Orbia: Feedback from the road

研报英文原文证据摘录

Orbia: Feedback from the road

Equity Research

Latin America Multi-Industry

14 May 2026

Orbia

Feedback from the road

Constructive Europe NDR. Strategy unchanged and well

received with near-term upside risk to 2026 EBITDA, helped

by PVC and better momentum in Connectivity Solutions and ORBIA.MX/ORBIA* MM OVERWEIGHT Latin America Multi-

IndustryFluor and Energy Materials. Main risk is geopolitics and NEUTRAL

Price Target MXN 35.00

potential higher rates due to prolonged Iran-US conflict. Price (13-May-26) MXN 23.56

Potential Upside/Downside +48.6%

Source: Bloomberg, Barclays Research

This week, we hosted a Non-Deal Roadshow in Europe with institutional investors. Overall,

discussions were constructive, and investors reacted positively to management’s

messaging, which remains closely aligned with the strategy communicated over the past Latin America Multi-Industry

couple of years. Pablo Monsivais, CFA

+ 1 212 526 1094

From a consolidated perspective, in our view, we see upside risk that EBITDA could come in pablo.monsivais@barclays.com

above the company’s 2026 guidance, largely supported by higher PVC prices following the BCI, US

escalation of tensions between Iran and the United States. Elevated energy and feedstock prices

are providing near-term margin support, which should positively impact results in the short run.

That said, investors broadly acknowledged that this benefit is fragile. If geopolitical tensions

persist and translate into higher inflation expectations, central banks could be forced to raise

interest rates further. In this scenario, the positive effect of higher PVC prices could be offset by a

higher cost of capital, weaker demand, and pressure on asset valuations.

A recurring theme throughout the NDR was the company’s long-standing strategic consistency.