Dow Full-Year Report 2022

FINANCIAL HIGHLIGHTS

• Net sales were $11.9 billion, down 17% versus the year-ago period and 16% sequentially, reflecting declines
  in all operating segments driven by slower GDP growth and customer destocking.
• Local price declined 5% versus the year-ago period, driven by Packaging & Specialty Plastics. Sequentially,
  local price decreased 6% with declines in all operating segments and regions.
• Currency decreased net sales by 4% year-over-year and 1% versus the prior quarter, reflecting the impact of
  broad-based strength of the U.S. dollar.
• Volume decreased 8% versus the year-ago period, led by an 18% decline in Europe, the Middle East, Africa,
  and India (EMEAI), and destocking in building & construction and consumer durables end-markets in the U.S.
  & Canada. Sequentially, volume decreased by 9% with declines in all regions.
• Equity losses were $43 million, $267 million lower than the year-ago period, with declines at the Company’s
  principal joint ventures. Equity earnings improved by $15 million from the prior quarter, due to improved
  earnings at the Thai and Sadara joint ventures.
• GAAP net income was $647 million. Operating EBIT1 was $601 million, down $1.7 billion versus the year-ago
  period and down $594 million sequentially, with declines in all operating segments due to lower pricing and
  reduced operating rates to match market dynamics.
• The Company delivered 2022 full year net sales of $56.9 billion, versus $55 billion in 2021. GAAP net income
  was $4.6 billion, versus $6.4 billion in 2021. Operating EBIT was $6.6 billion, versus $9.5 billion in 2021. Cash
  provided by operating activities – continuing operations was $7.5 billion, up from $7.1 billion in 2021. The
  Company delivered a cash flow conversion1 of 80% and returns to shareholders totaled $4.3 billion, through
  $2.3 billion in share repurchases and $2 billion in dividends.