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September 2026 Orion S.A. Investor Presentation
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2 Disclaimers Forward-Looking Statements This presentation contains and refers to certain forward -looking statements with respect to our financial condition, results of operations and business. These statements constitute forward -looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward -looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those ex pressed or implied in these statements. You should not place undue reliance on forward -looking statements. Forward-looking statements include, among others, statements concerning tariffs and their anticipated impacts, industry trends i n production, investment, onshoring, growth and otherwise, anticipated cost recovery measures and their expected impacts, working capital, capital spending, the potential exposure to market risks, statements expressing management ’s expectations, beliefs, estimates, forecasts, projections and assumptions and statements that are not limited to statements of historical or present facts or conditions. Forward -looking statements are typically identified by words such as “anticipate,” “assume,” “assure,” “believe,” “confident,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “objectives,” “outlook,” “guidance,” “probably,” “project,” “will,” “seek,” “target,” “to be” and other words of similar mean ing. Factors that could cause our actual results to differ materially from those expressed or implied in such forward - looking statements include those factors detailed under the captions “Cautionary Statement for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995” and “Risk Factors” in our Annual Report in Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10 -Q for the periods ended March 31, 2026 and June 30, 2026. It is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause a ctual results to differ materially from those contained in any forward -looking statements. We caution you that the foregoing list of factors is not exclusive and that other risks and uncertainties may cause actual results to differ material ly from those in forward-looking statements. You should evaluate any statements made by us in light of these factors. We undertake no obligation to publicly update or revise any forward -looking statement as a result of new information, future eve nts or other information, other than as required by applicable law. This presentation includes certain financial measures not presented in accordance with GAAP, including Adjusted EBITDA and Fr ee Cash Flow, each of which are non-GAAP financial measures. Accordingly, these measures should not be considered as a substitute for data prepared and presented in accordance with GAAP. Non -GAAP financial measures should not be construed as being more important than comparable GAAP measures. Although we use these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budget ing and reviewing our business, the use of these non-GAAP financial measures as analytical tools have limitations, and you should not consider them in isolation, or as a substitute for analysis of our results of operations as r eported in accordance with GAAP. In addition, because not all companies use identical calculations, the non -GAAP financial measures included in this presentation may not be comparable to similarly titled measures disclosed by other compan ies, including our peers or other companies in our industry. Non -GAAP measures are not performance measures under GAAP and should not be considered in isolation or construed as substitutes for net sales, net income, income from opera tions, gross profit and other GAAP measures as an indicator of our operations in accordance with GAAP. Please refer to the documents filed by us with the U.S. Securities and Exchange Commission (the “SEC”) for more information with respect to our use of non-GAAP financial measures, including reconciliations thereof. Please refer to the Appendix for a reconciliation of each non-GAAP financial measure presented herein to the most directly comparable financial measure state d in accordance with GAAP. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall 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 state or jurisdiction.
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3 Disclaimers (Cont’d) This presentation is intended for the recipient hereof and is for informational purposes only. This presentation, and the inf ormation contained herein, constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part wi thout the prior written consent of Orion Engineered Carbons (the “Company”). By accepting this presentation, each recipient expressly agrees to treat this presentation and the information contained herein or accompanying it in a confidenti al manner and each recipient shall ensure that any person to whom it discloses any of this information complies with this paragraph. The information contained in this presentation has been provided by the Company and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the Company's intention to provide, and recipients may not rely on this presentation as providing, a complete or comprehensive analysis of the Company's financial position or prospects. Recipients should not assume that the information in this presentation is accurate as of any date othe r than the date of this presentation. Neither the Company's nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant to a recipient cons idering making an investment in the Company, and any recipient should conduct its own investigation and analysis. Recipients should not construe the contents of this presentation, or any prior or subsequent communications from or with the Company or its advisors or representatives, as legal, tax or business advice. Each recipient should consult its own attorney, tax, financial or other business advisors as to the legal, business, and tax and related matters concerning any inv estment in the Company. The Company does not undertake any obligation to update or revise this presentation. This presentation may also contain references to industry market data and certain industry forecasts. Industry market data an d industry forecasts are obtained from publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, b ut that the accuracy and completeness of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verified by us and we do not make any representation as to the accuracy o f that information.
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Company Overview Key Investment Highlights Financial Summary Appendix 1. 2. 3. 4. Table of Contents
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01 Company Overview
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6 About Orion Source: Company information, public disclosures, Notch Consulting (April 2026) 1 Fiscal Year 2025. 2 Adjusted EBITDA and Free Cash Flow are Non-GAAP financial measures. See appendix for reconciliation of Non-GAAP to GAAP financial measures. 3 Including JV – DGW. 2025 Business Mix Annual Sale Volume1 Adjusted EBITDA1,2 #1 Global Specialty Carbon Black Producer1 Top 3 Global Rubber Carbon Black Producer1 Year Founded 1862 Countries Served1 >80 Employees1 ~1,600 Production Facilities1,3 15 Rubber 62% Specialty 38% Rubber 66% Specialty 34% Revenue Adj EBITDA 949 kmt $1,807mm $248mm $55mm Revenue1 Free Cash Flow1,2 Leading Western Producer of Carbon Black
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7 What is Carbon Black? Source: S&P Global, Grandview Research, Fortune Business Insights, Company information ¹ Not exhaustive. Diverse Carbon Black Applications¹ Carbon black is comprised of elemental carbon manufactured to precise particle size, surface area, and structure as defined by grade and use application, and produced through tightly controlled processes Carbon Black is used in a diverse group of materials to enhance physical, electrical, and optical properties (largest use by volume being reinforcement in performance rubber) As an additive, specialty carbon black is used for enhancing performance, such as conductivity, viscosity, coloristic static charge control, and UV protection across more diverse end markets Rubber Reinforcing filler in tires and MRG components (Tire replacement>OEM) Batteries/Power Conductivity, carbon brushes, electrodes, battery cells, wire & cable Construction Cement and concrete pigmentation, conductivity Printing inks Pigmentation, rheology, tinting Coatings Black and grey pigmentation, tinting Plastics Black and grey pigmentation, tinting, UV protection Fibers Pigmentation Paper Black and grey pigmentation, deco / photo paper Metal Reduction Compounds Metal smelting, friction compound Metal Carbide Reduction compound, carbon source Fireproofing Reduction of mineral porosity Insulation Graphite furnaces, polystyrene, PU foam
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8Source: Company information, public disclosures 1 Adjusted EBITDA is a Non-GAAP financial measure. See appendix for reconciliation of Non-GAAP to GAAP financial measures. Orion Has a Balanced and Comprehensive Product Portfolio Specialty Carbon Black Rubber Carbon Black Uses • High quality, durable pigmentation • Enhancement characteristics such as UV protection, pigmentation, viscosity control and electrical conductivity Key End Applications • Polymers, coatings, wire & cable, adhesives/sealants, inks, batteries, other specialty applications 2025 Sales Volume 234 kmt Key Brands • PRINTEX® • NEROX® • HIBLACK® • NIPex® • AROSPERSE® • SPECIAL BLACK 2025 Sales / Adj. EBITDA1 $619mm / $94mm (15% Margin) 2025 Geographic Mix (By Net Sales) Uses • Reinforcement and performance additive in rubber compounds (improves resilience, tear-strength, conductivity and other physical properties) • Tires and mechanical rubber goods (“MRG”). A typical tire will use >5 grades of carbon black for distinct purposes 715 kmt • CORAX® • PUREX® • DUREX® • ECORAX® • CK 3 • HP Black $1,188mm / $155mm (13% Margin) EMEA 45% Americas 24% APAC 31% Uses EMEA 43% Americas 41% APAC 16%
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9 What Drives Carbon Black Demand? Carbon Black: Sturdy Demand Function, with Growth Outlook Benefitting from Multiple Global Megatrends Growth Drivers Driver Description Durable Tire Demand Function; Strong Razor Blade Component • Rubber Segment: ~80% Replacement Tires, ~20% OEMs • Consistent steady growth in miles driven, gasoline consumption; EV tires wear more quickly than conventional ICE vehicle tires Diversified Exposure: Infrastructure, Consumer Durable, other Industrial • Applications include mining, agriculture, & construction equipment tires; Hoses, belts, and machinery components; Infrastructure piping; Durables coatings; Electronics Shifting Product Mix • Increasing production of larger, higher quality tires; More carbon black per tire Reshoring • Geopolitical macro, trade flow and economic trends driving onshoring of manufacturing, requiring localized supply chains Increasing Specialty and Polymer Applications • Higher growth, higher margin applications requiring innovation and/or tech service Niche, Highly Scalable Growth Opportunities • Emerging applications, including conductives for battery, energy storage, and wire & cable 1 2 3 6 4 Source: Company information Captive Demand Drivers Secular Megatrends 5
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02 Key Investment Highlights
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11 Demonstrated Earnings Resilience with Cost Pass-Through Contract Structures • ~65% of volume under indexed contracts with formulaic feedstock and energy cost pass-through • Proven profit durability through cycles including COVID-19 and the 2025 demand trough Dedicated and Experienced Management Team • Executive team with decades of industry experience • Track record of consistent execution Leading Global Producer with a Premium, Unmatched Product Portfolio • #1 in Specialty and top-3 in Rubber Carbon Black globally by 2025 revenue • Only producer with all four process technologies, enabling one of the industry's broadest portfolio Inherently Stable Rubber Demand Base Enhanced by High-Growth Specialty Opportunities • ~80% of tire demand is replacement-driven; EV tires wear 25–50% faster than ICE • Specialty positioned for high-growth electrification, power storage, and conductive additive applications Driving Operational Efficiency and Prudent Capital Allocation • On track for ~$20M gross annualized cost savings and ~$30–$40M working capital cash flow improvement • Capex reduced to ~$90M in 2026, ~$70M lower YoY, focused on maintenance and reliability High Barriers to Entry Underpinned by a Localized, Multibillion-Dollar Asset Base • 95%+ of Rubber sales are local-for-local, insulating against tariffs and supply chain disruption • Multi-year customer qualifications and stringent environmental permitting deter new market entrants Key Investment Highlights 1 2 5 6 3 4
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12 Orion is one of the world’s largest producers of carbon black and is a strong player in major regional rubber markets throughout the world Orion is a Clear Market Leader… Leading Industry Positions in Specialty and Rubber Carbon Black Markets Source: Company information, public disclosures, Notch Consulting (April 2026) 1 Reflects market position of global companies. Specialty carbon black based on revenue; Global rubber carbon black market share based on global sales ended 2025. 2 Based on volume growth. 1 • Largest global share of specialty carbon black • Leading player in more differentiated, higher-margin premium grades • Greatest breadth of reactor process technologies, conferring innovation and know-how advantage; broadest specialty portfolio • One of the largest global producers of rubber carbon black • One of only three suppliers worldwide maintaining a global carbon black production network serving key accounts across regions with a complete and balanced portfolio Industry Shares1 Global Market Growth (2025-2030E CAGR)2 Specialty Carbon Black Rubber Carbon Black 4.7% 2.4% Company Global Market Position #1 #2 #3 Company Global Market Position #1 #2 #3
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13Source: Company information, public disclosures …With a Portfolio that Addresses Diverse Applications… 1 Segment Specialty Carbon Black Rubber Carbon Black Description Global leader in specialty carbon black Engineering materials to provide solutions in conductivity (battery, cable, plastics), coatings, inks, sealants, and engineered plastics applications Third largest global player Thought leader on the need for return on capital, and in driving for increased re-investment pricing levels in a market traditionally focused on margins Applications Key Attributes & Select Applications 61% 19% 13% 7% Polymers Printing & Coating Automotive Special Apps 57% 15% 28% Replacement Tire OEM Tire MRG Infrastructure & Other Polymers Dispersibility, UV Protection, Conductivity, Coloring, IR Absorption, Reinforcing Pipe (conductive, pressure, irrigation), W&C (conductive layers, jacketing), Fiber (textiles), Films (packaging) Coatings & Inks Pigmentation, High Jetness, Coloring, Gloss, Food Contact, Dispersibility Auto (OEM, refinish), Industrial (protective marine, aerospace, packaging), Architectural, Deco Auto Viscosity, Reinforcing, Coloring, Anti-Sag Properties, UV Stability Adhesives & sealants (polymer, windshield, metal, underbody) Special Apps Electrical Conductivity, Chemical Stability, High Structure, Dispersibility, Purity Consumer Elec. (mobile phone, laptop), Industrial (energy storage), Mobility (EV, P/HEV) Replacement Tires Tensile Strength, Rolling Resistance, Tear and Abrasion Resistance, Dry Grip, Handling, Reinforcement, Processability, Cut Resistance, Dynamic Stiffness Passenger Car & Light Truck, Truck & Bus, Agricultural (tread, belt plies, sidewall, inner liner)OEM Tire MRG (Mechanical Rubber Goods) Tensile Strength, Tear and Abrasion Resistance, Reinforcement, Higher Filler Loadings, Compression Set, Smooth Surfaces, Processability (during extrusion), Scorch Safety, Improved Dispersion Food & Medical (tubing, hoses, sealing) Auto (seals, hoses, belts, extruded parts, molded parts, gaskets) Building & Construction (conveyor systems, belts)
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14 1 … And Whose Chemistry is Essential for Today and Tomorrow • Reinforcing or strengthening agent • Protective coatings • Enhances functionality of pigments & adhesives • Electrical conductivity • Static charge control • UV protection Adhesives Engineered Plastics Rubber Conductivity Advantages of Carbon Black Usage in Key Applications
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15 2,900 3,000 3,100 3,200 3,300 3,400 Apr-2021 Apr-2022 Apr-2023 Apr-2024 Apr-2025 Apr-2026 24 25 26 26 28 17 15 18 19 1915 14 16 16 16 24 26 27 28 29 80 79 87 89 92 2021 2022 2023 2024 2025 1.0 % 0.8 % 0.9 % 0.9 % 1.0 % 2020 2021 2022 2023 2024 Carbon Black is an Inherently Stable Business: Tires Need Replacement OEM Demand (~20%) Source: IHS Data, AutoForecast Solutions Data, Federal Reserve Bank of St. Louis, World Bank; latest data available as of May-2026 1 Per Woodmac. Refers to the total number of active, registered vehicles on the road. 2 World Bank data not yet available for 2025. 2 • The number of cars on roads globally continues to increase, driving increased global need for tires of all types, irrespective of powertrain - Cars use carbon black not just for tires, but also for various other specialty applications - From 2000, the number of cars on the road has increased by a CAGR of 3% - The growth in car parc has been seen across all the key geographic regions Orion is best-positioned to serve for the long term • Approximately 80% of global tire demand originates from replacement markets, and replacement segment is expected to grow steadily at 1.5% CAGR, exceeding OEM growth; EV penetration bolsters replacement demand, given faster wear characteristics of EV tires - Multiple investments in net new and/or modernized tire manufacturing plants currently planned across North America, underscoring 'reshoring' trend - These newer facilities, with “local-for-local” supply chain needs, are expected to require capital investment of $7 - $8 billion Replacement Demand (~80%) Annual Global Light Vehicle Unit Sales Global Population Growth2 Global Car Parc1 US 12-Month Vehicle Miles Driven (Millions) 24 25 26 26 28 17 15 18 19 1915 14 16 16 16 24 26 27 28 29 80 79 87 89 92 2021 2022 2023 2024 2025 China Europe US Other (Billions of Miles) 2.5% CAGR 500 750 1,000 1,250 1,500 2000 2005 2010 2015 2020 2025 (Millions of Vehicles)
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16 Key Theme or Outsized Market Growth Driver … While Niche Markets Underpin Attractiveness of Differentiated, Higher-Margin Specialty Carbon Black Segment OEC Initiatives Growing Consumer Demand Impact Consumer Experience Aspirational Purchases Personal Transportation Result EV Demand Prestige Materials and Packaging OEM Demand and Mileage Innovation Investment in Both Segments Continued Leadership in Proprietary Production Capabilities OEC Initiatives Gen Z Concerns Impact Electrification Circular Economy Tire Recycling Result Conductive Additive Demand Tire Derived Carbon Blacks ELT Pyrolysis Oil as Feedstock Bio Circular Oil as Feedstock Acetylene Black Repositioning OEC Initiatives EV’s Impact Power Storage Grid 2.0 Result Conductive Additive Demand Enhanced Tire Wear e-Mobility: Kappa Conductivity; Enabling Lithium-ion Batteries New Processing Technologies: Emissions Reduction Electrification 2
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17 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 PC Tires TBR Tires • Thailand is the largest Southeast Asian exporter of tires to US – almost twice as large as Cambodia and Vietnam combined • There is ~2-month lag between exports and imports • EC Affirmative Action Duties on Imported Chinese Tires - Recent modification on duty rates to 25% - 45%, effective July 7 - Anti-subsidization investigation still ongoing in EU, expected to conclude late summer and could add favorably to trade friction • Shift would break from current USMCA, which requires 75% regional content to qualify for preferential tariff treatment - US administration aiming to raise North American auto content to 82%, with 50% from the US, a net positive for US MRG producers Improving International Tire Trade Flow Supports Recovery 2 Sources: USTMA, Trade Map, International Trade Centre, Notch Consulting Truck & Bus (TBR) OTR (Construction, Mining, Ag, other) Passenger Cars/Light Trucks (PC) PC, TBR and OTR segments each consume about one third of carbon black volumes deployed in tire markets globally Exports from Thailand, the largest tire exporter to U.S., have been declining U.S. tire imports have subsided, but channel inventories remain elevated U.S. Tire Imports 3-Month Rolling Average – (USTMA) Units in Thousands Thailand Tire Exports to U.S. 3-Month Rolling Average -12.2% 13,000 16,000 19,000 22,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2023 2024 2025 2026 -1% 2024-M01 2024-M04 2024-M07 2024-M10 2025-M01 2025-M04 2025-M07 2025-M10 2026-M01 2026-M05 -18.7% 2025-M05 2026-M04
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18 Orion Is Anticipated To Be Key Beneficiary of Reshoring, Including North American Tire Producer Capital Commitments Through End of Decade 2 Key Announcements of N.A. Tire Production and/or Modernization Investment Sources: Global Data (Sept. 2025), Notch Report, ERJ, Trade Press, Orion Estimates Note: Investment capital totals shown with completion dates 2025 and beyond. USA, 77% Mexico, 14% Canada, 9% $7-8bn Anticipated in Total Investments 2023 – 2029 (Notch: Carbon Black Global Outlook; Public Announcements) Allocation of North American Tire Investments by Country $610mm (May-23) $1.6bn (Aug-22) $540mm (Mar-23) $865mm (Aug-24) $1.1bn (Mar-24) Other Tire Companies‘ Investments: ~$3bn
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19 106.6 136.2 137.3 131.3 134.3 137.4 137.6 137.2 137.5 137.8 106 111 116 121 126 131 136 141 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 1 Key Freight End Market: PMI > 50 Suggests Improvement in Freight Activity 2 Source: St. Louis Fed, S&P Global 1 YTD as of 8/23/2026 -9% 30 40 50 60 70 Jan 2017 May 2017 Sep 2017 Jan 2018 May 2018 Sep 2018 Jan 2019 May 2019 Sep 2019 Jan 2020 May 2020 Sep 2020 Jan 2021 May 2021 Sep 2021 Jan 2022 May 2022 Sep 2022 Jan 2023 May 2023 Sep 2023 Jan 2024 May 2024 Sep 2024 Jan 2025 May 2025 Sep 2025 Jan 2026 May 2026 Eurozone North America Purchasing Mangers Index – Monthly Averages Freight Transportation Services Index – Annual Averages 50 Commentary Truck & Bus (TBR) OTR (Construction, Mining, Ag, other) Passenger Cars/Light Trucks (PC) • Of carbon black fed into tire end market, about one third is consumed in production of Truck & Bus tires (TBR) • In the Americas region, the TBR market comprises 35-40% of carbon black demand, more than global average • Consistent with the broader tire end market, TBR is dominated by replacement tires • Consistent PMI readings above 50 signal growth in manufacturing activity which is a positive harbinger for the freight end market as well as the tire (truck and bus) end market • Largest exporter of TBR tires to the U.S. is Thailand, where export levels are gradually subsiding from 2024-2025 peak levels • Separately, on the OEM side, Class 8 fleet orders have surged in past four months, on industry recovery and/or pre-buy ahead of new 2027 emission standards
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20 Americas 24% EMEA 45% Asia 31% 2025 Specialty Net Sales Orion’s rubber market is 95%+ local to local Source: Company information, public disclosures Note: Footprint as of 2025. Orion Maintains a Proven, Long-Established and Localized Asset Base – Difficult to Replicate 3 Raw material purchasing leverages regional feedstocks Ability to supply customers with the full range of grades and particle sizes Redundancy in plant footprint ensures stability of supply Plants Technical Center Administration/HQ Tire Manufacturing Plants Americas Tire Manufacturing Plants ~125 Capacity (tires) ~450M Market Share ~15% EMEA Tire Manufacturing Plants ~130 Capacity (tires) ~470M Market Share ~18% Asian Tire Manufacturing Plants ~300 Capacity (tires) ~3.5B Market Share ~65% Americas 41% EMEA 43% Asia 16% 2025 Rubber Net Sales High regulatory hurdles due to emission standards in Americas and EMEA and extended timeline for permits Replacement Value >$3.5 billion
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21 Carbon black demand is consistently stable with biggest YoY change due to COVID lockdowns reducing travel rather than demand cyclicality Source: Company information, public disclosures A History of Delivering Consistent Volumes Through Challenging Macro Events… 4 Specialty Carbon Black Volume (kmt)Rubber Carbon Black Volume (kmt) 772 635 701 739 711 689 715 251 232 263 224 221 246 234 1,023 867 964 963 932 935 949 2019 2020 2021 2022 2023 2024 2025
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22Source: Company information, public disclosures Note: Numbers may not sum due to rounding.1 Adjusted EBITDA is a Non-GAAP financial measure. See appendix for reconciliation of Non-GAAP to GAAP financial measures. … And Demonstrated Profit Durability Over Time 4 Specialty Carbon BlackRubber Carbon Black Gross Profit Total Adjusted EBITDA % of Gross Profit Adj. EBITDA1 ($mm) Commentary $231 $219 $144 $189 $248 $291 $277 $219 $199 $170 $149 $198 $201 $160 $152 $141 $430 $390 $292 $387 $449 $451 $429 $360 2018 2019 2020 2021 2022 2023 2024 2025 68% 69% 68% 69% 70% 74% 70% 69% 2018 2019 2020 2021 2022 2023 2024 2025 $294 $267 $200 $268 $312 $332 $302 $248 • Consistent conversion of gross profit to Adjusted EBITDA • Stable demand function; Volatility in 2020 driven by Covid lockdown impacts on miles driven, and tire manufacturing plant curtailments • Strong pricing environment in early 2022 – 2024 aligned with conclusion of EPA compliance spending, and Orion strategic imperative to earn a fair return on mandated capital deployment • Profit regression 2023 – 2025 due to persistently lower PMI (below 50) in Americas and Europe and lower electricity rates in Europe (reduced value of co-generation) • Reduced local tire build rates on higher imports into key Western regions has impacted results, primarily due to geographic and product mix
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23Source: Company information, public disclosures 1 Based on 2025A volume. Contract Structures Provide Revenue Visibility and Ability to Pass- Through Cost Variability 4 Key Pass-Through Mechanisms/Clauses, Other Considerations Contract Structures1 • The Company sells carbon black under the following two categories • Indexed Contracts: Includes contracts with monthly or quarterly automatic feedstock and/or energy cost adjustments • Non-Indexed Contracts: Includes short-term contracts (usually shorter than three months) where sales of carbon black products are not linked to carbon black oil market prices • Almost two-thirds of customer book covered by contracts • Majority of Orion’s contracts are longer-term in nature (12 months or longer) • Contracts contain formula-driven price adjustment mechanisms for changes in: • Oil-based raw material feedstock costs • Energy and logistics/fuel costs volatility • Pass-through features help maintain “base profit” during volatile raw material and energy pricing environments • In Specialty, key/strategic customers typically have contracts with adjustment mechanisms • Non-indexed: Orion addressed non-formula business with prompt pricing actions, amid oil price volatility in wake of Middle East conflict Specialty Carbon Black Rubber Carbon Black 39% 61% 74% 26% Indexed Contracts (Contracts with Feedstock Adjustments) Non-Indexed Contracts The majority of Orion’s customer portfolio is managed through contracts that mitigate raw material feedstock, energy input and logistics cost risk, through indexed price adjustment mechanisms that generally pass volatility through to customers; Strategic Specialty segment customers also indexed 65% 35%
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24 Key Actions Already Underway to Address Recent Headwinds 5 Demand Responsiveness • Leveraging global network and local presence • Capitalizing on incremental opportunities Cost Containment and Cash Management Focus • Headcount actions in place, efficiency & procurement projects targeting ~$20M gross savings benefit • Lower capex, continued working capital efficiency efforts (at least ~$30M impact), helping drive toward positive FCF Rationalized Footprint • Consolidated 3-5 lines to optimize operations; targeted lower margin businesses; fewer lines competing for capex • Three largest competitors have also announced rationalization or strategic reviews of asset bases Manufacturing Excellence • Momentum behind broad operational excellence initiatives • Substantial improvement in plant reliability, on-time customer orders Focused on Strengthening Partnerships with Growth- Minded Global Tire Players • Supplier rationalization, preference for dependable local suppliers persists • Well-positioned to address spot volume opportunities
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25Source: Bloomberg, FactSet; market data as of 14-Aug-2026 1 Reflects company guidance for 2026E capex. 2 Defined as the Net Change in Operating Assets and Liabilities per the Company’s public filings. 3 YTD as of 14-Aug-2026. Short-Term Working Capital Dislocations Transient; Capex Normalizing Post Completion of Mandated EPA Investments, Discrete Growth Projects WTI Crude Oil | YoY Change in Average Price Per Barrel (%) Orion Change in Net Working Capital2 ($mm) Capex ($mm) Maintenance Environmental Protection Agency (EPA) Requirements Growth / Other Strategic working capital initiatives have diminished exposure to feedstock cost volatility, improving cash flow predictability, enhanced liquidity, and balance sheet resilience across commodity cycles 5 $55 $61 $85 $78 $103 $73 $51 $61 $95 $67 $29 $29 $59 $81 $64 $103 $88 $105 $90 $156 $145 $215 $233 $171 $207 $161 $90 2019 2020 2021 2022 2023 2024 2025 2026¹ $18 $11 $(115) $(139) $108 $(41) $72 $(61) 2019 2020 2021 2022 2023 2024 2025 2026 YTD12026 YTD33 (11)% (30)% 87 % 41 % (16)% (2)% (14)% 24 % 2019 2020 2021 2022 2023 2024 2025 2026 YTD2026 YTD33 Working Capital correlates to oil price fluctuations
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26 Experienced Management Team Industry leading team with extensive commercial and operational expertise 6 Corning F. Painter Chief Executive Officer Jonathan “Jon” Puckett Chief Financial Officer Sandra Niewiem Senior Vice President, Global Specialty Carbon Black and EMEA Region Carlos J. Quinones Senior Vice President, Global Operations Pedro Riveros Senior Vice President, Global Rubber Carbon Black and Americas Region Source: Company information, public disclosures 40+ years of experience 1 year at Orion 12 years at Orion 7 years at Orion 7 years at Orion8 years at Orion 20+ years of experience 25+ years of experience 25+ years of experience30+ years of experience
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03 Financial Summary
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28Source: Source: Company information, public disclosures 1 Adjusted EBITDA is a Non-GAAP financial measure. See appendix for reconciliation of Non-GAAP to GAAP financial measures. Financial Trend Overview (US$ in millions) Specialty Carbon BlackRubber Carbon Black Revenues Adjusted EBITDA1 Commentary Gross Profit • Resilient EBITDA generation • Exposure to cyclical amplitude muted vis-a-vis broader, more commoditized chemicals space – peaks/troughs more shallow • Trough fundamentals in 2025, mostly notably bottoming western tire maker and carbon black industry utilization rates (owing to elevated imports and weak PMI readings) set stage for trough earnings in 2026 • Cash generation in 2025, despite lower global carbon black industry demand levels compared to pre-Covid levels • Encouraging indicators point to demand recovery looking forward, we anticipate these could also portend better annual contract outcomes for 2027 $189 $248 $291 $277 $219 $170 $198 $201 $160 $152 $141 $166 $387 $449 $451 $429 $360 $336 2021 2022 2023 2024 2025 Jun '26 LTM Adj. EBITDA / Gross Profit: $120 $168 $222 $194 $155 $103 $148 $144 $111 $108 $94 $114 $268 $312 $332 $302 $248 $217 69% 69% 74% 70% 69% 65% 2021 2022 2023 2024 2025 Jun '26 LTM $1,547 $2,031 $1,894 $1,878 $1,807 $1,823 2021 2022 2023 2024 2025 Jun '26 LTM
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29Source: Company information, public disclosures Raw Materials & Middle East Impact Direct Sales to Middle East Impact to Gross Profit Revenue from Middle East: ~1.5% Revenue from Other Regions: ~98.5% Commentary • Business has been resilient in high oil price environments • Uncertainty, volatility associated with extended supply chains, and "de-coupling" trends reinforce preference towards more localized supply chains, favoring Orion’s footprint • Pass-through mechanisms performing as expected • Well-executed price increases and surcharges • Minimal impact to Orion feedstock availability • Vast majority of feedstocks purchased in region for regional production • Surge in oil prices leads to a manageable working capital headwind • Oil price downdraft, should one materialize with a peaceful resolution, would release working capital in 2H 2026 or 2027 Revenue FY 2025 $ 79 $ 93 Q1 2026 Q2 2026 17% 19% Q1 2026 Q2 2026 Across 1H 2026, Orion sequentially improved gross profit and demonstrated consistent gross margins Gross Profit ($mm) Gross Profit Margin (%)
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30 Source: Company information, public disclosures 1 Adjusted EBITDA and Free Cash Flow are Non-GAAP financial measures. See appendix for reconciliation of non-GAAP to GAAP financial measures. ² Defined as the Net Change in Operating Assets and Liabilities per the Company’s public filings. Orion Has a History of Generating Positive Free Cash Flow Across Different Market Environments Pre Tax Unlevered FCF1 Breakdown, 2021 – 2026 YTD Commentary 2021 2022 2023 2024 2025 Jun '26 LTM Adjusted EBITDA 1 $268 $312 $332 $302 $248 $217 Change in Net Working Capital² (98) (147) 125 (21) 69 23 [EBITDA less Working Capital] $171 $166 $457 $282 $317 $240 Maintenance Capex ($61) ($85) ($78) ($103) ($73) Environmental Protection Agency (EPA) Requirements (95) (67) (29) - - Growth / Other Capex (59) (81) (66) (104) (88) Total Capex ($215) ($233) ($173) ($207) ($161) ($153) Pre-Tax Unlevered Free Cash Flow 1 ($44) ($67) $284 $75 $156 $87 • Business has been cash generative • EPA-mandated emission capital spending was completed in 2023 • Minimal/no growth capex required to execute business strategy • Structurally improving working capital thresholds, practices and processes to bolster cash flow generation • Free cash flow poised in inflect favorably
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31Source: Company information, public disclosures 1 Adjusted EBITDA and Free Cash Flow are Non-GAAP financial measures. See appendix for reconciliation of Non-GAAP to GAAP financial measures. Q2 Update – Reaffirming Full Year Guidance; Increasing FCF Expectations Commentary • Pickup in demand in late Q1 persisted through Q2, with some moderation late in the quarter in certain Specialty markets where 'restocking' order patterns were evident earlier in the quarter following the surge in oil prices • The sequential strength in Rubber segment demand in early May persisted through much of Q2 • Early indications, based on order book activity, suggest persistence of demand strength during the remainder of the year • However, given macro expectations of 'demand-destruction' post- Middle East conflict, we continue to conservatively underwrite broad 'uncertainty' into our 2H 2026 outlook assumptions • Improved outlook regarding FY 2026 FCF reflects: 1) tangible benefits from continued efforts to improve working capital efficiency, most notably inventory and payables, and; 2) W/C release in 2H 2026, reflecting oil market prices assumed to be lower than Q2 2026 average • Capex unchanged: Continued discipline on capital deployment • Adjusted EBITDA1: 2026: $170 - $210M Unchanged • Free Cash Flow1: 2026: $(10) - $20M Prior: $(25) - $(50)M • Capital Expenditures: 2026: ~$90M Unchanged 2026 Guidance Update, Subsequent to Q2 2026 Earnings Call Q2 Earnings ($ in millions) Rubber Specialty Total Revenue $316.1 $184.8 $500.9 COGS 277.4 130.5 407.9 Gross Profit 38.7 54.3 93.0 Adj. EBITDA1 19.2 39.0 58.2 FCF1 - - 1.9 EPS - - 0.03
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32 Q2'26A $m Amount x Adj. EBITDA Margin Maturity Issue Rating Cash & Cash Equivalents (51) RCF (€350m) 125 5.10% Sep-28 Ancillary Credit Facilities 140 5.10% USD Term Loan B 284 S + 215 Sep-28 B2 / B+ EUR Term Loan B (€300m) 338 E + 240 Sep-28 B2 / B+ China Term Loan 47 4.50% Dec-29 Korea & China Working Capital Loans 29 Total Debt 963 4.4 x Net Debt 912 4.2 x Q2'26 LTM Adj. EBITDA1 217 Source: Company information, public disclosures 1 Adjusted EBITDA is a Non-GAAP financial measures. See appendix for reconciliation of Non-GAAP to GAAP financial measures. Capital Structure • We continue to evaluate opportunities related to address 2028 debt maturities • We are monitoring market conditions and evaluating potential near-term solutions, including in the high-yield bond market
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33 Demonstrated Earnings Resilience with Cost Pass-Through Contract Structures Dedicated and Experienced Management Team Leading Global Producer with a Premium, Unmatched Product Portfolio Inherently Stable Rubber Demand Base Enhanced by High-Growth Specialty Opportunities Driving Operational Efficiency and Prudent Capital Allocation High Barriers to Entry Underpinned by a Localized, Multibillion-Dollar Asset Base Key Investment Highlights 1 2 5 6 3 4
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04 Appendix
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35Source: Global and China Notch April 2026; NA, EMEA, Brazil and Korea Notch Oct. 2025; Europe: EU, EFTA, UK Rubber Carbon Black Market Demand Anticipated Growth 2025 – 2030 2025 2030F 1,246 kT 1,282 kT +0.6% AGR Europe Total Market 2025 2030F 13,698 kT 15,433 kT +2.4% AGR Global 2025 2030F 327 kT 285 kT +3% AGR South Korea 2025 2030F 403 kT 493 kT +4.1% AGR Brazil North America 2025 2030F 1,416 kT 1,566 kT +2.0% AGR 2025 2030F 5,930 kT 6,525 kT +2% AGR China
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36 Specialty Carbon Black Market Demand Anticipated Growth 2025 – 2030 North America 2025 2030F 286 kT 324 kT +2.5% AGR 2025 2030F 30 kT 22 kT Brazil +6.4% AGR Total Market 2025 2030F 1,037 kT 1,302 kT +4.7% AGR Global 2025 2030F 195 kT 228 kT +3.2% AGR Europe 2025 2030F 58 kT 48 kT +4% AGR South Korea 2025 2030F 220 kT 300 kT +6% AGR China Source: Global and China Notch April 2026; NA, EMEA, Brazil and Korea Notch Oct. 2025; Europe: EU, EFTA, UK
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37 Coatings Business Polymer Business Printing Business Special Applications Images Orion Solutions • One of the broadest and highest quality coatings offerings in the industry • Innovative process technology and assets including after-treatment give Orion’s coatings grades unique properties • Broad coatings portfolio • Supported by strong applications platform enabling Orion to serve entire demand spectrum from price-sensitive to high end offerings • Increased activity in high value applications such as conductive materials and advanced insulation • Multiple process technologies to offer highly specialized products that meet specific customer requirements • Focus on high end print e.g. food contact packaging and non-impact printing (inkjet & toner), driving superior margins • Relatively low exposure to print media • Major application fields include building materials, non-woven textiles and agriculture • Innovation activity and partnerships in future markets, e.g. energy storage • Broad Orion product portfolio including aqueous carbon black preparations ensures coverage of diversified market requirements Applications Automotive • Automotive OEM • Automotive Refinish • Top coat, under coat, tinting Industrial • Wood, Coil and Plastic Coatings • Protective and Marine • Aerospace • Packaging • Powder Coating for appliances and metal Architectural • Architectural • Decorative • DIY Pipe / Wire & Cable • Pressure Pipes • Irrigation • Sewage Pipes • Conductive • Power Cables (LV to HV) Films / Molding • Agricultural Films • Packaging • Geo-membrane • Foil Lamination • Housing • Container Packaging • Liquid Inks • UV Curing • Sheetfed • Screen • Food grade Print Media • Heatset/Sheetfed • Screen • Water-Based Gravure/Flexo • UV Curing Inkjet & Toner • Inkjet • Toner • Black Matrix Building Materials • Construction • Infrastructure Non-Woven Textiles • Cable composite • Horticulture Agriculture • Pigmentation Foundry/Refractory • Reduction agent • Porosity control Batteries • Conductivity Adhesives & Sealants • Auto • Buildings • Reinforcement • Anti-sagging Others • Textiles • Industrial • Thermal Insulation • Thermosets • Engineering Plastics Source: Company information, public disclosures Case Study: Specialty Carbon Black Applications
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38 Reconciliation of Non-GAAP Metrics (US$ in millions) Source: Company information, public disclosures 1 Finance costs, net consists of Interest expense, Finance income and Finance costs, and excludes Reclassification of actuarial gains out of AOCI. 2 Other non-operating is primarily related to Long-term incentive plan for all periods presented. LTM includes Loss due to misappropriation of assets, net, and Goodwill impairment. ³ Defined as the Net Change in Operating Assets and Liabilities per the Company’s public filings. Historical EBITDA Reconciliation 2021 2022 2023 2024 2025 LTM Net sales $1,547 $2,031 $1,894 $1,878 $1,807 $1,823 Cost of Sales (1,160) (1,582) (1,443) (1,449) (1,447) (1,488) Gross Profit $387 $449 $451 $429 $360 $336 Sales volume (in kmt) 964 963 932 935 949 Gross Profit per Metric Ton 401 466 484 459 379 Net income (loss) $135 $106 $104 $44 $(70) $(96) Income tax expense (benefit) 52 52 60 10 36 32 Equity in Earnings of Affiliated companies (1) (1) (1) (1) (1) (0) Income (loss) before earnings in affiliated companies and income taxes $186 $157 $163 $53 $(35) $(64) Finance costs, net¹ 38 40 51 49 62 59 Reclassification of actuarial gain from AOCI 5 - (9) - - - Income (loss) from Operations (EBIT) $229 $197 $205 $103 $28 $(1) Depreciation and amortization 104 106 113 125 132 135 EBITDA $333 $303 $318 $228 $159 $130 Loss due to misappropriation of assets, net - - - 59 (7) - Goodwill impairment - - - - 81 - Other non-operating² (64) 10 14 15 15 87 Adjusted EBITDA $268 $312 $332 $302 $248 $217 Thereof Adjusted EBITDA, Specialty Carbon Black 148 144 111 108 94 115 Thereof Adjusted EBITDA, Rubber Carbon Black 120 168 222 194 155 103 Change in NWC³ ($115) ($139) $108 ($41) $72 $23 Capex (215) (233) (173) (207) (161) (153) Pre-Tax Unlevered Free Cash Flow ($44) ($67) $284 $75 $156 $87 Operating Cash Flow $145 $81 $346 $125 $216 $177 Investing Cash Flow (215) (233) (173) (207) (161) (151) Free Cash Flow ($70) ($152) $173 ($81) $55 $26