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Third Quarter 2025 Earnings Call Enabling the world’s transition to sustainable materials November 13, 2025 ( )COMPANY OVERVIEW
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FORWARD-LOOKING STATEMENTS. This presentation and the accompanying oral presentation have been prepared by Origin Materials, Inc. (“Origin”) for informational purposes only and not for any other purpose. Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “target,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin’s business strategy and plans for commercializing PET caps and closures, including the focus on product qualification and scaling supply in 2025 to enable commercial revenue in 2026; anticipated strong customer demand and a robust pipeline of prospective customers; the performance and sustainability advantages of Origin’s PET caps and closures, such as improved recycling circularity and compatibility with existing equipment; the impact of tariffs and the company’s response through manufacturing partnerships; projected financial performance, including expected revenue in 2026 and 2027 and the goal of achieving positive run-rate Adjusted EBITDA by 2027; the expected output, unit economics, and payback period of CapFormer manufacturing lines, as well as the timing for bringing additional lines online; the timing of product commercialization, including initial production milestones and ongoing customer qualifications; the size and prioritization of the addressable market for closures; the anticipated benefits and demand for Origin’s PET caps and closures, including potential for shelf-life improvement and enabling mono-material packaging; the ability to convert customer interest into revenue through signed MOUs and product testing; the scalability of Origin’s manufacturing systems and potential for technology licensing; and the impact of key partnerships on commercialization and distribution. The Company does not discount such indications of customer demand by the likelihood of their conversion to actual revenue or the time until such conversion. Some customers may overstate the amount of product they wish to purchase and one should not assume that demand figures disclosed by the Company will necessarily translate into comparable levels of revenue. The forward-looking statements are based on various assumptions, whether or not identified in this presentation, and on the current plans, objectives, estimates, expectations and intentions of the management of Origin and are not predictions of actual performance and inherently involve significant risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the fact that Origin may be unable to successfully commercialize its products; the effects of competition, tariffs, and other trade restrictions on Origin's business; the uncertainty of the projected financial information with respect to Origin, particularly given the rapidly changing tariff landscape; disruptions and other impacts to Origin's business. Other factors that could adversely affect the Company's operations include those discussed in Origin’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission ("SEC") on November 13, 2025, under the heading “Risk Factors,” and other documents Origin has filed, or will file, with the SEC. These filings, when available, are available on the investor relations section of our website at investors.originmaterials.com and on the SEC’s website at www.sec.gov. If any of these risks materialize or Origin’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Origin does not presently know or currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Origin undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required under applicable law. These forward-looking statements should not be relied upon as representing Origin’s assessments of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. USE OF PROJECTIONS. This presentation contains Origin’s projected financial information. Such projected financial information is forward-looking and is for illustrative purposes only. It should not be relied upon as being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to many significant business, economic, competitive and other risks and uncertainties. Refer to “Forward-Looking Statements” above. Actual results may differ materially from the results presented in such projected financial information, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES. This presentation includes projections regarding non-GAAP Adjusted EBITDA run rate, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). This non-GAAP financial measure is in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of this non-GAAP financial measure versus its nearest GAAP equivalent. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of this non-GAAP financial measure as a tool for comparison. We have not reconciled our guidance for non-GAAP Adjusted EBITDA run rate to GAAP due to the uncertainty and potential variability of reconciling items such as stock-based compensation. As a result, a reconciliation is not available without unreasonable effort and we are unable to address the probable significance of the unavailable information. TRADEMARKS. This presentation contains trademarks, service marks, trade names and copyrights of Origin and other companies which are the property of their respective owners. FORWARD LOOKING STATEMENTS AND DISCLAIMERS ORIGIN | 02
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INVESTMENT HIGHLIGHTS ORIGIN MATERIALS Origin has developed breakthrough, proprietary technology for PET caps and closures. 100% PET CAP Strong, comprehensive and young IP protecting the technology and products including PET caps and furanics. 70+ PATENTS Projecting Adjusted EBITDA positive run rate in 2027. EBITDA POSITIVE Mid double digit % ATTRACTIVE GROSS MARGINS Expected revenue generation with $100M-$200M in projected 2027 revenue $20M-$30M 2026 REVENUE Expected time to payback on the manufacturing lines1 <18mo LINE PAYBACK Total addressable market for Origin closures >$65B MARKET Recurring revenue model, current demand exceeds projected manufacturing capacity for foreseeable future. HIGH DEMAND ORIGIN | 03 In discussions with potential licensees. CAN BE LICENSED 1 For certain scenarios, e.g., excluding the effect of tariffs.
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GUIDANCE AT A GLANCE Origin will focus on product qualification and expanding supply in 2025 to realize commercial scale revenue in 2026. Expected revenue in 2026 $20M-$30M CapFormer Lines in 2026 to achieve Adjusted EBITDA positive on run-rate basis in 2027 08-10 Adjusted EBITDA positive on run-rate basis expected in 2027 EBITDA POSITIVE With strong business fundamentals and a clear path forward, Origin benefits from high demand, significant barriers to entry, and strong strategic interest from both customers and partners. ORIGIN | 04 Expected revenue in 2027 $100M-$200M
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Signed customer MOUs. Caps being tested by some of the largest and most famous brands in the world. First PET caps in stores as of August 2025. In market for flat water. ORIGIN TODAY MANUFACTURING & COMMERCIAL Substantial pipeline of prospective customers engaged in testing and qualification. Berlin Packaging customer order in October 2025. Financing plan to enable funding through projected Adjusted EBITDA run rate break-even. On track for 8 to 10 CapFormer lines in 2026 to reach Adjusted EBITDA positive on run-rate basis in 2027 Commenced production on First CapFormer Line February 2025 +08 LINES MANUFACTURING COMMERCIAL ORIGIN | 05
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IN STORES NOW FOR WATER with additional water and carbonated soft drink qualification underway ORIGIN | 06
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OUR TEAM TALENT Origin brings an unrivaled set of industry veterans, leaders, and visionaries. John Bissell CEO | Co-Founder Founded Origin Materials in 2008 US EPA Presidential Green Chemistry Award Josh Lee General Counsel, Chief Compliance Officer Attorney at Irell & Manella, LLP Sr. Analyst at Strumwasser & Woocher, LLP Matt Plavan CFO | COO Former CFO Cesca Therapeutics & Arcadia Biosciences VP Finance, iMcKesson 30 years of leadership and board governance experience Ryan Smith Chief Product Officer | Co- Founder Founded Origin Materials in 2008 Process Engineer at NEC Electronics Jay Hanan, PhD Sr. Technical Dir., R&D 300+ science and engineering publications and almost 300 patents Inducted into the National Academy of Inventors Former Chief Scientist, Niagara Bottling; formerly with NASA Jet Propulsion Laboratory David Ballow VP, Technology Experience leading teams on capital projects of many sizes and stages of dev. including international and domestic projects Formerly at WorleyParsons, Process Technology Manager at Burns & McDonnell Ben Freireich, PhD VP, R&D 10+ years experience in the chemical & process industries Leading industry expert in R&D for solid materials Leland Hansen VP, Manufacturing Extensive experience in overall performance, compliance and long-range planning of manufacturing projects Bamidele Ali VP, Corporate Development Has run several successful businesses within Fortune 100 companies Prior experience includes GE Healthcare, XG sciences, DSM Functional Materials & Danaher Corporation Duane Mazoch VP, Supply Chain & Procurement 13 years at BP managing Engineering , Procurement and Construction Prior 35 years as a Construction Director; Project Director; and Procurement & Contracting Director in oil, gas, petrochemical Federico Barrai , PhD VP, Commercial Development 15+ years experience in the refining and chemical industry Leadership in R&D, technology development, technical services, commercial development, and sales. Anna Richer VP, Project Management Organization 14+ years of chemical industry experience in various engineering and project execution roles Formerly at Dow Chemical Company, Corteva Agriscience ORIGIN | 07
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TALENT Experienced leadership team with a proven track record of creating shareholder value across manufacturing, operations, engineering, technology, and sustainability. John Bissell CEO & Co-Founder Founded Origin Materials in 2008 US EPA Presidential Green Chemistry Award Tony Tripeny Chair Former CFO at Corning, Inc; director at Mesa Laboratories, Inc. 30+ years of operational, strategy, and M&A experience Kathy Fish Former Chief Research, Development and Innovation Officer at Procter & Gamble 41 years experience with Procter & Gamble Board Member at Balchem Jim Stephanou CEO of IPS (Integrated Project Services), a Berkshire Hathaway & engineering and construction services Former VP and Head of Engineering and Projects at Merck & Co., Inc. Former engineering and operations leader, Bayer, Inc. 40 years experience leading private and publicly held specialty chemical companies John Hickox Over 40 years experience in auditing, accounting, FP&A, corporate governance, and executive leadership Former advisory partner at KPMG and Ernst & Young William Harvey Former President at DuPont Packaging and Industrial Polymers 40+ years chemical industry experience Darden School of Business Craig Rogerson Former Chairman, President & CEO of Hexion, Inc.; former Chairman, President & CEO at Chemtura Corp. 40 years experience leading private and publicly held specialty chemical companies B.O.D. OUR ADVISORS ORIGIN | 08
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CAPS & CLOSURES OVERVIEW ORIGIN | 09
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FIRST TO PRODUCE PET BOTTLECAPS AT SCALE. with additional water and carbonated soft drink qualification underway • Long history of market need for PET closure solution • Robust sales pipeline • Compatible with existing customer equipment • Cost-competitive with incumbent solutions STRONG DEMAND PULL • PET offers superior barrier properties vs HDPE and PP1 • Enables bottle lightweighting BETTER PERFORMANCE & SUSTAINABILITY • From hard-to-recycle materials to easy-to-recycle PET • Use off-the-shelf PET, including recycled PET (rPET) • No additives needed to modify polymer • Enables “mono-material” packaging • Well-suited for tethered container solutions in the EU IMPROVES RECYCLING CIRCULARITY /010ORIGIN | 010 >$65B MARKET SIZE: Caps and Closure Sales 1 Currently the materials most used to make CSD 1881 compliant bottle caps.
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“At Berlin Packaging, our sustainability strategy is focused on innovation, collaboration, and measurable impact. We are driven by the belief that Anything Is Possible, and we see that belief in Origin as well. We’re excited to partner with Origin to bring their world changing PET caps to our world-class customers.” – Balaji Jayaseelan, VP of Sustainability at Berlin Packaging August 5, 2025 Read the announcement > CUSTOMER – BERLIN PACKAGING Berlin Packaging is the world’s largest Hybrid Packaging Supplier® with 1,700 global suppliers, over 55,000 SKUs, and over 100 locations across the globe. Berlin Packaging placed its initial order for Origin PET 1881 caps in October 2025, for sale and distribution to its broad customer base. ORIGIN | 011
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CAP PCO1881 PP|HDPE ORIGIN’s CAP PCO1881 PET caps contaminate PET bottle recycling streams NOT SAME MATERIAL Typically reused in only non-food grade applications PP | HDPE DOWNCYCLED May have issues with taste, smell, or appearance PRODUCT QUALITY ISSUES Low rates of HDPE and PP recycling limit supply and raise the price of the recycled material HIGHER PRICE FOR RECYCLED MATERIAL Fully recyclable and can be made with 100% post-consumer recycled PET and used in food-grade applications ENABLES CIRCULAR ECONOMY With improved barrier properties with respect to O2 infiltration and CO2 emission SUPERIOR PERFORMANCE Caps are naturally clear, with the option to add color, printing, or embossing MORE CUSTOMIZATION Able to support high volume supply for multiple cap types SCALABLE MANUFACTURING ORIGIN | 012
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Fundamental technology advantage – Origin PET caps beat alternatives Origin has substantial patent protection and is set to lead a new category of closure Same material as PET bottleRecyclable Can be made with 100% recycled plastic Lightest weight in classDrop in Potential for shelf- life improvement HDPE | PP Incumbent 2 5 1 ORIGIN | 013 Aesthetics (clarity) THERMOFORMED INJECTION MOLDED
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ORIGIN’S THERMOFORMING Heated Sheet Mold Vacuum Draw Problem: • Only certain plastics work well (HDPE/PP) • Difficult to eject from traditional molds • Constrained by how fast molten plastic can move in a tight space to fill the mold • Cycle time must decrease for bigger caps Benefits: • Caps are formed and stamped • Cycle time remains the same regardless of cap size • Thinner caps are possible (lightweighting) • Origin-patented process enables thermoforming of PET caps and closures ORIGIN | 014 Vacuum Draw TRADITIONAL INJECTION MOLDING Plastic Pellets Hopper Heaters Screw Ram Mold Part
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15 MARKET | DEMAND ORIGIN | 015
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We are in market with our 1881 cap for water ($7B segment) Our current strategic prioritization targets five large functional segments. Each segment utilizes different cap formats to achieve unique performance characteristics required by the product. ORIGIN | 016 >$65 BILLION CLOSURES MARKET TODAY $7B Water Market CSD $6B Other Non-Beverage $17B Other Beverage $18B Hot fill, ready-to-drink, beer, wine, milk, sports Food and Pharma $20B
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NOT JUST BEVERAGE CAPS. Origin’s technology can be used to make many kinds of closures with PET. ORIGIN | 017Note: Page not intended to represent that these are all Origin customers. Source: Press search and company websites.
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CAP MATERIAL PET / rPET CONTAINER MATERIAL PET /rPET NECK FINISH 28mm PCO 1881 SECURTY SLIT TAMPER BAND WEIGHT 1.5 - 1.8g FILLING COLD | ASEPTIC BARRIER OF PET VS HDPE ~40X C02 | ~30X O2 CAPSULE TYPE 1 PIECE SEAL FUNCTION PLUG SEAL CAP COLOR TRANSPARENT | CUSTOM STARTING WITH THE ORIGIN PET 1881 Commenced production in February 2025. In market for flat water with CSD in qualification. ORIGIN | 018
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MULTIPLE GROWTH LEVERS ~12 months from order to operation ADDITIONAL LINES Potentially hundreds of formats, & not just beverages NEW FORMATS 8X Enable Origin to grow and win. ORIGIN | 019 E.g., tethers, tinting, embossing ADDITONAL FEATURES Scaling through partnerships LICENSING
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ORIGIN CAPFORMER SYSTEM Production in US kicked-off FEB 2025 Origin proprietary manufacturing PATENT PROTECTED Multiple CapFormers expected Factory Accepted by EOY SCALABLE Novel applications of thermoforming, proprietary technology INNOVATION PET Roll Sheet Heating Forming Trimming Slitting ORIGIN | 020Simplified CapFormer illustration
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CAPFORMER 1 IS ONLINE NOW ORIGIN | 021 Is in production now CF 1 Pending startup in Michigan CF 2 Expected to complete Factory Acceptance Testing in the second half of 2026 CF 7 – CF 8 Expected to complete Factory Acceptance Testing through Q4 2025 CF 5 – CF 6 Factory Acceptance Testing Complete CF 3 – CF 4
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CapFormer Deployment Snapshot 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Factory Acceptance Test Startup LINE 1 LINE 2 LINES 3 – 4 LINES 5 – 6 LINES 7 – 8 LINE 1 LINES 2 – 4 LINES 5 – 6 LINES 7 – 8 May extend into Q1’27 2024 ORIGIN | 022
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INVESTMENT HIGHLIGHTS ORIGIN MATERIALS Origin has developed breakthrough, proprietary technology for PET caps and closures. 100% PET CAP Strong, comprehensive and young IP protecting the technology and products including PET caps and furanics. 70+ PATENTS Projecting Adjusted EBITDA positive run rate in 2027. EBITDA POSITIVE Mid double digit % ATTRACTIVE GROSS MARGINS Expected revenue generation with $100M-$200M in projected 2027 revenue $20M-$30M 2026 REVENUE Expected time to payback on the manufacturing lines1 <18mo LINE PAYBACK Total addressable market for Origin closures >$65B MARKET Recurring revenue model, current demand exceeds projected manufacturing capacity for foreseeable future. HIGH DEMAND ORIGIN | 023 In discussions with potential licensees. CAN BE LICENSED 1 For certain scenarios, e.g., excluding the effect of tariffs.
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APPENDIX ORIGIN | 024
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CAPFORMER IN PRODUCTION WATCH VIDEO HERE> WATCH VIDEO HERE> ORIGIN | 025
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1. Threads 2. Seal 3. Top Wall 4. Engraving 5. Skirt 6. Tamper Evidence (TE) Band --- Bridges (Too Small To See Here) 1 2 3 4 5 6 ANATOMY OF A PET CLOSURE ORIGIN | 026
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“Our company has a long-standing commitment to innovation and bringing our two companies together to fulfil the market needs of sustainable products is a natural fit. We are eager to partner with Origin for this transformative project for years to come.” –Guy Boitos, Reed City Group CEO August 8, 2024 Read the announcement > MASS PRODUCTION PARTNER – REED CITY GROUP Located in Michigan, USA, Reed City Group is a full-scale injection mold builder, injection molder, hydraulic press maker, and automation solutions company. ORIGIN | 027
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“At Hordijk, we believe the future of packaging is circular, and we are committed to innovation and reducing environmental impact. Partnering with Origin to mass produce PET bottlecaps and investing in extrusion to scale production aligns with our mission and roadmap. We believe mono- material packaging solutions produced with Origin point toward the future of high-performing, sustainable products.” – Rik Hennink, CEO at Hordijk July 29, 2025 Read the announcement > MASS PRODUCTION PARTNER – ROYAL HORDIJK Hordijk is a leading Dutch producer of sustainable plastic packaging solutions in operation for over 100 years. Hordijk further diversifies Origin’s manufacturing footprint in response to continued pressure from U.S. tariffs on European imports. ORIGIN | 028
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“PET closures can be a game changer for closure recycling. Most beverage closures are today made from HDPE and, while closure recycling rates are increasing, especially in Europe where closure tethering will be mandatory starting July 2024, a beverage container remains a two-material solution. HDPE suffers from degradation when re-used multiple times. Changing a closure to the same grade of PET as in the container avoids the need to separate the two materials and also solves the degradation topic at the same time.” – Ueli Kobel, PackSys Global Slitting Division Dir. April 30, 2024 Watch the video > SUBSYSTEM SUPPLIER PackSys Global is the leading packaging machine producer for plastic closure slitting machines ORIGIN | 029
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“At the end of the day, a PET closure is the right solution.” IMDvista Chief Sales Officer (CSO) Martin Gerber – May 2, 2024 SUBSYSTEM SUPPLIER IMDvista is a Swiss high-tech company specializing in the vision inspection of closures Read announcement > ORIGIN | 030
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SUBSYSTEM SUPPLIER ILLIG is a global leader in thermoforming and packaging systems for the production of sustainable plastic and fiber-based packaging ORIGIN | 031 Origin and Illig have a strategic partnership to produce Origin CapFormer System thermoforming units for producing PET closures.
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ENABLING THE WORLD’S TRANSITION TO SUSTAINABLE MATERIALS.