Orion’s Q2 adjusted EBITDA rose 26% sequentially despite a 15% year-over-year decline, driven by strong Specialty segment performance.
Orion reported second-quarter adjusted EBITDA of $58 million, a 26% sequential increase but 15% lower than the same period last year. The gain was attributed to robust results in its Specialty segment, which offset weaker Rubber segment pricing.
The company reaffirmed its 2026 adjusted EBITDA guidance of $170 million to $210 million and raised its free-cash-flow outlook, now expecting slightly positive free cash flow at the midpoint. Specialty segment EBITDA reached $39 million, up 96% year over year, marking its strongest quarterly performance since early 2022.
Orion generated $2 million in free cash flow for the quarter, supported by $27 million in operating cash flow and reduced capital expenditures. CEO Corning Painter cited strong demand in Specialty products and improved plant reliability as key drivers.