Orion S.A. generated net sales of $1.807 billion in 2025, a 4% decline from 2024, and reported a consolidated net loss of $70 million that included an $81 million goodwill impairment. The company achieved Adjusted EBITDA of $248 million, operating cash flow of $216 million, and free cash flow of $55 million.

In Q4, net sales totaled $411.7 million, down 5% year-over-year due to a 4% volume decline and a 6% price reduction driven by lower oil costs, partially offset by 4% favorable currency translation. The segment posted a $21.1 million net loss and Adjusted EBITDA of $55.3 million, with Specialty Carbon Black volumes falling 12% and Rubber Carbon Black volumes down 1%.

To navigate soft industrial and tire markets, Orion reduced growth capex to align with end-market prospects, prioritized maintenance on high-contribution assets and amended its credit agreement to bolster liquidity and leverage headroom. Cost-rationalization programs and working-capital initiatives extracted $69 million, supporting debt reduction and stable earnings.

Orion delivered a safety performance nine times better than the chemical industry average and improved plant reliability by 200 basis points through manufacturing excellence. The company earned a Platinum EcoVadis rating in the 99th percentile and reduced inventory levels as part of broader operational optimization efforts.