Orion S.A. published the transcript of its fourth-quarter 2025 earnings conference call held on February 17, 2026, attended by Vice President of Investor Relations Chris Kapsch, CEO Corning Painter and CFO Jonathan Puckett, along with analysts from UBS, Jefferies, CJS Securities, JPMorgan and Mizuho Securities. Management said Q4 results came in better than expected, driven mainly by stronger volumes and mix in Specialty and less-severe tire factory curtailments than customers had forecast. Orion reported full-year 2025 EBITDA of $248 million and free cash flow of $55 million, supported by working-capital actions. “We finished 2025 with better Q4 results than we had contemplated early in November,” the CEO said, adding that “the upside was primarily a function of higher volumes than customers had forecasted.” The company outlined actions to navigate weak carbon black market conditions, including additional cost initiatives targeting $20 million of savings, sharply lower capital spending, and the completion of its plan to rationalize production lines. The CEO said Orion is “relentlessly focused on managing costs” and emphasized that its “single highest priority after safety is to generate free cash flow again in 2026.” For 2026, Orion guided to adjusted EBITDA of $160 million to $200 million and free cash flow of $25 million to $50 million, with CapEx expected at $90 million. The CFO said the free-cash-flow outlook depends on “active management of the business… working capital… and CapEx,” including efforts such as payment-term extensions and inventory reductions. The call also covered contract pricing headwinds in Rubber, tire import dynamics and freight-related weakness, and the La Porte conductive carbons project timing. Management said it has slowed the project and now expects completion and startup in 2027; the CEO said this “better aligns with the end market demand,” while the CFO estimated the project would add “in the neighborhood of maybe $10 million” of annual depreciation when it comes online. The full transcript can be accessed through the link below.

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