Orion S.A.OEC
Orion S.A. Segments Disclosure
Segment Financial Information
Segment information
We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two 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 special applications.
Corporate includes income and expense that cannot be directly allocated to the business segments or are managed on the corporate level. This includes Interest and other financial expense, net, 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”), the chief operating decision maker (“CODM”). Discrete financial information is available for each of the segments, and the CODM uses operating results of each operating segment for performance evaluation and resource allocation.
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 are as follows:
| Rubber | Specialty | Corporate | Total | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Net sales from external customers | $ | 1,188.2 | $ | 618.5 | $ | — | $ | 1,806.7 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of Sales | 969.2 | 477.7 | — | 1,446.9 | |||||||||||||||||||
| Selling, general and administrative expenses | 139.5 | 90.1 | 1.1 | 230.7 | |||||||||||||||||||
| Loss (recovery) due to misappropriation of assets, net | — | — | (6.9) | (6.9) | |||||||||||||||||||
| Goodwill impairment | 32.3 | 48.5 | — | 80.8 | |||||||||||||||||||
| Other segment items | 13.8 | 13.9 | — | 27.7 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| LTIP and other non-operating charges | 6.6 | 6.5 | 1.1 | 14.2 | |||||||||||||||||||
| Loss (recovery) due to misappropriation of assets, net | — | — | (6.9) | (6.9) | |||||||||||||||||||
| Goodwill impairment | 32.3 | 48.5 | — | 80.8 | |||||||||||||||||||
| Equity in earnings of affiliated companies, net of tax | 0.5 | — | — | 0.5 | |||||||||||||||||||
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 81.7 | 50.2 | — | 131.9 | |||||||||||||||||||
| Adjusted EBITDA | $ | 154.5 | $ | 93.5 | — | $ | 248.0 | ||||||||||||||||
| Assets | $ | 1,093.7 | $ | 688.6 | $ | 125.3 | $ | 1,907.6 | |||||||||||||||
| Capital expenditures | 66.0 | 95.0 | — | 161.0 | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||
| Net sales from external customers | $ | 1,231.2 | $ | 646.3 | $ | — | $ | 1,877.5 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of Sales | 954.3 | 494.4 | — | 1448.7 | |||||||||||||||||||
| Selling, general and administrative expenses | 152.1 | 84.7 | 1.0 | 237.8 | |||||||||||||||||||
| Loss (recovery) due to misappropriation of assets, net | — | — | 59.3 | 59.3 | |||||||||||||||||||
| Other segment items | 14.3 | 15.7 | (1.0) | 29.0 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| LTIP and other non-operating charges | 7.2 | 7.1 | — | 14.3 | |||||||||||||||||||
| Loss (recovery) due to misappropriation of assets, net | — | — | 59.3 | 59.3 | |||||||||||||||||||
| Equity in earnings of affiliated companies, net of tax | 0.6 | — | — | 0.6 | |||||||||||||||||||
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 75.8 | 49.5 | — | 125.3 | |||||||||||||||||||
| Adjusted EBITDA | $ | 194.1 | $ | 108.1 | — | $ | 302.2 | ||||||||||||||||
| Assets | $ | 1,047.8 | $ | 698.3 | $ | 111.2 | $ | 1,857.3 | |||||||||||||||
| Capital expenditures | 102.1 | 104.6 | — | 206.7 | |||||||||||||||||||
| 2023 | |||||||||||||||||||||||
| Net sales from external customers | $ | 1,283.3 | $ | 610.6 | $ | — | $ | 1,893.9 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of Sales | 992.6 | 450.3 | — | 1442.9 | |||||||||||||||||||
| Selling, general and administrative expenses | 135.0 | 85.7 | 1.2 | 221.9 | |||||||||||||||||||
| Other segment items | 12.2 | 13.5 | (1.9) | 23.8 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| LTIP and other non-operating charges | 7.2 | 7.0 | (0.7) | 13.5 | |||||||||||||||||||
| Equity in earnings of affiliated companies, net of tax | 0.5 | — | — | 0.5 | |||||||||||||||||||
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 70.4 | 42.6 | — | 113.0 | |||||||||||||||||||
| Adjusted EBITDA | $ | 221.6 | $ | 110.7 | — | $ | 332.3 | ||||||||||||||||
| Assets | $ | 1,014.3 | $ | 703.4 | $ | 115.7 | $ | 1,833.4 | |||||||||||||||
| Capital expenditures | 99.5 | 73.3 | — | 172.8 | |||||||||||||||||||
Other segment items—Other segment items for each reportable segment includes Research and development costs and Other expense (income), net.
A reconciliation of Adjusted EBITDA to Income from continuing operations before income taxes for each of the periods presented is as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Income (loss) before earnings in affiliated companies and income taxes | $ | (34.8) | $ | 53.3 | $ | 163.3 | |||||||||||
| LTIP and other non-operating charges | 14.2 | 14.3 | 13.5 | ||||||||||||||
| Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 131.9 | 125.3 | 113.0 | ||||||||||||||
| Loss (recovery) due to misappropriation of assets, net | |||||||||||||||||
| Misappropriation of assets, net | (9.2) | 55.7 | — | ||||||||||||||
| Professional fees related to misappropriation of assets | 2.3 | 3.6 | — | ||||||||||||||
| Goodwill impairment | 80.8 | — | — | ||||||||||||||
| Equity in earnings of affiliated companies, net of tax | 0.5 | 0.6 | 0.5 | ||||||||||||||
| Interest and other financial expense, net | 62.3 | 49.4 | 50.9 | ||||||||||||||
| Reclassification of actuarial (gains)/losses from AOCI | — | — | (8.9) | ||||||||||||||
| Adjusted EBITDA | $ | 248.0 | $ | 302.2 | $ | 332.3 | |||||||||||
LTIP and other non-operating charges include the following:
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| LTIP | $ | 13.6 | $ | 15.3 | $ | 15.4 | |||||||||||
| Environmental reserves | — | — | (2.2) | ||||||||||||||
| Other non-operating | 0.6 | (1.0) | 0.3 | ||||||||||||||
| $ | 14.2 | $ | 14.3 | $ | 13.5 | ||||||||||||
Geographic information:
| Net sales | Years Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Americas | $ | 607.3 | $ | 622.5 | $ | 657.4 | |||||||||||
| USA | 407.7 | 430.0 | 470.4 | ||||||||||||||
| Brazil | 157.7 | 145.5 | 145.4 | ||||||||||||||
| Rest of Americas | 41.9 | 47.0 | 41.6 | ||||||||||||||
| EMEA | 794.9 | 831.6 | 804.5 | ||||||||||||||
| Germany | 165.4 | 168.3 | 189.5 | ||||||||||||||
| Czech Republic | 74.3 | 57.7 | 49.4 | ||||||||||||||
| Italy | 82.1 | 83.6 | 84.8 | ||||||||||||||
| Poland | 56.3 | 54.7 | 59.9 | ||||||||||||||
| South Africa | 52.4 | 66.8 | 69.5 | ||||||||||||||
| Spain | 47.6 | 53.3 | 52.8 | ||||||||||||||
| Rest of EMEA | 316.8 | 347.2 | 298.6 | ||||||||||||||
| APAC | 404.5 | 423.4 | 432.0 | ||||||||||||||
| China | 184.2 | 187.0 | 178.3 | ||||||||||||||
| Republic of Korea | 128.9 | 130.4 | 139.0 | ||||||||||||||
| Rest of Asia | 91.4 | 106.0 | 114.7 | ||||||||||||||
| Total | $ | 1,806.7 | $ | 1,877.5 | $ | 1,893.9 | |||||||||||
The Company determines its reportable geographic regions based on the location of the customer. For 2025, due to a change in geographic sales concentration, Czech Republic and Poland are now presented separately, and Turkey and France are included within the ‘Rest of EMEA’ line item. To maintain comparability, prior period amounts in the table above have been reclassified to conform to the current year presentation.
For the years ended December 31, 2025 and 2023, two customers in the Rubber segment, aggregating to approximately $459.4 million and $466.5 million, respectively, accounted for 10% or more of consolidated revenue. For the year ended December 31, 2024, one customer in the Rubber segment, aggregating to approximately $280.1 million, accounted for 10% or more of consolidated revenue.
Long-lived tangible assets(1) | December 31 | ||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Germany | $ | 197.9 | $ | 168.6 | |||||||
| Sweden | 29.9 | 24.5 | |||||||||
| Italy | 65.4 | 62.1 | |||||||||
| Poland | 26.1 | 22.1 | |||||||||
| Rest of Europe | 25.8 | 23.1 | |||||||||
| Subtotal Europe | 345.1 | 300.4 | |||||||||
| United States | 600.8 | 530.1 | |||||||||
| South Korea | 95.6 | 98.2 | |||||||||
| South Africa | 30.8 | 27.5 | |||||||||
| Brazil | 18.3 | 17.7 | |||||||||
| China | 104.7 | 108.9 | |||||||||
| Other | 0.1 | 0.1 | |||||||||
| Total | $ | 1,195.4 | $ | 1,082.9 | |||||||
(1) Long-lived assets include property, plant and equipment, net and right-of-use assets, net.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.