Orion S.A.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
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Financial Information by Segment
Note J. Financial Information by Segment
Segment information
We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business intwo operating segments as follows:
Rubber Carbon Black—Used in the reinforcement of rubber in tires and mechanical rubber goods, and
Specialty Carbon Black—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and other special applications.
Corporate includes income and expenses that cannot be directly allocated to the business segments or that are managed at the corporate level. This includes finance income and expenses, taxes and items with less bearing on the underlying core business.
Our operations are managed by senior executives who report to our Chief Executive Officer (“CEO”), who is ourchief operating decision maker(“CODM”). Discrete financial information is available for each of our reportable segments. The CODM reviews segment Adjusted EBITDA and related segment operating results as drivers of Adjusted EBITDA to allocate resources and to assess operating results and financial performance. The CODM reviews changes in actual results compared to prior periods, forecasts, and operating objectives. Segment Adjusted EBITDA includes items management considers representative of the underlying performance of each segment.
Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define Adjusted EBITDA as Income from operations before depreciation and amortization, stock-based compensation, and non-recurring items (such as restructuring expenses, Loss (recovery) due to misappropriation of assets, net, Goodwill impairment, etc.) plus Earnings in affiliated companies, net of tax.
The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources.
Segment operating results for the three months ended June 30, 2026 and 2025 are as follows:
| Rubber | Specialty | Corporate | Total | |
|---|---|---|---|---|
| (In millions) | ||||
| Net sales from external customers | $316.1 | $184.8 | $— | $500.9 |
| Less: | ||||
| Cost of Sales | 277.4 | 130.5 | — | 407.9 |
| Selling, general and administrative expenses | 36.3 | 26.3 | 0.1 | 62.7 |
| Other segment items | 4.2 | 3.9 | 0.9 | 9.0 |
| Add: | ||||
| Equity in earnings of affiliated companies, net of tax | 0.2 | — | — | 0.2 |
| LTIP and other non-operating charges | 1.3 | 1.5 | 1.0 | 3.8 |
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 19.5 | 13.4 | — | 32.9 |
| Adjusted EBITDA | $19.2 | $39.0 | $— | $58.2 |
| Capital expenditures | 4.6 | 20.8 | — | 25.4 |
| Net sales from external customers | $308.3 | $158.1 | $— | $466.4 |
| Less: | ||||
| Cost of Sales | 242.5 | 125.5 | — | 368.0 |
| Selling, general and administrative expenses | 34.2 | 23.2 | 0.3 | 57.7 |
| Other segment items | 3.3 | 4.8 | 0.5 | 8.6 |
| Add: | ||||
| Equity in earnings of affiliated companies, net of tax | 0.6 | — | — | 0.6 |
| LTIP and other non-operating charges | 1.0 | 2.3 | 0.8 | 4.1 |
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 19.0 | 13.0 | — | 32.0 |
| Adjusted EBITDA | $48.9 | $19.9 | $— | $68.8 |
| Capital expenditures | 16.8 | 25.4 | — | 42.2 |
Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.
Segment operating results for the six months ended June 30, 2026 and 2025 are as follows:
| Rubber | Specialty | Corporate | Total | |
|---|---|---|---|---|
| (In millions) | ||||
| Net sales from external customers | $605.9 | $354.5 | $— | $960.4 |
| Less: | ||||
| Cost of Sales | 531.2 | 257.0 | — | 788.2 |
| Selling, general and administrative expenses | 70.1 | 51.2 | 0.5 | 121.8 |
| Other segment items | 8.0 | 8.4 | 1.3 | 17.7 |
| Add: | ||||
| Equity in earnings of affiliated companies, net of tax | 0.3 | — | — | 0.3 |
| LTIP and other non-operating charges | 1.9 | 2.0 | 1.8 | 5.7 |
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 39.4 | 26.2 | — | 65.6 |
| Adjusted EBITDA | $38.2 | $66.1 | $— | $104.3 |
| Assets | $1,145.6 | $703.0 | $138.4 | $1,987.0 |
| Capital expenditures | 20.4 | 41.1 | — | 61.5 |
| Net sales from external customers | $625.3 | $318.8 | $— | $944.1 |
| Less: | ||||
| Cost of Sales | 501.4 | 246.2 | — | 747.6 |
| Selling, general and administrative expenses | 70.3 | 45.2 | 0.6 | 116.1 |
| Other segment items | 7.9 | 8.4 | 0.8 | 17.1 |
| Add: | ||||
| Equity in earnings of affiliated companies, net of tax | 1.1 | — | — | 1.1 |
| LTIP and other non-operating charges | 2.8 | 2.9 | 1.4 | 7.1 |
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 40.1 | 23.4 | — | 63.5 |
| Adjusted EBITDA | $89.7 | $45.3 | $— | $135.0 |
| Assets | $1,130.3 | $765.5 | $129.1 | $2,024.9 |
| Capital expenditures | 30.9 | 40.5 | — | 71.4 |
Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.
A reconciliation of Income before earnings in affiliated companies and income taxes to Adjusted EBITDA for each of the periods presented is as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Income before earnings in affiliated companies and income taxes | $5.0 | $13.0 | $1.7 | $30.5 |
| LTIP and other non-operating charges | 3.8 | 4.1 | 5.7 | 7.1 |
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 32.9 | 32.0 | 65.6 | 63.5 |
| Equity in earnings of affiliated companies, net of tax | 0.2 | 0.6 | 0.3 | 1.1 |
| Interest and other financial expense, net | 16.3 | 19.1 | 31.0 | 32.8 |
| Adjusted EBITDA | $58.2 | $68.8 | $104.3 | $135.0 |
Long term incentive plan (“LTIP”) and other non-operating charges include the following:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (In millions) | ||||
| Long term incentive plan | $3.0 | $3.6 | $4.4 | $6.3 |
| Other non-operating | 0.8 | 0.5 | 1.3 | 0.8 |
| LTIP and other non-operating charges | $3.8 | $4.1 | $5.7 | $7.1 |
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