Slide 1: FY25 Benchmarking Update
FY25 BENCHMARKING UPDATE April 23, 2026
Slide 2: Benchmarking Peers
BENCHMARKING PEERS 1 2 3 Total Dow P&SP Olefins & Polyolefins Chemical Products Polyolefins II&I Intermediates & Derivatives Corporate PM&C Functional Silicones Acetyl Chain Materials Benchmarking conducted against segment level peers if sufficient information disclosed, otherwise corporate level 1.
Slide 3: Total Dow Benchmarking: Summary of Observations
TOTAL DOW BENCHMARKING: SUMMARY OF OBSERVATIONS Benchmarking: Strengths & Gaps FY25 YoY Adj. Op. EBITDA growth trailed the peer median, driven primarily by pressure in Industrial Intermediates & Infrastructure from lower prices across various product chains amid continued oversupply FY25 Adj. Op
Slide 4: Total Dow Benchmarking Snapshot
TOTAL DOW BENCHMARKING SNAPSHOT CORE STRENGTHS FY25 UPDATE & FY24 FOCUS AREAS • Hallmark safety Adj. Op. EBITDA Adj. Op. EBITDA SG&A + R&D • Deliver on our Cash Flow Conversion performance and Growth Margin (as a % of Sales) commitments and self-help operational excellence FY25 vs. FY24 vs. FY25 FY2
Slide 5: Culture of Benchmarking: Summary of Observations
CULTURE OF BENCHMARKING: SUMMARY OF OBSERVATIONS Segment Benchmarking: Strengths & Gaps ✓ YoY Adj. Op. EBITDA declined less than the peer median, driven by our differentiated portfolio ✓ Adj. Op. EBITDA margin delivered best-in-class performance, with 1st quartile cost positions and leading feedstoc
Slide 6: Seek Together
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Slide 7: Packaging & Specialty Plastics Benchmarking Snapshot
PACKAGING & SPECIALTY PLASTICS BENCHMARKING SNAPSHOT CORE STRENGTHS FY25 UPDATE & FY24 FOCUS AREAS • World-class packaging Adj. Op. EBITDA Adj. Op. EBITDA SG&A + R&D • Capitalize on Path2Zero Free Cash Conversion franchise with leading Growth Margin (as a % of Sales) first mover advantage market pos
Slide 8: Dow's Differentiated P&SP Portfolio
DOW’S DIFFERENTIATED P&SP PORTFOLIO Delivering Superior Returns vs. Peers Generating Higher Margins vs. Peers Across the Cycle Op. EBITDA Per Pound of Annual Op. EBITDA Margins 30% Polyolefins Capacity1 (cpp) 25% 20% 15% Avg. 9 10% ~20%. Avg. >2x 5% ~14%. >4x 0% 2017 2018 2019 2020 2021 2022 2023 20
Slide 9: Industrial Intermediates & Infrastructure Benchmarking Snapshot
INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE BENCHMARKING SNAPSHOT CORE STRENGTHS FY25 UPDATE & FY24 FOCUS AREAS • Leading producer of Adj. Op. EBITDA Adj. Op. EBITDA SG&A + R&D • Investing in purified EO Free Cash Conversion purified ethylene oxide, Growth Margin (as a % of Sales) and downstream amine
Slide 10: Performance Materials & Coatings Benchmarking Snapshot
PERFORMANCE MATERIALS & COATINGS BENCHMARKING SNAPSHOT CORE STRENGTHS FY25 UPDATE & FY24 FOCUS AREAS • Leading producer of Adj. Op. EBITDA Adj. Op. EBITDA SG&A + R&D • Continue to expand Free Cash Conversion silicones and acrylic Growth Margin (as a % of Sales) downstream capacity in binders FY25 vs
Slide 11: Delivering on Disciplined and Balanced Capital Allocation Strategy
DELIVERING ON DISCIPLINED AND BALANCED CAPITAL ALLOCATION STRATEGY Operating Return on Capital (%) SG&A + R&D 2023-2025 Annual Average (as a % of Sales) 2023-2025 Annual Average Median Excl. Dow ~12% Median Excl. Dow 4% ~4% 5% Peer 3 Peer 2 Peer 4 DOW Peer 6 Peer 5 Peer 1 Peer 6 Peer 5 Peer 4 Peer 1
Slide 12: General Comments and Safe Harbor
GENERAL COMMENTS AND SAFE HARBOR General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Trademarks The Dow Diamond, logo and all products, unless otherwise noted, denoted with , ℠ or ® are trademarks, service marks or re
Slide 13: Non-GAAP Financial Measures and Definitions
NON-GAAP FINANCIAL MEASURES AND 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 segme