Dow — Jan 29, 2026 release

As we move forward, Transform to Outperform represents a comprehensive and radical simplification of our operating model. It aims to deliver step-change productivity across every business and function and growth with our customers. We expect these efforts to provide at least $2 billion in additional near-term earnings while helping Dow set new competitive standards and improve shareholder returns.” SEGMENT HIGHLIGHTS Packaging & Specialty Plastics Three Months Ended Dec 31 Three Months Ended Sep 30 In millions 4Q25 4Q24 vs. SQLY [B / (W)] 3Q25 vs. PQ [B / (W)] Net Sales $ 4,744  $ 5,315  $ (571) $ 4,891  $ (147) Operating EBIT $ 215  $ 447  $ (232) $ 199  $ 16  Equity Earnings (Losses) $ (5) $ (15) $ 10  $ (6) $ 1  Packaging & Specialty Plastics segment net sales in the quarter were $4.7 billion, down 11% versus the year-ago period 1 . Local price decreased 9% year-over-year, primarily driven by lower downstream polymer prices. Currency increased net sales by 1%. Volume decreased 2% year-over-year, driven by lower merchant olefins sales in EMEAI following the idling of one of our crackers in the region earlier in the year. On a sequential basis, net sales declined, primarily driven by lower prices for downstream polymers, which were partly offset by higher licensing revenue. Equity losses for the segment were $5 million, an improvement of $10 million compared to the prior year, primarily driven by lower fixed costs at Sadara. Sequentially, equity earnings were f