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4Q25 & FY25 Earnings CallJ a n u a r y 3 0 , 2 0 2 6
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4 Q 2 5 & Y E 2 5 E A R N I N G S Forward-looking Statements 2 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 onmanagement's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our varioussegments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.We use separate “outlook” sections, reference future phases of Olin’s evolution, and use the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic,"“target,” and variations of such words and similar expressions in this presentation to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks,uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in suchforward-looking statements. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, ourfinancial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of anydividend, in light of then-existing conditions. All references to expectations and other forward-looking statements are based on expectations on January 30, 2026. Olin undertakes no obligation to update publicly anyforward-looking statements, whether as a result of future events, new information or otherwise.Factors that could cause or contribute to such differences include, but are not limited to: sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or adownturn in the sectors served by us; declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demandfor our chlor alkali products; unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes; failure to control costs and inflation impacts or failure to achievetargeted cost reductions; our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation; availability of and/or higher-than-expected costs of rawmaterial, energy, transportation, and/or logistics; the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; exposure tophysical risks associated with climate-related events or increased severity and frequency of severe weather events; the failure or an interruption, including cyber-attacks, of our information technology systems; risksassociated with our international sales and operations, including economic, political or regulatory changes; failure to identify, attract, develop, retain and motivate qualified employees throughout the organization andability to manage executive officer and other key senior management transitions; our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business; adverseconditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital; weak industry conditions affecting our ability to comply with the financial maintenance covenants in our seniorcredit facility; our indebtedness and debt service obligations; the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value theliabilities in, and funding of, our pension plans; our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets; changes in, or failure to comply with, legislation orgovernment regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate; new regulations or public policychanges regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; unexpected outcomes from legal or regulatory claims and proceedings; costs and other expendituresin excess of those projected for environmental investigation and remediation or other legal proceedings; various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under othergovernmental contracts; and failure to effectively manage environmental, social and governance issues and related regulations, including climate change and sustainability and the other risks detailed in Olin’s Form 10-K for the fiscal year ended December 31, 2024 and in Olin’s Quarterly Reports on Form 10-Q and other reports furnished or filed with the U.S. Securities and Exchange Commission. All of our forward-looking statementsshould be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements. The readeris cautioned not to rely unduly on these forward-looking statements.Non-GAAP Financial Measures:In addition to U.S. GAAP financial measures, this presentation includes certain non-GAAP financial measures including EBITDA and Adjusted EBITDA. These non-GAAP measures are inaddition to, not a substitute for or superior to, measures for financial performance prepared in accordance with U.S. GAAP. Definitions of these measures and reconciliation of GAAP to non-GAAP measures areprovided in the appendix to this presentation.
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4 Q 2 5 & Y E 2 5 E A R N I N G S Key 4Q25 Highlights1Value-first commercial approach continues to preserve ECU values2Announced Braskem long-term agreement, upgrading our export EDC values3Successful Epoxy volume growth amid European capacity closures4Winchester reduced commercial production accelerating destocking5Generated $321M of operating cash flow, keeping net debt flat year-over-year 4 Q 2 5 & Y E 2 5 E A R N I N G S3
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4 Q 2 5 & Y E 2 5 E A R N I N G S Chlor Alkali Products & Vinyls Segment Performance 4 Adjusted EBITDA ($M)Sales ($M)Actions•Beyond250 cost savings momentum builds•Growing Brazil caustic soda position•Dissolution of Blue Water Alliance JVLooking Ahead•Caustic price increase implementation •Higher sequential turnaround cost as VCM turnaround starts•Higher power and raw materials cost4Q24 3Q25 4Q252024 20254Q24 3Q25 4Q252024 2025$152$954$924$3,630$181$237$721$86$680$3,684$856Sequential Highlights •December operating challenges and lower-than-expected chlorine demand•Higher power and raw materials cost •Lower EDC, caustic and chlorinated organics pricing
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4 Q 2 5 & Y E 2 5 E A R N I N G S Epoxy Segment Performance 5 Adjusted EBITDA ($M)Sales ($M)4Q24 3Q25 4Q252024 20254Q24 3Q25 4Q252024 2025Sequential Highlights •Improved product mix•Higher Allylics and Aromatics margins•Increased turnaround cost•Seasonally lower Epoxy Resin and Formulated Solutions volumes$282$350$$1,226$1,372-$14-$19-$31-$52$359-$7Actions•Growing European participation in the wake of capacity closures•Continued advocacy for fair trade•Guarujá, Brazil plant closure, to more cost-effectively serve Latin AmericaLooking Ahead•Return to profitability•Realization of Stade cost savings •Continued advantage of propylene-based Epi economics over Asia glycerin•Lower sequential turnaround cost
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4 Q 2 5 & Y E 2 5 E A R N I N G S Winchester Segment Performance 1 NGSW = Next Generation Squad Weapon6 Adjusted EBITDA ($M)Sales ($M)Actions•Q1 commercial price increases partially offset higher copper and brass costs•Continued integration of Ammo, Inc.•Headcount reductions, shift elimination and schedule optimization Looking Ahead•NGSW1building project on schedule•Retail sales showing signs of year-over-year improvement•Reduced ammunition imports due totariffs•Disciplined commercial production aligned with customer orders 4Q24 3Q25 4Q252024 2025$1,684$1,7254Q24 3Q25 4Q252024 2025$272$102$51$27$10$435$440$449Sequential Highlights •Lower commercial volume•Higher military and military projects sales•Reduced inventories and higher metals and operating costs
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4 Q 2 5 & Y E 2 5 E A R N I N G S Beyond250 Drives Meaningful Structural Cost Savings On track to deliver Beyond250 structural cost savings by 202872025A 2026E 2027E 2028E 2029E Projected Beyond250Annual Added Savings •More than 300 employee and contractor positions eliminated in 2H25; similar level expected for 2026 •Implementation of Stade, Germany supply agreement•Reducing reliance on embedded contractors and improving time-on-tools•Optimizing Freeport power to reduce stranded cost, post 4Q25 ECU closure •Reconfigure McIntosh assets to improve efficiency •Right-size Winchester staffing •Closure of Guarujá, Brazil epoxy plant CAPV~$150M Epoxy~$80M Winchester~$30MActions UnderwayInvestor Day Targets$44$250+$60-80$100-120$50-60
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4 Q 2 5 & Y E 2 5 E A R N I N G S Financial Highlights – Year-End 2025 1In addition to the bond maturities noted below, gross debt as of 12/31/25 also includes a $637.8M term loan facility and $340.0M receivables financing agreement, which maturities are excluded herein.2Excludes Hurricane Beryl impact of ~$109.4M in Q3 2024 and $16.9M in Q4 2024. 8 Highlights•Year-end 2025 net debt was flat with year-end 2024•Working capital, excluding tax payment timing, was a $248M source of cash in 2025•2025 capital spending: $226M•Repurchased $51M of stock during 2025Cash Positions•Cash on hand (12/31/2025): $167.6M•Available liquidity: $1.0B Cash Management•Preserving and enhancing liquidity•Fund sustaining capital spending to assure safe and reliable asset operation•Continue almost 100 years of dividend reliability•Excess cash flow expected to be used to repay debt4Q253Q252Q251Q254Q24Summary Balance Sheet167.6140.3223.8174.0175.6Cash & Cash Equivalents ($M)2,659.72,853.12,772.92,861.82,666.6Net Debt ($M)4.1x3.6x3.3x3.0x2.7xTTM Net Debt to Adj. EBITDA2 Bond Maturity Profile1($M)$669 $515 $683 2026 2027 2028 2029 2030 2031 2032 2033-2035
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4 Q 2 5 & Y E 2 5 E A R N I N G S CAPV Epoxy Winchester 1Q26 Outlook 1Q26 adjusted EBITDA expected to be lower than 4Q259 •Continued seasonally weak demand, as we focus on value-first•Higher sequential raw materials cost, including energy, and turnaround costs•Building caustic soda pricing momentum •Growing European participation•Realizing improved cost position at Stade, Germany plant•Sequentially less favorable product mix•Mitigate rising copper and brass costs with price improvement•Improved operating costs •Inventory discipline as commercial volume improves seasonally
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4 Q 2 5 & Y E 2 5 E A R N I N G SQ&A 10
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4 Q 2 5 & Y E 2 5 E A R N I N G SAppendix11
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4 Q 2 5 & Y E 2 5 E A R N I N G S $222 $(151)$12 $(17)$2 $68 3Q25 CAPV Epoxy Winchester Corporate 4Q25 4Q25 vs. 3Q25 Adjusted EBITDA Bridge ($M) 12 +Higher Allylics volumes+Improved product mix-Seasonally lower Epoxy Resin and Formulated Solutions volumes-Higher turnaround expense+Lower costs from mark-to-market on stock-based compensation-Higher environmental costs-Lower caustic/vinyls pricing-4Q25 operating issues-Seasonally lower bleach volumes-Reduced commercial ammunition volume-Inventory reduction-Higher raw material and manufacturing costs, including commodity metals
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4 Q 2 5 & Y E 2 5 E A R N I N G S $874 $(41)$(21)$(170)$10 $652 2024 CAPV Epoxy Winchester Corporate 2025 FY25 Adjusted EBITDA Bridge ($M) 13-Lower commercial pricing and volume-Higher raw material costs +Higher military projects-Lower pricing, mainly EDC-Higher turnaround expenses-Higher raw material costs, including energy+Higher volumes, primarily EDC+No Hurricane Beryl penalty+IRA tax credits+ Favorable foreign currency impact-Higher stock-based compensation, including mark-to-market adjustments-Higher turnaround expenses-Inventory reduction+Higher Resins and Formulated Solutions volume+Higher Allylics volume
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4 Q 2 5 & Y E 2 5 E A R N I N G S Outlook: Full Year 2026 Modeling Assumptions 14 Key ElementsForecast ($M)Line ItemExpected to be lower than 2025 levels~$200Capital SpendingExpected to be lower than 2025 levels~$475Depreciation & AmortizationExpected to be lower than 2025 income levels$10 to $15Non-operating Pension IncomeSpending and expense are expected to be similar in 2025$25 to $35Environmental ExpenseExpected to increase from 2025 levels, higher stock-based and incentive compensation, and less favorable foreign currency impact$110 to $120Other CorporateExpected to be similar to 2025 levels~$30Restructuring and Other CostsExpected to be similar to 2025; ~38% of debt at variable interest rates$180 to $185Interest ExpenseFederal, state and foreign income taxes, partially offset by favorable book / tax deductions. 20% to 30%Book Tax ProvisionForecast of cash taxes includes expected refunds from prior years related to Inflation Reduction Act Section 45V clean hydrogen production tax credits($20) to $20Cash Taxes payment (refund)
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4 Q 2 5 & Y E 2 5 E A R N I N G S 2026 Outlook – Current Expectations 15 2026 Headwinds2026 TailwindsArea•Stranded structural cost of PO-related ECU closure(-$70M)•Higher raw materials, including power costs•Higher turnaround expense, including VCM plant•Lower 45V tax credit benefit•Expected caustic price benefit, starting 2Q26•Beyond250 structural cost savings•Braskem Agreement lifts EDC values•Elimination of Blue Water JV lossesCAPV•Higher Epoxy turnaround expense•Beyond250 structural cost savings, including Stade, Germany cost reductions and Guarujá plant closure•EU volume gains from competitor asset closuresEpoxy•Higher metals costs including copper and brass•Higher propellant costs•Improved commercial pricing and volume•Higher military project sales•Beyond250 structural cost savings•Increased AMMO, Inc. synergy benefitWinchester•Less favorable foreign currency impact•Higher stock-based and incentive compensation•Lower 2026 pension income•Higher environmental expenseCorporate
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4 Q 2 5 & Y E 2 5 E A R N I N G S Delivering on Our Value Strategy 1Includes all produced merchant chlorine, merchant caustic, chlorine containing derivatives, including chlorinated organics, bleach, hydrochloric acid, ethylene dichloride (EDC), vinyl chloride monomer (VCM), allyl chloride, epichlorohydrin, and epoxy resins. Excludes one consumer with a cost-based, long-term supply agreement. 2Sales volumes from produced volumes in the denominator are harmonized to their chlorine/caustic soda content, i.e., back to the ECU content. 3Excludes one-time net benefits of $99.9M associated with Winter Storm Uri.16 4Q25 Profit Contribution Index (ECU PCI)100 = Q1 2020Sequential Olin Pricing Comparison4Q25 vs. 3Q25ChlorineCaustic SodaEDCBleachHClChlorinated OrganicsAromaticsEpichlorohydrin / Allyl ChlorideLiquid Epoxy ResinsAmmunition 10093100106148192222238261294255287262257211191180207172187168186157153 1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25Olin - ECU PCI3IndexTotal variable margin of all products utilizing chlorine or caustic soda1 / total ECU sales volume2
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4 Q 2 5 & Y E 2 5 E A R N I N G S Maintenance Turnarounds Expenses1 1Maintenance turnaround expense includes maintenance expense and unabsorbed fixed cost penalty.17 •CAPV Freeport, TX ethylene dichloride/vinyl chloride monomer turnaround(1Q26/2Q26)•CAPV various regional plant turnarounds(2Q26/3Q26)•Epoxy Freeport, TX allyl chloride/epichlorohydrin turnaround(3Q26/4Q26) Epoxy ($M)Chlor Alkali Products & Vinyls ($M) $17 $28 $18 $41 $104 $14 $39 $41 $47 $141 $57 $38 $35 $40 $170 Q1 Q2 Q3 Q4 Full Year $1 $4 $6 $4 $15 $2 $9 $2 $14 $27 $1 $5 $6 $31 $43 Q1 Q2 Q3 Q4 Full YearActual 2024 Actual 2025 Forecast 2026Actual 2024 Actual 2025 Forecast 2026
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4 Q 2 5 & Y E 2 5 E A R N I N G S Non-GAAP Financial Measures – Adjusted EBITDA1 18Twelve Months EndedDecember 31,Three Months EndedDecember 31,2024202520242025($ in millions)Reconciliation of Net (Loss) Income to Adjusted EBITDA:$105.0($43.4) $10.1($85.5) Net (Loss) IncomeAdd Back:184.5188.344.946.2Interest Expense(3.7)(4.4)(1.0)(0.4)Interest Income36.7(42.7)(0.1)(37.4)Income Tax (Benefit) Provision518.1521.6129.2125.7Depreciation and Amortization840.6619.4183.148.6EBITDAAdd back:33.333.410.319.1Restructuring Charges-(1.0)--Environmental Recoveries$873.9$651.8$193.4$67.7Adjusted EBITDA 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 (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results. 1Unaudited.
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4 Q 2 5 & Y E 2 5 E A R N I N G S Non-GAAP Quarterly Financial Measures by Segment1 1Unaudited. 19 Three Months EndedDecember 31, 2024Three Months EndedSeptember 30, 2025Three Months EndedDecember 31, 2025Adjusted EBITDADepr and AmortReconciling ItemsIncome(Loss)before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome(Loss)before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before Taxes($ in millions)$180.7$105.5-$75.2$236.6$109.0-$127.6$86.4$101.1-($14.7)Chlor Alkali Products & Vinyls(14.3)13.1-(27.4)(19.0)13.2-(32.2)(6.6)12.6-(19.2)Epoxy51.19.1-42.027.17.8-19.39.69.0-0.6Winchester217.5127.7-89.8244.7130.0-114.789.4122.7-(33.3)Corporate / Other(10.8)--(10.8)(5.5)-(1.0)(4.5)(10.2)--(10.2)Environmental Expense(19.9)1.5-(21.4)(22.1)3.8-(25.9)(16.9)3.0-(19.9)Other Corp & Unallocated Costs--10.3(10.3)--2.9(2.9)--19.1(19.1)Restructuring Charges----0.4--0.40.3--0.3Other Operating Income --44.9(44.9)--46.8(46.8)--46.2(46.2)Interest Expense--(1.0)1.0--(1.6)1.6--(0.4)0.4Interest Income6.6--6.64.9--4.95.1--5.1Non-operating Pension Income$193.4$129.2$54.2$10.0$222.4$133.8$47.1$41.5$67.7$125.7$64.9($122.9)Olin Corporation
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4 Q 2 5 & Y E 2 5 E A R N I N G S Non-GAAP YTD Financial Measures by Segment1 1Unaudited. 20 Year EndedDecember 31, 2024Year EndedDecember 31, 2025Adjusted EBITDADepr and AmortReconciling ItemsIncome (Loss)before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before Taxes($ in millions)$721.0 $424.6-$296.4$679.7$423.6-$256.1Chlor Alkali Products & Vinyls(31.3)53.7-(85.0)(51.8)51.7-(103.5)Epoxy271.733.8-237.9101.934.2-67.7Winchester961.4512.1-449.3729.8509.5-220.3Corporate / Other(30.2)--(30.2)(25.5)-(1.0)(24.5)Environmental Expense(84.1)6.0-(90.1)(73.6)12.1-(85.7)Other Corp & Unallocated Costs--33.3(33.3)--33.4(33.4)Restructuring Charges0.8--0.80.5--0.5Other Operating Income --184.5(184.5)--188.3(188.3)Interest Expense--(3.7)3.7--(4.4)4.4Interest Income26.0--26.020.6--20.6Non-operating Pension Income$873.9$518.1$214.1$141.7$651.8$521.6$216.3($86.1)Olin Corporation