Orion S.a. · NYSE:OEC
Orion — Q4 2025 Earnings Presentation
27 slides from Orion's earnings presentation, Feb 17, 2026
Slide 1: 4Q and Full Year 2025 Earnings Conference Call
Orion S.A. 4Q and Full Year 2025 Earnings Conference Call February 17, 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 Section 21E of
Slide 3: Fiscal 2025 and 4Q Highlights
Fiscal 2025 and 4Q Highlights 4Q EBITDA of $55M, better than implied guidance on less severe demand trends Full year free cash flow of $55M Working capital efforts key enabler Record safety performance globally Plant reliability improved sharply, on continued operational excellence progress 3 3
Slide 4: 2025 Backdrop Proved Challenging
2025 Backdrop Proved Challenging • Tire Imports Surged to Record Levels • Consumer Traded Down to Tier 3/4 Brands • Freight Activity Dropped Below 2020 Levels • Specialty Demand Soft On Persistently Weak PMI • Broad Uncertainty; Delayed Restocking • Led to Challenging Negotiations for 2026 Supply Ag
Slide 5: Resilience – Key Actions Executed
Resilience – Key Actions Executed Cost and Cash Focus • Headcount actions, efficiency & procurement projects ~$20M in savings • Lower capex, continued working capital efficiency → Expect positive FCF Rationalized Footprint • Consolidated 3 to 5 lines to optimize operations Manufacturing Excellence •
Slide 6: Improving Tire Trade Flow
Improving Tire Trade Flow U.S. Tire Imports by Month PCR, TBR and OTR segments each consume Passenger Truck & Bus about one third of carbon black volumes Cars/Light (TBR) Trucks (PCR) deployed in tire markets globally OTR (Construction, U.S. tire imports have subsided, Mining, Ag, other) but channel
Slide 7: Key Freight End Market Poised for Gradual Cyclical Recovery
Key Freight End Market Poised for Gradual Cyclical Recovery CASS Freight Shipment Index – To Dec 2025 Source: Cass Information Systems 7
Slide 8: Full Year Orion Results
Full Year Orion Results Total Adj EBITDA $248M, down 18% YoY; Volumes up 1.5%; 4Q 2025 customer production curtailments, inventory drawdowns not as severe as had been indicated or expected Rubber Adj EBITDA of $155M down 20% YoY, despite 4% higher volumes; Lower Western market tire production levels
Slide 9: Rubber Segment
Rubber Segment 4Q 2025 Results Basis for Guidance • Tire build rates remain subdued, • Adj EBITDA of $29M , down 22% year despite positive emerging import over year, reflecting more than data trends; Freight market stable seasonal softness in key markets • Segment volumes more than 20% • Volume dipp
Slide 10: Specialty Segment
Specialty Segment 4Q 2025 Results Basis for Guidance • Key end -markets remain soft, with no • Adj EBITDA of $27M improved ~$2M improvement in relevant PMI readings (+6%) year over year, despite 12% lower volumes • No restocking: Smaller, higher frequency orders with JIT urgency; • Favorable price/m
Slide 11: Cash Flow, Balance Sheet & Leverage Improved
Cash Flow, Balance Sheet & Leverage Improved Cash Flow Highlights Balance Sheet & Leverage • Net Debt reduced ~$ 40M sequentially • Net working capital nearly $70M in 4Q to ~$ 920M source of cash in full year 2025, including $64 M during 4Q • Net debt-to-TTM Adjusted EBITDA ratio declined sequential
Slide 12: Outlook / Sensitivities
Outlook / Sensitivities Guidance – 2026 Full Year Sensitivities • Adjusted EBITDA: • Net Working Capital: $10/bbl change FY26: $160 - $200M in average feedstock prices changes 1H26: $90 - $110M NWC by $25 - $30M, over 3-4 months based on historical trends • FX: 1% Change in EUR/USD amounts • Free Ca
Slide 13: Concluding Remarks
Concluding Remarks • 2025 Market Conditions Impacted 2026 Pricing • Decisive Actions Taken to Navigate Trough Conditions • Cost and Spending Actions Expected to Drive Positive Free Cash Flow in 2026 • Upside: Shifting Global Trade Flows, Reshoring Confers Advantage to Dependable Local Suppliers • Up
Slide 14: Appendix Slides
Appendix Slides orion
Slide 15: Reshoring Beneficiary: N.A. Tire Industry Production Capacity to 2030
Reshoring Beneficiary: N.A. Tire Industry Production Capacity to 2030 15 15
Slide 16: Orion 2025 Company KPIs and Other Metrics
Orion 2025 Company KPIs and Other Metrics . 16
Slide 17: Orion 4Q 2025 Company KPIs and Other Metrics
Orion 4Q 2025 Company KPIs and Other Metrics . 17
Slide 18: Rubber Segment 4Q 2025 KPIs and Other Metrics
Rubber Segment 4Q 2025 KPIs and Other Metrics 18
Slide 19: Specialty Segment 4Q 2025 KPIs and Other Metrics
Specialty Segment 4Q 2025 KPIs and Other Metrics 19
Slide 20: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($ million unless otherwise stated) Three Months Ended Year Ended December 31, Q4 2025 Q3 2025 Q4 2024 2025 2024 2023 Net sales 412 451 434 1,807 1,878 1,894 Cost of Sales 334 365 345 1,447 1,449 1,443 Gross Profit 78 86 89 360 429 451 Sales volume (in kmt
Slide 21: Historical Non-GAAP Metrics Reconciliation
Historical Non - Reconciliation of FCF ($million) Year Ended December 31, 2025 2024 GAAP Metrics 1 2 Net cash provided by operating activities Net cash used in investing activities $216 (161) $125 (207) Reconciliation 3 Net cash provided by (used in) financing activities Free Cash Flows (1-2) (41) 5
Slide 22: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation in $ per share Adjusted diluted E arnings (Loss) per share Three Months Ended Year Ended December 31, Q4 2025 Q3 2025 Q4 2024 2025 2024 Diluted E arnings (Loss) per share $(0.38) $(1.20) $0.30 $(1.24) $0.76 Historical Non - Long Term Incentive Plan Other A
Slide 23: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($million) Adjusted Net Income Three Months Ended Year Ended December 31, Q4 2025 Q3 2025 Q4 2024 2025 2024 Historical Non - Net income (loss) $ (21.1) $ (67.1) $ 17.2 $ (70.1) $ 44.2 add back long -term incentive plan 3.6 3.7 4.0 13.6 15.3 add back loss (
Slide 24: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($ million unless otherwise stated) Capital Employed 2025 2024 2023 2022 2021 2020 2025 2024 Total Assets 1,930.7 1,857.3 1,857.3 1,833.4 1,888.7 1,631.0 1,389.8 LESS: Current Liabilities (629.4) (516.7) (516.7) (440.3) (552.8) (448.7) (324.7) Capital Empl
Slide 25: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation ($million) Net Debt and Debt ratio December 31, 2025 Historical Non - Current portion of long -term debt and other financial liabilities Long -term debt, net $ 305.0 674.5 GAAP Metrics Total debt as per Consolidated Balance Sheets 979.5 Add: Deferred debt
Slide 26: Historical Non-GAAP Metrics Reconciliation
Historical Non -GAAP Metrics Reconciliation Rubber Specialty Sales Quarterly Sales Quarterly volume Gross profit (TTM) Gross volume Gross profit (TTM) Gross (kmt) (in millions) profit /Ton (kmt) (in millions) profit /Ton Historical Non - Q1 2023 Q2 2023 Q3 2023 180.5 173.7 185.3 84.3 74.5 71.6 403 4
Slide 27: 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
Orion S.A. Common Shares — Q4 2025 Earnings Presentation on 6ix