• A specialized industrial ingredient supplier, much like how Corning provides unique glass for a wide range of industries, but Orion specializes in carbon black.
• The 'Intel inside' for many industrial products, but making carbon black for everything from tires to battery electrodes.

• Specialty Carbon Black (Post-treated grades): These grades are designed for use in coatings and printing applications.
• Specialty Carbon Black (High purity grades): These grades cater specifically to the requirements of the fiber industry.
• Specialty Carbon Black (Conductive grades): These grades impart conductivity for applications in polymers, coatings, and battery electrodes.
• Rubber Carbon Black (PUREX brand): This product line is used in various mechanical rubber goods.
• Rubber Carbon Black (ECORAX brand): This product line is specifically formulated for use in tires.

Corning F. Painter, Chief Executive Officer

Mr. Painter was named Chief Executive Officer of Orion Engineered Carbons S.A. in September 2018 and joined the Board of Directors in October 2018. He began his career at Air Products in 1984, progressing through various commercial and operations positions in the U.S. and internationally. He held leadership roles in operations, supply chain, corporate strategy, and technology, serving as Executive Vice President of Industrial Gases at Air Products until June 2018. Orion Engineered Carbons S.A. was carved out of Evonik Industries in 2011 by private equity firms Apollo Global Management and Rhône Group before becoming a publicly listed company in 2014.

Jonathan "Jon" Puckett, Chief Financial Officer

Mr. Puckett joined Orion Engineered Carbons S.A. as Chief Financial Officer, effective December 1, 2025, bringing over 30 years of financial leadership experience. Prior to Orion, he spent 14 years with Celanese, where he most recently served as vice president and CFO for the Acetyl Chain segment. He also held senior financial roles at Affiliated Computer Services, Inc.; PwC LLP; and KPMG LLP.

Carlos J. Quinones, Senior Vice President, Global Operations

Mr. Quinones joined Orion Engineered Carbons S.A. in June 2019 with responsibility for Global Operations. He has over 25 years of operations experience in various international chemical, petrochemical, and industrial gases companies, including Arco Chemical, Rohm and Haas/Dow Chemical, Praxair, and Air Products and Chemicals.

Pedro Riveros, Senior Vice President Global Rubber Carbon Black and Americas Region

Mr. Riveros was appointed Senior Vice President Global Rubber Carbon Black and Americas Region in September 2019, having joined Orion Engineered Carbons S.A. in June 2019. He has 25 years of experience in various general management and business management roles in the industrial gas and chemicals sector, including several business leadership roles at Air Products.

Dr. Sandra Niewiem, Senior Vice President Global Specialty Carbon Black and EMEA Region

Dr. Niewiem was appointed Senior Vice President of Global Specialty Carbon Black and the EMEA Region in September 2019. She joined Orion Engineered Carbons S.A. in December 2013 and previously served as Vice President of Global Product Management and Business Development for Specialty Carbon Black. Dr. Niewiem has over two decades of experience in process industries, engineering, and industrial goods, including more than 13 years in management consulting at Kearney.

Here are the key risks to Orion Engineered Carbons S.A. (OEC):

1. Macroeconomic Headwinds and Subdued Demand: Orion Engineered Carbons faces significant challenges from global trade dynamics and a difficult macroeconomic environment, leading to subdued demand across its core businesses, especially in the Western tire market and the high-margin Specialty Carbon Black segment. This has resulted in reduced financial guidance and negatively impacted the company's profitability and operating margins.
2. Financial Health and High Leverage: The company exhibits signs of financial distress, characterized by a high debt-to-equity ratio of 2.51 and an Altman Z-Score of 1.46, which places it in the distress zone and indicates a potential risk of bankruptcy within the next two years. Its moderate liquidity, with a current ratio of 1.08 and a quick ratio of 0.64, further highlights concerns regarding its ability to easily pay off its debt through cash flow.
3. Volatility in Raw Material and Energy Costs: As a company in the Basic Materials sector, Orion is highly exposed to fluctuations in the costs, quality, and availability of raw materials and energy. Such volatility can lead to decreased production volumes and margins, adversely affecting its business, financial condition, results of operations, and cash flows.

The emergence and increasing adoption of recycled carbon black (rCB) present a clear threat to Orion Engineered Carbons' traditional virgin carbon black business. As environmental regulations tighten and demand for sustainable materials grows, rCB, derived from end-of-life tires, offers a circular economy alternative. If rCB technology scales rapidly, delivers consistent quality, and becomes cost-competitive, it could directly substitute virgin carbon black in key applications like tires and mechanical rubber goods, leading to reduced demand and pricing pressure for Orion's core products.

Orion Engineered Carbons S.A. (OEC) operates in two main segments: Specialty Carbon Black and Rubber Carbon Black.

Specialty Carbon Black Market

The global specialty carbon black market was valued at approximately USD 2.95 billion in 2024. This market is projected to reach around USD 8.54 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 10.35% from 2025 to 2034.

Regionally, Asia Pacific held the largest share of the specialty carbon black market, accounting for 48.85% of revenue in 2024. The U.S. market for specialty carbon black was approximately USD 479.9 million in 2023, representing about 17.5% of the global market that year.

Rubber Carbon Black Market

The rubber carbon black segment constitutes a significant portion of the overall carbon black market, holding an 88% share of the global demand for carbon black in 2024.

The global carbon black market, which includes rubber carbon black, was estimated to be valued between USD 28.86 billion and USD 29.23 billion in 2025. It is forecasted to grow to a range of USD 41.84 billion to USD 44.77 billion by 2034, with a CAGR between 4.8% and 4.85% during the forecast period.

Asia Pacific dominates the global carbon black market, accounting for over 60% of the demand and more than 51.1% of the market share in 2025. North America's carbon black market reached USD 4.82 billion in 2025, while Europe accounts for approximately 22% of the global market.

Orion Engineered Carbons S.A. (OEC) is poised for revenue growth over the next two to three years, driven by strategic initiatives across its Specialty and Rubber Carbon Black segments. Key drivers include expansion into high-growth markets, ongoing innovation in specialty applications, and a focus on sustainability.

Here are 3-5 expected drivers of future revenue growth for Orion (OEC):

1. Expansion into Conductive Additives for Electric Vehicle (EV) Batteries: Orion is significantly investing in a new plant in La Porte, Texas, which is projected to become the sole U.S. producer of acetylene-based conductive additives. These additives are crucial for lithium-ion batteries and high-voltage cables, a rapidly expanding market. This facility is expected to quadruple Orion's global effective manufacturing capacity for these products and contribute an estimated $40 million to $45 million in EBITDA by the end of 2026.
2. Growth in High-Margin Specialty Carbon Black Applications: Beyond the EV battery market, Orion continues to prioritize growth in its broader Specialty Carbon Black segment. The company aims to expand financial returns by investing in higher-margin opportunities and leveraging its leadership in innovation and sustainable solutions for applications such as coatings, inks, sealants, and engineered plastics.
3. Strategic Price Increases and Enhanced Cost Performance: Orion has implemented price increases, including a potential rise of up to 25% for its specialty segments, along with variable surcharges. While navigating market dynamics, the company's ability to maintain or increase pricing, coupled with ongoing operational improvements and cost reduction plans, is expected to positively impact revenue and profitability.
4. Recovery in Rubber Carbon Black Demand: Although the Rubber Carbon Black segment has recently faced challenges due to lower demand in the Western tire market and high inventories, Orion anticipates a modest improvement in Rubber volumes. The company's strong relationships with key tire manufacturers position it to benefit from an eventual recovery in industry demand, as the Rubber segment remains a significant revenue generator.
5. Commitment to Sustainability and the Circular Economy: Orion is actively pursuing initiatives aligned with the circular economy and sustainable solutions. This includes developing bio-circular-based specialty carbon blacks and investing in processes that convert tire pyrolysis oil into circular carbon black. By meeting the growing industry demand for environmentally friendly materials, Orion can unlock new market opportunities and reinforce its position as a leader in sustainable carbon solutions, driving future revenue growth.

Share Repurchases

• In May 2023, Orion's Board of Directors authorized a new share repurchase program to purchase up to approximately 6.9 million of its outstanding common stock through June 2027. This program, combined with a previous authorization, allows for potential repurchases of up to 15% of outstanding shares.
• In November 2022, the Board approved a share repurchase program authorizing the purchase of up to $50 million of outstanding common stock.
• In 2024, Orion repurchased approximately 2% of its shares outstanding, deploying about $20 million. Since instituting its buyback program in late 2022, the company has reduced its absolute share count by more than 7%.

Capital Expenditures

• Orion Engineered Carbons invested $48.7 million in capital expenditures in Q4 2025, contributing to a total of $161.0 million for the full year 2025.
• The company anticipates capital expenditures of $90 million for 2026, representing a reduction of $70 million from 2025 levels.
• The primary focus of reduced capital spending in 2025 and 2026 is to improve free cash flow conversion, as the company believes no significant additional growth capital is needed near-term to achieve its financial goals, especially after investments like the La Porte plant.