Westlake Chemical Partners Lp · NYSE:WLKP
Westlake Chemical Partners Lp — Westlake — Q1 2025 Earnings Presentation
16 slides from Westlake Chemical Partners Lp's earnings presentation, May 2, 2025
Slide 1: Earnings Presentation 1Q 2025
Earnings Presentation 1Q 2025 1
Slide 2: First Quarter 2025 Highlights
First Quarter 2025 Highlights Operational Milestones $2.5 billion cash position provides significant optionality 1Q 2025 Financial Results $2.8B $288M $2.5B Net Sales EBITDA(1) Cash, Equivalents and Investments(2) • 1Q’25 PEM EBITDA impacted by $100 million of YoY higher feedstock and energy costs a
Slide 3: Westlake Corporation 1Q 2025
Westlake Corporation 1Q 2025 Solid QoQ sales volume growth of 1% driven by stronger seasonal demand in our HIP segment ($ in millions) 1Q'25 4Q'24 QoQ% 1Q'24 YoY% Sales $2,846 $2,843 0% $2,975 (4%) Investment-grade credit rating with Operating Income (Loss) ($32) $66 N.M. $223 N.M. $2.5 billion of c
Slide 4: Housing and Infrastructure Products ("HIP") Segment Performance
Housing and Infrastructure Products (“HIP”) Segment Performance Solid 4% sequential sales volume growth despite some customer pre- ($ in millions) 1Q'25 4Q'24 QoQ% 1Q'24 YoY% buying that shifted sales volume from Housing Products Sales $838 $818 2% $879 (5%) 1Q’25 to 4Q’24 Infrastructure Products Sa
Slide 5: Housing and Infrastructure Products Update
Housing and Infrastructure Products Update 1 Winter storms and an uptick in mortgage interest rates are contributing to a slow start to the new home construction season in 2025 2 2025 HIP revenue and EBITDA margin now expected to be towards the low ends of the previously-communicated ranges of $4.4
Slide 6: Performance and Essential Materials ("PEM") Segment Performance
Performance and Essential Materials (“PEM”) Segment Performance(1) Higher YoY prices for North American feedstocks and energy (natural gas, ethane, ethylene), in part due to winter storms, reduced ($ in millions) 1Q'25 4Q'24 QoQ% 1Q'24 YoY% EBITDA by ~$100 million Performance Materials Sales $1,056
Slide 7: Performance and Essential Materials Update
Performance and Essential Materials Update 1 Taking action to right-size costs and production capacity to accommodate fluid global macroeconomic conditions that are impacting customers, including increasing our 2025 company-wide cost savings target by $25 million and reducing our 2025 company-wide c
Slide 8: Westlake's History of Maintaining a Strong Balance Sheet
Westlake’s History of Maintaining a Strong Balance Sheet Strong Balance Sheet ~15 Years Cash & Investments(1) $2.5B Weighted avg debt maturity life With Significant Availability to Support Fully Undrawn Revolver $1.5B 1.0x vs. 4.0x Total Available Liquidity ~$4.0B Net Debt Peer >99% of Debt Future G
Slide 9: Financial Reconciliations
Financial Reconciliations 9 9
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Three months ended March 31, December 31, 2025 2024 2024 (In millions of dollars, except per share data) Housing and Infrastructure Products Sales $ 996 $ 1,044 $ 981 Performance and Essential Materials Sales 1,850 1,931 1,862 Net sales 2,846
Slide 11: Reconciliation of EBITDA to Net Income (Loss), Income (Loss) from Operations and Net Cash
Reconciliation of EBITDA to Net Income (Loss), Income (Loss) from Operations and Net Cash Provided by (Used For) Operating Activities Three months ended Three months ended March 31, December 31, 2025 2024 2024 (In millions of dollars) Net cash provided by (used for) operating activities $ (77) $ 169
Slide 12: Reconciliation of HIP EBITDA, PEM EBITDA and Corporate EBITDA to Operating Income (Loss)
Reconciliation of HIP EBITDA, PEM EBITDA and Corporate EBITDA to Operating Income (Loss) Three months ended Three months ended March 31, December 31, 2025 2024 2024 (In millions of dollars) Housing and Infrastructure Products EBITDA $ 203 $ 264 $ 188 Less: Depreciation and Amortization 53 50 56 Othe
Slide 13: Reconciliation of Free Cash Flow to Net Cash Provided by (Used For) Operating Activities
Reconciliation of Free Cash Flow to Net Cash Provided by (Used For) Operating Activities Three months ended Three months ended March 31, December 31, 2025 2024 2024 (In millions of dollars) Net cash provided by (used for) operating activities $ (77) $ 169 $ 434 Less: Additions to property, plant and
Slide 14: Reconciliation of EBITDA to Net Income, Cash Flow from Operating Activities and EBITDA ex. Identified Items
Reconciliation of EBITDA to Net Income, Cash Flow from Operating Activities and EBITDA ex. Identified Items LTM 1Q 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 (In millions of dollars) EBITDA $ 1,953 $ 2,211 $ 1,962 $ 4,179 $ 3,693 $ 1,246 $ 1,407 $ 2,101 $ 1,
Slide 15: Safe Harbor Language
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 condition
Slide 16: Westlake
Vestlake