3rdQuarter 2025
Financial Results
11stNovember 2025
Welcome everyone and thank you for taking time to join us for Indorama Ventures 3Q25 Results Briefing. My name is Vikash Jalan, SVP Corporate and Investor Relations at IVL. Joining me today, we have Mr. Alok Lohia, Group CEO, Mr. DK Agarwal, Deputy Group CEO, Muthukumar Paramasivam and Kumar Ladha, Co-Leaders 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.
Starting from 1Q25, a new addition to the Adjusted EBITDA definition has been made to also exclude weather-related impacts, aiming to better reflect the underlying business performance. Comparative figures for the year 2024 have been restated accordingly. These adjustments are non-GAAP and are presented for analytical purposes only; they should not be considered a substitute for reported financials under applicable accounting standards.
© Indorama Ventures
2
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 estimates on future trends for industry and business, which are based on our analysis and available information at this point in time. So with that, I now invite Mr. Lohia to first give the opening remarks. Over to you please, Mr. Lohia.
Opening Remarks
Aloke Lohia GCEO
EMEA | 102 | (2%) | |||||||
Asia | (9%) | 93 (8%) | 75 (7%) | (9%) | |||||
Corporate | (10) | 1 | (8) | (11) | |||||
3Q24 | 4Q24 | 1Q25 | 2Q25 | ||||||
Reported EBITDA ($M) | 374 | 299 | 275 | 280 | |||||
4
© Indorama Ventures
IVL by Regions
IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%)
-15%
QoQ 3Q25 vs 2Q25
427
80
358
75
75
330
276
279
-35%
YoY 3Q25 vs 3Q24
307
(15%)
225
(13%)
Brent oil
($/bbl)
191
(10%)
68
213
(12%)
68
194
(8%)
AMERS
28
(4%)
40
(6%)
18
29
(4%)
99
25
(1%)
71
(11%)
(11) 3Q25
258
Note: (1) Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done;
(2) Starting from 1Q25, we have normalized weather-related disruptions into our adjusted financials, and all the prior periods are restated accordingly to reflect the correct business performances without weather-related events Source: IVL Analysis
Asset Optimizations since 2024-3Q25
Capacity
rationalization
Expected proceeds
from land
and property sales in 2026
Impairments
(including severance and other expenses)
LTM3Q25
fixed cost reduction
Rotterdam PET/PTA
Portugal PTA
Canada PTA
Surfactant Australia
Wellman
Others
© Indorama Ventures
5
$126 M
$1.16 B
$200 M+
2.7 MMT
Management Actions to reduce Fixed Costs
IVL Fixed Costs ($B)
Note: Excludes FC of Shutdown sites and one off costs
© Indorama Ventures
6
7
© Indorama Ventures
Note: (1) Net debt before currency translation and lease impacts to reflect underlying debt movement; (2) 2022 and 2023 includes $150M deferred payment liability for Oxiteno paid in 2024
Source: IVL Analysis
9M25
2024
2023
2022
24.9% EPL
Acquisition
7.2
7.0
7.0
6.7
6.9
Net Debt1($B)
IVL Net Debt and Interest Benchmark Cost
1.14
4.37
CME Term SOFR (%)
4.88
5.28
8
© Indorama Ventures
Source: IVL Analysis
3Q25
3Q24
3Q23
3Q22
1,106
1,186
1,439
2,185
Focus on Working Capital
Net Working Capital ($M)
87
89
90
WC Days
93
182
(8%)
Note: (1) Total Reported and Adjusted EBITDA includes holding EBITDA which includes corporate expenses;
Some minor reclassifications of EBITDA are done between Specialty Chemicals, Integrated PET and Fibers in 1Q25 to reflect business performance correctly. Since the impact is not material hence prior periods reclassifications are not done;
Starting from 1Q25, we have normalized weather-related disruptions into our adjusted financials, and all the prior periods are restated accordingly to reflect the correct business performances without weather-related events Source: IVL Analysis
© Indorama Ventures 9
CPET & Indovida
Corporate
(10) 3Q24
1
4Q24
(8) 1Q25
(11) 2Q25
(11) 3Q25
Reported EBITDA ($M)
374
299
275
280
258
219
(10%)
147
(6%)
Fibers
Indovinya
243
(10%)
286
(11%)
279
31
(4%)
78
(12%)
89
(14%)
330
47
(6%)
75
(13%)
276
47
(6%)
358
33
(4%)
81
(13%)
-35%
YoY 3Q25 vs 3Q24
427
48
(6%)
103
(16%)
-15%
QoQ 3Q25 vs 2Q25
IVL by Segments
IVL Adjusted EBITDA ($M) and Adjusted EBITDA Margin (%)
Integrated PET
11
4
1
4
15
Specialty Chemicals
3Q24 4Q24 1Q25 2Q25 3Q25
Specialty Chemicals: Adjusted EBITDA of
$16M, higher due to full quarter of NDC campaign and improved PIA performance.
Reported EBITDA ($M) 219
166
116
165
143
Source: IVL Analysis
© Indorama Ventures
10
158
19
CPET
3Q 2025 - Combined PET
Combined PET Adjusted EBITDA ($M)
-17%
QoQ 3Q25 vs 2Q25
260
71
221
49
191
28
YoY
EBITDA decline due to lower industry spreads, lower volumes due to MTBE TAR, weaker than usual seasonal PET demand, unplanned outages, higher energy prices and dollar weakening partially offset by asset optimization savings.
-39%
YoY 3Q25 vs 3Q24
Intermediate Chemicals: Adjusted EBITDA of
$19M, lower by 32%, mainly due to MTBE TAR partially offset by higher ethylene production (TAR in Q2'25)
126
4
178
168
QoQ
Integrated PET: Adjusted EBITDA of $123M, lower by 23%, due to softer industry conditions and unplanned outages.
160
124
121
Intermediate Chemicals
The Combined PET segment posted an Adjusted EBITDA of $158 million in 3Q25, down 17% QoQ and 39% YoY. Volumes were lower by 6% QoQ, driven by the MTBE Turnaround, weaker than usual seasonal PET demand (rains and cooler weather) and unplanned outages.
The YoY decline in EBITDA was driven by challenged industry margins across products, higher energy costs, and the planned PO/MTBE Turnaround, an event that occur every five years.
The QoQ decline in EBITDA was driven by weaker industry conditions (demand and margins), planned Turnaround and unplanned production outages.
Integrated PET delivered an Adjusted EBITDA of $124 million, down 22% QoQ, due to lower industry spreads, weaker than usual demand and unplanned outages, including a fire event at one of our PET sites in Indonesia.
Intermediate Chemicals reported Adjusted EBITDA of $19 million, down 33% QoQ driven by lower MTBE volumes due to planned TAR partially offset with higher ethylene production normalizing from TAR in Q2'25, and a one-time $17M gain from insurance income.
Specialty Chemicals increased to $15 million from $4 million in 2Q25 supported by higher NDC campaign volumes and improvement in overall PIA performance driven by tariffs in US inspite of weak market conditions in Europe
With respect to the industry dynamics, the recently announced PET tariffs in USA and extension of the higher PET import duty % (until Oct 2026) in Brazil are beneficial. We are also closely monitoring the developments related to the anti-involution measures from the Chinese authorities including the recent joint meeting between the authorities and the key PTA/PET players. In parallel, we continue to diligently focus on the controllables through various management actions including on cost and capital discipline and digital augmentation while leveraging on our global presence to provide customer centric solutions. My co-leader Kumar will provide progress update on the management actions in the next slide.