FINANCIAL HIGHLIGHTS

• GAAP earnings per share was $0.73; operating earnings per share (EPS) 1 was $0.56, compared to $0.58 in

the year-ago period and $0.43 in the prior quarter. Operating EPS excludes significant items in the quarter,

including income tax-related items and restructuring and efficiency costs, totaling $0.17 per share.

• Net sales were $10.8 billion, down 9% versus the year-ago period. Sales were up 1% sequentially, driven by

gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure.

• Volume increased 1% versus the year-ago period, with gains in all regions except Europe, the Middle East,

Africa and India (EMEAI). Excluding Hydrocarbons & Energy, volume increased 5% year-over-year.

Sequentially, volume increased 1%, led by Performance Materials & Coatings. Excluding Hydrocarbons &

Energy, volume increased 3% sequentially.

• Local price decreased 10% year-over-year. Sequentially, local price was flat, as modest gains in EMEAI were

offset by slight declines in Asia Pacific and the U.S. & Canada.

• Currency was flat both year-over-year and sequentially.

• Equity earnings were $17 million, a $65 million improvement compared to the year-ago period and up

$24 million sequentially, reflecting improvements in all of the Company’s principal joint ventures.

• GAAP net income was $538 million. Operating EBIT1 was $674 million, down $34 million year-over-year,

driven by lower prices. Sequentially, Op. EBIT was up $115 million, reflecting gains in Performance Materials &

Coatings and Industrial Intermediates & Infrastructure.

• Cash provided by operating activities – continuing operations was $460 million, down $71 million year-overyear and down $1.2 billion compared to the prior quarter due to a normal seasonal increase in working capital, as sales progressively increased during the quarter.

• Returns to shareholders totaled $693 million in the quarter, including $493 million in dividends and $200 million in share repurchases.

SUMMARY FINANCIAL RESULTS

CEO QUOTE

Jim Fitterling, chair and chief executive officer, commented on the quarter:

“In the first quarter, we captured improving demand, maintained pricing and benefited from lower feedstock andenergy costs. The strength of our cost-advantaged positions around the world led to higher operating rates. As a result, Team Dow delivered volume growth and margin expansion sequentially across our diverse portfolio. We also delivered on our capital allocation priorities, including returning $693 million in cash to shareholders during the quarter.”

“Dow once again delivered top-quartile performance in our annual benchmarking on three-year average cash flow, margins, return on invested capital and shareholder remuneration. Each of these can be attributed to our consistent operating and financial discipline.”

SEGMENT HIGHLIGHTS

Packaging & Specialty Plastics 

Packaging & Specialty Plastics segment net sales in the quarter were $5.4 billion, down 11% versus the year-ago period. Local price decreased 8% year-over-year, primarily driven by lower energy and feedstock costs globally.

Currency was flat. Volume decreased 3% year-over-year, driven by declines in the Hydrocarbons & Energy business primarily due to higher downstream derivative polymer demand, as well as lighter feedslate cracking in Europe. On a sequential basis, net sales decreased by 4% as increased demand for functional polymers in all

regions was more than offset by lower merchant hydrocarbon and energy sales, as well as non-recurring licensing revenue.

Equity earnings were $25 million, an increase of $4 million compared to the year-ago period. Sequentially, equity earnings were down $15 million, driven by losses at our non-principal joint ventures and partly offset by lower equity losses at Sadara.

Operating EBIT was $605 million, a decrease of $37 million compared to the year-ago period, primarily due to lower integrated margins. Sequentially, Op. EBIT decreased by $59 million, as improved polyethylene integrated margins were more than offset by lower non-recurring licensing revenue and higher planned maintenance activity.

Packaging and Specialty Plasticsbusiness reported a net sales decline versus the year-ago period as improved demand for polyethylene, primarily in flexible food and specialty packaging, and for functional polymers in mobility and consumer end-markets, was more than offset by lower prices in all regions. Sequentially, net sales decreased due to lower non-recurring licensing sales, while derivative polymer sales remained resilient.

Hydrocarbons & Energy business reported a net sales decline compared to the year-ago period and sequentially, primarily due to higher internal derivative demand and lighter feedslate cracking, resulting in lower third-party hydrocarbon sales in EMEAI and the U.S. & Canada.

Industrial Intermediates & Infrastructure

Industrial Intermediates & Infrastructure segment net sales were $3 billion, down 11% versus the year-ago period. Local price declined 14% year-over-year. Currency decreased net sales by 1%. Volume was up 4% year-overyear, driven by gains in Polyurethanes & Construction Chemicals, primarily in EMEAI. On a sequential basis, net sales increased 2% as price and volume gains in the U.S. & Canada and EMEAI were partly offset by lower volumes in Asia Pacific due to typical Lunar New Year seasonality.

Equity losses for the segment were $15 million, an improvement of $58 million versus the year-ago period, driven by improvements at the Kuwait and Sadara joint ventures. Sequentially, equity losses improved by $42 million, driven primarily by lower equity losses at Sadara.

Operating EBIT was $87 million, compared to $123 million in the year-ago period, driven by lower prices in both businesses, which were partly offset by lower energy and feedstock costs, primarily in EMEAI, improved equity earnings, and volume gains in Polyurethanes & Construction Chemicals. On a sequential basis, operating EBIT was up $72 million, driven by improved equity earnings and higher operating rates, as well as lower energy and feedstock costs, primarily in EMEAI.

Polyurethanes & Construction Chemicals business reported a net sales decrease compared to the year-ago period, driven by local price declines which were partly offset by volume gains in all geographic regions. Sequentially, net sales were flat, as price and volume gains in the U.S. & Canada and EMEAI were offset by lower volumes in Asia Pacific, due to typical Lunar New Year seasonality, and in Latin America.

Industrial Solutions business reported a decrease in net sales compared to the year-ago period, driven by local price declines and the impact of an ongoing outage at Louisiana Operations. Sequentially, net sales increased, driven by volume gains in the U.S. & Canada and local price gains, which were partly offset by lower volumes in Asia Pacific, primarily due to lower ethylene oxide project-related catalyst sales.

Performance Materials & Coatings 

Performance Materials & Coatings segment net sales in the quarter were $2.2 billion, down 5% versus the yearago period. Local price decreased 9% year-over-year with declines in both businesses. Volume was up 4% yearover-year, driven by gains primarily in the U.S. & Canada and Latin America. On a sequential basis, net sales were up 14% driven by higher volumes in both businesses and all geographic regions, primarily from typical seasonality.

Operating EBIT was $41 million, compared to $35 million in the year-ago period, driven by volume growth and higher operating rates. Sequentially, Op. EBIT increased $102 million, driven by seasonally higher volumes and overall improved demand.

Consumer Solutions business reported a decrease in net sales versus the year-ago period, driven by lower prices in all geographic regions. Sequentially, net sales increased, driven by volume gains in all geographic regions and across most end-markets, led by higher volumes in siloxanes, seasonally higher volumes in building & construction and stronger demand for personal care applications.

Coatings & Performance Monomers business reported an increase in net sales compared to the year-ago period, driven by volume gains in all geographic regions, partly offset by lower local price. Sequentially, net sales increased due to seasonally higher volumes for building & construction end-markets, with gains across all geographic regions.

OUTLOOK

“In the near-term, demand in key end-markets from packaging and mobility to energy applications are trending sequentially higher and in-line with our expectations at the start of the year,” said Fitterling. “In addition, our highvalue organic growth investments and our advantaged portfolio position Dow well to deliver earnings growth and enhanced shareholder value as the economic recovery gathers strength. This allows us the financial flexibility to

advance our long-term Decarbonize & Grow and Transform the Waste strategies and capture more than $3 billion in underlying earnings improvement annually by 2030. We will share more about our strategic and financial priorities that will drive earnings growth and enable higher shareholder returns at our upcoming Investor Day on May 16, 2024.”