Orion S.a. · NYSE:OEC
Orion — Q2 2026 Earnings Presentation
24 slides from Orion's earnings presentation, Aug 6, 2026
Slide 1: Orion S.A. Q2 2026 Earnings Conference Call
Orion S.A. Q2 2026 Earnings Conference Call August 6, 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 the Private S
Slide 3: Q2 2026 Highlights
Q2 2026 Highlights Adj EBITDA of $58M, up 26% sequentially Led by strength in Specialty; Double -digit gains in both EMEA and Americas Excellent pricing execution Reaffirming full year EBITDA outlook; Increasing FCF outlook 3 3
Slide 4: Focused on Factors We Control
Focused on Factors We Control Exceptional year -to-date safety performance Plant reliability improving, third consecutive year Expanded operational excellence programs Maintenance capex focused on impactful projects Improving feedstock flexibility Working capital efforts yielding benefit: • Structur
Slide 5: Business Trends
Business Trends Business exhibiting resilience, despite oil volatility and stressed supply chains Specialty demand strength • Robust year-over-year growth in key western geographies • Diverse end -market participation – beyond restocking activity • Order patterns reinforce local for local • Asian de
Slide 6: Trade Flow, Regulatory Considerations
Trade Flow, Regulatory Considerations Europe: Anti -dumping duties effective July 8 • Duties: 24-45% on tire imports from China • Anti-subsidization probe concludes late 2026 Tire imports to North America down modestly Reshoring: Three new tire players intend to invest in North America Encouraging t
Slide 7: Q2 2026 Orion Results
Q2 2026 Orion Results Adj EBITDA of $58M, down 15% YoY, up 26% sequentially; Volumes declined 1% YoY, despite Specialty volumes improving 5% Specialty Adj EBITDA of $39M increased 96% YoY; Volumes improved 5%, on ~10% YoY gains in EMEA and the Americas; Pricing actions, volume gains, mix → favorable
Slide 8: Specialty Segment
Specialty Segment Q2 2026 Results Additional Commentary • Adj EBITDA of $39M improved ~$19M • Volume gains of ~10% in EMEA and (+96%) YoY, on 5% higher volumes Americas reflect broad -based strength in differentiated grades • Better volumes, pricing actions, improved mix → all contributed to • Adj E
Slide 9: Rubber Segment
Rubber Segment Q2 2026 Results Additional Commentary • Adj EBITDA of $19M, down 62% YoY; • Tire production below historic norms; 2026 contractual price agreements, Imports trending down slowly unfavorable mix, inventory draw • European anti dumping duties • Volumes declined 3% YoY, slightly expected
Slide 10: Cash Flow & Balance Sheet Improved
Cash Flow & Balance Sheet Improved Cash Flow Highlights Balance Sheet & Leverage • Working capital was a $4M source of cash in Q2, despite impact of higher • Net debt at quarter end of $961M, oil prices on inventories down modestly on sequential basis • Operating cash flow was $27M in Q2 • Net Debt-
Slide 11: Revised Outlook & Sensitivities
Revised Outlook & Sensitivities 2026 Guidance at Q2 2026 Earnings Call Sensitivities • Adjusted EBITDA: • Impact of $10/bbl change in average 2026: $170 - $210M Unchanged feedstock cost: • Changes EBITDA by $7 - $10M, over • Free Cash (Out)Flow: 12-month period 2026: ($10) - $20M Prior: ($25)– ($50)
Slide 12: Concluding Remarks
Concluding Remarks Durable and resilient business model Volatile backdrop creates opportunity for Orion Local for local favors Orion Reliability & dependability valued by partners Laser focused on earnings & free cash flow 12 12
Slide 13: Appendix Slides
Appendix Slides orion
Slide 14: Recent Export / Import Trends
Recent Export / Import Trends Thailand (Largest Exporter to U.S.): 3 -Month Rolling Average, Exports to U.S. U.S. Tire Imports 3 -Month Rolling Average 21,000 -4.4% 20,000 19,000 18,000 17,000 Let’s remove 2019, 2023 and 2024 data. It is 16,000 more compelling Jan Feb Mar as Apr2025 May vJun 2026 Ju
Slide 15: Reshoring Beneficiary: N.A. Tire Industry Capital Commitments to 2030
Reshoring Beneficiary: N.A. Tire Industry Capital Commitments to 2030 Key Announcements of N.A. Tire Production and/or Modernization Investment Allocation of North American Tire Investments, by Country Canada , 9% Mexico,1 $7-8bn Anticipated in Total Investments 4% 2023 – 2029 (Notch: Carbon Black G
Slide 16: Orion Q2 2026 Company KPIs and Other Metrics
Orion Q2 2026 Company KPIs and Other Metrics . 16
Slide 17: Specialty & Rubber Segments Q2 2026 KPIs, Other Metrics
Specialty & Rubber Segments Q2 2026 KPIs, Other Metrics 17
Slide 18: Historical Non-GAAP Metrics Reconciliation
Historical Non - GAAP Metrics Reconciliation (1) Finance costs, net consists of Interest expense, Finance income and Finance costs, and excludes Reclassification of actua rial gains out of AOCI. (2) Other non-operating is primarily related to Long -term incentive plan for all periods presented. 18 1
Slide 19: Historical Non-GAAP Metrics Reconciliation
Historical Non - GAAP Metrics Reconciliation 19 19
Slide 20: Historical Non-GAAP Metrics Reconciliation
Historical Non - GAAP Metrics Reconciliation 20 20
Slide 21: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($ million unless otherwise stated) Capital Employed 2026 2025 2024 2023 2022 2021 Q2 2026 YTD Q2 2025 YTD Total Assets 1,987.0 2,024.9 1,907.6 1,857.3 1,833.4 1,888.7 1,631.0 LESS: Current Liabilities -715.6 -620.8 -626.4 -516.7 -440.3 -552.8 -448.7 Capit
Slide 22: Historical Non-GAAP Metrics Reconciliation
Historical Non - GAAP Metrics Reconciliation 22 22
Slide 23: Historical Non-GAAP Metrics Reconciliation
Historical Non - GAAP Metrics Reconciliation 23 23
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures We present certain financial measures that are not prepared in accordance with GAAP or the accounting standards of any other jurisdiction and may not be comparable to other similarly titled measures of other companies . For a reconciliation of
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