Slide 1: 4Q24 & FY24 Earnings Call
4Q24 & FY24 Earnings Call JANUARY 31, 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 4Q24 Highlights
Key 4Q24 Highlights December 2024 Investor Day: Introduced our value 1 creation strategy – Optimize and Grow the Core – to deliver long-term growth and shareholder value 4Q24 Adj. EBITDA: Benefitted from lower-than- expected 2 Hurricane Beryl spend 1 and ~$10M uplift from mark-to- market adjustment
Slide 4: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiatives and Outlook $3,995 • Domestic caustic soda demand is $1,105 $3,630 balanced as export markets tighten – particularly Asia $181 $954 $171 $906 $872 $152 $721 • Demand for chlorine – bleach and most chlorine
Slide 5: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiatives and Outlook • Final US epoxy resin antidumping $1,329 $26 decision and EU provisional $1,226 antidumping duties expected $313 in 1H25 $285 $282 • Continued resin price recovery in both US and EU -$10 -$14 • Expect seasonal volume
Slide 6: Winchester Segment Performance
Winchester Segment Performance Sales ($M) Adjusted EBITDA ($M) Initiatives and Outlook Military $1,684 $283 $272 • NGSW project accelerates in spring $1,509 $74 • International military demand $433 $435 $395 $62 continues to grow $51 Commercial • Retailer destocking headwind through 1H25 • Expect co
Slide 7: Definitive Agreement to Acquire Ammunition Assets from AMMO, Inc.
Definitive Agreement to Acquire OPTIMIZE GROW Ammunition Assets from AMMO, Inc. THE CORE Manitowoc, WI Production Facility Manitowoc, WI Production Facility Robust Strategic Fit Leading US shell case manufacturer Talented US workforce Expands our ability to participate in high-margin specialty
Slide 8: 4Q24 Adjusted EBITDA Bridge ($M)
4Q24 Adjusted EBITDA Bridge ($M) $15 $29 $0 $193 $(11) + Lower Hurricane + Lower stock-based - Commercial compensation $160 Beryl impact volume and pricing including mark-to- + Lower Hurricane - Seasonally market adjustment + Military sales Beryl impact lower volume - Environmental + Higher pricing
Slide 9: Key Quarterly and Full Year Financial Highlights
Key Quarterly and Full Year Financial Highlights Adjusted EBITDA ($M) Operating Cash Flow ($M) $1,310 $974 $210 $874 $417 $193 $160 $503 $190 $142 4Q23 3Q24 4Q24 2023 2024 4Q23 3Q24 4Q24 2023 2024 Highlights Full Year 2024 Highlights • 4Q24 adjusted EBITDA benefited from lower stock-based • Share bu
Slide 10: 1Q25 Outlook
1Q25 Outlook • Lower volumes, value-first commercial approach CAPV • Chlorine and caustic soda pricing flat; headwind from lower EDC and chlorinated organics pricing • Cost improvement • Expect seasonally improved volumes and mix Epoxy • Final US epoxy resin antidumping decision and EU provisional a
Slide 11: Q&A
Q&A Sli ° | ESSENTIAL 6S : Moo4 2 Fy24ecarnincs & wil SOLUTIONS 4
Slide 12: Appendix
Appendix 4Q24 & FY24 EARNINGS 12
Slide 13: FY 2024 Adjusted EBITDA Bridge ($M)
FY 2024 Adjusted EBITDA Bridge ($M) $1,310 $(384) $16 $874 $(57) $(11) - Lower pricing + Lower stock-based - Lower pricing - Lower commercial compensation - Hurricane Beryl demand - Hurricane Beryl including mark-to- impact impact - Higher costs market adjustment + Lower product purchasing costs + H
Slide 14: Outlook: Full Year 2025 Modeling Assumptions
Outlook: Full Year 2025 Modeling Assumptions Line Item Forecast ($M) Key Elements Capital Spending $225 to $250 Expected to be above 2024 levels Depreciation & Amortization ~$525 Expected to be similar to 2024 levels Non-operating Pension Income ~$20 to $25 Expected to be lower than 2024 income leve
Slide 15: Delivering on Our Value Strategy
Delivering on Our Value Strategy 4Q24 ECI Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 4Q24 vs. 3Q24 294 287 Chlorine Caustic Soda 257 238 261 262 222 255 EDC 211 207 Bleach Index 191 180 187 192 172 HCl Chlorinated Organics 148 Total variable margin of all pr
Slide 16: Liquidity, Cash, and Available Credit
Liquidity, Cash, and Available Credit Bond Maturities1 ($M) Olin Debt by Maturity Summary Balance Sheet 4Q23 3Q24 4Q24 $800 Cash & Cash Equivalents ($M) 170.3 225.9 175.6 $669 $598 Net Debt ($M) 2,499.8 2,663.6 2,666.6 $600 TTM Net Debt to Adj. EBITDA2 1.9x 2.7x 2.7x ($M) $500 $400 ~$1.2B of total a
Slide 17: Maintenance Turnarounds (T/A) Expenses
Maintenance Turnarounds (T/A) Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) $118 Actual 2024 Forecast 2025 Actual 2024 Forecast 2025 $104 $41 $33 $35 $30 $28 $30 $25 $17 $18 $15 $10 $11 $11 $3 $4 $6 $4 $1 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year • 1Q25 and 2Q25 CAPV turnaround costs in
Slide 18: Non-GAAP Financial Measures - Adjusted EBITDA
Non-GAAP Financial Measures - Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 19: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment 1 Three Months Ended Three Months Ended Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 Income Income Income ($ in millions) (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr an
Slide 20: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment 1 Year Ended Year Ended December 31, 2024 December 31, 2023 Income Income ($ in millions) (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted before Taxes Items Amort EBITDA before Taxes Items Amort EBITDA Chlor Alkali Products & Vinyl