Westlake Corporation · NYSE:WLK
Westlake — Q1 2026 Earnings Presentation
15 slides from Westlake's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation 1Q 2026
1 Earnings Presentation 1Q 2026
Slide 2: First Quarter 2026 Highlights
2 First Quarter 2026 Highlights • Intra-quarter improvement in PEM’s average sales price with further realizations expected to benefit subsequent quarters as a result of a steepening of the global cost curve due to the Middle East conflict • On track to deliver 2026 EBITDA uplift of $600 million fro
Slide 3: Westlake Corporation 1Q 2026
3 Westlake Corporation 1Q 2026 (1) Westlake 1Q 2026 vs. 4Q 2025 (3) Average Sales Price +0.5% Volume +5.8% Westlake 1Q 2026 vs. 1Q 2025 (3) Average Sales Price -2.5% Volume -0.6% (1) Excludes “Identified Items” consisting of: a $67 million charge to settle certain litigation involving direct purchas
Slide 4: Housing and Infrastructure Products (HIP) Segment Performance
4 Housing and Infrastructure Products (“HIP”) Segment Performance(1) HIP Segment 1Q 2026 vs. 4Q 2025 (4) Average Sales Price -4.8% Volume +10.3% HIP Segment 1Q 2026 vs. 1Q 2025 (4) Average Sales Price -2.3% Volume -2.3% Slow start to the homebuilding season due to unusually cold weather across much
Slide 5: Housing and Infrastructure Products Update
5 Housing and Infrastructure Products Update 2 Our 2026 outlook for exterior building products sales volume reflects the slow start to the homebuilding season and additional pressure on home affordability from increased building costs 3 New PVCO pipe plant under construction to support the strong gr
Slide 6: PEM Segment Performance
6 PEM Segment 1Q 2026 vs. 4Q 2025 (4) Average Sales Price +3.5% Volume +3.2% PEM Segment 1Q 2026 vs. 1Q 2025 (4) Average Sales Price -2.6% Volume +0.4% Volume growth(4) driven by higher PVC resin production and sales volume, including stronger export market demand Sequentially higher average sales p
Slide 7: Performance and Essential Materials Update
7 Performance and Essential Materials Update 2 Following a spike early in 1Q’26, U.S. natural gas prices have declined sharply which could provide a tailwind to PEM’s margins for the remainder of 2026 3 Relatively stable North American demand as global macroeconomic conditions remain weak in Europe
Slide 8: Financial Reconciliations
8 Financial Reconciliations
Slide 9: Consolidated Statements of Operations
9 Consolidated Statements of Operations Housing and Infrastructure Products Sales $ 993 $ 996 $ 901 Performance and Essential Materials Sales 1,659 1,850 1,632 Net sales 2,652 2,846 2,533 Cost of sales Gross profit Selling, general and administrative expenses Amortization of intangibles Restructurin
Slide 10: Reconciliation of Net Loss and Loss Per Diluted Share excl. Identified Items
10 Reconciliation of Net Loss Attributable to Westlake Corporation and Loss Per Diluted Share to Net Loss and Diluted Loss Per Share excl. Identified Items Net loss $ (157) $ (35) $ (533) Less: Net income attributable to noncontrolling interests Net loss attributable to Westlake Corporation (169) (4
Slide 11: Reconciliation of EBITDA excl. Identified Items
11 Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Loss, Loss from Operations and Net Cash Provided by (Used for) Operating Activities Net cash provided by (used for) operating activities $ (94) $ (77) $ 225 Changes in operating assets and liabilities and other Deferred income taxes N
Slide 12: Reconciliation of HIP, PEM and Corporate EBITDA to Operating Income (Loss)
12 Reconciliation of HIP EBITDA excl. Identified Items, PEM EBITDA excl. Identified Items and Corporate EBITDA to Operating Income (Loss) Three months ended March 31, Three months ended December 31, 2026 2025 2025 Housing and Infrastructure Products EBITDA excl. Identified Items $ 186 $ 203 $ 146 Le
Slide 13: Reconciliation of Free Cash Flow
13 Reconciliation of Free Cash Flow to Net Cash Provided by (Used for) Operating Activities Net cash provided by (used for) operating activities $ (94) $ (77) $ 225 Less: Additions to property, plant and equipment Free Cash Flow $ (303) $ (325) $ (16) 209 248 241 (In millions of dollars) Three month
Slide 14: Safe Harbor Language
14 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 condit
Slide 15: Westlake
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