Indorama Ventures Public Co. Ltd.SET: IVL

Merger of Indovida and EPL Ltd Presentation to The Investors of IVL

Mar 30, 2026 at 2:37 AM UTC · Issued by Indorama Ventures Public Co. Ltd.

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Merger of Indovida and EPL Ltd Presentation to The Investors of IVL

30thMarch 2026

Indovida + EPL

Creating A Leader in Consumer Packaging for Emerging Markets

Introducing Indovida in the Context of the Indorama Ventures

Combined PET

Indovinya

Fibers

Indovida

(Includes Integrated PET

business, specialty chemicals and intermediate chemicals)

(Integrated downstream

surfactants for multiple applications)

(Polyester, rayon, nylon, polypropylene,

composites, and worsted wool fibers for 3 end-use segments)

(PET preforms and packaging

(e.g., bottles) for beverage and food end uses)

2025 Sales Volume 2025 Revenue12025 EBITDA

13%

10%

12.88

75%

21%

$13.6B

17%

59%

10%

-8%

14%

$1.0B 53%

31%

2% 3%

Source: IVL Analysis Note: (1) Net revenue

Combined PET Indovinya Fibers Indovida

Corporate

Indovida: A Global Leader in Rigid Packaging

CY25 Revenue

$440M

Adj. EBITDA2| Margin% (CY25)

$95M | 21.6%

Facilities Across1| Countries1

19 | 9

Employees1

~2,700

Global Manufacturing Footprint

Caters to Marquee Customers

CY25 Geography Mix

12%

34%

54%

12%

13%

75%

CY25 Category Mix

AMESA

EAP

Europe

Preforms

Strong Parentage and Experienced Leadership

Bottles

Closures

Note: CY refers to year ended December (1) As of 31 December 2025 ; (2) 2025, EBITDA from FS in INR converted into US$ at an Exchange rate of

86.65 leading to an EBITDA of US$93.81 plus adjustments for non-

operational items like Forex and others

Strong management at Indovida with 20+ years of average experience and deep understanding of packaging market, further strengthened by the strategic parentage, scale, and global stewardship of Indorama Ventures

Indovida's Unique Value Proposition

Strong Business Model Fundamentals Driving Sustained Value

Indovida

Established leadership with robust growth over last 5 years

and vast headroom for

future expansion

Pure-play focus on 100% recyclable products and strong sustainability focus to drive future goals

Strong connect with customers: Secured revenue with longterm relationships and collaboration across geographies

Global footprint with focus on emerging markets leveraging well-invested state-of-the-art manufacturing asset base

Excellence in operations by leveraging digital transformation and best-in-class technology solutions

Experienced leadership driving growth, backed by IVL's deep expertise across polymers value chain

EPL Today: Global Leader in Specialty Packaging with a Strong Foundation and Consistent Performance

$527M Revenue(1)| 7% Revenue CAGR (L3Y (2))

Leading specialty packaging player

20% EBITDA margin(1)| 13% EBITDA CAGR (L3Y (2))

Disciplined cost structure

19% PAT CAGR (L3Y (2)) | 18.7% RoCE(1)

Outperforming category with profitable growth at scale

Global footprint (3)

21 manufacturing sites across 11 countries

Sustainability & Innovation edge

Ecovadis Platinum rating

Note: CY refers to year ended December; Exchange rate of 86.65; 1For CY25; 2L3Y CAGR refers to FY22-25 (FY refers to year ended March); 3As of 31 December, 2025.

IVL achieves Growth Objectives of Packaging Segment through the Merger of Indovida with EPL Ltd

Flexible packaging innovation leader

Emerging market leaders in rigid packaging

EPL Ltd Indovida

Trusted by leading Oral Care, Beauty & Cosmetics Brands

Scaled presence

across key markets

Strengthened Combined Entity

Strong balance sheet, lower leverage, supporting future growth

Entrenched across largest Beverage players

Expertise across multiple technologies

Strategic Rationale Behind the Merger

Scale

Merged entity will be one of the largest

emerging markets focused packaging 1

platform with ~$1bn of revenue

Multiple Accretive

4 Attractive merger valuation with Indorama

Ventures' strategic parentage expected to

drive further value creation for shareholders

Growth Potential

Emerging market focus (~75% of MergeCo revenue1), diversified product portfolio and large headroom for brownfield and greenfield expansion to drive growth

2 5

Indovida

Synergies

Revenue synergies across geography footprint and product capabilities combined with procurement synergy for sourcing and other cost synergies are expected to drive an EBITDA upside

Earnings and Cash flow

Accretive 3

Merger is accretive to IVL

Management Strength

6 Complementary Indovida management team

with 20+ years of average experience will

continue to be part of the merged entity and drive growth

Note: (1) 2025

High Growth Emerging Markets Contribute ~75% of MergeCo Revenue

Complementary geographical footprints across 17 countries

United Kingdom

Poland

Germany

USA

China

Egypt

Mexico

India

Myanmar

Vietnam

Thailand

Colombia

Nigeria

Philippines

Ghana

Brazil

Tanzania

High share of business from emerging markets

60%+

EPL Ltd

~90%

Indovida

MergeCo. Presence

Indovida's Proven Management Strength Accretive to EPL's Leadership

Platform, Strong Governance

Indovida as a Strong Partner: Strategic Advantage with Strong

Expertise of an Experienced Management Team…

…Supported by EPL's Strong Management with Average

Experience Over 25 Years

Sunil Marwah

Business Head

Years of Experience

Indovida's Seasoned Leadership Team: Demonstrated success in driving market leadership and operational excellence

Deep operational leadership across global flexible packaging markets

Deep Understanding of Emerging Markets: Indovida has deep expertise in addressing on-ground challenges in emerging markets

Hemant Bakshi

Managing Director and Global Chief Executive Officer

Ankit Agarwal Chief Financial Officer

Vikas Gupta Chief Technology Officer

Anirudha Manerikar Chief HR Officer

Ramasamy Chief Operating Officer

Proven track record of disciplined execution and margin stewardship

Strong customer-centric culture with long-standing global relationships

Deepak Goyal Chief Financial Officer

Integration across Value Chain: Indovida has strong polymer integration with Indorama ensuring reliable and cost-effective raw material supply

Indovida's Strong Customer Connect: Deep relationships with FMCG customers across geographies

3 13

Experienced integration and scale-up capability, accretive to Indovida's platform

22 28

Focus on Sustainability & Technology: Investments in technology and sustainability for future-ready solutions

Sonal Jain Global Chief Human Resources Officer

Kamlesh Jain Global Chief Information Officer

Total EPL Experience (Yrs)

Total Experience (Yrs)

Indorama Ventures' Strategic Parentage Expected to Drive Further

Value Creation for Shareholders

Enhances access to global operating expertise, capital support and sustainability capabilities

Provides long-term industrial ownership, anchoring EPL within a globally scaled and diversified industry platform

Provides stability and continuity for disciplined execution of strategic and investment plans

3 Strengthens alignment with global customers, regulators and employees

Reinforces structural value creation as a future-ready global packaging platform

Differentiated and End-to-End Product Offerings

Laminates

Laminated Tubes

Extruded Tubes

Caps and Closures

EPL:

Flexible

Packaging

Preforms

Bottles

Closures

Indovida: Rigid Packaging

A Broader Packaging Offering to Better Serve the Longstanding Customer Base

EPL and Indovida are Leading Players Across The Respective Key Geographies They Operate in

EPL's Market position in laminated tubes Indovida's Market position

AMESA EAP Europe Americas

N. Ireland Philippines Vietnam Nigeria Egypt Myanmar Thailand Tanzania Ghana

Source: Company information, Data as of 2025 for Indovida and FY24 for EPL; AMESA - Africa, Middle East and South Asia; EAP - East Asia and Pacific

MergeCo's ~75% Exposure1to Emerging Markets Underpins Accelerated Growth, With These Markets Growing at ~2x Developed Economies

Laminated Tube Market by geography ($bn)2Rigid PET Market by geography (mm MT)2

6-6.5%

5-6%

CAGR

2.4

~1.5-2x

4-4.5% ~4%

46%

43%

41%

54%

57%

59%

1.8

CAGR (FY19-24)

CAGR (FY24-30E)

CAGR (FY25-30)

4-5%

CAGR

~2%

~2.5x

~5%

1.4

CAGR

26.6

21.8

37%

33%

63%

67%

FY19 FY24 FY30E

Developed Markets Emerging Markets

FY25 FY30E

Developed Markets Emerging Markets

Source: 1Combined revenue mix from emerging markets; 2Industry data; Note: FY refers to YE March; Developed Markets include Europe and Americas (ex. LATAM); Emerging Markets include India, China, Rest of APAC, Middle East, LATAM, Africa, Rest of the world.

Expanded Indian Total Addressable Market (TAM)

Indian Packaging Market Has Significant Headroom for Growth, Compared to Other Developed Economies

Indian Plastic Packaging to Grow at 7-8% CAGR…

…With Significant Growth Headroom -

India Per Capita Consumption is the Lowest Globally

7%+

India packaging market size by type ($B)

2023 2028P

Source: BCG Analysis

Other

Glass

Metal

Paper C Board

Rigid Plastic

Flexible Plastic

CAGR (%)

2024-2028P

7-8%

Per Capita Packaging Consumption (Rigid and Flexible Packaging) for CY21

(in kg)

110-115

65-70

45-50 40-45

30-35

					14-16
US	Europe	China	Germany	Brazil	India

High EBITDA margin and Historical track of EBITDA growth

EBITDA ($M)

EPL +

Indovida

164 159 170

EBITDA margin

20.1% : Avg. 2020-25

20.9% : 2025

187 195 203

EPL 83 79

Indovida 80 80

84 97

97 103 98

108

CY20 CY21 CY22 CY23 CY24 CY25

Source: IVL Analysis

Note: CY refers to year ended December. EBITDA are from FS in INR and or THB converted into respective average exchange rate of the period and adjustments for non-operational items if any

EPL Vision: Leading Emerging Markets Focused Player

Leader Across

Emerging Markets

Leading player in existing markets (e.g., India, China, LATAM)
Rapid expansion across South-East Asia & Africa markets
Transform From Single- format to Multi-format Champion
End-to-end packaging solution for
Flexible and Rigid formats
Supplier of choice across formats
Innovation Partner for
Large & Emerging Brands
Transform to strategic packaging & innovation partner of choice
Shift towards new and high-value categories

Delivering Highest growth amongst Peers

Revenue CAGR

2020-2025 CAGR %

Superior Growth vs Peers

~8% ~8% ~9%

~3%

SCGP-Integrated Packaging

~-2%

Amcor Berry Mold-tek Indovida EPL Ltd

Vision 2030 Indovida+EPL Ltd

Thailand

Source: Bloomberg, IVL Analysis

Global

India

2025-2030 CAGR

Note: Revenue CAGR for Mold-Tek and EPL Ltd over 2020-2025 is based on the period Mar'20-Mar'25

Indovida

Creating a leading

emerging markets focused packaging player well-established in rigid and flexible packaging, with robust financial profile demonstrating profitable growth at scale

Merged Entity to be One of the Largest Consumer Packaging Platform for Emerging Markets with ~$1bn Revenue Globally and 20%+ EBITDA

Revenue ($M)1

967

EPL + Indovida

SSF Plastics

Mold Tek

Chemco

Manjushree Huhtamaki India

EPL

Uflex

111

276

306

527

1,765

EBITDA ($M)1

% Margin

11.6%

20.9%

20.4%

16.0%

9.5%

16.1%

19.3%

15.5%

205

108

Uflex

EPL

Manjushree Huhtamaki India

Chemco

Mold Tek

SSF Plastics

EPL + Indovida

203

Source: Company filings; Includes relevant packaging players with >50% revenue mix from emerging markets; Note: CY refers to YE December; FY refers to YE March; Exchange rate used for CY25 is INR 86.65

/ USD; Exchange rate used for FY25 is INR 84.04/USD; (1) Data as of CY25 except for unlisted players (unlisted players include Manjushree, Chemco and SSF Plastics), which are based on FY25

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