1st Quarter 2026 Financial Results with Script

Welcome everyone and thank you for taking time to join us for Indorama Ventures 1Q26 Results Briefing. My name is Kumar Ladha, Chief Strategy Officer. Joining me today, we have Ms. Aradhana Lohia Sharma, Vice President, Ashok Jain, Group CFO, Muthukumar Paramasivam, President CPET, Sunil Marwah, President Indovida, Alastair M Port, Executive President Indovinya, and Diego Boeri, Executive President Fibers.

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 person or to the public domain unless the prior written consent from the Group is obtained. In addition, this Material may only be used for the purpose expressly stated herein by Indorama Ventures and may not be used for any other purposes.

No representation or warranty or undertaking, express or implied, is made by the Group as to the accuracy or completeness of the information set forth herein and neither Indorama Ventures nor the Group (or any representatives including, without limitation, its and their directors, shareholders, officers, employees, agents ("Representatives") assume any responsibility whatsoever related hereto.

In addition, this Material may contain "forward-looking" statements of the Group that relate to future events including, without limitation the conditions and prospects of the specific industry and the macro economics as a whole which are, by their nature, subject to significant risks and uncertainties. All statements, including, without limitation, those regarding the future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where the Group participates or is seeking to participate and any statements preceded by, followed by or that include the words "target", "believe", "expect", "aim", "intend", "will", "may", "anticipate", "would", "plan", "could", "should, "predict", "project", "estimate", "foresee", "forecast", "seek" or similar words or expressions are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group control that could cause the actual results, performance or achievements of the Group to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Group present and future business strategies and the environment in which the Group will operate in the future and are not a guarantee of future performance.

Such forward-looking statements speak only as at the date of this presentation, and neither Indorama Ventures nor the Group assume any duty or obligation to supplement, amend, update or revise any such statements. In addition, neither Indorama Ventures nor the Group hereby make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.

As such, no information contained herein may be relied upon as a promise or presentation as to the past, present or future of Indorama Ventures or the Group and use of this Material therefore is subject to informed assessment and independent evaluation of the person to which this Material is disclosed. Further, the receipt of this Material shall not be taken to constitute the giving of investment advice by any of Indorama Ventures or the Group (and/or their respective Representatives) nor render the recipient a client of any such persons for the purpose of any applicable rules or regulations governing investment business or otherwise.

This Material does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of the applicable securities laws, or an exemption therefrom.

The Company has implemented a significant transition in our financial reporting framework to better reflect our operational reality as a Thai-listed entity. Effective this period, we have shifted from US Dollar-based adjusted metrics to "reported" results denominated in Thai Baht (THB). This move is designed to align our management reporting directly with our statutory accounts and international definitions of business performance. By reporting in THB, management gains critical visibility into currency translation impacts, enabling more robust balance sheet and exposure management. Furthermore, by moving away from adjusted EBITDA and focusing on reported figures, we aim to instill greater accountability for operating efficiency and inventory performance, ensuring that factors such as inventory gains or losses are not excluded from our primary performance assessments.

© Indorama Ventures 2026

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A quick disclaimer that this meeting is being recorded, and a replay of this session will be available on our website after the meeting. We have made few assumptions and future estimates are based on industry and business views and available information at this point in time.

I now invite Ms. Aradhana to first share the business and financial highlights. After the prepared presentation, we will open up the floor for Q&A. Over to you please, Ms. Aradhana.

3

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

© Indorama Ventures 2026

Net Debt/Equity

1.73

-10 bps QoQ 2 bps YoY

OCF 3M 2026

THB 8,759M

109% EBITDA conversion

Net Profit

THB (1,771M)

68% QoQ -14% YoY

3% QoQ -4% YoY 7% QoQ -8% YoY 89% QoQ -10% YoY

EBITDA

THB 8,048M

Revenue

THB 109B

Production Volume

3.12MT

IVL Snapshot - 1Q 2026 Highlight

This quarter's presentation marks a deliberate shift in our reporting philosophy, embracing "Radical Clarity" by moving to reported Thai Baht financials. This change is foundational to how we explain our performance, particularly concerning inventory gains and losses. We firmly believe these are not exceptional items but are a part and parcel of operating in a commodity business. We will no longer seek to explain away these fluctuations but will instead own them as a feature of our operational reality.

The first quarter of 2026 marked a decisive inflection point for Indorama Ventures, demonstrating a strong operational and financial recovery from the cyclical trough of 2023-2025. Amid a volatile global petrochemical landscape, the Company delivered clear sequential momentum, driven by the disciplined execution of our "IVL 2.0" strategy and a fundamentally altered market environment following geopolitical disruptions in the Middle East.

Management has conducted extensive analysis of historical cycle data across our businesses and industries during the quarter. That work reinforces a consistent conclusion: the underlying indicators are characteristic of an early-to-mid upcycle, and the sequential recovery observed in first quarter 2026 is consistent with that trajectory. We enter the remainder of 2026 with conviction. The operational and financial recovery has been supported not only by improving external conditions but also by deliberate internal actions that place the business to better capture the upcycle.

In line with our new reporting philosophy, we analyze our performance across three dimensions: volume, margin and portfolio mix, and currency. This framework provides

greater transparency into the underlying drivers of earnings.

Consolidated revenue in 1Q26 rose 7% quarter-on-quarter (QoQ) to THB 109,296 million, reflecting broad-based sequential improvement across volume, mix and pricing, partially offset by a 2% currency headwind from the appreciation of Thai Baht against the US Dollar. On a volume basis, the normalization of our turnaround cycle in 2025 restored capacity across key assets and contributed to sequential revenue growth, supported by resilient offtake across our demand-inelastic end markets. Margin and portfolio mix, together with a higher crude oil price environment, was the major contributor, reflecting both the pass-through of feedstock cost movements and improved commercial positioning within the portfolio.

EBITDA for 1Q26 increased significantly by 89% QoQ to THB 8,048 million, with positive contribution along each of these dimensions. Volume improvement stems from the completion of our turnaround cycle in 2025 and improved operating rates. The dominant driver of sequential performance has been the improvement in margin and portfolio mix driven by a combination of higher industry spreads in our core products and improved operating leverage across the business. The appreciation of the Thai Baht has impacted a modest translational loss of 3% to the earnings. Management expects 2026 performance to remain supported across all three dimensions as the year progresses.

Our North American operations navigated a winter freeze event during the quarter, an exceptional weather disruption. Rapid response by our operations teams contained damage effectively, keeping unplanned maintenance capital expenditure to a minimum and preserving asset integrity. The primary financial impacts were twofold: a temporary reduction in operating rates, while the associated surge in natural gas prices added energy cost headwinds.

Our sequential improvement is largely driven by proactive self-help measures, centered on five enterprise priorities, are delivering measurable results. The institutionalization of S&OE as our core operating rhythm has provided real-time visibility, enabling tighter inventory management and accelerating our cash conversion cycle.

In 1Q26, the company generated operating cash flow (post maintenance capex) of THB

8.76 billion, reflecting an EBITDA conversion rate of 109%. A key feature of the quarter was a THB 3.23 billion reduction in net working capital, particularly notable given that sales volumes grew 3% QoQ and average crude prices rose 23%. The improvement was driven by tighter inventory management and enhanced discipline through Sales & Operations Execution (S&OE), enabling more responsive positioning against evolving demand signals and price movements.

Balance sheet momentum continued in the quarter. Net debt-to-equity improved to

1.73x from 1.83x, supported by working capital discipline and favorable currency translation from Thai baht weakness. This improving leverage profile provides financial flexibility to support our strategic priorities while maintaining our commitment to deleveraging. The proposed merger of our Indovida packaging business with EPL Limited, in which IVL will retain a controlling ~51.8% stake, is a key strategic milestone that will

create a formidable Packaging Federation and enhance our long-term earnings quality.

Looking ahead, the combination of external tailwinds and our embedded self-help programs supports our confidence in sustaining performance momentum into Q2 2026. We expect continued favorable pricing, higher utilization of our advantaged assets, and further margin expansion. These factors position IVL to deliver additional sequential earnings improvement, accelerate deleveraging toward our target of 3x Net Debt/EBITDA, and make solid progress toward our 2028 ambitions.

1Q 2026 - IVL EBITDA

IVL EBITDA by Segments (THB M)

IVL EBITDA by Regions (THB M)

9,454

9,454

8,961

8,961

89%

QoQ 1Q26 vs 4Q25

8,317

8,048

8,317

8,048

4,266 4,266

-10%

YoY 1Q26 vs 1Q25

1,850

(449)

(611)

(501)

(1,110)

-5%

-6%

-6%

1Q25

2Q25

3Q25

4Q25

1Q26

1Q25

2Q25

3Q25

CPET

Indovida

Indovinya

Fibers Corporate

AMERS

EMEA

Asia

Corporate

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

Source: IVL Analysis

© Indorama Ventures 2026

4

879

517

925

1,348

1,691

27%

31%

4%

5%

1%

75%

IVL reported EBITDA of THB 8,048 million in 1Q26, representing a 10% decline YoY, while increasing significantly by 89% QoQ.

Combined PET (CPET): This segment was the standout performer, with EBITDA surging 134% QoQ and 38% YoY, to THB 5,464 million. The strong rebound was driven by volume normalization following planned turnarounds and improved industry spreads starting since January. The segment's "Shale-to-PET" integration in the Americas provided a widening structural cost advantage as crude-linked feedstock costs for competitors rose.

Indovida: Improved both QoQ and YoY, posting EBITDA of THB 743 million, as the segment continued to demonstrate resilience, maintaining stable high-teen EBITDA margins supported by a broad recovery in key growth markets.

Indovinya: EBITDA declined 7% QoQ and 44% YoY to THB 1,715 million. While the North America portfolio remained largely resilient, the South America portfolio faced supply demand pressure, impacting volumes and margins in the region. The segment is poised for a structural turnaround as ongoing supply chain disruptions neutralize cheap Asian imports into key markets like Brazil, enabling our local assets to reprice to elevated import-parity levels.

Fibers: EBITDA improved 70% QoQ to THB 879 million but fell 48% YoY, reflecting continued demand softness in Mobility and Lifestyle applications. In line with our "Radical Clarity" culture, management deliberately reduced production rates to align supply with demand, prioritizing cash flow and inventory discipline over chasing underutilized volume.

YoY, on a regional basis, you can see that both Asia and EMEA contributed a larger portion to overall earnings this quarter, coming from both management actions as well as improved industry spreads and demand.

While the Americas remains the primary contributor, it has declined, largely coming from Indovinya, and more specifically from South America.

Feedstock Integration

in the Americas

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© Indorama Ventures 2026

Note: 1Q26 Financial data

• Real-Time Discipline

• Optimize Supply Chain and Integrated Planning

• Maximizing Cash Flow

• Improving Inventory Management

• AI & Digitally Enabled

• Integrated shale to PET business

• Integrated shale to Surfactant business

Production and Sales

within region

Engine #3: Engine #4:

Indovinya Fibers

>90%

Improving Operating

Leverage

Engine #1: Engine #2:

Combined PET Indovida

S&OE as Our

Operating Rhythm

The Americas -

Our Unique Advantage

One Integrated Global

Core Fueling Four Competitive Engines

A Global Moat

Built on Local-for-Local Model

A New Era of Collective Leadership and Radical Clarity

Customer

Access Know-how

Feedstocks

Integration

Global Scale

In this evolving landscape, IVL's four powerful competitive moats are being validated and amplified.

The global "local-for-local" operating model ensures supply-chain resilience for customers and suppliers alike, while positioning us to capture higher import-parity pricing in Western markets.

We today have 4 business engines, serving attractive diversified markets. All four are served from one global core platform, leveraging global scale, customer access, know-how, and feedstock integration.

Our unmatched "Shale-to-PET" integration in the Americas continues to deliver a widening structural cost advantage through low-cost ethane linked to US shale gas versus volatile crude-linked naphtha for competitors.

And, finally our Operating Rhythm. IVL manages a complex global footprint. To manage the associated risks, we are refining our Sales & Operations Execution discipline, allowing us to steer in real time, adjusting production and stock levels on a weekly basis to match actual market demand. The consequent improvement in inventory turns will free up vital cash flow, contributing to our target of reducing Net Debt/EBITDA to less than 3 times by 2028.

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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)

50

40

30

20 Anyang Chemical Henan 300

2020 2021 2022 2023 2024 2025 2026 2027 2028 Total 3,895

Weak returns resulting in lower operating rates and

declining inventories

China PET Op.rate vs inventory days

%

Improved industry discipline is providing a structurally

higher floor for PET margins

Asia PET Spread ($/T)1

100%

Days

PET OR%

20

Inventory

days 15

80%

300

200

10 100

-

60% 5

1Q23

3Q23

1Q24

3Q24

1Q25

3Q25

1Q26

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

Source: CCF, WM, IVL Analysis

© Indorama Ventures 2026

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2020

2021

1Q22

2Q22

3Q22

4Q22

2023

2024

2025

Jan-26

Feb-26

Mar-26

Apr-26

Now, if we look at the PET industry, this is where we are seeing a lot of structural improvement in the industry environment - not just a temporary spike driven by geopolitical events.

Yes, Hormuz has clearly accelerated the recent margin uplift. But the more important point is that the PET industry itself is becoming healthier and more disciplined.

For several years, the industry suffered from excessive capacity additions, particularly in China. That phase is now slowing materially. Between 2022 and 2025, global PET capacity grew very aggressively. Going forward, growth drops to almost 1% CAGR, which is a completely different supply environment.

At the same time, weak industry returns over the past 3 years have forced players to be more rational. Nearly 4 million tons of China PET capacity is currently offline, and producers today are prioritizing profitability over chasing volume. This is a major behavioral shift for the industry.

You can already see the impact in operating rates and inventories. Operating rates remain controlled, while inventory days continue to decline. That tells us discipline is improving across the value chain.

Importantly, PET margins had already started recovering before the Hormuz situation. The disruption simply tightened the market further and pushed spreads above $200 per ton.

Now, we do not assume these very elevated margins are permanent. Naturally, margins will normalize from current peak levels. But structurally, we believe the floor is now much higher than what we experienced in 2024 and 2025.

And for IVL, this is very important.

It means PET can once again become a more stable and resilient earnings contributor, supported not by short-term shortages, but by a healthier industry structure and much better supply discipline.

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7

© Indorama Ventures 2026

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

-

100

Japan - Ethylene Rationalization

• 3 leading chemical companies targeting ~1 MMT ethylene capacity cut by 2030

• Others planning permanent closures

Thailand - Olefins JV

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

200

300

China - Anti-Involution

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

Global capacity additions,

coupled with elevated natural gas costs

500

400

Hormuz Disruption

>15% of global petrochemical capacity impacted by the disruption

600

US Ethylene Spot Adder1 ($/T)

700

Europe - Ethylene Rationalization S.Korea - Ethylene Rationalization

• Several large units have come offline (over 1 MMT) Plan to cut ~2.7-3.7 MMT of naphtha

• ~4 MMT additional capacity at high closure risk cracker capacity

(~30% of total domestic capacity)

US ethylene margins benefit due to

downstream export parity pricing

Global ethylene supply tightening driven by rationalization and stronger

supply discipline across Europe and Asia

Industry rationalization and export parity pricing of downstream provides

tailwinds to US ethylene margins

2020

2021

2022

2023

2024

2025

Jan-26

Feb-26

Mar-26

Apr-26

What we are seeing now is not simply a short-term geopolitical reaction. The underlying market structure has already been changing over the past 12-18 months.

Globally, the ethylene chain is undergoing rationalization. In Europe, we are already seeing permanent shutdowns and additional high-cost capacity at risk. In Korea and Japan, producers are openly discussing material cracker reductions and industry consolidation. China is also moving toward stricter discipline around older and less competitive assets.

We are also beginning to see this trend in Southeast Asia. In Thailand, our two major industry peers are pursuing collaboration in the olefins and polyolefins value chain to improve operating efficiency, optimize assets, and strengthen long-term competitiveness. This is another sign that the industry is moving toward a more disciplined supply environment.

So the first point is: global supply growth is no longer unconstrained. The industry is becoming more disciplined after several years of oversupply and weak returns.

Against this backdrop, the recent Hormuz disruptions have further accelerated tightening in the market. More than 15% of global petrochemical capacity is exposed to the region, so naturally customers are becoming more cautious around supply security and availability.

The US remains structurally advantaged because of its cost position. However, many downstream ethylene derivatives are export-oriented products. As global markets tighten, that means higher international realizations translate directly into stronger US ethylene economics and higher spot adders.

You can see on the right-hand side that US ethylene margins had been under pressure during the period of aggressive global capacity additions and elevated natural gas costs. But as rationalization progresses and global balances improve, margins are now recovering quite meaningfully.

So our view is that this is not only a cyclical rebound. We believe the industry is entering a healthier and more disciplined phase, where supply rationalization and export parity dynamics can support a more sustainable margin environment going forward.

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© Indorama Ventures 2026

•

8

60

600

40

•

400

20

200

-

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 Cost

-

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

Source: IVL Analysis

IVL PET Net Premium1

Asia PET Spread

1,200

1,000

800

80

Brent2 [RHS]

1,400

•

100

•

$/bbl

120

US-Iran

Conflict

Russia - Ukraine war

How: S&OE & Inventory Turns

$/T

2,000

1,800

1,600

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

IVL PET Price Buildup

2021

1Q22

2Q22

3Q22

4Q22

2023

2024

2025

1Q26

What we are trying to illustrate on this slide is how to think about the different building blocks of our PET earnings profile - and more importantly, where we believe we can structurally improve the quality and consistency of our earnings going forward.

At the bottom, the grey area is the Asia PET melt cost. Naturally, that moves with Brent and raw material prices. We cannot control that.

On top of that, the blue layer is the Asia PET spread, which is fundamentally driven by industry supply-demand. As we will be discussing later, we believe the industry is now going through a reset and we are already seeing improvement beginning to come through.

Then the light blue portion is what we call the IVL PET net premium. This is very important because this reflects our local-for-local advantage, our commercial positioning, our operating rhythm and ultimately the quality of our Sales & Operations Execution - or S&OE.

Now, if you look carefully, you will see two periods where the premium got squeezed quite sharply.

The first was in late 2022. That period was during the rapid destocking cycle when prices were falling very aggressively across the chain. We had inventory liquidation happening during a declining market, and naturally that compressed the premium. So that was really a falling-price destocking environment.

Then you see another squeeze in 1Q26, but the dynamics there were actually different.

In this case, we had already taken the strategic decision which we told you about back in Nov 2025, to aggressively reduce inventory and improve inventory turns. So commercially we became very aggressive in securing orders and building the order book.

At the same time, feedstock prices moved up sharply in March which we could not have anticipated.

So the premium temporarily got squeezed.

What is important here is that both these situations are operational in nature. They are not structural issues with the competitiveness of the business.

And this is exactly why, since Capital Markets Day, we have been putting so much focus on disciplined S&OE rhythm, tighter inventory management and improving inventory turns across the organization.

If you normalize for these temporary dislocations, the underlying premium profile is actually much steadier - and that is what the green overlay is intended to illustrate.

So the key message is:

We cannot control Brent, and we cannot fully control industry spreads, but we can absolutely improve our premium through better execution, better inventory discipline and a stronger operating rhythm.

The objective is to reduce volatility and deliver a healthier, more consistent premium profile through the cycle.

•

9

24%

Provide forward cost visibility to commercial teams, enabling

stronger pricing discussion with customers

17%

15%

Proc

42%

39%

43%

27%

Sales

Proc

22%

4%

Sales

• Redirect volumes across plants or geographies internally to optimize for supply chain disruption

Sales

Proc

• Feed data for long-term contract restructuring to align create natural hedge between sourcing & sales price

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

© Indorama Ventures 2026

39%

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

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)

29%

25%

58%

61%

24%

20%

4%

33%

•

74%

Align procurement delivery and sales commitment schedules

to normalize volatility

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Let me explain an important dynamic in our business model that becomes particularly relevant during periods of market volatility.

In CPET and several of our downstream businesses, there is naturally a timing difference between when raw materials are procured and when finished products are sold to customers. Procurement cargoes may arrive in one pricing month, while sales deliveries occur across subsequent months. In stable markets, this timing effect is manageable. However, in volatile markets, it can create P&L exposure.

This timing mismatch can create earnings variability depending on the market and volatility environment.

To proactively manage this exposure, IVL's S&OE discipline gives us weekly visibility into procurement positions, sales commitments, inventory exposure, and pricing movements.

With that visibility, management can take concrete actions:

adjust inventory positions ahead of anticipated supply-demand imbalances, better align procurement arrivals with customer commitments,

provide forward cost visibility to commercial teams to support pricing discussions, optimize product flows across plants and geographies during disruptions,

and increasingly structure longer-term contracts to create more natural hedges between

sourcing and sales pricing.

We are institutionalizing processes and data visibility to actively manage and reduce that variance over time.

And now I would like to hand it over to our Executive Presidents to take us through their segment performance. Over to you, Muthu.

66

10

456

Intermediate Chemicals

943

12

(76)

646

1Q25

2Q25

3Q25

(433)

(74) 4Q25

170

(200)

1Q26

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

Source: IVL Analysis

© Indorama Ventures 2026

Specialty Chemicals

2,839

Integrated PET

4,018

5,494

3,508

2,333

4,483

38%

YoY 1Q26 vs 1Q25

3,954

4,610

5,464

5,491

1Q 2026 - Combined PET

Combined PET EBITDA (THB M)

134%

QoQ 1Q26 vs 4Q25

CPET

Combined PET EBITDA for 1Q26 was THB 5.5 billion, representing a 38% increase YoY and a 134% improvement QoQ.

Integrated PET (IPET) was the primary contributor to the segment's performance. While asset optimization actions reduced PTA volumes, the improvement in PET volumes especially from favorable demand trends in the Americas, and expanded spreads were key drivers of performance. The quarter benefited from higher China integrated PET benchmark spreads from average of $116 per ton in 4Q25 to an average of $176 per ton in 1Q26. Importantlythe improvement in the benchmark spreads this quarter started before the ongoing Middle East conflict, driven by supply-side discipline. The conflict then accelerated the trend sharply, with spreads reaching $219 per ton in March, as high export demand combined with tightened raw material availability across Asian markets created short market conditions. The YoY improvement was also supported by lower fixed costs, primarily from recycling sites and PTA capacity rationalization.

In Specialty Chemicals, EBITDA was sequentially lower, mainly due to reduced NDC volumes, however partially negated by higher margins. Performance was further impacted by lower PIA margins in Europe.

For Intermediate Chemicals, earnings improved QoQ due to the normalization of volumes post the MTBE turnaround, stronger MTBE and US integrated EG spreads, partially offset by winter freeze impact and reliability issues in Ethylene and EG sites during 1Q26.

Overall, 1Q26 marked strong earnings rebound for Combined PET, driven by improved

margins and enhanced operating leverage across the value chain.

11

© Indorama Ventures 2026

Source: IVL Analysis

1Q26

4Q25

3Q25

2Q25

1Q25

8%

YoY 1Q26 vs 1Q25

676

702

688

743

810

10%

QoQ 1Q26 vs 4Q25

1Q 2026 - Indovida

Indovida EBITDA (THB M)

Indovida

Indovida delivered EBITDA of THB 743 million in 1Q26, increasing both YoY and QoQ, while maintaining an EBITDA margin in the high-teen levels.

The 8% YoY increase was primarily driven by a broad recovery in demand across various markets, particularly in Egypt, the Philippines, and Ghana. Performance was further supported by an improved portfolio mix and margins in Nigeria and Egypt and by improved demand environment in Thailand.

The continued ramp-up in Tanzania following the March 2025 startup of the greenfield facility enabled a full-quarter contribution, leading to incremental volumes and enhanced EBITDA performance.

EBITDA increased by 10% QoQ, reflecting strong volume growth across all regions, particularly in Asia, driven by strengthened domestic demand which was supported by the seasonal uplifts due to hot weather and inventory restocking ahead of the peak season. Margin improvement in Nigeria and Egypt further supported profitability.

-30.0%

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

© Indorama Ventures 2026 12

2,853

2,242

2,357

2,189

1,760

HVA

Essentials

224

60

339

(339)

-80.0%

1Q25

2Q25

3Q25

4Q25

1Q26

11.9%

Indovinya

1Q 2026 - Indovinya

Indovinya EBITDA (THB M) and Margin1

-44%

YoY 1Q26 vs 1Q25

18.7%

15.0%

14.9%

14.2%

12.6%

14.8%

12.0%

1,715

9.9%

9.1%

20.0%

HVA EBITDA%

Total EBITDA%

3,077

-7%

QoQ 1Q26 vs 4Q25

2,581

2,416

1,850

Indovinya posted EBITDA of THB 1,715 million in 1Q26 with an overall EBITDA margin of 9.1% and HVA margins of 12.0%. In 1Q26, HVA specialty products generated 78% of net revenue and accounted for all of Indovinya's EBITDA. This quarter was negatively impacted by strengthening of BRL currency, accounting for THB 253 million variance YoY, however there has been a much higher positive YoY translation gain of appox. THB 1.4 billion in Equity of IVL due to net long Brazilian Rial Investments.

In North America, YoY sales volumes rose 5%, despite the winter freeze event and related outages. The primary sales volume increase came from normalization post the Q4 PO TAR, and the start of implementation of new PO sales contracts. This quarter was impacted by higher feedstock costs, both on ethane and the oleochemical chain, compressing integrated margins. Meanwhile, volume and revenue for the HVA markets saw resilience, with growing support from tighter supply in certain products. Higher cost of catalyst also impacted earnings.

In South America, HVA YoY sales volumes grew 2%, whereas the essential business sales fell 20%, primarily due to a weaker solvents business pressured by supply demand dynamics and Tariff frameworks. HVA margins were affected by higher raw material and lower by-product credits on the oleochemical chain, whereas the essential business margins were primarily a function of the solvents business. Higher cost of catalyst further impacted results. QoQ, impacts were primarily due to aforementioned solvents supply demand dynamics and oleochemical chain pricing. Pricing actions are underway, and seasonal demand will support higher volumes into H2. Improvements in Brazilian industry support, through REIQ, ADD and reduction of the IEEPA tariffs, towards the end of Q1 has been well received, adding to forward looking structural tailwinds.