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S e c o n d Q u a r t e r 2 0 2 6 E a rn i n g s C a l lJ u l y 3 1 , 2 0 2 6
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2 Q 2 6 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 on management'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 various segments operate. These statements mayinclude statements regarding the proposed merger with Huntsman Corporation (Huntsman), the expected timetable for completing the merger, benefits and synergies of the merger, and future opportunities for the combinedcompany following the transaction. 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,” andvariations 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, andassumptions, 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 such forward-looking statements. Thepayment 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, our financial conditions, our capital requirements andother 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 any dividend, in light of then-existing conditions. All references toexpectations and other forward-looking statements are based on July 31, 2026. Olin undertakes no obligation to update publicly any forward-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 a downturn in thesectors 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 demand for 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 achieve targeted cost reductions; availability ofand/or higher-than-expected costs of raw material, energy, transportation, and/or logistics; our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation; theoccurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; exposure to physical risks associated with climate-related events or increasedseverity and frequency of severe weather events; the failure or an interruption, including cyber-attacks, of our information technology systems; risks associated with our international sales and operations, including economic, politicalor regulatory changes; weak industry conditions affecting our ability to comply with the financial maintenance covenants in our debt agreements; our indebtedness and debt service obligations; failure to identify, attract, develop,retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions; adverse conditions in the credit and capital markets, limiting or preventingour ability to borrow or raise capital; our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business; the effects of any declines in global equity markets on asset values andany declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans; our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-livedassets; changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which weoperate; new regulations or public policy changes 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 expenditures in 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 andperformance under other governmental contracts; factors relating to the satisfaction of the conditions to, and timely completion of, the proposed merger with Huntsman, including required shareholder and regulatory approvals; thepossibility that the proposed merger may not be completed on the anticipated terms, timing, or at all, including the possibility of circumstances that would require us to pay a termination fee or reimburse certain expenses; thepossibility that the expected strategic benefits, cost savings, operational efficiencies and synergies of the proposed merger may not be realized or may take longer to realize than expected; the effect of the proposed merger onrelationships with employees, customers, suppliers and other business partners and adverse effects on our ability to attract, retain and motivate key personnel, maintain commercial relationships and execute our business strategy;the diversion of management attention from day-to-day operations and other strategic opportunities; transaction, advisory, legal, accounting, consulting, regulatory, retention, integration planning costs and other costs associatedwith the proposed merger; the Merger Agreement contains customary covenants that restrict our ability to undertake certain actions without Huntsman’s consent prior to closing, which may limit operational flexibility and the abilityto pursue certain business opportunities during the pendency of the transaction; the risk of litigation, regulatory proceedings relating to the proposed merger, or the imposition of conditions, limitations, divestiture requirements orother remedies by governmental authorities; and the other risks detailed in Olin’s Form 10-K for the fiscal year ended December 31, 2025 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 statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial couldaffect the accuracy of our forward-looking statements. The reader is 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 in addition 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 are provided in the appendix to thispresentation.
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2 Q 2 6 E A R N I N G S Key 2Q26 Highlights1Olin and Huntsman announced a transformative merger of equals, targeted to close in 1H272Initial Iran conflict supply disruptions and price premiums diminished as the quarter progressed3Chlor Alkali performance improved sequentially from higher caustic soda and EDC pricing4Epoxy results improved on higher margins 5Winchester commercial ammunition demand continues to recover 2 Q 2 6 E A R N I N G S3
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2 Q 2 6 E A R N I N G S OlinHuntsman Merger of Equals – Transaction Update Creating a $12B+ North American Chemicals Leader1 Subject to regulatory and shareholder approvals.4 Key MilestonesJun 16, 2026: Merger agreement announced Jul 8, 2026: HSR filed with FTC/DOJJul 9, 2026:Shareholder record dateJul 13, 2026:Proxy/S-4 became definitiveAug 25, 2026: Special Shareholder Meeting3Q26:Pre-close integration planning beginsIn Process:Regulatory clearances1H27: Expected close1•All stock merger of equals•Creates a vertically-integrated, low-cost, North American leader with complementary EU & Asia assets•Enhanced scale with expanded chlorine optionality•$400M+ of cost synergies and integration benefits•Disciplined capital allocation with focus on deleveraging•Improved profitability and resiliency across the cycle•Experienced leadership team focused on shareholder value creationBackground and Strategic Rationale
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2 Q 2 6 E A R N I N G S Chlor Alkali Products & Vinyls Segment Performance 5 Adjusted EBITDA ($M)Sales ($M)$980 $757 $820 2Q25 1Q26 2Q26$171 $85 $152 2Q25 1Q26 2Q26 Sequential Highlights •Higher ECU netbacks and seasonally higher volumes •Iran conflict drove short term price benefit early in the quarter•Favorable cost performance from Beyond250•$40M 2Q impact from an unplanned VCM shutdown Actions•Continuing our value-first commercial approach •On pace to deliver 2026 Beyond250 cost savingsLooking Ahead•Seasonally stronger 3Q demand•Domestic caustic soda price momentum expected to carry through 3Q, more than offset by lower export values•Weaker EDC and caustic soda export pricing early in 3Q•Reduced VCM operating rates continue in 3Q (expect $20M impact)Note: The Blue Water Alliance joint venture concluded operations at the end of 2025.
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2 Q 2 6 E A R N I N G S Epoxy Segment Performance 6 Adjusted EBITDA ($M)Sales ($M)$331 $356 $422 2Q25 1Q26 2Q26$(11)$9 $28 2Q25 1Q26 2Q26 Sequential Highlights •Improved margins on higher pricing, partially offset by higher feedstock costs•Seasonal demand weaker than usual•Continued inflows of Asian imports into US and EUActions•Leverage advantaged US and EU cost positions •US and EU price initiativesLooking Ahead•Continued weak global demand •Lower US hydrocarbon costs •4Q Freeport, TX turnaround
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2 Q 2 6 E A R N I N G S Actions•Maintaining working capital discipline•Q2 and Q3 commercial price increases offset higher metals costsLooking Ahead•Seasonal commercial demand strength in 3Q•Continued lower level of imported ammunitionWinchester Segment Performance 7 Adjusted EBITDA ($M)Sales ($M)$448 $471 $500 2Q25 1Q26 2Q26$33 $24 $37 2Q25 1Q26 2Q26 Sequential Highlights •Continued improvement in commercial ammunition volume and pricing•Rising metals costs continue to offset commercial price gains•Strong commercial order backlog•Consistent international military sales and project work1 NGSW = Next Generation Squad Weapon
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2 Q 2 6 E A R N I N G S Financial Highlights 1 In addition to the bond maturities noted below, gross debt as of 6/30/26 also includes a $528.1M term loan facility, $210.0M senior revolving credit facility and $442.0M receivables financing agreement, which maturities are excluded herein. 2 Excluding approximately $195 million of cash payments to resolve Shintech legacy litigation matters. 8 Highlights•Working capital expected to be flat year-over-year2•Cash-free tax year, plus or minus ~$20 million•On track to deliver $100-120M Beyond250 savings Cash Positions•Cash on hand (6/30/2026): $177.4M•Available liquidity: $1.2B Cash Management Priorities•Preserving and enhancing liquidity•Fund sustaining capital spending to assure safe and reliable asset operation•Continue almost 100 years of dividend reliability•Excess cash flow expected to be used to repay debt•Targeting YE26 leverage ratio of ~4.5x2Q261Q264Q25Summary Balance Sheet177.4192.2167.6Cash & Cash Equivalents ($M)2,851.72,803.92,659.7Net Debt ($M)5.0x5.1x4.1xTTM Net Debt to Adj. EBITDA Bond Maturity Profile1($M)$669 $515 $683 2026 2027 2028 2029 2030 2031 2032 2033-2035
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2 Q 2 6 E A R N I N G S CAPV Epoxy Winchester 3Q26 Outlook 3Q26 adjusted EBITDA expected to be in the range of $160 - $200 million9 •Higher caustic, EDC and water treatment volumes•Continued weak EDC pricing•Improved domestic caustic pricing offset by lower export pricing•Stable volume, weak seasonal demand•Improved margins driven by mix•Absence of 2Q FIFO benefit•Stronger seasonal commercial ammunition demand•Continued price increases to offset rising metals costs•Maintain working capital discipline
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2 Q 2 6 E A R N I N G SQ&A 10
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2 Q 2 6 E A R N I N G SAppendix11
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2 Q 2 6 E A R N I N G S $86 $67 $19 $13 $6 $191 1Q26 CAPV Epoxy Winchester Corporate 2Q26 2Q26 vs. 1Q26 Adjusted EBITDA Bridge ($M) 12+Higher Epi volume and pricing+Higher pricing, partially offset by higher raw material costs +EU FIFO cost benefit 2Q -Less favorable product mix+Higher caustic soda and EDC pricing+Higher seasonal water treatment volume-Effect from unplanned VCM shutdown+Improved commercial pricing and volume+Higher International Military sales-Higher raw material costs, primarily commodity metals costs+Lower costs from mark-to-market on stock-based compensation
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2 Q 2 6 E A R N I N G S Beyond250 Drives Meaningful Structural Cost Savings On track to deliver Beyond250 structural cost savings by 20281132025A 2026E 2027E 2028E 2029E Projected Beyond250Annual Added Savings •AI-enabled, real-time visual KPI control room dashboards driving improved yield performance •Winchester Beyond250 kick-off of Lake City pilot site•Stade, Germany supply agreement resets European cost base to better serve global customers•Guarujá, Brazil epoxy plant closure•Reducing reliance on embedded contractors and improving time-on-tools•~600 expected employee and contractor position eliminations by 2026 year-end•Optimizing Freeport power to reduce stranded cost, post 4Q25 ECU closure CAPV~$150M Epoxy~$80M Winchester~$30MActions UnderwayInvestor Day Targets$44$250+$60-80$100-120$50-60 1 Expect to deliver year-end 2028 run rate savings of at least $250 million.
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2 Q 2 6 E A R N I N G S Outlook: Full Year 2026 Modeling Assumptions 14 Key ElementsForecast ($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$25 to $30Environmental 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~$35Restructuring and Other CostsIncludes advisory, legal, accounting and professional fees incurred in connection with the merger and integration$35 to $40Acquisition-Related CostsExpected to be similar to 2025; ~40% of debt at variable interest rates$175 to $180Interest Expense, NetFederal, 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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2 Q 2 6 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 $99.9M associated with Winter Storm Uri.15 2Q26 Profit Contribution Index (ECU PCI)100 = Q1 2020Sequential Olin Pricing Comparison2Q26 vs. 1Q26ChlorineCaustic SodaEDCBleachHClChlorinated OrganicsAromaticsEpichlorohydrin / Allyl ChlorideLiquid Epoxy ResinsAmmunition 10093100106148192222238261294255287262257211191180207172187168186157153153167 1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26Olin - ECU PCI3IndexTotal variable margin of all products utilizing chlorine or caustic soda1 / total ECU sales volume2
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2 Q 2 6 E A R N I N G S Maintenance Turnaround Expenses1 1Maintenance turnaround expenses includes maintenance expense and unabsorbed fixed cost penalty.16•CAPV – Freeport, TX ethylene dichloride/vinyl chloride monomer turnaround(1Q26/2Q26)•CAPV – Various regional plant turnarounds(2Q26/3Q26)•Epoxy – Freeport, TX allyl chloride/epichlorohydrin turnaround(3Q26/4Q26) Epoxy ($M)Chlor Alkali Products & Vinyls ($M) $14 $39 $41 $47 $141 $47 $42 $35 $40 $164 Q1 Q2 Q3 Q4 Full Year $2 $9 $2 $14 $27 $1 $3 $5 $34 $43 Q1 Q2 Q3 Q4 Full YearActual 2025 Actual 2026 Forecast 2026Actual 2025 Actual 2026 Forecast 2026
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2 Q 2 6 E A R N I N G S Non-GAAP Financial Measures – Adjusted EBITDA1 17Six Months EndedJune 30,Three Months EndedJune 30,2025202620252026($ in millions)Reconciliation of Net (Loss) Income to Adjusted EBITDA:($1.6) ($96.3) ($2.8) ($13.3) Net LossAdd Back:92.986.445.644.3Interest Expense, Net(3.1)(18.2)(4.0)17.1Income Tax Provision (Benefit)262.1239.3129.9122.1Depreciation and Amortization350.3211.2168.7170.2EBITDAAdd Back:11.419.67.410.5Restructuring Charges-36.1--Legacy Litigation Matters-10.6-10.6Acquisition-related Costs2 $361.7$277.5$176.1$191.3Adjusted 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. 2Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.
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2 Q 2 6 E A R N I N G S Non-GAAP Quarterly Financial Measures by Segment1 1Unaudited. 2Chlor Alkali Products and Vinyls reconciling items for the three months ended March 31, 2026 included $36.1 million in pretax charges associated with legacy litigation matters. 3Acquisition-related costs for the three months ended June 30, 2026, included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.18 Three Months EndedJune 30, 2025Three Months EndedMarch 31, 2026Three Months EndedJune 30, 2026Adjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before Taxes($ in millions)$171.2$106.3-$64.9$84.8$93.2$36.1($44.5)$151.5$98.1-$53.4Chlor Alkali Products & Vinyls2 (10.6)13.1-(23.7)9.011.9-(2.9)27.711.7-16.0Epoxy32.97.9-25.024.18.9-15.236.98.8-28.1Winchester193.5127.3-66.2117.9114.036.1(32.2)216.1118.6-97.5Corporate / Other:(4.8)--(4.8)(5.2)--(5.2)(5.7)--(5.7)Environmental Expense(17.3)2.6-(19.9)(30.0)3.2-(33.2)(21.8)3.5-(25.3)Other Corp & Unallocated Costs--7.4(7.4)--9.1(9.1)--10.5(10.5)Restructuring Charges----------10.6(10.6)Acquisition-related Costs3 (0.2)--(0.2)----0.1--0.1Other Operating Income --45.6(45.6)--42.1(42.1)--44.3(44.3)Interest Expense, Net4.9--4.93.5--3.52.6--2.6Non-operating Pension Income$176.1$129.9$53.0($6.8)$86.2$117.2$87.3($118.3)$191.3$122.1$65.4$3.8Olin Corporation
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2 Q 2 6 E A R N I N G S Non-GAAP YTD Financial Measures by Segment1 1Unaudited.2Chlor Alkali Products and Vinyls reconciling items for the six months ended June 30, 2026 included $36.1 million in pretax charges associated with legacy litigation matters. 3Acquisition-related costs for the six months ended June 30, 2026, included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.19 Six Months EndedJune 30, 2025Six Months EndedJune 30, 2026Adjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before TaxesAdjusted EBITDADepr and AmortReconciling ItemsIncome (Loss) before Taxes($ in millions)$356.7$213.5-$143.2$236.3$191.3$36.1$8.9Chlor Alkali Products & Vinyls2 (26.2)25.9-(52.1)36.723.6-13.1Epoxy65.217.4-47.861.017.7-43.3Winchester395.7256.8-138.9334.0232.636.165.3Corporate / Other:(9.8)--(9.8)(10.9)--(10.9)Environmental Expense(34.6)5.3-(39.9)(51.8)6.7-(58.5)Other Corp and Unallocated Costs--11.4(11.4)--19.6(19.6)Restructuring Charges------10.6(10.6)Acquisition-related Costs3 (0.2)--(0.2)0.1--0.1Other Operating Income (Expense) --92.9(92.9)--86.4(86.4)Interest Expense, Net10.6--10.66.1--6.1Non-operating Pension Income$361.7$262.1$104.3($4.7)$277.5$239.3$152.7($114.5)Olin Corporation