Olin Corporation Q1 FY2026 earnings call

• Amid dynamic environment, Olin team executed with discipline, maintaining safety, removing structural costs via Beyond two fifty program, preserving liquidity. • Epoxy business returned to profitability, Winchester showed improvement, CAPV had various dynamics. • Beyond two fifty program aims to remove structural costs, delivered $44M savings last year, expects $100M - $120M in 2026. • Winchester rebalanced channels, CAPV had pricing and supply dynamics, epoxy had cost and growth actions.

Chlor Alkali Products and Vinyls (CAPV): First quarter results reflected lower operating costs. Merchant chlorine demand was seasonally soft but improved. Caustic soda was stronger. Asian vinyls producers declared force majeure, reducing global supply and driving price spike. Olin announced $185 per ton caustic soda price increases. Epoxy: First quarter 2026 marked return to profitability. Full-year expected improved with cost improvements, price increases, and business growth. Winchester: First quarter performance improved with rebalanced channels, expected commercial volume uplift, but raw material costs headwind. Revenue contribution details not explicitly given in absolute terms with percentages but described in context of each segment's performance.

• Expect significantly improved earnings in CAPV for Q2 with improved pricing and seasonally higher demand, but with impact from unplanned vinyls outage at Freeport. • Epoxy expected to see earnings improvement with higher seasonal demand, improved pricing, and continued cost improvements. • Winchester's Q2 results expected to improve sequentially with higher commercial ammunition volume, pricing, and military sales. • Expect second quarter adjusted EBITDA in range of $160 million to $200 million. • Anticipate 2026 to be cash-free tax year plus or minus $20M, target $200M capital spending, aim to end year with debt leverage ratio just above four times, goal to average below two times leverage across cycle.

• Factors causing actual results to differ from projections described in Risk Factors section of recent Form 10-Ks and first quarter earnings press release. • Iran conflict introduced disruption across global petrochemical supply chains, impacting costs and supply. • Unplanned outage at Freeport plant could impact results. • Duration of Middle East disruptions uncertain, affecting supply chains and pricing.

Q: Question on guidance bridging Q1 to Q2, asking about Beyond two fifty, Middle East conflict impact, caustic and EDC export opportunities.

A: Ken Lane responded about variables like CAPV improvement, turnaround costs, epoxy and Winchester improvements.

Q: Question on pricing exit Q2 and momentum.

A: Ken Lane talked about CAPV pricing momentum continuing into Q3, elevated caustic and EDC prices.

Q: Question on Q2 earnings levels and long-term pricing sustainability.

A: Ken Lane said not near mid-cycle, leverage in portfolio, markets set up for improvement.

Q: Question on EDC price sensitivity, Braskem arrangement.

A: Ken Lane talked about portfolio optionality, strategic relationships.

Q: Question on EDC and VCM operations at Freeport, planned vs unplanned outage.

A: Ken Lane updated on turnaround completion, unplanned event and restart plan.

Q: Question on caustic dynamics and pricing.

A: Ken Lane discussed freight costs, supply chain disruptions, impact on caustic pricing.

Q: Question on vinyl capacity offline duration and ECU impact.

A: Ken Lane talked about duration of disruptions, 6% - 9% vinyl capacity offline as proxy for ECU constraints.

Q: Question on vinyl strategy influence from conflict and turnaround expenses.

A: Ken Lane said vinyl strategy not impacted, Q2 forecast doesn't include unplanned outage impact.

Q: Question on earnings power duration and caustic supply.

A: Ken Lane talked about impacts carrying through year, bullish on chlor-alkali outlook.

Q: Question on export EDC business competition from China.

A: Ken Lane talked about EDC volume, price improvement, China's inland capacity impact.

Q: Question on Chemours agreement impact.

A: Ken Lane said strategic partnership with Chemours is accretive, win-win.