Slide 1: 1Q26 Investor Presentation
1Q26 Investor Presentation February 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forec
Slide 3: Key 4Q25 Highlights
Key 4Q25 Highlights Value-first commercial approach continues to 1 preserve ECU values 2 Announced Braskem long-term agreement, upgrading our export EDC values 3 Successful Epoxy volume growth amid European capacity closures Winchester reduced commercial production 4 accelerating destocking 5 Genera
Slide 4: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Actions $721 $3,630 $3,684 $680 • Beyond250 cost savings momentum $237 $954 builds $924 $856 $181 $152 • Growing Brazil caustic soda position • Dissolution of Blue Water Alliance JV $86 Looking Ahead • Caustic price i
Slide 5: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Actions • Growing European participation in the $1,372 wake of capacity closures $1,226 $350 $359 • Continued advocacy for fair trade $282 $ • Guarujá, Brazil plant closure, to more cost-effectively serve Latin America -$7 -$31 Looking Ahead
Slide 6: Winchester Segment Performance
Winchester Segment Performance Actions Sales ($M) Adjusted EBITDA ($M) • Q1 commercial price increases partially offset higher copper and brass costs $1,684 $1,725 $272 • Continued integration of Ammo, Inc. $435 $440 $449 $51 • Headcount reductions, shift elimination and schedule optimization $27 $1
Slide 7: Beyond250 Drives Meaningful Structural Cost Savings
Beyond250 Drives Meaningful Structural Cost Savings Projected Beyond250 Investor Day Annual Added Savings Actions Underway Targets $250+ $50-60 • More than 300 employee and contractor positions eliminated in 2H25; similar level expected for 2026 CAPV $60-80 • Implementation of Stade, Germany supply
Slide 8: Financial Highlights – Year-End 2025
Financial Highlights – Year-End 2025 Highlights Bond Maturity Profile1 ($M) • Year-end 2025 net debt was flat with year-end 2024 • Working capital, excluding tax payment timing, was a $323M source of cash in 2025 $683 • 2025 capital spending: $226M $669 • Repurchased $51M of stock during 2025 $515 •
Slide 9: 1Q26 Outlook
1Q26 Outlook • Continued seasonally weak demand, as we focus on value-first CAPV • Higher sequential raw materials cost, including energy, and turnaround costs • Building caustic soda pricing momentum • Growing European participation Epoxy • Realizing improved cost position at Stade, Germany plant •
Slide 10: Appendix
Appendix OLIN 1Q26 INVESTOR PRESENTATION 10 UPDATED 2/20/2026
Slide 11: 4Q25 vs. 3Q25 Adjusted EBITDA Bridge ($M)
4Q25 vs. 3Q25 Adjusted EBITDA Bridge ($M) $222 + Higher Allylics volumes + Improved product mix - Reduced commercial - Seasonally lower ammunition volume Epoxy Resin and Formulated Solutions - Inventory reduction + Lower costs from volumes mark-to-market on - Higher raw material stock-based - Higher
Slide 12: FY25 Adjusted EBITDA Bridge ($M)
FY25 Adjusted EBITDA Bridge ($M) $874 $(41) $(21) - Lower pricing, mainly EDC - Higher turnaround expenses $10 $652 - Higher turnaround $(170) expenses - Inventory reduction + Favorable foreign - Lower commercial currency impact - Higher raw material + Higher Resins and pricing and volume costs, inc
Slide 13: Outlook: Full Year 2026 Modeling Assumptions
Outlook: Full Year 2026 Modeling Assumptions Line Item Forecast ($M) Key Elements Capital Spending ~$200 Expected to be lower than 2025 levels Depreciation & Amortization ~$475 Expected to be lower than 2025 levels Non-operating Pension Income $10 to $15 Expected to be lower than 2025 income levels
Slide 14: 2026 Outlook – Current Expectations
2026 Outlook – Current Expectations Area 2026 Tailwinds 2026 Headwinds CAPV • Expected caustic price benefit, starting 2Q26 • Stranded structural cost of PO-related ECU closure (-$70M) • Beyond250 structural cost savings • Higher raw materials, including power costs • Braskem Agreement lifts EDC val
Slide 15: Delivering on Our Value Strategy
Delivering on Our Value Strategy 4Q25 Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 4Q25 vs. 3Q25 294 287 262 Chlorine 261 257 255 Caustic Soda 238 EDC 222 211 207 Bleach Index 192 191 187 186 180 172 HCl 168 157 153 148 Chlorinated Organics Total variable marg
Slide 16: Maintenance Turnarounds Expenses
Maintenance Turnarounds Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) Actual 2024 Actual 2025 Forecast 2026 Actual 2024 Actual 2025 Forecast 2026 $170 $141 $104 $57 $47 $41 $41 $40 $43 $39 $38 $35 $28 $31 $27 $17 $14 $18 $15 $14 $9 $6 $6 $1 $2 $1 $4 $5 $2 $4 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3
Slide 17: Serving a Wide Array of Key End Markets Globally across Our Chlor Alkali Portfolio
Serving a Wide Array of Key End Markets Globally across Our Chlor Alkali Portfolio Paper & Water Housing & Renewable Food Soaps & Packaging Auto Treatment Construction Energy Agriculture Processing Textile Detergents Pharma Avg. Annual ~4% ~3% ~3% ~3% ~10% ~2% ~3% ~3% ~3% ~5% Growth Rate1 Chlorine C
Slide 18: Setting the Stage: The Role of Chlorine in PVC Production
OPTIMIZE GROW Setting the Stage: The Role of Chlorine in PVC Production THE CORE Ethylene-based PVC Resin Production Process Overview Ethylene1 EDC2 • Vinyls is the largest chlorine- consuming outlet - Consumes ~50% of chlorine production in the United States • Cost-based ethylene and chlorine are e
Slide 19: Evaluating PVC Options to Expand Value
OPTIMIZE GROW Evaluating PVC Options to Expand Value THE CORE Spot Export EDC-PVC Spread Has Grown1 From ~$300/MT to $600/MT since 2000 NA PVC Spot Export (USD/MT) NA USGC EDC Spot Export (USD/MT) Upgrading Olin’s EDC Value • Negotiated contract manufacturing arrangement with Kem One – a CMA Spot Ex
Slide 20: Small-caliber Ammunition Value Chain
Small-caliber Ammunition Value Chain RAW MATERIALS INTERMEDIATES FINISHED GOOD Integration is a High Barrier to Entry for Competitors • Entering energetics value chain Energetics Primer Defense Ammo entails significant capital investment Round • Producing energetic materials through greenfield manuf
Slide 21: Options to Build on Existing Positions at High Returns
OPTIMIZE GROW Options to Build on Existing Positions at High Returns THE CORE Enhance leadership position Explore PVC adjacency options • Grow regional NA bleach position via salt to bleach • Expand via contractual JV partnerships CAPV • Explore further water treatment adjacencies via inorganic opti
Slide 22: Invest with Us
Invest with Us Building on a robust foundation as a global chemicals and ammunition 1 industry leader by executing commercial discipline, cost efficiency, and our value creation strategy 2029E Long-term Financial Targets 2 Realizing a higher level of profitability in chlor alkali while positioning t
Slide 23: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 24: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment1 Three Months Ended Three Months Ended Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Income Income Income (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted ($ in
Slide 25: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment1 Year Ended Year Ended December 31, 2025 December 31, 2024 Income (Loss) Reconciling Depr and Adjusted Income (Loss) Reconciling Depr and Adjusted ($ in millions) before Taxes Items Amort EBITDA before Taxes Items Amort EBITDA Chlor Alkali Products & Vinyls
Slide 26: OLIN 1Q26 INVESTOR PRESENTATION
OLIN 1Q26 INVESTOR PRESENTATION 26 UPDATED 2/20/2026