Dow Inc. · NYSE:DOW
Dow — Q3 2025 Earnings Presentation
17 slides from Dow's earnings presentation, Oct 23, 2025
Slide 1: 3Q 2025 Results
3Q 2025 Results October 23, 2025
Slide 2: Agenda
▪ 3Q25 Highlights Agenda ▪ Operating Segment Performance ▪ Actions to Provide Greater Financial Flexibility and Improved Profitability ▪ Outlook ▪ Industry Opportunities
Slide 3: 3Q 2025 Highlights
3Q 2025 Highlights Delivered Solid Results, Cost Savings Actions, and Near-Term Cash Support $10.0B ▪ Operating EBITDA was $868MM, up $165MM QoQ Net Sales ▪ Total CapEx for the quarter was $564MM ▪ Cash Flow from Continuing Operations was $1.1B, up $1.6B QoQ ▪ Expect ~$400MM cost savings in 2025, su
Slide 4: Packaging & Specialty Plastics
Packaging & Specialty Plastics REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower integrated margins Sales 11% Sales 3% Op. EBIT $419MM Op. EBIT $128MM QoQ Volume 1% Volume 2% Margins 710 bps Margins 270 bps Higher integrated margins and operating rates, enhanced mix Price
Slide 5: Industrial Intermediates & Infrastructure
Industrial Intermediates & Infrastructure REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY YoY QoQ YoY QoQ Higher operating rates and lower fixed costs, partly offset by lower Sales 4% Sales 2% Op. EBIT $6MM Op. EBIT $138MM prices Volume 2% Volume 5% Margins 10 bps Margins 490 bps QoQ Lower p
Slide 6: Performance Materials & Coatings
Performance Materials & Coatings REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower prices, partly offset by Sales 6% Sales 2% Op. EBIT $60MM Op. EBIT $72MM lower fixed costs Volume 2% Volume Flat Margins 250 bps Margins 330 bps QoQ Margin compression led by Price 5% Price
Slide 7: Strategic Actions Generating >$6.5B in Near-Term Cash Support
Strategic Actions Generating >$6.5B in Near-Term Cash Support Providing Near-Term Financial Flexibility While Positioning Dow for Profitable Growth Operational Improvements Near-Term Cash Flow Support ($B) >$6.5B ✓ Reduced 2025 CapEx to ~$2.5B, ~$1B lower than original plan; will provide an update o
Slide 8: Global Demand Backdrop Remains Largely Unchanged
Global Demand Backdrop Remains Largely Unchanged Packaging U.S. & Canada industry PE sales were up QoQ, supported by record domestic and Rest of export sales in September Market Vertical NAA LAA EMEAI China (% of Revenue1) World China manufacturing PMI modestly improved in September Packaging Eurozo
Slide 9: 4Q25 Modeling Guidance
4Q25 Modeling Guidance Disciplined Cost Actions Partly Offset Typical Seasonality Net Sales ~$9.4B Depreciation & Amortization ~$700MM Full-Year Operational Tax Rate ~(80) to (120)% Net Interest Expense (Net of Int. Income) ~$175MM Net Income Attrib. to Non-Controlling Int. ~$70MM Average Share Coun
Slide 10: Well-Positioned to Capitalize on Industry Opportunities
Well-Positioned to Capitalize on Industry Opportunities Industry Actions Gaining Momentum Portfolio Advantages Position Dow to Win Accelerating Capacity Rationalization and Project Cancellations Cost-Advantaged Asset Footprint ▪ S. Korea and Japan rationalization initiatives and ▪ Adding cost-advant
Slide 11: A Compelling Investment
A Compelling Investment ▪ Closed the final phase of our strategic infrastructure asset partnership with Macquarie, generating Maintaining ~$3B in total proceeds Operational & ▪ Delivering at least $1B in annualized cost reductions, with ~$400MM this year; reduced 2025 Financial CapEx by ~$1B Discipl
Slide 12: Seek Together
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Slide 13: Principal Joint Venture Detail
Principal Joint Venture Detail Dow’s Proportional Share of Principal JV Financial Results Drivers of JV Performance 3Q 2025 2Q 2025 3Q 2024 Kuwait Thai Kuwait Thai Kuwait Thai ▪ Sadara: YoY and QoQ primarily driven by an $ millions (unaudited) Sadara JVs JVs Sadara JVs JVs Sadara JVs JVs unplanned o
Slide 14: Share Issuance and Repurchase Activity
Share Issuance and Repurchase Activity Share Issuances & Repurchases Comments ▪ Stock Incentive Plans (LTI): Includes Shares in millions 3Q25 2Q25 3Q24 YTD25 YTD24 stock options, restricted stock units, performance stock units, stock Stock Incentive Plans (LTI) 0.1 - 0.1 1.5 3.5 appreciation rights
Slide 15: Appendix
Appendix
Slide 16: General Comments and Safe Harbor
General Comments and Safe Harbor General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Trademarks The Dow Diamond, logo and all products, unless otherwise noted, denoted with , ℠ or ® are trademarks, service marks or re
Slide 17: Non-GAAP Financial Measures & Definitions
Non-GAAP Financial Measures & Definitions Non-GAAP Financial Measures This presentation includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segment