Indorama Ventures Public Co. Ltd.SET: IVL

2nd Quarter 2026 Financial Results

Aug 11, 2026 at 8:23 AM UTC · Issued by Indorama Ventures Public Co. Ltd.

Watch Indorama Ventures Public explain itIndorama Ventures Public Company Limited (INDOY) Q3 2025 Earnings Call · Replay · Nov 14, 2025

2nd Quarter 2026

Financial Results

11th Aug 2026

Structural platform advantage

Global footprint; local-for-local agility

Broad-based earnings recovery

Management self-help actions; favorable market conditions

Structural platform advantage

Global footprint; local-for-local agility

Broad-based earnings recovery

Management self-help actions; favorable market conditions

Key Message

2026 outlook reaffirmed

2H26 earnings moderation expected; 2028 ambitions maintained

Deleveraging on track

Strong cash generation; working-capital discipline; lower net debt

2026 outlook reaffirmed

2H26 earnings moderation expected; 2028 ambitions maintained

Deleveraging on track

Strong cash generation; working-capital discipline; lower net debt

IVL Snapshot - 1H 2026 Highlight

Net Debt/Equity

1.56x

Net Profit1

THB 7.4B

EBITDA

THB 29.7B

Revenue

THB 245B

Production Volume

6.14MT

-1% HoH -7% YoY 16% HoH 4% YoY 136% HoH 61% YoY

OCF 1H 20262

THB 25.9B

87% EBITDA conversion

225% HoH

440% YoY

-27 bps HoH

-15 bps YoY

Note: (1) Net Profit before impairments and other exceptional items; (2) OCF after maintenance capex; (3) HoH represents 1H26 vs 2H25 and YoY represents 1H26 vs 1H25; (4) Please refer to Table 8 in the MD&A appendix for change in Reported EBITDA from previously published quarters

Source: IVL Analysis

1H 2026 - IVL EBITDA

IVL EBITDA by Segments (THB M)

IVL EBITDA by Regions (THB M)

29,735

73%

30%

79%

32%

61%

13%

30%

-13%

-5%

29,735

136%

HoH 1H26 vs 2H25

18,415

19,897

9,445

12,583

6,942

1,498

2,053

5,493

1,377

4,431

1,443

(1,611)

6,403

3,039

(1,060)

2,752

(1,370)

18,415

61%

YoY 1H26 vs 1H25

12,583

-6%

1H25 2H25 1H26 1H25 2H25 1H26

CPET Indovinya

AMERS

Asia

Indovida

Fibers

Corporate

EMEA Corporate

Source: IVL Analysis

2Q 2026 - IVL EBITDA

IVL EBITDA by Segments (THB M)

IVL EBITDA by Regions (THB M)

21,687

(618)

(752)

(611)

879

1,348

1,873

1,715

743

2,416

810

4,688

1,311

5,464

5,491

14,433

-3%

-9%

-6%

31%

42%

10%

26%

15%

57%

70%

62%

21,687

169%

QoQ 2Q26 vs 1Q26

129%

YoY 2Q26 vs 2Q25

9,454

8,048

9,454

8,048

2Q25 1Q26 2Q26 2Q25 1Q26 2Q26

CPET Indovinya

AMERS

Asia

Indovida

Fibers

Corporate

EMEA Corporate

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

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

IVL PET Price Buildup

-128$/t

$/T 2,000

1,800

1,600

1,400

$378/t

$250/t

IVL PET Spread

$249/t

Brent2 [RHS]

$/bbl

120

100

How: S&OE & Inventory Turns

IVL net premium primarily reflects local-for-local advantage and commercial execution
Historical premium volatility was amplified by low inventory turns
1,200
1,000
800
600
400
200
2021
1Q22
2Q22
3Q22
2Q26
3Q26
-
IVL PET Net Premium1
Asia PET Spread
Low inventory turn in falling crude environment

Asia PET Melt Cost

Premium compression in late

60 2022 reflects low inventory turns in a falling crude environment

40 • Disciplined S&OE rhythm and improved inventory turns to

20 support healthier premiums going forward

4Q26

4Q22

2023

2024

2025

1Q26

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

Shale-to-PET integration provides a structural feedstock advantage

Advantaged PX Production

A unique, fully integrated model from shale to PET in the Americas

PET

PTA

MEG

Cracker

$/T 1,400

1,150

MTBE		MX

900

650

400

MTBE is a proxy for MX

MTBE

2020 2021 2022 2023 2024 2025 1Q26 2Q26

$/T 1,000

800

600

IVL US MTBE business advantaged feedstock cost vs Naphtha-based aromatics producers

Naphtha

400 MTBE Feedstock Cost1

200

2020 2021 2022 2023 2024 2025 1Q26 2Q26

$/T

900

700

500

300

100

Resulting in superior spread vs industry

IVL PX Spread2

Industry PX Spread3

2020 2021 2022 2023 2024 2025 1Q26 2Q26

Notes: (1) MTBE feedstock cost = 0.345*methanol + Isobutane;

IVL PX Spread = 0.925*PX US - MX US + MTBE US - MTBE feedstock cost;
Industry PX Spread = PX Asia - Naphtha MOPJ

CPET

2Q 2026 - Combined PET

Combined PET EBITDA (THB M)

164%

QoQ 2Q26 vs 1Q26

14,433

163%

YoY 2Q26 vs 2Q25

10,233

943

1,105

4,483

5,494

3,095

170

(200)

5,491 5,464

Integrated PET

Specialty Chemicals Intermediate Chemicals

2Q25 1Q26 2Q26

Note: Please refer to Table 8 in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis

Indovida

2Q 2026 - Indovida

Indovida EBITDA (THB M)

76%

QoQ 2Q26 vs 1Q26

1,311

62%

YoY 2Q26 vs 2Q25

810

743

2Q25 1Q26 2Q26

Source: IVL Analysis

Indovinya

2Q 2026 - Indovinya

Indovinya EBITDA (THB M) and Margin1

21.1%

19.4%

9.1%

12.0%

11.9%

15.0%

173%

QoQ 2Q26 vs 1Q26

HVA EBITDA% Total EBITDA20%.0%

2,357

(44)

1,760

930

1,715

3,758

4,688

94%

YoY 2Q26 vs 2Q25

2,416

-30.0%

HVA

Essentials

-80.0%

2Q25 1Q26 2Q26

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

2Q 2026 - Indovinya by End-Markets

Indovinya Revenue (THB M)

26%

Coatings

38% HPC

15% E&R

21% Crop

28%

Coatings

38% HPC

12%

E&R

23% Crop

22%

Coatings

41% HPC

14% E&R

24% Crop

HVA by End Markets

22%

78%

26%

74%

20,265 18,902

24,138

HVA

Essentials

2Q25 1Q26 2Q26

Source: IVL Analysis

Fibers

2Q 2026 - Fibers

Fibers EBITDA (THB M)

Fibers Volume (MMT)

113%

QoQ 2Q26 vs 1Q26

1,873

1,348

879

0.44

0.10

0.05

0.19

0.25

0.28

0.41

39%

YoY 2Q26 vs 2Q25

0.34

Lifestyle Mobility Hygiene

2Q25 1Q26 2Q26 2Q25 1Q26 2Q26

Note: Please refer to Table 8 in the MD&A appendix for change in Reported EBITDA from previously published quarters Source: IVL Analysis

Structural Inventory Focus: S&OE

Inventory Volume and Turnover

Improving Inventory Management

4.7 4.7

5.0

Real-Time Discipline

Optimize Supply Chain and

Integrated Planning

Real-Time Discipline

Optimize Supply Chain and Integrated Planning

1.5

1.4

Deploy Digital Tools

Challenge Slow Moving & Safety Stocks

4Q25 1Q26 2Q26

Challenge Slow Moving &

Safety Stocks

Inventory Vol. (MT) COGS/Inventory (Times)

Deleveraging on track

Change in Net Debt (THB B)

Lower Net Debt THB 9.6 billion

OCF after maintenance capex

THB 25.9 billion

87% EBITDA conversion

5.3

236.0

2.8

5.8

2.5

1.5

5.3

226.4

(3.0)

(29.7)

Net Debt Dec 2025

EBITDA NWC and others Tax cash Maintenance capex Interest cost Perp interest and

dividend to NCI and IVL shareholders

Growth capex Translation effects¹ Net Debt

Jun 2026

Net Debt / Equity

1.83

Dec 2025

1.56

Jun 2026

Net Debt / EBITDA

7.6

Dec 2025

5.3

Jun 2026

Note: (1) Translation effects includes Lease liability movement THB 1.7B and Forex translation effect THB 3.6B Source: IVL Analysis

Structural platform advantage

Global footprint; local-for-local agility

Broad-based earnings recovery

Management self-help actions; favorable market conditions

Structural platform advantage

Global footprint; local-for-local agility

Broad-based earnings recovery

Management self-help actions; favorable market conditions

Key Message

2026 outlook reaffirmed

2H26 earnings moderation expected; 2028 ambitions maintained

Deleveraging on track

Strong cash generation; working-capital discipline; lower net debt

2026 outlook reaffirmed

2H26 earnings moderation expected; 2028 ambitions maintained

Deleveraging on track

Strong cash generation; working-capital discipline; lower net debt

Thank you

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