Indorama Ventures Public Co. Ltd.SET: IVL

1st Quarter 2026 Financial Results

May 15, 2026 at 10:00 AM UTC · Issued by Indorama Ventures Public Co. Ltd.

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1st Quarter 2026

Financial Results

15th May 2026

89% QoQ

-10% YoY

IVL Snapshot - 1Q 2026 Highlight

OCF 3M 2026

THB 8,759M

109% EBITDA conversion

Net Profit

THB (1,771M)

EBITDA

THB 8,048M

Revenue

THB 109B

Production Volume

3.12MT

3% QoQ -4% YoY 7% QoQ -8% YoY

Net Debt/Equity

1.73

68% QoQ

-14% YoY

-10 bps QoQ 2 bps YoY

Note: (1) Please refer to Table 6 in the MD&A appendix for change in Reported EBITDA from previously published quarters; (2) Net Profit before impairments and other exceptional items; (3) OCF after maintenance capex Source: IVL Analysis

1Q 2026 - IVL EBITDA

IVL EBITDA by Segments (THB M)

IVL EBITDA by Regions (THB M)

89%

QoQ 1Q26 vs 4Q25

8,961

9,454

8,317

8,048

8,961

9,454

27%

74%

31%

70%

8,317

42%

10%

57%

8,048

-10%

YoY 1Q26 vs 1Q25

4,266

75%

4,266

(449) (611) (501)

(752)

30%

-5% -6% -6%

-27%

-1%

41%

87%

-9%

743

3,954

5,491

4,610

5,464

688

2,333

3,077

810

702

2,416

2,581

1,691

676

1,715

1,850

925

517

879

(1,110)

1,348

1Q25 2Q25 3Q25 4Q25 1Q26

CPET Indovinya

AMERS

Asia

Indovida

Fibers

Corporate

EMEA Corporate

Note: Please refer to Table 6 in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis

A New Era of Collective Leadership and Radical Clarity

A Global Moat

Built on Local-for-Local Model

>90%

Production and Sales

within region

MOAT #1

One Global Core

Global Scale

Feedstocks

Integration

Customer

Access

Know-how

One Integrated Global

Core Fueling Four Competitive Engines

Engine #1:

Combined PET

Engine #3:

Indovinya

Engine #2:

Indovida

Engine #4:

Fibers

Four Competitive Engines

MOAT #2

The Americas -

Our Unique Advantage

Feedstock Integration

in the Americas

Integrated shale to PET
business
Integrated shale to Surfactant business

MOAT #3

S&OE as Our

Operating Rhythm

Improving Operating

Leverage

Real-Time Discipline
Optimize Supply Chain and Integrated Planning
Maximizing Cash Flow
Improving Inventory Management
AI & Digitally Enabled

MOAT #4

Note: 1Q26 Financial data

Current PET margins reflect structural industry discipline, with Hormuz adding further upside

The industry is now seeing slower capacity growth compared to 2022-25

Global PET capacity (MMT)

Producers prioritize margins over volume

China PET Capacity Offline (most pre-2026)

Company Location Affected Capacity (KTA)

Dragon Special Resin	Fujian	125
Wankai	Chongqing	300
Yisheng	Hainan	1,000
Eplastmer	Xinjiang	120
Sanfame	Jiangsu	1,750
Hanjiang	Sichuan	300

2020 2021 2022 2023 2024 2025 2026 2027 2028

Anyang Chemical Henan 300

Total 3,895

Weak returns resulting in lower operating rates and declining inventories

China PET Op.rate vs inventory days

% Days

Improved industry discipline is providing a structurally higher floor for PET margins

Asia PET Spread ($/T)1

100%

80%

60%

PET OR%

Inventory

days 15

300

200

100

Mar-26

2020

2021

1Q22

2Q22

3Q22

4Q22

2023

2024

2025

Jan-26

Feb-26

Apr-26

1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26

Note: (1) ASP PET - 0.86*ASP PTA - 0.34*ASP MEG

Source: CCF, WM, IVL Analysis

Industry rationalization and export parity pricing of downstream provides tailwinds to US ethylene margins

Global ethylene supply tightening driven by rationalization and stronger supply discipline across Europe and Asia

US ethylene margins benefit due to downstream export parity pricing

Europe - Ethylene Rationalization

S.Korea - Ethylene Rationalization

Plan to cut ~2.7-3.7 MMT of naphtha cracker capacity

(~30% of total domestic capacity)

Several large units have come offline (over 1 MMT)
~4 MMT additional capacity at high closure risk

US Ethylene Spot Adder1 ($/T)

700

Hormuz Disruption

600

>15% of global petrochemical capacity impacted by the disruption

500

400

Global capacity additions, coupled with elevated natural gas costs

Policy to address chemical overcapacity by phasing out or upgrading old plants by 2030

China - Anti-Involution

300

Japan - Ethylene Rationalization

200

3 leading chemical companies targeting ~1 MMT ethylene capacity cut by 2030
Others planning permanent closures

Thailand - Olefins JV

100

2 major petrochemical players pursuing strategic collaboration in olefins/polyolefins to strengthen supply chain

2020

2021

2022

2023

2024

2025

Jan-26

Feb-26

Mar-26

Apr-26

Note: (1) (22.046 x IHS US Ethylene price (cpp)) - (0.422 x 22.046 x IHS US Ethane price (cpg))

where 0.422 is standard industry consumption of ethane (gallon) for 1 pound of ethylene, 22.046 is conversion of cpp to $/T

Source: CMA, Industry Data, IVL Analysis

Strengthening and stabilizing IVL's pricing premium from local-for-local

IVL PET Price Buildup

$/T

$/bbl

How: S&OE & Inventory Turns

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

2021

1Q22

2Q22

3Q22

4Q22

2023

2024

2025

Russia - Ukraine war US-Iran

Conflict

Brent2 [RHS]

IVL PET Net Premium1

Asia PET Spread

Low inventory turn in falling crude environment

Asia PET Melt Cost

120

100

1Q26

IVL net premium primarily reflects local-for-local advantage and commercial execution
Historical premium volatility was amplified by low inventory turns
Premium compression in late 2022 reflects low inventory turns in a falling crude environment
Disciplined S&OE rhythm and improved inventory turns to support healthier premiums going forward

Asia PET Melt Asia PET Spread IVL PET Net Premium 1 Brent2 [RHS]

Note: (1) IVL PET Net Premium = realized premium above Asia PET spread; (2) ICE Brent 8

Source: IVL Analysis

Variability between procurement and sales timing impacts P&L in the volatile market - IVL is actively leveraging S&OE to manage variance

Timing variance exist b/w procurement arrivals and sales delivery that could create PGL exposure

IVL is using SGOE approach to build weekly visibility of such exposure, allowing us to take right actions

Indicative for CPET in 2025

61%

58%

Country A Country B Country C

Adjust inventory positions ahead of anticipated supply-demand gaps to limit the pricing exposure
M-3 and beyond
M-2
M-1
M (pricing Month)
~($3/T)

Indicative P&L impact from market variability

15%

17%

29%

39%

Proc

42%

Sales

39%

Proc

Sales

20%

27%

24%

25%

24%

43%

4% 33%

Proc

22%

74%

Sales

Align procurement delivery and sales commitment schedules to normalize volatility
Provide forward cost visibility to commercial teams, enabling stronger pricing discussion with customers
Redirect volumes across plants or geographies internally to optimize for supply chain disruption
9
Feed data for long-term contract restructuring to align create natural hedge between sourcing & sales price

~($10/T)

~$5/T

Note: M refers to month of dispatch for sales and month of arrival for procurement; $/T gain loss value calculated by dividing net gain/ loss due to mismatch by total sales quantity

CPET

1Q 2026 - Combined PET

Combined PET EBITDA (THB M)

134%

QoQ 1Q26 vs 4Q25

(433)

(74)

2,839

5,494

3,508

4,018

456

943

646

170

(76)

(200)

2,333

4,483

3,954

4,610

5,491

5,464

38%

YoY 1Q26 vs 1Q25

Integrated PET

Specialty Chemicals Intermediate Chemicals

1Q25 2Q25 3Q25 4Q25 1Q26

Note: Please refer to Table 6 in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis

Indovida

1Q 2026 - Indovida

Indovida EBITDA (THB M)

10%

QoQ 1Q26 vs 4Q25

810

YoY 1Q26 vs 1Q25

743

688

702

676

1Q25 2Q25 3Q25 4Q25 1Q26

Source: IVL Analysis

Indovinya

1Q 2026 - Indovinya

Indovinya EBITDA (THB M) and Margin1

9.1%

12.0%

12.6%

14.2%

11.9%

15.0%

9.9%

14.9%

14.8%

18.7%

-44%

YoY 1Q26 vs 1Q25

3,077

-7%

QoQ 1Q26 vs 4Q25

2,853

2,416

2,581

339

2,242

1,850

(339)

2,189

1,715

20.0%

HVA EBITDA%

Total EBITDA%

1,760

-30.0%

2,357

HVA

Essentials

224

(44)

-80.0%

1Q25 2Q25 3Q25 4Q25 1Q26

Note (1) Indovinya has 2 reportable segments: HVA and Essentials. HVA is comprised of Surfactants, PEO, EOA, Oleochemicals (reclassified from Essentials), and PG, while Essentials is made up of EG, LAB, Solvents, PO (reclassified from HVA), and Others.

Source: IVL Analysis

Indovinya

1Q 2026 - Indovinya by End-Markets

Indovinya Revenue (THB M)

27%,

Coatings

37%, HPC

13%, E&R

23%, Crop

Coatings

24%

HPC

40%

E&R

13%

Crop

23%

28%,

Coatings

38%, HPC

12%, E&R

23%, Crop

HVA by End Markets

20,671

26%

74%

18,753 18,902

78%

79%

HVA

Essentials

21%

22%

1Q25 4Q25 1Q26

Source: IVL Analysis

Fibers

1Q 2026 - Fibers

Fibers EBITDA (THB M)

Fibers Volume (MMT)

70%

QoQ 1Q26 vs 4Q25

1,691

0.44 0.44

0.43

0.41 0.41

-48%

YoY 1Q26 vs 1Q25

1,348

925

879

517

Lifestyle Mobility Hygiene

0.10

0.11

0.12

0.05

0.25

0.26

0.28

1Q25 2Q25 3Q25 4Q25 1Q26

Note: Please refer to Table 6 in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis

Net Debt and Equity: 3M 2026

Change in Net Debt (THB B)

Lower Net Debt THB 0.4 billion

OCF after maintenance capex

THB 8.8 billion

(8.0) 109% EBITDA conversion

(2.6)

0.6

1.2

0.8

236.0

2.1

0.4

235.6

1.3

3.9

Net Debt	EBITDA	NWC and others	Tax cash	Maintenance	Interest cost	Perp interest and	Growth capex	Lease liability	FX Translation	Net Debt
Dec 2025				capex		dividend to NCI		movement	effect	Mar 2026
						and IVL
						shareholders

Change in Equity (THB B)

Net Debt / Equity

1.83

Dec 2025

1.73

Mar 2026

Higher Equity THB 7.1 billion

(2.8)

0.3

129.0

136.0

9.6

Equity Dec 2025

Profit (loss) Others Translation reserve Equity

Mar 2026

Source: IVL Analysis

Key Takeaways 1

January/February saw a modest recovery in PET margins. However, the Strait of Hormuz crisis has resulted in a sharp spike in spreads which is sustaining

IVL's 4 Moats underpin resilience: global "local-for-local" integration, diversified business

engines, Americas feedstock advantage, and S&OE as the core operating rhythm driving agility and cash flow
The strong sequential recovery is not solely driven by market dynamics - but is well
supported by disciplined execution, and our self-help measures. This has well positioned us to have a positive outlook on our business going forward

Significant Corporate Action

Strategically important merger with EPL allows us to scale our packaging platform, capitalize on synergies, and solidify our presence in high-growth markets

Thank you

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