Highlights

◆  Fourth quarter 2023 net income of $52.9 million, or $0.43 per diluted share

◆  Quarterly adjusted EBITDA of $210.1 million

◆  Share repurchases of $711.3 million in 2023

◆  Expect 2024 adjusted EBITDA to improve from 2023

Clayton, MO, January 25, 2024 – Olin Corporation (NYSE: OLN) announced financial results for the

fourth quarter ended December 31, 2023. Fourth quarter 2023 reported net income was $52.9 million, or

$0.43 per diluted share, which compares to fourth quarter 2022 reported net income of $196.6 million,

or $1.43 per diluted share. Fourth quarter 2023 adjusted EBITDA of $210.1 million excludes

depreciation and amortization expense of $128.5 million, insurance recoveries of $22.0 million, and

restructuring income of $2.4 million. Fourth quarter 2022 adjusted EBITDA was $441.8 million. Sales

in the fourth quarter 2023 were $1,614.6 million, compared to $1,977.0 million in the fourth quarter

2022. Full year 2023 reported net income was $460.2 million, or $3.57 per diluted share, which

compares to full year 2022 reported net income of $1,326.9 million, or $8.94 per diluted share.

Scott Sutton, Chairman, President, and Chief Executive Officer, said, “Through the challenging

economic environment of 2023, Olin successfully demonstrated our unique winning model by delivering

$1.3 billion of adjusted EBITDA and corresponding cash flows enabling the 2023 repurchase of

approximately 10% of our outstanding shares. As we are confident in our Company’s future and the

strength of our earnings and cash flow, we plan to continue our capital allocation strategy, while

committing to maintain an investment-grade balance sheet and achieving additional investment-grade

credit ratings.

“In fourth quarter 2023, we executed a ‘value accelerator initiative’ designed to halt the decline in our

electrochemical unit (“ECU”) values and accelerate a favorable inflection point for our Chlor Alkali

Products and Vinyls business. We are seeing success with our ‘value accelerator initiative’ but expect to

continue to limit our market participation through February 2024, as we remain disciplined in our

approach to ECU values. We anticipate our initiative supports an improved 2024 adjusted EBITDA as

compared to 2023. Considering the ongoing difficult global economic environment and our ‘value

accelerator initiative,’ we expect first quarter 2024 results from our Chemical businesses to be slightly

higher than fourth quarter 2023 levels. We also expect our Winchester business first quarter 2024 results

to increase sequentially from fourth quarter 2023. Overall, we expect Olin’s first quarter 2024 adjusted

EBITDA to improve by approximately 10% from fourth quarter 2023 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.

CHLOR ALKALI PRODUCTS AND VINYLS

In first quarter 2023, the Blue Water Alliance joint venture began operations and is consolidated in our

Chlor Alkali Products and Vinyls segment. Chlor Alkali Products and Vinyls sales for the fourth quarter

2023 were $906.1 million, compared to $1,172.8 million in the fourth quarter 2022. The decrease in

Chlor Alkali Products and Vinyls sales was primarily due to lower pricing and a less favorable product

mix. Fourth quarter 2023 segment earnings were $65.9 million, compared to $252.3 million in the fourth

quarter 2022. The $186.4 million decrease in segment earnings was primarily due to lower volumes and

lower pricing, primarily caustic soda, partially offset by lower raw material and operating costs. The

Chlor Alkali Products and Vinyls fourth quarter 2023 segment results were negatively impacted by

approximately $100 million from the ‘value accelerator initiative.’ Chlor Alkali Products and Vinyls

fourth quarter 2023 results included depreciation and amortization expense of $105.4 million compared

to $117.6 million in the fourth quarter 2022.

EPOXY

Epoxy sales for the fourth quarter 2023 were $313.1 million, compared to $484.2 million in the fourth

quarter 2022. The decrease in Epoxy sales was primarily due to lower product pricing and $94.0 million

of lower cumene and bisphenol A sales. As part of the Epoxy business restructuring actions to right-size

our global asset footprint to the most cost-effective asset base to support our strategic operating model,

the Epoxy business ceased operations at our cumene facility in Terneuzen, Netherlands in first quarter

2023 and one of our bisphenol A production lines at our Stade, Germany facility in fourth quarter 2022.

Fourth quarter 2023 segment loss was ($23.1) million, compared to segment earnings of $30.5 million in

the fourth quarter 2022. The $53.6 million decrease in Epoxy segment earnings was primarily due to

lower pricing and incremental costs associated with inventory reduction, partially offset by lower raw

material and operating costs, mainly decreased natural gas and electrical power costs, and an improved

product mix. Epoxy fourth quarter 2023 results included depreciation and amortization expense of $13.0

million compared to $22.4 million in the fourth quarter 2022.

WINCHESTER

In fourth quarter 2023, we completed the acquisition of the White Flyer business, which was included in

our Winchester segment. White Flyer designs, manufactures and sells recreational trap, skeet,

international and sporting clay targets. Winchester sales for the fourth quarter 2023 were $395.4 million,

compared to $320.0 million in the fourth quarter 2022. The increase in Winchester sales was primarily

due to higher commercial ammunition shipments, higher domestic and international military sales, and

White Flyer sales. Fourth quarter 2023 segment earnings were $65.4 million, compared to $45.7 million

in the fourth quarter 2022. The $19.7 million increase in segment earnings was primarily due to higher

commercial ammunition shipments, higher military sales, and lower operating costs, partially offset by

lower commercial ammunition pricing. Winchester fourth quarter 2023 results included depreciation and

amortization expense of $8.1 million compared to $6.4 million in the fourth quarter 2022.

CORPORATE AND OTHER COSTS

Other corporate and unallocated costs in fourth quarter of 2023 decreased $12.0 million compared to

fourth quarter 2022 primarily due to lower stock-based compensation, including mark-to-market

adjustments, a favorable foreign currency impact, and lower legal-related costs.

LIQUIDITY AND SHARE REPURCHASES

The cash balance on December 31, 2023, was $170.3 million and Olin ended the year with net debt of

approximately $2.5 billion and a net debt to adjusted EBITDA ratio of 1.9 times. On December 31,

2023, Olin had approximately $1.3 billion of available liquidity.

During fourth quarter 2023, approximately 2.5 million shares of common stock were repurchased at a

cost of $116.2 million. During 2023, approximately 13.3 million shares of common stock were

repurchased at a cost of $711.3 million. On December 31, 2023, Olin had approximately $1.0 billion

available under its current share repurchase authorization.

CONFERENCE CALL INFORMATION

Olin senior management will host a conference call to discuss fourth quarter 2023 financial results at

9:00 a.m. Eastern time on Friday, January 26, 2024. 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.