Live News • Aug 18
Dow Partners With Boeing and RTX to Boost SM-3 Missile Production Capacity Dow has signed new SM-3 missile production agreements with Boeing and RTX to expand manufacturing capacity for the Aegis missile defense system, supporting the Department of War’s Acquisition Transformation Strategy focused on stabilizing supply chains and accelerating production.
The company’s role in broadening munitions production and supplying the U.S. government ties Dow more closely to long-term defense programs and introduces another channel of demand beyond its traditional industrial and chemical customers.
Dow shares trade at $31.34, with the stock up 29.1% year to date, which frames this defense-related agreement against a backdrop of strong recent share performance.
This development links Dow to large defense contractors and government procurement cycles, which can mean multi-year revenue visibility but also higher exposure to policy shifts, budget decisions and program-specific execution risk. Declared Dividend • Aug 16
Second quarter dividend of US$0.35 announced Dividend of US$0.35 is the same as last year. Ex-date: 31st August 2026 Payment date: 11th September 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (69% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Announcement • Aug 14
Dow Inc. Declares Quarterly Dividend, Payable on September 11, 2026 Dow Inc. has declared a dividend of 35 cents per share, payable September 11, 2026, to shareholders of record on August 31, 2026. Reported Earnings • Jul 24
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: US$1.00 (up from US$1.18 loss in 2Q 2025). Revenue: US$12.1b (up 20% from 2Q 2025). Net income: US$721.0m (up US$1.56b from 2Q 2025). Profit margin: 6.0% (up from net loss in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Live News • Jul 23
Dow Delivers $802 Million Q2 Profit as Transform to Outperform Program Exceeds Targets Dow reported Q2 2026 results with net sales up 20% year over year and GAAP net income of $802 million, supported by self-help initiatives and higher prices in Packaging & Specialty Plastics.
Management said the Transform to Outperform program is running ahead of plan, with about $200 million more in self-help benefits expected this year than originally forecast, indicating greater-than-planned progress on cost and productivity efforts.
Dow’s stock trades at $31.25, with a year-to-date return of 28.8%, placing the recent Q2 news in the context of strong performance so far in 2026.
The key takeaway is that Dow’s earnings momentum in Q2 reflects not only pricing but also internal efficiency measures, which can influence how resilient the profit profile may be if pricing conditions become less supportive. Price Target Changed • Jul 04
Price target decreased by 7.5% to US$38.75 Down from US$41.88, the current price target is an average from 16 analysts. New target price is 40% above last closing price of US$27.71. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of US$2.54 next year compared to a net loss per share of US$3.70 last year. Live News • Jun 24
Dow Faces Legal Scrutiny Over Alleged Chlorpyrifos Link to Parkinson’s Disease Dow is being sued alongside Corteva and FMC Corp by a New York man who alleges that exposure to the insecticide chlorpyrifos caused his Parkinson’s disease and claims the companies concealed an established link between the chemical and the condition.
The case raises questions around product safety and corporate transparency for Dow, with potential for reputational damage, financial exposure, and the risk of further chlorpyrifos-related litigation if similar claims emerge.
Dow’s stock trades at US$30.33, after declining 15.8% over the past 30 days, as investors weigh both legal headlines and broader sentiment toward the materials sector.
The key investment angle is that legal and reputational risks now sit alongside operational factors for Dow, so any escalation or resolution of chlorpyrifos cases could influence how the market prices the company’s long-term risk profile. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to US$31.73. The fair value is estimated to be US$40.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Meanwhile, the company became loss making. Live News • Jun 12
Dow Layoffs Announced as Earnings Expectations and Analyst Ratings Climb Dow has started notifying about 4,500 employees of impending layoffs under its Transform to Outperform initiative, which is aimed at aligning its workforce with current business needs and market conditions.
The company is recognized by Zacks as a value stock with a Rank #1 (Strong Buy) rating, with analysts citing improving profit margins and expectations for a 302.38% year-over-year EPS increase in the upcoming quarter.
Q2 earnings expectations for the Basic Materials sector are reported as strong, with sector earnings growth projected at 47.1%. This is supported by more than a twofold increase in EPS estimates for companies including Dow, partly linked to developments in the energy sector.
Taken together, cost-cutting through layoffs and sharply higher earnings estimates place Dow within a Basic Materials sector that currently has optimistic profit expectations.
Investors may want to weigh the potential benefits of margin-focused restructuring and favorable analyst views against execution risks and the human and operational impact of workforce reductions. Live News • May 27
Dow Secures Long-Term Ethane Supply for Path2Zero Emissions Initiative with Pembina Dow and Pembina Pipeline have updated their long-term ethane supply agreement to provide up to 57,500 barrels per day.
The revised contract is tied to Dow’s Path2Zero initiative, with deliveries scheduled to start when the project is operational, currently anticipated in 2029.
Pembina’s increased supply commitment is framed as support for Dow’s plan to cut carbon emissions in its chemical production processes.
This updated agreement points to Dow securing a defined feedstock source for its Path2Zero initiative, which may help planning around future capacity, costs and emissions targets.
Investors may want to watch how Dow communicates the capital needs, regulatory milestones and execution risks around Path2Zero as the 2029 start date approaches. Upcoming Dividend • May 22
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 12 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (1.7%). Announcement • May 21
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: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 187%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 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. Declared Dividend • Apr 13
Fourth quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 29th May 2026 Payment date: 12th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.0%. 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 • 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. Buy Or Sell Opportunity • Apr 08
Now 23% undervalued Over the last 90 days, the stock has risen 52% to US$39.28. The fair value is estimated to be US$50.72, 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 3.1% in a year. Earnings are forecast to grow by 90% in the next year. Major Estimate Revision • Apr 07
Consensus EPS estimates increase from loss to US$0.437 profit The consensus outlook for fiscal year 2026 has been updated. 2026 forecast for profit of -US$0.61 instead of a loss of US$0.437 per share previously. Revenue forecast unchanged at US$41.1b. Chemicals industry in the US expected to see average net income growth of 39% next year. Consensus price target up from US$36.63 to US$37.44. Share price was steady at US$41.41 over the past week. Major Estimate Revision • Mar 31
Consensus EPS estimates upgraded to US$0.40 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -US$0.61 to -US$0.40 per share. Revenue forecast steady at US$41.0b. Chemicals industry in the US expected to see average net income growth of 36% next year. Consensus price target broadly unchanged at US$36.81. Share price rose 8.7% to US$41.65 over the past week. Price Target Changed • Mar 25
Price target increased by 8.7% to US$36.44 Up from US$33.53, the current price target is an average from 16 analysts. New target price is 8.0% below last closing price of US$39.62. Stock is up 11% over the past year. The company is forecast to post a net loss per share of US$0.61 next year compared to a net loss per share of US$3.70 last year. Price Target Changed • Mar 06
Price target increased by 8.0% to US$31.53 Up from US$29.19, the current price target is an average from 17 analysts. New target price is 5.3% below last closing price of US$33.28. Stock is down 11% over the past year. The company is forecast to post a net loss per share of US$0.61 next year compared to a net loss per share of US$3.70 last year. Announcement • Mar 02
Dow Inc., Annual General Meeting, Apr 09, 2026 Dow Inc., Annual General Meeting, Apr 09, 2026. Declared Dividend • Feb 16
Fourth quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 27th February 2026 Payment date: 13th March 2026 Dividend yield will be 5.4%, which is higher than the industry average of 2.0%. 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 • 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 29
Full year 2025 earnings: EPS misses analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 105%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 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 21
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 28 November 2025. Payment date: 12 December 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 6.7%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.2%). Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind 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 missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 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: 28th November 2025 Payment date: 12th December 2025 Dividend yield will be 10%, which is higher than the industry average of 2.0%. 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. Major Estimate Revision • Jul 04
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.307 to -US$0.369 per share. Revenue forecast unchanged at US$41.7b. Chemicals industry in the US expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at US$34.65. Share price rose 4.8% to US$28.46 over the past week. Major Estimate Revision • Jun 18
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.25 to -US$0.313 per share. Revenue forecast unchanged at US$41.8b. Chemicals industry in the US expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at US$36.36. Share price fell 4.1% to US$29.44 over the past week. Major Estimate Revision • Jun 11
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.173 to -US$0.25 per share. Revenue forecast unchanged at US$41.8b. Chemicals industry in the US expected to see average net income growth of 27% next year. Consensus price target of US$36.06 unchanged from last update. Share price rose 10% to US$30.70 over the past week. Upcoming Dividend • May 23
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 30 May 2025. Payment date: 13 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.8%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.2%). Price Target Changed • May 08
Price target decreased by 9.0% to US$35.95 Down from US$39.51, the current price target is an average from 19 analysts. New target price is 23% above last closing price of US$29.24. Stock is down 51% over the past year. The company is forecast to post a net loss per share of US$0.17 compared to earnings per share of US$1.57 last year. Price Target Changed • Apr 28
Price target decreased by 7.6% to US$36.51 Down from US$39.51, the current price target is an average from 18 analysts. New target price is 22% above last closing price of US$29.95. Stock is down 48% over the past year. The company is forecast to post a net loss per share of US$0.17 compared to earnings per share of US$1.57 last year. Reported Earnings • Apr 25
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 15
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.39 to US$1.25 per share. Revenue forecast steady at US$42.7b. Net income forecast to shrink 21% next year vs 23% growth forecast for Chemicals industry in the US . Consensus price target down from US$44.53 to US$40.06. Share price rose 7.3% to US$27.70 over the past week. Price Target Changed • Apr 14
Price target decreased by 8.0% to US$40.95 Down from US$44.53, the current price target is an average from 18 analysts. New target price is 42% above last closing price of US$28.88. Stock is down 50% over the past year. The company is forecast to post earnings per share of US$1.40 for next year compared to US$1.57 last year. Declared Dividend • Apr 14
Fourth quarter dividend of US$0.70 announced Dividend of US$0.70 is the same as last year. Ex-date: 30th May 2025 Payment date: 13th June 2025 Dividend yield will be 9.8%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is not covered by earnings (179% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 6 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 98% to bring the payout ratio under control. EPS is expected to grow by 89% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. 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. Price Target Changed • Apr 07
Price target decreased by 8.6% to US$41.12 Down from US$45.00, the current price target is an average from 17 analysts. New target price is 49% above last closing price of US$27.52. Stock is down 54% over the past year. The company is forecast to post earnings per share of US$1.42 for next year compared to US$1.57 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$28.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Chemicals industry in the US. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$54.37 per share. Announcement • Feb 20
Dow Inc., Annual General Meeting, Apr 10, 2025 Dow Inc., Annual General Meeting, Apr 10, 2025. Declared Dividend • Feb 17
Fourth quarter dividend of US$0.70 announced Dividend of US$0.70 is the same as last year. Ex-date: 28th February 2025 Payment date: 14th March 2025 Dividend yield will be 7.2%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is not covered by earnings (179% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 6 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 98% to bring the payout ratio under control. EPS is expected to grow by 92% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 14
Dow Declares Quarterly Dividend, Payable on March 14, 2025 Dow has declared a Quarterly dividend of 70 cents per share, payable on March 14, 2025, to shareholders of record on February 28, 2025. Reported Earnings • Jan 30
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$1.59 (up from US$0.82 in FY 2023). Revenue: US$43.0b (down 3.7% from FY 2023). Net income: US$1.12b (up 93% from FY 2023). Profit margin: 2.6% (up from 1.3% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.