Indorama Ventures Public Co. Ltd. · SET:IVL
Indorama Ventures Public — Q3 2025 Earnings Presentation
21 slides from Indorama Ventures Public's earnings presentation, Nov 15, 2025
Slide 1: 3rd Quarter 2025 Financial Results
rd 3 Quarter 2025 Financial Results 11st November 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: Opening Remarks
Opening Remarks Aloke Lohia GCEO
Slide 4: IVL by Regions
IVL by Regions IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) 485 -15% 427 QoQ 80 3Q25 vs 385 358 2Q25 330 75 75 276 279 285 307 -35% (15%) YoY 225 68 Brent oil 213 68 194 (13%) ($/bbl) 3Q25 vs (12%) (8%) 3Q24 185 191 (10%) 28 40 29 AMERS (4%) (6%) (4%) 18 25 85 EMEA 102 (2%) (1%) 93 99 75
Slide 5: Asset Optimizations since 2024-3Q25
Asset Optimizations since 2024-3Q25 2.7 MMT $200 M+ $1.16 B $126 M • Rotterdam PET/PTA • Portugal PTA • Canada PTA Capacity Expected proceeds Impairments LTM3Q25 • Surfactant Australia rationalization from land (including fixed cost • Wellman • Others and property sales severance and reduction in 20
Slide 6: Management Actions to reduce Fixed Costs
Management Actions to reduce Fixed Costs IVL Fixed Costs ($B) Note: Excludes FC of Shutdown sites and one off costs © Indorama Ventures 6
Slide 7: IVL Net Debt and Interest Benchmark Cost
IVL Net Debt and Interest Benchmark Cost Net Debt1 ($B) 5.28 4.88 4.37 CME Term SOFR (%) 7.2 6.9 7.0 24.9% EPL 6.7 Acquisition 7.0 1.14 2022 2023 2024 9M25 Note: (1) Net debt before currency translation and lease impacts to reflect underlying debt movement; (2) 2022 and 2023 includes $150M deferred
Slide 8: Focus on Working Capital
Focus on Working Capital 3,500 110 Net Working Capital ($M) 3,000 93 WC Days 90 89 90 87 2,500 2,185 70 2,000 50 1,500 1,439 1,186 1,106 30 1,000 10 500 - -10 3Q22 3Q23 3Q24 3Q25 Source: IVL Analysis © Indorama Ventures 8
Slide 9: IVL by Segments
IVL by Segments IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%) 485 -15% 427 QoQ 48 3Q25 vs (6%) 385 358 2Q25 33 330 103 (16%) (4%) 47 276 (6%) 279 81 31 -35% 285 (13%) 47 75 (4%) YoY (6%) (13%) 3Q25 vs 78 89 (12%) 3Q24 185 (14%) 286 (11%) 243 219 (10%) 182 (10%) Fibers 85 147 (8%) (6%) Indo
Slide 10: 3Q 2025 – Combined PET
CPET 3Q 2025 – Combined PET Combined PET Adjusted EBITDA ($M) YoY 260 -17% EBITDA decline due to lower industry spreads, QoQ lower volumes due to MTBE TAR, weaker than 3Q25 vs 221 usual seasonal PET demand, unplanned 71 2Q25 outages, higher energy prices and dollar 191 weakening partially offset by
Slide 11: NorthStar Program 2026-27
Management Focus on cost, capital efficiency, footprint optimization and CPET delivering value-accretive digital roadmap NorthStar Program 2026-27 $111M $253M Organize to perform Asset Optimization NWC Reduction (YTD) (Fixed Cost Savings, Cost Reduction LTM 3Q ‘25) Digital Enablement IBP | Salesforc
Slide 12: 3Q 2025 – Indovida
Indovida 3Q 2025 – Indovida Indovida Adjusted EBITDA ($M) -14% QoQ 3Q25 vs YoY 2Q25 27 26 Adjusted EBITDA decreased 11% 23 23 YoY at $23M mainly due to lower 21 -11% volume from the discontinuation YoY of bottling operations in 3Q25 vs Philippines 3Q24 QoQ Adjusted EBITDA decreased 14% QoQ from lowe
Slide 13: 3Q 2025 – Indovinya
Indovinya 3Q 2025 – Indovinya Indovinya Adjusted 190 EBITDA ($M) and Adjusted EBITDA Margin 1,2 YoY +3% 22.4% 22.7% 19.6% QoQ 17.7% 15.3% 20.0% Adjusted EBITDA declined 24% YoY, HVA EBITDA% 3Q25 vs 16.3% 14.1% primarily due to extremely 140 12.9% 12.7% 11.6% Total EBITDA% 2Q25 competitive market con
Slide 14: 3Q 2025 – Indovinya by End-Markets
Indovinya 3Q 2025 – Indovinya by End-Markets Revenue Breakdown HVA by End HVA by End HVA by End Markets Markets Markets 21%, 23%, Home & Personal Care: Coatings HPC 24% 37% Coatings 41%, HPC Coatings 36%, HPC Maintained market share despite macro headwinds E&R 14%, E&R 14%, E&R 14% Crop Crop Solutio
Slide 15: 3Q 2025 – Fibers
Fibers YoY 3Q 2025 – Fibers -36% YoY, due to soft market conditions; especially in Europe, partially offset by Fibers Adjusted EBITDA ($M) management actions on fixed costs and asset rationalizations -35% QoQ QoQ 3Q25 vs Lifestyle: Softer market conditions in Asia, 2Q25 weak demand in Europe, and fi
Slide 16: 3Q 2025: Business Results
3Q 2025: Business Results 3Q 2025 Key Financials Sales Volume Revenue Sales volume of 3.22 MT, down 3% QoQ and 9% YoY from the 3.22MT $3,388 1 planned PO/MTBE turnaround, unplanned outages, and -3% QoQ -9% YoY -4% QoQ -14% YoY lower volumes from optimized PTA assets in Canada Reported EBITDA Adjuste
Slide 17: Net Debt Bridge: 9M25
Net Debt Bridge: 9M25 Change in Net Debt, Cash Flow Generation: $M Include $100M one-time TAR in IC 166 (53) 59 (276) 985 (284) 813 (37) 388 Reported Change in Cash Tax Others Operating Maintenance Net financing Perp interest FCF created EBITDA NWC cash flow capex cost and NCI for IVL dividends Shar
Slide 18: Disciplined Capital Allocation
Disciplined Capital Allocation Capital Expenditure ($M) 183 131 129 124 106 IVOL/IVOG Maintenance PO/MTBE Turnarounds Growth & Acquisition 3Q24 4Q24 1Q25 2Q25 3Q25 Note: 2Q25 CAPEX excludes EPL 24.9% acquisition cost of $221M Source: IVL Analysis © Indorama Ventures 18
Slide 19: 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 (Post- $B 7.5 7.5 Refinancing)3 Others 0.0 Working Capital 3% Non operating 0.8 Loan, net of cash 30th Sep 2025 debt2 & cash under Liquidity $2.6B 25% ROW management $B 4.0
Slide 20: Key Takeaways
Key Takeaways Unprecedented industry turbulence with geopolitical uncertainty, overcapacity, weak 1 downstream demand, and structural pressures in Europe from energy costs, competitive imports, and carbon policies Focused self-help actions on cost discipline, productivity, footprint optimization (es
Slide 21: Thank you
Click to edit Master title style Click to edit Master subtitle style Thank you © Indorama Ventures 2024
Indorama Ventures Public Company — Q3 2025 Earnings Presentation on 6ix