Dow Inc. · NYSE:DOW

Dow — Q3 2026 Earnings Presentation

20 slides from Dow's earnings presentation, Oct 22, 2026

  1. Slide 1: 3Q 2026 Results

    3Q 2026 Results October 22, 2026

  2. Slide 2: Performance Update, Market Outlook, Self-Help, Long-Term Value Creation

    1 Performance Update 2 Current Market Environment & Outlook 3 Self-Help 4 Clear Path to Long-Term Value Creation 2

  3. Slide 3: 3Q Performance Update

    3Q Performance Update $11.3B $1.55B ~$250MM Net Sales Op. EBITDA Transformation Benefits Actions Within Our Control Delivering Results Our Differentiated Portfolio Supports Resilient Performance  Transform to Outperform continues to deliver benefits  P&SP: Maintaining higher polyethylene and funct

  4. Slide 4: 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 Consumer 5,778 Packaging 4,891 585 199 10.1% Hydrocarbons & Energy (30%)2 4.1% 3Q25 3Q26 3Q25 3Q26  3Q26 average Hydro

  5. Slide 5: Industrial Intermediates & Infrastructure

    Industrial Intermediates & Infrastructure Market Participation¹ Polyurethanes & Construction Chemicals (65%)2 Mobility Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Building & Construction Industrial Energy 3,058 2,834 176 (47) Consumer 5.8% -1.7% Industrial Solutions (35%)2 3Q25 3Q26 3Q25 3Q26 Mob

  6. Slide 6: Performance Materials & Coatings

    Performance Materials & Coatings Market Participation¹ Consumer Solutions (60%)² Mobility Building & Construction Revenue ($MM) Op. EBIT ($MM) & Op. EBIT Margin Industrial Consumer & Electronics 2,082 2,250 154 Home & Personal Care 80 6.8% Coatings & Performance Monomers (40%)² 3.8% 3Q25 3Q26 3Q25 3

  7. Slide 7: QoQ Op. EBITDA Progression

    QoQ Op. EBITDA Progression  Self-help actions are delivering ~$2.3B ~$1.6B o Transform to Outperform on track to achieve upsized ~$700MM in 2026 benefits 2Q26 Self-Help Margins Equity Other 3Q26 o European Asset Actions Earnings Items progressing; Barry, U.K. siloxane Transform to Outperform Detail

  8. Slide 8: Global Environment Remains Volatile

    Global Environment Remains Volatile Dow's footprint and portfolio are positioned to outperform in any environment Underlying Demand Steady While Macro Indicators Remain Mixed  Packaging demand resilient; EV  Treasury yields at multi-decade highs growth continues in Asia and Europe with inflation a

  9. Slide 9: 4Q26 Modeling Guidance

    4Q26 Modeling Guidance Self-help actions and lower planned maintenance expected to largely offset seasonality Depreciation & Amortization ~$670MM Average Share Count ~735MM Net Income Attrib. to Non-Controlling Int. ~$70MM Net Interest Expense (Net of Int. Income) ~$160MM Corporate Op. EBITDA ~(-$40

  10. Slide 10: 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

  11. Slide 11: Transform to Outperform Delivering

    Transform to Outperform Delivering ~$200MM ~$250MM ~$700MM ~$2B in 1H26 in 3Q26 Full-year 2026, upsized total benefits by YE27 Simpler Operating Model Growth Acceleration  Strengthening our one-Dow approach to deliver cross-business  ~70% of 4,500 Dow role reductions implemented; capabilities and

  12. Slide 12: Focused Growth & Innovation

    Focused Growth & Innovation Downstream silicones delivering growth with low capital intensity projects that pay back in 2-3 years Electronics and AI Infrastructure Mobility >2x AI infrastructure electricity demand, 2024-20301 ~3x more silicone content in an EV than an ICE vehicle  Dow’s expanded Co

  13. Slide 13: Enhanced Portfolio Competitiveness

    Enhanced Portfolio Competitiveness Shifting investments toward differentiated applications while exiting higher-cost upstream capacity × Closure or exit + Expansion II&I II&I PM&C P&SP P&SP P&SP II&I PM&C PM&C Seadrift, Texas Freeport, Texas Barry, U.K. Böhlen, Ft. Freeport, Texas U.S. & Europe Chin

  14. Slide 14: Balanced Capital Allocation

    Balanced Capital Allocation Ensuring continued financial strength and flexibility Taking Action to Deleverage with Excess Cash Progressing Cash and Financial Priorities  Capital allocation framework remains consistent; CapEx remains at ~$2.5B annually through 2028 ~$0.6B ~$1.4B  No substantive deb

  15. Slide 15: 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

  16. Slide 16: Slide 16

  17. Slide 17: Principal Joint Venture Detail

    Principal Joint Venture Detail Dow’s Proportional Share of Principal JV Financial Results 3Q 2026 3Q 2025 $ millions (unaudited) Kuwait Thai Kuwait Thai JVs JVs JVs JVs YoY Drivers of JV Performance EBITDA $99 $2 $128 $(13) EBIT $57 $(2) $85 $(18)  Kuwait JVs: lower volumes related to Net Income Mi

  18. Slide 18: Share Issuance and Repurchase Activity

    Share Issuance and Repurchase Activity Share Issuances and Repurchases Comments Shares in millions 3Q26 3Q25 YTD26 YTD25  Stock Incentive Plans (LTI): Includes stock options, restricted stock units, Stock Incentive Plans (LTI) - 0.1 1.6 1.5 performance stock units, stock appreciation rights and sto

  19. 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

  20. 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

Dow — Q3 2026 Earnings Presentation on 6ix