Orion Engineered Carbons SA 2025年度报告

Essential products –enabling the everyday Orion S.A.Annual Report 2025 Essential products –enabling the everyday We are OrionOrion S.A. (NYSE: OEC) is a leading global supplier of carbon black, a solid form ofcarbon produced as powder or pellets. The material is made to customers’ exactingspecifications for tires, coatings, ink, batteries,plastics and numerous other specialty,high-performance applications. Carbon blackis used to tint, colorize, provide reinforcement,conduct electricity, increase durability andadd UV protection. Orion has innovation centers onthree continents, and we produce at15 manufacturing plants worldwide, offeringthe most diverse variety of productionprocesses in the industry. The company’scorporate lineage goes back more than160 years in Germany, where it operates theworld’s longest-running carbon black plant.Orion is a leading innovator, applying adeep understanding of customers’ needsto deliver sustainable solutions. The company is dedicated to generatinglong-term benefits for all stakeholders,while remaining committed to responsiblebusiness practices with an emphasis onsafety, team culture, reliability, innovationand sustainability. A hallmark of Orion’s business is durability. The company has witnessedcountless business cycles, and successfully navigated vastly different economicbackdrops and geopolitical crosscurrents. Today’s world brings uniquechallenges, but we move confidently forward knowing our products areessential, our positioning is relevant, our customer relationships are enduring,and our organization is agile and resilient.” CORNING F. PAINTERChief Executive Officer FINANCIAL HIGHLIGHTS Second Best Safety Performancein Company History 2025 Sales, Adjusted EBITDA,Adjusted EPS: Orion finished 2025 with a TotalRecordable Incident Rate (TRIR) of just0.18per 200,000 exposure hours, roughlynine times better than the chemicalindustry average. which declined ~18% from prior-yearlevels, Orion’s free cash flow generationwas positive thanks to lower capexspending and working capital initiatives. Manufacturing Excellence ProgramHelped Boost Plant Reliability Awarded EcoVadisPlatinum Rating Over the course of 2025, reliability at ourNorth American plants improved more than200 EcoVadis’s comprehensive assessmentplaced Orion in theTop 1% Adjusted EBITDA1:($ in millions) of all companies evaluated in 2025, basis points, enabling markedly betteron-time order metrics. underscoring continued progresson our sustainability journey. Considering a multitude of challenges in 2025, including demand headwindsunderscored by persistently weak PMI readings, progressively softer Westerntire manufacturing levels and the related surge of low-value tire importsinto the U.S., our business exhibited considerable resilience in generating$248 million of Adjusted EBITDA. While this metric was down from prior-yearlevels, we were able to sharply improve and generate positive free cash flowin 2025, thanks to lower capital spending and working capital initiatives.” CORNING F. PAINTERChief Executive Officer 1. Reconciliations of non-GAAP measures to themost directly comparable US-GAAP measures forAdjusted EBITDA and Adjusted EPS can be foundon page 6 of this report.2. Free cash flow is a non-GAAP measure.Reconciliation of non-GAAP measures to the mostdirectly comparable US-GAAP measures can befound on page 30 of accompanying Form 10-K ofthis report. Dear fellowshareholders With regard to Orion’sfinancial performance,cash flow generation willbe our most significantpriority moving forward.”With regard to Orion’sfinancial performance,cash flow generation willbe our most significantpriority moving forward.” CORNING F. PAINTERChief Executive OfficerCORNING F. PAINTERChief Executive Officer Before reflecting on our achievements in 2025,it is worth addressing the proverbial elephantin the room – recent geopolitical turmoil in theMiddle East, and its potential implications forOrion’s prospects moving forward. We have no unique insights into how long the Iranian conflict maypersist, or where energy prices may ultimately settle once a definitiveconclusion is reached. But Western chemical industry constituents areclearly experiencing tangible benefits from the supply chain disruptionsthat have ensued since the conflict was initiated. With global commodity chemicals, the beneficial thesis is fairlystraightforward. In certain sectors, the supply disruption of certainlow-cost feedstocks coupled with higher regional logistical costs havetightened Western utilization rates, transferred advantage to Westernproducers, precipitated sharp and widespread pricing momentum, andexpanded margins. Despite debate about the duration of the currentbenefit, it is generally agreed that any “normalization” timeline is likelyto be measured in quarters – not weeks or months – once thehostilities subside and more normal maritime trade resumes. One of numerous uncertainties is the potential for demand destructionin