Capital Markets Day 2026

Capital Markets Day 2026

Driving Recovery Through Radical Clarity, Operational Excellence, and Capital Discipline

Aloke Lohia March 4, 2026

The Leadership DNA - Adopting Radical Clarity

Board of Directors

Indorama Management Council (IMC) Members

Aloke Lohia

Group CEO

Aradhana Lohia

Sharma

Fibers, Wool, Finance

Anuj Lohia

Indovinya

Suchitra Lohia

Deputy Group CEO

Indovida, CSR

Yash Lohia

Executive President, Petchem

Muthukumar Paramasivam

President, CPET

Alastair Port

Diego Boeri

Executive President, Fibers

Executive President, Indovinya

Corporate Center (L1) Segments

Capital Allocation Discipline

Cross-Segment Coordination

Portfolio Reviews & Footprint Optimization

Risk Management

Predictability Agility Earnings Free Cash Flow

3

© Indorama Ventures 2026

The Journey to Increased Resilience

Reported EBITDA (THB B)

Building Global Scale and Value-Added Portfolio

1

COVID Stress Test

Structural Reset

The "Southwest" of

311

245

206

2 3 4

252 266

Chemicals

84 163 140 119 120 120 120

63

48

28 29

64

50

39 32

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

4

CPET

Indovida Fibers Indovinya Asia Int. PET Spread ($/T)

Notes: Proforma 2026-28;

Asia Int. PET Spread = Asia PET Spread + (0.86 * Asia PTA Spread)

© Indorama Ventures 2026

IVL 2.0: ~95% Core Engines, ~5% Strategic Review

Reported EBITDA (THB B)

64

Review

50

9%

10%

39

7%

17%

7%

9%

32

6%

22%

7%

8%

22%

22%

24%

22%

12%

12%

6%

7%

56%

52%

49%

52%

46%

43%

70

60

50

Core Engines

40

30

20

10

-(10)

2023 2024 2025 2026 2027 2028

5

© Indorama Ventures 2026

Integrated Shale to PET Business Model

Advantaged PX Production

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

$/T 1,400

MTBE is a proxy for MX

MX

900

MTBE

400

2020 2021 2022 2023 2024 2025

$/T 900

700

500

300

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

Naphtha MTBE Feedstock Cost1

2020 2021 2022 2023 2024 2025

$/T 700

500

300

100

Resulting in superior spread vs industry

IVL PX Spread2 Industry PX Spread3

2020 2021 2022 2023 2024 2025

6

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

1. IVL PX Spread = 0.925*PX US - MX US + MTBE US - MTBE feedstock cost;

2. Industry PX Spread = PX Asia - Naphtha MOPJ

© Indorama Ventures 2026

Our Five Enterprise Priorities

7

Cost

Optimization

Delayered Organization

for Agile Execution

GCC Scaling Up

Commercial &

Manufacturing Excellence

Procurement Optimization

Product Mix Improvement

Reliability and Operating Rate Improvement

Inventory

Inventory Optimization

Challenge Safety Stocks Reduction of

Slow Moving Inventory

Portfolio

Reorganization

Asset Rationalization

and Monetization

Divestment of Non-Strategic Business

Cash & Capital

Discipline

Capex Allocation

Discipline

Payable/Receivable Management

Notes: (1) Before dividend & growth CAPEX

© Indorama Ventures 2026

Structural EBITDA Improvement: 2025-2028

Reported EBITDA (THB B)

Portfolio Action Sites

84

(56)

• China overcapacity

• Spread compression

• Europe cost disadvantage

• Geopolitics

Vol

Mix/ Margin

64

• Cost optimization

• Commercial excellence

• Manufacturing excellence

• Portfolio reorganization

• Cash & Capital discipline

5 32

• High utilization

• Cost optimization

• Organizational optimization

• Footprint rationalization

2022 COMA FC 2025 COMA FC 2026 COMA FC Eternal

2022

COMA

Fixed Cost

2025

COMA

Fixed Cost

2026

COMA

Fixed Cost

Proforma

2028

2028

8

Note: Include asset footprint optimization

© Indorama Ventures 2026

EBITDA Improvement Across Regions

Reported EBITDA (THB B)

Europe

Asia & MEA

SAM

NAM

Revenue EBITDA EBITDA Share Margin Margin Avg. 23-25 Avg. 23-25 Avg. 26-28

100

80

60

Europe

21% 2% 7%

40

Asia & MEA

33% 5% 9%

20

-

2022 2023 2024 2025 2026 2027 2028

SAM

NAM

9%

37%

11%

10%

14%

13%

9

ROCE

13%

3%

6%

2%

6%

9%

11%

© Indorama Ventures 2026

Structural Inventory Focus: S&OE

Real-Time Discipline

6.0

6.5

6.9

4.6

103

4.7

4.5

100

89

68

66

64

Inventory (THB B) and Turnover (Times)

Improving Inventory Management

Real-Time Discipline

Optimize Supply Chain and Integrated Planning

Optimize Supply Chain and

Integrated Planning

Deploy Digital Tools

Deploy Digital Tools

2023 2024 2025 2026 2027 2028

Challenge Slow Moving &

Safety Stocks

Commodity Inventory

Value-Added Inventory Inventory T/O

Challenge Slow Moving & Safety Stocks

10

Notes: Turnover on COGS

© Indorama Ventures 2026

Capital Allocation Reset: Focus on Value not Volume

Capital deployed only where structural advantage strengthens earnings quality and cash conversion

CAPEX (THB B)

Maintenance & TAR

Growth

Major TAR at

CPET + PNO EO + Camacari

35

30

25

20

15

10

5

-

2023 2024 2025 2026 2027 2028

11

© Indorama Ventures 2026

Portfolio Optimization Impact 2026-28

Rationalization Executed

• Portugal PTA

• Wellman

• UCY Czech Republic

• Others

▼THB 2.3B

Fixed Cost

▲THB 4.9B

COMA

Financial Impact (2026-28)

12

Ongoing Actions

• TPT

• Brazil Fibers

• Rotterdam PET/PTA (Land)

• Canada PTA (Land)

• Surfactant Australia (Land)

• Longlaville Mobility Fibers

▲THB 7.2B

EBITDA

▲THB 31B

3 yr FCF1

Notes: (1) before dividend & growth CAPEX

© Indorama Ventures 2026

Businesses Requiring Focused Execution for Turnaround

Key Management Actions

• Reliability and yield improvement

• Leveraging synergies to optimize fixed cost

• S&OE improvement

• Acceleration of technical and R&D execution

• HVA strategy go-to-market and product mix improvement

Reported EBITDA (THB B)

C2 / EO / EG

2.0

1.9

1.0

1.3

(2.5)

(2.5)

2023 2024 2025 2026 2027 2028

Reported EBITDA (THB B)

Specialty Polymers

0.7

0.8

0.5

0.6

(0.01)

(0.8)

2023 2024 2025 2026 2027 2028

13

© Indorama Ventures 2026

Deleveraging: Operational Excellence & Cash Discipline

14

© Indorama Ventures 2026

IVL

The Financial Contract: Quality, Cash, and Deleveraging

Earnings quality, free cash flow, and deleveraging come first

15

2026B

2027B

2028B

THB 515B THB 64B

10%

12%

12%

6%

9%

11%

THB 31B

THB 33B

THB 36B

1.6x

1.2x

1.1x

4.7x

3.3x

2.7x

Note: (1) FCF = Cash flows before Dividend and Growth;

(2) Debt to Reported EBITDA

© Indorama Ventures 2026

A Compelling Growth Opportunity in Packaging

~$1.4T Global Packaging Market with ~37% Share of Plastics by 2028E

Plastics Growth to Outpace Alternative Materials

Strong Growth in Emerging Markets

Plastics Growth to Outpace Alternative Materials

Strong Growth in Emerging Markets

Global packaging market by material type ($T) Global packaging market by material geography ($T)

CAGR

2021-23 2023-28

CAGR

2021-23 2023-28

1.1

0.2

0.2

1.2

0.2

0.2

1.4

0.3

0.3

5% 4%

37%

Plastics

1.1

0.1

0.5

1.2

0.1

0.6

1.4

0.1

0.8

IVL 5% 6%

Presence

2021 2023 2028

Paper Flex. Plastic Rigid Plastic

Metal Glass Others

Source: BCG analysis

2021 2023 2028

Asia + MEA SAM NAM

West EU Eastern EU

16

© Indorama Ventures 2026

Indovida - Built for Long-Term Growth Through Structural Advantage

Geographic Depth in

Growth Region

Tier 1 position across

9 emerging markets in SEA and Africa

Proximity to expanding FMCG demand

Structural Cost

Advantage

Integrated feedstock

advantage

Scale-driven procurement leverage

Advantaged cost base High conversion efficiency

Embedded Customer

Partnerships

15+ year relationships

with top 10 customers

Co-located manufacturing model

Sustainability-aligned product development

Structural Capital

Efficiency

Strategic equipment

partnerships

Scale-driven CAPEX advantage

Lower asset base

17

© Indorama Ventures 2026

Capital Markets Day 2026

Driving Value through Radical Clarity, Operational Excellence, and Capital Discipline

Fibers Resilient Today, "Self-help" Value Creation Tomorrow

© Indorama Ventures 2026 18

Presented by Diego Boeri March 4, 2026

Fibers is structurally more resilient today

Transformation actions are materially strengthening cost base, capital discipline and operating model

Achievement till 2025

Delivery vs CMD Targets

Structural costs reset

$45M

Cumulative fixed cost reduction (2024-25) after absorbing inflation & FX of $42M

1200+

Workforce reduced

100%

Asset rationalizations

2 Asset rationalizations

executed in 2025

1 Divestiture (SPA signed)

1 rationalization in H1'26

100%

Balance sheet discipline

$137M

Cumulative NWC release (2024-25)

16 days

reduction in NWC

86%

New Operating Model

Operating Model implemented across core functions

New functional model in place, GCC transition ongoing, Digitalization of Finance & Planning, Harmonized compensation for top leaders

19

All figures represent standalone fibers, excluding wool

© Indorama Ventures 2026

Topline growth is stalling due to these critical challenges

1 Chinese Hypercompetition

Capacity expansion is outpacing demand, pressuring margins. Even high-value products lack insulation, with domestic sourcing only partially offsetting share loss to imports.

2 Europe Competitiveness

Down-shift

Elevated energy & labor costs,

combined with limited regulatory protection, structurally pressuring competitiveness of our assets.

3 Portfolio large & relevant but maturing

Except for few differentiated high value products, many others are facing aggressive in-kind competition

20

© Indorama Ventures 2026