Westlake Q1 Report 2023

Solid financial results reflecting sequential improvement against an uncertain macroeconomic backdrop:
▪ Net sales of $3.4 billion, an increase of 2% vs. fourth quarter 2022 net sales
▪ Net income of $394 million, an increase of 70% vs. fourth quarter 2022 net income
▪ EBITDA(1) of $825 million, an increase of 33% vs. fourth quarter 2022 EBITDA
▪ Volume increased 5% vs. fourth quarter 2022 due to increased seasonal construction activity
▪ Feedstock and energy costs fell in the U.S. and Europe on both a sequential and YoY basis
▪ Achieved approximately $25 million of cost savings in the first quarter towards our 2023 target of $55 – $105 million
▪ Strong balance sheet with $2.4 billion of cash and cash equivalents and $4.9 billion of gross debt
locked in at interest rates averaging 3.2% with a weighted average maturity of more than 16 years.

Better global demand drove sequentially higher sales volume for most products with improved sales mix in PVC
resin and polyethylene as sales volume shifted back to domestic from export markets
+ Lower natural gas, ethane and ethylene prices reduced feedstock and energy costs in both the U.S. and Europe
+ HIP segment EBITDA margin stable YoY at 20% despite a 21% volume decline due to higher average selling
prices and lower raw material costs on both a sequential and YoY basis
– Building and construction demand fell on a YoY basis driving lower HIP and PVC sales volumes and lower PVC
average selling prices
– Recent improvement in polyethylene and PVC prices weren’t enough to offset price reductions in the second half
of 2022, driving lower average selling prices on both a sequential and YoY basis