DOW

EX-99.1

2 exhibit991enrschedules2q26.htm

EX-99.1

Document

Exhibit 99.1 July 23, 2026

Dow reports second quarter 2026 results

FINANCIAL HIGHLIGHTS

•Net sales were $12.1 billion, up 20% year-over-year, reflecting increases in all operating segments and regions.

•Local price increased 20% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency increased 1% year-over-year.

•Volume decreased 1% year-over-year. Gains in Performance Materials & Coatings across both businesses were more than offset by declines in Packaging & Specialty Plastics largely due to planned maintenance activity.

•GAAP net income was $802 million. Op. EBIT1 was $1.6 billion, up $1.7 billion year-over-year, primarily driven by higher prices as well as the Company’s self-help initiatives.

•GAAP earnings per share (EPS) was $0.99; operating EPS1 was $1.44, compared to a loss of $0.42 in the year-ago period. Op. EPS excludes significant items totaling $0.45 per share, driven by costs associated with Transform to Outperform, partially offset by an income tax adjustment associated with a payment from NOVA Chemicals.

•Cash provided by operating activities – continuing operations was $1.3 billion, primarily driven by higher earnings across all businesses, more than offsetting an expected working capital build, reflecting revenue growth.

•Returns to shareholders totaled $253 million of dividends in the quarter.

CEO QUOTE

“Team Dow delivered strong second quarter results through disciplined and timely execution, reliably serving our customers, and accelerating our self-help actions,” said Karen S. Carter, Dow CEO. “Market conditions were supportive this quarter, and our self-help initiatives delivered ahead of plan, further reinforcing the improvement in our earnings as we continue to strengthen Dow’s resilience and agility. We now expect to generate approximately $200 million more in benefits from Transform to Outperform this year, enabling us to increase the total in-year benefits from self-help to greater than $1.3 billion. Our actions to become a leaner, more competitive company position Dow well to continue winning with our customers while delivering enhanced long-term shareholder value.”

SUMMARY FINANCIAL RESULTS

Three Months Ended Jun 30

In millions, except per share amounts2Q262Q25 vs. SQLY [B / (W)]

Net Sales$12,092 $10,104 $1,988

GAAP Income (Loss), Net of Tax$802 $(801)$1,603

Operating EBIT1 $1,648 $(21)$1,669

Operating EBITDA1 $2,312 $703 $1,609

GAAP Earnings (Loss) Per Share$0.99 $(1.18)$2.17

Operating Earnings Per Share1 $1.44 $(0.42)$1.86

Cash Provided by (Used for) Operating Activities - Cont. Ops$1,324 $(470)$1,794

1.Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin and Op. EBITDA, Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See page 5 for further discussion.

®TM Trademark of The Dow Chemical Company or an affiliated company of Dow

1

Dow reports second quarter 2026 results

SEGMENT HIGHLIGHTS

Packaging & Specialty Plastics

Three Months Ended Jun 30

In millions2Q262Q25 vs. SQLY

[B / (W)]

Net Sales$6,385 $5,025 $1,360

Operating EBIT$1,278 $71 $1,207

Packaging & Specialty Plastics segment net sales in the quarter were $6.4 billion, up 27% versus the year-ago period. Local price increased 30% year-over-year, primarily driven by higher polyethylene prices in all regions. Currency increased net sales by 1%. Volume decreased 4% year-over-year, driven by lower volumes in both businesses, including higher planned maintenance activity in Hydrocarbons & Energy, resulting in lower merchant sales.

Op. EBIT was $1.3 billion, an increase of $1.2 billion compared to the year-ago period, driven by higher integrated margins as a result of higher polyethylene prices contributing to margin expansion and tailwinds from the Company’s self-help initiatives, which were partly offset by higher planned maintenance activity.

Packaging and Specialty Plastics business reported a net sales increase versus the year-ago period, reflecting higher polyethylene prices, most notably in flexible packaging applications and in all regions. This more than offset lower polyethylene volumes, driven by declines in Europe, the Middle East, Africa and India (EMEAI) and Asia Pacific impacted by the Middle East conflict.

Hydrocarbons & Energy business reported a net sales increase year-over-year, driven by higher olefins prices, which more than offset lower volumes due to planned maintenance activity in the U.S. Gulf Coast and the idling of a cracker in EMEAI in mid-2025, which successfully restarted in June.

Industrial Intermediates & Infrastructure

Three Months Ended Jun 30

In millions2Q262Q25 vs. SQLY

[B / (W)]

Net Sales$3,166 $2,786 $380

Operating EBIT$246 $(185)$431

Industrial Intermediates & Infrastructure segment net sales in the quarter were $3.2 billion, up 14% versus the year-ago period. Local price increased 15% year-over-year, ref

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dow-202601290001751788FALSE2025FY00017517882026-01-292026-01-2900017517882025-01-012025-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2026

Commission File Number Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number State or Other Jurisdiction of Incorporation I.R.S. Employer Identification No.

001-38646Dow Inc.Delaware30-1128146 2211 H.H. Dow Way, Midland, MI 48674

(989) 636-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered Dow Inc.Common Stock, par value $0.01 per shareDOWNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On January 29, 2026, Dow Inc. issued a press release, attached as Exhibit 99.1 and incorporated herein by reference, announcing results for the fourth quarter of 2025.

The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits. The exhibit listed on the Exhibit Index is incorporated herein by reference.

Exhibit No.Exhibit Description 99.1 Press release issued by Dow Inc. on January 29, 2026, announcing results for the fourth quarter of 2025.

104Cover Page Interactive Data File. The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DOW INC.

Date: January 29, 2026

/s/ ANDREA L. DOMINOWSKI Andrea L. Dominowski Controller and Vice President of Controllers