Olin (OLN) investor relations material

Executive summary

• Iran conflict drove higher caustic soda and EDC prices, supporting segment margins.

• Accelerated Beyond250 cost reduction program delivered meaningful savings and improved operational performance in Europe.

• Epoxy segment returned to profitability with higher European resin volumes and narrowed losses.

• Winchester segment saw improved commercial ammunition volume and pricing, but earnings declined due to higher costs.

• Reported a net loss of $83.0 million for Q1 2026, compared to net income of $1.2M–$1.4M in Q1 2025.

Financial highlights

• Adjusted EBITDA for 1Q26 was $86.2M, down from $185.6M in 1Q25, reflecting lower volumes and higher costs.

• Net loss for 1Q26 was $83.0M; net loss per diluted share was $(0.73).

• Cash on hand at 3/31/2026 was $192.2M, with available liquidity of $1.3B.

• Net debt stood at $2.8B, with a TTM net debt to adjusted EBITDA ratio of 5.1x.

• Working capital increased seasonally in 1H26; cash flows impacted by legacy litigation.

Outlook and guidance

• 2Q26 adjusted EBITDA expected between $160M and $200M.

• Higher EDC, caustic soda, and bleach prices anticipated; VCM turnaround completed.

• Epoxy segment to raise resin prices and grow Formulated Solutions volumes.

• Winchester expects higher commercial and military sales, but continued raw material cost pressure.

• Full-year 2026 capital spending forecasted at ~$200M; interest expense $175–$180M.