Dow Q3 Report 2023

FINANCIAL HIGHLIGHTS

• Net sales were $10.7 billion, down 24% versus the year-ago period, reflecting declines in all operating
  segments due to slower global macroeconomic activity. Sales were down 6% sequentially, as volume gains
  were more than offset by lower local prices.
• Volume decreased 6% versus the year-ago period, mainly due to declines in the merchant Hydrocarbons &
  Energy sales. Sequentially, volume increased by 1%, and was up 3% excluding merchant Hydrocarbons &
  Energy sales, with gains across all operating segments.
• Local price decreased 18% year-over-year, with declines in all operating segments and regions, primarily due to lower feedstock and energy costs. Sequentially, local price was down 7%, primarily reflecting lower prices in Europe, the Middle East, Africa, and India (EMEAI).
• Currency was flat year-over-year and sequentially.
• Equity losses were $7 million, compared to equity losses of $58 million in the year-ago period and $57 million
  in the prior quarter, with improved results at all of the Company’s principal joint ventures, primarily Sadara.
• GAAP net income was $327 million. Operating EBIT was $626 million, down from $1.2 billion in the year-ago period, primarily driven by lower local prices. Sequentially, Op. EBIT was down $259 million, driven by declines in Packaging & Specialty Plastics and partially offset by Industrial Intermediates & Infrastructure
  and Performance Materials & Coatings.