https://www.avient.com/resources/safety-data-sheets?page=7078
PP YELLOW PA 48 #2 W/UV
https://www.avient.com/resources/safety-data-sheets?page=2934
TRANSPARENT BLUE W/UV
https://www.avient.com/resources/safety-data-sheets?page=6270
BURNT ORANGE HDPE UV
NYLON WHITE W/MR
SILVER/GRAY PEARL PCR SC
https://www.avient.com/resources/safety-data-sheets?page=6946
RED PHA W/FILLER
CHERRY HDPE UV
NY UV GREEN
https://www.avient.com/resources/safety-data-sheets?page=4328
BLUE W FR/CTR
HDPE - BLUE LOW UV 2
HDPE - BEIGE LOW UV 2
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Presentation.pdf
EPS
(1)
$0.14
$2.67
$3.04
2006 2018 2022PF
TO P- TI E R S U S TA I N A B I L I T Y P E R F O R M A NC E
A N D R E C O G N I T I O N
Industry Sustainability Standards
90th
percentile
84th
ESG Ratings Performance
3
1
4
10
PEOPL E
C U L T U R E I S E V E R Y T H I N G
Community Service
7x Safer
than Industry Average
World-Class Safety
Leadership Development
Over $17 million
raised since 2010
Diversity & Inclusion
11
2 0 2 2 R E S U L T S
Q4 EBITDA BRIDGE
( P R O F O R M A T O TA L C O M PA N Y )
13
$ millions
CAI:
Price / Mix 42
Inflation (20)
SEM:
Price / Mix 14
Inflation (10)
Net Price Benefit 26
Wage and Energy Inflation (13)
Clariant Color Integration Synergies 4
Incentives, Other Employee Costs 21
FX (10)
Q4 2022 $107
Adjusted
EBITDA
Q4 2021 $ 132
Demand (50)
Russia Import Sales (3)
• Demand contraction
especially prevalent in
EMEA and Asia
• Pricing continues to cover
inflation of raw materials,
wages and energy
P ROV E N T R AC K R E C O R D O F S T RO N G A N D
I M P ROV I N G F R E E C A S H F LOW G E N E R AT I O N
14
• Periods of economic
weakness have driven
higher levels of cash
generation due to
working capital
management
• Anticipate continued
strong free cash flow
generation and
conversion despite
global uncertainty
78% 78%
80% 80% 81% 78%
84% 83%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2014 2015 2016 2017 2018 2019 2020 2021 2022
0
50
100
150
200
250
300
350
400
F
re
e
C
a
s
h
F
lo
w
C
o
n
v
e
rs
io
n
F
re
e
C
a
s
h
F
lo
w
FCF $ AVNT FCF Conversion % S&P FCF Conversion %
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA. 2020 is pro forma for Clariant Color and 2022 is pro forma for Avient Protective Materials
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
2023E(%)
28
79
87
81 79
76
73
90
77 76 75 73
64
59
33
A
vi
e
n
t
K
W
R
P
P
G
F
U
L
A
V
Y
R
P
M
F
M
C
C
E
A
S
H
H
X
L
E
C
L
H
U
N
E
M
N
S
C
L
M U LT I P L E E X PA N S I O N
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
Source: Peer data per Bloomberg as of February 13, 2023
Note: Avient reflects 2023 adjusted EBITDA guidance of $530M and closing share price of $38.89.
Avient 2011 and 2018 valuations reflect trailing 12 months EBITDA at December 31 of the respective years.
29
EV / 2023E EBITDA
Historic Multiple
6.5
8.3
10.0
15.6
13.9 13.7
12.8
9.5
18.0 17.5
12.3
10.2
9.7
8.8 8.4
5.9
A
vi
e
n
t
(2
0
1
1
)
A
vi
e
n
t
(2
0
1
8
)
A
vi
e
n
t
K
W
R
P
P
G
R
P
M
A
V
Y
F
U
L
H
X
L
E
C
L
F
M
C
A
S
H
S
C
L
H
U
N
E
M
N
C
E
SEGMENT DATA
U.S. & Canada
40%
EMEA
37%
Asia
18%
Latin America
5%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
20%
Packaging
24%
Industrial
15%
Building and
Construction
10%
Telecommunications
4%
Energy
4%
Defense
6%
END MARKET REVENUE
(1) Total company adjusted EBITDA of $592M includes corporate costs
$2,355M $402M
$1,300M $272M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$592M$3,653M
(1)
Transportation
9%
Healthcare
8%
31
C O L O R , A D D I T I V E S & I N K S
2 0 2 2 R E V E N U E | $ 2 . 4 B I L L I O N
US & Canada
34%
EMEA
38%
Asia
20%
Latin America
8%
END MARKET REGION
32
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
15%
Transportation
8%
Building &
Construction
11%
Telecommunications
1% Energy
2%
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
2 0 2 2 P R O F O R M A R E V E N U E | $ 1 . 3 B I L L I O N
END MARKET
US & Canada
52%
EMEA
35%
Asia
13%
REGION
33
Packaging
5%
Consumer
19%
Healthcare
8%Industrial
16%
Transportation
10%
Telecommunications
10%
Energy
9%
Defense
15%
Building &
Construction
8%
Packaging
32%
Consumer
27%
Healthcare
8%
Industrial
14%
Building &
Construction
5%
Telecommunications
3%
Energy
1% Defense
1%
Asia
(18% of sales)
Transportation
9%
2 0 2 2 P R O F O R M A AV I E N T 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
27%
Consumer
14%
Healthcare
5%
Industrial
17%
Building &
Construction
10%
Energy
5%
Defense
8%
EMEA
(37% of sales)Transportation
11%
Packaging
13%
Consumer
24%
Healthcare
12%
Industrial
15%
Building &
Construction
13%
Energy
5%
Defense
5%
US &
Canada
(40% of sales)
Transportation
7%
Packaging
56%
Consumer
23%
Healthcare
4%
Industrial
7%
Building &
Construction
4%
Telecommunications
1%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
3%
Telecommunications
6%
34
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/resources/safety-data-sheets?page=1066
M W BURGUNDY
ARETHA HDPE BLUE
ARETHA HDPE BLUE
https://www.avient.com/resources/safety-data-sheets?page=2574
HDPE with UN0005 White
GREEN - UV
DM476W WHITE W/ BRIGHTNER 9400-
https://www.avient.com/sites/default/files/2022-04/Avient Acquisition of Dyneema and Q1 2022 Results_0.pdf
NYSE: AVNT)
AVIE NT CORP ORAT ION
S P E C I A L T Y P O R T F O L I O T R A N S F O R M A T I O N
C O N T I N U E S W I T H D Y N E E M A A C Q U I S I T I O N
2 0 2 2 F I R S T Q U A R T E R R E S U L T S
D I S C L A I M E R
2
Forward-Looking Statements
In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Morgan
• New Senior Secured Term Loan B and new Senior
Unsecured Notes
• Potential proceeds from sale of Distribution business
modeled to pay off 5.25% senior notes due 2023 and
Term Loan
• Acquisition aligned with Avient’s track record of
disciplined capital allocation policy
• Existing dividend policy maintained, focus on
deleveraging in the near term
(1)
(1) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution,
including repayment of senior notes due 2023 and Term Loan
Cash and Cash Equivalents 595$
Senior Secured Term Loan due 2026 605$
New Senior Secured Term Loan B 500
Total Senior Secured Debt 1,105$
Senior Unsecured Notes due 2025 650$
New Senior Unsecured Notes 740
Total Senior Unsecured Debt 1,390$
Total Debt 2,495$
Net Debt 1,900$
2022 Pro forma Adjusted EBITDA 660$
Net Debt / Adjusted EBITDA 2.9x
Pro Forma Capitalization
(2022 estimates, all figures in $M)
T WO - Y E A R L E V E R AG E G OA L
24
3.5x
2.7x
1.7x
2.9x
2.5x
2.2x
2019PF 2020PF 2022E 2022PF 2023E 2024E
Dyneema® AcquisitionClariant Color Acquisition
(1) Pro forma for the acquisition of the Clariant Color business
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of
Distribution, including repayment of senior notes due 2023 and Term Loan
(1) (1) (2)
25
P RO F O R M A M O D E L I N G
2022E Pro Forma Pro Forma
($M) w/ Dyneema w/Sale
Revenue 5,100$ 415$ 5,515$ (1,775)$ 3,740$
Adjusted EBITDA 635 130 765 (105) 660
EBITDA % 12% 31% 14% 6% 18%
Pro Forma EPS (Adjusted) 3.50$ 0.00$ 3.50$ (0.56)$ 2.94$
Pro Forma EPS (excl. amortization) 3.96$ 0.35$ 4.31$ (0.56)$ 3.75$
Leverage (12/31/2022E)
Net Debt / Adjusted EBITDA 1.7x 3.5x 2.9x
Avient Dyneema Distribution® ®
OUR SPECIALTY JOURNEY
AC Q U I S I T I O N H I S TO RY
27
Commercial
Resources(1)
Operating Income
($ in millions)
Operating Margins
259
360
At Acquisition 2021
$40
$122
At Acquisition 2021
9%
21%
At Acquisition 2021
Established Acquisitions
(> 7 years)
+ 39% + 210% + 1200 bps
(1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales
C L A R I A N T C O LO R AC Q U I S I T I O N
28
$133
$205
2019PF 2021
28
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.1x
2019PF 2021 2021 w/ Full
Synergies
• 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
• $54 million of synergies realized in 2021
• Acquisition completed on July 1, 2020 for $1.45 billion.
Purchase price multiple rapidly declining on strength of
business and synergy capture
(1)
(1)
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
($ in millions)
11.9%
16.2%
2019PF 2021
EBITDA Margins
(1)
S P E C I A LT Y T R A N S F O R M AT I O N
7%
46%
66%
86%
100%
0%
20%
40%
60%
80%
100%
2005 2010 2015 2021 2022 PF
%
o
f A
dj
us
te
d
E
B
IT
D
A
(1
)
JVs Distribution Performance Products & Solutions Specialty
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution
(2)
29
12%
18%
16% 15% 15% 14% 14%
28% 28%
26%
25%
22% 21% 19%
16%
12%
9% 9%
A
vi
en
t T
od
ay
A
vi
en
t P
F
A
V
Y
P
P
G
K
W
R
FU
L
R
P
M C
E
A
LB
FM
C
A
S
H
E
C
L
E
M
N
H
X
L
H
U
N
S
C
L
B
N
R
U
N
V
R
Median: 21%Median: 15%
2 0 2 2 E B I T DA M A RG I N S V S .
https://www.avient.com/sites/default/files/2020-07/case-study-one-pager-versaflex-ce-wireless-power-bank.pdf
W I R E L E S S P OW E R
BA N K M A N U FAC T U R E R
W I R E L E S S P O W E R B A N K
• Excellent overmolding to PC/ABS
• Good stain resistance and UV resistance
• Easy processing
• Silky Feel
• Developed a customized TPE that
exhibited better bonding and UV
performance than the competition, and
met all specification requirements
• Supplied a pre-colored formulation to
simplify processing and achieve desired
look and feel
Customized Versaflex™ CE 3120-65
KEY REQUIREMENTS
WHY AVIENT?