Slide 1: Second Quarter 2024 Earnings Presentation
Second Quarter 2024 Earnings Presentation July 26, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements: This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, fore
Slide 3: Results & Outlook
Results & Outlook 2Q24 Highlights • Achieved Adjusted EBITDA of $278 million; + 15% from 1Q24 • Chlor Alkali benefitted from seasonal demand • Epoxy Results continued to improve • Winchester delivered on improved military demand and project execution • Repurchased 3.9 million shares, or ~3% of outst
Slide 4: Levers to deliver strong 2H24 cash flow
Levers to deliver strong 2H24 cash flow • Reduce FY24 capital spending by $25 million, despite +$10 million related to Hurricane Beryl • Defer international tax payments of ~$80 million to 2025 • Recover 1H24 working capital build during 2H24 • Continue to deliver restructuring benefits and cost dis
Slide 5: Chlor Alkali Products & Vinyls Performance
Chlor Alkali Products & Vinyls Performance Sales Adjusted EBITDA (in millions) (in millions) $920.3 $205.1 $884.6 $183.4 Sequential: 2Q24 vs 1Q24 – Sequential EBITDA growth – Seasonal volume improvement, especially bleach – Improved PVC values benefit Vinyls 1Q 2024 2Q 2024 1Q 2024 2Q 2024 +4% +12%
Slide 6: Epoxy Segment Performance
Epoxy Segment Performance Sales Adjusted EBITDA (in millions) (in millions) $10.4 Sequential: 2Q24 vs 1Q24 $341.3 $317.7 – Resin & systems margin expansion – Improved systems volume – Lower raw material and operating $1.7 costs – Delivered on previously announced 1Q 2024 2Q 2024 1Q 2024 2Q 2024 rest
Slide 7: Winchester Segment Performance
Winchester Segment Performance Sales Adjusted EBITDA (in millions) (in millions) $409.4 $406.0 $80.1 $78.6 Sequential: 2Q24 vs 1Q24 – Continued strength in military sales – Headwind from propellant costs – Lower commercial ammunition sales – White Flyer exceeded expectations 1Q 2024 2Q 2024 1Q 2024
Slide 8: Investor Day: Save the Date
SAVE THE DATE INVESTOR DAY Thursday, December 12, 2024 New York Stock Exchange Join Ken Lane, President and CEO; Todd Slater, CFO; and other members of the leadership team to learn more about Olin, its strategy, and its future Details to follow 8
Slide 9: Appendix
Appendix
Slide 10: Delivering on our Value Strategy
Delivering on our Value Strategy 2Q24 ECU PCI Parlay Volume Tracker 30% % Parlay Tons / Total Quarterly Sales Volume1 25.0% 25% 294 287 22.4% 261 262 257 255 19.0% 238 20% 17.7% Index 222 19.9% 211 207 16.1% 192 191 180 15% 12.2% 148 10.6% 9.7% 9.8% 10% 8.7% 8.1% 7.5% 100 93 100 106 Olin - ECU PCI 6
Slide 11: Outlook: Full Year 2024 Modeling Assumptions
Outlook: Full Year 2024 Modeling Assumptions ($ in millions) Line Item Forecast Key Elements Expected to be below 2023 levels, including Capital Spending ~$225 the $10 million required for Hurricane Beryl Depreciation & Amortization $500 to $525 Expected to be lower than 2023 levels Payments Under L
Slide 12: Non-GAAP Financial Measures – Adjusted EBITDA
Non-GAAP Financial Measures – Adjusted EBITDA (a) Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (
Slide 13: Non-GAAP Quarterly Financial Measures by Segment
Non-GAAP Quarterly Financial Measures by Segment (a) Three Months Ended Three Months Ended Three Months Ended June 30, 2024 March 31, 2024 June 30, 2023 Income (Loss) Reconciling Depr and Adjusted Income (Loss) Reconciling Depr and Adjusted Income (Loss) Reconciling Depr and Adjusted (In millions) b
Slide 14: Non-GAAP YTD Financial Measures by Segment
Non-GAAP YTD Financial Measures by Segment (a) Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 Income (Loss) Reconciling Depr and Adjusted Income (Loss) Reconciling Depr and Adjusted (In millions) before Taxes Items Amort EBITDA before Taxes Items Amort EBITDA Chlor Alkali Products and