Orion S A : Investor Presentation November 2023

Investor Presentation

November 2023

Forward-Looking Statements

Forward-Looking Statements

This presentation contains and refers to certain forward-looking statements with respect to our financial condition, results of operations and business. These statements constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among others, statements concerning the potential exposure to market risks, statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions and statements that are not limited to statements of historical or present facts or conditions. Forward-looking statements are typically identified by words such as "anticipate," "assume," "assure," "believe," "confident," "could," "estimate," "expect," "intend," "may," "plan," "objectives," "outlook," "probably," "project," "will," "seek," "target" "to be," and other words of similar meaning.

These forward-looking statements include, without limitation, statements about the following matters: • our strategies for (i) strengthening our position in specialty carbon black or rubber carbon black, (ii) increasing our specialty or rubber carbon black margins and (iii) strengthening the competitiveness of our operations; • our cash flow projections; • the installation and operation of pollution control technology in our United States ("U.S.") manufacturing facilities pursuant to the U.S. Environmental Protection Agency ("EPA") consent decree; • the outcome of any in-progress, pending or possible litigation or regulatory proceedings; the expectations regarding environmental-related costs and liabilities; • the expectations regarding the performance of our industry and the global economy, including with respect to foreign currency rates; • the sufficiency of our cash on hand and cash provided by operating activities and borrowings to pay our operating expenses, satisfy our debt obligations and fund capital expenditures; • the ability to pay dividends, the ability to have access to new debt providers; • our anticipated spending on, and the timely completion and anticipated impacts of, capital projects including growth projects, emission reduction projects and the construction of new plants; • our projections and expectations for pricing, financial results and performance in 2023 and beyond; • the status of contract negotiations with counterparties and the impact of new contracts on our growth; • the implementation of our natural gas and other raw material consumption reduction contingency plans; demand for our specialty products and • our expectation that the markets we serve will continue to remain stable or grow.

All these forward-looking statements are based on estimates and assumptions that, although believed to be reasonable, are inherently uncertain. Therefore, undue reliance should not be placed upon any forward-looking statements. There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. These factors include, among others: • the negative or uncertain worldwide economic conditions and developments; • the volatility and cyclicality of the industries in which we operate; • the operational risks inherent in chemicals manufacturing, including disruptions due to technical facilities, severe weather conditions or natural disasters; • our dependence on major customers and suppliers; the unanticipated fluctuations in demand for our specialty products, including due to factors beyond our control; • our ability to compete in the industries and markets in which we operate; • our ability to address changes in the nature of future transportation and mobility concepts which may impact our customers and our business; • our ability to develop new products and technologies successfully and the availability of substitutes for our products; • our ability to implement our business strategies; • our ability to respond to changes in feedstock prices and quality; • our ability to realize benefits from investments, joint ventures, acquisitions or alliances; our ability to negotiate with counterparties on terms satisfactory to us, the satisfactory performance by such counterparties of their obligations to us, as well as our ability to meet our performance obligations towards such counterparties; • our ability to realize benefits from planned plant capacity expansions and site development projects and impacts of potential delays to such expansions and projects; • our information technology systems failures, network disruptions and breaches of data security; • our relationships with our workforce, including negotiations with labor unions, strikes and work stoppages; • our ability to recruit or retain key management and personnel; • our exposure to political or country risks inherent in doing business in some countries; • any and all impacts from the Russian war against Ukraine and/or any escalation thereof as well as related energy shortages or other economic or physical impairments or disruptions; • any and all impacts from the recent Hamas terror assaults against Israel as well as any reactions by Israel and any and all escalations of the Hamas/Israel conflict; • the geopolitical events in the European Union ("EU"), relations amongst the EU member states as well as future relations between the EU and other countries and organizations; • the environmental, health and safety regulations, including nanomaterial and greenhouse gas emissions regulations, and the related costs of maintaining compliance and addressing liabilities; • the possible future investigations and enforcement actions by governmental, supranational agencies or other organizations; • our operations as a company in the chemical sector, including the related risks of leaks, fires and toxic releases; • the market and regulatory changes that may affect our ability to sell or otherwise benefit from co-generated energy; • any litigation or legal proceedings, including product liability, environmental or asbestos related claims; • our ability to protect our intellectual property rights and know-how; • our ability to generate the funds required to service our debt and finance our operations; • any fluctuations in foreign currency exchange and interest rates; • the availability and efficiency of hedging; • any changes in international and local economic conditions, including with regard to the dollar and the euro, dislocations in credit and capital markets and inflation or deflation; • the potential impairments or write-offs of certain assets; • any required increases in our pension fund contributions; • the adequacy of our insurance coverage; • any changes in our jurisdictional earnings mix or in the tax laws or accepted interpretations of tax laws in those jurisdictions; • any challenges to our decisions and assumptions in assessing and complying with our tax obligations; and • the potential difficulty in obtaining or enforcing judgments or bringing legal actions against Orion S.A. (a Luxembourg incorporated entity) in the U.S. or elsewhere outside Luxembourg; and • any current or future changes to disclosure requirements and obligations, related audit requirements and our ability to comply with such obligations and requirements.

Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include those factors detailed under the captions "Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995" and "Risk Factors" in our Annual Report in Form 10-K for the year ended December 31, 2022 and in Note Q. Commitments and Contingencies to our audited Consolidated Financial Statements regarding contingent liabilities, including litigation and in Form 10-Q for the period ended September 30, 2023. It is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement - as a result of new information, future events or other information, other than as required by applicable law.

2

Engineered Carbons

are Ubiquitous,

Essential Chemistry

Optimize Physical, Electrical

and Optical Properties

Versatile and Customizable

Synthetic Fibers

Wire & Cable/Conductivity

Rubber

Engineered Plastics

AdhesivesConductivity

Orion Engineered Carbons

3

About Orion

Year Founded

1862

Countries Served

80+

Functional Capacity

~1,000 kmt

Employees

~1,600

Production Facilities

15

Supply to more than

1,000 customers

with average customer

relationship of 30 to 40 years

#1

GLOBAL SPECIALTY

CARBON BLACK MARKET

							#3
Annual		Revenues*		Adjusted		Operating
Sales Volume*				EBITDA*		Cash Generation*	GLOBAL RUBBER
963 kmt		$2,031 MM		$312 MM		$81 MM	CARBON BLACK MARKET

* Note: Full Year 2022

Orion Engineered Carbons

4

Value Proposition

Investment Thesis

1

2025 Mid-Cycle Capacity of

~$500M

Adjusted EBITDA

ONGOING, SUSTAINED DEMAND FOR GLOBAL CARBON BLACK

provides attractive opportunity to expand solid foundation

DISCIPLINED CAPITAL ALLOCATION STRATEGY

balances funding growth and enhancing returns with returning capital to investors

STRONG LONG-TERM OUTLOOK

Including supply/demand imbalance and opportunity to further participate in global EV and other stainability trends

UNDERVALUED COMPARED TO PEERS

with significant improvement in discretionary free cash flow

ENHANCED VALUE ROADMAP

2

2023-2025 Discretionary Cash Flow of

$700-$800M

3

2023-2025 Free Cash Flow of

$400-$500M

4

Clear Pathway to

INCREASE MULTIPLE

Strong Foundation

Structural changes	31%+ YoY Net	Gross Profit
drive improved	Sales increase	increased ~16% YoY
price and terms

Repurchasing up to 6.9	~16% Adjusted	Significantly
million additional shares	EBITDA growth/25	increasing cash flow
	percent EPS growth

Record of Significant Accomplishments

Total Sales

($ in billions)

$2,031 $1,850 - $1,900

$1,476$1,547

$1,136

Adjusted EBITDA

($ in millions)$330- $340

$312

$267$268

$200

2019

2020

2021

2022

2023F

2019

2020

2021

2022

2023F

6

RUBBER	SPECIALTY
CARBON BLACK	CARBON BLACK
Thought leader on the need for return on capital	Global leader in specialty carbon black.
and in driving for increased investment pricing	Engineering materials to provide solutions in
levels in a market traditionally focused on margins.	conductivity (battery, cable, plastics), coatings,
Third largest global player.	inks, sealants, and engineered plastics
			applications.
~70%	~30%
Of Revenue	Of Revenue

Orion Overview

7

Rubber Carbon Black

FY2022 NET SALES

BY REGION

17%

39%

44%

EMEA		Americas		Asia

FY2022 VOLUME

BY MARKET*

16%

28%

739 kmt

56%

	MRG		Replacement Tire		OEM Tire

Business Profile

KEY END MARKETS (% of Net Sales)

Tire & Technical Tire	MRG	Distributor/Dealer
~73%	~22%	~5%

* Best estimates for end markets share

8

Rubber's Solid Foundation

Solid and Sustaining Contributor to Results

SALES

($ in millions)

$1,355 $1,250- $1,300

$968 $948

$691

VOLUME

(in kmt)

772	739	700 -
701	720
635

GROSS PROFIT PER TON

($ in millions)

$420- $430

$336

$284 $270

$226

ADJ. EBITDA

($ in millions)

$220 -

$230

$169

$145

$120

$90

2019

2020

2021

2022

2023F

2019

2020

2021

2022

2023F

2019

2020

2021

2022

2023F

2019 2020 2021 2022 2023F

9

Growth Drivers

TRADITIONALEMERGING

				MILES DRIVEN		SUSTAINABILITY

TIRE PRODUCTION

EV MOBILITY

VEHICLE PRODUCTION

TIRE DESIGN

Traditional drivers will continue to support growth while emerging demands are

gaining in importance and relevance

Orion Engineered Carbons

10