Epl Limited · NSE:EPL
Epl — Merger or Acquisition (March 2026)
30 slides from Epl's merger presentation, Mar 30, 2026
Slide 1: Letter to Stock Exchange of Thailand on Proposed Merger
Ref. No. IVL008/03/2026 30 March 2026 President The Stock Exchange of Thailand Subject: Proposed Merger of Indovida India Private Limited (a Packaging Business) with EPL Limited Reference is made to the disclosures made by Indorama Ventures Public Company Limited (the “Company” or “IVL”) on 24 Febru
Slide 2: Letter to Stock Exchange of Thailand (continued)
the “Acquisition or Disposal Notification”). The transaction size of each acquisition and disposal , calculated based on the Company’s audited consolidated financial statements as of 31 December 2025, is less than 15 percent. The aggregate size of acquisition and disposal transactions in the past 6
Slide 3: Merger of Indovida and EPL Ltd
Merger of Indovida and EPL Ltd Presentation to The Investors of IVL 30th March 2026
Slide 4: 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 5: Creating A Leader in Consumer Packaging for Emerging Markets
Indovida + EPL Creating A Leader in Consumer Packaging for Emerging Markets © Indorama Ventures 2026 3
Slide 6: Introducing Indovida in the Context of Indorama Ventures
Introducing Indovida in the Context of the Indorama Ventures Combined PET Indovinya Fibers Indovida (Includes Integrated PET (Integrated downstream (Polyester, rayon, nylon, polypropylene, (PET preforms and packaging business, specialty chemicals and surfactants for multiple composites, and worsted
Slide 7: Indovida: A Global Leader in Rigid Packaging
Indovida: A Global Leader in Rigid Packaging $440M $95M | 21.6% 19 | 9 ~2,700 Adj. EBITDA2 | Margin% CY25 Revenue (CY25) Facilities Across1 | Countries1 Employees1 Global Manufacturing Footprint Caters to Marquee Customers CY25 Geography Mix 12% AMESA 34% EAP 54% Europe CY25 Category Mix 12% Preform
Slide 8: Indovida's Unique Value Proposition
Indovida’s Unique Value Proposition Strong Business Model Fundamentals Driving Sustained Value Indovida Established Pure-play focus on Strong connect with Global footprint with Excellence in Experienced leadership with 100% recyclable customers: Secured focus on emerging operations by leadership dri
Slide 9: EPL Today: Global Leader in Specialty Packaging
EPL Today: Global Leader in Specialty Packaging with a Strong Foundation and Consistent Performance $527M Revenue(1) | 7% Revenue CAGR (L3Y (2)) Leading specialty packaging player 20% EBITDA margin(1) | 13% EBITDA CAGR (L3Y (2)) Disciplined cost structure 19% PAT CAGR (L3Y (2)) | 18.7% RoCE(1) Outpe
Slide 10: IVL achieves Growth Objectives of Packaging Segment through the Merger
IVL achieves Growth Objectives of Packaging Segment through the Merger of Indovida with EPL Ltd Emerging market Flexible packaging leaders in rigid innovation leader packaging EPL Ltd Indovida Trusted by leading Entrenched Oral Care, Beauty & Strengthened across largest Cosmetics Brands Beverage pla
Slide 11: Strategic Rationale Behind the Merger
Strategic Rationale Behind the Merger Scale Multiple Accretive Merged entity will be one of the largest emerging markets focused packaging 1 4 Attractive merger valuation with Indorama platform with ~$1bn of revenue Ventures’ strategic parentage expected to drive further value creation for sharehold
Slide 12: High Growth Emerging Markets Contribute ~75% of MergeCo Revenue
High Growth Emerging Markets Contribute ~75% of MergeCo Revenue Complementary geographical footprints across 17 countries High share of business from emerging markets United Kingdom Poland 60%+ Germany USA EPL Ltd China Egypt Mexico India Myanmar Vietnam Colombia Nigeria Thailand Philippines ~90% Gh
Slide 13: Indovida's Proven Management Strength Accretive to EPL's Leadership
Indovida’s Proven Management Strength Accretive to EPL’s Leadership Platform, Strong Governance Indovida as a Strong Partner: Strategic Advantage with Strong …Supported by EPL’s Strong Management with Average Expertise of an Experienced Management Team… Experience Over 25 Years Indovida’s Seasoned L
Slide 14: Indorama Ventures' Strategic Parentage Expected to Drive Further Value Creation
Indorama Ventures’ Strategic Parentage Expected to Drive Further Value Creation for Shareholders Enhances access to global operating expertise, capital support and 1 sustainability capabilities Provides stability and continuity for disciplined execution of strategic and 2 investment plans Provides l
Slide 15: Differentiated and End-to-End Product Offerings
Differentiated and End-to-End Product Offerings Laminates Preforms Laminated Tubes EPL: Indovida: Bottles Flexible Rigid Packaging Packaging Extruded Tubes Caps and Closures Closures A Broader Packaging Offering to Better Serve the Longstanding Customer Base © Indorama Ventures 2026 13
Slide 16: EPL and Indovida are Leading Players Across Key Geographies
EPL and Indovida are Leading Players Across The Respective Key Geographies They Operate in EPL’s Market position in laminated tubes Indovida’s Market position Northern Philippines Vietnam Nigeria Egypt Myanmar Thailand Tanzania Ghana AMESA EAP Europe Americas Ireland N. Ireland Philippines Vietnam N
Slide 17: MergeCo's ~75% Exposure to Emerging Markets Underpins Accelerated Growth
MergeCo’s ~75% Exposure1 to Emerging Markets Underpins Accelerated Growth, With These Markets Growing at ~2x Developed Economies Laminated Tube Market by geography ($bn)2 Rigid PET Market by geography (mm MT)2 CAGR CAGR CAGR (FY19-24) (FY24-30E) 4% (FY25-30) 5-6% 26.6 CAGR CAGR 2.4 4-5% 21.8 CAGR 6-
Slide 18: Expanded Indian Total Addressable Market (TAM)
Expanded Indian Total Addressable Market (TAM) Indian Packaging Market Has Significant Headroom for Growth, Compared to Other Developed Economies …With Significant Growth Headroom – Indian Plastic Packaging to Grow at 7-8% CAGR… India Per Capita Consumption is the Lowest Globally India packaging mar
Slide 19: High EBITDA margin and Historical track of EBITDA growth
High EBITDA margin and Historical track of EBITDA growth EBITDA margin EBITDA ($M) 20.1% : Avg. 2020-25 20.9% : 2025 195 203 EPL + 187 Indovida 164 170 159 84 97 108 EPL 73 83 79 Indovida 97 103 98 95 80 80 CY20 CY21 CY22 CY23 CY24 CY25 Source: IVL Analysis Note: CY refers to year ended December. EB
Slide 20: EPL Vision: Leading Emerging Markets Focused Player
EPL Vision: Leading Emerging Markets Focused Player Leader Across Transform From Single- Innovation Partner for Emerging Markets format to Multi-format Large & Emerging Brands Champion ▪ Leading player in existing markets ▪ End-to-end packaging solution for ▪ Transform to strategic packaging (e.g.,
Slide 21: Delivering Highest growth amongst Peers
Delivering Highest growth amongst Peers Revenue CAGR 2020-2025 CAGR % Superior Growth vs Peers ~8% ~8% ~9% ~3% ~-2% SCGP-Integrated Amcor Berry Mold-tek Indovida EPL Ltd Vision 2030 Packaging Indovida+EPL Ltd Thailand Global India 2025-2030 CAGR % Source: Bloomberg, IVL Analysis Note: Revenue CAGR f
Slide 22: Merged Entity to be One of the Largest Consumer Packaging Platforms
Merged Entity to be One of the Largest Consumer Packaging Platform for Emerging Markets with ~$1bn Revenue Globally and 20%+ EBITDA Revenue ($M)1 1,765 967 527 306 276 + Indovida 111 98 95 Uflex EPL + Indovida EPL Manjushree Huhtamaki India Chemco Mold Tek SSF Plastics Creating a leading emerging ma
Slide 23: Financial Rationale Behind the Merger
Financial Rationale Behind the Merger IVL Proforma Proforma 2025 ($M) IVL EPL Ltd with EPL Ltd Impact on IVL Revenue 13,601 527 14,128 +$527mm EBITDA 1,107 108 1,215 +$108mm EBITDA Margin % 8.1% 20.4% 8.6% +50 bps ROCE% 1.8%1 18.7%2 2.3-2.4% +50-55bps Net Debt 7,4733 894 7,582 +89 Net Debt to EBITDA
Slide 24: Expanding Contribution of High Margin Packaging segment in IVL
Expanding Contribution of High Margin Packaging segment in IVL 2025 Revenue and EBITDA ($B) 2028 Revenue and EBITDA ($B) IVL IVL Proforma 16-17 1.9-2.0 14.3 0.4 Indovida+EPL Ltd 3.0 Fibers 2.4 1.0 Indovinya 0.1 Indovida 0.1 Fibers 0.3 Indovinya CPET 8.4 0.5 CPET Corporate Revenue Revenue EBITDA EBIT
Slide 25: Valuation in line with other Packaging Transactions and Trading Multiples
Valuation in line with other Packaging Transactions and Trading Multiples Avg. EV/EBITDA 2025 IVL to own 51.8% 15-16x Majority Stake in 12-14x 12-14x EPL Ltd 29th Mar 2026 IVL gets additional stake in EPL Ltd (EV/EBITDA of ~12.5x) 27th May 2025 IVL bought 24.9% stake in EPL Ltd (EV/EBITDA of ~9x) Av
Slide 26: India's stock market has witnessed sharpest growth relative to economy
India's stock market has witnessed sharpest growth relative to economy in the last 6 years 8.4% p.a. GDP growth over last 30 years. In this decade, GDP expected to Market Cap as a % of GDP (indexed to 100 in 2019) grow from $2.7 Tn to about 200 $7.2 Tn1 180 178 India 162 India's economy largely 153
Slide 27: Listing in Indian markets can help unlock value
Listing in Indian markets can help unlock value as they provide higher earnings than most global peers Comparison of P/E (TTM) over the past ~3 yrs P/E (TTM) 2025 2024 2023 India 21.9 22.2 23.2 United States (overall) 25.4 24.6 21.8 United States (materials1) 24.3 25.3 20.4 Japan 17.9 15.7 16.4 Chin
Slide 28: Thank you
Thank you Click to edit Master title style Click to edit Master subtitle style © Indorama Ventures 2024
Slide 29: Transaction Overview and Key Terms
Transaction Overview and Key Terms ▪ The board of directors of EPL Limited (“EPL”) approved the merger of Indovida India Private Limited (“Indovida”) with EPL, on 29 March 2026, in one of the largest M&A in the Indian packaging space Transaction Overview ▪ EPL will be the continuing listed entity on
Slide 30: Pre and Post Merger Transaction Structure
Pre and Post Merger Transaction Structure Pre-Merger Shareholding Proposed Post-Merger Shareholding Public Public 26.0% 24.4% 49.6% 100% 16.6% 51.8% 31.6% MergeCo Indovida Indovida Upon the merger of EPL with Indovida, the shareholders of Indovida will be issued 286 equity shares of EPL as considera