Falling EBITDA

Orion S.A. (OEC) trades at a 19.84‑times forward 12‑month earnings multiple, below the industry average, reflecting market pricing for a challenging 2026. Management has set 2026 adjusted EBITDA to $160‑$200 million, down from $248 million in 2025, due to a contract pricing reset in the Rubber segment and weaker Western tire builds. The decline is compounded by subdued demand across key end markets, with Western tire production hampered by elevated imports and weak freight activity and industrial demand remaining soft, as evidenced by low purchasing‑manager‑index readings. In 2025, the Rubber segment’s adjusted EBITDA fell to $155 million.