Dow (NYSE:DOW) FY Earnings Call Presentation

Financial Performance & Outlook - Dow expects Q3 results to be in line with current consensus expectations[5] - The company is implementing near-term levers to navigate the current environment, targeting >$6 billion in benefits[6] - Dow anticipates lower interest rates, which should foster a recovery in housing and durable goods end markets[12] Cost Reduction & Capital Allocation - Dow is reducing 2025 CapEx to approximately $2.5 billion, which is about $1 billion lower than the original plan[10] - The company is progressing towards at least $1 billion in annualized cost reductions, with expedited delivery allowing for increasing 2025 savings to approximately $400 million[10] - Closed 2 non-core divestitures for approximately $250 million at attractive multiples[10] Strategic Actions & Portfolio Management - Dow received approximately $3 billion from Macquarie Asset Management for a total 49% equity stake in a strategic infrastructure asset partnership[10] - Rationalizing Propylene Oxide capacity in Freeport by YE25, which is approximately 20% of North American industry capacity, supporting supply/demand balances in the Americas[12] - European shutdowns will result in an Operating EBITDA uplift of $200 million beginning in 2026, with additional ~$60 million/year of CapEx avoidance[12]