Slide 1: 4Q 2025 Results
4Q 2025 Results January 29, 2026
Slide 2: Agenda
▪ Performance Update Agenda ▪ Operating Segment Details ▪ Outlook ▪ Transform to Outperform to Deliver >$2B Near-Term Op. EBITDA Uplift ▪ Navigating the Near-Term with Financial Flexibility and Decisive Actions
Slide 3: Performance Update
Performance Update Solid 4Q Results Supported by Strong Self Help Full Year 2025 ▪ Operating EBITDA was $741MM ▪ Delivered $165MM of in-period cost savings $40.0B ▪ 4Q CapEx was $568MM, down $199MM YoY Net Sales Actions to Manage the Near-Term and Strengthen Long-Term Competitiveness ▪ Implemented p
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 and Sales 11% Sales 3% Op. EBIT $232MM Op. EBIT $16MM operating rates, partly offset by Volume 2% Volume 1% Margins 390 bps Margins 40 bps lower fixed costs Price 9% Price
Slide 5: Industrial Intermediates & Infrastructure
Industrial Intermediates & Infrastructure REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower integrated margins and Sales 9% Sales 5% Op. EBIT $285MM Op. EBIT $154MM equity earnings, partly offset by tailwinds from the Company’s cost Volume 1% Volume 2% Margins 1,030 bps M
Slide 6: Performance Materials & Coatings
Performance Materials & Coatings REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower fixed costs Sales 6% Sales 11% Op. EBIT $34MM Op. EBIT $55MM QoQ Volume 2% Volume 9% Margins 180 bps Margins 250 bps Seasonally lower demand and higher planned maintenance Price 4% Price 2%
Slide 7: Global Demand Environment Remains Unchanged
Global Demand Environment Remains Unchanged Packaging Increased industry ethylene capacity rationalization announcements; ~5% of global Market Vertical China Rest of capacity announced, with additional closures expected NAA LAA EMEAI World (% of Revenue1) ACC inventory data shows >400MM lbs. of inve
Slide 8: 1Q26 Modeling Guidance
1Q26 Modeling Guidance Margin Expansion and Seasonal Uplift Offset by Higher Turnaround Spending Net Sales ~$9.4B Depreciation & Amortization ~$735MM Full Year Operational Tax Rate ~(40)% to (80)% Net Interest Expense (Net of Int. Income) ~$175MM Net Income Attrib. to Non-Controlling Int. ~$70MM Ave
Slide 9: Comprehensive Actions to Improve Earnings
Comprehensive Actions to Improve Earnings 2026 2027 2028 2029 2030 Through our in-flight actions, we are executing strategies that set the 2025 Cost Savings momentum for near-term >$0.5B Program success Our transformation will re- Growth Investments shape Dow from within, $0.1B $0.1B $0.1B & Asset A
Slide 10: In-Flight Actions: Driving Higher Returns
In-Flight Actions: Driving Higher Returns 2025 Cost Savings Program Growth Investments & Asset Actions ~$300MM Near-Term Op. EBITDA Uplift through 2028 1Q25: Announced Targeted Actions to Deliver $1B in Cost Savings Growth Asset Actions ~$0.1B ~$0.3B ✓ Progress in 2025 exceeded initial plan; acceler
Slide 11: Transform to Outperform: Delivering >$2B Op. EBITDA Uplift
Transform to Outperform: Delivering >$2B Op. EBITDA Uplift Comprehensive Plan to Simplify and Modernize Work Proactive Measures to Improve Earnings Higher Growth ▪ Anticipate benefits to be accretive to 2025 earnings levels ▪ Leading customer innovation and our $1B cost savings program Improved Prod
Slide 12: Path2Zero: Project to Proceed with Start-Up by Year-End 2029
Path2Zero: Project to Proceed with Start-Up by Year-End 2029 Positions Dow for Long-Term Success Provides Best Strategic Path Forward ▪ Advantaged volume growth expands future Updated Project Plan earnings power relative to peers ▪ Highest value-creating option of ▪ Positions Dow for peak returns in
Slide 13: Financial Flexibility to Navigate the Near-Term
Financial Flexibility to Navigate the Near-Term Ample Liquidity and Earnings Uplift Drive Financial Flexibility Consistent Delivery of Commitments in 2025 ✓ ~$3B from strategic infrastructure partnership ~$3B of Near-Term Op. EBITDA Uplift >$6.0B ✓ ~$1B in lower CapEx than original plan >$2.0B ✓ ~$4
Slide 14: Comprehensive Actions to Improve Earnings
Comprehensive Actions to Improve Earnings Deliver Step- ▪ Transform to Outperform builds on Dow’s core strengths while radically simplifying our operating Change model, streamlining processes, resetting our cost structure, and modernizing how we serve customers Productivity & ▪ Actions to deliver >$
Slide 15: Seek Together’
<r Seek Together’
Slide 16: FY 2026 Modeling Considerations
FY 2026 Modeling Considerations Operating EBIT Drivers Cash Flow Considerations Equity Earnings ~$50 to ~$150MM lower YoY Dividends from Equity ~$0 to ~$25MM Companies Pension and Defined ~$65MM higher YoY Contribution Impact Pension Contributions ~$180MM Corporate Op. EBIT of ~$(220)MM and Op. EBIT
Slide 17: Principal Joint Venture Detail
Principal Joint Venture Detail Dow’s Proportional Share of Principal JV Financial Results Drivers of JV Performance 4Q 2025 3Q 2025 4Q 2024 Kuwait Thai Kuwait Thai Kuwait Thai $ millions (unaudited) Sadara JVs JVs Sadara JVs JVs Sadara JVs JVs ▪ Sadara: YoY primarily driven by lower prices and QoQ p
Slide 18: Share Issuance and Repurchase Activity
Share Issuance and Repurchase Activity Share Issuances & Repurchases Comments ▪ Stock Incentive Plans (LTI): Includes Shares in millions 4Q25 3Q25 4Q24 YTD25 YTD24 stock options, restricted stock units, performance stock units, stock Stock Incentive Plans (LTI) 0.1 0.1 - 1.6 3.5 appreciation rights
Slide 19: Appendix
Appendix
Slide 20: 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 21: 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