Dow Half-Year Report 2023

FINANCIAL HIGHLIGHTS

• Net sales were $11.4 billion, down 27% versus the year-ago period. Declines in all operating segments reflected
  lower demand and prices due to slower macroeconomic activity. Sales were down 4% sequentially, as volume
  gains were more than offset by lower local prices.
• Volume decreased 8% versus the year-ago period, led by a 14% decline in Europe, the Middle East, Africa,
  and India (EMEAI). Sequentially, volume increased by 1%, driven by gains in Asia Pacific and Latin America.
• Local price declined 18% versus the year-ago period and 5% sequentially, with declines in all operating segments and regions due to lower demand and global energy and feedstock costs.
• Currency decreased net sales by 1% year-over-year and was flat sequentially.
• Equity losses were $57 million, compared to equity earnings of $195 million in the year-ago period, primarily
  driven by declines at Sadara. Equity losses were $48 million in the prior quarter. Sequentially, the earnings
  decline was primarily driven by lower product prices, reflecting the impact of a slow recovery in China.
• GAAP net income was $501 million. Operating EBIT1 was $885 million, down from $2.4 billion in the year-ago
  period, with declines in all operating segments primarily driven by lower local prices. Sequentially, Op. EBIT was up $177 million, primarily driven by Packaging & Specialty Plastics.