Slide 1: 4Q25 & FY25 Earnings Call
4Q25 & FY25 Earnings Call January 30, 2026
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 4Q25 Highlights
Key 4Q25 Highlights Value-first commercial approach continues to 1 preserve ECU values 2 Announced Braskem long-term agreement, upgrading our export EDC values 3 Successful Epoxy volume growth amid European capacity closures Winchester reduced commercial production 4 accelerating destocking 5 Genera
Slide 4: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Actions $721 $3,630 $3,684 $680 • Beyond250 cost savings momentum $237 $954 builds $924 $856 $181 $152 • Growing Brazil caustic soda position • Dissolution of Blue Water Alliance JV $86 Looking Ahead • Caustic price i
Slide 5: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Actions • Growing European participation in the $1,372 wake of capacity closures $1,226 $350 $359 • Continued advocacy for fair trade $282 $ • Guarujá, Brazil plant closure, to more cost-effectively serve Latin America -$7 -$31 Looking Ahead
Slide 6: Winchester Segment Performance
Winchester Segment Performance Actions Sales ($M) Adjusted EBITDA ($M) • Q1 commercial price increases partially offset higher copper and brass costs $1,684 $1,725 $272 • Continued integration of Ammo, Inc. $435 $440 $449 $51 • Headcount reductions, shift elimination and schedule optimization $27 $1
Slide 7: Beyond250 Drives Meaningful Structural Cost Savings
Beyond250 Drives Meaningful Structural Cost Savings Projected Beyond250 Investor Day Annual Added Savings Actions Underway Targets $250+ $50-60 • More than 300 employee and contractor positions eliminated in 2H25; similar level expected for 2026 CAPV $60-80 • Implementation of Stade, Germany supply
Slide 8: Financial Highlights – Year-End 2025
Financial Highlights – Year-End 2025 Highlights Bond Maturity Profile1 ($M) • Year-end 2025 net debt was flat with year-end 2024 • Working capital, excluding tax payment timing, was a $248M source of cash in 2025 $669 $683 • 2025 capital spending: $226M $515 • Repurchased $51M of stock during 2025 C
Slide 9: 1Q26 Outlook
1Q26 Outlook • Continued seasonally weak demand, as we focus on value-first CAPV • Higher sequential raw materials cost, including energy, and turnaround costs • Building caustic soda pricing momentum • Growing European participation Epoxy • Realizing improved cost position at Stade, Germany plant •
Slide 10: Q&A
Q&A Sli ° ESSENTIAL wll WO25 & YE25. EARNINGS \ SOLUTIONS ©)
Slide 11: Appendix
Appendix 4Q25 & YE25 EARNINGS 11
Slide 12: 4Q25 vs. 3Q25 Adjusted EBITDA Bridge ($M)
4Q25 vs. 3Q25 Adjusted EBITDA Bridge ($M) $222 + Higher Allylics volumes + Improved product mix - Reduced commercial - Seasonally lower ammunition volume Epoxy Resin and Formulated Solutions - Inventory reduction + Lower costs from volumes mark-to-market on - Higher raw material stock-based - Higher
Slide 13: FY25 Adjusted EBITDA Bridge ($M)
FY25 Adjusted EBITDA Bridge ($M) $874 $(41) $(21) - Lower pricing, mainly EDC - Higher turnaround expenses $10 $652 - Higher turnaround $(170) expenses - Inventory reduction + Favorable foreign - Lower commercial currency impact - Higher raw material + Higher Resins and pricing and volume costs, inc
Slide 14: Outlook: Full Year 2026 Modeling Assumptions
Outlook: Full Year 2026 Modeling Assumptions Line Item Forecast ($M) Key Elements Capital Spending ~$200 Expected to be lower than 2025 levels Depreciation & Amortization ~$475 Expected to be lower than 2025 levels Non-operating Pension Income $10 to $15 Expected to be lower than 2025 income levels
Slide 15: 2026 Outlook – Current Expectations
2026 Outlook – Current Expectations Area 2026 Tailwinds 2026 Headwinds CAPV • Expected caustic price benefit, starting 2Q26 • Stranded structural cost of PO-related ECU closure (-$70M) • Beyond250 structural cost savings • Higher raw materials, including power costs • Braskem Agreement lifts EDC val
Slide 16: Delivering on Our Value Strategy
Delivering on Our Value Strategy 4Q25 Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 4Q25 vs. 3Q25 294 287 262 Chlorine 261 257 255 Caustic Soda 238 EDC 222 211 207 Bleach Index 192 191 187 186 180 172 HCl 168 157 153 148 Chlorinated Organics Total variable marg
Slide 17: Maintenance Turnarounds Expenses
Maintenance Turnarounds Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) Actual 2024 Actual 2025 Forecast 2026 Actual 2024 Actual 2025 Forecast 2026 $170 $141 $104 $57 $47 $41 $41 $40 $43 $39 $38 $35 $28 $31 $27 $17 $14 $18 $15 $14 $9 $6 $6 $1 $2 $1 $4 $5 $2 $4 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3
Slide 18: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 19: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment1 Three Months Ended Three Months Ended Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Income Income Income (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted ($ in
Slide 20: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment1 Year Ended Year Ended December 31, 2025 December 31, 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 Products & Vinyls