[SCHEDULE 13G/A] Orion S.A. SEC Filing

Rhea-AI Filing Summary

William Blair Investment Management, LLC filed Amendment No. 2 to Schedule 13G disclosing its holdings in Orion S.A. (NYSE: OEC) as of 30 Jun 2025. The registered investment adviser now beneficially owns 679,847 common shares, representing approximately 1.2 % of the outstanding class. It exercises sole voting authority over 451,531 shares and sole dispositive authority over the full 679,847-share stake, with no shared voting or dispositive power. Because the position is below the 5 % ownership threshold, Item 5 is checked to reflect “ownership of 5 % or less.” The filing is made under Rule 13d-1(b) in William Blair’s capacity as an investment adviser, and the certification states that the shares were acquired in the ordinary course of business and not for the purpose of influencing control of Orion S.A.

Insights

Securities Analyst

TL;DR: 1.2 % stake is immaterial; filing simply documents sub-5 % ownership—neutral for OEC valuation.

The amendment shows William Blair Investment Management holds 679,847 OEC shares, well below the 5 % threshold. Voting and dispositive powers are solely held, meaning no shared control dynamics. From a market-impact angle, such a small, passive position change is unlikely to influence Orion’s governance, float, or liquidity. The filing signals compliance rather than conviction; therefore, I view the news as neutral for the stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Orion S.A.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

L72967109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. L72967109

1

Names of Reporting Persons

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 451,531.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 679,847.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

679,847.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Orion S.A.
(b)	Address of issuer's principal executive offices: 1700 CITY PLAZA DRIVE, SUITE 300, 1700 CITY PLAZA DRIVE, SUITE 300, SPRING, TEXAS, 77389
Item 2.
(a)	Name of person filing: William Blair Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 150 North Riverside Plaza, Chicago, IL 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: L72967109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 679,847
(b)	Percent of class: 1.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 451,531
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 679,847
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

Signature:	Walter R. Randall, Jr.
Name/Title:	Chief Compliance Officer
Date:	08/01/2025

FAQ

How many Orion S.A. (OEC) shares does William Blair Investment Management own?

The adviser reports beneficial ownership of 679,847 common shares.

What percentage of Orion S.A. outstanding shares does this represent?

The stake equals approximately 1.2 % of the class.

Does William Blair hold sole or shared voting power over its OEC shares?

It has sole voting power over 451,531 shares and no shared voting authority.

Why did William Blair file Schedule 13G/A instead of 13D?

As a passive investment adviser under Rule 13d-1(b), it is disclosing ownership below 5 % without intent to influence control.

What is the date of the triggering event for this filing?

The event date is 30 June 2025.