Orion S.a. · NYSE:OEC
Orion — Q1 2026 Earnings Presentation
24 slides from Orion's earnings presentation, May 7, 2026
Slide 1: Orion S.A. Q1 2026 Earnings Conference Call
Orion S.A. Q1 2026 Earnings Conference Call May 7, 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: Q1 2026 Highlights
Q1 2026 Highlights Adj EBITDA of $46M; Progressively stronger demand → tracking above expectations Order trends late in Q1 infer preference for localized supply chains Agility: Order responsiveness; Judicious inventory management; Pricing execution Lifting 2026 Adj EBITDA guidance range; Focused on
Slide 4: Middle East Conflict Considerations
Middle East Conflict Considerations • Business is resilient in high oil price environments • Supply chain uncertainty → Increased our demand • Pass -through mechanisms performing as expected • Well-executed price increases & surcharges • Minimal impact to Orion feedstock availability • Market dynami
Slide 5: Orion Agility & Actions
Orion Agility & Actions Demand responsiveness • Leveraging global network and local presence • Capitalizing on incremental opportunities Intensified cost containment focus • Headcount reductions in place; Efforts in efficiency and procurement projects → $20M in gross annual savings • Capex reduced;
Slide 6: Encouraging Export / Import Trends...
Encouraging Export / Import Trends... Thailand Tire Exports by Month U.S. Tire Imports by Month Units in thousands Sources: USTMA, Trade Map, International Trade Centre, Notch Consulting …Even Before Impact of the Middle East Conflict 6
Slide 7: Q1 2026 Orion Results
Q1 2026 Orion Results Adj EBITDA of $46M, down 30% YoY; Above internal expectations; Volumes increased 2%, on broad strength late in quarter; YoY decline entirely in Rubber segment, largely on calendar 2026 pricing Specialty Adj EBITDA of $27M increased 7% YoY; Volumes improved 3%, on broad end -mar
Slide 8: Specialty Segment
Specialty Segment Q1 2026 Results Basis for Updated Guidance • Adj EBITDA of $27M improved ~$2M • Late quarter demand strength persists (+7%) year over year, on +3% volumes through Q2 • Favorable mix and positive FX • Specialty recovery in China continues contributed to increased earnings, partly of
Slide 9: Rubber Segment
Rubber Segment Q1 2026 Results Basis for Updated Guidance • Adj EBITDA of $19M, down 53% YoY, • Modest demand improvement late in on lower 2026 contractual prices, Q1 persists through Q2 adverse regional mix, and the pass - through effect of lower YoY oil costs • Contractual pass -through provisions
Slide 10: Cash Flow, Balance Sheet & Leverage Improved
Cash Flow, Balance Sheet & Leverage Improved Cash Flow Highlights Balance Sheet & Leverage • Typical Q1 seasonality plus • Net debt at quarter end of $965M incremental impact of oil price volatility; net working capital use of • Net debt-to-TTM Adjusted EBITDA $54M ratio of 4.2x • Operating cash use
Slide 11: Outlook / Sensitivities
Outlook / Sensitivities Updated 2026 Guidance Sensitivities • Impact of $10/bbl change in average • Adjusted EBITDA: feedstock cost: 2026: $170 - $210M Prior: $160- $200M • Changes EBITDA by $7 - $10M, over • Free Cash (Out)Flow: 12-month period 2026: ($25) - ($50)M Prior: $25- $50M • Changes Net Wo
Slide 12: Concluding Remarks
Concluding Remarks • Agile in dynamic and evolving market conditions • Orion team energized to meet the challenges: demand responsiveness, pricing execution • Showcasing Orion‘s inherent business resilience • Upside: Shifting Global Trade Flows, Reshoring Confers Advantage to Dependable Local Suppli
Slide 13: Appendix Slides
Appendix Slides orion
Slide 14: Reshoring Beneficiary: N.A. Tire Industry Production Capacity to 2030
Reshoring Beneficiary: N.A. Tire Industry Production Capacity to 2030 14 14
Slide 15: Orion Q1 2026 Company KPIs and Other Metrics
Orion Q1 2026 Company KPIs and Other Metrics . 15
Slide 16: Specialty Segment Q1 2026 KPIs and Other Metrics
Specialty Segment Q1 2026 KPIs and Other Metrics 16
Slide 17: Rubber Segment Q1 2026 KPIs and Other Metrics
Rubber Segment Q1 2026 KPIs and Other Metrics 17
Slide 18: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($ million unless otherwise stated) Three Months Ended Q1 2026 Q4 2025 Q1 2025 Net sales 459.5 411.7 477.7 Cost of Sales 380.3 334.0 379.6 Gross Profit 79.2 77.7 98.1 Sales volume (in kmt) 256.5 219.4 251.7 Gross Profit per Metric Ton 309.0 354.1 390.0 Net
Slide 19: Historical Non-GAAP Metrics Reconciliation
Reconciliation of FCF ($million) Historical Non - Three Months Ended March 31, 2026 202 5 GAAP Metrics 1 2 Net cash provided by (used in) operating activities Net cash used in investing activities $(12.4) (36.1) $0.4 (29.2) Reconciliation 3 Net cash provided by (used in) financing activities 39.7 21
Slide 20: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation in $ per share Adjusted diluted EPS Three Months Ended Q1 2026 Q4 2025 Q1 2025 Historical Non - Diluted EPS Long Term Incentive Plan Misappropriation of assets, net $(0.18) 0.02 — $(0.38) 0.06 (0.03) $0.16 0.05 — GAAP Metrics Professional fees related to m
Slide 21: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($million) Adjusted Net Income Three Months Ended Q1 2026 Q4 2025 Q1 2025 Historical Non - Net income (loss) add back long -term incentive plan $ (9.9) $ 1.4 (21.1) $ 3.6 9.1 2.7 GAAP Metrics add back loss (recovery) due to misappropriation of — (1.9) — as
Slide 22: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($ million unless otherwise stated) Capital Employed 2026 2025 2024 2023 2022 2021 Q1 2026 YTD Q1 2025 YTD Total Assets 1,930.7 1,968.2 1,907.6 1,857.3 1,833.4 1,888.7 1,631.0 LESS: Current Liabilities -659.7 -601.9 -626.4 -516.7 -440.3 -552.8 -448.7 Capit
Slide 23: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($million) Net Debt and Debt ratio March 31, 2026 December 31, 2025 Historical Non - Current portion of long term debt and other financial liabilities Long -term debt, net $ 351.2 662.5 $ 305.0 674.5 GAAP Metrics Total debt as per Consolidated Balance Shee
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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