Westlake Corporation · NYSE:WLK
Westlake — J.P. Morgan Industrials Conference (2026)
36 slides from Westlake's conference presentation, 2026
Slide 1: Focused Approach to Delivering Value
Focused Approach to Delivering Value
Slide 2: Westlake Overview
Westlake Overview A leading producer of performance oriented and essential materials as well as North American building products that benefits from a globally competitive low-cost position Financial Performance Balance Sheet & Cash Flow LTM Mar 31, 2026 LTM Mar 31, 2026 $11.0B 2.9x Revenue Net Debt
Slide 3: On Track to Deliver on Three Pillar Profitability Improvement Plan
On Track to Deliver on Three Pillar Profitability Improvement Plan Footprint Optimization: The 2025 shutdown of unprofitable European Epoxy, North American Chlorovinyls, and Styrene facilities is expected to drive a $200MM EBITDA improvement in 2026 $150MM in EBITDA Cost Savings: Following the achie
Slide 4: Leveraging Market Leading Segments in Attractive Markets
Leveraging Market Leading Segments in Attractive Markets Housing & Performance & Infrastructure Essential Materials Key Stats Key Stats $4.1B 20%(2) 50+ $6.8B 3%(1,2) 25 Revenue EBITDA Margin Manufacturing Revenue Production EBITDA Margin Sites (LTM 1Q’26) (LTM 1Q’26) Sites (LTM 1Q’26) excluding ide
Slide 5: High Degree of Product Integration
High Degree of Product Integration Combined With Globally Advantaged Low-Cost Position North America has a All ethane long-term cost advantaged feedstock capability End Market Products that position through abundant supply of Ethane from shale, Improve Lives Every Day: electricity from natural gas E
Slide 6: Westlake is a Compelling Investment Opportunity
Westlake is a Compelling Investment Opportunity 1 Strong and experienced leadership with a proven track record of operating excellence, asset allocation, and successful acquisitions and integrations all driving long-term value creation 2 Market leading position in Housing & Infrastructure Products (
Slide 7: HIP At-a-Glance: Diverse Portfolio with Broad Market Exposure
HIP At-a-Glance: Diverse Portfolio with Broad Market Exposure In Which Every Piece Matters $4.1B HIP Total Revenue1 $3.5B Westlake Royal Building Products’ revenue, Housing which is all Housing-related, comprises Siding, Trim, & Shutters • Premium housing siding approximately half of HIP’s annual re
Slide 8: Westlake Royal Building Products At-A-Glance
Westlake Royal Building Products At-A-Glance ~18,000 30 20 ~30,500 Customers2 Manufacturing Market Segment / SKUs Sites Product Categories Growth Drivers CONSTRUCTION VS. REMODEL • Decade plus of historical under-build in new housing plus aging existing homes drive future demand New Residential • In
Slide 9: Westlake Pipe and Fittings At-a-Glance
Westlake Pipe and Fittings At-a-Glance ~2,700 13 15 6 >30,000 Customers3 Distribution Manufacturing Market SKUs Centers Sites Segments North American Growth Drivers Strategic Footprint Municipal and Government spending for infrastructure enhancement • 33% of all installed pipe is 50+ years old • EPA
Slide 10: Westlake Global Compounds At-a-Glance
Westlake Global Compounds At-a-Glance 1,600+ 60+ 18 ~1,100 Compounds2 Countries Manufacturing Customers Served Sites Developer of specialty compounds providing Revenue1 highly customizable solutions to specific customer challenges • Rigid and flexible PVC compounds • Cross linked PE and silicones 43
Slide 11: Compelling Growth Opportunities Across HIP End Markets
Compelling Growth Opportunities Across HIP End Markets Aligned with market leaders in home construction • Offering customers product breadth and depth across HIP with innovative and durable products • Leveraging customer relationships across different HIP businesses ~$84B to cross-sell TAM1 • Benefi
Slide 12: Strong Brands with Expertise Across Attractive Markets
Strong Brands with Expertise Across Attractive Markets • 10+ years of underbuilding in U.S. • Residential housing growth • U.S. infrastructure bill spending on residential housing • PVC replacing iron and concrete pipe power grid and broadband • Demographics and work flexibility for water usage • Ma
Slide 13: Comprehensive Interior and Exterior Solutions
Comprehensive Interior and Exterior Solutions Exterior Trim Roofing and Accessories Shutters, Mounts, and Vents Aluminum and Rainware Interior Trim Siding Columns Building Wire Windows Indoor Pipe and Fittings Outdoor Living Stone Veneer Decking Municipal Pipe and Fittings 13
Slide 14: Leveraging Relationships with National Builders and Distributors
Leveraging Relationships with National Builders and Distributors to Expand Market Share and Increase Cross-Selling • Expanding product portfolio and geography leads to larger share of customer spend (pull-through business / sales strategy) • Increased breadth and scale enables us to better serve the
Slide 15: PEM At-a-Glance: Diverse Portfolio of Essential Products
PEM At-a-Glance: Diverse Portfolio of Essential Products with Broad Market Exposure Performance: $3.9B(1) Essential: $2.9B (1) PVC Polyethylene Epoxy Chlor-Alkali Chlorovinyls 43% $6.8B • A global leader in PVC • 2nd largest in NA Autoclave PE and • One of the leading producers of epoxy • A global l
Slide 16: Performance & Essential Materials for Everyday Life
Performance & Essential Materials for Everyday Life Product Long-Term Demand Opportunities • PVC is an integral product for a significant number of housing and construction materials PVC • PVC is a superior product over lead, iron and concrete pipe driving material substitution • Growth in consumer
Slide 17: Closer to Customers with Higher Margin Specialty Focus
Closer to Customers with Higher Margin Specialty Focus Product End-use and Applications Market Position Specialty PE • Solar cell encapsulant film • Personal care products Leading Producer • Sterile medical packaging • Food preservation Specialty PVC • Medical equipment such as blood bags • Premium
Slide 18: Westlake's History of Delivering Strong Financial Results
Westlake’s History of Delivering Strong Financial Results Average of Returns and Margins as of Dec 2025 Higher Sales, 10 Yr ROA 10 Yr ROCE 5 Yr EBITDA Margin excluding identified items (1) Margins and Returns Westlake Avg: 5.7% Westlake Avg: 9.6% Westlake Avg: 20.6% Attributable to: 20.6% 5.7% 9.6%
Slide 19: Westlake's History of Maintaining a Strong Balance Sheet
Westlake’s History of Maintaining a Strong Balance Sheet As of March 31, 2026 After refinancing Strong Balance Sheet Cash & Securities $2.5B in 4Q 2025 and 2Q 2026 With Significant Fully Undrawn Revolver $1.5B 2.9x vs. 5.9x ~17.5 Years Availability to Support Net Debt Peer Long Term Debt maturity li
Slide 20: Key Takeaways of Westlake's Compelling Story
Key Takeaways of Westlake’s Compelling Story Strong and experienced leadership with a proven track record of operating excellence, asset allocation, and 1 successful acquisitions and integrations all driving long-term value creation Market leading position in Housing & Infrastructure Products (HIP)
Slide 21: Westlake
Vestlake
Slide 22: Housing and Infrastructure Products (HIP) Segment Performance
Housing and Infrastructure Products (“HIP”) Segment Performance(1) Continued strong YoY Pipe & Fittings ($ in millions) 1Q'26 4Q'25 QoQ% 1Q'25 YoY% sales volume growth from strong infrastructure spending growth, Housing Products Sales $788 $767 3% $838 (6%) including increasing demand to supply Infr
Slide 23: Demographics Support Favorable Long-Term Trends
Demographics Support Favorable Long-Term Trends U.S. Repair and Remodel Expenditures ($B) Annual U.S. Housing Starts (Thousands) U.S. Population Age 35-44 (Thousands) 2,500 50,000 $500 Decade Plus of Underbuilding Supports Favorable Long-Term Fundamentals 2,000 48,000 $400 1,500 46,000 Peak Househol
Slide 24: Infrastructure Bill Adds Additional Growth Tailwind
Infrastructure Bill Adds Additional Growth Tailwind WESTLAKE HIP POSITIONED TO HELP CUSTOMERS • American Society of Civil Engineers rated UPGRADE AMERICA’S INFRASTRUCTURE America’s infrastructure at a C- in their ASCE Infrastructure Grades1 most recent report from 2021, up from a D+ in 2017 • Infras
Slide 25: Performance and Essential Materials (PEM) Segment Performance
Performance and Essential Materials (“PEM”) Segment Performance(1) Sequentially higher average sales price as a result of olefins, ($ in millions) 1Q'26 4Q'25 QoQ% 1Q'25 YoY% polyethylene and caustic soda price increases Performance Materials Sales $1,003 $930 8% $1,056 (5%) Essential Materials Sale
Slide 26: Westlake's Unique LDPE Focus Provides Advantages
Westlake’s Unique LDPE Focus Provides Advantages Westlake’s PE Capacity Breakout Greater Mix of LDPE Bolsters Margin Advantage Commodity Specialty • Westlake further adds to its advantage from LDPE by producing 80% of it through the even more specialized Autoclave method vs. Tubular LDPE HDPE LLDPE
Slide 27: Westlake Corporation 1Q 2026
Westlake Corporation 1Q 2026 (1) ($ in millions) 1Q'26 4Q'25 QoQ% 1Q'25 YoY% Sales $2,652 $2,533 5% $2,846 (7%) Sequentially higher sales volume and average sales price driven by Operating Loss(1) ($87) ($160) N.M. ($25) N.M. seasonally higher HIP demand and improved export demand for PEM EBITDA(1,2
Slide 28: Reconciliation of Westlake EBITDA to Net Income and Cash Flow from Operating Activities
Reconciliation of Westlake EBITDA to Net Income and to Cash Flow from Operating Activities (in $ millions) LTM Q1 2026 FY 2025 FY 2024 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 EBITDA $ (386) $ (248) $ 2,210 $ 150 $ (315) $ (431) $ 210 $ 288 $ 414 $ 506 $ 744 Less: Income Tax (
Slide 29: Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Loss
Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Loss, Loss from Operations and Net Cash Provided by (Used for) Operating Activities Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars) Net cash provided by (used for) operating activities
Slide 30: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars, except per share data) Housing and Infrastructure Products Sales $ 993 $ 996 $ 901 Performance and Essential Materials Sales 1,659 1,850 1,632 Net sales 2,652 2,
Slide 31: Reconciliation of Net Loss and Loss Per Diluted Share excl. Identified Items
Reconciliation of Net Loss Attributable to Westlake Corporation and Loss Per Diluted Share to Net Loss and Diluted Loss Per Share excl. Identified Items Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars, except per share data) Net loss $ (157) $ (35)
Slide 32: Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Loss
Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Loss, Loss from Operations and Net Cash Provided by (Used for) Operating Activities Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars) Net cash provided by (used for) operating activities
Slide 33: Reconciliation of HIP, PEM and Corporate EBITDA to Operating Income (Loss)
Reconciliation of HIP EBITDA excl. Identified Items, PEM EBITDA excl. Identified Items and Corporate EBITDA to Operating Income (Loss) Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars) Housing and Infrastructure Products EBITDA excl. Identified Item
Slide 34: Reconciliation of Free Cash Flow to Net Cash from Operating Activities
Reconciliation of Free Cash Flow to Net Cash Provided by (Used for) Operating Activities Three months ended Three months ended March 31, December 31, 2026 2025 2025 (In millions of dollars) Net cash provided by (used for) operating activities $ (94) $ (77) $ 225 Less: Additions to property, plant an
Slide 35: Sustainable Commitments Embedded Across Westlake
Sustainable Commitments Embedded Across Westlake Through Investments, Goals and Products After Achieving Initial Target, Increasing Expanding Portfolio of Efforts Recognized Through Awards Scope 1 and 2 Emissions Reduction Goal Environmentally Safe Products and Industry Memberships from 20% to 30% b
Slide 36: Safe Harbor Language
Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding our cost-saving objectives and our ability to maintain synergies, pricing and demand for our products and across the industrial and manufacturing sectors, global macroeconomic conditions