Slide 1: FY24 Benchmarking Update
FY24 Benchmarking Update April 24, 2025
Slide 2: Benchmarking Peers
Benchmarking Peers Total Dow P&SP Olefins & Polyolefins Chemical Products Corporate Polyolefins II&I Intermediates & Derivatives Corporate Corporate Corporate PM&C Corporate Silicones Acetyl Chain Solutions & Functional Specialties Materials Benchmarking conducted against segment level peers if suff
Slide 3: Total Dow Benchmarking: Summary of Observations
Total Dow Benchmarking: Summary of Observations Benchmarking: Strengths & Gaps ✓ FY24 YoY Adj. Op. EBITDA growth in-line with the peer median driven by resilient demand in key end markets such as packaging, energy, electronics and home & personal care ✓ FY24 Adj. Op. EBITDA margin above the peer gro
Slide 4: Total Dow
Total Dow CORE STRENGTHS BENCHMARKING SNAPSHOT FOCUS AREAS • Hallmark safety FY24 UPDATE & FY23 • Execute on Decarbonize performance and Adj. Op. EBITDA Adj. Op. EBITDA Cash Flow SG&A + R&D & Grow and Transform the operational excellence Growth Margin Conversion (as a % of Sales) Waste strategies to
Slide 5: Delivering on Disciplined and Balanced Capital Allocation Approach
Delivering on Disciplined and Balanced Capital Allocation Approach Operating Return on Capital (%) Free Cash Flow Yield (%) 2022-2024 Annual Average 2022-2024 Annual Average Median Excl. 9% Dow Median ~8% 8% Excl. Dow ~5% Peer 2 Peer 1 Peer 3 DOW Peer 4 Peer 6 Peer 5 Peer 7 Peer 2 Peer 4 Dow Peer 6
Slide 6: Culture of Benchmarking: Summary of Observations
Culture of Benchmarking: Summary of Observations Segment Benchmarking: Strengths & Gaps YoY Adj. Op. EBITDA growth trailed the peer median driven by an unplanned outage at our Texas-8 cracker in the USGC and a moderation of Functional Polymers margins to historical spreads over polyethylene (PE) ✓
Slide 7: Packaging & Specialty Plastics
Packaging & Specialty Plastics CORE STRENGTHS BENCHMARKING SNAPSHOT FOCUS AREAS • World-class packaging FY24 UPDATE & FY23 • Execute on Decarbonize & franchise with leading Grow and Transform the Adj. Op. EBITDA Adj. Op. EBITDA Free Cash SG&A + R&D market positions in Waste strategies to deliver Gro
Slide 8: Dow's Differentiated P&SP Portfolio
Dow’s Differentiated P&SP Portfolio Dow’s P&SP Delivers Superior Returns vs. Peers Generating Higher Margins vs. Peers Across the Cycle Op. EBITDA Per Pound of Annual Op. EBITDA Margins Polyolefins Capacity1 (cpp) 30% 25% Advantage over Peers 25 20 16 20% Avg. ~21%. 15 13 9 15% Avg. 10 7 ~15%. 5 10%
Slide 9: Industrial Intermediates & Infrastructure
Industrial Intermediates & Infrastructure CORE STRENGTHS BENCHMARKING SNAPSHOT FOCUS AREAS • Leading producer of FY24 UPDATE & FY23 • Execute on Decarbonize & Purified Ethylene Oxide, Grow strategy and deliver Amines, Solvents, Glycol Adj. Op. EBITDA Adj. Op. EBITDA Free Cash SG&A + R&D growth inves
Slide 10: Performance Materials & Coatings
Performance Materials & Coatings CORE STRENGTHS BENCHMARKING SNAPSHOT FOCUS AREAS • Leading producer of FY24 UPDATE & FY23 • Execute on Decarbonize & Silicones and Acrylic Grow strategy and deliver Binders Adj. Op. EBITDA Adj. Op. EBITDA Free Cash SG&A + R&D growth investments Growth Margin Conversi
Slide 11: General Comments
General Comments General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Benchmarking Groups Segment level financial benchmarking group as per November 2018 Investor Day and adjusted for a) Changes in ownership/reporting
Slide 12: 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 13: 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
Slide 14: Seek Together
<r Seek Together’