[PART I — FINANCIAL INFORMATION](index=3&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) Olin's unaudited Q1 2025 financial statements, management's discussion, and market risk disclosures [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed financial statements, including balance sheets, operations, cash flows, and detailed notes [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) Balance Sheet Overview | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | | Total Assets | 7,655.0 | 7,579.1 | 7,611.3 | | Total Liabilities | 5,616.9 | 5,523.7 | 5,404.2 | | Total Equity | 2,038.1 | 2,055.4 | 2,207.1 | | Current Assets | 2,251.3 | 2,079.8 | 1,951.8 | | Current Liabilities | 1,439.0 | 1,632.2 | 1,416.1 | | Cash and cash equivalents | 174.0 | 175.6 | 150.9 | | Receivables, net | 1,107.3 | 1,007.8 | 907.4 | | Inventories, net | 875.2 | 823.5 | 823.9 | | Current installments of long-term debt | 19.2 | 129.0 | 80.9 | | Long-term debt | 3,016.6 | 2,713.2 | 2,684.8 | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) Statements of Operations Summary | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Sales | 1,644.2 | 1,635.3 | +0.5% | | Cost of goods sold | 1,495.5 | 1,428.0 | +4.7% | | Operating income | 43.7 | 97.3 | -55.1% | | Interest expense | 48.5 | 44.6 | +8.7% | | Income before taxes | 2.1 | 60.3 | -96.5% | | Income tax provision | 0.9 | 12.5 | -92.8% | | Net income | 1.2 | 47.8 | -97.5% | | Net income attributable to Olin Corporation | 1.4 | 48.6 | -97.1% | | Basic EPS | 0.01 | 0.41 | -97.6% | | Diluted EPS | 0.01 | 0.40 | -97.5% | [Condensed Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Summary | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net income | 1.2 | 47.8 | -97.5% | | Total other comprehensive income, net of tax | 19.5 | 6.6 | +195.5% | | Comprehensive income | 20.7 | 54.4 | -61.9% | | Comprehensive income attributable to Olin Corporation | 20.9 | 55.2 | -62.2% | [Condensed Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Shareholders%27%20Equity) Shareholders' Equity Summary | Metric | March 31, 2025 ($ in millions) | March 31, 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Common Stock | 115.1 | 119.4 | -3.6% | | Accumulated Other Comprehensive Loss | (430.6) | (489.7) | +12.0% | | Retained Earnings | 2,321.5 | 2,542.3 | -8.6% | | Olin Corporation's Shareholders' Equity | 2,006.0 | 2,172.0 | -7.7% | | Total Equity | 2,038.1 | 2,207.1 | -7.6% | | Common stock repurchased and retired | (0.7) shares / (20.2) $ | (2.0) shares / (105.4) $ | -65.0% shares / -80.8% $ | | Dividends declared per share | 0.20 | 0.20 | 0.0% | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net operating activities | (86.0) | 81.0 | -206.2% | | Net investing activities | (62.4) | (74.7) | +16.5% | | Net financing activities | 146.6 | (25.3) | +679.8% | | Net decrease in cash and cash equivalents | (1.6) | (19.4) | +91.8% | | Cash and cash equivalents, end of period | 174.0 | 150.9 | +15.3% | | Capital expenditures | (61.4) | (44.3) | -38.6% | | Long-term debt borrowings, net | 199.9 | 94.7 | +111.1% | | Common stock repurchased and retired | (20.2) | (105.4) | +80.8% | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Detailed disclosures supporting financial statements, covering business, accounting, and financial instruments [NOTE 1. DESCRIPTION OF BUSINESS](index=8&type=section&id=NOTE%201.%20DESCRIPTION%20OF%20BUSINESS) - Olin operates in three capital-intensive business segments: **Chlor Alkali Products and Vinyls** (chlorine, caustic soda, etc.), **Epoxy** (epoxy materials and precursors), and **Winchester** (sporting and military ammunition)[17](index=17&type=chunk) [NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS](index=8&type=section&id=NOTE%202.%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) - FASB issued **ASU 2024-03** (Expense Disaggregation Disclosures) effective for annual periods after December 15, 2026, and **ASU 2023-09** (Income Tax Disclosures) effective for annual periods after December 15, 2024[19](index=19&type=chunk)[20](index=20&type=chunk) - Neither ASU is expected to impact the Company's consolidated financial statements, but will expand disclosure requirements[19](index=19&type=chunk)[20](index=20&type=chunk) [NOTE 3. ACQUISITIONS](index=8&type=section&id=NOTE%203.%20ACQUISITIONS) - Olin acquired AMMO, Inc.'s small caliber ammunition manufacturing assets for **$55.8 million** on April 18, 2025[21](index=21&type=chunk) - The acquisition, including brass shellcase capabilities and a 185,000 sq ft production facility in Manitowoc, WI, will be included in the Winchester segment[21](index=21&type=chunk) [NOTE 4. RESTRUCTURING CHARGES](index=9&type=section&id=NOTE%204.%20RESTRUCTURING%20CHARGES) Restructuring Charges by Plan | Restructuring Plan | Q1 2025 Pretax Charges ($ in millions) | Q1 2024 Pretax Charges ($ in millions) | | :----------------------- | :------------------------------------- | :------------------------------------- | | Epoxy Optimization Plan | 1.1 | 3.5 | | McIntosh Plan | 0.2 | 1.9 | | Freeport 2021 Plan | 1.8 | 0.4 | | Freeport 2019 Plan | 0.9 | 2.5 | | Total | 4.0 | 8.3 | - Olin expects additional restructuring charges of approximately **$35 million** through 2030 related to the Freeport 2024 Plan (Chlorine 3 facility closure) and **$10 million** through year-end for the Epoxy Optimization Plan[22](index=22&type=chunk)[24](index=24&type=chunk) Cumulative Restructuring Charges | Component | Cumulative Charges through March 31, 2025 ($ in millions) | | :-------------------------------- | :------------------------------------------ | | Write-off of equipment and facility | 79.9 | | Employee severance and related benefit costs | 20.6 | | Facility exit costs | 89.5 | | Lease and other contract termination costs | 40.4 | | Total cumulative restructuring charges | 230.4 | [NOTE 5. EARNINGS PER SHARE](index=10&type=section&id=NOTE%205.%20EARNINGS%20PER%20SHARE) Earnings Per Share Summary | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net income attributable to Olin Corporation | $1.4 million | $48.6 million | -97.1% | | Basic EPS | $0.01 | $0.41 | -97.6% | | Diluted EPS | $0.01 | $0.40 | -97.5% | | Weighted-average common shares - basic | 115.3 million | 119.9 million | -3.8% | | Weighted-average common shares - diluted | 116.6 million | 121.9 million | -4.3% | [NOTE 6. ACCOUNTS RECEIVABLE](index=11&type=section&id=NOTE%206.%20ACCOUNTS%20RECEIVABLE) Accounts Receivable Details | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Receivables, net | 1,107.3 | 1,007.8 | 907.4 | | Allowance for doubtful accounts receivable | 12.0 | 11.8 | 12.6 | | Other receivables | 101.7 | 94.6 | 89.4 | [NOTE 7. INVENTORIES](index=11&type=section&id=NOTE%207.%20INVENTORIES) Inventories Breakdown | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Inventories, net | 875.2 | 823.5 | 823.9 | | Supplies | 157.7 | 149.3 | 146.7 | | Raw materials | 183.0 | 185.2 | 188.2 | | Work in process | 188.9 | 173.1 | 160.8 | | Finished goods | 503.4 | 467.3 | 473.9 | | LIFO reserve | (157.8) | (151.4) | (145.7) | [NOTE 8. OTHER ASSETS](index=12&type=section&id=NOTE%208.%20OTHER%20ASSETS) Other Assets Details | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Other assets | 1,171.6 | 1,185.1 | 1,123.5 | | Supply contracts | 1,027.1 | 1,047.3 | 1,065.1 | | Pension assets | 52.0 | 43.3 | 1.7 | | Investment in unconsolidated affiliates | 23.0 | 23.0 | — | - Amortization expense related to long-term supply contracts was **$20.9 million** in Q1 2025, up from **$18.3 million** in Q1 2024[36](index=36&type=chunk) [NOTE 9. GOODWILL AND INTANGIBLE ASSETS](index=12&type=section&id=NOTE%209.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill and Intangible Assets Summary | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Goodwill | 1,423.5 | 1,423.6 | 1,423.3 | | Total intangible assets, net | 198.6 | 206.6 | 235.6 | | Customers, customer contracts and relationships, net | 190.3 | 197.5 | 224.7 | [NOTE 10. DEBT](index=13&type=section&id=NOTE%2010.%20DEBT) Debt Structure Overview | Debt Type | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Total debt | 3,035.8 | 2,842.2 | 2,765.7 | | Long-term debt | 3,016.6 | 2,713.2 | 2,684.8 | | 9.50% senior notes, due 2025 | — | 108.6 | 108.6 | | 5.125% senior notes, due 2027 | — | 500.0 | 500.0 | | 6.625% senior notes, due 2033 | 600.0 | — | — | | Term Loan Facilities | 650.0 | 332.5 | 339.0 | | Revolving Credit Facilities | 75.0 | 170.0 | 161.0 | | Receivables Financing Agreements | 461.0 | 475.0 | 332.4 | - On March 14, 2025, Olin issued **$600.0 million** of 6.625% senior notes due 2033 and entered into a new **$1,850.0 million** senior credit facility, increasing borrowing limits and extending maturity to March 14, 2030[40](index=40&type=chunk)[41](index=41&type=chunk) - Proceeds from new debt were used to redeem **$108.6 million** of 2025 Notes and **$500.0 million** of 2027 Notes, and refinance the existing 2022 Senior Credit Facility[44](index=44&type=chunk) - Olin was in compliance with all debt covenants as of March 31, 2025[45](index=45&type=chunk) [NOTE 11. PENSION PLANS AND RETIREMENT BENEFITS](index=15&type=section&id=NOTE%2011.%20PENSION%20PLANS%20AND%20RETIREMENT%20BENEFITS) Net Periodic Pension Benefit Costs | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net periodic pension benefit (income) cost | (5.0) | (6.1) | | Service cost (pension) | 1.0 | 1.3 | | Interest cost (pension) | 24.5 | 25.1 | | Expected return on plans' assets (pension) | (31.7) | (33.9) | | Net periodic postretirement benefit (income) cost | 0.4 | 0.8 | - Olin made **$0.1 million** in cash contributions to international qualified defined benefit pension plans in Q1 2025[55](index=55&type=chunk) [NOTE 12. INCOME TAXES](index=15&type=section&id=NOTE%2012.%20INCOME%20TAXES) Income Tax Provision and Rate | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Income tax provision | 0.9 | 12.5 | | Effective tax rate (excluding specific items) | 23.8% | 25.0% | Unrecognized Tax Benefits | Unrecognized Tax Benefits | March 31, 2025 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Balance at end of period | 21.3 | 49.9 | - Olin expects a decrease of approximately **$10.3 million** in unrecognized tax benefits over the next twelve months due to expected settlements and expiration of statutes of limitation[58](index=58&type=chunk) [NOTE 13. DEFINED CONTRIBUTION PLAN](index=16&type=section&id=NOTE%2013.%20DEFINED%20CONTRIBUTION%20PLAN) Defined Contribution Plan Expense | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Company Contribution | 10.3 | 10.6 | | Company Match | 4.2 | 3.6 | | Total expense | 14.5 | 14.2 | [NOTE 14. STOCK-BASED COMPENSATION](index=17&type=section&id=NOTE%2014.%20STOCK-BASED%20COMPENSATION) Stock-Based Compensation Expense | Metric | Three Months Ended March 31, 2025 ($ in millions) | Three Months Ended March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Stock-based compensation expense | 5.3 | 5.6 | | Mark-to-market adjustments | (3.8) | 2.2 | | Total expense | 1.5 | 7.8 | Stock-Based Awards Granted | Award Type | Q1 2025 Grants | Q1 2024 Grants | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Performance share awards granted | 545,572 | 180,714 | | Restricted stock units granted | 398,303 | 202,500 | | Stock options granted | 0 | 601,157 | [NOTE 15. SHAREHOLDERS' EQUITY](index=18&type=section&id=NOTE%2015.%20SHAREHOLDERS%27%20EQUITY) Common Stock Repurchase Summary | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Common stock repurchased and retired (shares) | 0.7 million | 2.0 million | | Common stock repurchased and retired (value) | $20.2 million | $105.4 million | | Remaining repurchase authorization | $1,978.9 million | N/A | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | January 1, 2025 ($ in millions) | March 31, 2025 ($ in millions) | Net Change ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Balance | (450.1) | (430.6) | 19.5 | | Unrealized (losses) gains (cash flow hedges) | N/A | 34.4 | N/A | [NOTE 16. SEGMENT INFORMATION](index=19&type=section&id=NOTE%2016.%20SEGMENT%20INFORMATION) Segment Sales and Income Before Taxes | Segment | Q1 2025 Sales ($ in millions) | Q1 2024 Sales ($ in millions) | Q1 2025 Income (Loss) Before Taxes ($ in millions) | Q1 2024 Income (Loss) Before Taxes ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Chlor Alkali Products and Vinyls | 924.5 | 884.6 | 78.3 | 76.6 | | Epoxy | 331.7 | 341.3 | (28.4) | (11.8) | | Winchester | 388.0 | 409.4 | 22.8 | 72.2 | | Total Sales | 1,644.2 | 1,635.3 | N/A | N/A | | Total Income Before Taxes | N/A | N/A | 2.1 | 60.3 | Segment Sales by Geography (Q1 2025) | Segment Sales by Geography (Q1 2025) | United States ($ in millions) | Europe ($ in millions) | Other Foreign ($ in millions) | Total ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Chlor Alkali Products and Vinyls | 646.9 | 33.2 | 244.4 | 924.5 | | Epoxy | 144.1 | 101.8 | 85.8 | 331.7 | | Winchester | 346.2 | 12.6 | 29.2 | 388.0 | | Total Sales | 1,137.2 | 147.6 | 359.4 | 1,644.2 | [NOTE 17. ENVIRONMENTAL](index=20&type=section&id=NOTE%2017.%20ENVIRONMENTAL) Environmental Liabilities | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Reserves for future environmental expenditures | 157.0 | 156.5 | 154.8 | | Classified as other noncurrent liabilities | 127.0 | 126.5 | 122.8 | - Environmental provisions charged to income were **$5.0 million** in Q1 2025, compared to **$5.8 million** in Q1 2024[78](index=78&type=chunk)[146](index=146&type=chunk) [NOTE 18. COMMITMENTS AND CONTINGENCIES](index=21&type=section&id=NOTE%2018.%20COMMITMENTS%20AND%20CONTINGENCIES) Accrued Liabilities for Legal Actions | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Accrued liabilities for other legal actions | 17.1 | 19.7 | 17.7 | - Olin does not believe that current legal actions will materially adversely affect its financial position, cash flows, or results of operations[80](index=80&type=chunk) [NOTE 19. DERIVATIVE FINANCIAL INSTRUMENTS](index=21&type=section&id=NOTE%2019.%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) - Olin uses futures, forward, commodity swaps, and put/call option contracts to reduce commodity price fluctuations and forward sales/purchase contracts to manage currency risk[83](index=83&type=chunk)[84](index=84&type=chunk) Derivative Financial Instruments Summary | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Total derivative assets | 36.5 | 16.5 | 10.9 | | Total derivative liabilities | 1.2 | 3.7 | 25.7 | | Notional Value - Commodity | 153.4 | 204.5 | 239.9 | Effect of Cash Flow Hedges on Operations | Effect on Statements of Operations (Cash Flow Hedges) | Q1 2025 Gain (Loss) ($ in millions) | Q1 2024 Gain (Loss) ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Commodity contracts (Other comprehensive income) | 34.4 | (3.0) | | Commodity contracts (Cost of goods sold) | 8.1 | (13.3) | | Foreign exchange contracts (Selling and administrative) | (7.0) | 0.8 | [NOTE 20. FAIR VALUE MEASUREMENTS](index=23&type=section&id=NOTE%2020.%20FAIR%20VALUE%20MEASUREMENTS) - Commodity and foreign currency contract financial instruments are valued as **Level 2** under the fair value measurements hierarchy, based on observable market prices[101](index=101&type=chunk)[102](index=102&type=chunk) Fair Value Measurements of Debt | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Fair value measurements of debt | 2,982.4 | 2,779.0 | 2,725.7 | | Carrying value of total debt | 3,035.8 | 2,842.2 | 2,765.7 | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analysis of Olin's Q1 2025 financial performance, condition, segment results, outlook, and liquidity [Business Background](index=24&type=section&id=Business%20Background) - Olin is a vertically integrated global manufacturer of chemical products and a leading U.S. manufacturer of ammunition[105](index=105&type=chunk) - The company operates in three capital-intensive business segments: **Chlor Alkali Products and Vinyls**, **Epoxy**, and **Winchester**[105](index=105&type=chunk) [Executive Summary](index=25&type=section&id=Executive%20Summary) Olin's Q1 2025 net income significantly decreased, with varied segment performance and strategic debt refinancing Key Financial Highlights | Metric | Q1 2025 ($ in millions) | Q1 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net income | 1.4 | 48.6 | -97.1% | | Diluted net income per share | 0.01 | 0.40 | -97.5% | - Chlor Alkali Products and Vinyls segment income slightly increased due to higher volumes, partially offset by lower pricing and higher costs[108](index=108&type=chunk) - Epoxy segment reported a larger loss due to higher operating costs and weak global demand, exacerbated by subsidized Asian competition[109](index=109&type=chunk) - Winchester segment income decreased significantly due to lower commercial sales, higher commodity/operating costs, and lower pricing, partially offset by higher military sales[110](index=110&type=chunk) - Olin repurchased **$20.2 million** of common stock in Q1 2025 and completed a major debt refinancing, issuing **$600.0 million** in new notes and expanding its senior credit facility[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - On April 18, 2025, Olin acquired AMMO, Inc.'s small caliber ammunition manufacturing assets for **$55.8 million**, integrating them into the Winchester segment[116](index=116&type=chunk) [Consolidated Results of Operations](index=26&type=section&id=Consolidated%20Results%20of%20Operations) Olin's Q1 2025 sales slightly increased, but gross margin and net income significantly declined year-over-year Consolidated Financial Performance | Metric | Q1 2025 ($ in millions) | Q1 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Sales | 1,644.2 | 1,635.3 | +1% | | Gross margin | 148.7 | 207.3 | -28.3% | | Gross margin as % of sales | 9% | 13% | -4 ppts | | Operating income | 43.7 | 97.3 | -55.1% | | Net income attributable to Olin Corporation | 1.4 | 48.6 | -97.1% | - Selling and administrative expenses decreased slightly by **$0.9 million**, primarily due to lower stock-based compensation, including mark-to-market adjustments[120](index=120&type=chunk) - Restructuring charges decreased to **$4.0 million** from **$8.3 million**, mainly due to lower facility exit cost activities[121](index=121&type=chunk) - Interest expense increased by **$3.9 million**, including a **$3.3 million** write-off of deferred debt issuance costs related to Q1 financing transactions[122](index=122&type=chunk) - Non-operating pension income decreased due to a lower assumption for the long-term rate of return on plan assets[123](index=123&type=chunk) [Segment Results](index=27&type=section&id=Segment%20Results) Chlor Alkali Products and Vinyls income slightly rose, Epoxy loss widened, and Winchester income significantly decreased Segment Performance Overview | Segment | Q1 2025 Sales ($ in millions) | Q1 2024 Sales ($ in millions) | YoY Change (%) | Q1 2025 Segment Income (Loss) ($ in millions) | Q1 2024 Segment Income (Loss) ($ in millions) | YoY Change ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Chlor Alkali Products and Vinyls | 924.5 | 884.6 | +5% | 78.3 | 76.6 | +1.7 | | Epoxy | 331.7 | 341.3 | -3% | (28.4) | (11.8) | -16.6 | | Winchester | 388.0 | 409.4 | -5% | 22.8 | 72.2 | -49.4 | - Chlor Alkali Products and Vinyls sales increase was primarily due to higher volumes, partially offset by lower EDC pricing[128](index=128&type=chunk) - Epoxy segment loss was exacerbated by higher operating costs, lower product pricing, and weak global demand, particularly from subsidized Asian competition[132](index=132&type=chunk) - Winchester's decline was due to lower commercial ammunition sales and pricing, and higher commodity/operating costs, partially offset by increased military sales[134](index=134&type=chunk)[135](index=135&type=chunk) - Corporate/Other costs decreased by **$5.8 million**, mainly due to lower variable incentive compensation and favorable foreign currency impact[138](index=138&type=chunk) [Outlook](index=29&type=section&id=Outlook) Q2 2025 chemical business results are expected to be comparable to Q1, with Winchester improving due to seasonal demand - Q2 2025 operating results for Chemical businesses are expected to be comparable to Q1 2025, with Chlor Alkali Products and Vinyls anticipating seasonal volume improvements and strengthened caustic soda values[142](index=142&type=chunk) - Winchester business Q2 2025 results are expected to improve from Q1 2025 due to seasonally stronger commercial demand and higher military sales[142](index=142&type=chunk) Full Year 2025 Estimates | Metric (Full Year 2025 Estimates) | Range ($ in millions) | | :------------------------------------ | :---------------------------------------------- | | Capital spending | 200 - 220 | | Depreciation and amortization expense | ~525 | | Environmental expenses | 25 - 35 | | Non-operating pension income | Lower than $26.0 (2024) | | Effective tax rate | 25% - 30% | | Cash taxes paid | 175 - 200 | [Environmental Matters](index=29&type=section&id=Environmental%20Matters) Olin's environmental provisions and liabilities are detailed, with estimated spending for investigatory and remedial efforts Environmental Spending and Liabilities | Metric | Q1 2025 ($ in millions) | Q1 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Environmental provisions charged to income | 5.0 | 5.8 | | Remedial and investigatory spending | (4.5) | (4.6) | | Environmental Liabilities (end of period) | 157.0 | 154.8 | - Olin estimates approximately **$30 million** in spending for investigatory and remedial efforts in 2025[146](index=146&type=chunk) - Accrued liabilities for unasserted claims amounted to **$11.6 million** at March 31, 2025[147](index=147&type=chunk) [Legal Matters and Contingencies](index=30&type=section&id=Legal%20Matters%20and%20Contingencies) Accrued liabilities for legal actions are reported, with no material adverse impact expected on financial position Accrued Liabilities for Legal Actions | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Accrued liabilities for other legal actions | 17.1 | 19.7 | 17.7 | - Olin does not believe that current legal actions will materially adversely affect its financial position, cash flows, or results of operations[80](index=80&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Olin's Q1 2025 saw negative operating cash flow, significant debt refinancing, and substantial stock repurchase authorization Cash Flow Activities | Metric | Q1 2025 ($ in millions) | Q1 2024 ($ in millions) | Change (YoY) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net operating activities | (86.0) | 81.0 | -206.2% | | Capital expenditures | (61.4) | (44.3) | -38.6% | | Net financing activities | 146.6 | (25.3) | +679.8% | | Long-term debt borrowings, net | 199.9 | 94.7 | +111.1% | | Common stock repurchased and retired | (20.2) | (105.4) | +80.8% | - Working capital increased by **$204.4 million** in Q1 2025, compared to an **$89.0 million** increase in Q1 2024, contributing to negative operating cash flow[151](index=151&type=chunk) - Olin completed significant debt refinancing in Q1 2025, including issuing **$600.0 million** in 2033 Notes and entering a new **$1,850.0 million** senior credit facility, to redeem existing notes and refinance facilities[161](index=161&type=chunk)[162](index=162&type=chunk)[165](index=165&type=chunk) - The company had **$1,124.6 million** available under its 2025 Revolving Credit Facility and **$39.0 million** additional borrowing capacity under the 2024 Receivables Financing Agreement as of March 31, 2025[164](index=164&type=chunk)[168](index=168&type=chunk) - Total debt to total capitalization increased to **59.8%** as of March 31, 2025, from **58.0%** as of December 31, 2024[157](index=157&type=chunk) - Olin has **$1,978.9 million** remaining authorized for common stock repurchases under its 2022 and 2024 programs[173](index=173&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Olin's exposure to market risks from commodity prices, foreign currency, and interest rates, and hedging strategies - Olin is exposed to market risks from commodity price volatility (electricity, natural gas, raw materials), foreign currency exchange rates (primarily Euro), and interest rate changes[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) Market Risk Exposure Summary | Metric | March 31, 2025 ($ in millions) | December 31, 2024 ($ in millions) | March 31, 2024 ($ in millions) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Notional value of open commodity contracts | 153.4 | 204.5 | 239.9 | | Variable-rate long-term debt | 1,271.9 | 1,063.4 | 988.4 | - A hypothetical 10% increase in hedged commodity prices would result in a **$15.3 million** increase in cost of inventory purchased, substantially offset by hedging instruments[178](index=178&type=chunk) - A hypothetical 100-basis point change in SOFR would impact annual interest expense by **$12.7 million**, based on variable-rate debt levels at March 31, 2025[181](index=181&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective, with no material changes in internal control - Olin's CEO and CFO evaluated and concluded that disclosure controls and procedures were effective as of **March 31, 2025**[183](index=183&type=chunk) - No material changes in internal control over financial reporting occurred during **Q1 2025**[184](index=184&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=34&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks, uncertainties, and potential material differences in actual outcomes - The report contains forward-looking statements identified by words like "anticipate," "expect," "believe," and "outlook," which are not guarantees of future performance[185](index=185&type=chunk)[186](index=186&type=chunk) - Actual outcomes and results may differ materially due to various risks and uncertainties, including economic conditions, pricing, cost control, supply chain, operational interruptions, and regulatory changes[186](index=186&type=chunk)[190](index=190&type=chunk) - The payment of cash dividends is at the discretion of the Board of Directors and may change based on current conditions[186](index=186&type=chunk) [PART II — OTHER INFORMATION](index=36&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) Disclosures on legal proceedings, risk factors, equity sales, defaults, mine safety, and filed exhibits [ITEM 1. LEGAL PROCEEDINGS](index=36&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings and contingencies are discussed in Note 18, 'Commitments and Contingencies' - Legal proceedings and contingencies are discussed in **Note 18, 'Commitments and Contingencies'**[191](index=191&type=chunk) [ITEM 1A. RISK FACTORS](index=36&type=section&id=Item%201A.%20Risk%20Factors) No new material risk factors reported for the quarter, referring to the Annual Report on Form 10-K - No new material risk factors are reported for the quarter, referring to the **Annual Report on Form 10-K** for existing risk factors[191](index=191&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Olin repurchased common stock in Q1 2025, with significant authorization remaining for future repurchases Common Stock Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :-------------------- | :------------------------------- | :--------------------------- | | January 1-31, 2025 | 294,406 | $33.99 | | February 1-28, 2025 | 355,465 | $28.15 | | March 1-31, 2025 | — | — | | Total (Q1 2025) | 649,871 | N/A | - As of March 31, 2025, **$1,978.9 million** of common stock remained authorized for repurchase under the 2022 and 2024 Repurchase Authorization programs[192](index=192&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - No defaults upon senior securities were reported for the period[193](index=193&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported for the period - No mine safety disclosures were reported for the period[194](index=194&type=chunk) [ITEM 5. OTHER INFORMATION](index=36&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No director or officer adopted, terminated, or modified a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[197](index=197&type=chunk) [ITEM 6. EXHIBITS](index=37&type=section&id=Item%206.%20Exhibits) Exhibits include a Third Amendment to Forward Purchase Agreement and Section 302 and 906 Certification Statements - Exhibits include a **Third Amendment to Forward Purchase Agreement**, **Section 302 and 906 Certification Statements**, and **XBRL Interactive Data Files**[198](index=198&type=chunk) [SIGNATURES](index=38&type=section&id=SIGNATURES) The report was signed by Todd A. Slater, Senior Vice President and Chief Financial Officer, on May 2, 2025 - The report was signed by **Todd A. Slater**, Senior Vice President and Chief Financial Officer, on **May 2, 2025**[203](index=203&type=chunk)

Financial Data and Key Metrics Changes - The company is increasing its cost reduction target to $50 million to $70 million for full year 2025 related to productivity and structural cost improvements [8] - First quarter operating cash flow was negatively impacted by normal seasonal working capital growth, but by year-end, working capital is expected to be a source of cash flow for 2025 [29] - The company expects second quarter adjusted EBITDA to be in the range of $170 million to $210 million, including a $40 million sequential chemicals turnaround expense headwind [34] Business Line Data and Key Metrics Changes - Chlor Alkali Products and Vinyls business exceeded expectations due to planned and unplanned industry outages, leading to higher sales and lower turnaround costs [9][26] - The Winchester division saw growth in domestic and international military ammunition volume, while commercial sales remained weak due to destocking by retailers [10][20] - The Epoxy business experienced improved sales sequentially, but margin benefits were offset by higher costs [16][17] Market Data and Key Metrics Changes - Stable ECU values continued with positive pricing trends into the second quarter, particularly for caustic soda [10][32] - The commercial ammunition market is currently challenged, with mid-single-digit pullbacks in sporting goods and hunting sales [21] - The company does not expect significant direct impact from current tariffs on CAPB, as export sales are generally sold to low-tariff countries [15] Company Strategy and Development Direction - The company is focused on a value-first commercial approach and has made solid progress in implementing its Winchester growth strategy [11][24] - The acquisition of Ammo Inc. manufacturing assets is expected to be immediately accretive and supports growth for Winchester [24] - The company is exploring long-term strategic opportunities in the PVC market, including potential joint ventures [15][83] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty continues to dominate the global macro environment, but the company is focused on managing controllable factors [7] - The outlook for the second quarter indicates cautious optimism, with expectations of stable demand and pricing for caustic soda [32][66] - The company remains committed to maintaining its investment-grade balance sheet and disciplined capital allocation approach [30] Other Important Information - The company successfully refinanced its nearest debt tranche, extending maturities to 2029, which positions it well to weather economic uncertainty [10] - A new board member, retired U.S. Army General Edward M. Daley, was elected to provide strategic guidance [35] Q&A Session Summary Question: Update on volume and price outlook for chlorovinyl - Management noted continued weakness in EDC pricing but expects positive pricing trends for caustic soda in Q2 [38][39] Question: Cash positive status of PVC arrangement - Management confirmed that the current PVC arrangement is cash positive and plans to ramp up tolling volumes [41][42] Question: Operating rates in Q1 - Management indicated that operating rates were elevated in Q1 due to increased spot demand, but rates are expected to return to normal in Q2 [45][46] Question: Retaining spot business going forward - Management stated that spot volumes are opportunistic and not expected to be consistent [49] Question: Year-over-year EBITDA decline for Winchester - Management indicated that the decline is primarily due to lower commercial demand and higher costs, with a rough split of two-thirds volume and price, one-third cost [52][54] Question: Capacity overhang in epoxy - Management acknowledged significant capacity overhang in epoxy, particularly in Asia, and noted that the business will continue to struggle in 2025 [56][75] Question: Structural profitability of Winchester - Management expressed optimism about Winchester's future earnings, citing recent acquisitions and military project spending [70][72] Question: Increased cost-cutting target - Management clarified that the increased target includes both accelerated structural cost savings and productivity opportunities [79] Question: Capital spending reduction - Management confirmed that the reduction in capital spending for 2025 does not change the long-term average spending target [83] Question: Purchase price for Ammo Inc. - Management explained that the lower purchase price was due to effective negotiations and lower working capital at closing [88][89]

Financial Data and Key Metrics Changes - The company is increasing its cost reduction target to $50 million to $70 million for the full year 2025 related to productivity and structural cost improvements [8] - First quarter adjusted EBITDA comparison from Q4 2024 to Q1 2025 shows that Chlor Alkali Products and Vinyls business benefited from delaying maintenance, resulting in higher sales than expected [26] - Operating cash flow for Q1 2025 was negatively impacted by normal seasonal working capital growth, but the company expects working capital to be a source of cash flow for 2025 [29] Business Line Data and Key Metrics Changes - Chlor Alkali Products and Vinyls business saw increased chlorine and caustic volumes, with expectations for caustic to remain the stronger side of the ECU [13][14] - The Winchester division experienced growth in domestic and international military ammunition volume, while commercial sales were weak due to destocking by retailers [20][21] - Epoxy sales improved sequentially, but margin benefits were offset by higher costs, with expectations for continued challenges in 2025 [16][18] Market Data and Key Metrics Changes - The company noted stable ECU values with positive pricing trends into the second quarter, particularly for caustic soda [10][32] - The commercial ammunition market is currently challenged, with mid-single-digit pullbacks in sporting goods and hunting sales [21] - The company expects caustic prices to rise and sees seasonal recovery in demand for bleach and caustic soda [32] Company Strategy and Development Direction - The company is focused on a value-first commercial approach and has made progress in implementing its Winchester growth strategy [11][12] - The acquisition of Ammo Inc. is expected to enhance growth potential for Winchester, with synergies anticipated [24][72] - The company is exploring long-term strategic opportunities in PVC and is committed to maintaining a disciplined capital allocation framework [15][84] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting that while uncertainty exists, customers are not expressing significant negativity [68] - The company expects adjusted EBITDA for Q2 2025 to be in the range of $170 million to $210 million, including a $40 million sequential chemicals turnaround expense headwind [34] - Management remains bullish on the future of Winchester's earnings, anticipating a strengthening in the business over the next 12 to 18 months [72] Other Important Information - The company successfully refinanced its nearest debt tranche, extending maturities to 2029, which positions it well to weather economic uncertainty [10] - A new board member, retired U.S. Army General Edward M. Daley, was elected to provide strategic guidance [36] Q&A Session Summary Question: Update on volume and price outlook for chlorovinyl - Management noted continued weakness in EDC pricing but expects positive pricing trends for caustic and seasonal improvements in Q2 [38] Question: Cash positive status of current PVC arrangement - Management confirmed that the current PVC arrangement is cash positive and plans to ramp up tolling volumes [41] Question: Operating rates in Q1 - Management indicated that operating rates were elevated in Q1 due to increased spot demand, but rates are expected to return to normal in Q2 [46] Question: Year-over-year EBITDA decline for Winchester - Management expects a modest improvement in Winchester for Q2, with the decline primarily driven by lower commercial demand and higher costs [53][55] Question: Capacity overhang in epoxy - Management acknowledged significant capacity overhang in epoxy, particularly in Asia, and expects continued struggles in 2025 [57] Question: Structural profitability of Winchester - Management indicated that Winchester is currently in a trough but remains optimistic about future growth due to recent acquisitions and contracts [70][72] Question: Increased cost-cutting target - Management clarified that the increased cost-cutting target for 2025 includes both accelerated structural savings and productivity improvements [80] Question: Capital spending reduction - Management confirmed that the reduction in capital spending for 2025 does not change the long-term average spending target [84] Question: Purchase price for Ammo Inc. - Management explained that the lower purchase price was due to effective negotiations and lower working capital at closing [89]

Financial Data and Key Metrics Changes - The company increased its cost reduction target for 2025 to $50 million to $70 million, up from previous estimates [6][28] - First quarter operating cash flow was negatively impacted by normal seasonal working capital growth, but the company expects working capital to be a source of cash flow for 2025 [27][28] - The adjusted EBITDA for the first quarter of 2025 is expected to be in the range of $170 million to $210 million, including a $40 million sequential chemicals turnaround expense headwind [34] Business Line Data and Key Metrics Changes - The Chlor Alkali Products and Vinyls business exceeded expectations due to planned and unplanned industry outages, leading to higher sales and lower turnaround costs [7][25] - The Winchester division saw growth in domestic and international military ammunition volume, while commercial sales remained weak due to destocking by retailers [8][19] - The Epoxy business experienced improved sales sequentially, but margin benefits from pricing were offset by higher costs [15][25] Market Data and Key Metrics Changes - Stable ECU values continued with positive pricing trends expected into the second quarter, particularly for caustic soda [8][12] - The commercial ammunition market is currently challenged, with mid-single-digit pullbacks in sporting goods and hunting sales [20][21] - The company anticipates that tariffs will have a net neutral impact on earnings, as they generally source and sell where they produce [34] Company Strategy and Development Direction - The company is focused on its "Optimize and Grow the Core" strategy, emphasizing cost reductions and disciplined capital allocation while pursuing high-value growth opportunities [9][10] - The acquisition of Ammo Inc. is expected to enhance Winchester's growth potential and is seen as immediately accretive [23][24] - The company is exploring long-term strategic opportunities in the PVC market, including potential joint ventures [14][88] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting that while uncertainty exists, customers are not expressing significant negativity about their outlook [71] - The company expects to navigate the challenging environment by managing controllable factors and executing its long-term strategy [35] - The outlook for the second quarter indicates continued strength in the Chlor Alkali Products and Vinyls business, while the Epoxy business faces ongoing challenges [32][34] Other Important Information - The company successfully refinanced its nearest debt tranche, extending maturities to 2029, which positions it well to weather economic uncertainty [8][27] - A new board member, retired U.S. Army General Edward M. Daley, was elected to provide strategic guidance [35] Q&A Session Summary Question: Update on volume and price outlook for chlorovinyl - Management noted continued weakness in EDC pricing but expects positive pricing trends for caustic and seasonal improvements in demand [38][39] Question: Cash positive status of current PVC arrangements - Management confirmed that current PVC arrangements are cash positive and plans to ramp up tolling volumes [41][42] Question: Operating rates in Q1 - Management indicated that operating rates were elevated in Q1 due to increased spot demand, but rates are expected to return to normal in Q2 [45][46] Question: Year-over-year EBITDA decline for Winchester - The decline is attributed to lower commercial demand and higher costs, with approximately two-thirds of the decline due to volume and price [52][54] Question: Epoxy business outlook - Management expects continued struggles in the epoxy business in 2025 but anticipates improvements by the end of the year [78][82] Question: Increased cost-cutting target - The increase in the cost-cutting target for 2025 is seen as a combination of accelerating structural cost savings and productivity improvements [84][85] Question: Capital spending reduction - The reduction in capital spending for 2025 does not change the long-term average spending target, which remains around $250 million [87][88] Question: Interest in Dow's assets - Management refrained from commenting on specific M&A opportunities but emphasized a focus on growth in water treatment and PVC [103][104]

Financial Performance - Olin's Q1 2025 sales were $925 million [14], compared to $954 million in Q4 2024 and $885 million in Q1 2024 [14] - Adjusted EBITDA for Q1 2025 was $186 million [14], compared to $181 million in Q4 2024 and $183 million in Q1 2024 [14] - Net debt increased to $2861.8 million in Q1 2025 [45], up from $2666.6 million in Q4 2024 and $2614.8 million in Q1 2024 [45] - The company expects Q2 2025 Adjusted EBITDA to be between $170 million and $210 million [47] Segment Performance - Chlor Alkali Products & Vinyls (CAPV) segment achieved an adjusted EBITDA of $185.5 million in Q1 2025 [72] - The Epoxy segment reported an adjusted EBITDA loss of $15.6 million in Q1 2025 [72] - Winchester segment's adjusted EBITDA was $32.3 million in Q1 2025 [72], down from $51.1 million in Q4 2024 and $80.1 million in Q1 2024 [72] Strategic Initiatives and Outlook - Olin completed the acquisition of AMMO, Inc.'s production assets for an adjusted purchase price of $56 million [38], expecting first-year Adjusted EBITDA of $10 million to $15 million [38] - The company issued 2033 bonds and repaid 2025 and 2027 bonds in a leverage-neutral refinancing [45] - Olin is targeting over $250 million in structural cost savings by 2028 through the Beyond250 initiative [13]

Company Performance - Olin reported quarterly earnings of $0.04 per share, surpassing the Zacks Consensus Estimate of a loss of $0.10 per share, representing an earnings surprise of 140% [1] - The company posted revenues of $1.64 billion for the quarter ended March 2025, which was a 1.03% miss compared to the Zacks Consensus Estimate, and remained unchanged from year-ago revenues [2] - Over the last four quarters, Olin has exceeded consensus EPS estimates two times and topped consensus revenue estimates twice [2] Stock Outlook - Olin shares have declined approximately 36% since the beginning of the year, contrasting with the S&P 500's decline of 5.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $1.71 billion, and for the current fiscal year, it is $0.84 on revenues of $6.82 billion [7] Industry Context - The Chemical - Diversified industry, to which Olin belongs, is currently ranked in the bottom 16% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Olin's stock performance [5] - The unfavorable trend in estimate revisions has resulted in a Zacks Rank 5 (Strong Sell) for Olin, suggesting expected underperformance in the near future [6]

Exhibit 99.1 Investor Contact: Steve Keenan (314) 719-1755 InvestorRelations@Olin.com News Olin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105 Olin Announces First Quarter 2025 Results Highlights Clayton, MO, May 1, 2025 – Olin Corporation (NYSE: OLN) announced financial results for the first quarter ended March 31, 2025. First quarter 2025 reported net income was $1.4 million, or $0.01 per diluted share, which compares to first quarter 2024 reported net income of $48.6 million, or $0.40 p ...

Core Viewpoint - Olin Corporation has completed the acquisition of AMMO, Inc's small caliber ammunition assets, which will enhance its Winchester ammunition business and is expected to generate significant synergies and increased EBITDA [1][2]. Group 1: Acquisition Details - The acquisition includes brass shell case capabilities and a newly constructed 185,000 square foot production facility in Manitowoc, WI, funded through Olin's available liquidity [2]. - The integration of the Manitowoc facility is anticipated to yield an incremental first-year adjusted EBITDA of $10 million to $15 million, with a long-term expectation of $40 million per year [2][4]. Group 2: Strategic Benefits - The new facility and its skilled workforce will complement Winchester's existing production capabilities, allowing for greater specialization in high-margin, specialty calibers [3]. - Olin plans to leverage Winchester's economies of scale, raw material sourcing, and loading capabilities to realize synergies across the ammunition value chain [4][5]. Group 3: Market Performance - Olin's stock has experienced a significant decline of 61.2% over the past year, compared to a 27.6% decline in the industry [7].

Company Overview - Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a prominent U.S. manufacturer of ammunition, producing items such as chlorine, caustic soda, and various types of ammunition [5] Acquisition Details - Olin Corporation has completed the acquisition of small caliber ammunition assets from AMMO, Inc., which are now integrated into Olin's Winchester Ammunition business [1][2] - The acquisition includes a newly constructed 185,000 square foot production facility in Manitowoc, Wisconsin, enhancing Winchester's production capabilities and specialization in high-margin, specialty calibers [2] Financial Impact - The transaction is expected to be immediately accretive to Olin's shareholders, with an anticipated first-year adjusted EBITDA contribution of $10 to $15 million, including synergies [3] - Once fully integrated, the acquisition is projected to yield an adjusted EBITDA of $40 million per year with full realization of synergies [3] Strategic Goals - The acquisition aligns with Olin's capital allocation framework and Winchester's strategy to secure small, strategic opportunities that are immediately accretive [4] - The Manitowoc facility will allow Winchester to expand its reach into higher-value commercial and international military and law enforcement calibers, while legacy plants can focus on high-volume products [4]

Hydrogen Capture Enhances Sustainability and Profitability of Olin’s St. Gabriel Facility Plug US Hydrogen Capacity now at 40TPD ST. GABRIEL, La., April 17, 2025 (GLOBE NEWSWIRE) -- Hidrogenii, the joint venture between Plug Power Inc. (NASDAQ: PLUG) and Olin Corporation (NYSE: OLN), today announced the commissioning of its 15 metric-ton-per-day (TPD) hydrogen liquefaction plant in St. Gabriel, Louisiana. Among the largest electrolytic hydrogen liquefaction facilities in North America, the site marks a majo ...