https://www.avient.com/sites/default/files/2025-04/CCG PVDF Process Aid Product Bulletin.pdf
Colorant Chromatics™ PVDF Processing Aids are specially formulated to improve the melt processing in the
extrusion of polyvinylidene fluoride (PVDF) resins.
Colorant Chromatics™ PVDF Processing Aids
KEY CHARACTERISTICS
• Provides lubricity to reduce or eradicate
die build-up or die drool during processing
• Optimizes coefficient of friction (COF)
and helps control extrusion pressure
• Prevents melt fracture (also known as
sharkskin) resulting in a smoother
surface finish
• Minimizes defects for improved final
part quality
• Improves extrusion line speed to boost
production efficiency and reduce total
energy requirements
MARKETS & APPLICATIONS
Colorant Chromatics™ PVDF Processing Aids are
suitable for PVDF manufacturing in applications
such as:
• Wire & cable
• Tube or pipe extrusion
• Cable jacketing
• Filaments, including fishing line
PRODUCT BULLETIN
1.844.4AVIENT
www.avient.com
Copyright © 2025, Avient Corporation.
https://www.avient.com/sites/default/files/2023-10/308659_en_46154.pdf
Ltd.
30, Hsing Pang Road
33068 Taoyuan Taiwan
Scope
Design and manufacture of colour and additive
concentrates and specialty compounds for the
Healthcare and Medical device market.
https://www.avient.com/sites/default/files/2024-09/24 EN 47.pdf
CERTIFICATE
Signed for the certification body:
Eric Louys
Chairman Certification Committee
CERTIFICATE
EN ISO 50001 : 2018
Energy Management System
VINÇOTTE nv
Jan Olieslagerslaan 35, 1800 Vilvoorde, Belgium
This is to certify that Avient
Located at Rue Melville Wilson 2
5330 Assesse
Belgium
has established and maintains an energy management system according the requirements of
EN ISO 50001 : 2018 “Energy Management System” for:
Design and manufacture of colour and additive concentrates, thermoplastic resins and
speciality compounds
This certificate is based on the result of an energy audit documented in the audit report 61231731.
https://www.avient.com/sites/default/files/2022-11/AVNT Q3 2022 Earnings Presentation - Website Final.pdf
Additionally, Adjusted EPS excludes the impact of special items and amortization expense
associated with intangible assets.2
T RAN S FO R MAT IO NAL
OVE RV IE W
Avient Protective
Materials
Dyneema
®
RECENT TRANSACTIONS
Acquired Divested
$1.45 B $0.95 B
4
Distribution
UPDATED CAPITAL STRUCTURE
& LIQUIDITY
• Proceeds from completed
sale of Distribution used to
pay near-term maturing debt
to strengthen balance sheet
• Fixed/floating debt ratio of
~55/45
• Proven track record of
deleveraging following major
acquisitions through strong
free cash flow generation
• 2022 pro forma net
debt/adjusted EBITDA
expected to be 3.1x
$725 $725
$575 $500
$600
$525
$650
$650
$600
Capital Structure
Cash
$544
Undrawn
Revolver
$250
Liquidity
$3.15B
$2.40B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
2023 Notes
After Dyneema
Acquisition
After Distribution
Divestiture
$794M
(1) $250M reflects estimated undrawn revolver following the divestiture of Distribution
5
PREVIOUS TRANSACTIONS
Performance
Solutions
Products &
$0.8 B
COLOR
$1.4 B
Acquired (2020)Divested (2019)
6
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $75 million of realized synergies anticipated in 2022
• Acquisition completed on July 1, 2020 for $1.45 billion.
Purchase price multiple rapidly declining on strength of
business and synergy capture
7
$133
$201
2019PF 2022E
7
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.4x
2019PF 2021 2022E w/ Full
Synergies
11.9%
16.3%
2019PF 2022E
EBITDA Margins
CLARIANT COLOR:
TRANSFORMATIONAL ACQUISITION
(1) Financial information is pro forma to include a full year of Clariant Color business
SUNBELT PVC Resins DSS
20 Acquisitions
$4.8B Investment
$2.7B of Annual
Revenue
5 Divestments
$2.3B Proceeds
TPE
PP&S
HISTORIC SPECIALIZATION THROUGH M&A
8
Distribution
DSM Protective
Materials
BOLT-ON ACQUISITION HISTORY
9
Commercial
Resources
Operating Income
Operating Margins
259
363
$40
$139
Established Acquisitions
(> 7 years)
+ 40% + 248% + 1300 bps
I N V E S T T O G R O W
SPECIALTY TRANSFORMATION
T O D A Y
46%
67%
86%
100%
0%
60%
80%
100%
2005 2010 2019 2021 2022 PF
%
o
f A
d
ju
st
ed
E
B
IT
D
A
• Commodity JVs
• Distribution
• Performance Products & Solutions
• Specialty Businesses
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution
(1
)
(2)
10
Building &
43%
14%
Telecom.
2%
2006 2022 Pro Forma
21%
Building &
Telecom.
END MARKET FOCUS ON LESS CYCLICAL
INDUSTRIES
11
14.8%
17.6%
21.0%
2018 2020 2022 PF
1.8%
2006
15.3%
16.2%
17.0%
2018PF 2020PF 2022E
CAI
2.7%
2006
SEM
SPECIALTY EBITDA MARGIN EXPANSION
12
• Portfolio transformation
accelerates growth in less
cyclical, higher margin end
markets
• Investments in our
composites platform
continue to drive margin
expansion
(1) (1)
(1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition
PORTFOLIO EVOLUTION OVER THE YEARS
13
Adj.
https://www.avient.com/sites/default/files/2025-02/Avient Investor Presentation - February 2025_w_Non-GAAP.pdf
$3.2B $526M
80+ 100+
2011
63%
2024 sales
by business segment
Specialty
Engineered
Materials
SEM
Color,
Additives
& Inks
CAI
2024 sales by end market
41%
35%
18%
2024 sales
by region
US,
Canada
LATAM
EMEA
PACKAGING
23%
CONSUMER
INDUSTRIAL
TRANSPORTATION
BUILDING & CONSTRUCTION
HEALTHCARE
DEFENSE
ENERGY
TELECOM
3%
2024 SALES 2024 ADJ.
Color, Additives & Inks
END MARKETS REGIONS
34%
21%
11%
Packaging
Telecom 1%Energy 1%
34%
US & Canada
Latin America
Europe, Middle East
Construction
25Copyright © .
Three Months Ended December 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 48.3 $ 0.52 $ 27.8 $ 0.30
Special items, after-tax (18.0) (0.20) 5.4 0.06
Amortization expense, after-tax 14.8 0.17 15.0 0.16
Adjusted net income / EPS $ 45.1 $ 0.49 $ 48.2 $ 0.52
Year Ended December 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 169.5 $ 1.84 $ 75.8 $ 0.83
Special items, after-tax 15.9 0.17 79.3 0.86
Amortization expense, after-tax 59.5 0.65 61.5 0.67
Adjusted net income / EPS $ 244.9 $ 2.66 $ 216.6 $ 2.36
Three Months Ended
Year Ended
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023
Net income from continuing operations – GAAP $ 48.5 $ 27.6 $ 170.7 $ 76.3
Income tax expense (benefit) 14.8 (7.0) 54.1 11.0
Interest expense 25.5 26.8 105.6 115.3
Depreciation and amortization from continuing operations 45.4 44.2 179.7 188.8
EBITDA from continuing operations $ 134.2 $ 91.6 $ 510.1 $ 391.4
Special items, before tax (23.9) 22.4 20.1 114.6
Interest expense included in special items — (0.1) (2.3) (2.3)
Depreciation and amortization included in special items (0.3) — (1.5) (1.9)
Adjusted EBITDA $ 110.0 $ 113.9 $ 526.4 $ 501.8
Adjusted EBITDA as a percent of sales 14.7 % 15.8 % 16.2 % 16.0 %
Three Months Ended
Year Ended
2024 2023 2024 2023
Sales:
Color, Additives and Inks $ 467.7 $ 459.4 $ 2,046.5 $ 2,007.4
Specialty Engineered Materials 279.7 259.8 1,196.8 1,138.2
Corporate (0.9) (0.2) (2.9) (2.8)
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Gross margin:
Color, Additives and Inks $ 152.6 $ 148.3 $ 681.1 $ 631.2
Specialty Engineered Materials 84.2 78.1 374.9 341.8
Corporate 22.7 (17.5) 0.7 (80.5)
Gross margin $ 259.5 $ 208.9 $ 1,056.7 $ 892.5
Selling and administrative expense:
Color, Additives and Inks $ 92.8 $ 86.5 $ 384.9 $ 371.3
Specialty Engineered Materials 49.6 48.7 207.7 199.3
Corporate 31.5 30.6 134.8 125.1
Selling and administrative expense $ 173.9 $ 165.8 $ 727.4 $ 695.7
Operating income:
Color, Additives and Inks $ 59.8 $ 61.8 $ 296.2 $ 259.9
Specialty Engineered Materials 34.6 29.4 167.2 142.5
Corporate (8.8) (48.1) (134.1) (205.6)
Operating income $ 85.6 $ 43.1 $ 329.3 $ 196.8
Depreciation and amortization:
Color, Additives and Inks $ 21.9 $ 22.2 $ 87.5 $ 98.3
Specialty Engineered Materials 21.0 19.8 82.1 81.5
Corporate 2.5 2.2 10.1 9.0
Depreciation and amortization $ 45.4 $ 44.2 $ 179.7 $ 188.8
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 81.7 $ 84.0 $ 383.7 $ 358.2
Specialty Engineered Materials 55.6 49.2 249.3 224.0
Corporate (6.3) (45.9) (124.0) (196.6)
Other income, net 3.2 4.3 1.1 5.8
EBITDA from continuing operations $ 134.2 $ 91.6 $ 510.1 $ 391.4
Special items, before tax (23.9) 22.4 20.1 114.6
Interest expense included in special items — (0.1) (2.3) (2.3)
Depreciation and amortization included in special items (0.3) — (1.5) (1.9)
Adjusted EBITDA $ 110.0 $ 113.9 $ 526.4 $ 501.8
2
Year Ended December 31,
Adjusted Free Cash Flow Calculation 2024 2023
Cash provided by operating activities $ 256.8 $ 201.6
Taxes paid on gain on sale of business — 104.1
One-time payout associated with deferred compensation plans 20.8 —
Adjusted cash provided by operating activities $ 277.6 $ 305.7
Capital expenditures (121.9) (119.4)
Adjusted free cash flow $ 155.7 $ 186.3
Three Months Ended March 31, 2024
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 49.4 $ 0.54
Special items, after-tax 5.5 0.06
Amortization expense, after-tax 14.9 0.16
Adjusted net income / EPS $ 69.8 $ 0.76
3
AVNT February Investor Presentation_2_25.pdf
Avient Investor Presentation - February 2025_w_Non-GAAP.pdf
Avient February 2025 Investor Presentation_w_non-GAAP.pdf
Non-GAAP- IR Deck - AVNT-2024.12.31 2.06.25 12PM.pdf
Attachment
https://www.avient.com/sites/default/files/2020-09/stan-tone-hcc-product-bulletin-1.pdf
PRODUCT BULLETIN
Stan-Tone™ Colorants
Vinyl Paste Colors (HCC)
Stan-Tone™ HCC vinyl paste colorants are select
organic and inorganic pigments dispersed in
diisodecyl phthalate plasticizer (DIDP).
By varying
ingredient ratios, a wide range of viscosities and
color control are achieved to enhance metering
capability and distribution.
KEY CHARACTERISTICS
• Indoor or outdoor lightfastness
• Heat stability
• Non-phthalate pigments available
• Additional options available using
custom plasticizers
APPLICATIONS
Stan-Tone HCC dispersions are suitable for
use in a variety of applications, including:
• Coated fabric
• Vinyl sealants
• Adhesives
• Wall coverings
• Toys
• Sporting goods
• Footwear
• Silk screen
Stan-Tone
Code
Pigment
Type
Approx. %
Specific
Gravity
Color
Index
Heat
Stability Lightfastness
WHITE
HCC-12144 Titanium Dioxide,
Anatase 61 1.89 PW-6 1 I/O C
HCC-12145 Titanium Dioxide,
Rutile 70 2.09 PW-6 1 I/O
YELLOW
HCC-12148 (a) Diarylide AAOT GS 35 1.09 PY-14 3 I
HCC-12516 (a) Diarylide AAMX RS 30 1.07 PY-13 3 I
HCC-12149 (a) Diarylide HR RS 22 1.04 PY-83 2 I/O (Mass)
HCC-12194 Iron Oxide 70 2.08 PY-42 2 C I/O
HCC-12503 Benzimidazolone GS 30 1.09 PY-151 2 I/O (Mass)
HCC-5253 (b) Isoindolinone RS 30 1.12 PY-110 1 I/O
ORANGE
HCC-17394 Benzimidazolone RS 20 1.05 PO-36 2 I/O
HCC-17747 Azo YS 30 1.11 PO-64 2 I/O
HCC-33428 Dianisidine RS 29 1.06 PO-16 3 I/O (Mass)
RED
HCC-12156 (a) Red 2B, Ca Salt BS 30 1.12 PR-48:2 2 I/O (Mass)
HCC-12160 (a) Red 2B, Ca Salt YS 33 1.12 PR-48:1 2 I/O (Mass)
HCC-12158 (a) Pyrazolone YS 25 1.05 PR-38 2 C I/O (Mass)
HCC-12159 Pigment Scarlet BS 38 1.21 PR-60:1 2 I/O (Mass)
HCC-12196 Iron Oxide, Dark VBS 65 2.09 PR-101 1 I/O
HCC-12197 Iron Oxide, Light BS 70 2.24 PR-101 1 I/O
HCC-18653 Iron Oxide, Light VYS 70 2.23 PR-101 1 I/O
HCC-11796 (a) Specialty Naphthol
BS 32 1.06 PR-170 2 I/O (Mass) C
HCC-12742 (a) Specialty Naphthol
YS 30 1.07 PR-170 2 I/O (Mass) C
HCC-2160 (b) Quinacridone BS 26 1.08 PV-19 2 I/O
HCC-12309 Quinacridone YS 25 1.07 PV-19 2 I/O
HCC-7707 Perylene Scarlet YS 25 1.04 PR-149 2 I/O
HCC-15738 Diketo-Pyrrolo-
Pyrrol YS 30 1.1 PR-254 1 I/O
BLUE
HCC-12164 Phthalocyanine GS 27 1.08 PB-15:3 1 I/O
HCC-12166 Phthalocyanine RS 18 1.05 PB-15 1 I/O
HCC-12168 Phthalocyanine
RS-NC 32 1.11 PB-15:1 1 I/O
HCC-12929 (c) Ultramarine 53 1.4 PB-29 1 I/O
Stan-Tone
Code
Pigment
Type
Approx. %
Approx. %
Solids
Color
Index
pH
Typical Lightfastness
GREEN
HCC-12172 Phthalocyanine BS 17 1.07 PG-7 1 I/O
HCC-12173 Phthalo Brominated
VYS 25 1.16 PG-36 1 I/O
HCC-10562 Phthalocyanine YS 30 1.15 PG-7 1 I/O
HCC-12176 Chromium Oxide 80 2.8 PG-17 1 I/O
VIOLET/MAGENTA
HCC-17680 (c) Ultramarine Violet 50 1.46 PV-15 1 I/O
HCC-2170 (b) Quinacridone Violet 30 1.09 PV-19 2 I/O
HCC-14562 Quinacridone
Magenta 25 1.06 PR-122 2 I/O
HCC-26775 Benzimidazolone 20 1.03 PV-32 2 I/O
HCC-33159 (a) Carbazole Violet 12 1.03 PV-23 2 I/O
BROWN/TAN
HCC-1286 (b) Iron Oxide, Tan HR 60 1.85 PBr-11 1 I/O
HCC-12201 Iron Oxide, Light 71 2.21 PBr-6 2 C I/O
HCC-12202 Iron Oxide, Dark 67.5 2.06 PBr-6 2 C I/O
BLACK
HCC-12203 Furnace-High Jet 18 1.06 PBk-7 1 I/O
HCC-12204 Furnace-High Jet 6 1 PBk-7 1 I/O
HCC-12205 Furnace-Low Jet 34 1.15 PBk-7 1 I/O
HCC-12206 Furnace-Medium Jet 20 1.07 PBk-7 1 I/O
HCC-18654 Furnace-Ultra High
Jet 15 1.04 PBk-7 1 I/O
HCC-14674 Iron Oxide 59 1.82 PBk-11 2 C I/O
ALUMINUM
HCC-12177 Aluminum 50 1.43 PM-1 2 I/O
HCC
RS = Red Shade
YS = Yellow Shade
VYS = Very Yellow Shade
BS = Blue Shade
VBS = Very Blue Shade
GS = Green Shade
NC = Non-Crystallizing
HR = Heat-Resistant
(a) = Potential Bleed / Migration
(b) = ESO plasticizer (Epoxidized Soybean Oil)
(c) = Pigment may fade in acidic environment
LIGHTFASTNESS
I = Indoor Only
I/O = Indoor or Outdoor
Mass = Outdoor Masstone Application Only
C = Some Caution Advised
HEAT STABILITY
1 = Above 400°F
2 = 350°F–400°F
3 = Below 350°F
C = Some Caution Advised
www.avient.com
Copyright © 2020, Avient Corporation.
https://www.avient.com/sites/default/files/2025-05/AVNT Q1 2025 Webcast Slides_w_non-GAAP.pdf
Q1 2025
results
Copyright © .
2025 7
Color, Additives & Inks – Q1 2025 performance
Sales
515
520
Adj.
Color, Additives & Inks
END MARKETS REGIONS
34%
21%
15%
11%
8%
Packaging
Telecom 1%Energy 1%
34%
US & Canada
Latin America
Europe, Middle East
Construction
15Copyright © .
Slide 12
Slide 13: Avient 2024 sales
Slide 14: Color, Additives & Inks
Slide 15: Specialty Engineered Materials
Slide 16: Avient 2024 regional sales, by end market
Slide 17: Raw material basket
IR Deck - AVNT-2025.03.31 Non-Gaap Recs.pdf
Attachment
https://www.avient.com/sites/default/files/2025-05/AVNT Q1 2025 webcast slides_v17.pdf
Q1 2025
results
Copyright © .
2025 7
Color, Additives & Inks – Q1 2025 performance
Sales
515
520
Adj.
Color, Additives & Inks
END MARKETS REGIONS
34%
21%
15%
11%
8%
Packaging
Telecom 1%Energy 1%
34%
US & Canada
Latin America
Europe, Middle East
Construction
15Copyright © .
Slide 12
Slide 13: Avient 2024 sales
Slide 14: Color, Additives & Inks
Slide 15: Specialty Engineered Materials
Slide 16: Avient 2024 regional sales, by end market
Slide 17: Raw material basket
Slide 18: Reconciliation of Non-GAAP financial measures (UNAUDITED)
Slide 19: Reconciliation of Non-GAAP financial measures (UNAUDITED)
Slide 20: Reconciliation of Non-GAAP financial measures (UNAUDITED)
https://www.avient.com/sites/default/files/2023-01/AVNT Dec 2022 Earnings Presentation.pdf
WHAT WE DO: MATERIAL SCIENCE
4
CUSTOM
FORMULATION
SUSTAINABILITY FOR A BETTER TOMORROW
Revenue From Sustainable Solutions* 2016-2021
$310
205
140
80
75
45
40
20
$915M2021 Sales
*Avient Sustainable Solutions definitions aligned with FTC 2012 Guide for the Use of Environmental Marketing Claims (“Green Guides”)
**2020 is Pro Forma to include full year of the Clariant Color business
Future Growth Revenue Assumptions From Sustainable Solutions: 8 - 12%
5
Key Updates
• Provided progress on 2030 Sustainability Goals
• Emphasized commitment to U.N.
Purchase price multiple rapidly declining on strength of
business and synergy capture
12
$133
$201
2019PF 2022E
12
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.4x
2019PF 2021 2022E w/ Full
Synergies
11.9%
16.3%
2019PF 2022E
EBITDA Margins
CLARIANT COLOR:
TRANSFORMATIONAL ACQUISITION
(1) Financial information is pro forma to include a full year of Clariant Color business
SUNBELT PVC Resins DSS
20 Acquisitions
$4.8B Investment
$2.7B of Annual
Revenue
5 Divestments
$2.3B Proceeds
TPE
PP&S
HISTORIC SPECIALIZATION THROUGH M&A
13
Distribution
DSM Protective
BOLT-ON ACQUISITION HISTORY
14
Commercial
Resources
Operating Income
Operating Margins
259
363
$40
$139
Established Acquisitions
(> 7 years)
+ 40% + 248% + 1300 bps
I N V E S T T O G R O W
SPECIALTY TRANSFORMATION
T O D A Y
46%
67%
86%
0%
60%
80%
2005 2010 2019 2021 2022 PF
%
o
f A
d
ju
st
ed
E
B
IT
D
A
• Commodity JVs
• Distribution
• Performance Products & Solutions
• Specialty Businesses
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution
(1
)
(2)
15
Building &
43%
14%
Telecom.
2%
2006 2022 Pro Forma
21%
Building &
Telecom.
END MARKET FOCUS ON LESS CYCLICAL
INDUSTRIES
16
14.8%
17.6%
21.0%
2018 2020 2022 PF
1.8%
2006
15.3%
16.2%
17.0%
2018PF 2020PF 2022E
CAI
2.7%
2006
SEM
SPECIALTY EBITDA MARGIN EXPANSION
17
• Portfolio transformation
accelerates growth in less
cyclical, higher margin end
markets
• Investments in our
composites platform
continue to drive margin
expansion
(1) (1)
(1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition
PORTFOLIO EVOLUTION OVER THE YEARS
18
Adj.
https://www.avient.com/sites/default/files/2025-01/AVNT Dec 2022 Earnings Presentation Updated.pdf
WHAT WE DO: MATERIAL SCIENCE
4
CUSTOM
FORMULATION
SUSTAINABILITY FOR A BETTER TOMORROW
Revenue From Sustainable Solutions* 2016-2021
$310
205
140
80
75
45
40
20
$915M2021 Sales
*Avient Sustainable Solutions definitions aligned with FTC 2012 Guide for the Use of Environmental Marketing Claims (“Green Guides”)
**2020 is Pro Forma to include full year of the Clariant Color business
Future Growth Revenue Assumptions From Sustainable Solutions: 8 - 12%
5
Key Updates
• Provided progress on 2030 Sustainability Goals
• Emphasized commitment to U.N.
Purchase price multiple rapidly declining on strength of
business and synergy capture
12
$133
$201
2019PF 2022E
12
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.4x
2019PF 2021 2022E w/ Full
Synergies
11.9%
16.3%
2019PF 2022E
EBITDA Margins
CLARIANT COLOR:
TRANSFORMATIONAL ACQUISITION
(1) Financial information is pro forma to include a full year of Clariant Color business
SUNBELT PVC Resins DSS
20 Acquisitions
$4.8B
Investment
$2.7B of Annual
Revenue
5 Divestments
$2.3B Proceeds
TPE
PP&S
HISTORIC SPECIALIZATION THROUGH M&A
13
Distribution
DSM Protective
BOLT-ON ACQUISITION HISTORY
14
Commercial
Resources
Operating Income
Operating Margins
259
363
$40
$139
Established Acquisitions
(> 7 years)
+ 40% + 248% + 1300 bps
I N V E S T T O G R O W
SPECIALTY TRANSFORMATION
T O D A Y
46%
67%
86%
0%
60%
80%
2005 2010 2019 2021 2022 PF
%
o
f A
d
ju
st
ed
E
B
IT
D
A
• Commodity JVs
• Distribution
• Performance Products & Solutions
• Specialty Businesses
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution
(1
)
(2)
15
Building &
43%
14%
Telecom.
2%
2006 2022 Pro Forma
21%
Building &
Telecom.
END MARKET FOCUS ON LESS CYCLICAL
INDUSTRIES
16
14.8%
17.6%
21.0%
2018 2020 2022 PF
1.8%
2006
15.3%
16.2%
17.0%
2018PF 2020PF 2022E
CAI
2.7%
2006
SEM
SPECIALTY EBITDA MARGIN EXPANSION
17
• Portfolio transformation
accelerates growth in less
cyclical, higher margin end
markets
• Investments in our
composites platform
continue to drive margin
expansion
(1) (1)
(1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition
PORTFOLIO EVOLUTION OVER THE YEARS
18
Adj.