Slide 1: Earnings Presentation 3Q 2025
1 Earnings Presentation 3Q 2025
Slide 2: Third Quarter 2025 Highlights
2 Third Quarter 2025 Highlights • Solid HIP sales and EBITDA, which included ~$20 million in period-related expenses and a $5 million FIFO headwind • PEM operating rate and sales volume improved as 3Q progressed, and into 4Q, following the resolution of unplanned outages earlier in 3Q • North Americ
Slide 3: Westlake Corporation 3Q 2025
3 Westlake Corporation 3Q 2025 Identified Items consisting of a non-cash goodwill impairment charge of $727 million and $17 million of accrued expenses related to previously announced shutdowns negatively impacted PEM segment reported earnings Westlake 3Q 2025 vs. 2Q 2025 Average Sales Price -2.4% V
Slide 4: Housing and Infrastructure Products ("HIP") Segment Performance
4 Housing and Infrastructure Products (“HIP”) Segment Performance HIP Segment 3Q 2025 vs. 2Q 2025 Average Sales Price -0.1% Volume -5.9% HIP Segment 3Q 2025 vs. 3Q 2024 Average Sales Price -1.1% Volume +0.4% 3Q’25 EBITDA includes ~$20 million of period-related expenses and an estimated $5 million un
Slide 5: Housing and Infrastructure Products Update
5 Housing and Infrastructure Products Update 2 U.S. single-family housing starts and residential construction spending are trending below prior year levels as a result of elevated mortgage interest rates and the impact to consumer confidence from economic uncertainty. Meanwhile, more stable repair &
Slide 6: PEM Segment
6 PEM Segment 3Q 2025 vs. 2Q 2025 Average Sales Price -4.0% Volume +1.4% PEM Segment 3Q 2025 vs. 3Q 2024 Average Sales Price -7.2% Volume -6.3% PEM profitability improvement strategy progressing, focusing on improving plant reliability, reducing costs, and footprint optimization Improved EBITDA QoQ
Slide 7: Performance and Essential Materials Update
7 Performance and Essential Materials Update 2 An elevated level of planned turnarounds and unplanned plant outages earlier in 2025 kept PEM’s earnings from reaching their potential, but production improved as the third quarter of 2025 progressed following corrective actions 3 Taking action to achie
Slide 8: Financial Reconciliations
88 Financial Reconciliations
Slide 9: Consolidated Statements of Operations
9 Consolidated Statements of Operations Housing and Infrastructure Products Sales $ 1,091 $ 1,098 $ 1,160 $ 3,247 $ 3,336 Performance and Essential Materials Sales 1,747 2,019 1,793 5,390 5,963 Net sales 2,838 3,117 2,953 8,637 9,299 Cost of sales Gross profit Selling, general and administrative exp
Slide 10: Reconciliation of Net Income and Earnings Per Diluted Share excl. Identified Items
10 Reconciliation of Net Income Attributable to Westlake Corporation and Earnings Per Diluted Share to Net Income and Diluted Earnings Per Share excl. Identified Items Net income (loss) $ (772) $ 120 $ (131) $ (938) $ 628 Less: Net income attributable to noncontrolling interests Net income (loss) at
Slide 11: Reconciliation of EBITDA excl. Identified Items
11 Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Income, Income from Operations and Net Cash Provided by Operating Activities Net cash provided by (used for) operating activities $ 182 $ 474 $ 135 $ 240 $ 880 Changes in operating assets and liabilities and other Deferred income taxe
Slide 12: Reconciliation of PEM EBITDA, HIP EBITDA and Corporate EBITDA to Operating Income
12 Reconciliation of PEM EBITDA excl. Identified Items, HIP EBITDA and Corporate EBITDA to Operating Income (Loss) Three months ended September 30, Three months ended June 30, Nine months ended September 30, 2025 2024 2025 2025 2024 Housing and Infrastructure Products EBITDA $ 215 $ 262 $ 275 $ 693
Slide 13: Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
13 Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Net cash provided by (used for) operating activities $ 182 $ 474 $ 135 $ 240 $ 880 Less: Additions to property, plant and equipment Free Cash Flow $ (57) $ 254 $ (132) $ (514) $ 157 239 220 267 754 723 (In millions of d
Slide 14: Safe Harbor Language
14 Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding our cost savings objectives and our ability to maintain synergies, pricing and demand for our products and across the industrial and manufacturing sectors, global macroeconomic condit
Slide 15: Westlake
Westlake