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Olin (OLN) investor relations material

Olin Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

Executive summary

  • Fourth quarter 2025 results were significantly below expectations, with a net loss of $85.7 million and adjusted EBITDA of $67.7 million, due to operational issues, weak demand, higher costs, and restructuring across all segments.

  • Strategic actions included a long-term EDC supply agreement with Braskem, expansion of infrastructure in Brazil, and closure of the Guarujá, Brazil, epoxy plant for cost savings.

  • Epoxy segment achieved volume growth in Europe and secured significant growth contracts, while Winchester reduced inventory and right-sized costs in response to lower commercial ammunition demand.

  • Value-first commercial approach preserved ECU values and supported long-term agreements, including the Braskem deal to upgrade export EDC values.

  • Generated $321 million in operating cash flow in Q4, keeping net debt flat year-over-year.

Financial highlights

  • Full-year 2025 adjusted EBITDA was $651.8 million, down from $873.9 million in 2024; net loss for FY25 was $43.4 million.

  • Q4 2025 net loss per diluted share was $(0.75); sales for Q4 2025 were $1,665.1 million, nearly flat year-over-year.

  • Year-end 2025 liquidity stood at $1 billion, with a cash balance of $167.6 million.

  • Achieved $248 million in working capital reductions in 2025, excluding tax timing.

  • Capital spending totaled $226.3 million in 2025; $51 million of stock repurchased during the year.

Outlook and guidance

  • First quarter 2026 earnings and adjusted EBITDA expected to be lower than Q4 2025 due to continued seasonally weak demand and higher costs, especially in chlor-alkali.

  • Epoxy results projected to improve sequentially, driven by higher volumes, lower costs, and new supply agreements in Europe.

  • Winchester results expected to modestly improve, with higher commercial ammunition volume and pricing offsetting rising input costs.

  • Full-year 2026 outlook for chlor-alkali remains challenging, with global vinyls pricing under pressure and rising U.S. input costs.

  • Expect to realize $100–$120 million in additional annual cost savings in 2026 from Beyond250 program.

Epoxy's path to 2026 profitability
Winchester's raw material cost mitigation
CAV's strategy for preserving ECU values
Beyond250 savings impact on 2026 EBITDA
Outlook for Winchester's commercial ammo margins?
How will Q1 caustic volume issues affect Q2?
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Frequently asked questions

Olin Corporation manufactures and distributes chemical products in Japan, North America, and Europe. The company offers engineered products and performance chemicals, such as explosives, pyrotechnics, and flares; solid propellants; flammable gases; oilfield chemicals; pigments, coatings, adhesives, inks, and other specialty chemicals; solvents; surfactants; and water treatment chemicals. It also provides performance-chemical products for military applications under the Triton brand name. The company sells its products to manufacturers of explosives for use in aircraft de-icing fluids and propellant charges for missiles, rockets, and projectiles; oilfield service companies for drilling fluids, proppants for creating fractures in hydrocarbon bearing formation during the production process in oil fields. Olin Corporation is headquartered in Clayton, Missouri.

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