Westlake Corporation · NYSE:WLK
Westlake — Q3 2026 Earnings Presentation
15 slides from Westlake's earnings presentation, Nov 4, 2026
Slide 1: Earnings Presentation 3Q 2026
1 Earnings Presentation 3Q 2026
Slide 2: Third Quarter 2026 Highlights
2 Third Quarter 2026 Highlights • 3Q'26 free cash flow of $220 million exceeded both 2Q'26 and 3Q'25 partially due to cost saving actions, including lower capital expenditures • Three-pillar profitability improvement plan delivered ~$200 million of YoY EBITDA benefit in 3Q’26 towards our $600 millio
Slide 3: Westlake Corporation 3Q 2026
3 Westlake Corporation 3Q 2026(1) Westlake 3Q 2026 vs. 2Q 2026(3) Average Sales Price -4% Volume -7% Westlake 3Q 2026 vs. 3Q 2025(3) Average Sales Price +6% Volume —% (1) Excludes “Identified Items” consisting of $56 million of charges related to previously announced facility shutdowns and $2 millio
Slide 4: Housing and Infrastructure Products (HIP) Segment Performance
4 Housing and Infrastructure Products (“HIP”) Segment Performance HIP Segment 3Q 2026 vs. 2Q 2026 Average Sales Price +4% Volume -17% HIP Segment 3Q 2026 vs. 3Q 2025(3) Average Sales Price +1% Volume -6% YTD Pipe & Fittings sales volume grew 8% YoY demonstrating continued growth tailwinds from infra
Slide 5: Housing and Infrastructure Products Update
5 Housing and Infrastructure Products Update 2 Longer-term housing fundamentals remain strong due to a decade-plus of under-building, increasingly favorable demographics and popularity of remote work 3 HIP margins have been impacted by higher diesel fuel and freight costs that are being passed throu
Slide 6: PEM Segment 3Q 2026
6 PEM Segment 3Q 2026 vs. 2Q 2026(4) Average Sales Price -8% Volume —% PEM Segment 3Q 2026 vs. 3Q 2025(4) Average Sales Price +9% Volume +4% Significantly lower European EBITDA QoQ as a result of lower selling prices, largely due to weak demand and increased imports, and higher energy costs, which a
Slide 7: Performance and Essential Materials Update
7 Performance and Essential Materials Update 2 Selling prices, particularly for polyethylene and PVC resin, have exhibited a high degree of volatility in 2026 due to the significant moves in oil prices as a result of the conflict in the Middle East 3 European chemical industry conditions have deteri
Slide 8: Financial Reconciliations
8 Financial Reconciliations
Slide 9: Consolidated Statements of Operations
9 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, Three Months Ended June 30, Nine Months Ended September 30, 2026 2025 2026 2026 2025 (In millions of dollars, except per share data) Housing and Infrastructure Products Sales $ 1,087 $ 1,091 $ 1,252 $ 3,332 $ 3,247 Performance
Slide 10: Reconciliation of Net Income and Earnings Per Share excl. Identified Items
10 Reconciliation of Net Income (Loss) Attributable to Westlake Corporation and Earnings (Loss) Per Diluted Share to Net Income (Loss) and Diluted Earnings (Loss) Per Share excl. Identified Items Three Months Ended September 30, Three Months Ended June 30, Nine Months Ended September 30, 2026 2025 2
Slide 11: Reconciliation of EBITDA excl. Identified Items
11 Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Income (Loss), Income (Loss) from Operations and Net Cash Provided by (Used for) Operating Activities Three Months Ended September 30, Three Months Ended June 30, Nine Months Ended September 30, 2026 2025 2026 2026 2025 (In millions o
Slide 12: Reconciliation of HIP, PEM and Corporate EBITDA to Operating Income
12 Reconciliation of HIP EBITDA excl. Identified Items, PEM EBITDA excl. Identified Items and Corporate EBITDA excl. Identified Items to Operating Income (Loss) Three Months Ended September 30, Three Months Ended June 30, Nine Months Ended September 30, 2026 2025 2026 2026 2025 (In millions of dolla
Slide 13: Reconciliation of Free Cash Flow
13 Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Three Months Ended September 30, Three Months Ended June 30, Nine Months Ended September 30, 2026 2025 2026 2026 2025 (In millions of dollars) Net cash provided by operating activities $ 408 $ 182 $ 305 $ 619 $ 240 Less
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