Slide 1: 3Q25 Quarterly Earnings Call
3Q25 Quarterly Earnings Call October 28, 2025
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 3Q25 Highlights
Key 3Q25 Highlights Value-first commercial approach delivered stable 1 ECU values in line with expectations 2 Delivered stronger chlor alkali results with muted seasonal demand improvement US Epoxy demand remained stable while European 3 demand weakened; both regions face continued pressure from sub
Slide 4: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Olin Actions $237 • Continue to focus on our value-first $980 $872 $924 commercial approach $171 $152 • Actions to reduce inventory levels • Beyond250 cost savings Outlook • Improving caustic soda price • Seasonal dem
Slide 5: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Olin Actions • Growing epichlorohydrin and resin sales in the wake of European $350 capacity rationalization $331 $285 • Formulated Solutions focus on $(11) qualification for advanced electronics customers $(19) Outlook • Declining U.S. resin
Slide 6: Winchester Segment Performance
Winchester Segment Performance Actions and Outlook Sales ($M) Adjusted EBITDA ($M) • Winchester shifting production toward international military sales $448 $62 $433 $440 • Lowering commercial production to reduce inventory levels $33 • Price actions gain traction in 4Q $27 Military • NGSW1 project
Slide 7: 3Q25 vs. 2Q25 Adjusted EBITDA Bridge ($M)
3Q25 vs. 2Q25 Adjusted EBITDA Bridge ($M) $66 $(8) $222 $(6) $(6) + Higher resin and Formulated + Higher military - Higher costs Solutions sales and from mark-to- $176 volumes project revenue market on stock- + IRA Tax Credits based - Unabsorbed fixed - Higher raw compensation manufacturing material
Slide 8: Financial Highlights – 3Q25
Financial Highlights – 3Q25 Highlights Bond Maturity Profile1 ($M) • Gross debt levels were flat compared to the prior quarter • Repurchased $10M of stock $669 $683 Cash Positions $515 • Cash on hand (9/30/25): $140.3M • Available liquidity: $1.3B Outlook $3 • Expect to lower current debt levels – t
Slide 9: 4Q25 Outlook
4Q25 Outlook • Expect caustic soda price improvement CAPV • Preserve ECU values through seasonally weak demand • Aggressive inventory reductions • Execute Freeport turnaround safely and on budget Epoxy • Improving US epoxy resin pricing • Grow EU epoxy resin and epichlorohydrin volume, as 2026 contr
Slide 10: Q&A
Q&A Sli ° | ESSENTIAL wll 3Q25 EARNINGS \ SOLUTIONS ©)
Slide 11: Appendix
Appendix Oli ° | ESSENTIAL eZEEM sciutions
Slide 12: 3Q25 vs. 3Q24 Adjusted EBITDA Bridge ($M)
3Q25 vs. 3Q24 Adjusted EBITDA Bridge ($M) $10 $85 + 3Q24 Hurricane $2 $222 Beryl impact1 $(35) + Higher volume + Higher military + Favorable sales and foreign currency - Higher operating project revenue impact $160 costs, primarily + IRA Tax Credits unabsorbed fixed - Lower - Higher incentive manufa
Slide 13: Outlook: Full Year 2025 Modeling Assumptions
Outlook: Full Year 2025 Modeling Assumptions Line Item Forecast ($M) Key Elements Capital Spending $200 to $220 Expected to be above 2024 levels Depreciation & Amortization ~$525 Expected to be similar to 2024 levels Non-operating Pension Income ~$20 Expected to be lower than 2024 income levels Envi
Slide 14: Delivering on Our Value Strategy
Delivering on Our Value Strategy 3Q25 Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 3Q25 vs. 2Q25 294 287 262 Chlorine 261 257 255 Caustic Soda 238 EDC 222 211 207 Bleach Index 192 191 187 186 180 172 HCl 168 157 148 Chlorinated Organics Total variable margin o
Slide 15: Maintenance Turnarounds Expenses
Maintenance Turnarounds Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) Actual 2024 Forecast 2025 Actual 2025 Actual 2024 Forecast 2025 Actual 2025 $125 $104 $39 $41 $41 $28 $31 $29 $17 $14 $18 $16 $15 $9 $6 $1 $2 $4 $2 $4 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year • 2Q25 CAPV turnaround c
Slide 16: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 17: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment1 Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Income Income Income (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted ($ in mil
Slide 18: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment1 Nine Months Ended Nine Months Ended September 30, 2025 September 30, 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 P