Dow Q3 Report 2022

FINANCIAL HIGHLIGHTS

• Net sales were $14.1 billion, down 5% versus the year-ago period, as gains in Performance Materials &
  Coatings were more than offset by declines in Industrial Intermediates & Infrastructure and Packaging &
  Specialty Plastics. Sequentially, sales were down 10% with declines in all operating segments and regions.
• Local price increased 3% versus the year-ago period, driven by Performance Materials & Coatings and
  Industrial Intermediates & Infrastructure. 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 due to broad-based
  strength of the U.S. dollar.
• Volume was down 4% versus the year-ago period, as a 12% decline in EMEAI more than offset 2% volume
  growth each in the U.S. & Canada and Asia Pacific. Sequentially, volume was down 3%, led by an 8% decline
  in EMEAI.
• Equity losses were $58 million, compared to equity earnings of $249 million in the year-ago period and
  $195 million in the prior quarter, led by margin compression in polyurethanes at Sadara and MEG at the Kuwait joint ventures.
• GAAP Net Income was $760 million. Operating EBIT1 was $1.2 billion, down from $2.9 billion in the year-ago
  period, as gains in Performance Materials & Coatings were more than offset by higher raw material and energy
  costs as well as lower equity earnings. Operating EBIT decreased from $2.4 billion in the prior quarter due to
  margin compression across all operating segments.