Slide 1: 2Q25 Quarterly Earnings Call
2Q25 Quarterly Earnings Call July 29, 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 2Q25 Highlights
Key 2Q25 Highlights Continued steady ECU values and seasonally 1 improved demand for caustic soda and bleach 2 2Q headwinds from Chlor Alkali operating challenges 3 Improved margins Epoxy Formulated Solutions volumes and Strong Winchester military demand growth more 4 than offset by lower commercial
Slide 4: Chlor Alkali Products & Vinyls Segment Performance
Chlor Alkali Products & Vinyls Segment Performance Sales ($M) Adjusted EBITDA ($M) Olin Actions • Expansion of K2 Pure West Coast bleach distribution agreement $980 $920 $925 $205 $186 • Beyond250 initiative has gained $171 momentum across all Olin plants Outlook • Strongest quarter for bleach • Low
Slide 5: Epoxy Segment Performance
Epoxy Segment Performance Sales ($M) Adjusted EBITDA ($M) Olin Actions $332 $331 • Controlling the controllable – $318 $10 structural cost reductions • Accelerated Formulated Solutions growth Outlook • Seasonally stronger volumes in $(11) resins and Formulated Solutions $(16) 2Q24 1Q25 2Q25 2Q24 1Q2
Slide 6: Winchester Segment Performance
Winchester Segment Performance Sales ($M) Adjusted EBITDA ($M) Actions and Outlook • Manitowoc, WI plant integration $448 $79 and synergies on schedule $406 $388 • Higher raw materials costs, including metals tariffs and propellants, remain a headwind for $32 $33 commercial margins Military • Contin
Slide 7: Beyond250 – Optimizing the Core to Unlock Value
Beyond250 – Optimizing the Core to Unlock Value Global Operational Excellence Initiative • 2Q25 launch of enterprise benchmarking and gap analysis • Freeport, TX – initial site to be transformed • Rightsizing assets, eliminating remnant costs $70-$90M Year-end 2025 annualized • Reducing purchased se
Slide 8: 2Q25 vs. 1Q25 Adjusted EBITDA Bridge ($M)
2Q25 vs. 1Q25 Adjusted EBITDA Bridge ($M) $186 $5 $1 $176 $(1) $(15) + Higher seasonal + Higher + Higher - Lower pension bleach and Formulated commercial and income caustic soda Solutions military sales volumes volumes & margins - Lower + Improved caustic commercial soda pricing + Higher margins pri
Slide 9: Financial Highlights
Financial Highlights Highlights – 2Q25 Bond Maturity Profile1 ($M) • Generated $182M from reducing working capital, excluding tax payment timing $669 $683 • Funded $56M ammunition manufacturing asset acquisition $515 • Reduced debt by $39M • Repurchased $10M of stock Cash Positions $3 • Cash on hand
Slide 10: 3Q25 Outlook
3Q25 Outlook • Improved volumes of bleach and caustic soda CAPV • Lower EDC pricing • Lower sequential maintenance turnaround expenses • Higher liquid epoxy resin and Formulated Solutions volume Epoxy • Stable resin pricing • Lower sequential maintenance turnaround expense • Higher raw material cost
Slide 11: Q&A
Q&A 2Q25 EARNINGS \ SOLUTIONS @) Sli ° | ESSENTIAL wll
Slide 12: Appendix
Appendix Oli ° | ESSENTIAL eZEEM sciutions
Slide 13: 2Q25 vs. 2Q24 Adjusted EBITDA Bridge ($M)
2Q25 vs. 2Q24 Adjusted EBITDA Bridge ($M) $278 $(34) $(21) + Higher volume - Lower pricing, + Higher volume $176 mainly EDC, $(46) $(1) partly offset by - Comparable improved product margins + Higher military + Favorable caustic soda - Higher costs, sales and foreign currency pricing including proje
Slide 14: Outlook: Full Year 2025 Modeling Assumptions
Outlook: Full Year 2025 Modeling Assumptions Line Item Forecast ($M) Key Elements Capital Spending $200 to $220 Expected to be above 2024 levels Depreciation & Amortization ~$525 Expected to be similar to 2024 levels Non-operating Pension Income ~$20 Expected to be lower than 2024 income levels Envi
Slide 15: Delivering on Our Value Strategy
Delivering on Our Value Strategy 2Q25 ECI Profit Contribution Index (ECU PCI) Sequential Olin Pricing Comparison 100 = Q1 2020 2Q25 vs. 1Q25 294 287 Chlorine 262 261 257 255 Caustic Soda 238 EDC 222 211 207 Bleach Index 192 191 187 186 180 172 HCl 168 148 Chlorinated Organics Total variable margin o
Slide 16: Maintenance Turnarounds Expenses
Maintenance Turnarounds Expenses1 Chlor Alkali Products & Vinyls ($M) Epoxy ($M) Actual 2024 Forecast 2025 Actual 2025 Actual 2024 Forecast 2025 Actual 2025 $116 $104 $39 $41 $31 $32 $35 $28 $17 $18 $18 $14 $15 $9 $6 $6 $1 $2 $4 $4 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year • 2Q25 CAPV turnaround c
Slide 17: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (inc
Slide 18: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment1 Three Months Ended Three Months Ended Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Income Income Income (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted (Loss) Reconciling Depr and Adjusted ($ in millions) be
Slide 19: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment1 Six Months Ended Six Months Ended June 30, 2025 June 30, 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 & Vi