Interim report
Page 1
Ref . No. IVL 001/08/2026 11 Aug 2026 The President The Stock Exchange of Thailand INDORAMA VENTURES Subject : Submission of Quarterly Reviewed Financial Statements and the Management Discussion and Analysis of Indorama Ventures Public Company Limited for the second quarter ended June 30 , 2026 We are pleased to submit : 1. Consolidated and Company only Quarterly Reviewed Financial Statements for the second quarter of 2026 ( a copy in Thai and English ) 2. Management Discussion and Analysis ( MD & A ) the second quarter of 2026 ( a copy in Thai and English ) 3. Company's performance report , Form 45 for the second quarter of 2026 ( a copy in Thai and English ) Please be informed accordingly . Sincerely yours , Mr. Aloke Lohia Group CEO Indorama Ventures Public Company Limited Company Secretary Tel : +662 661 6661 Fax : +662 661 6664 0
Page 2
1 2Q26 Executive Summary 2Q26 Performance Highlights Table 1: Reported Financials of Consolidated Business- 2Q26 THB Million (except where stated otherwise) 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY Production Volume (MMT)3 3.02 3.12 3.36 (3)% (10)% Operating rate (%) 74% 76% 78% (3)% (5)% Sales Volume (MMT)3 3.09 3.18 3.33 (3)% (7)% Consolidated Revenue1,6 136,014 109,296 117,552 24% 16% EBITDA2,7 21,687 8,048 9,454 169% 129% CPET with Intermediate Chemicals7 14,433 5,464 5,491 164% 163% Indovida 1,311 743 810 76% 62% Indovinya4 4,688 1,715 2,416 173% 94% Fibers7 1,873 879 1,348 113% 39% EBIT 15,042 1,581 3,191 851% 371% Net Profit before impairments and other exceptional items 9,165 (1,771) (737) 618% 1,344% Operating Cash Flow after maintenance capex 17,174 8,759 3,438 96% 400% EPS before impairments and other exceptional items 1.59 (0.36) (0.17) 1.95 1.76 Net Debt to EBITDA (times) 5,7 5.35 7.83 5.96 (248)bps (61)bps Net Debt to Equity (times) 1.56 1.73 1.71 (17)bps (15)bps Table 2: Reported Financials of Consolidated Business- 1H26 THB Million (except where stated otherwise) 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 Production Volume (MMT)3 6.14 6.21 6.63 (1)% (7)% Operating rate (%) 75% 71% 77% 5% (2)% Sales Volume (MMT)3 6.27 6.32 6.56 (1)% (4)% Consolidated Revenue1,6 245,310 211,246 236,000 16% 4% EBITDA2,7 29,735 12,583 18,415 136% 61% CPET with Intermediate Chemicals7 19,897 6,942 9,445 187% 111% Indovida 2,053 1,377 1,498 49% 37% Indovinya4 6,403 4,431 5,493 45% 17% Fibers7 2,752 1,443 3,039 91% (9)% EBIT 16,623 (373) 5,834 n.a 185% Net Profit before impairments and other exceptional items 7,394 (5,901) (2,177) 225% 440% Operating Cash Flow after maintenance capex 25,932 19,921 14,550 30% 78% EPS before impairments and other exceptional items 1.24 (1.13) (0.47) 2.37 1.70 Net Debt to EBITDA (times) 5,7 5.35 7.61 5.96 (226)bps (61)bps Net Debt to Equity (times) 1.56 1.83 1.71 (27)bps (15)bps *Combined PET includes Integrated PET and Specialty Chemicals. 1Consolidated financials are based upon elimination of intra-company or intra-business segment transactions. 2Total of each segment may not always tally with consolidated financials due to holding segment. 3Volumes exclude PX and ethylene being captive. 4Indovinya segment breakdowns are unaudited management financials and may change after the completion of the audit. 5Net Debt to EBITDA is calculated based on last 12 months of EBITDA. 6Revenue from sales of goods for 1Q26 and 2Q26 of TPT is moved to exceptional item. 7Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters.
Page 3
2 Executive Summary The second quarter of 2026 marked a meaningful improvement in Indorama Ventures' earnings, building on the momentum established in the first quarter. In the first half of the year the company delivered Consolidated Revenue of THB 245.3 billion (an increase of 4% vs 1H25) and EBITDA of THB 29.7 billion (an increase of 61% vs 1H25). The improvement was positively driven across all our 4 segments, with PET benefiting the most from our ‘local for local’ footprint. Key Performance Drivers in 1H 2026 The strong first half performance was driven by three primary factors: Structural Advantages: The company’s integrated global platform and ‘local for local’ manufacturing model enabled the rapid reallocation of production, maintained reliable customer supply, and allowed for the selective capture of pricing opportunities across multiple geographies. Furthermore, cost inflation in both the PET and Indovinya segments was muted, benefiting from our full value chain integration in North America due to our shale gas linkage. Management Self-Help Actions: Demonstrable progress was made on operational discipline, including cautious production to limit high-cost inventory buildup and a strategic focus on sales and operations execution (S&OE) to enhance real-time visibility and accountability. Favorable Market Conditions: Geopolitical events led to near -term supply disruptions, which drove higher benchmark spreads across the portfolio. Stronger pricing resulted from cost increases in crude oil -related feedstocks. Financial Health and Operational Discipline Inventory and Cash Conversion: The implementation of S&OE rigor directly improved inventory performance. Inventory turnover increased from 4.7x in Q4 2025 to 5. 0x in Q2 2026, representing a structural improvement in converting earnings to cash that is expected to continue. Production and Margin Quality: Operating rates were deliberately moderated this year from 76% in Q1 to 74% in Q2. This reflects a conscious management choice to align production with inventory targets, thereby protecting margin quality and cash conversion in a period of volatile pricing. As illustrated in Exhibit 1, this discipline is also strengthening the resilience of IVL’s PET pricing premium. Unlike 2022, when high inventories amplified the impact of falling feedstock prices and compressed spreads, improved inventory turns and tighter S&OE coordination are enabling faster responses to market movements —helping protect IVL’s local-for-local premium and earnings resilience through the cycle. Balance Sheet Strengthening: The balance sheet strengthened materially in 1H 2026. Operating cash flow after maintenance capex reached THB 25.9 billion. Net debt was reduced from THB 236 billion to THB 226 billion. The net debt-to-equity ratio improved from 1.83x to 1.56x, achieving the full year Capital Markets Day target ahead of schedule.
Page 4
3 Exhibit 1 Segment Performance Highlights Combined PET (CPET) led the improvement with EBITDA of THB 19.9 billion in 1H 2026, rising by 111% YoY. Q2 was exceptional, with EBITDA increasing 163% YoY to THB 14.4 billion, driven by a surge in China integrated PET benchmark spreads to $279 per ton. CPET’s integrated shale-to-PET platform in North America, global footprint, and local-for-local business model remain important structural advantages as market conditions evolve. Indovida achieved THB 2 billion in the first half, up 37% YoY . Q2 EBITDA rose 62% YoY to THB 1.3 billion, supported by organic growth initiatives, a full quarter contribution from the new facility in Tanzania, as well as disciplined pricing action amid the current Middle East conflict. Indovinya delivered 1H 2026 EBITDA of THB 6.4 billion, increasing by 17% YoY, and strong Q2 EBITDA of THB 4.7 billion, a 94% increase YoY. Performance was driven by commercial excellence initiatives and favorable market conditions, with improvements coming from both the HVA and Essentials portfolios. The segment benefited from geographically advantaged production and shale gas advantage. Fibers posted THB 2.8 billion in 1H 2026 EBITDA, declining by 9% YoY , but sequential improvement with Q2 EBITDA of THB 1.9 billion, a 39% increase YoY . Stable Hygiene demand, portfolio optimization efforts and transformation actions helped offset market weakness in Lifestyle and Mobility end markets. Outlook While earnings are expected to moderate from the exceptionally strong second quarter as temporary market tailwinds normalize, the underlying trend remains positive. The 1H 2026 results demonstrate that IVL has successfully shifted from diagnosis to execution. For the remainder of the year, the focus is on four specific goals: - Delivering sustainable earnings under normalized spreads - Converting earnings into free cash flow - Reducing absolute net debt - Improving returns to capital Management is confident in meeting its 2026 estimates and remains committed to the ambitions set for 2028. Note: (1) IVL PET Net Premium = realized premium above Asia PET spread; (2) ICE Brent
Page 5
4 2Q26 Performance by Business Segments Combined PET (CPET) with Intermediate Chemicals 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY Integrated PET Sales Volume (MMT) 1.91 1.94 2.02 (1)% (5)% EBITDA (THB Million) 1 10,233 5,494 4,483 86% 128% Specialty Chemicals Sales Volume (MMT) 0.12 0.11 0.10 6% 17% EBITDA (THB Million) 1 1,105 (200) 66 n.a 1,585% Intermediate Chemicals Sales Volume (MMT) 0.31 0.33 0.37 (8)% (18)% EBITDA (THB Million) 3,095 170 943 1,724% 228% Combined PET Sales Volume (MMT) 2.33 2.37 2.49 (2)% (6)% EBITDA (THB Million) 1 14,433 5,464 5,491 164% 163% 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 Integrated PET Sales Volume (MMT) 3.85 3.90 3.99 (1)% (4)% EBITDA (THB Million) 1 15,727 6,347 8,500 148% 85% Specialty Chemicals Sales Volume (MMT) 0.23 0.20 0.20 15% 13% EBITDA (THB Million) 1 905 382 78 137% 1,061% Intermediate Chemicals Sales Volume (MMT) 0.64 0.60 0.71 6% (10)% EBITDA (THB Million) 3,265 213 866 1,432% 277% Combined PET Sales Volume (MMT) 4.70 4.70 4.90 (0)% (4)% EBITDA (THB Million) 1 19,897 6,942 9,445 187% 111% 1 Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters Benchmark Spreads: China Integrated PET Spread ($/t) US Integrated MEG Spread ($/t) US MTBE Spread ($/t) 1PET integrated spread = PET spread + 0.86 x PTA spread 2PTA spread = ICIS PTA Spot, CFR China - 0.67 x Platts PX Average ASP and ACP 3PET spread = ICIS PET Spot, FOB China - 0.86 x ICIS PTA Spot, CFR China – 0.34 x ICIS MEG ASP 4MEG integrated spread = ICIS MEG ASP – (0.58 x 0.422 x 22.046 x IHS US Ethane price (cpg )) where 0.422 is standard industry consumption of ethane (gallon) for 1 pound of ethylene, 22.046 is conversion of cpp to $/T, and 0.58 is the standard industry consumption of ethylene (ton) for 1 ton of ME G 5MTBE spread = US MTBE spreads = US MTBE price – Methanol Spot – 0.345*Isobutane; Combined PET delivered an exceptional 2Q26, with EBITDA increasing to THB 14,433 million, representing increases of 163% YoY and 164% QoQ, driven by favorable market conditions and supported by management actions. Integrated PET benefited from a significant surge in China integrated PET benchmark spreads, which increased from an average of $132 per ton in 2Q25 and $176 per ton in 1Q26 to $279 per ton in 2Q26, following tighter industry operating rates, limited new c apacity additions and temporary supply disruptions associated with 132 176 279 184 2Q25 1Q26 2Q26 Jul26 380 365 487 451 2Q25 1Q26 2Q26 Jul26 263 359 587 631 2Q25 1Q26 2Q26 Jul26
Page 6
5 geopolitical events. PET prices rose through the year from crude oil related feedstock increases. Cost inflation in the segment was muted, benefiting from full value chain integration in North America due to our shale gas linkage. The YoY improvement was further supported by lower fixed costs from our rationalization initiatives. Management has been prudent on managing inventory levels in 1H 2026, and therefore deliberately lowering production to align with inventory targets while still ensuring business continuity to customers through supply chain rigor and leveraging IVL’s global network of manufacturing locations and raw material sources. In the Recycling vertical, the ongoing strong focus on management actions in terms of Operational and Commercial Excellence have shown results with H1 2026 showing a positive swing of $17.2M in EBITDA. Specialty Chemicals delivered stronger results during the quarter, supported by higher margins and stronger volumes across the product portfolio. Margins benefited from the NDC campaign run during the quarter. Intermediate Chemicals also improved, supported by stronger US MTBE industry spreads, which increased from an average of $263 per ton in 2Q25 and $359 per ton in 1Q26 to $587 per ton in 2Q26, partly offset by lower volumes following the EO/EG turnaround during the quarter. While favorable market conditions were the primary driver of earnings improvement, strong commercial execution and ongoing cost reduction initiatives also supported performance during the quarter. Management continued to strengthen the business fundamentals through enhanced Sales & Operations Execution (S&OE), better inventory discipline, and stronger working capital management, all of which contributed to higher returns and stronger cash conversion. Indovida 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY Indovida Sales Volume (MMT) 0.09 0.08 0.08 12% 11% EBITDA (THB Million) 1,311 743 810 76% 62% 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 Indovida Sales Volume (MMT) 0.17 0.15 0.15 16% 10% EBITDA (THB Million) 2,053 1,377 1,498 49% 37% Indovida delivered EBITDA of THB 1,3 11 million in 2Q26, increasing both YoY and QoQ, while maintaining an EBITDA margin in the high -teen levels . This performance was supported by its market -leading position in packaging, customer intimacy model, and continued operational improvements. The 62% YoY EBITDA increase was primarily driven by strong demand across various markets, particularly in Thailand, Myanmar, Egypt and Ghana. The continued ramp-up in Tanzania following the March 2025 startup of the greenfield facility enabled a full-quarter contribution, leading to incremental volumes and enhanced EBITDA performance. EBITDA increased by 7 6% QoQ, reflecting strong volume growth across all regions, driven by strengthened domestic demand which was supported by the seasonal uplifts due to hot weather and inventory restocking by brand owners amid the Middle East conflict. Higher volume was also driven by organic growth initiatives through NPIs, line expansions, continued customer wins & additional volume allocations. Margins improved due to disciplined pricing actions across Asia and African markets on the back of Middle East War and raw material availability concern.
Page 7
6 Indovinya 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY Indovinya HVA 3,758 1,760 2,357 114% 59% Essentials 930 (44) 60 n.a 1,462% EBITDA (THB Million) 4,688 1,715 2,416 173% 94% Revenue (THB Million) 24,138 18,902 20,265 28% 19% HVA EBITDA Margin 21.1% 12.0% 15.0% 913bps 613bps Total EBITDA Margin 19.4% 9.1% 11.9% 1,035bps 750bps 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 Indovinya HVA 5,518 4,431 5,210 25% 6% Essentials 885 0.4 283 234,156% 213% EBITDA (THB Million) 6,403 4,431 5,493 45% 17% Revenue (THB Million) 43,040 39,211 40,936 10% 5% HVA EBITDA Margin 17.0% 14.5% 16.8% 252bps 16bps Total EBITDA Margin 14.9% 11.3% 13.4% 358bps 146bps Indovinya delivered a strong 2Q26, with EBITDA of THB 4,688 million, increasing 94% YoY and 173% QoQ. Overall EBITDA margin reached 19.4%, while HVA margin was 21.1%. The strong YoY and QoQ improvement were driven by both HVA and Essentials experiencing strong performance with our agile pricing and S&OE approach and our ongoing Commercial Excellence initiatives, assisted by the tailwinds of the current supply chain disruptions. With our concentration in the US, Brazil, and India, and 90% of products sold into consumer -led end markets, we are benefitting from our local for local and geographically advantaged production, linked to strong customer and supplier relationships. HVA remained the key earnings contributor, accounting for 80 % of Indovinya’s EBITDA. HVA EBITDA increased 59% YoY and 1 14% QoQ, primarily driven by stronger results in Surfactants, EOA and PG, while Essentials also improved with higher contributions from LAB and Solvents. Overall, the quarter reflected a combination of favorable market conditions and strong commercial execution, with disciplined pricing and ongoing transformation initiatives supporting margin expansion and earnings quality. Fibers 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY Fibers Lifestyle 0.19 0.25 0.28 (25)% (33)% Mobility 0.05 0.05 0.05 (5)% (7)% Hygiene 0.10 0.10 0.10 (1)% (2)% Sales Volume (MMT) 0.34 0.41 0.44 (17)% (22)% EBITDA (THB Million) 1 1,873 879 1,348 113% 39% 1 Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters
Page 8
7 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 Fibers Lifestyle 0.44 0.52 0.56 (14)% (21)% Mobility 0.10 0.10 0.11 3% (7)% Hygiene 0.20 0.23 0.21 (10)% (2)% Sales Volume (MMT) 0.75 0.84 0.88 (11)% (15)% EBITDA (THB Million) 1 2,752 1,443 3,039 91% (9)% 1 Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters China Industry Lifestyle (Polyester) Spread ($/t) *China Lifestyle fibers spread = CCF NEA PSF - 0.86 x ICIS PTA Spot CFR China - 0.34 x ICIS MEG ASP Fibers delivered sequential earnings improvement during 2Q26 despite continued weakness across several end markets. EBITDA increased to THB 1, 873 million, up 39% YoY and 113% QoQ , supported by pricing actions, improved product mix, and realization of lower-cost inventory. While volumes remained below prior-year levels, stable Hygiene demand, portfolio optimization efforts and transformation actions helped mitigate persistent market weakness in Lifestyle and Mobility. Performance remained mixed across the verticals. The Hygiene vertical continued to provide resilient earnings supported by stable demand in healthcare and personal care applications. The U.S. business delivered improved performance, while operational improvements lifted profitability in the Nonwoven portfolio during the quarter. In the Lifestyle vertical, margins benefited from lower -cost inventory carried over from 1Q26, resulting in inventory gains despite broadly flat industry margins. However, earnings remained affected by cautious consumer spending and ongoing customer destoc king. Management made deliberate production cuts in the quarter in order to avoid inventory build up, protecting margin quality and cash conversion. The Mobility vertical remained under structural pressure from weaker automotive demand and excess global tire cord capacity, particularly in China. Management continued leveraging its global customer relationships to regain volumes and strengthen pricing. With limited support from market conditions, management remained focused on initiatives within its control. The business continued executing its portfolio optimization and operational discipline . These initiatives are intended to strengthen the business by improving resilience, enhancing cash generation, and reducing dependence on a broad market recovery. 135 128 128 132 2Q25 1Q26 2Q26 Jul26
Page 9
8 ESG Journey 1. Circularity Policy and Advocacy Engagement: Engaged in key industry and policy platforms, including the WWF Plastic Summit 2026, NAPCOR -related policy discussions, RePlast Eurasia 2026, and European circular economy policy dialogues, contributing to indust ry collaboration and practical discussions on PET circularity, recycling infrastructure, and scalable circular economy solutions. 2. Regional Circularity Collaboration: Participated in discussions with regional leaders at the World Economic Forum in Seoul to discuss how circularity can accelerate decarbonization, strengthen resource resilience, and enhance industrial competitiveness through cross-sector and regional collaboration. 3. Textile Circularity Solutions: Showcased recycled polyester fibers and filament yarns at Indo Intertex 2026 in Jakarta and the Textiles Recycling Expo in Brussels, including solutions made from polyester textile waste and PET bottle feedstock to support cu stomers and brands in advancing traceability, reliable supply, and scalable circular textile supply chains. 4. Sustainable Packaging Solution: Supported the U.S. launch of a new concentrate bottle for a major global beverage brand through CPET Specialty Polymers’ advanced oxygen barrier technology. The lightweight bottle incorporates 20% recycled PET while maintaining product protection and a 12-month shelf life. 5. Indovinya Global Supplier Day: Hosted Indovinya’s first Global Supplier Day 2026 to reinforce responsible sourcing, sustainability, compliance, transparency, and performance expectations with suppliers across regions. The event also introduced Supplier Recognition Awards covering sustainability, quality, reliability, and innovation. 6. CSR-DIW Continuous Awards: Seven Indorama Ventures sites across Thailand received the CSR -DIW Continuous Award 2025, recognizing their commitment to social and environmental responsibility, alignment with ISO 26000 principles, and integration of responsible practices into site-level operations. 7. Safety Performance Recognition: Indovida Misamis Oriental in the Philippines received Silver -level recognition under the Safety Milestone Recognition Program, achieving a score of 79.70%. The recognition reflects strong safety performance, including more than one million safe man -hours, zero imminent danger, and zero near misses. 8. Sustainability Disclosure: Published the Sustainability Report Executive Summary 2025, highlighting progress across circularity, decarbonization, low -carbon solutions, digitalization, and value chain engagement.
Page 10
9 Business Segments Definitions IVL now categorizes its businesses in four segments. This section of the document will discuss the performance of these four segments. Combined PET Integrated PET Full PET value chain PX (Paraxylene), PTA (Purified terephthalic acid), PET (Polyethylene terephthalate), and Recycling Specialty Chemicals Specialty PET-related chemicals (for medical, premium bottles, films and sheets); PIA (Purified Isophthalic Acid, for PET production, unsaturated polyester resins and coatings); NDC (Naphthalene Dicarboxylate, for optical displays and industrial/mobility uses) Intermediate Chemicals Includes Ethane to MEG and MTBE for integration into PET Indovida Packaging segment primarily for Consumers and F&B applications Indovinya Integrated Downstream Surfactants for multiple applications i.e. Home and Personal Care, Crops solutions, Coating & Performance Solutions and Energy & Resources, etc. Fibers Polyester, Rayon, Nylon, Polypropylene, composites and worsted wool fibers, for three end-use segments: Mobility (automotive parts e.g. airbags, tires, seatbelts), Lifestyle (apparel, active wear), and Hygiene (diapers, feminine care)
Page 11
10 Performance Highlights Table 3: Segment Results for 2Q26 THB Million (except where stated otherwise) 2Q26 1Q26 2Q25 2Q26 QoQ 2Q26 YoY QTD Avg. USD to THB 32.60 31.61 33.11 3% (2)% YTD Avg. USD to THB 32.09 31.61 33.55 2% (4)% Closing USD to THB 33.27 32.84 32.56 1% 2% Closing USD to BRL 5.18 5.22 5.46 (1)% (5)% Crude Oil Brent ($/bbl) 97 78 68 24% 43% Production Volume (MMT)3,6 3.02 3.12 3.36 (3)% (10)% CPET with Intermediate Chemicals 2.28 2.31 2.55 (2)% (11)% Indovida 0.09 0.08 0.08 6% 9% Indovinya6 0.32 0.32 0.30 (1)% 6% Fibers 0.34 0.41 0.43 (17)% (22)% Operating rate (%)4,5,6 74% 76% 78% (3)% (5)% CPET with Intermediate Chemicals6 79% 80% 82% (1)% (3)% Indovida 77% 74% 74% 4% 4% Indovinya5,9 59% 60% 58% (1)% 2% Fibers 59% 69% 71% (16)% (18)% Sales Volume (MMT)3,5,7 3.09 3.18 3.33 (3)% (7)% CPET with Intermediate Chemicals 2.33 2.37 2.49 (2)% (6)% Indovida 0.09 0.08 0.08 12% 11% Indovinya5,7 0.33 0.32 0.32 4% 4% Fibers 0.34 0.41 0.44 (17)% (22)% Consolidated Revenue1,2,10 136,014 109,296 117,552 24% 16% CPET with Intermediate Chemicals8,10 89,295 69,410 72,380 29% 23% Indovida 4,824 3,641 3,851 33% 25% Indovinya8 24,138 18,902 20,265 28% 19% Fibers 23,986 22,886 26,297 5% (9)% EBITDA9,11 21,687 8,048 9,454 169% 129% CPET with Intermediate Chemicals11 14,433 5,464 5,491 164% 163% Indovida 1,311 743 810 76% 62% Indovinya 4,688 1,715 2,416 173% 94% Fibers11 1,873 879 1,348 113% 39% EBITDA Margin (%)11 16% 7% 8% 858bps 790bps CPET with Intermediate Chemicals8,11 16% 8% 8% 829bps 858bps Indovida 27% 20% 21% 677bps 614bps Indovinya8 19% 9% 12% 1,035bps 750bps Fibers11 8% 4% 5% 397bps 268bps ROCE(%) 18.7% 1.9% 3.4% 1,672bps 1,522bps
Page 12
11 Table 4: Segment Results for 1H26 THB Million (except where stated otherwise) 1H26 2H25 1H25 1H26 Vs 2H25 1H26 Vs 1H25 QTD Avg. USD to THB 32.09 32.23 33.55 (0)% (4)% YTD Avg. USD to THB 32.09 32.23 33.55 (0)% (4)% Closing USD to THB 33.27 31.58 32.56 5% 2% Closing USD to BRL 5.18 5.50 5.46 (6)% (5)% Crude Oil Brent ($/bbl) 87 66 71 33% 23% Production Volume (MMT)3,6 6.14 6.21 6.63 (1)% (7)% CPET with Intermediate Chemicals 4.59 4.65 4.99 (1)% (8)% Indovida 0.17 0.15 0.16 16% 9% Indovinya6 0.64 0.58 0.62 10% 3% Fibers 0.74 0.83 0.86 (11)% (13)% Operating rate (%)4,5,6 75% 71% 77% 5% (2)% CPET with Intermediate Chemicals6 80% 75% 81% 6% (1)% Indovida 75% 67% 72% 12% 5% Indovinya5,9 60% 52% 60% 14% (1)% Fibers 64% 69% 71% (8)% (10)% Sales Volume (MMT)3,5,7 6.27 6.32 6.56 (1)% (4)% CPET with Intermediate Chemicals 4.70 4.70 4.90 (0)% (4)% Indovida 0.17 0.15 0.15 16% 10% Indovinya5,7 0.66 0.63 0.63 4% 4% Fibers 0.75 0.84 0.88 (11)% (15)% Consolidated Revenue1,2,10 245,310 211,246 236,000 16% 4% CPET with Intermediate Chemicals8,10 158,705 131,088 144,869 21% 10% Indovida 8,465 6,844 7,610 24% 11% Indovinya8 43,040 39,211 40,936 10% 5% Fibers 46,872 46,557 53,602 1% (13)% EBITDA9,11 29,735 12,583 18,415 136% 61% CPET with Intermediate Chemicals11 19,897 6,942 9,445 187% 111% Indovida 2,053 1,377 1,498 49% 37% Indovinya 6,403 4,431 5,493 45% 17% Fibers11 2,752 1,443 3,039 91% (9)% EBITDA Margin (%)11 12% 6% 8% 617bps 432bps CPET with Intermediate Chemicals8,11 13% 5% 7% 724bps 602bps Indovida 24% 20% 20% 413bps 458bps Indovinya8 15% 11% 13% 358bps 146bps Fibers11 6% 3% 6% 277bps 20bps ROCE(%) 10.3% (0.2)% 3.3% 1,054bps 700bps 1Consolidated financials are based upon elimination of intra-company or intra-business segment transactions. 2Total of each segment may not always tally with consolidated financials due to elimination of Intra-company. 3Volumes exclude PX and ethylene being captive. 4IVL’s operating rates includes Oxiteno capacity and volumes, with historical data restated for consistency. 5Volumes and operating rates are revised for captive Purified EO in Indovinya, hence small change in historical info. 6MTBE and MEG capacities in Intermediate Chemicals have been adjusted to reflect the maximum possible production. The impact is not material. 7Indovinya sales quantity are now reported on net external sales quantity basis starting from 1Q25 and prior period sales quantity are duly restated for comparison purposes. 8Minor changes in Indovinya and CPET segment from earlier Management estimates to completion of audit review of Indovinya. 9Realigned capacity and operating rate of Indovinya for 4Q25 with no material impact. 10Revenue from sales of goods for 1Q26 and 2Q26 of TPT is moved to exceptional item. 11 Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters
Page 13
12 Capital Expenditure Program Figure 1: IVL CAPEX Plan
Page 14
13 Forward-looking Statements The statements included herein contain “forward-looking statements” of Indorama Ventures Public Company Limited (the “Company”) that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained herein, 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 Company 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 Company’s control that could cause the actual results, performance or achievements of the Company 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 Company’s present and future business strategies and the environment in which the Company will operate in the future and are not a guarantee of future performance. The predicted volume is based on legacy and new assets already committed, planned and announced. Such forward-looking statements speak only as at the date of this document, and the Company does not undertake any duty or obligation to supplement, amend, update or revise any such statements. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved. Definitions Financials are from audited/reviewed financial statements. Inventory gains/losses in a period result from the movement in prices of raw materials and products from the end of the previous period to the end of the current period. The cost of sales is impacted by inventory gains/losses wherein inventory gains decrease the cost of sales and inventory losses increase the cost of sales. Notes/Disclaimer We recommend that investors always read the MD&A together with the published financial statements to get complete details and understanding. The consolidated financials are based on the elimination of intra-company (or intra-business segment transactions. For this reason, the total of each segment may not always tally with consolidated financials. Similarly segments total may not always match to total due to holdings segment. The Polyester Chain businesses are generally traded in $ and therefore the Company believes in helping its readers with translated $ figures. The Company’s reporting currency is THB. THB results are translated into $ at the average exchange rates and closing exchange rates where applicable. The Company has presented the analysis in the MD&A in $ as it believes that the business can be explained better in $ terms. However, THB numbers are also given where needed. Readers should rely on the THB results only.
Page 15
14 List of Tables Table 1 Reported Financials of Consolidated Business - 2Q26 1 Table 2 Reported Financials of Consolidated Business - 1H26 1 Table 3 Segment Results for 2Q26 10 Table 4 Segment Results for 1H26 11 Table 5 Cash Flow Statement and Financial Position (THB Million) 15 Table 6 IVL Consolidated Statement of Income (THB Million) 17 Table 7 Calculation of EBITDA and Net Profit (THB Million) 18 Table 8 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters 18 Table 9 IVL Consolidated Statement of Financial Position 19 List of Figures Figure 1 IVL CAPEX Plan 12 Figure 2 Repayment Schedule of Long Term Debt 16
Page 16
15 Table 5: Cash Flow Statement and Financial Position (THB Million) *Total of various accounts may not match with the grand total due to decimal round off 1 Includes net proceeds from disposals of PPE, other non-current investments and assumed net debt on acquisitions 2 Includes effect of FOREX changes on balance held in foreign currencies and on the net debt changes over the period of cash flow, due to the increase/decrease in net debt as per statement of financial position might be different 3 Finance cost in the cash flow statement may differ to the income statement on a quarterly basis due to certain payments which are made on an annual or six monthly basis as per conditions of the debt THB Million 2Q26 1Q26 2Q25 Profit for the period after Tax and NCI 5,961 (2,816) (521) Add: NCI 589 381 236 Add: Depreciation & Amortization 6,645 6,467 6,263 Add: Net finance costs 3,133 3,015 3,564 Add: Tax expense (income) 2,275 (12) 148 Add: Impairment loss of PPE 796 54 (372) Less: Impairment loss reversal-TFRS9 (0) (0) (50) Add: (Gain)/loss on disposal/written-off of PPE, net 117 (27) 72 Add: Expense related to defined benefit plans, unrealized items, share of JV, provisions etc. 723 349 1,515 Add: Changes in operating assets and liabilities 1,901 3,231 (3,275) Less: Taxes paid (986) (556) (965) Operating Cash Flow 21,155 10,085 6,614 Maintenance capex (3,981) (1,326) (3,176) Operating Cash Flow after maintenance capex 17,174 8,759 3,438 Net growth and investment capex1 (1,611) (1,161) (8,504) Net financial costs3 (3,662) (2,139) (4,037) Dividends and PERP interest (2,103) (363) (1,997) (Increase)/Decrease in Net Debt on cash basis2 9,797 5,096 (11,101) Lease liability movement (884) (791) 70 Changes in FX movement in Net Debt 12,151 (3,914) 1,137 (Increase)/Decrease in Net Debt as per Balance Sheet 21,064 392 (9,894) Changes in Translation Reserves in Equity 14,006 9,650 1,354 Total Equity 144,920 136,043 144,216 Net Debt 226,389 235,630 247,262 Net Debt to Equity (times) 1.56 1.73 1.71 Debts with fixed interest % 35% 35% 45% Credit Rating by TRIS A+ A+ AA- Liquidity (THB Billions) 103 94 59
Page 17
16 Figure 2: Repayment Schedule of Long-Term Debt Note: Data as of 30 Jun 26, (1) Includes various projects underway which are not yet completed and have not yet started contributing to the earnings; ( 2) Post-Refinancing in 2026; (3) Interest rate excluding bank charges and other associated costs
Page 18
17 Table 6: IVL Consolidated Statement of Income (THB Million) THB Million 2Q26 1Q26 2Q25 Statement of Income Revenue from sale of goods1 136,041 109,366 117,552 Net foreign exchange gain 245 - 185 Other income 612 557 1,193 Total income 136,898 109,922 118,930 Cost of sales of goods 109,857 96,472 102,664 Distribution costs 6,648 5,516 5,965 Administrative expenses 7,600 7,136 7,171 Impairment loss on property, plant and equipment 796 54 (372) Management benefit expenses 159 70 145 Net foreign exchange loss - 139 - Total expenses 125,060 109,387 115,573 Profits from operating activities 11,838 535 3,357 Net finance costs (3,133) (3,015) (3,564) Reversal of expected credit loss (expected credit loss), net 0 0 50 Share of net profit/(loss) of associate and joint ventures accounted for using equity method 120 32 19 Profit before tax expense/(income) 8,825 (2,448) (138) Tax expense/(income) 2,275 (12) 148 Profit for the period 6,550 (2,436) (285) NCI 589 381 236 Net profit after Tax and NCI 5,961 (2,816) (521) Interest on subordinated capital debentures (PERP) (228) (226) (228) Net profit/(loss) after NCI & PERP interest 5,733 (3,042) (749) Weighted average no. of shares (in Millions) 5,615 5,615 5,615 EPS (in THB) 1.02 (0.54) (0.13) 1Revenues are from the financial statements without moving out TPT sale to extra item.
Page 19
18 Table 7: Calculation of EBITDA and Net Profit (THB Million) THB Million 2Q26 1Q26 2Q25 Remarks Net profit after Tax and NCI 5,961 (2,816) (521) Statement of income in FS Depreciation & Amortization 6,645 6,467 6,263 Cash flows in FS Net finance costs 3,133 3,015 3,564 Statement of income/Cash flows in FS Share of net (profit)/loss of associate and joint ventures accounted for using equity method (120) (32) (19) Statement of income in FS (Reversal) of Impairments of assets 796 54 (372) Statement of income in FS Loss on disposal of subsidiary and others 484 369 1 Management classification FX impacts on Long term loans other extraordinary items including inventories and expenses 698 292 - Management classification Severance and Business Restructuring 1,227 331 - Management classification Gain on Fibers portfolio optimization - - 155 Management classification NCI 589 381 236 Statement of income in FS Tax expense (income) 2,275 (12) 148 Management classification EBITDA1 21,687 8,048 9,454 1Please refer to Table 8 in the appendix for 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters. Table 8: 2Q25, 2H25 and 1H25 change in Reported EBITDA from previously published quarters EBITDA as previously reported 2Q25 2H25 1H25 CPET Earlier 5,491 7,816 9,445 Incentive income - (873) - CPET Current basis 5,491 6,942 9,445 Fibers Earlier 1,193 1,437 3,250 Gain on Fibers portfolio optimization 155 6 (210) Fibers Current basis 1,348 1,443 3,039 IVL Earlier 9,299 13,450 18,625 Incentive income - (873) - Gain on Fibers portfolio optimization 155 6 (210) IVL Current basis 9,454 12,583 18,415
Page 20
19 Table 9: IVL Consolidated Statement of Financial Position THB Million 30-Jun-26 31-Dec-25 Assets Cash and current investments 39,015 27,983 Trade accounts receivable 50,223 36,334 Inventories 86,603 79,210 Other current assets 23,832 23,114 Total current assets 199,673 166,642 Investments in associate and joint ventures 11,444 11,044 Property, plant and equipment 277,179 269,933 Right-of-use assets 12,461 12,502 Intangible assets 47,184 46,240 Deferred tax assets 12,054 11,298 Other assets 6,530 5,821 Total assets 566,525 523,480 Liabilities and shareholder's equity Liabilities Bank OD and short-term loans from financial institutions 25,592 36,618 Trade accounts payable 109,760 85,822 Current portion of long-term loans from financial institutions 13,579 14,905 Current portion of debentures 11,971 7,302 Current portion of lease liabilities 2,449 2,365 Other current liabilities 25,621 23,551 Total current liabilities 188,972 170,563 Long-term loans from financial institutions 151,237 134,565 Debentures 52,418 60,012 Lease liabilities 8,284 8,366 Deferred tax liabilities 13,001 12,694 Other liabilities 7,692 8,330 Total liabilities 421,605 394,529 Shareholder's equity Share capital 5,615 5,615 Share premium 60,331 60,331 Retained earnings & Reserves 51,521 36,684 Total equity attributable to shareholders 117,467 102,630 Subordinated perpetual debentures 14,897 14,897 Total equity attributable to equity holders 132,364 117,527 Non-controlling interests (NCI) 12,556 11,424 Total shareholder's equity 144,920 128,950 Total liabilities and shareholder's equity 566,525 523,480
Page 21
20 IVL Investor Relations Contacts ir@indorama.net +662 661 6661 Ext: 134