LYB // LyondellBasell Industries NV Ordinary Shares Class A (Netherlands)

Materials • Major Chemicals

$65.37 ▼ -1.76 (-2.62%)

MKT CAP: $21.12B • VOL: 3.81M

52W L $42 52W H $84

ALTMAN Z

2.07 GREY

PIOTROSKI

5 / 9

LYB // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

LYB // LyondellBasell Industries NV Ordinary Shares Class A (Netherlands)

GROSS MARGIN

8.5%

OP MARGIN

-1.4%

ROIC %

-2.5%

MKT CAP

$21.12B

UPSTREAM INPUTS ──► LYB OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
LYB ★	LyondellBasell Industries NV Ordinary Shares Class A (Netherlands)	$65.37	$21.12B	8.5%	-1.4%	-2.5%	—	-9.7%	SUBJECT ISSUER
LIN	Linde plc	$514.24	$231.94B	41.0%	26.3%	13.1%	18.5x	+3.0%	LYB VS LIN <GO>
SCCO	Southern Copper Corporation	$177.53	$161.89B	60.1%	52.2%	41.0%	20.2x	+17.4%	LYB VS SCCO <GO>
NEM	Newmont Corporation	$106.61	$116.18B	41.0%	38.1%	21.8%	11.9x	+21.3%	LYB VS NEM <GO>
RIO	Rio Tinto Plc	$81.89	$104.57B	41.0%	13.9%	9.9%	21.0x	+1.1%	LYB VS RIO <GO>
FCX	Freeport-McMoRan Inc.	$62.47	$94.98B	26.1%	25.9%	21.5%	13.4x	+0.1%	LYB VS FCX <GO>