Slide 1: Dow Presents at Citi's 2024 Basic Materials Conference
DOW PRESENTS AT CITI’S 2024 BASIC MATERIALS CONFERENCE JEFF TATE, CHIEF FINANCIAL OFFICER December 3, 2024
Slide 2: Solid Financial Foundation
SOLID FINANCIAL FOUNDATION No Substantive Debt Maturities until 2027 Financial Flexibility to Invest for Growth $1.5B ▪ ~$13B in liquidity, including ~$3B of cash and equivalents $1.3B $0.7B $0.5B ▪ Industry-leading cash conversion cycle, >$1B of structural improvement below pre-COVID levels $0.1B 2
Slide 3: Macro Conditions Remain Muted
MACRO CONDITIONS REMAIN MUTED Market U.S. & Latin Rest of Vertical Europe China Canada America World (% of Revenue1) ▪ Global manufacturing PMI remains challenged; automotive Packaging production outlook has softened ~30% ▪ Seasonally lower 4Q demand, primarily in building & 2 construction; tailwind
Slide 4: Unwavering Capital Allocation Priorities
UNWAVERING CAPITAL ALLOCATION PRIORITIES Safely and reliably run our operations Dividend policy targeting ~45% of operating net income Strong investment-grade credit profile of 2.0x - 2.5x rating agency adj. net debt-to-EBITDA Organic investments with CapEx ≤D&A and operating ROIC1 >13% across the e
Slide 5: A Compelling Long-Term Investment
A COMPELLING LONG-TERM INVESTMENT ▪ Financial flexibility to invest for growth in higher-return projects in attractive end-markets Solid Financial ▪ Ample liquidity with no substantive debt maturities until 2027 Foundation ▪ Expect more than $1 billion in cash proceeds from infrastructure asset sale
Slide 6: Seek Together"
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Slide 7: Safe Harbor
SAFE HARBOR Cautionary Statement about Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Ac
Slide 8: Non-GAAP Financial Measures & Definitions
NON-GAAP FINANCIAL MEASURES & DEFINITIONS Non-GAAP Financial Measures This presentation includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segment