Dow Q1 Report 2023

FINANCIAL HIGHLIGHTS

• Net sales were $11.9 billion, down 22% versus the year-ago period, reflecting declines in all operating segments
  driven by slower global macroeconomic activity. Sales were flat sequentially, as gains in Performance Materials
  & Coatings and Packaging & Specialty Plastics offset declines in Industrial Intermediates & Infrastructure.
• Volume decreased 11% versus the year-ago period, led by a 15% decline in Europe, the Middle East, Africa,
  and India (EMEAI). Sequentially, volume increased by 2%, due to gains in Performance Materials & Coatings
  and Packaging & Specialty Plastics.
• Local price declined 10% versus the year-ago period and 4% sequentially, with declines in all operating
  segments and regions due to industry supply additions amidst continued soft global economic conditions.
• Currency decreased net sales by 1% year-over-year, and increased net sales by 2% sequentially.
• Equity losses were $48 million, compared to equity earnings of $174 million in the year-ago period, driven by
  declines at the Company’s principal joint ventures. Equity losses were $43 million in the prior quarter.
  Sequentially, the earnings decline was primarily driven by planned maintenance activity at Sadara.
• GAAP net loss was $73 million. Operating EBIT1 was $708 million, down $1.7 billion versus the year-ago period, with declines in all operating segments due to lower local prices and reduced operating rates to match market dynamics. Sequentially, Op. EBIT was up $107 million, primarily driven by Performance Materials & Coatings.