https://www.avient.com/sites/default/files/2025-01/AVNT Dec 2022 Earnings Presentation Updated.pdf
Ops Pro Forma
Adjusted EPS
(in millions) (in millions)
25
SUMMARY
• Executed the plans we laid out earlier this year
• Completed the Dyneema acquisition and Distribution divestiture
amid challenging market conditions
• Paid down debt and expect to finish the year modestly levered at
3.1x net debt to 2022 pro forma adjusted EBITDA
• Expect $200 million of free cash flow in 2022
• Entering an economic slowdown with a portfolio that is better
positioned than ever before
• Updated our EPS guidance to $2.60 from continuing operations
APPENDIX
Performance
Additives
15%
Pigments
13%
TiO2
11%
Dyestuffs
3%Polyethylene
12%
Nylon
6%
Polypropylene
5%
Other Raw
Materials
30%
Styrenic Block
Copolymer
5%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
27
• From Q2 to Q3, we have seen a 7-10%
sequential decline in certain
hydrocarbon-based raw materials
• Other raw materials such as
performance additives and pigments
have shown moderate inflation
sequentially from Q2 to Q3
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2021 purchases, excludes Avient Protective Materials
SEGMENT DATA
U.S. & Canada
40%
EMEA
35%
Asia
20%
Latin America
5%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
21%
Packaging
23%
Industrial
15%
Building and
Construction
10%
Telecommunications
4%
Energy
4%
Defense
6%
END MARKET REVENUE
(1) Total company adjusted EBITDA of $585M includes corporate costs.
https://www.avient.com/sites/default/files/2025-05/AVNT Q1 2025 Webcast Slides_w_non-GAAP.pdf
All Rights Reserved
2025 17
NON-HYDROCARBON
MATERIALS
HYDROCARBON-BASED
~35% of the raw material basket
including part of “Other raw materials”
are hydrocarbon-based
Raw material basket
16%
14%
9%
2%
37%
9%
5%
4%
4%
Performance
additives
Pigments
TiO2
Dyestuffs
Styrenic block
copolymers
Polypropylene
Nylon
Polyethylene
Other raw
materials
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income attributable to Avient common shareholders and diluted adjusted
earnings per share (EPS) attributable to Avient common shareholders, excluding special items, to assess performance and
facilitate comparability of results.
https://www.avient.com/sites/default/files/2025-03/Q4 2024 Avient Webcast Slides w Non-GAAP.pdf
All Rights Reserved
2025 23
NON-HYDROCARBON
MATERIALS
HYDROCARBON-BASED
~35% of the raw material basket
including part of “Other raw materials”
are hydrocarbon-based
Raw material basket
16%
14%
9%
2%
37%
9%
5%
4%
4%
Performance
additives
Pigments
TiO2
Dyestuffs
Styrenic block
copolymers
Polypropylene
Nylon
Polyethylene
Other raw
materials
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2025-05/AVNT Q1 2025 webcast slides_v17.pdf
All Rights Reserved
2025 17
NON-HYDROCARBON
MATERIALS
HYDROCARBON-BASED
~35% of the raw material basket
including part of “Other raw materials”
are hydrocarbon-based
Raw material basket
16%
14%
9%
2%
37%
9%
5%
4%
4%
Performance
additives
Pigments
TiO2
Dyestuffs
Styrenic block
copolymers
Polypropylene
Nylon
Polyethylene
Other raw
materials
Copyright © .
https://www.avient.com/sites/default/files/2020-10/tpe-injection-molding-guide.pdf
For soft SEBS formulations low-density polyethylene (LDPE) or ethylene vinyl
acetate copolymer (EVA) have been used.
Dry colors have also been used but may require more material
and time to perform color changes.
23
The use of a polyethylene (PE) carrier may adversely effect adhesion to the substrate for
some overmolding applications.
https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.pdf
FX)
$429
$490
2021 2022E
$3.05
$3.50
2021 2022E
FY 2022 PERFORMANCE
( T O TA L C O M PA N Y )
16
$4,819
$5,100
2021 2022E
+ 6%
(+ 8% excluding FX)
Adjusted EPS
+ 14%
(+ 17% excluding FX)
+ 15%
(+ 18% excluding FX)
(in millions) (in millions)
Sales Adjusted Operating Income
17
CAS H F LOW / L E VE RAGE
($ millions) 2022E
Cash Flow from Operating Activities 400$
Less:
Run-Rate CapEx (90)
CapEx for Clariant Integration (10)
CapEx for IT System Upgrade (15)
Total CapEx (115)
Free Cash Flow 285$
Adjusted EBITDA 635$
Net Debt / Adjusted EBITDA 1.7x
D Y N E E M A A C Q U I S I T I O N
19
15x stronger than steel
Reduces weight by 30% vs. other solutions
Well-maintained global asset base poised to serve growing demand
• Purchase price of $1.48B represents 11.4x multiple of
2022 EBITDA
• Acquisition will expand Avient’s composites and fiber
portfolio with Dyneema®, the World’s Strongest Fiber™
• $415M sales and 30%+ EBITDA margins; Immediately
accretive to pro forma 2022 EPS, adding $0.35
• 1,300 patents globally, ~50% of sales patent protected
• 1,000+ employees across global production network and
dedicated technology centers
• Composites platform will increase from $261M to $680M in
revenue and from $49M to $180M in EBITDA Indicates Dyneema
® location
$175M
(42%)
$65M
(16%)
$175M
(42%)
2022E Sales By Region ($M)
(1) $0.35 EPS excludes intangible amortization
(2) Based on 2022 expected results
(1) (2)
(2)
F I T W I T H F O U R P I L L A R S T R AT E G Y
20
Specialization
• Innovation-led organization with
tremendous intellectual property value in
trademarks, patents and “know-how”
• Deep history of application development
and premium, leading brand with the
World’s Strongest FiberTM
Globalization
• Global customer base with an
established presence across all major
geographic regions
• Global technology centers complement
existing Composites applications and
expertise
Operational
Excellence
• Best-in-class safety performance
• Well-run and maintained asset base fit to
serve future growth
• Highly effective and reliable supply chain
with emphasis on optimizing service to
customers
Commercial
Excellence
• Deep customer relationships extend
across the value chain and drive ability
to grow
• Offer a full suite of services with an active
role in design, development and
commercialization
People
Experienced and
talented associates
with a passion for
safety, specialization
and winning
DY N E E M A ® OV E RV I E W
K E Y I N D U S T R I E S
PERSONAL PROTECTION
Military • Law Enforcement • First
Responders Body Armor • Helmets •
Vehicle Protection
$215M
MARINE & SUSTAINABLE
INFRASTRUCTURE
Towing / Mooring • Aquaculture •
Floating Wind • Offshore Cranes
$130M
CONSUMER
Consumer • Outdoor High Performance •
Safety Equipment
$70M
21 Figures reflect 2022 expected sales
MIFOverview Competition
Value chain &
Go-to-market
Strategy Innovation Financials
TECHNOLOGY
22
1,200 1,300
2,500
Avient Dyneema Combined
Patents
• True specialty business – the World’s Strongest Fiber™
• Deep history of application development with customers,
strongest in the industry
• The only UHMwPE (ultra-high molecular weight polyethylene)
fiber producer that is backward integrated
o Provides innovation advantage through control of all steps of the process
• Complementary with our existing reinforced film expertise
(PolyStrand) and engineered fiber presences (Fiber-Line)
WINNING PROPERTIES
Ultra high strength vs. weight Highly flexible
Floats on water Chemically inert; no smell/taste and non-toxic
High resistance to UV radiation Self-lubricating, with low friction
One-of-a-kind technology
®
FORMULATION PROCESS
23
• Like Avient, Dyneema® offers similar
core competencies around formulation
and material science
• Technology that combines polymers and
fibers to provide specialized, high
performing solutions for customers
• Design capabilities ensure that
applications are highly customized for
the specified end use
DYNEEMA ® IN THE VALUE CHAIN
24
UHMwPE
Fiber / Tapes
Military Personnel,
Law Enforcement
Heavy Marine,
Offshore Wind Energy
and Mooring,
Aquaculture
Outdoor,
Footwear, Apparel,
Inflatables
• Material Science
• Formulation
• Service
INTERMEDIATE MANUFACTURING
(CUSTOMERS) OEM / APPLICATION
DEMAND TRENDS
25
• Military spending and near-term demand for higher performing personal protection
products (like Dyneema®) expected to increase
o European NATO members annual defense spend expected to increase by up to 20%(1)
o Japan aiming to almost double defense spending over the next 5 years(2)
o Accelerated launch of next generation technology in North America
• Policy-driven demand for sustainable energy; growth in floating offshore wind
farms which require advanced, durable technology
o Offshore wind expected to grow at a CAGR of 32% with the level of annual installations
quadrupling over the next five years(3)
• Continued investment in aquaculture as a sustainable food source(4)
• Strong demand in outdoor high performance space across niche consumer
applications aligns with 10% growth assumption for Avient’s Composites portfolio
Sources:
(1) “Funding NATO”, NATO.int (April 1, 2022)
(2) “Japan Ruling Party Calls for Defense Spending Boost to 2% of GDP”, WSJ (April 21, 2022)
(3) “Global Wind Report 2021”, Global Wind Energy Council
(4) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
26
A L I G N M E N T W I T H
S U S T A I N A B I L I T Y G O A L S
P RO D U C T S
AVIE NT ’S E XIS T ING COM P OS IT E S P ORT F OL IO
D I V E R S E C A P A B I L I T I E S A N D S O L U T I O N S S E R V I N G
M A N U F A C T U R E R S A N D O E M S
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
27
AV I E N T ’ S C O M P O S I T E S P O RT F O L I O
S A L E S A N D E B I T DA
28
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
50
100
150
200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
2017 2018 2019 2020 2021 2022E
$680
($ in millions)
• Dyneema® acquisition will further
improve Composites EBITDA margins
to 26%
• Dyneema® will complement our
existing portfolio with deep formulation
expertise, innovative culture and
global commercial presence
• Composites will continue to be a key
growth driver to deliver future revenue
growth in excess of GDP
(1) Pro forma for the acquisition of Dyneema®
(1)
D I S T R I BU T I O N D I V E S T I T U R E
C O N S I D E R AT I O N S
D I S T R I BU T I O N H I G H L I G H T S
30
$21
$57
$69
$94
$105
0
50
100
150
2006 2011 2016 2021 2022E
• Leading North American Distribution business with
longstanding blue-chip supplier and customer
relationships
• Commercial excellence and regulatory knowledge have
grown healthcare portfolio to over 25% of sales and
positioned business for long-term growth
• Highly specialized portfolio of engineered polymers along
with sustainable solution offerings
• Leading digital capabilities through Avient Now, allowing
enhanced visibility and 24/7 interface with customers
• 98% free cash flow conversion drives greater than 30%
after-tax return on invested capital (ROIC)
• Potential divestiture allows us to remain modestly
leveraged with net debt to adjusted EBITDA expected to
be 2.9x and positions us for further specialty growth in the
future
EBITDA (in $M)
DY N E E M A ® T R A N S AC T I O N OV E RV I E W
31
- $1.48B net purchase price
- Represents 11.4x expected 2022 EBITDA
- Committed financing in place
- Permanent financing to be combination of available cash on-hand, new
Senior Unsecured Notes, new Senior Secured Term Loan
- Potential proceeds from Distribution divestment could be used to pay down
near-term maturing debt
- Closing expected in second half of 2022, subject to regulatory
approvals and certain customary closing conditions
Transaction
Value
Financing
Closing
Conditions /
Timing
C A P I TA L S T RU C T U R E / L E V E R AG E
32
• Financing commitments secured from Morgan Stanley
and J.P.
O U R VA LUAT I O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
5.4
8.5
10.1 9.8
13.8
12.8
12.1 11.8
10.2
21.0
19.2
16.8
13.7 13.6
8.8 8.7 8.7 8.3 8.0
5.6
A
vi
en
t
(2
01
1)
A
vi
en
t
(2
01
6)
A
vi
en
t
(2
02
1)
A
vi
en
t
(T
od
ay
)
R
P
M
P
P
G
K
W
R
A
V
Y
FU
L
A
LB
E
C
L
H
X
L
A
S
H
FM
C
B
N
R
E
M
N
U
N
V
R
C
E
S
C
L
H
U
N
Historic Multiple
APPENDIX
Performance
Additives
15%
Pigments
13%
TiO2
11%
Dyestuffs
3%Polyethylene
12%
Nylon
6%
Polypropylene
5%
Other Raw
Materials
30%
Styrenic Block
Copolymer
5%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
48
• Significant raw material price inflation and
tight inventory continued in Q1 2022
o The average cost of hydrocarbon based
materials was up 30%
o The average cost of non-hydrocarbon based
materials was up 20%
• Additionally, we continued to experience
other supply chain challenges during Q1
related to raw material spot purchases,
freight constraints and productivity loss as
a result of these shortages
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2021 purchases, excludes Distribution business
SEGMENT DATA
U.S. & Canada
50%
EMEA
25%
Asia
16%
Latin America
9%
2021 SEGMENT, END MARKET AND GEOGRAPHY
50
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
23%
Packaging
19%
Industrial
16%
Building and
Construction
10%
Telecommunications
4%
Energy
2%
END MARKET REVENUE
(1) Total company sales and adjusted EBITDA of $4,819M and $581M, respectively, include intercompany sales eliminations and corporate costs
$2,402M
$409M
$919M
$164M
$1,631M
$94M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$581M$4,819M
(1)
Transportation
11%
Healthcare
15%
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
16%
Building &
Construction
10%
Transportation
9%
Energy
1% Telecommunications
1%
C O L O R , A D D I T I V E S & I N K S
2 0 2 1 R E V E N U E | $ 2 . 4 B I L L I O N
US & Canada
32%
EMEA
40%
Asia
21%
Latin America
7%
END MARKET REGION
51
All charts reflect 2021 financials
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
Consumer
27%
Healthcare
10%
Packaging
7%
Telecommunications
16%
Transportation
11%
Industrial
11%
Building &
Construction
11%
Energy
7%
2 0 2 1 R E V E N U E | $ 9 1 9 M I L L I O N
END MARKET
US & Canada
55%
EMEA
25%
Asia
20%
REGION
52
All charts reflect 2021 financials
D I S T R I B U T I O N
Healthcare
26%
Consumer
23%
Packaging
5%
Industrial
20%
Transportation
16%
Building and
Construction
8%
Energy
1%
Telecommunications
1%
US & Canada
80%
Asia
3%
Latin
America
17%
END MARKET REGION
K E Y S U P P L I E R S
2 0 2 1 R E V E N U E | $ 1 . 6 B I L L I O N
53
All charts reflect 2021 financials
T O T A L C O M PA N Y R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
30%
Consumer
26%Healthcare
13%
Industrial
14%
Building &
Construction
5%
Telecommunications
2% Energy
2%
Asia
(16% of sales)
Transportation
8%
Packaging
32%
Consumer
13%
Healthcare
5%
Industrial
17%
Building &
Construction
12%
Telecommunications
5%
Energy
4%
EMEA
(25% of sales)
Transportation
12%
54
Consumer
25%
Healthcare
19%
Packaging
10%
Industrial
17%
Building &
Construction
10%
Telecommunications
4%
Energy
2%
US &
Canada
(50% of sales)
Transportation
13%
Packaging
38%
Consumer
33%
Healthcare
8%
Industrial
10%
Building &
Construction
5%
Telecommunications
1%
LATAM
(9% of sales)
Transportation
5%
All charts reflect 2021 financials
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2021-04/avient-sustain-2019-210419-interactive.pdf
Syncure™ Cross Linked Polyethylene Formulation
Glasforms™ Pultrusion Technologies
Recyclability
Contains Recycle Content: Incorporates post-consumer or post-industrial recycle
content.
Maxxam™ formulations are
based on polypropylene and polyethylene resins and can be filled
and reinforced to satisfy the required performance characteristic.
The Solution
ColorMatrix™ Amosorb™ 4020G is a non-nylon based, low-haze
oxygen scavenger for polyethylene terephthalate (PET) rigid
packaging.
https://www.avient.com/sites/default/files/2020-10/2019-avient-sustainability-report.pdf
Syncure™ Cross Linked Polyethylene Formulation
Glasforms™ Pultrusion Technologies
Recyclability
Contains Recycle Content: Incorporates post-consumer or post-industrial recycle
content.
Maxxam™ formulations are
based on polypropylene and polyethylene resins and can be filled
and reinforced to satisfy the required performance characteristic.
The Solution
ColorMatrix™ Amosorb™ 4020G is a non-nylon based, low-haze
oxygen scavenger for polyethylene terephthalate (PET) rigid
packaging.
https://www.avient.com/sites/default/files/2020-10/tpe-overmold-design-guide.pdf
Our GLS™ overmold TPEs have excellent adhesion to a wide
variety of substrates, from polyolefins, such as polypropylene and polyethylene, to
engineering resins, such as PC, ABS, acetal and nylon.
Our GLS™ overmold TPEs have excellent adhesion to a
wide variety of substrates, from polyolefins, such as polypropylene and
polyethylene, to engineering resins, such as PC, ABS, acetal and nylon.
Purging
If the press is idle for more than 10 minutes, purge thoroughly with a low flow (0.5-2.5 melt
flow) polyethylene (PE) or polypropylene (PP) before restarting component production.
https://www.avient.com/sites/default/files/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
PY
( T O TA L C O M PA N Y )
$790
$719
2022 2023
$107
$114
2022 2023
Sales Adjusted EBITDA
(in millions)
$0.42
$0.52
2022 2023
Adjusted EPS
(in millions)
- 9% + 7% + 24%
Sales Adjusted EBITDA Adjusted EPS
15
Q4 2023 SEGMENT PERFORMANCE
16
CAI
$491
$459
Sales
(in millions)
$70
$84
EBITDA
SEM
$301
$260
Sales
$55
$49
EBITDA
- 7% - 14%+20% - 11%
2022 2023
(in millions)
Q4 EBITDA BRIDGE
( T O TA L C O M PA N Y )
17
$ millions
CAI:
Price / Mix 11
Deflation 14
SEM:
Price / Mix 4
Deflation 9
Net Price Benefit 38
Cost Reductions 13
Wage Inflation (8)
Other (2)
Q4 2023 $114
Adjusted
EBITDA
Q4 2022 $ 107
Demand (34) • Demand was down, but less than in previous
quarters, due to slowing pace of destocking
• Positive net price benefit:
o CAI – Pricing flat with favorable mix from
uptick in packaging and consumer end
markets and raw material deflation
o SEM - Pricing flat with favorable mix from
Composites and raw material deflation
• Cost reductions primarily driven by reduced
administrative costs and cost synergies
2 0 2 4 G U I D A N C E
2024 GUIDANCE
Full Year 2024 Guidance
Adjusted EBITDA $505 to $535 million
Adjusted EPS $2.40 to $2.65
Interest Expense $105 to $110 million
Adjusted Effective Tax Rate 23% to 25%
Capital Expenditures ~$140 million
19
Q1 Adjusted EPS of $0.68
A P P E N D I X
21
Performance
Additives
15%
Pigments
13%
TiO2
9%
Dyestuffs
2%
Polyethylene
10%Nylon
5%
Polypropylene
4%
Styrenic Block
Copolymer
4%
Other Raw
Materials
38%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
RA W MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
41%
EMEA
36%
Asia
18%
Latin America
5%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
19%
Packaging
23%Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
5%
Defense
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
Transportation
10%
Healthcare
7%
23
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2 0 2 3 R E V E N U E | $ 2 . 0 B I L L I O N
US & Canada
34%
EMEA
37%
Asia
21%
Latin America
8%
END MARKET REGION
24
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
15%
Transportation
9%
Building &
Construction
10%
Telecommunications
1% Energy
2%
COLOR, ADDITIVES & INKS
2 0 2 3 R E V E N U E | $ 1 . 1 B I L L I O N
US & Canada
52%
EMEA
35%
Asia
13%
25
Packaging
5%
Consumer
16%
Healthcare
6%Industrial
16%
Transportation
12%
Telecommunications
9%
Energy
10% Defense
18%
Building &
Construction
8%
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
Packaging
32%
Consumer
26%
Healthcare
9%
Industrial
13%
Building &
Construction
6%
Telecommunications
2%
Energy
2% Defense
1%
Asia
(18% of sales)
Transportation
9%
2 0 2 3 AV I E N T R E G I O N A L S A L E S
Packaging
25%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
9%
Energy
5%
Defense
8%
EMEA
(36% of sales)Transportation
13%
Packaging
13%
Consumer
22%
Healthcare
10%
Industrial
16%
Building &
Construction
12%
Energy
6%
Defense
8%
US &
Canada
(41% of sales)
Transportation
9%
Packaging
59%
Consumer
22%
Healthcare
2%
Industrial
8%
Building &
Construction
4%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
4%
Telecommunications
4%
26
B Y E N D M A R K E T
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.