 2Q26 200 400 600 800 1,0002020 2021 2022 2023 2024 2025 1Q26 2Q26 100 300 500 700 9002020 2021 2022 2023 2024 2025 1Q26 2Q26 MXMTBENaphthaMTBE Feedstock Cost1Industry PX Spread3IVL PX Spread2MTBE is a proxy for MXIVL US MTBE business advantaged feedstock cost vs Naphtha-based aromatics producersResulting in superior spread vs industryNotes: (1) MTBE feedstock cost = 0.345*methanol + Isobutane;(2) IVL PX Spread = 0.925*PX US – MX US + MTBE US – MTBE feedstock cost;(3) Industry PX Spread = PX Asia – Naphtha MOPJ $/T$/T$/T
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10© Indorama Ventures 2026 CPET2Q 2026 – Combined PETCombined PET EBITDA (THB M) Note: Please refer to Table 8in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis163%YoY 2Q26 vs 2Q25164%QoQ2Q26 vs 1Q26Specialty ChemicalsIntermediate ChemicalsIntegrated PET943 170 3,095 66 (200)1,105 4,483 5,494 10,233 5,491 5,464 14,433 2Q25 1Q26 2Q26
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11© Indorama Ventures 2026 2Q 2026 – IndovidaIndovida EBITDA (THB M)Indovida Source: IVL Analysis62%YoY 2Q26 vs 2Q2576%QoQ2Q26 vs 1Q26810 743 1,311 2Q25 1Q26 2Q26
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12© Indorama Ventures 202660 (44)930 2,357 1,760 3,758 2,416 1,715 4,688 15.0%12.0%21.1%11.9%9.1%19.4%-80.0%-30.0%20.0% (450) (433) (416) (399) (382) (366) (349) (332) (315) (298) (281) (264) (247) (230) (213) (197) (180) (163) (146) (129) (112) (95) (78) (61) (44) (28) (11) 6 23 40 57 74 91 108 125 142 158 175 192 209 226 243 260 277 294 311 327 344 361 378 395 412 429 446 463 480 496 513 530 547 564 581 598 615 632 649 665 682 699 716 733 750 767 784 801 818 834 851 868 885 902 919 936 953 970 987 1,003 1,020 1,037 1,054 1,071 1,088 1,105 1,122 1,139 1,156 1,172 1,189 1,206 1,223 1,240 1,257 1,274 1,291 1,308 1,325 1,341 1,358 1,375 1,392 1,409 1,426 1,443 1,460 1,477 1,494 1,510 1,527 1,544 1,561 1,578 1,595 1,612 1,629 1,646 1,663 1,679 1,696 1,713 1,730 1,747 1,764 1,781 1,798 1,815 1,832 1,848 1,865 1,882 1,899 1,916 1,933 1,950 1,967 1,984 2,001 2,017 2,034 2,051 2,068 2,085 2,102 2,119 2,136 2,153 2,170 2,186 2,203 2,220 2,237 2,254 2,271 2,288 2,305 2,322 2,339 2,355 2,372 2,389 2,406 2,423 2,440 2,457 2,474 2,491 2,508 2,524 2,541 2,558 2,575 2,592 2,609 2,626 2,643 2,660 2,677 2,693 2,710 2,727 2,744 2,761 2,778 2,795 2,812 2,829 2,846 2,862 2,879 2,896 2,913 2,930 2,947 2,964 2,981 2,998 3,015 3,031 3,048 3,065 3,082 3,099 3,116 3,133 3,150 3,167 3,184 3,200 3,217 3,234 3,251 3,268 3,285 3,302 3,319 3,336 3,353 3,369 3,386 3,403 3,420 3,437 3,454 3,471 3,488 3,505 3,522 3,538 3,555 3,572 3,589 3,606 3,623 3,640 3,657 3,674 3,691 3,707 3,724 3,741 3,758 3,775 3,792 3,809 3,826 3,843 3,860 3,876 3,893 3,910 3,927 3,944 3,961 3,978 3,995 4,012 4,029 4,045 4,062 4,079 4,096 4,113 4,130 4,147 4,164 4,181 4,198 4,214 4,231 4,248 4,265 4,282 4,299 4,316 4,333 4,350 4,367 4,383 4,400 4,417 4,434 4,451 4,468 4,485 4,502 4,519 4,536 4,552 4,569 4,586 4,603 4,620 4,637 4,654 4,671 4,688 4,705 4,721 4,738 4,755 4,772 4,789 4,806 4,823 4,840 4,857 4,874 4,890 4,907 4,924 4,941 4,958 4,975 4,992 5,009 5,026 5,043 5,059 5,076 5,093 5,110 5,127 5,144 5,161 5,178 5,195 5,212 5,228 5,245 5,262 5,279 5,296 5,313 5,330 5,347 5,364 5,381 5,397 5,414 5,431 5,448 5,465 5,482 5,499 5,516 5,533 5,550 5,566 5,583 5,600 5,617 5,634 5,651 5,668 5,685 5,702 5,719 5,735 5,752 5,769 5,786 5,803 5,820 5,837 5,854 5,871 5,888 5,904 5,921 5,938 5,955 5,972 5,989 6,006 6,023 6,040 6,057 6,073 6,090 6,107 6,124 6,141 6,158 6,175 6,192 6,209 6,226 6,242 6,259 6,276 6,293 6,310 6,327 6,344 6,361 6,378 6,395 6,411 6,428 6,445 6,462 6,479 6,496 6,513 6,530 6,547 6,564 6,580 6,597 6,614 6,631 6,648 6,665 6,682 6,699 6,716 6,733 6,749 6,766 6,783 6,800 6,817 6,834 6,851 6,868 6,885 6,902 6,918 6,935 6,952 6,969 6,986 7,003 7,020 7,037 7,054 7,071 7,087 7,104 7,121 7,138 7,155 7,172 7,189 7,206 7,223 7,240 7,256 7,273 7,290 7,307 7,324 7,341 7,358 7,375 7,392 7,409 7,425 7,442 7,459 7,476 7,493 7,510 7,527 7,544 7,561 7,578 7,594 7,611 7,628 7,645 7,662 7,679 7,696 7,713 7,730 7,747 7,763 7,780 7,797 7,814 7,831 7,848 7,865 7,882 7,899 7,916 7,932 7,949 7,966 7,983 8,000 2Q25 1Q26 2Q26 2Q 2026 – Indovinya173%QoQ 2Q26 vs 1Q2694%YoY2Q26 vs 2Q25EssentialsHVA HVA EBITDA%Total EBITDA% Note (1) Indovinya has 2 reportable segments: HVA and Essentials. HVA is comprised of Surfactants, PEO, EOA, Oleochemicals (reclassified from Essentials), and PG, while Essentials is made up of EG, LAB, Solvents, PO (reclassified from HVA), and Others. Source: IVL Analysis IndovinyaIndovinya EBITDA (THB M) and Margin1
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13© Indorama Ventures 202622%22%26%78%78%74%20,26518,90224,1382Q25 1Q26 2Q26 2Q 2026 – Indovinya by End-MarketsHVA by End MarketsIndovinyaIndovinya Revenue (THB M) Source: IVL AnalysisEssentialsHVA 38% HPC21% Crop15% E&R26%Coatings38% HPC23% Crop12%E&R28%Coatings41% HPC24% Crop14% E&R22%Coatings
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14© Indorama Ventures 2026 2Q 2026 – FibersFibers EBITDA (THB M)Fibers Note: Please refer to Table 8in the MD&A appendix for change in Reported EBITDA from previously published quartersSource: IVL Analysis39%YoY 2Q26 vs 2Q25113%QoQ2Q26 vs 1Q261,348 879 1,873 2Q25 1Q26 2Q26 Fibers Volume (MMT) 0.10 0.10 0.10 0.05 0.05 0.05 0.28 0.25 0.19 0.44 0.41 0.34 2Q25 1Q26 2Q26HygieneMobilityLifestyle
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15© Indorama Ventures 2026 1.5 1.5 1.4 4.7 4.7 5.0 1.3 - 1.0 2.0 3.0 4.0 5.0 6.04Q25 1Q26 2Q26Inventory Vol. (MT)COGS/Inventory (Times) Structural Inventory Focus: S&OEInventory Volume and Turnover Real-Time Discipline Real-Time Discipline Optimize Supply Chain and Integrated Planning Optimize Supply Chain and Integrated Planning Deploy Digital Tools Deploy Digital Tools Challenge Slow Moving &Safety Stocks Challenge Slow Moving &Safety Stocks Improving Inventory Management
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16© Indorama Ventures 2026 Deleveraging on track Note: (1) Translation effects includes Lease liability movement THB 1.7B and Forex translation effect THB 3.6BSource: IVL Analysis Net Debt / EquityDec 20251.83Jun 20261.56 Net Debt / EBITDADec 20257.6Jun 20265.3 Change in Net Debt (THB B)236.0 226.4 1.5 5.3 5.8 2.5 2.8 5.3 (29.7)(3.0)Net DebtDec 2025EBITDA NWC and others Tax cash Maintenance capex Interest cost Perp interest anddividend to NCI andIVL shareholdersGrowth capex Translation effects¹ Net DebtJun 2026Lower Net Debt THB 9.6 billionOCF after maintenance capexTHB 25.9billion87% EBITDA conversion
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17© Indorama Ventures 2026 Key Message 2026 outlook reaffirmed2H26 earnings moderation expected; 2028 ambitions maintained 2026 outlook reaffirmed2H26 earnings moderation expected; 2028 ambitions maintained Deleveraging on trackStrong cash generation; working-capital discipline; lower net debt Deleveraging on trackStrong cash generation; working-capital discipline; lower net debt Structural platform advantageGlobal footprint; local-for-local agility Structural platform advantageGlobal footprint; local-for-local agility Broad-based earnings recoveryManagement self-help actions; favorable market conditions Broad-based earnings recoveryManagement self-help actions; favorable market conditions
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Click to edit Master title styleClick to edit Master subtitle style© Indorama Ventures 2024 Thank you