Orion S.A.

Orion S.A. is a Luxembourg-incorporated chemical company with its principal executive office in Spring, Texas, and operations across Europe, the Americas, Africa, and Asia. It produces specialty and rubber carbon black, a carbon-based additive used to modify the physical, electrical, and optical properties of materials such as polymers, tires, batteries, inks, and coatings.

8,8 %

19,9 %

−3,9 %

−3,8 %

1.03

0.59

— Orion S.A.
%
Specialty Carbon Black34.2% Engineered carbon black grades used to add conductivity, color, UV protection, and performance properties.
Rubber Carbon Black65.8% Carbon black grades used as reinforcing fillers in tires and other rubber applications.

Orion sells primarily to industrial customers that formulate or manufacture tires, rubber goods, polymers, batteries,...

  • Tire manufacturersprimary

    Buy rubber carbon black for reinforcement, wear resistance, and performance in tires.

  • Industrial rubber producersprimary

    Buy reinforcing grades for hoses, belts, seals, and molded rubber goods.

  • Polymer and plastics compounderssecondary

    Buy specialty grades to add conductivity, color, and UV protection.

  • Battery, ink, and coatings customerssecondary

    Buy specialty carbon black for functional and aesthetic performance requirements.

Orion operates a global manufacturing and technical footprint, with production facilities in Europe, North and South...

  • •Headquartered in Luxembourg with principal executive office in Spring, Texas
  • •Production sites span Europe, North America, South America, South Africa, and Asia
  • •Principal R&D center in Cologne, Germany
  • •Technical labs in the U.S., China, and South Korea support customer qualification
  • •Global footprint helps serve multinational tire and industrial customers locally

Orion’s strategy centers on product engineering, customer collaboration, and applications technology to create carbon...

01
Customer-specific product developmentmedium-term

Tailored grades and technical support improve qualification success and switching costs.

02
Global technical and manufacturing footprintmedium-term

Local production and labs help serve multinational customers and reduce service friction.

03
Process diversity and operational flexibilitylong-term

A broad mix of production processes supports differentiated products and market coverage.

Orion is exposed to cyclical demand in automotive and industrial end markets, and its large fixed asset base can make...

high

Cyclical end-market demand

Carbon black demand is linked to automotive, construction, and global industrial activity.

Scope
Automotive and industrial end markets
Materiality
high
high

Customer concentration

The top ten customers accounted for a large share of volume, so account loss would reduce sales materially.

Scope
Large global tire and industrial accounts
Materiality
high
high

Cybersecurity and IT disruption

Production and transaction processing depend on IT systems, so outages can interrupt operations.

Scope
SAP and plant control systems
Materiality
medium
medium

Raw material and energy cost volatility

Feedstock costs generally track crude oil and natural gas, affecting margins and pricing dynamics.

Scope
Oil- and gas-linked inputs
Materiality
high
medium

Environmental, health, and safety compliance

Chemical manufacturing and global plant operations require strict compliance and remediation controls.

Scope
Multi-jurisdiction manufacturing footprint
Materiality
medium
Inventory costing and valuation
Cost of sales and inventory carrying values
Income tax valuation allowances
Tax expense and deferred tax assets
Uncertain tax positions
Tax liabilities and earnings
Non-GAAP Adjusted EBITDA
Performance comparability versus GAAP

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: 29/04/2026