Slide 1: 2Q 2026 Results
2Q 2026 Results July 23, 2026
Slide 2: Agenda
SOE <> Building a More Competitive Company Performance Update Current Market Environment & Outlook Clear Path to Long-Term Value Creation
Slide 3: Building a more competitive company
Building a more competitive company … 1 2 3 Focused Growth & Enhanced Portfolio Balanced Capital Innovation Competitiveness Allocation Prioritizing attractive end market growth Investing in and strengthening our Ensuring continued financial strength and winning with our customers world-scale, low-co
Slide 4: Performance Update
Performance Update $12.1B $2.3B >$300MM Net Sales Op. EBITDA In-Period Self-Help Delivered Strong 2Q Results in a Dynamic Period Building Agility and Resilience Through Self-Help ▪ Captured significant pricing and margin improvements ▪ Transform to Outperform delivering ahead of in every business an
Slide 5: Packaging & Specialty Plastics
Packaging & Specialty Plastics Market Participation¹ Packaging and Specialty Plastics (70%)2 Mobility Infrastructure Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Health & Hygiene 1,278 Consumer 6,385 Packaging 5,025 20.0% 71 1.4% Hydrocarbons & Energy (30%)2 2Q25 2Q26 2Q25 2Q26 ▪ 2Q26 average Hydr
Slide 6: Industrial Intermediates & Infrastructure
Industrial Intermediates & Infrastructure Market Participation¹ Polyurethanes & Construction Chemicals (65%)2 Mobility Building & Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Construction Industrial Energy 3,166 2,786 246 7.8% Consumer -6.6% Industrial Solutions (35%)2 (185) 2Q25 2Q26 2Q25 2Q26 Mo
Slide 7: Performance Materials & Coatings
Performance Materials & Coatings Market Participation¹ Consumer Solutions (60%)² Mobility Building & Construction Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Consumer & Industrial Electronics 2,361 Home & 2,129 152 Personal Care 133 7.1% 5.6% Coatings & Performance Monomers (40%)² 2Q25 2Q26 2Q25
Slide 8: Global Environment Remains Uncertain
Global Environment Remains Uncertain Americas remain advantaged amidst mixed global backdrop Demand Signals Are Stable Across Key End Markets ▪ Packaging demand remains resilient globally ▪ Electrification is a growth driver for mobility, driven by EV adoption in Europe and Asia ▪ Data center demand
Slide 9: 3Q26 Modeling Guidance
3Q26 Modeling Guidance Self-help actions provide uplift, regardless of macroeconomic conditions Depreciation & Amortization ~$675MM Average Share Count ~730MM Net Income Attrib. to Non-Controlling Int. ~$70MM Net Interest Expense (Net of Int. Income) ~$170MM Corporate Op. EBITDA ~(-$50MM) Full-Year
Slide 10: 1. Focused Growth & Innovation
1. Focused Growth & Innovation Prioritizing attractive end market growth and winning with our customers Accelerating Growth in High-Value Markets Enhancing Innovation for Targeted Applications Data center applications represent growth opportunities Announced expanded product and innovation across al
Slide 11: 2. Enhanced Portfolio Competitiveness
2. Enhanced Portfolio Competitiveness Investing in and strengthening our world-scale, low-cost global positions Shifting Silicones Participation to Higher-Value Maximizing Our Cracker Fleet Cost Curve Advantages ▪ Progressing actions to build a more resilient and European Feedstock Optionality highe
Slide 12: 3. Balanced Capital Allocation
3. Balanced Capital Allocation Ensuring continued financial strength and flexibility Enhancing Financial Performance and Capital Structure Progressing Cash and Financial Priorities YTD26 vs. 2025 ▪ Capital allocation framework remains consistent Structure Cash Flow Capital Earnings / Op. EBITDA ▪ Pr
Slide 13: On Track to Deliver >$3B in Near-Term Op. EBITDA Uplift
On Track to Deliver >$3B in Near-Term Op. EBITDA Uplift Self-help actions expected to deliver >$1.3B in 2026, reflecting an increase from prior commitments 2025 Cost Actions >$3B ▪ 2025 Cost Actions are materially complete Growth Investments and Europe Asset Actions Transform to Outperform ▪ Growth
Slide 14: A Path to Long-Term Value Creation
A Path to Long-Term Value Creation 1 2 3 Focused Growth & Enhanced Portfolio Balanced Capital Innovation Competitiveness Allocation ▪ Expanding product and innovation ▪ Restarted advantaged European ▪ Prioritizing deleveraging with excess capabilities in downstream silicones cracker, enhancing regio
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Slide 16: FY 2026 Modeling Considerations
FY 2026 Modeling Considerations [better / worse since last update] Operating EBITDA Drivers Cash Flow Considerations Equity Earnings ~$150MM to $250MM higher YoY Dividends from Equity ~$0 to ~$65MM Companies Pension and Defined ~$65MM higher YoY Contribution Impact Pension Contributions ~$180MM Corp
Slide 17: Principal Joint Venture Detail
Principal Joint Venture Detail Dow’s Proportional Share of Principal JV Financial Results 2Q 2026 2Q 2025 $ millions (unaudited) Kuwait Thai Kuwait Thai JVs JVs JVs JVs YoY Drivers of JV Performance EBITDA $92 $30 $115 $(11) EBIT $52 $25 $72 $(15) Net Income ▪ Kuwait JVs: lower volumes related to $1
Slide 18: Share Issuance and Repurchase Activity
Share Issuance and Repurchase Activity Share Issuances and Repurchases Comments Shares in millions 2Q26 2Q25 YTD26 YTD25 ▪ Stock Incentive Plans (LTI): Includes stock options, restricted stock units, Stock Incentive Plans (LTI) - - 1.6 1.4 performance stock units, stock appreciation rights and stock
Slide 19: 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 20: 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