CEO Message

Indorama Ventures delivered an improved financial performance in 2024, demonstrating resilience and a commitment to decisive management actions under our IVL 2.0 transformation strategy, despite the prolonged downturn in chemical markets, geopolitical disruptions, and rising energy costs.

Our disciplined execution led to an adjusted EBITDA of $1.52 million, marking a 9.7% increase from the previous year, and a strong production volume of 14.04 million tons with a 79% operating rate. These results reflect our ability to adapt, innovate, and create long-term value for our stakeholders.

Shaping a brighter future

We continue to fortify our financial position by streamlining our portfolio and unlocking new opportunities. Guided by our IVL 2.0 strategy, we are securing our future as a company that generates sustainable and growing shareholder returns, with a focus on organic growth, financial discipline, developing future-ready leaders, and leading the transition to a low-carbon economy. The restructuring of CPET and Fibers segments, combined with our strategic initiatives, is strengthening our competitive edge, ensuring we remain agile, innovative, and prepared for the future.

The acquisitions of intellectual properties includes pioneering solutions such as KEMELIX and FLOWSOLVE that accelerate our presence in energy extraction markets. These strategic moves expand our portfolio with resource-efficient technologies, biodegradable solutions, and renewable-based products, ensuring we continue to lead with innovation and sustainability.

ESG-focused investments

Our commitment to ESG-focused investments and sustainable finance ensures that every step we take aligns with our broader environmental and social objectives. Securing a $200 million, seven-year loan from the International Finance Corporation (IFC) will accelerate sustainability initiatives in India, Thailand, and Indonesia, as well as fuel our circular economy ambitions and reinforce our position as the global leader in PET recycling. Our investments in bio-PET and sustainable fibers continue to set new benchmarks in circularity and carbon reduction, with bio-PET production in 2024 totaling about 28,000 tons. In collaboration with Suntory, ENEOS Corporation, Mitsubishi Corporation, Iwatani, and Neste, we launched the world’s first commercialized bio-PET bottle using ISCC+ certified bioparaxylene, reducing fossil dependency and CO2 emissions. We sold about 8,000 tons of bio-PET resin to Suntory in 2024, and we expect a similar offtake in 2025. We have joined a consortium of seven companies across five countries to establish a supply chain for more sustainable polyester fiber, produced from renewable and bio-based raw materials, including paraxylene from carbon capture and utilization. Participants in the project include Indorama Ventures, Goldwin, Mitsubishi Corporation, Chiyoda Corporation, SK geo centric, India Glycols, and Neste.

Despite progress in our Environmental, Health & Safety targets, we recorded a number of accidents in 2024, including four that resulted in fatalities. Their absence is deeply felt across our organization, and we are taking all necessary steps to prevent such incidents in the future.

Pathway to Sustainable Growth

We remain optimistic about the future of our sustainable growth path, including enhancing operational efficiency, advancing circular economy initiatives, and accelerating low-carbon solutions. Under our visionary leadership, our talented employees are building a future that is not only profitable but also responsible and impactful. Together, we will continue to push boundaries, drive meaningful progress, and create lasting value for our stakeholders and the world.

Dilip Kumar Agarwal

• Deputy Group CEO
• Member of the Sustainability and Risk Management Committee