Indorama Ventures Public Co. Ltd. · SET:IVL
Indorama Ventures Public — Q1 2025 Earnings Presentation
17 slides from Indorama Ventures Public's earnings presentation, May 10, 2025
Slide 1: 1st Quarter 2025 Financial Results
st 1 Quarter 2025 Financial Results 9th May 2025
Slide 2: Disclaimer
Disclaimer This presentation and its content (“Material”) is proprietary to Indorama Ventures Public Company Limited (“Indorama Ventures”) and/or its affiliates (collectively, the “Group”) and may not be, in whole or in part, reproduced or disclosed, published, distributed or released to any other p
Slide 3: 1Q 2025: Business Results
1Q 2025: Business Results 1Q 2025 Key Financials Sales Volume Revenue Revenue of $3.5B, down 3% QoQ and 9% YoY, due to planned $3,487 1 turnarounds and winter freeze disruptions 3.24MT -4% QoQ -8% YoY -3% QoQ -9% YoY Adjusted EBITDA of $276M, down 23% QoQ and 30% YoY, particularly in CPET affected b
Slide 4: 1Q 2025 – IVL by Segments
1Q 2025 – IVL by Segments YoY IVL Adjusted EBITDA ($M) 30% YoY decrease in Adjusted EBITDA , 427 driven by lower MTBE and Integrated PET -23% spreads, lower volumes and higher energy QoQ 396 48 price, partially offset with cost reductions 370 from assets optimization and higher Fibers 1Q25 vs 358 39
Slide 5: 1Q 2025 – IVL by Regions
1Q 2025 – IVL by Regions YoY Americas performance declined due to IVL Adjusted EBITDA ($M) reduced MTBE spreads and planned 427 turnarounds in IC, partially offset by improved -23% Indovinya performance QoQ 396 European performance weaker driven by drop 370 1Q25 vs 358 in integrated PET industry spr
Slide 6: 1Q 2025 – Combined PET
CPET 1Q 2025 – Combined PET Combined PET Adjusted EBITDA ($M) YoY 260 -43% 251 -50% YoY, due to lower MTBE and QoQ 221 integrated PET spreads, planned 1Q25 vs 71 206 turnarounds in IC assets and higher 4Q24 85 energy prices, partially offset by fixed 49 cost savings from asset optimization. 62 No ND
Slide 7: Integrated PET: Level spreads and changing freight dynamics
CPET Integrated PET: Level spreads and changing freight dynamics China Integrated PET margins China PET utilization Container freight rates $/t % SCFI, $/TEU 300 266 100 % 97 % 4,000 3,410 3,082 86 % 3,000 79 % 2,628 200 162 78 % 78 % 2,244 138 129 145 148 139 80 % 75 % 74 % 2,010 117 2,000 1,762 68
Slide 8: 1Q 2025 – Indovida
Indovida 1Q 2025 – Indovida Indovida Adjusted EBITDA ($M) YoY -6% Adjusted EBITDA was stable YoY QoQ at $21M, supported by consistent 1Q25 vs sales volumes 4Q24 27 26 QoQ 23 21 21 Sales volume grew 6% QoQ, -1% YoY supported by seasonal demand 1Q25 vs and resilient operations 1Q24 EBITDA slightly sof
Slide 9: 1Q 2025 – Indovinya
Indovinya 1Q 2025 – Indovinya Indovinya Adjusted 200 EBITDA ($M) and Adjusted EBITDA Margin 1 10% 20% QoQ 20% YoY 17% HVA EBITDA% 1Q25 vs 150 17% Adj. EBITDA increased 18% 16% 4Q24 15% 16% 14% Total EBITDA% YoY with improvements in 13% both HVA and Essentials 12% 18% 98 103 performance and fixed cos
Slide 10: 1Q 2025 – Indovinya by End-Markets
Indovinya 1Q 2025 – Indovinya by End-Markets Revenue ($M) 1 Home & Personal Care: volumes remain consistent. Customers monitoring cautious consumer behavior 628 586 591 Crop Solutions: Typical seasonal volumes. Destocking complete and 35% 34% 34% responsive supply chain dynamics Energy & Resources:
Slide 11: 1Q 2025 – Fibers
Fibers 1Q 2025 – Fibers YoY Fibers Adjusted EBITDA ($M) 22% YoY growth in Adjusted EBITDA driven by recovery in margins in 43% Lifestyle and cost saving initiatives QoQ offset with higher energy prices and 1Q25 vs lower volumes in Europe across 4Q24 segments 48 47 QoQ 22% 39 39 15 YoY 3 43% QoQ grow
Slide 12: 1Q 2025 update on the turnaround plan of Fibers
Fibers 1Q 2025 update on the turnaround plan of Fibers Incremental EBITDA uplift: $37M in 2024, $31M in 2025 and $57M in 2026 & 2027 Cash generation Fixed costs reduction New Investments Asset rationalizations Working Capital reduction (New Operating model & network optimization) in US & Mexico $74M
Slide 13: Net Debt Bridge: 1Q 2025
Net Debt Bridge: 1Q 2025 Change in Net Debt, Cash Flow Generation: $M 161 (27) 7 (89) (77) (15) 275 416 236 Reported Change in Cash Tax Others Operating Maintenance Net financing Perp interest FCF created EBITDA NWC cash flow capex cost and NCI for IVL dividends Shareholders 152% EBITDA conversion 2
Slide 14: Natural hedge on foreign currencies with global investments
Natural hedge on foreign currencies with global investments Natural Hedge Diversified Funding Long-Term Debt Repayment schedule $B 7.1 7.1 (Post- Refinancing)4 Working Capital Others 3% Non operating 0.5 Loan, net of cash 31st Mar 2025 0.8 & cash under Liquidity1 $2.2B debt3 $B management 29% ROW Ba
Slide 15: Working Capital release but higher CAPEX due to planned turnarounds
Working Capital release but higher CAPEX due to planned turnarounds Working Capital Days CAPEX ($B) Better discipline on Working Capital Investment in Fiber & Recycling projects, TAR Maintenance Capex in IC 88 0.84 78 0.47 0.18 1Q25 2025E 2027F 2024 1Q25 2025E Maintenance Growth Major turnarounds EP
Slide 16: Key Takeaways
Key Takeaways Soft Q1 due to planned turnarounds in cracker and glycol plant, depressed benchmark 1 spreads, higher energy prices and lower ocean freights 2 Uncertainty remains due to impact from macro economic factors caused by tariffs Q2 CPET results to improve with normalization of turnaround vol
Slide 17: Thank you
Click to edit Master title style Click to edit Master subtitle style Thank you © Indorama Ventures 2024
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