Olin Announces Fourth Quarter 2025 Results

Highlights

CLAYTON, Mo., Jan. 29, 2026 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2025. Fourth quarter 2025 reported net loss was ($85.7) million, or ($0.75) per diluted share, which compares to fourth quarter 2024 reported net income of $10.7 million, or $0.09 per diluted share. Fourth quarter 2025 adjusted EBITDA of $67.7 million excludes depreciation and amortization expense of $125.7 million and restructuring charges of $19.1 million. Fourth quarter 2024 adjusted EBITDA was $193.4 million. Sales in the fourth quarter 2025 were $1,665.1 million, compared to $1,671.3 million in the fourth quarter 2024. Full year 2025 reported net loss was ($42.8) million, or ($0.37) per diluted share, which compares to full year 2024 reported net income of $108.6 million, or $0.91 per diluted share.

Ken Lane, President and Chief Executive Officer, said, "During the fourth quarter, we experienced continued headwinds related to the trough market environment exacerbated by customer destocking as well as planned maintenance turnarounds and unplanned operating events. Despite that, we remain committed to executing our value-first commercial approach and are focused on our Optimize the Core strategic priorities: operating safely and reliably, delivering our Beyond250 structural cost reductions and maximizing cash generation. We have begun to see benefits from our Beyond250 initiative, realizing a $44 million reduction in structural costs in 2025. As a result of proactive actions taken, we generated $321.2 million of operating cash flow in fourth quarter 2025 and ended the year with net debt comparable to year-end 2024.

"Operational challenges and weaker than expected chlorine demand impacted our Chlor Alkali Products and Vinyls segment fourth quarter 2025 performance. Our Chlor Alkali Products and Vinyls business remains committed to maintaining our operating discipline and preserving our Electrochemical Unit (ECU) values in the current trough environment."

Lane continued, "Although global epoxy demand remains challenged, as one of the last integrated and lowest cost epoxy producers, we have grown our participation in the United States and European epoxy markets, despite continued market saturation from subsidized Asian competitors. We also continue to grow sales of our formulated solutions products. Given these results, in combination with the benefits from our new Stade, Germany supply agreement and our on-going Beyond250 initiative to reduce structural costs, including the recent decision to close our Guarujá, Brazil Epoxy production site, we anticipate our Epoxy business will return to profitability in 2026.

"Winchester's fourth quarter 2025 efforts to right-size inventories in the value chain have accelerated channel destocking. Winchester continues to experience rising raw material costs, including copper, brass, and propellant. To help mitigate these significant cost pressures, Winchester is implementing increased commercial ammunition pricing for the first quarter 2026. Our military business continues to deliver strong growth."

Commenting on Olin's outlook for first quarter 2026, Lane continued, "As a result of upcoming sequentially higher planned maintenance turnaround costs and higher raw material costs, including increased electrical power costs, we expect first quarter 2026 results from our Chemicals businesses to be lower than fourth quarter 2025. In our Winchester business, as commercial customer inventories become more normalized, we expect our first quarter 2026 results to modestly increase from fourth quarter 2025. Overall, we expect Olin's first quarter 2026 adjusted EBITDA to be lower than fourth quarter 2025 levels."

SEGMENT REPORTING

Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments.

CHLOR ALKALI PRODUCTS AND VINYLS

Chlor Alkali Products and Vinyls sales for the fourth quarter 2025 were $856.4 million, compared to $953.7 million in the fourth quarter 2024. The decrease in sales was primarily due to lower pricing, partially offset by higher volumes. Fourth quarter 2025 segment loss was ($14.7) million, compared to segment earnings of $75.2 million in the fourth quarter 2024. The $89.9 million decrease in segment earnings was primarily due to lower pricing and higher operating costs, primarily from unabsorbed fixed costs incurred from production disruptions and planned maintenance turnarounds, partially offset by higher volumes and decreased costs associated with products purchased from other parties. Chlor Alkali Products and Vinyls fourth quarter 2025 results included depreciation and amortization expense of $101.1 million compared to $105.5 million in the fourth quarter 2024.

EPOXY

Epoxy sales for the fourth quarter 2025 were $359.3 million, compared to $282.2 million in the fourth quarter 2024. The increase in sales was primarily due to higher volumes. Fourth quarter 2025 segment loss was ($19.2) million, compared to segment loss of ($27.4) million in the fourth quarter 2024. The $8.2 million increase in segment results was due to higher volumes and a favorable product mix, partially offset by higher operating costs, primarily from planned maintenance turnarounds. Product margins were comparable year over year. Epoxy fourth quarter 2025 results included depreciation and amortization expense of $12.6 million compared to $13.1 million in the fourth quarter 2024.

WINCHESTER

Winchester sales for the fourth quarter 2025 were $449.4 million, compared to $435.4 million in the fourth quarter 2024. Sales were comparable as higher military sales and military project revenue were offset by lower commercial ammunition sales. Fourth quarter 2025 segment earnings were $0.6 million, compared to $42.0 million in the fourth quarter 2024. The $41.4 million decrease in segment earnings was primarily due to lower commercial ammunition pricing and shipments and higher operating and raw material costs, including propellant and commodity metal costs. Winchester fourth quarter 2025 results included depreciation and amortization expense of $9.0 million compared to $9.1 million in the fourth quarter 2024.

CORPORATE AND OTHER COSTS

Other corporate and unallocated costs in the fourth quarter 2025 were $1.5 million lower than the fourth quarter 2024 as lower legal and legal-related settlement costs, were partially offset by higher incentive costs, including mark-to-market adjustments on stock-based compensation.

RESTRUCTURING CHARGES

Restructuring charges in the fourth quarter of 2025 included a charge of $9.6 million, including a $4.1 million non-cash asset impairment charge, for the planned closure of our epoxy resin manufacturing facility in Guarujá, Brazil in the first quarter 2026. Olin expects to realize structural cost savings of approximately $10 million annually, while continuing to serve our Brazilian epoxy customers.

LIQUIDITY AND SHARE REPURCHASES

The cash balance on December 31, 2025, was $167.6 million. Olin ended the fourth quarter 2025 with net debt of approximately $2.7 billion and a net debt to adjusted EBITDA ratio of 4.1 times. On December 31, 2025, Olin had available liquidity of approximately $1.0 billion.

During fourth quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of $10.1 million. During 2025, approximately 2.2 million shares of common stock were repurchased at a cost of $50.5 million. On December 31, 2025, Olin had approximately $1.9 billion available under its share repurchase authorizations.

CONFERENCE CALL INFORMATION

Olin senior management will host a conference call to discuss fourth quarter 2025 financial results at 9:00 a.m. Eastern Time on Friday, January 30, 2026. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin's website, www.olin.com, under the fourth quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.

COMPANY DESCRIPTION

Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.

Visit www.olin.com for more information on Olin Corporation.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:

Business, Industry and Operational Risks

Legal, Environmental and Regulatory Risks

All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.

2026-03

Olin Corporation

Consolidated Statements of Operations (a)

Three Months Ended

December 31,

Years Ended

December 31,

($ in millions, except per share amounts)

2025

2024

2025

2024

Sales

$ 1,665.1

$ 1,671.3

$ 6,780.8

$ 6,540.1

Operating Expenses:

Cost of Goods Sold

1,633.8

1,513.4

6,279.3

5,802.6

Selling and Administrative

94.0

100.3

388.3

408.5

Restructuring Charges

19.1

10.3

33.4

33.3

Other Operating Income

0.3

—

0.5

0.8

Operating (Loss) Income

(81.5)

47.3

80.3

296.5

Losses of Non-consolidated Affiliates

(0.7)

—

(3.1)

—

Interest Expense

(46.2)

(44.9)

(188.3)

(184.5)

Interest Income

0.4

1.0

4.4

3.7

Non-operating Pension Income

5.1

6.6

20.6

26.0

Income (Loss) before Taxes

(122.9)

10.0

(86.1)

141.7

Income Tax (Benefit) Provision

(37.4)

(0.1)

(42.7)

36.7

Net (Loss) Income

(85.5)

10.1

(43.4)

105.0

Net Income (Loss) Attributable to Noncontrolling Interests

0.2

(0.6)

(3.6)

Net (Loss) Income Attributable to Olin Corporation

$ (85.7)

$ 10.7

$ (42.8)

$ 108.6

Net (Loss) Income Attributable to Olin Corporation per Common Share:

Basic

$ (0.75)

$ 0.09

$ (0.37)

$ 0.92

Diluted

$ (0.75)

$ 0.09

$ (0.37)

$ 0.91

Dividends per Common Share

$ 0.20

$ 0.80

Average Common Shares Outstanding - Basic

113.9

116.1

114.6

117.8

Average Common Shares Outstanding - Diluted

113.9

117.3

114.6

119.5

(a) Unaudited.

Olin Corporation

Segment Information (a)

Three Months Ended

December 31,

Years Ended

December 31,

($ in millions)

2025

2024

2025

2024

Sales:

Chlor Alkali Products and Vinyls

$ 856.4

$ 953.7

$ 3,684.4

$ 3,630.2

Epoxy

359.3

282.2

1,371.8

1,226.3

Winchester

449.4

435.4

1,724.6

1,683.6

Total Sales

$ 1,665.1

$ 1,671.3

$ 6,780.8

$ 6,540.1

Income (Loss) before Taxes:

Chlor Alkali Products and Vinyls

$ (14.7)

$ 75.2

$ 256.1

$ 296.4

Epoxy

(19.2)

(27.4)

(103.5)

(85.0)

Winchester

0.6

42.0

67.7

237.9

Corporate/Other:

Environmental Expense

(10.2)

(10.8)

(24.5)

(30.2)

Other Corporate and Unallocated Costs

(19.9)

(21.4)

(85.7)

(90.1)

Restructuring Charges

(19.1)

(10.3)

(33.4)

(33.3)

Other Operating Income

0.3

—

0.5

0.8

Interest Expense

(46.2)

(44.9)

(188.3)

(184.5)

Interest Income

0.4

1.0

4.4

3.7

Non-operating Pension Income

5.1

6.6

20.6

26.0

Income (Loss) before Taxes

$ (122.9)

$ 10.0

$ (86.1)

$ 141.7

(a) Unaudited.

Olin Corporation

Consolidated Balance Sheets (a)

December 31,

($ in millions, except per share data)

2025

2024

Assets:

Cash and Cash Equivalents

$ 167.6

$ 175.6

Accounts Receivable, Net

844.5

1,007.8

Income Taxes Receivable

66.6

11.5

Inventories, Net

784.5

823.5

Other Current Assets

107.9

61.4

Total Current Assets

1,971.1

2,079.8

Property, Plant and Equipment (Less Accumulated Depreciation of $5,508.7 and $5,189.2)

2,196.9

2,328.4

Operating Lease Assets, Net

298.6

302.2

Deferred Income Taxes

47.2

53.4

Other Assets

1,210.0

1,185.1

Intangibles, Net

174.4

206.6

Goodwill

1,427.6

1,423.6

Total Assets

$ 7,325.8

$ 7,579.1

Liabilities and Shareholders' Equity:

Current Installments of Long-term Debt

$ 16.3

$ 129.0

Accounts Payable

806.1

861.6

Income Taxes Payable

23.9

141.3

Current Operating Lease Liabilities

59.7

64.8

Accrued Liabilities

555.1

435.5

Total Current Liabilities

1,461.1

1,632.2

Long-term Debt

2,811.0

2,713.2

Operating Lease Liabilities

252.5

243.2

Accrued Pension Liability

200.9

197.7

Deferred Income Taxes

334.9

430.5

Other Liabilities

337.1

306.9

Total Liabilities

5,397.5

5,523.7

Commitments and Contingencies

Shareholders' Equity:

Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and

Outstanding 113.6 and 115.7 Shares

113.6

115.7

Accumulated Other Comprehensive Loss

(414.5)

(450.1)

Retained Earnings

2,197.5

2,357.5

Olin Corporation's Shareholders' Equity

1,896.6

2,023.1

Noncontrolling Interests

31.7

32.3

Total Equity

1,928.3

2,055.4

Total Liabilities and Equity

$ 7,325.8

$ 7,579.1

(a) Unaudited.

Olin Corporation

Consolidated Statements of Cash Flows (a)

Years Ended December 31,

($ in millions)

2025

2024

Operating Activities:

Net (Loss) Income

$ (43.4)

$ 105.0

Depreciation and Amortization

521.6

518.1

Losses of Non-consolidated Affiliates

3.1

—

Stock-based Compensation

20.7

17.1

Write-off of Equipment and Facility Included in Restructuring Charges

4.1

—

Deferred Income Taxes

(96.0)

(33.7)

Qualified Pension Plan Contributions

(0.7)

(1.3)

Qualified Pension Plan Income

(18.1)

(23.3)

Changes in Assets and Liabilities:

Receivables

123.7

(119.4)

Income Taxes Receivable/Payable

(179.8)

(1.6)

Inventories

80.0

25.9

Other Current Assets

(8.8)

2.4

Accounts Payable and Accrued Liabilities

53.0

72.8

Other Assets

(7.3)

(28.4)

Other Noncurrent Liabilities

22.3

(35.1)

Other Operating Activities

(0.2)

4.7

Net Operating Activities

474.2

503.2

Investing Activities:

Capital Expenditures

(226.3)

(195.1)

Business Acquired in Purchase Transaction, Net of Cash Acquired

(55.8)

—

Payments under Other Long-term Supply Contracts

(31.0)

(58.6)

Investments in Non-consolidated Affiliates

(1.8)

(23.0)

Other Investing Activities

(4.7)

(7.0)

Net Investing Activities

(319.6)

(283.7)

Financing Activities:

Long-term Debt (Repayments) Borrowings, Net

(11.2)

169.7

Common Stock Repurchased and Retired

(50.5)

(300.3)

Stock Options Exercised

2.3

23.9

Employee Taxes Paid for Share-based Payment Arrangements

—

(10.5)

Dividends Paid

(91.6)

(94.2)

Debt Issuance Costs

(12.0)

(1.2)

Net Financing Activities

(163.0)

(212.6)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

0.4

(1.6)

Net (Decrease) Increase in Cash and Cash Equivalents

(8.0)

5.3

Cash and Cash Equivalents, Beginning of Year

175.6

170.3

Cash and Cash Equivalents, End of Year

$ 167.6

$ 175.6

(a) Unaudited.

Olin Corporation

Non-GAAP Financial Measures - Adjusted EBITDA (a)

Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus

an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense

(income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial

measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the

financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-

GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and

Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-

looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release

because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the

inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations.

In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including

interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because

of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect

these adjustments to have a potentially significant impact on our future GAAP financial results.

Three Months Ended

December 31,

Years Ended

December 31,

($ in millions)

2025

2024

2025

2024

Reconciliation of Net (Loss) Income to Adjusted EBITDA:

Net (Loss) Income

$ (85.5)

$ 10.1

$ (43.4)

$ 105.0

Add Back:

Interest Expense

46.2

44.9

188.3

184.5

Interest Income

(0.4)

(1.0)

(4.4)

(3.7)

Income Tax (Benefit) Provision

(37.4)

(0.1)

(42.7)

36.7

Depreciation and Amortization

125.7

129.2

521.6

518.1

EBITDA

48.6

183.1

619.4

840.6

Add Back:

Restructuring Charges

19.1

10.3

33.4

33.3

Environmental Recoveries

—

(1.0)

—

Adjusted EBITDA

$ 67.7

$ 193.4

$ 651.8

$ 873.9

(a) Unaudited.

Olin Corporation

Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA (a)

Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any

reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash

equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-

back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income),

restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial

measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our

indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity

determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to

similarly titled measures of other companies.

December 31,

($ in millions)

2025

2024

Current Installments of Long-term Debt

$ 16.3

$ 129.0

Long-term Debt

2,811.0

2,713.2

Total Debt

2,827.3

2,842.2

Less: Cash and Cash Equivalents

(167.6)

(175.6)

Net Debt

$ 2,659.7

$ 2,666.6

Adjusted EBITDA

$ 651.8

$ 873.9

Net Debt to Adjusted EBITDA

4.1

3.1

(a) Unaudited.

SOURCE Olin Corporation