Olin Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Net loss of $83.0 million: The company reported a first-quarter net loss of ($83.0) million, or ($0.73) per diluted share. A year earlier it reported net income of $1.4 million, or $0.01 per diluted share. Source
Sequential improvement in adjusted EBITDA: Management said adjusted EBITDA improved from the prior quarter. The prior release reported fourth-quarter 2025 adjusted EBITDA of $67.7 million. Source
Chlor Alkali swung to a segment loss: Chlor Alkali Products and Vinyls sales were $756.9 million, down from $924.5 million. The segment posted a loss of ($44.5) million, against $78.3 million of earnings a year earlier. Source
Winchester improved on destocking and pricing: Management tied the Winchester sequential improvement to late-2025 actions to speed channel inventory destocking, and to demand and pricing measures offsetting metals and materials inflation. Source
Chemicals expected to improve from Q1: Management expects Chemicals earnings to improve from the first quarter, on seasonal demand gains and better pricing for ethylene dichloride, caustic soda and epoxy resins. Source
Iran conflict raising feedstock costs: Late in the first quarter the Iran conflict began to affect trade flows and raise raw material and feedstock costs, according to management. Source
Net debt to adjusted EBITDA rose to 5.1 times: Net debt was approximately $2.8 billion at March 31, 2026. The ratio was 4.1 times at year-end 2025 and 3.5 times a year earlier. Source

“During the first quarter, the Olin team delivered sequential improvement in adjusted EBITDA.”
Ken Lane, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Adjusted EBITDA Source	second quarter 2026	$160 million to $200 million	New

What changed from last quarter

New guidance: A second-quarter 2026 adjusted EBITDA range was given. The prior release gave only a first-quarter 2026 expectation. Source
New: Management said the Iran conflict began affecting trade flows and raising raw material and feedstock costs late in the first quarter. Source
Ended: The Blue Water Alliance joint venture stopped operating at the end of 2025. Source

Quarterly results and headline figures

Net loss of $83.0 million: The company reported a first-quarter net loss of ($83.0) million, or ($0.73) per diluted share. A year earlier it reported net income of $1.4 million, or $0.01 per diluted share. Source
Sales declined year over year: Sales were $1,583.0 million against $1,644.2 million a year earlier. Winchester and Epoxy sales rose, while Chlor Alkali Products and Vinyls sales fell. Source
Adjusted EBITDA excludes litigation and restructuring: Adjusted EBITDA of $86.2 million excludes $117.2 million of depreciation and amortization, $9.1 million of restructuring charges and $36.1 million of legacy litigation charges. Year-earlier adjusted EBITDA was $185.6 million. Source
Sequential improvement in adjusted EBITDA: Management said adjusted EBITDA improved from the prior quarter. The prior release reported fourth-quarter 2025 adjusted EBITDA of $67.7 million. Source

Segment results

Chlor Alkali swung to a segment loss: Chlor Alkali Products and Vinyls sales were $756.9 million, down from $924.5 million. The segment posted a loss of ($44.5) million, against $78.3 million of earnings a year earlier. Source
Pricing, volumes and power costs cut earnings: Segment earnings fell $122.8 million, partly offset by lower operating costs. Management cited natural gas and electrical power costs and higher planned maintenance turnaround expenses. Source
Epoxy segment loss narrowed: Epoxy sales rose to $355.6 million from $331.7 million. The segment loss was ($2.9) million, compared with a loss of ($28.4) million a year earlier. Source
Lower costs and higher volumes lifted Epoxy: Management attributed the $25.5 million improvement in Epoxy segment results to lower operating costs and higher volumes. Source
Winchester sales rose on military work: Winchester sales were $470.5 million, against $388.0 million a year earlier. Management pointed to higher military project revenue, military sales and commercial ammunition sales. Source
Winchester earnings fell on metal costs: Winchester segment earnings were $15.2 million, against $22.8 million a year earlier. Commodity metal costs and higher operating costs were partly offset by higher commercial ammunition pricing. Source

“As global supply shortages persist into the second quarter and potentially beyond, our advantaged North American asset base positions us to reliably serve our customers.”
Ken Lane, President and Chief Executive Officer

Costs, margins and pricing

Beyond250 cost actions helped Chlor Alkali: Management credited Beyond250 structural cost actions and lower-than-expected planned maintenance turnaround expenses for favorable operating cost performance in the segment. Source
Corporate costs rose $13.2 million: Other corporate and unallocated costs were $33.2 million, against $20.0 million a year earlier, according to the segment table. Higher incentive costs and foreign currency were cited. Source
Legacy litigation costs hit segment results: Legacy litigation costs of $36.1 million were included in Chlor Alkali Products and Vinyls results and were excluded from adjusted EBITDA. Source

Demand and second-quarter expectations

Winchester improved on destocking and pricing: Management tied the Winchester sequential improvement to late-2025 actions to speed channel inventory destocking, and to demand and pricing measures offsetting metals and materials inflation. Source
Chlor Alkali sales fell on volumes and pricing: Lower volumes came mainly from reduced Blue Water Alliance trading volumes, and pricing was also lower. The segment reported sales of $756.9 million. Source
Epoxy product margins slipped slightly: Epoxy product margins were slightly lower than a year earlier, while volumes in the segment were higher. Source
Chemicals expected to improve from Q1: Management expects Chemicals earnings to improve from the first quarter, on seasonal demand gains and better pricing for ethylene dichloride, caustic soda and epoxy resins. Source
Winchester earnings expected to grow: Management expects improving commercial and military demand to support sequential earnings growth in the Winchester business. Source

“Our Epoxy business returned to positive adjusted EBITDA underpinned by growth in its European business, supported by structurally improved costs at our Stade, Germany facility.”
Ken Lane, President and Chief Executive Officer

External conditions and feedstock costs

Iran conflict raising feedstock costs: Late in the first quarter the Iran conflict began to affect trade flows and raise raw material and feedstock costs, according to management. Source
Global supply shortages expected to persist: Management said global supply shortages persist into the second quarter and potentially beyond. It cited its advantaged North American asset base for serving customers reliably. Source
Power and gas costs rose in Chlor Alkali: Higher natural gas and electrical power costs were named as a driver of the Chlor Alkali Products and Vinyls earnings decline against the year-earlier quarter. Source

Capital, cash and shareholder returns

Net debt to adjusted EBITDA rose to 5.1 times: Net debt was approximately $2.8 billion at March 31, 2026. The ratio was 4.1 times at year-end 2025 and 3.5 times a year earlier. Source
Liquidity of about $1.3 billion: Cash was $192.2 million at March 31, 2026, against $167.6 million at December 31, 2025. The company cited unrestricted access to the undrawn revolving credit facility. Source
Working capital rose with seasonality: Working capital increased $56.8 million. Management attributed the rise to normal seasonality, tempered by disciplined cash management. Source
Operating cash use narrowed, capex fell: Net operating activities used $48.6 million of cash, against $86.0 million a year earlier. Capital expenditures were $43.7 million, against $61.4 million. Source
Noncontrolling distributions of $31.3 million: Distributions to noncontrolling interests were $31.3 million in the quarter. Noncontrolling interests in equity fell to $0.4 million from $31.7 million at year-end. Source
No buybacks; dividends paid $22.8 million: No common stock was repurchased in the quarter, against $20.2 million a year earlier. Dividends paid were $22.8 million, and the board declared $0.20 per share on April 29, 2026. Source

Portfolio and structural actions

Blue Water Alliance joint venture ended: The joint venture stopped operating at the end of 2025. Its trading volumes accounted for part of the Chlor Alkali sales decline in the first quarter. Source
Stade cost gains support Epoxy: Management linked the Epoxy return to positive adjusted EBITDA to European growth and structurally improved costs at the Stade, Germany facility. Source
Guarujá epoxy plant closure planned: The prior release planned closure of the Guarujá, Brazil epoxy resin plant, with about $10 million of annual savings expected. This release records $9.1 million of restructuring charges but does not report closure status.
Beyond250 savings realized in 2025: Management reported $44 million of structural cost reductions realized in 2025 under Beyond250, and said benefits had begun to appear.

Coming up, as management said on 7 May 2026

Dividend payable June 12, 2026: The $0.20 per share dividend is payable June 12, 2026, to holders of record at the close of business on May 14, 2026. Source

Risks management discussed

External: Management said global supply shortages could persist into the second quarter and potentially beyond, affecting trade flows and feedstock costs. Source
Operational: Higher natural gas and electrical power costs raised raw material costs in Chlor Alkali Products and Vinyls. Source
Operational: Commodity metal costs and higher operating costs weighed on Winchester segment earnings. Source
Demand: Lower Blue Water Alliance trading volumes and lower pricing reduced Chlor Alkali Products and Vinyls sales. Source
Demand: Winchester earnings depend on channel inventory destocking, which management accelerated late last year. Source
Regulatory: Legacy litigation costs of $36.1 million were recorded in segment results this quarter. Source

Earlier plans management reported on

Not stated: The prior release expected Epoxy to return to profitability in 2026. This release reports positive adjusted EBITDA for the Epoxy business in the first quarter.
Not stated: The prior release expected first-quarter 2026 adjusted EBITDA below fourth-quarter 2025 levels of $67.7 million. This release reports $86.2 million for the first quarter.
Not stated: The prior release said Winchester was implementing higher commercial ammunition pricing for the first quarter. This release cites pricing measures offsetting commodity metals and raw materials inflation.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Olin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105

Olin Announces First Quarter 2026 Results

Highlights

First quarter 2026 net loss of ($83.0) million, or ($0.73) per diluted share
Quarterly adjusted EBITDA of $86.2 million

Clayton, MO, May 7, 2026 - Olin Corporation (NYSE: OLN) announced financial results for the first quarter ended March 31, 2026. First quarter 2026 reported net loss was ($83.0) million, or ($0.73) per diluted share, which compares to first quarter 2025 reported net income of $1.4 million, or $0.01 per diluted share. First quarter 2026 adjusted EBITDA of $86.2 million excludes depreciation and amortization expense of $117.2 million, restructuring charges of $9.1 million and legacy litigation charges of $36.1 million. First quarter 2025 adjusted EBITDA was $185.6 million. Sales in the first quarter 2026 were $1,583.0 million, compared to $1,644.2 million in the first quarter 2025.

Ken Lane, President and Chief Executive Officer, said, “During the first quarter, the Olin team delivered sequential improvement in adjusted EBITDA. Our Chlor Alkali Products and Vinyls business benefited from favorable operating cost performance driven by our Beyond250 structural cost actions and lower than expected planned maintenance turnaround expenses. Our Epoxy business returned to positive adjusted EBITDA underpinned by growth in its European business, supported by structurally improved costs at our Stade, Germany facility. Winchester’s sequential improvement was driven by actions taken late last year to accelerate channel inventory destocking, as well as improving demand and pricing measures implemented to offset commodity metals and raw materials cost inflation.

“Late in the first quarter, the Iran conflict began to impact trade flows and to increase raw material and feedstock costs. As global supply shortages persist into the second quarter and potentially beyond, our advantaged North American asset base positions us to reliably serve our customers.

“Looking ahead, our Chemicals businesses are expected to deliver sequential earnings improvement driven by seasonally stronger demand and improved pricing, particularly for ethylene dichloride, caustic soda, and epoxy resins. In our Winchester business, improving commercial and military demand are expected to support sequential earnings growth. Overall, second quarter 2026 adjusted EBITDA is forecast to be in the range of $160 million to $200 million,” Lane concluded.

SEGMENT REPORTING

Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes.

CHLOR ALKALI PRODUCTS AND VINYLS

Chlor Alkali Products and Vinyls sales for the first quarter 2026 were $756.9 million, compared to $924.5 million in the first quarter 2025. The decrease in sales was due to lower volumes, primarily resulting from lower trading volumes associated with Blue Water Alliance, and lower pricing. The Blue Water Alliance joint venture concluded operations at the end of 2025. First quarter 2026 segment loss was ($44.5) million, compared to segment earnings of $78.3 million in the first quarter 2025. The $122.8 million decrease in segment earnings was primarily due to lower pricing and volumes, higher raw material costs, primarily natural gas and electrical power costs, and higher planned maintenance turnaround expenses, partially offset by lower operating costs. Segment results included $36.1 million in legacy litigation costs. Chlor Alkali Products and Vinyls first quarter 2026 results included depreciation and amortization expense of $93.2 million compared to $107.2 million in the first quarter 2025.

EPOXY

Epoxy sales for the first quarter 2026 were $355.6 million, compared to $331.7 million in the first quarter 2025. First quarter 2026 segment loss was ($2.9) million, compared to segment loss of ($28.4) million in the first quarter 2025. The $25.5 million increase in segment results was primarily due to lower operating costs and higher volumes. Product margins were slightly lower year over year. Epoxy first quarter 2026 results included depreciation and amortization expense of $11.9 million compared to $12.8 million in the first quarter 2025.

WINCHESTER

Winchester sales for the first quarter 2026 were $470.5 million, compared to $388.0 million in the first quarter 2025. The increase in sales was primarily due to higher military project revenue and military sales, and higher commercial ammunition sales. First quarter 2026 segment earnings were $15.2 million, compared to $22.8 million in the first quarter 2025. The $7.6 million decrease in segment earnings was primarily due to higher raw material costs, primarily commodity metal costs, and higher operating costs, partially offset by higher commercial ammunition pricing and higher military project revenue. Winchester first quarter 2026 results included depreciation and amortization expense of $8.9 million compared to $9.5 million in the first quarter 2025.

CORPORATE AND OTHER COSTS

Other corporate and unallocated costs in the first quarter of 2026 increased $13.2 million compared to the first quarter 2025 primarily due to higher incentive costs, primarily mark-to-market on stock-based compensation, and an unfavorable impact from foreign currency.

LIQUIDITY AND DIVIDENDS

The cash balance on March 31, 2026, was $192.2 million. Olin ended the first quarter 2026 with net debt of approximately $2.8 billion and a net debt to adjusted EBITDA ratio of 5.1 times. On March 31, 2026, Olin had available liquidity of approximately $1.3 billion, including unrestricted access to the undrawn portion of its revolving credit facility. Working capital increased $56.8 million in the first quarter 2026 due to normal seasonality tempered by a disciplined cash management approach.

On April 29, 2026, Olin’s Board of Directors declared a dividend of $0.20 on each share of Olin common stock. The dividend is payable on June 12, 2026, to shareholders of record at the close of business on May 14, 2026. This will be the 398th consecutive quarterly dividend to be paid by the Company.

CONFERENCE CALL INFORMATION

Olin senior management will host a conference call to discuss first quarter 2026 financial results at 9:00 a.m. Eastern Time on Friday, May 8, 2026. Remarks will be followed by a question-and-answer session. Associated slides and the conference call webcast are accessible via Olin’s website, www.olin.com, under the first quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin’s website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.

COMPANY DESCRIPTION

Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets, along with contracted U.S. military project revenue.

Visit www.olin.com for more information on Olin Corporation.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements. 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. 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.

Forward-looking statements notice

We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, 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. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment 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 and other 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.

The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:

Business, Industry and Operational Risks

sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors 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 of and/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;
the occurrence 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 increased severity 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, political or 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 preventing our 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 and any 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-lived assets;

Legal, Environmental and Regulatory Risks

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 we operate;
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; and
various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts.

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 could affect the accuracy of our forward-looking statements.

2026-06

	Three Months Ended March 31,
Olin Corporation
Consolidated Statements of Operations (a)
($ in millions, except per share amounts)		2026		2025
Sales	$1,583.0		$1,644.2
Operating Expenses:
Cost of Goods Sold	1,507.2		1,495.5
Selling and Administrative	145.0		101.0
Restructuring Charges	9.1		4.0
Operating (Loss) Income	(78.3)		43.7
Losses of Non-consolidated Affiliates	(1.4)		-
Interest Expense	(43.2)		(48.5)
Interest Income	1.1		1.2
Non-operating Pension Income	3.5		5.7
Income (Loss) before Taxes	(118.3)		2.1
Income Tax (Benefit) Provision	(35.3)		0.9
Net (Loss) Income	(83.0)		1.2
Net Loss Attributable to Noncontrolling Interests	-		(0.2)
Net (Loss) Income Attributable to Olin Corporation	$(83.0)		$1.4
Net (Loss) Income Attributable to Olin Corporation per Common Share:
Basic	$(0.73)		$0.01
Diluted	$(0.73)		$0.01
Dividends per Common Share	$0.20		$0.20
Average Common Shares Outstanding - Basic	113.8		115.3
Average Common Shares Outstanding - Diluted	113.8		116.6
(a) Unaudited.

	Three Months Ended March 31,
Olin Corporation
Segment Information (a)
($ in millions)		2026		2025
Sales:
Chlor Alkali Products and Vinyls	$756.9		$924.5
Epoxy	355.6		331.7
Winchester	470.5		388.0
Total Sales	$1,583.0		$1,644.2
Income (Loss) before Taxes:
Chlor Alkali Products and Vinyls	$(44.5)		$78.3
Epoxy	(2.9)		(28.4)
Winchester	15.2		22.8
Corporate/Other:
Environmental Expense	(5.2)		(5.0)
Other Corporate and Unallocated Costs	(33.2)		(20.0)
Restructuring Charges	(9.1)		(4.0)
Interest Expense	(43.2)		(48.5)
Interest Income	1.1		1.2
Non-operating Pension Income	3.5		5.7
Income (Loss) before Taxes	$(118.3)		$2.1
(a) Unaudited.

	March 31,		December 31,		March 31,
Olin Corporation
Consolidated Balance Sheets (a)
($ in millions, except per share data)		2026		2025		2025
Assets:
Cash and Cash Equivalents	$192.2		$167.6		$174.0
Accounts Receivable, Net	915.4		844.5		1,107.3
Income Taxes Receivable	58.7		66.6		15.8
Inventories, Net	827.2		784.5		875.2
Other Current Assets	103.2		107.9		79.0
Total Current Assets	2,096.7		1,971.1		2,251.3
Property, Plant and Equipment (Less Accumulated Depreciation of $5,565.6, $5,508.7 and $5,291.8)	2,129.3		2,196.9		2,266.5
Operating Lease Assets, Net	301.7		298.6		289.0
Deferred Income Taxes	45.4		47.2		54.5
Other Assets	1,188.2		1,210.0		1,171.6
Intangibles, Net	164.8		174.4		198.6
Goodwill	1,427.7		1,427.6		1,423.5
Total Assets	$7,353.8		$7,325.8		$7,655.0
Liabilities and Shareholders' Equity:
Current Installments of Long-term Debt	$ -		$109.7		$19.2
Accounts Payable	911.4		806.1		812.0
Income Taxes Payable	13.1		23.9		116.9
Current Operating Lease Liabilities	60.5		59.7		62.5
Accrued Liabilities	558.7		630.1		428.4
Total Current Liabilities	1,543.7		1,629.5		1,439.0
Long-term Debt	2,996.1		2,717.6		3,016.6
Operating Lease Liabilities	254.3		252.5		231.9
Accrued Pension Liability	198.3		200.9		207.6
Deferred Income Taxes	280.7		317.6		417.9
Other Liabilities	346.0		337.1		303.9
Total Liabilities	5,619.1		5,455.2		5,616.9
Commitments and Contingencies
Shareholders' Equity:
Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and Outstanding 113.9, 113.6 and 115.1 Shares	113.9		113.6		115.1
Additional Paid-in Capital	4.8		-		-
Accumulated Other Comprehensive Loss	(418.4)		(414.5)		(430.6)
Retained Earnings	2,034.0		2,139.8		2,321.5
Olin Corporation's Shareholders' Equity	1,734.3		1,838.9		2,006.0
Noncontrolling Interests	0.4		31.7		32.1
Total Equity	1,734.7		1,870.6		2,038.1
Total Liabilities and Equity	$7,353.8		$7,325.8		$7,655.0
(a) Unaudited.

		Three Months Ended March 31,
Olin Corporation
Consolidated Statements of Cash Flows (a)
($ in millions)			2026		2025
Operating Activities:
Net (Loss) Income		$(83.0)		$1.2
Depreciation and Amortization		117.2		132.2
Losses of Non-consolidated Affiliates		1.4		-
Stock-based Compensation		4.7		4.0
Deferred Income Taxes		(34.3)		(18.2)
Qualified Pension Plan Contributions		(0.3)		(0.1)
Qualified Pension Plan Income		(3.0)		(5.0)
Changes in Assets and Liabilities:
Receivables		(73.9)		(98.2)
Income Taxes Receivable/Payable		(2.8)		(34.0)
Inventories		(44.3)		(43.9)
Other Current Assets		1.5		4.2
Accounts Payable and Accrued Liabilities		62.7		(32.5)
Other Assets		1.5		4.6
Other Noncurrent Liabilities		6.6		1.1
Other Operating Activities		(2.6)		(1.4)
Net Operating Activities		(48.6)		(86.0)
Investing Activities:
Capital Expenditures		(43.7)		(61.4)
Investments in Non-consolidated Affiliates		(0.3)		-
Other Investing Activities		1.0		(1.0)
Net Investing Activities		(43.0)		(62.4)
Financing Activities:
Long-term Debt Borrowings, Net		170.3		199.9
Common Stock Repurchased and Retired		-		(20.2)
Stock Options Exercised		2.1		1.9
Dividends Paid		(22.8)		(23.0)
Distributions to Noncontrolling Interests		(31.3)		-
Debt Issuance Costs		(2.1)		(12.0)
Net Financing Activities		116.2		146.6
Effect of Exchange Rate Changes on Cash and Cash Equivalents		-		0.2
Net Increase (Decrease) in Cash and Cash Equivalents		24.6		(1.6)
Cash and Cash Equivalents, Beginning of Year		167.6		175.6
Cash and Cash Equivalents, End of Period		$192.2		$174.0
(a)	Unaudited.

	Three Months Ended March 31,
Olin Corporation
Non-GAAP Financial Measures - Adjusted EBITDA (a)
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.
($ in millions)		2026		2025
Reconciliation of Net (Loss) Income to Adjusted EBITDA:
Net (Loss) Income	$(83.0)		$1.2
Add Back:
Interest Expense	43.2		48.5
Interest Income	(1.1)		(1.2)
Income Tax (Benefit) Provision	(35.3)		0.9
Depreciation and Amortization	117.2		132.2
EBITDA	41.0		181.6
Add Back:
Restructuring Charges	9.1		4.0
Legacy Litigation Matters	36.1		-
Adjusted EBITDA	$86.2		$185.6
(a)	Unaudited.

	March 31,		December 31,		March 31,
Olin Corporation
Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA (a)
Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. 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. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.
($ in millions)		2026		2025		2025
Current Installments of Long-term Debt	$ -		$109.7		$19.2
Long-term Debt	2,996.1		2,717.6		3,016.6
Total Debt	2,996.1		2,827.3		3,035.8
Less: Cash and Cash Equivalents	(192.2)		(167.6)		(174.0)
Net Debt	$2,803.9		$2,659.7		$2,861.8
Trailing Twelve Months Adjusted EBITDA (b)	$552.4		$651.8		$817.4
Net Debt to Adjusted EBITDA	5.1		4.1		3.5
(a)	Unaudited.
(b)	Trailing Twelve Months Adjusted EBITDA as of March 31, 2026 is calculated as the three months ended March 31, 2026 plus the year ended December 31, 2025 less the three months ended March 31, 2025. Trailing Twelve Months Adjusted EBITDA as of March 31, 2025 is calculated as the three months ended March 31, 2025 plus the year ended December 31, 2024 less the three months ended March 31, 2024.

Contacts
Steve Keenan
(314) 719-1755
InvestorRelations@Olin.com