Orion S.A.

Note D. Debt and Other Obligations

Debt and other obligations are as follows:

Other Short-Term Debt and Obligations

Revolving credit facility

As of June 30, 2025, total capacity under our senior secured revolving credit facility (the “RCF”) and ancillary facilities is €300 million ($351.6 million). As of June 30, 2025 and December 31, 2024, availability under the RCF and ancillary facilities is $103.5 million and $127.5 million, respectively.

As of June 30, 2025, borrowings under the RCF were $35.2 million. There wereno borrowings under the RCF as of December 31, 2024. We classify amounts outstanding under the RCF as current in our Condensed Consolidated Balance Sheets as the borrowings are for short-term working capital needs, typically for one-month periods, and based on management’s intention to repay the amounts outstanding within one year from the date of drawing.

Repurchase Agreement—We entered into repurchase agreements to sell European Emission Allowance (“EUA”) certificates. Under the agreement on March 19, 2025, we sold 145 thousand EUA certificates for €10.5 million cash to a counterparty. The same counterparty has an obligation to resell, and we have the obligation to purchase, the same or substantially the same EUA certificates on January 28, 2026 for €10.8 million.

On June 23, 2025, we sold an additional 500 thousand EUA certificates for €36.0 million cash to another counterparty. This counterparty also has an obligation to resell, and we have the obligation to purchase the same or substantially the same EUA certificates on September 18, 2025 for €36.2 million.

The difference between the considerations received and the amount of consideration to be paid will be recognized as an interest expense. At June 30, 2025, the amount outstanding, including accrued interest, was $54.5 million. Due to the short maturity, the carrying value approximates the fair value.

As of June 30, 2025, we are in compliance with our debt covenants.

For additional information relating to our debt, see “Note J. Debt and Other Obligations”, included in our Annual Report in Form 10-K for the year ended December 31, 2024.