Announcement • 19h
Dow and X-Energy Receive Environmental Assessment Approval from Nuclear Regulatory Commission for Advanced Nuclear Project in Texas Dow and X-energy, Inc. had the U.S. Nuclear Regulatory Commission complete its Environmental Assessment for Dow and X-energy's Construction Permit Application for a proposed advanced nuclear project in Seadrift, Texas. The NRC's review was completed ahead of schedule following a comprehensive independent analysis by the NRC, concluding with a Finding of No Significant Impact. Long Mott Generating Station is being developed through Dow's wholly owned subsidiary, Long Mott Energy, LLC under the U.S. Department of Energy's Advanced Reactor Demonstration Program. The proposed project would provide both electricity and high-temperature industrial steam to Dow's UCC Seadrift Operations, powering the production of more than 4 billion pounds of materials per year. Once complete, Long Mott Generating Station is expected to be the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America. The Finding of No Significant Impact conclusion on the Environmental Assessment follows an extensive independent analysis by NRC staff, evaluating potential impacts to air quality, water resources, and local species habitats under globally recognized safety and environmental standards. The NRC completed its environmental review in under one year, benefiting from X-energy's pre-licensing work on its XE-100 small modular reactor, and a comprehensive Construction Permit Application submittal that meets the federal requirements for the protection of public health, safety, and the environment. Dow and X-energy's Construction Permit Application included a 1,000+ page Environmental Report supported by year-long field surveys, groundwater monitoring wells with 12 months of water quality measurements, and engagement with multiple state agencies including the Texas Historical Commission, Texas Parks and Wildlife Department, and Texas General Land Office. Throughout the project, Dow and X-energy have taken a proactive approach to environmental mitigation by identifying sensitive habitats before finalizing the site layout, proposing facility siting to avoid impacts to protected resources, and designing around environmental constraints rather than mitigating for them after the fact. Since 2018, X-energy, and subsequently Dow, have worked with the NRC through extensive pre-application engagement to demonstrate the XE-100's safety profile. This technical foundation helps enable a predictable, well-defined regulatory process focused on site-specific factors rather than fundamental reactor safety questions, creating opportunities for enhanced efficiency throughout the licensing process. X-energy's XE-100 is an 80 MW high-temperature gas-cooled reactor designed to enable a minimal environmental footprint. The reactor's helium coolant does not become radioactive during operation, eliminating entire categories of radiological considerations and adverse environmental impacts. Minimal water requirements eliminate major aquatic ecosystem impacts, and the absence of cooling towers or water intake structures reduces both visual and environmental disruption, as well as site impact during construction. These design characteristics enable exceptional environmental protection while delivering reliable, clean energy for industrial applications. Reported Earnings • Apr 24
First quarter 2026 earnings released: US$0.74 loss per share (vs US$0.44 loss in 1Q 2025) First quarter 2026 results: US$0.74 loss per share (further deteriorated from US$0.44 loss in 1Q 2025). Revenue: US$9.79b (down 6.1% from 1Q 2025). Net loss: US$533.0m (loss widened 72% from 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Chemicals industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Apr 16
Dow Inc. Announces Chief Executive Officer Changes, Effective July 1, 2026 Dow Inc. announced that Jim Fitterling, Chair and Chief Executive Officer, will become Executive Chair of the Board, effective July 1, 2026. The Dow Board of Directors has appointed Karen S. Carter, currently Chief Operating Officer, as Chief Executive Officer, effective July 1, 2026. Carter will also join Dow's Board of Directors at that time. Richard Davis will continue to serve as Dow's Independent Lead Director. In his new role, Fitterling will continue to chair the Board and focus on long-term strategy, governance, and key external relationships, while supporting continuity in leadership and execution. A Proven Leader to Lead Dow Forward Karen S. Carter brings more than three decades of experience at Dow, with deep operational expertise and a strong track record of delivering results across the enterprise. As Chief Operating Officer, she has overseen business and operational performance company-wide, with responsibility for Dow's operating segments and key functional organizations, while strengthening customer engagement and accelerating innovation. Previously, Carter served as President of Dow's Packaging & Specialty Plastics, the company's largest operating segment, where she led value growth through asset upgrades, capacity expansions and improved reliability, while advancing circular economy solutions in close partnership with customers and brand owners. She has also held senior leadership roles across business, commercial, and corporate functions, giving her a uniquely holistic perspective on Dow's operations. Announcement • Apr 15
Dow Inc. Announces Board Changes, Effective July 1, 2026 Dow Inc. announced that Jim Fitterling, Chair and Chief Executive Officer, will become Executive Chair of the Board, effective July 1, 2026. The Dow Board of Directors has appointed Karen S. Carter, currently Chief Operating Officer, as Chief Executive Officer, effective July 1, 2026. Carter will also join Dow's Board of Directors at that time. Richard Davis will continue to serve as Dow's Independent Lead Director. In his new role, Fitterling will continue to chair the Board and focus on long-term strategy, governance, and key external relationships, while supporting continuity in leadership and execution. A Proven Leader to Lead Dow Forward Karen S. Carter brings more than three decades of experience at Dow, with deep operational expertise and a strong track record of delivering results across the enterprise. As Chief Operating Officer, she has overseen business and operational performance company-wide, with responsibility for Dow's operating segments and key functional organizations, while strengthening customer engagement and accelerating innovation. Previously, Carter served as President of Dow's Packaging &Specialty Plastics, the company's largest operating segment, where she led value growth through asset upgrades, capacity expansions and improved reliability, while advancing circular economy solutions in close partnership with customers and brand owners. She has also held senior leadership roles across business, commercial, and corporate functions, giving her a uniquely holistic perspective on Dow's operations. Announcement • Apr 11
Dow Inc. Declares Quarterly Dividend, Payable on June 12, 2026 The Board of Directors of Dow Inc. declared a quarterly dividend of 35 cents per share, payable June 12, 2026, to shareholders of record on May 29, 2026. New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Apr 07
Now 20% undervalued Over the last 90 days, the stock has risen 58% to €34.00. The fair value is estimated to be €42.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 2.7% in a year. Earnings are forecast to grow by 90% in the next year. Announcement • Mar 02
Dow Inc., Annual General Meeting, Apr 09, 2026 Dow Inc., Annual General Meeting, Apr 09, 2026. Announcement • Feb 13
Dow Inc. Declares Quarterly Dividend, Payable on March 13, 2026 Dow Inc. has declared a quarterly dividend of 35 cents per share, payable March 13, 2026, to shareholders of record on February 27, 2026. Reported Earnings • Jan 30
Full year 2025 earnings released: US$3.69 loss per share (vs US$1.57 profit in FY 2024) Full year 2025 results: US$3.69 loss per share (down from US$1.57 profit in FY 2024). Revenue: US$40.0b (down 7.0% from FY 2024). Net loss: US$2.62b (down 338% from profit in FY 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Chemicals industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jan 06
Dow Inc. Announces Management Changes On December 29, 2025, A.N. Sreeram, Senior Vice President and Chief Technology Officer of Dow Inc. (“Dow” or the “Company”), provided notice of his retirement from the Company effective June 30, 2026. Dr. Sreeram will be succeeded by Andre Argenton, who has been appointed Chief Technology and Sustainability Officer effective January 1, 2026. Dr. Argenton has most recently served as Dow’s Chief Sustainability Officer and Vice President of Environment, Health & Safety. He brings over 25 years of experience at Dow, including senior leadership roles in Research & Development. In his new role, Dr. Argenton will lead Dow’s global research and development organization while continuing to lead Dow’s environment, health, safety and sustainability organization. On January 2, 2026, Rebecca B. Liebert tendered her resignation from the Board of Directors of the Company effective immediately. Ms. Liebert’s decision to resign is due to her recent appointment as Chair of the Board of Directors of Occidental Chemical Corporation (“OxyChem”), which produces basic and specialty chemicals, following the recent acquisition of OxyChem by Berkshire Hathaway Inc. and is not a result of any disagreement with the Company or any matter relating to the Company’s operations, policies or practices. Upcoming Dividend • Nov 20
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 12 December 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: US$0.087 (vs US$0.30 in 3Q 2024) Third quarter 2025 results: EPS: US$0.087 (down from US$0.30 in 3Q 2024). Revenue: US$9.97b (down 8.3% from 3Q 2024). Net income: US$62.0m (down 71% from 3Q 2024). Profit margin: 0.6% (down from 1.9% in 3Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Chemicals industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Declared Dividend • Oct 13
Second quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 27th November 2025 Payment date: 12th December 2025 Dividend yield will be 11%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Announcement • Oct 10
Dow Declares Quarterly Dividend, Payable on December 12, 2025 Dow declared a dividend of 35 cents per share, payable December 12, 2025, to shareholders of record on November 28, 2025. Announcement • Sep 04
Dow Launches DrowsIL EG-4175 Silicone Gel to Enable Higher Voltage Power Electronics in Electric Vehicles and Renewable Energy Technologies Dow launched DOWSIL™? EG-4175 Silicone Gel, a highly reliable protective solution for next-generation insulated gate bipolar transistor (IGBT) modules that operate at higher voltages. This new advanced material resists the higher temperatures associated with these IGBTs and supports greater reliability, lower power losses and higher power efficiencies in electric vehicle (EV) batteries and inverters for photovoltaic (PV) panels and wind turbines. Dow's new DOWSIL™?EG-4175 Silicone Gel withstands temperatures up to 180degC and expands Dow's growing portfolio of solutions for power electronics. The material also absorbs vibrations and has self-healing properties that repair small cracks without external intervention. It features self-priming adhesion for enhanced module protection and cures at room temperatures for excellent energy efficiency. Heat-accelerated curing may also be used to reduce cycle times. The launch of DOWSIL™? EG the4175 Silicone Gel supports key trends in EVs and renewable energy. In EVs, batteryvoltages are increasing from 400V to 800V to enable more efficient main inverter and faster battery charging. In PV panels and wind turbines, the power densities of inverters are increasing. This improves power efficiency and supports the handling of greater electrical loads. With higher junction temperature associated with higher voltage and greater electrical loads of the 7th generation IGBT technology, a silicone gel needs to have strong dielectric properties and enhanced thermal resistance. Dow's portfolio of silicone-based dielectric gel products provides thermal resistance, electrical insulation, encapsulation, stress relief, and mechanical and environmental protection. The company's advanced DOWSIL™? EG -4175 Silicone Gel builds on these properties to provide several other advantages, including high-temperature resistance, low levels of silicone oil bleed and adhesion without a primer. Gels are a special class of encapsulant that can cure to an extremely soft material while providing the dimensional stability of an appliance. Announcement • Sep 03
Macquarie Infrastructure Partners Vi Scsp a fund managed by Macquarie Infrastructure Partners Inc. acquired an additional 9% stake in Diamond Infrastructure Solutions LLC from Dow Inc. (NYSE:DOW) for $540 million. Macquarie Infrastructure Partners Vi Scsp a fund managed by Macquarie Infrastructure Partners Inc. acquired an additional 9% stake in Diamond Infrastructure Solutions LLC from Dow Inc. (NYSE:DOW) for $540 million on September 2, 2025. A cash consideration of $540 million will be paid by Macquarie Infrastructure Partners Vi Scsp and Macquarie Infrastructure Partners Inc. Dow and Macquarie Asset Management will drive the growth of Diamond Infrastructure Solutions through a wide range of services across sectors - including energy, environment, infrastructure and pipelines - to more than 70 existing and new customers, while Dow continues to maintain operational control as the majority owner of Diamond.
Citi and Goldman Sachs acted as financial advisors to Dow, and Linklaters provided legal support. BMO Capital Markets acted as exclusive financial advisor to Macquarie Asset Management and Sidley Austin LLP acted as legal counsel.
Macquarie Infrastructure Partners Vi Scsp a fund managed by Macquarie Infrastructure Partners Inc. acquired an additional 9% stake in Diamond Infrastructure Solutions LLC from Dow Inc. (NYSE:DOW) on September 2, 2025. Announcement • Sep 01
Robbins LLP Announces Filing of Class Action Lawsuit Against Dow Inc Robbins LLP informed stockholders that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Dow Inc. securities between January 30, 2025 and July 23, 2025. Dow is an American materials science company, serving customers in the packaging, infrastructure, mobility, and consumer applications industries. The Allegations: Robbins LLP is Investigating Allegations that Dow Inc. (DOW) Failed to Disclose the Truth about its Business Prospects According to the complaint, during the class period, defendants failed to disclose that (i) Dow's ability to mitigate macroeconomic and tariff-related headwinds, as well as to maintain the financial flexibility needed to support its lucrative dividend, was overstated, and (ii) the true scope and severity of the foregoing headwinds' negative impacts on Dow's business and financial condition was understated, particularly with respect to competitive and pricing pressures, softening global sales and demand for the Company's products, and an oversupply of products in the Company's global markets. Plaintiff alleges that on June 23, 2025, BMO downgraded Dow from "Market Perform" to "Underperform" while cutting its PT on the Company's stock to $22.00 per share from $29.00 per share. On this news, Dow's stock price fell $0.89 per share, or 3.21%, to close at $26.87 per share on June 23, 2025.Then, on July 24, 2025, Dow announced disappointing financial results for Second Quarter 2025. Specifically, Dow reported a non-GAAP loss per share of $0.42, significantly larger than the approximate $0.17to $0.18per share loss expected by analysts, and net sales of $10.1 billion, representing a 7.3% year over year decline and missing consensus estimates by $130 million. In a separate press release the same day, Dow revealed that it was cutting its dividend in half. On this news, the Company's stock price fell $5.30 per share, or 17.45%, to close at $25.07 per share on July 24, 2025. Announcement • Jul 24
Dow Declares Quarterly Dividend, Payable on September 12, 2025 Dow announced that its Board of Directors has declared a dividend of 35 cents per share. The dividend is payable on September 12, 2025, to shareholders of record on August 29, 2025. Announcement • Jul 07
Dow Inc. Approves the Shutdown of Three Upstream European Assets in Response to Structural Challenges in the Region Dow Inc. announced that, as a follow-up to the European asset actions first announced in April 2025, its Board of Directors has approved the shutdown of three upstream assets in Europe, in addition to certain corporate assets across the Company’s global asset footprint: Packaging & Specialty Plastics: Ethylene cracker in Böhlen, Germany; shutdown expected in fourth quarter 2027; Industrial Intermediates & Infrastructure: Chlor-alkali & vinyl (CAV) assets in Schkopau, Germany; shutdown expected in fourth quarter 2027; Performance Materials & Coatings: Basics siloxanes plant in Barry, U.K.; shutdown expected mid-year 2026. The shutdown of upstream assets in Europe will right-size regional capacity, reduce merchant sale exposure, and remove higher-cost, energy-intensive portions of Dow’s portfolio in the region. This will improve the Company’s ability to supply profitable derivative demand and optimize margins. In April 2025, the Company announced it had identified three assets in Europe for action across all of its operating segments. On June 30, 2025, Dow’s Board of Directors approved restructuring actions to rationalize the Company’s global asset footprint, including these three assets as part of its European review, and certain corporate and other assets. As a result of these actions, the Company will record charges ranging from $630 million to $790 million, for both non-cash items—such as asset write-downs and write-offs—and cash items, such as exit and disposal of assets, as well as severance and related benefit costs. The shutdown of the assets is expected to begin in mid-2026 and is estimated to be complete by the end of 2027, with potential decommissioning and demolition to continue into 2029 as needed. Approximately 800 Dow roles will be impacted as a result of these actions. These roles are in addition to the $1 billion cost savings actions announced in January that included a workforce reduction of approximately 1,500 Dow roles globally. Buy Or Sell Opportunity • Jun 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to €26.00. The fair value is estimated to be €33.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 80%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are also forecast to grow by 46% per annum over the same time period. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • Apr 25
First quarter 2025 earnings released: US$0.43 loss per share (vs US$0.73 profit in 1Q 2024) First quarter 2025 results: US$0.43 loss per share (down from US$0.73 profit in 1Q 2024). Revenue: US$10.4b (down 3.1% from 1Q 2024). Net loss: US$307.0m (down 160% from profit in 1Q 2024). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Chemicals industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • Apr 11
Dow Inc. Approves Quarterly Dividend, Payable on June 13, 2025 Dow Inc. at its AGM held on April 10, 2025, declared a quarterly dividend of 70 cents per share, payable June 13, 2025, to shareholders of record on May 30, 2025. Board Change • Apr 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 2 highly experienced directors. Independent Director Jerri DeVard was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Feb 20
Dow Inc., Annual General Meeting, Apr 10, 2025 Dow Inc., Annual General Meeting, Apr 10, 2025. Announcement • Nov 05
Dow Inc. to Report Fiscal Year 2025 Results on Jan 29, 2026 Dow Inc. announced that they will report fiscal year 2025 results at 8:00 AM, US Eastern Standard Time on Jan 29, 2026 
