Slide 1: 1Q25 Quarterly Earnings Call
1Q25 Quarterly Earnings Call May 2, 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 1Q25 Highlights
Key 1Q25 Highlights 1 Controlling the controllable while executing our strategy Accommodated additional demand related to chlorine 2 industry supply disruptions by delaying planned maintenance outage at Freeport, TX chlor alkali facility 3 Continued ECU value stability with positive pricing trends 4
Slide 4: Executing our Strategy
Executing our Strategy Strategic Progress Financial Resiliency Organizational Advancement Hosted December Investor Day Successfully completed 1Q25 bond issue Aligned employee incentive plans to our • Committed to value-first commercial and debt refinancing 2029 financial targets approach: pres
Slide 5: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiative • Continuing PVC business $954 $925 $183 $181 $186 development $885 Outlook • Currently view the impact of tariffs as net-neutral to CAPV1 • Stable EDC volume, pricing pressure continues • Higher caustic so
Slide 6: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiatives • US International Trade Commission issues final decision in US epoxy $2 resin antidumping rate case $341 $332 • EU final antidumping decision in $282 3Q25; South Korea remains exempt Outlook • Direct tariff impact expected to be
Slide 7: Winchester Segment Performance
Winchester Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiatives and Outlook • Higher raw materials costs, including tariff effects, remain a headwind for $80 $435 commercial margins $409 $388 Military $51 • Continued strong international $32 military demand • NGSW project on schedule Comm
Slide 8: Completed Acquisition of AMMO, Inc.'s Production Assets
Completed Acquisition of AMMO, Inc.’s Production Assets Manitowoc, WI Production Facility World-class Capabilities • Leading US shell case manufacturer • Skilled workforce of 200+ • Newly constructed, Manitowoc, WI plant • Focused on high-margin specialty calibers • Improves efficiencies across Winc
Slide 9: 1Q25 vs. 4Q24 Adjusted EBITDA Bridge
1Q25 vs. 4Q24 Adjusted EBITDA Bridge ($M) $5 $193 $(2) $9 $186 + Lower + Seasonally $(19) turnaround higher volume + Lower costs - Lower environmental + Higher resin commercial expense - Lower pricing, pricing volume primarily EDC - Higher raw - Higher material and commodity operating costs metals a
Slide 10: Financial Highlights
Financial Highlights Bond Maturity Profile1 ($M) Highlights • Working capital builds seasonally in 1H25 and releases in 2H25 $669 $683 • 1H25 cash flows expected to reflect ~$80M of $515 deferred international tax payments Cash Positions and Levers • Cash on hand (3/31/25): $174M • $1.3B available l
Slide 11: 2Q25 Outlook
2Q25 Outlook • Higher caustic soda pricing CAPV • Seasonally improved volumes, in particular, bleach and caustic soda • Delayed 1Q25 maintenance turnaround will result in higher turnaround expenses in 2Q25 • Slightly improved epoxy resin volume and formulated solutions mix Epoxy • Continued modest r
Slide 12: Q&A
Q&A Sli ° | ESSENTIAL wll 71Q25 EARNINGS \ SOLUTIONS ©)
Slide 13: Appendix
Appendix Oli ° | ESSENTIAL eZEEM sciutions
Slide 14: 1Q25 vs 1Q24 Adjusted EBITDA Bridge
1Q25 vs 1Q24 Adjusted EBITDA Bridge ($M) $242 $3 + Higher volume $(18) + Lower product purchasing cost - Lower aromatics $7 $186 and allylics - Lower pricing, pricing, partially $(48) primarily EDC offset by higher + Lower resin pricing + Higher military stock-based - Higher raw - Higher operating s
Slide 15: Outlook: Full Year 2025 Modeling Assumptions
Outlook: Full Year 2025 Modeling Assumptions Line Item Forecast ($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 to $25 Expected to be lower than 2024 income level
Slide 16: Delivering on Our Value Strategy
Delivering on Our Value Strategy 1Q25 ECI Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 1Q25 vs. 4Q24 294 287 Chlorine Caustic Soda 257 238 261 262 222 255 EDC 211 207 Bleach Index 191 180 187 192 172 168 HCl Chlorinated Organics 148 Total variable margin of al
Slide 17: Maintenance Turnarounds Expenses
Maintenance Turnarounds Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) Actual 2024 Forecast 2025 Actual 2025 Actual 2024 Forecast 2025 Actual 2025 $111 $104 $47 $41 $35 $34 $28 $17 $14 $18 $15 $15 $10 $10 $12 $4 $6 $4 $1 $2 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year • 2Q25 CAPV turnaround
Slide 18: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA1 Olin’s definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 19: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment1 Three Months Ended Three Months Ended Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Income Income Income (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted ($ in million