Slide 1: 1Q 2026 Results
1Q 2026 RESULTS April 23, 2026
Slide 2: Agenda
AGENDA ▪ Quarterly Performance and Segment Details ▪ Current Industry Dynamics and Outlook ▪ Dow’s Strategic Positioning and Competitive Advantages ▪ Focused Actions to Reset the Competitive Benchmark ▪ Disciplined Financial Management
Slide 3: Performance Update
PERFORMANCE UPDATE Solid 1Q Results Supported by Strong Self Help ▪ Operating EBITDA was $873MM ▪ ▪ Returned $252MM of dividends to shareholders Delivered volume growth versus prior quarter $9.8B NET SALES Positive 2Q Margin Backdrop Rapidly Unfolding ▪ Price momentum expected to continue across Dow
Slide 4: Packaging & Specialty Plastics
PACKAGING & SPECIALTY PLASTICS Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Market Participation¹ Packaging & Specialty Plastics 5,310 (70%)2 4,919 Mobility Infrastructure 342 Health & 208 Hygiene Consumer 6.4% 4.2% Packaging 1Q25 1Q26 1Q25 1Q26 Performance Overview Hydrocarbons & Energy (30%) 2 ▪
Slide 5: Industrial Intermediates & Infrastructure
INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Market Participation¹ Industrial Solutions 2,855 (35%)2 2,626 Mobility Building & -4.5% -4.5% Construction Industrial (128) (118) 1Q25 1Q26 1Q25 1Q26 Consumer Energy Performance Overview Polyurethanes & Construc
Slide 6: Performance Materials & Coatings
PERFORMANCE MATERIALS & COATINGS Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Market Participation¹ Consumer Solutions (60%)² 2,071 2,080 Mobility Building & 117 Construction 49 5.6% Consumer & 2.4% Industrial Electronics 1Q25 1Q26 1Q25 1Q26 Home & Personal Care Performance Overview Coatings & Per
Slide 7: Global Demand Is Steady, Supply Dynamics Are Constrained
GLOBAL DEMAND IS STEADY, SUPPLY DYNAMICS ARE CONSTRAINED Global Demand Largely Unchanged Polyethylene Supply Significantly Impacted Americas Feedstock Advantage Remains + Global PE packaging demand remains resilient ▪ ~20%1 of global oil capacity offline ▪ Geopolitical supply disruption has signific
Slide 8: Middle East Conflict Represents a Major Industry Disruption
MIDDLE EAST CONFLICT REPRESENTS A MAJOR INDUSTRY DISRUPTION Global Supply Experiencing Significant Turmoil ▪ ~20%1 of global oil capacity is offline Prolonged Industry Impact Expected ▪ ~50%1 of global ethylene & PE supply is offline, constrained or impacted Duration ▪ Infrastructure damage increasi
Slide 9: Dow Advantages Positioned to Capture Significant Near-Term Value
DOW ADVANTAGES POSITIONED TO CAPTURE SIGNIFICANT NEAR-TERM VALUE Near-Term Dynamics Constructive to Earnings Upside for Dow ▪ Entered conflict at Advantaged Global Asset Footprint Polyethylene Price1 unsustainably and historically low pricing and Dow light cracking capacity in the cost- margin level
Slide 10: Building Long-Term Agility and Resilience
BUILDING LONG-TERM AGILITY AND RESILIENCE Self-Help Actions Enable Improved Earnings and Shareholder Returns ~$3.0B of Near-Term Op. EBITDA Uplift ▪ Complete our $1B 2025 cost savings program ~$3.0B ▪ Growth investments are delivering returns in high-value markets >$2.0B ▪ Benefits from European ass
Slide 11: 2Q26 Modeling Guidance
2Q26 MODELING GUIDANCE Rapid Sales and Earnings Inflection in a Dynamic Period Revenue of ~$12B and EBITDA of ~$2B Depreciation & Amortization ~$720MM Average Share Count ~725MM Net Income Attrib. to Non-Controlling Int. ~$70MM Net Interest Expense (Net of Int. Income) ~$175MM Corporate Op. EBITDA ~
Slide 12: Disciplined Financial Management Across Cycles
DISCIPLINED FINANCIAL MANAGEMENT ACROSS CYCLES Capital Allocation Framework Remains Consistent Safely and reliably run our operations Strong investment-grade credit profile of 2.0x-2.5x rating agency adj. net debt-to-EBITDA Organic investments with CapEx ≤D&A and operating ROIC >13% across the econo
Slide 13: Dow Remains a Compelling Investment Opportunity
DOW REMAINS A COMPELLING INVESTMENT OPPORTUNITY ▪ Global demand dynamics largely unchanged, Middle East conflict resetting supply backdrop Well-Positioned to Navigate Industry ▪ Seeing positive momentum from announced pricing actions in every business and every region Disruptions ▪ Dow’s European fe
Slide 14: Seek Together
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Slide 15: FY 2026 Modeling Considerations
FY 2026 MODELING CONSIDERATIONS [BETTER / WORSE SINCE LAST UPDATE] Operating EBITDA Drivers Cash Flow Considerations Equity Earnings ~$150MM to $250MM higher YoY Dividends from Equity ~$0 to ~$25MM Companies Pension and Defined ~$65MM higher YoY Contribution Impact Pension contributions ~$180MM Corp
Slide 16: Principal Joint Venture Detail
PRINCIPAL JOINT VENTURE DETAIL Dow’s Proportional Share of Principal JV Financial Results 1Q 2026 1Q 2025 $ millions (unaudited) Kuwait Thai Kuwait Thai JVs JVs JVs JVs Drivers of JV Performance EBITDA $48 $(10) $119 $(3) EBIT $7 $(15) $80 $(8) ▪ Kuwait JVs: YoY driven by higher input Net Income cos
Slide 17: Share Issuance and Repurchase Activity
SHARE ISSUANCE AND REPURCHASE ACTIVITY Comments Share Issuances & Repurchases ▪ Stock Incentive Plans (LTI): Includes stock Shares in millions 1Q26 1Q25 YTD26 YTD25 options, restricted stock units, performance stock units, stock appreciation rights and Stock Incentive Plans (LTI) 1.6 1.4 1.6 1.4 sto
Slide 18: Updated Capacities
UPDATED CAPACITIES Dow Supplemental Information — Key Capaci s (as of 1*t Quarter 2026) Capacities - United States (does not include JV facilities) In-milions Capacities - Principal Joint Ventures (Unaueited) ‘pounds (Unaucited) Industrial intermediates & Infrastructure Ethylene Oxide 2438 Propylene
Slide 19: 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 20: 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