Slide 1: 2Q 2025 Results
2Q 2025 Results July 24, 2025
Slide 2: Agenda
▪ 2Q25 Highlights Agenda ▪ Operating Segment Performance ▪ Outlook ▪ Actions to Provide Greater Financial Flexibility and Improved Profitability ▪ Capital Allocation Approach
Slide 3: 2Q 2025 Highlights
2Q 2025 Highlights Ensuring Operational and Financial Discipline Through Prolonged Downcycle ▪ Net sales of $10.1B and Operating EBITDA of $703MM reflect weak macroeconomic conditions and elevated uncertainty related to tariff policy and geopolitical dynamics $10.1B ▪ Total CapEx for the quarter was
Slide 4: Packaging & Specialty Plastics
Packaging & Specialty Plastics REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower prices pressuring integrated Sales 9% Sales 5% Op. EBIT $632MM Op. EBIT $271MM margins Volume 1% Volume 2% Margins 1,130 bps Margins 500 bps QoQ Lower integrated margins and Price 10% Price 5
Slide 5: Industrial Intermediates & Infrastructure
Industrial Intermediates & Infrastructure REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT Drivers YoY QoQ YoY QoQ YoY Lower prices and higher planned Sales 6% Sales 2% Op. EBIT $192MM Op. EBIT $57MM maintenance activity Volume 2% Volume 3% Margins 680 bps Margins 210 bps QoQ Seasonally lower deicing flu
Slide 6: Performance Materials & Coatings
Performance Materials & Coatings REVENUE OP. EBIT & OP. EBIT MARGIN Op. EBIT 1Q25 Drivers Highlights YoY QoQ YoY QoQ YoY Margin expansion from lower Sales 5% Sales 3% Op. EBIT $6MM Op. EBIT $103MM input costs, partly offset by lower volumes Volume 3% Volume 2% Margins 60 bps Margins 470 bps QoQ Pric
Slide 7: Challenging Environment Expected to Persist
Challenging Environment Expected to Persist Packaging U.S. & Canada industry PE domestic sales were stable QoQ, but export volumes Rest of slowed due to tariff uncertainty Market Vertical NAA LAA EMEAI China (% of Revenue1) World China manufacturing PMI has continued to hover near 50 from April thro
Slide 8: 3Q25 Modeling Guidance
3Q25 Modeling Guidance Modest Sequential Improvement Requires Continued Focus on Operational Execution Net Sales ~$10.2B Depreciation & Amortization ~$725MM Full-Year Operational Tax Rate ~(40) to (60)% Net Interest Expense (Net of Int. Income) ~$175MM Net Income Attrib. to Non-Controlling Int. ~$65
Slide 9: >$6B of In-Flight Actions to Navigate the Current Environment
>$6B of In-Flight Actions to Navigate the Current Environment Near-Term Levers Driving Operational Improvements Near-Term Levers ($B) ▪ Reducing 2025 CapEx to ~$2.5B, ~$1B lower than original plans >$6B ▪ Announced 2 non-core divestitures for ~$250MM at attractive multiples ~ $1.0 ▪ Progressing at l
Slide 10: Driving Operational Execution to Deliver Higher Returns
Driving Operational Execution to Deliver Higher Returns Structurally Improving Global Asset Footprint Taking Decisive Action Commissioned Growth Assets in the Better-Positioned as the Industry Cost-Advantaged Americas Recovers ✓ Polyethylene unit in Freeport, TX (start-up 2Q25) Shutting Down Structu
Slide 11: Disciplined and Balanced Capital Allocation Approach
Disciplined and Balanced Capital Allocation Approach Enhancing Financial Flexibility Amid Persistent Cycle Trough Right-sizing the dividend, reflecting a 50% reduction Competitive Yield Post-Adjustment ▪ Board declared quarterly dividend of $0.35/share, effective 3Q25 ▪ Adjusting payout to match “lo
Slide 12: A Compelling Investment
A Compelling Investment Maintaining Operational & Driving Operational Execution to Better-Positioned for Profitable Financial Discipline Deliver Higher Returns Growth ▪ Announced a 50% dividend ▪ Commissioning near-term growth ▪ Purpose-built global capacity with adjustment to prioritize a balanced
Slide 13: Seek Together
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Slide 14: FY 2025 Modeling Considerations
FY 2025 Modeling Considerations [BETTER / WORSE SINCE LAST UPDATE] Operating EBIT Drivers Equity Earnings ~$125 to ~$175MM lower YoY Pension and Defined ~$90MM higher YoY Contribution Impact Cash Flow Considerations Corporate Op. EBIT of ~$(280)MM and Op. EBITDA of ~$(240)MM Dividends from Equity Tu
Slide 15: Principal Joint Venture Detail
Principal Joint Venture Detail Dow’s Proportional Share of Principal JV Financial Results Drivers of JV Performance 2Q 2025 1Q 2025 2Q 2024 Kuwait Thai Kuwait Thai Kuwait Thai ▪ Sadara: YoY and QoQ primarily driven by $ millions (unaudited) Sadara JVs JVs Sadara JVs JVs Sadara JVs JVs favorable pens
Slide 16: Share Issuance and Repurchase Activity
Share Issuance and Repurchase Activity Share Issuances & Repurchases Comments ▪ Stock Incentive Plans (LTI): Includes Shares in millions 2Q25 1Q25 2Q24 YTD25 YTD24 stock options, restricted stock units, performance stock units, stock Stock Incentive Plans (LTI) - 1.4 0.2 1.4 3.4 appreciation rights
Slide 17: Appendix
Appendix
Slide 18: 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 19: 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