Dow (NYSE:DOW) Q4 2025 Earnings call January 29, 2026 08:00 AM ET Company ParticipantsAndrew Riker - VP of Investor RelationsDavid Begleiter - Managing DirectorFrank Mitsch - PresidentJeff Tate - CFOJim Fitterling - Chair and CEOKaren S. Carter - COOKevin McCarthy - PartnerMatthew Blair - Managing DirectorMike Sison - Managing DirectorVincent Andrews - Managing DirectorConference Call ParticipantsChris Parkinson - Senior Research Analyst of Chemicals, Agriculture and PackagingDuffy Fischer - Equity Research ...

Financial Data and Key Metrics Changes - The fourth quarter operating EBITDA was $741 million, reflecting a sequential decline due to lower seasonal demand and margin compression across many end markets [4] - The company identified over $6.5 billion in near-term cash support items, delivering more than half in 2025, including accelerated cost savings from a $1 billion cost-out program [4][5] - The cash and cash equivalent balance was above $3.8 billion at the end of 2025, with approximately $14 billion of available liquidity [36] Business Line Data and Key Metrics Changes - In the Packaging and Specialty Plastics segment, fourth quarter net sales were $4.7 billion, with a year-over-year and sequential decrease primarily due to lower downstream polymer prices [8] - The Industrial Intermediates and Infrastructure segment reported net sales of $2.7 billion, down 9% year-over-year and 5% sequentially, mainly due to lower local prices and seasonally lower building and construction volumes [10] - The Performance Materials and Coatings segment had net sales of $1.9 billion, a 6% decrease compared to the same period last year, driven by a reduction in local prices [11] Market Data and Key Metrics Changes - Global polyethylene fundamentals are expected to remain stable heading into 2026, with a net draw in inventory supporting price increases announced for January and February [15] - Housing starts and existing home sales remain below historical averages, but there are signs of positive momentum, with existing home sales increasing for four consecutive months [16] - The demand for industrial applications remains challenged, impacting the overall performance of the Industrial Intermediates and Infrastructure segment [10] Company Strategy and Development Direction - The company announced the "Transform to Outperform" program, aiming for at least $2 billion in near-term EBITDA improvement, focusing on productivity gains and growth [5][21] - Plans to shut down upstream high-cost assets and complete incremental growth investments to serve higher-value markets are in place [5][25] - The Path to Zero project in Fort Saskatchewan has been delayed by two years to align with market recovery, with a focus on maximizing project returns [32][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic challenges and trade volatility but emphasized the company's ability to manage internal factors [4] - The outlook for first quarter EBITDA is approximately $750 million, accounting for anticipated margin expansion and seasonal uplift [17] - Management remains focused on maintaining financial flexibility while navigating a challenging macro environment [36] Other Important Information - The company completed a strategic partnership with Macquarie Group, receiving approximately $3 billion for a 49% equity stake in select U.S. Gulf Coast infrastructure assets [36] - A 50% dividend reduction was implemented to support financial flexibility [36] Q&A Session Summary Question: Update on capacity curtailments and Alberta project - Management noted that 15%-20% of European capacity is being rationalized and emphasized the importance of the Path to Zero project for future upcycles [45][47] Question: Clarifications on Alberta project timeline and potential partnerships - The two-year delay is confirmed, with no anticipated off-ramps unless extreme scenarios arise; management remains open to value-creating opportunities [51][52] Question: Export market and polyethylene capacity - Approximately 30%-40% of Packaging and Specialty Plastics volumes from North American assets go to the export market; long-term advantages are expected from low-cost positions in the Americas [55][56] Question: Cash flow from operations and expectations for 2026 - Management highlighted a solid cash balance and outlined various actions expected to support cash flow needs in 2026, including cost reductions and growth investments [59][60] Question: Outlook for feedstock costs - Management expressed confidence in the availability and pricing of natural gas and ethane, anticipating stable NGL prices despite short-term fluctuations [75][76]

分组1 - Dow Inc. reported a quarterly loss of $0.34 per share, better than the Zacks Consensus Estimate of a loss of $0.47, compared to break-even earnings per share a year ago, resulting in an earnings surprise of +26.85% [1] - The company posted revenues of $9.46 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.29%, and down from $10.41 billion year-over-year [2] - Dow Inc. shares have increased by approximately 18.8% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The earnings outlook for Dow Inc. is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for Dow Inc. was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.16 on revenues of $10.26 billion, and -$0.23 on revenues of $40.53 billion for the current fiscal year [7] 分组3 - The outlook for the Chemical - Diversified industry, to which Dow Inc. belongs, is currently in the bottom 14% of over 250 Zacks industries, which may negatively impact stock performance [8]

As part of a cost-saving program, the chemicals giant will lean on artificial intelligence to increase productivity. ...

4Q 2025 Results January 29, 2026 Agenda ▪ Performance Update ▪ Operating Segment Details ▪ Outlook ▪ Transform to Outperform to Deliver >$2B Near-Term Op. EBITDA Uplift ▪ Navigating the Near-Term with Financial Flexibility and Decisive Actions Performance Update Solid 4Q Results Supported by Strong Self Help Actions to Manage the Near-Term and Strengthen Long-Term Competitiveness Accelerating Strategic Actions in 2026 3 Net Sales $3.3B Operating EBITDA Returned to Shareholders Full Year 2025 $40.0B $1.5B No ...

Thursday, Dow reported a fourth-quarter per-share loss of 34 cents from sales of $9.5 billion. Wall Street was looking for a 46-cent loss from sales of $9.5 billion. ...

Dow Inc. (DOW) shares fell about 2.6% in premarket trading Thursday, erasing an earlier gain, after the company announced a broad restructuring initiative and reported a deeper net loss. The chemical maker (DOW) swung to a profit with earnings ...

Dow plans to cut about 4,500 jobs, with plans to use AI and automation to boost operations https://t.co/7pLXHOL1vH ...

Core Viewpoint - Dow announced a plan to cut approximately 4,500 jobs as part of a major restructuring initiative aimed at increasing profitability by at least $2 billion, in response to ongoing weak demand in the chemicals sector [1] Group 1: Job Cuts and Restructuring - The company will reduce its workforce by about 4,500 positions [1] - This restructuring is part of a broader strategy to enhance profitability amid challenging market conditions [1] Group 2: Financial Goals - Dow aims to boost profitability by a minimum of $2 billion through these restructuring efforts [1] - The move is a direct response to persistent weak demand affecting the chemicals industry [1]

Exhibit 99.1 January 29, 2026 Dow reports fourth quarter 2025 results FINANCIAL HIGHLIGHTS | | | | Three Months Ended Dec 31 | | | | Three Months Ended Sep 30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In millions, except per share amounts | | 4Q25 | 4Q24 | | vs. SQLY | | 3Q25 | vs. PQ | | | | | | | [B / (W)] | | | [B / (W)] | | Net Sales | $ | | 9,460 $ | 10,405 $ | | (945) $ | 9,973 $ | (513) | | GAAP Income (Loss), Net of Tax | $ | | (1,477) $ | (35) $ | | (1,442) $ | 124 $ | (1,601) | ...