Olin Corporation · NYSE:OLN
Olin — Investor Day (December 2024)
95 slides from Olin's investor day presentation, Dec 12, 2024
Slide 1: Investor Day December 12, 2024
INVESTOR DAY D E C E M B E R 1 2 , 2 0 2 4
Slide 2: Welcome and Opening Remarks
2 0 2 4 I N V E S T O R D A Y Welcome and Opening Remarks Steve Keenan Director, Investor Relations 2
Slide 3: Safety Moment – Location of Emergency Exit and Restrooms
2 0 2 4 I N V E S T O R D A Y Safety Moment – Location of Emergency Exit and Restrooms 3 EMERGENCY EXIT STAIRS RESTROOMS EMERGENCY EXIT STAIRS
Slide 4: Forward-looking Statements
2 0 2 4 I N V E S T O R D A Y Forward-looking Statements 4 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 assum
Slide 5: Today's Agenda
2 0 2 4 I N V E S T O R D A Y Today’s Agenda 5 9:00 AM Welcome & Opening Remarks STEVE KEENAN | Director, Investor Relations Company Overview & Strategic Vision Unlocking the Potential of Our Portfolio through a Disciplined Value Creation Strategy KEN LANE | President & CEO Chlor Alkali Products & V
Slide 6: Olin Corporate Purpose Video
2 0 2 4 I N V E S T O R D A Y Olin Corporate Purpose Video 6
Slide 7: Company Overview and Strategic Vision
2 0 2 4 I N V E S T O R D A Y Unlocking the Potential of Our Portfolio through a Disciplined Value Creation Strategy Company Overview and Strategic Vision Ken Lane President & CEO 7
Slide 8: Delivering Shareholder Value
2 0 2 4 I N V E S T O R D A Y Delivering Shareholder Value 1 Building on a robust foundation as a global chemicals and ammunition industry leader by executing commercial discipline, cost efficiency, and our value creation strategy 2 Realizing a higher level of profitability in chlor alkali while pos
Slide 9: Olin at a Glance
2 0 2 4 I N V E S T O R D A Y We Deliver Essential Materials and Solutions that Enhance and Protect Lives Olin at a Glance 1 As of 12/6/24. 2 As of 12/31/23 and includes corporate employees. 3 Includes addback of ~$110M from Hurricane Beryl impact. 4 Since 2015. CHLOR ALKALI PRODUCTS & VINYLS EPOXY
Slide 10: Cycle-tested Leadership Team
2 0 2 4 I N V E S T O R D A Y Cycle-tested Leadership Team Right Leaders in the Right Places to Execute Strategy for Profitable Growth Dana O’Brien Damian Gumpel Teri Vermillion Nicki Sumner Holger Baer Verghese Thomas Valerie Peters SVP & Chief Legal Officer 2021 VP, Corporate Strategy 2008 VP & Tr
Slide 11: Our Core Business Portfolio
2 0 2 4 I N V E S T O R D A Y Products End Markets Served Our Core Business Portfolio Note: Percentages are based on % of total TTM 3Q 2024 Sales. Chlor Alkali Products & Vinyls Largest supplier of chlor alkali products Caustic Soda • Chlorine • Vinyls • Hydrochloric Acid • Chlorinated Organics • Bl
Slide 12: Addressable Market
2 0 2 4 I N V E S T O R D A Y Addressable Market 5-Year Industry CAGR CAPV ~$90B ~3% Epoxy ~$12B ~5% Winchester ~$5B ~6% ~$107B 2024 Total Addressable Market (TAM) Large Addressable Market with Opportunities for Profitable Growth Leverage Leading Positions in Key Markets to Realize Value Growth Sour
Slide 13: Committed to a Value-first Commercial Strategy
2 0 2 4 I N V E S T O R D A Y We Are Deeply Committed to a Value-first Commercial Strategy Illustrative Profitability ■ Cycle with Value-first Approach ■ Traditional Cycle Midpoint in Traditional Cycle Midpoint in Value-first Approach Peak WE ARE HERE Lower Volume to Preserve Margins Trough Signific
Slide 14: Our Long-term Value Creation Strategy
2 0 2 4 I N V E S T O R D A Y Our Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 14
Slide 15: Continued Commitment to Capturing Cost Savings
2 0 2 4 I N V E S T O R D A Y Continued Commitment to Capturing Cost Savings Achieving Cost Reduction Benefits and Enhancing Leading Competitive Position 15 Clear, Capital-light Priorities • Rightsizing CAPV and Epoxy manufacturing facilities to align with loaded spring approach • Accelerating a per
Slide 16: Efficiency Efforts Advance Our Sustainability Initiatives
2 0 2 4 I N V E S T O R D A Y Efficiency Efforts Advance Our Sustainability Initiatives More to Come in Expanded 2024 Sustainability Report to be Published in 2Q 2025 2018 Baseline Measurement 2030 Current Reduction Target 2030 NEW Reduction Targets Scope 1 & 2 Emissions 6.8M MT 25% 35% Water Consum
Slide 17: Advantaged Position to Manage across the Chemicals Cycle
2 0 2 4 I N V E S T O R D A Y Advantaged Position to Manage across the Chemicals Cycle Industry-leading Producer of Caustic Soda and Chlorine with High Optionality Outlets One Electro-Chemical Unit (ECU) High Optionality Outlets +Brine Electrolysis Alumina Pulp and Paper Water Treatment Chemical Pro
Slide 18: Building on Winchester's Strong Foundation
2 0 2 4 I N V E S T O R D A Y Building on Winchester’s Strong Foundation with Ample Value Creation Opportunities on the Horizon ~$60 ~$294 2019 TTM 3Q 2024 Significant Transformation of Winchester Since 2019 Adjusted EBITDA ($M) ~37% CAGR • Military growth through Lake City Army Ammunition Plant • I
Slide 19: Options to Build on Existing Positions at High Returns
2 0 2 4 I N V E S T O R D A Y Options to Build on Existing Positions at High Returns Strong Foundation Positions Us to Explore High-return Growth Opportunities Enhance leadership position • Grow regional NA bleach position via salt to bleach • Explore further water treatment adjacencies via inorgani
Slide 20: Unveiling Our 2029 Financial Targets
2 0 2 4 I N V E S T O R D A Y Unveiling Our 2029 Financial Targets Well-defined Strategy to Deliver Long-term Growth and Shareholder Value Creation Note: Targets assume midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 1 Cash conversion: Adjusted EBITDA less Capex / Adju
Slide 21: Delivering Shareholder Value | Key Takeaways
2 0 2 4 I N V E S T O R D A Y Delivering Shareholder Value | Key Takeaways 21 2 Realizing a higher level of profitability in chlor alkali while positioning to maximize value potential and growth in adjacencies 1 Building on a robust foundation as a global chemicals and ammunition industry leader by
Slide 22: CAPV Walk-up Video
2 0 2 4 I N V E S T O R D A Y CAPV Walk-up Video 22
Slide 23: Chlor Alkali Products & Vinyls Overview
2 0 2 4 I N V E S T O R D A Y Continuing Value-first Approach and Capitalizing on Our Industry-leading Positions Chlor Alkali Products & Vinyls Overview Deon Carter VP & President, CAPV 23
Slide 24: CAPV Key Messages
2 0 2 4 I N V E S T O R D A Y Chlor Alkali Products & Vinyls (CAPV) Key Messages 1 Continuing commitment to value-first approach to preserve and enhance ECU value while maintaining our leadership position 2 Realizing a higher level of profitability in chlor alkali through cost reductions while optim
Slide 25: CAPV Snapshot
2 0 2 4 I N V E S T O R D A Y Chlor Alkali Products & Vinyls (CAPV) Snapshot Industry-leading Expertise as the First Chlor Alkali Producer in North America Since 1892 1 Excludes impact from Hurricane Beryl of ~$77M. 2 As of December 2024. 25 Our Cost-advantaged Manufacturing Footprint 55% % of Total
Slide 26: Serving a Wide Array of Key End Markets
2 0 2 4 I N V E S T O R D A Y Serving a Wide Array of Key End Markets Globally across Our Portfolio Olin Serves All of the Growing Caustic Soda Segments 1 Estimated average annual growth rates for 2024-2029. Source: CMA and Olin internal estimates. 26 Chlorine Chlorine Derivatives Vinyls Caustic Sod
Slide 27: Expect Caustic Soda Pricing and Operating Rates to Improve
2 0 2 4 I N V E S T O R D A Y Expect Caustic Soda Pricing and Operating Rates to Improve Caustic Soda Demand is Growing Faster than Chlorine Demand 1 Source: CMA. 27 Anticipate an Upward Trend in Caustic Soda Pricing US Gulf Coast Caustic Soda Annual Spot Export Pricing1 2000-2024 (USD/DMT) Drivers
Slide 28: Long-term Value Creation Strategy
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 28
Slide 29: Key Priorities to Maintain Cost Leadership
2 0 2 4 I N V E S T O R D A Y KEY PRIORITIES TO MAINTAIN COST LEADERSHIP • Driving system-wide reliability and efficiency improvement projects • Additional cost reduction opportunities as a result of recent asset rationalizations • Transitioning away from asbestos - Rationalizing 450K ECUs of older
Slide 30: Reinforcing Our Value-first Commercial Approach
2 0 2 4 I N V E S T O R D A Y Reinforcing Our Value-first Commercial Approach Industry Leader Poised for Disproportionate Volume Growth as Merchant Chlorine Demand Returns 30 PRICE VOLUME OLIN OPPORTUNITY Chlorine Demand (MT) Current Capacity in Use C h lo ri n e S u p p ly ( M T ) Competitor Availa
Slide 31: Exploring Expansion of Bécancour, Quebec Facility
2 0 2 4 I N V E S T O R D A Y Exploring High-return Expansion of Olin’s Recently Converted Bécancour, Quebec Manufacturing Facility Opportunity to Serve Growing EV Battery Market in the Region 31 Higher-quality Caustic soda supports regional battery materials growth High Return Opportunity has to ex
Slide 32: Strengthening Position as North America's #1 Bleach Producer
2 0 2 4 I N V E S T O R D A Y Strengthening Position as North America’s #1 Bleach Producer Driving Consistent Profitable Growth and Maintaining Leadership Position in Stable Bleach Market Note: US and Canada only, excludes Mexico. Source: Olin Bleach Marketing. 32 25% 31% 44% Steady Demand Drivers •
Slide 33: Potential to Organically Build on Our Integrated Bleach Position
2 0 2 4 I N V E S T O R D A Y Potential to Organically Build on Our Integrated Bleach Position 33 • Southern California annual high-strength bleach demand of 135M gallons • No local chlor alkali production, bleach production relies on long, uncertain raw material supply lines – Primary supply of chl
Slide 34: The Role of Chlorine in PVC Production
2 0 2 4 I N V E S T O R D A Y Setting the Stage: The Role of Chlorine in PVC Production Potential to Grow into PVC with Cost-advantaged Position 1 Olin has invested ~$1.1B to obtain the supply of ~650,000 MT of cost-based ethylene with approximately half through 2035 and the remaining half through 2
Slide 35: Favorable PVC Market Dynamics
2 0 2 4 I N V E S T O R D A Y z 40% 60% 80% 100% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 US Northeast Asia Western Europe • Global leading cost position for PVC production in the US due to the shale gas advantage • Europe is significantly disadvantaged due to higher costs • Global PVC oper
Slide 36: Evaluating PVC Options to Expand Value
2 0 2 4 I N V E S T O R D A Y Evaluating PVC Options to Expand Value Continue to Focus on Best Economic Options Consistent with Our Capital Allocation Priorities 1 Source: CMA. 36 Spot Export EDC-PVC Spread Has Grown1 From ~$300/MT to $600/MT since 2000 Upgrading Olin’s EDC Value • Negotiating contr
Slide 37: CAPV Looking Ahead Under Midcycle Conditions
2 0 2 4 I N V E S T O R D A Y Looking Ahead Under Midcycle Conditions 1 Excludes impact from Hurricane Beryl of ~$77M. 37 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$788 ~$150 ~$500 Assumptions • Committed to structural cost savings a
Slide 38: CAPV Key Takeaways
2 0 2 4 I N V E S T O R D A Y CAPV Key Takeaways 38 2 Realizing a higher level of profitability in chlor alkali through cost reductions while optimizing our assets to maximize value potential as demand recovers 1 Continuing commitment to value-first approach to preserve and enhance ECU value while m
Slide 39: Epoxy Walk-up Video
2 0 2 4 I N V E S T O R D A Y Epoxy Walk-up Video 39
Slide 40: Epoxy Overview
2 0 2 4 I N V E S T O R D A Y Leveraging Integrated Value Chain Position to Restore Resiliency and Improve Earnings Epoxy Overview Florian Kohl VP & President, Epoxy & International Chemicals 40
Slide 41: Epoxy Key Messages
2 0 2 4 I N V E S T O R D A Y Epoxy Key Messages 1 Capitalizing on market position with integrated assets and downstream optionality across Epoxy value chain 2 Targeting value creation opportunities supported by long-term global megatrends 3 Adapting to dynamic market landscape to improve earnings t
Slide 42: Epoxy Snapshot
2 0 2 4 I N V E S T O R D A Y Epoxy Snapshot 1 Excludes impact from Hurricane Beryl of ~$33M. 42 Strategic Global Manufacturing Footprint 19% % of Total TTM 3Q 2024 Revenue ~$6M TTM 3Q 2024 Adjusted EBITDA1 8 Manufacturing Facilities ~1,300 Total Employees Formulation Center Back-integrated Site Com
Slide 43: Parallel Entry Points into the Integrated Value Chain
2 0 2 4 I N V E S T O R D A Y Parallel Entry Points into the Market throughout the Integrated Value Chain Leveraging Our Integrated and Competitively Advantaged Foundation to Create Value 43 Coatings • Marine / Protective • Powder • Automotive • Metal Coatings • Packaging Epoxy Resin Formulated Solu
Slide 44: Addressable Market
2 0 2 4 I N V E S T O R D A Y Addressable Market 5-Year Industry CAGR Wind Energy $2B 7% Advanced Electronics $4B 5% Automotive $1B 3% Construction $2B 4% Marine & Ind. Coatings $3B 2% $12B 2024 Global TAM 5% 5-Year Industry CAGR • Energy transition • eMobility: electric vehicle and autonomous vehic
Slide 45: Long-term Value Creation Strategy
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 45
Slide 46: Achieving Cost Savings through Optimization Initiatives
2 0 2 4 I N V E S T O R D A Y Achieving Cost Savings through Optimization Initiatives Diligently Managing Costs to Enhance Resiliency of Business 46 Rightsizing Global Asset Base to Improve Earnings • Robust pipeline of asset optimization opportunities • Further optimization of Freeport site integra
Slide 47: Growing the Core through Differentiated Technical Expertise
2 0 2 4 I N V E S T O R D A Y Growing the Core through Differentiated Technical Expertise and Capturing Value from High-growth Markets High-value Market Opportunities Aligned to Durable Megatrends Note: All figures are approximate. Source: IHSMarkit / CMA, Euromonitor, GWEC, TEAL, DfT, IEA, Epoxy Eu
Slide 48: Epoxy Looking Ahead Under Normalized Conditions
2 0 2 4 I N V E S T O R D A Y Looking Ahead Under Normalized Conditions 1 Excludes impact from Hurricane Beryl of ~$33M. 48 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$6 ~$80 ~$25 ~$45 ~$150 Assumptions • Significant benefit from rese
Slide 49: US and EU Epoxy Antidumping and Countervailing Duty Petitions Update
2 0 2 4 I N V E S T O R D A Y US and EU Epoxy Antidumping and Countervailing Duty Petitions Update Seeking to Restore a Level Epoxy Playing Field Note: As of 3Q 2024. 1 Source: https://www.trade.gov/ec-adcvd-case-announcements. 49 Filed Against China, India, South Korea, Taiwan, and Thailand Combatt
Slide 50: Epoxy Key Takeaways
2 0 2 4 I N V E S T O R D A Y 50 Epoxy Key Takeaways 2 Targeting value creation opportunities supported by long-term global megatrends 1 Capitalizing on unique market position with integrated assets and downstream optionality across Epoxy value chain 3 Adapting to dynamic market landscape to improve
Slide 51: Break
2 0 2 4 I N V E S T O R D A Y ~15 Minutes BREAK 51
Slide 52: Winchester Brand Walk-up Video
2 0 2 4 I N V E S T O R D A Y Winchester Brand Walk-up Video 52
Slide 53: Winchester Overview
2 0 2 4 I N V E S T O R D A Y An Industry-leading, Well-recognized Global Brand Delivering Innovative Ammunition Solutions Brett Flaugher VP & President, Winchester 53
Slide 54: Winchester Key Messages
2 0 2 4 I N V E S T O R D A Y Winchester Key Messages 1 Driving further global brand awareness as ‘The American Legend’ – a longstanding, highly-valued brand built on integrity, hard work, and customer loyalty 2 Building our value to Olin through opportunities to increase our integration across the
Slide 55: Winchester Snapshot
2 0 2 4 I N V E S T O R D A Y Winchester Snapshot 1 Source: Company estimates. 55 Winchester White Flyer Our National Manufacturing Footprint Industry Leader in Ammunition1 ✓ Powerful premium brand with strong customer relationships and strategic partnerships ✓ Deep integration across ammunition val
Slide 56: Deep Brand Recognition as the American Legend
2 0 2 4 I N V E S T O R D A Y Deep Brand Recognition as the American Legend Strength of Our Brand Unlocks Growth Opportunities 1 Source: Google Trends and Roland Berger. Indexed Google search interest and compared breakdown by region worldwide, 2019-2024. WWI Letter from General Pershing to Winchest
Slide 57: Small-caliber Ammunition Value Chain
2 0 2 4 I N V E S T O R D A Y Small-caliber Ammunition Value Chain Source: Roland Berger and Winchester management. Propellant Integration is a High Barrier to Entry for Competitors • Entering energetics value chain entails significant capital investment • Producing energetic materials through green
Slide 58: Industry-leading Product Portfolio
2 0 2 4 I N V E S T O R D A Y Industry-leading Product Portfolio to Serve Our Broad Customer Base 1 PAT Loads = Powder-Actuated Tool Loads. 2 OEM = Original Equipment Manufacturer. 3 GOCO = Government-Owned, Contractor-Operated. 58 COMMERCIAL DEFENSE / LAW ENFORCEMENT • Hunters • Competitive and rec
Slide 59: Addressing Increased Defense Demand through Ongoing Investments
2 0 2 4 I N V E S T O R D A Y Addressing Increased Demand through Ongoing Investments • Market Growth driven by geopolitical events that increased the demand for small-caliber ammunition globally • Inventory requirements support long-term projected spending Expecting Continued Investments by the US
Slide 60: Ammunition Sales in Line with Firearms Industry Growth
2 0 2 4 I N V E S T O R D A Y Ammunition Sales in Line with Firearms Industry Growth • 4.8% CAGR in US firearm production since 19982 • 8.1% CAGR in US ammunition excise tax collections since 19981 Participation Continues to Expand • One in four American adults participated in shooting sports3 • 20M
Slide 61: Long-term Value Creation Strategy
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 61
Slide 62: Driving Continuous Improvement Culture through Be Better Today
2 0 2 4 I N V E S T O R D A Y Driving Continuous Improvement Culture through “Be Better Today” Initiatives and Mindset Increasing Value from Our World-class Assets through Disciplined Approach 62 Productivity • Optimizing assets and achieving operational efficiencies through robust continuous improv
Slide 63: Expect to Capture Profitable Growth from Our Markets
2 0 2 4 I N V E S T O R D A Y DEFENSE COMMERCIAL Execute multi-year Next Generation Squad Weapon (NGSW) program • Construct and equip new facility • Produce program-specific ammunition Support increase in global military demand • Continue to replenish all US Military stockpiles • Capture increased d
Slide 64: Adding Value and Growing with Current GOCO Contract
2 0 2 4 I N V E S T O R D A Y Adding Value and Growing with Current GOCO Contract Winchester’s Success at Lake City Establishes a Strong Right-to-win for Operation of GOCO Facilities 64 Setting the Stage How a Government-Owned, Contractor-Operated (GOCO) Facility Works • Facilities are used by the D
Slide 65: Potential to Expand into High-value Adjacencies
2 0 2 4 I N V E S T O R D A Y Potential to Efficiently Expand into High-value Adjacencies Cross-business Capabilities Position Us to Further Increase Our Defense Market Participation Note: Image on right is map data as of 10/29/2024, including data from Google and Airbus. 65 Background Clear Advanta
Slide 66: Winchester Looking Ahead Under Normalized Conditions
2 0 2 4 I N V E S T O R D A Y Assumptions • Commercial market returns to typical growth trend • Defense spending will continue to be robust • Does not include Radford GOCO opportunity Looking Ahead Under Normalized Conditions 66 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Addi
Slide 67: Winchester Key Takeaways
2 0 2 4 I N V E S T O R D A Y Winchester Key Takeaways 67 2 Building our value to Olin through opportunities to increase our integration across the ammunition value chain 1 Driving further global brand awareness as ‘The American Legend’ – a longstanding, highly-valued brand built on integrity, hard
Slide 68: Finance Walk-up Video
2 0 2 4 I N V E S T O R D A Y Finance Walk-up Video 68
Slide 69: Financial Overview & Long-term Outlook
2 0 2 4 I N V E S T O R D A Y Executing a Disciplined Financial Strategy Focused on Value Creation and Resiliency Financial Overview & Long-term Outlook Todd Slater SVP & CFO 69
Slide 70: Financial Key Messages
2 0 2 4 I N V E S T O R D A Y Financial Key Messages 1 Maintaining financial discipline and commitment to achieving investment grade credit ratings 2 Prioritizing return of cash to shareholders with flexibility for high-return organic and inorganic growth investments 3 Executing a value creation str
Slide 71: Update on Q4 2024 Outlook
2 0 2 4 I N V E S T O R D A Y CAPV Epoxy Winchester Expected Q4 2024 Adjusted EBITDA Update on Q4 2024 Outlook 71 WHAT WE SAID Q3 2024 Earnings Call WHERE WE ARE TODAY No Change in Guidance • Global caustic soda supply / demand dynamics continue to improve • Q4 Hurricane Beryl impact expected to be
Slide 72: Key Drivers of Performance Uplift
2 0 2 4 I N V E S T O R D A Y Key Drivers Leading Positions and Value-first Commercial Approach Driving Performance Uplift 1 Includes addback of ~$110M from Hurricane Beryl impact. 2 Includes net $3.50 per share penalty associated with goodwill impairment. $636 $1,000 11.0% 15.4% 2020 TTM 3Q 2024¹ A
Slide 73: Delivering Superior Shareholder Return
2 0 2 4 I N V E S T O R D A Y Delivering Superior Shareholder Return Source: FactSet as of 12/6/24. 1 Includes DOW, LYB, MEOH, WLK, CE, HUN, CC, and TROX. 73 5-Year Comparative Shareholder Return vs. Peers (Indexed) Long-term Value Creation Drivers • Leadership positions in multiple global markets •
Slide 74: Continuing to Drive Strong Cash Conversion
2 0 2 4 I N V E S T O R D A Y Continuing to Drive Strong Cash Conversion 1 Cash Conversion defined as Adjusted EBITDA less Capex / Adjusted EBITDA. 74 $433 $778 2020 TTM 3Q 2024 Operating Cash Flow ($M) Cash Conversion1 Key Drivers of Higher Cash Conversion • EBITDA and cash flow performance improve
Slide 75: Leveraging Flexible Balance Sheet
2 0 2 4 I N V E S T O R D A Y Leveraging Flexible Balance Sheet to Preserve Capital Deployment Optionality and Drive Shareholder Value 1 Excludes Hurricane Beryl impact of ~$110M. 2 Gross debt as of September 30, 2024, also includes $334.7M term loan facility, $350M senior revolving credit facility
Slide 76: Disciplined Capital Allocation Approach
2 0 2 4 I N V E S T O R D A Y Disciplined Capital Allocation Approach 1 ~$0.7B remaining on July 2022 Share Repurchase Authorization plus $1.3B new Share Repurchase Authorization granted on 12/11/24. 76 ~$4.7B 2020 – 3Q 2024 Share Repurchases Net Debt Reduction Sustaining Capex Dividends Sustaining
Slide 77: Track Record of Delivering Meaningful Shareholder Returns
2 0 2 4 I N V E S T O R D A Y Track Record of Delivering Meaningful Shareholder Returns with More to Come Investment Grade Balance Sheet and Strong Cash Flow Provide Optionality to Prioritize High Shareholder Returns 1 Represents shares repurchased 12/31/15 through 9/30/24 as a percentage of shares
Slide 78: Clear Growth Investment Framework to Maximize Value
2 0 2 4 I N V E S T O R D A Y Clear Growth Investment Framework to Maximize Value While Maintaining Investment Grade Balance Sheet All Growth Investments Compete with Our Priority of Returning Cash to Shareholders 78 Strategic Filters Accretive to EPS within 2 years 1 Fits with current operational c
Slide 79: Long-term Financial Targets
2 0 2 4 I N V E S T O R D A Y 2029E ~$2B 85%+ 50%+ <2.0x Average Over the Cycle Historical Track Record1 Long-term Financial Targets Disciplined Strategy to Extend Track Record of Shareholder Value Creation 1 All historical figures exclude Hurricane Beryl impact of $110M. 2 Except as noted, represen
Slide 80: Looking Ahead: Clear Path to Deliver Long-term Shareholder Value
2 0 2 4 I N V E S T O R D A Y Looking Ahead Clear Path to Deliver Long-term Shareholder Value Note: target assumes midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 80 Additional Upside Opportunities Beyond Our ~$2B Target • CAPV: salt to bleach facility in Southern Cali
Slide 81: Financial Key Takeaways
2 0 2 4 I N V E S T O R D A Y Financial Key Takeaways 81 2 Prioritizing return of cash to shareholders with flexibility for high-return organic and inorganic growth investments 1 Maintaining financial discipline and commitment to achieving investment grade credit ratings 3 Executing a value creation
Slide 82: Closing Remarks
2 0 2 4 I N V E S T O R D A Y Closing Remarks Ken Lane President & CEO 82
Slide 83: Invest with Us
2 0 2 4 I N V E S T O R D A Y Invest with Us Note: Targets assume midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 1 Pre-adjacency opportunities. 2 Cash conversion: Adjusted EBITDA less Capex / Adjusted EBITDA. 3 Of operating cash flow, on average, 2025-2029. 83 Buildin
Slide 84: All Speakers Q&A Session
2 0 2 4 I N V E S T O R D A Y All Speakers Q&A Session 84
Slide 85: S T O R D A Y
2 0 2 4 I N V E S T O R D A Y 85
Slide 86: Non-GAAP to GAAP Reconciliations Appendix
2 0 2 4 I N V E S T O R D A Y Non-GAAP to GAAP Reconciliations Appendix 86
Slide 87: Non-GAAP Financial Measures – Adjusted EBITDA
2 0 2 4 I N V E S T O R D A Y 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
Slide 88: Non-GAAP Financial Measures – Net Debt to Adjusted EBITDA
2 0 2 4 I N V E S T O R D A Y Non-GAAP Financial Measures – Net Debt to Adjusted EBITDA1 Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-t
Slide 89: Non-GAAP Financial Measures by Segment
2 0 2 4 I N V E S T O R D A Y Non-GAAP Financial Measures by Segment1 1 Unaudited. 2 TTM Adjusted EBITDA as of September 30, 2024, is calculated as the nine months ended September 30, 2024, plus the three months ended December 31, 2023. 89 Three Months Ended Nine Months Ended Trailing Twelve Months
Slide 90: Speaker Bios Appendix
2 0 2 4 I N V E S T O R D A Y 90 Speaker Bios Appendix
Slide 91: Ken Lane Bio
2 0 2 4 I N V E S T O R D A Y Ken Lane serves as Olin’s President and Chief Executive Officer and was appointed to the position in March 2024. Additionally , he serves on Olin’s Board as a Director. Ken joined Olin from LyondellBasell, one of the world’s largest plastics, chemicals, and refining com
Slide 92: Todd Slater Bio
2 0 2 4 I N V E S T O R D A Y Todd Slater serves as Olin’s Senior Vice President and Chief Financial Officer and was appointed as CFO in 2014. He is responsible for leading the Company’s Audit, Taxes, Investor Relations, Financial Planning & Analysis, Environmental Remediation, and Global Informatio
Slide 93: Deon Carter Bio
2 0 2 4 I N V E S T O R D A Y Deon Carter serves as Olin’s Vice President and President of Chlor Alkali Products & Vinyls and was appointed to the position in June 2024. Before joining Olin, Deon was Chief Operating Officer of Continental Industries Group since April 2023. Prior to that, he served a
Slide 94: Florian Kohl Bio
2 0 2 4 I N V E S T O R D A Y Florian Kohl serves as Olin’s Vice President and President of Epoxy and International Chemicals as well as General Manager of the Blue Water Alliance. He was appointed to his current role in April 2024. Florian joined Olin in March 2023 as General Manager of the Blue Wa
Slide 95: Brett Flaugher Bio
2 0 2 4 I N V E S T O R D A Y Brett Flaugher serves as Olin’s Vice President and President of Winchester and was appointed to the position in January 2018, having served as President of Winchester since November 2016. Brett started his career at Winchester in 1986 as a Sales Representative in Housto