Dow(DOW) - 2025 Q1 - Earnings Call Presentation

Financial Performance & Strategic Actions - Net sales reached $10.4 billion, marking the 6th consecutive quarter of YoY volume growth[6] - Operating EBITDA was $944 million, a decrease YoY[6] - The company is implementing at least $1 billion in annualized cost reductions across 2025 & 2026[6] - Expect ~$4 billion in unique-to-Dow cash levers in 2025, including up to ~$3 billion from infrastructure asset sales and >$1 billion NOVA judgment[6] Capital Expenditure & Asset Review - Total CapEx for the quarter was $685 million, below D&A levels, and will remain below for FY25[6] - 2025 CapEx is now expected to be $2.5 billion, a reduction of ~$1 billion compared to the original plan of $3.5 billion[9,45] - The company is expanding the scope of its European asset review to include 3 additional upstream assets for further action, potentially leading to idling or shutting down facilities[6,9] Segment Performance Highlights - Packaging & Specialty Plastics: Revenue of $5.31 billion in 1Q25[11] - Industrial Intermediates & Infrastructure: Revenue of $2.855 billion in 1Q25[16] - Performance Materials & Coatings: Revenue of $2.071 billion in 1Q25[23] Outlook & Cash Support - Expect to receive initial cash proceeds of ~$2.4 billion for a 40% equity stake in select USGC infrastructure assets, with a potential additional ~$600 million if an option is exercised[45]