Westlake Corporation · NYSE:WLK
Westlake — Q4 2025 Earnings Presentation
16 slides from Westlake's earnings presentation, Feb 24, 2026
Slide 1: Earnings Presentation 4Q and Full Year 2025
Earnings Presentation 4Q and Full Year 2025 1
Slide 2: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights Profitability Improvement Plan expected to deliver $600M EBITDA benefit in 2026 4Q 2025 Financial Results FY 2025 Financial Results $2.5B $196M $11.2B $1.1B Net Sales EBITDA(1,2) Net Sales EBITDA(1,2) 11% decrease QoQ 37% decrease QoQ (2) 8% decrease YoY
Slide 3: Westlake Corporation 4Q and FY 2025
Westlake Corporation 4Q and FY 2025 (1) ($ in millions) 4Q'25 3Q'25 QoQ% 4Q'24 YoY% FY'25 FY'24 YoY% Lower average sales price, as the result of global overcapacity in Sales $2,533 $2,838 (11%) $2,843 (11%) $11,170 $12,142 (8%) certain PEM materials, drove lower EBITDA and margins both QoQ and Opera
Slide 4: Three Pillar Profitability Improvement Plan
Three Pillar Profitability Improvement Plan Footprint Optimization: The 2025 shutdown of unprofitable European Epoxy, North American Chlorovinyls, and Styrene facilities is expected to drive a $200MM EBITDA improvement in 2026 Cost Savings: Following the achievement of $170MM of cost savings in 2025
Slide 5: Housing and Infrastructure Products ("HIP") Segment Performance
Housing and Infrastructure Products (“HIP”) Segment Performance(1) FY’25 EBITDA of $839 million met guidance and was driven by continued strong demand for pipe & fittings ($ in millions) 4Q'25 3Q'25 QoQ% 4Q'24 YoY% FY'25 FY'24 YoY% Housing Products Sales $767 $928 (17%) $818 (6%) $3,513 $3,644 (4%)
Slide 6: Housing and Infrastructure Products Update
Housing and Infrastructure Products Update 1 Longer-term housing fundamentals remain strong due to decade-plus of under-building, increasingly favorable demographics and popularity of remote work 2 Expecting a return to sales growth in 2026, inline with HIP’s 5% - 7% long-term sales growth target, d
Slide 7: Performance and Essential Materials ("PEM") Segment Performance
Performance and Essential Materials (“PEM”) Segment Performance(1) Actions initiated in 2025, including the shutdown of European Epoxy, ($ in millions) 4Q'25 3Q'25 QoQ% 4Q'24 YoY% FY'25 FY'24 YoY% North American Chlorovinyls, and Performance Materials Sales $930 $1,010 (8%) $1,121 (17%) $4,018 $4,62
Slide 8: Performance and Essential Materials Update
Performance and Essential Materials Update 1 Following global pricing declines, early 2026 has seen an increase in demand, and our pricing initiatives have ensured continued reliable supply for customers 2 Continued energy and feedstock advantages in North America (~85% of our production capacity) a
Slide 9: Financial Reconciliations
Financial Reconciliations
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Three months ended December 31, Twelve months ended December 31, September 30, 2025 2024 2025 2025 2024 (In millions of dollars, except per share data) Housing and Infrastructure Products Sales $ 901 $ 981 $ 1,091 $ 4,148 $ 4,317 Performance a
Slide 11: Reconciliation of Net Income (Loss) and Earnings Per Diluted Share
Reconciliation of Net Income (Loss) Attributable to Westlake Corporation and Earnings (Loss) Per Diluted Share to Net Income (Loss) and Diluted Earnings (Loss) Per Share excl. Identified Items Three months ended Three months ended December 31, Twelve months ended December 31, September 30, 2025 2024
Slide 12: Reconciliation of EBITDA to Net Income, Income from Operations and Operating Cash Flow
Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Income (Loss), Income (Loss) from Operations and Net Cash Provided by Operating Activities Three months ended Three months ended December 31, Twelve months ended December 31, September 30, 2025 2024 2025 2025 2024 (In millions of dollars
Slide 13: Reconciliation of HIP EBITDA, PEM EBITDA and Corporate EBITDA to Operating Income
Reconciliation of HIP EBITDA, PEM EBITDA excl. Identified Items and Corporate EBITDA to Operating Income (Loss) Three months ended Three months ended December 31, September 30, Twelve months ended December 31, 2025 2024 2025 2025 2024 (In millions of dollars) Housing and Infrastructure Products EBIT
Slide 14: Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Three months ended Three months ended December 31, Twelve months ended December 31, September 30, 2025 2024 2025 2025 2024 (In millions of dollars) Net cash provided by operating activities $ 225 $ 434 $ 182 $ 465 $ 1,314
Slide 15: Safe Harbor Language
Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding our cost savings objectives and our ability to maintain synergies, pricing and demand for our products and across the industrial and manufacturing sectors, global macroeconomic condition
Slide 16: Westlake
Vestlake