Orion S.A.

Note D. Debt and Other Obligations

Debt and other obligations are as follows:

Other short-term debt and obligations are as follows:

Revolving credit facility

As of September 30, 2026, total capacity under our Revolving credit facility (“RCF”) and ancillary facilities is €350 million ($397.4 million). As of September 30, 2026 and December 31, 2025, availability under the RCF and ancillary facilities were $121.4 million and $193.0 million, respectively.

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 a one-month period, and based on management’s intention to repay the amounts outstanding within one year from the date of drawing.

Repurchase Agreement—We entered into a repurchase agreement to sell European Emission Allowance (“EUA”) certificates as follows:

•On September 17, 2026, we sold 200 thousand EUA certificates for €17.1 million cash to a 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 November 17, 2026 for €17.2 million.

The difference between the consideration received and the amount of consideration paid was recognized as interest expense. At September 30, 2026, the amount outstanding, including accrued interest, was €17.1 million ($19.4 million).

As of September 30, 2026, 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 on Form 10-K for the year ended December 31, 2025.