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Dow (DOW) investor relations material
Dow Morgan Stanley’s 13th Annual Laguna Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley’s 13th Annual Laguna Conference summary11 Sep, 2025
Market and Macroeconomic Environment
Third quarter operating EBITDA is expected to exceed the second quarter and align with consensus, despite ongoing macroeconomic challenges and delayed recovery in key end-markets.
Macroeconomic headwinds persist in building and construction, with U.S. building permits and new home sales declining year-over-year in July.
Export momentum is recovering after a dip in 2Q, with July setting a new monthly record.
Positive developments include greater clarity on US-EU trade deals and actions by countries to address overcapacity.
Portfolio is shifting toward higher-growth end markets such as food packaging, electronics, home care, and pharma.
Financial and Strategic Initiatives
Over $6 billion in actions are underway, including reducing 2025 CapEx to $2.5 billion, $1 billion below the original plan, due to delayed Alberta project; update expected by year-end.
Two non-core product line divestitures completed for $250 million at attractive multiples.
Targeting at least $1 billion in annual cost savings by end of 2026, with 2023/2025 savings raised to $400 million.
Strategic partnership with Macquarie Asset Management generated $3 billion in cash proceeds in 2023 for a 49% equity stake.
Additional $1.2 billion expected from litigation damages, and two debt-neutral bonds totaling $2.4 billion completed to extend maturities and maintain investment-grade profile.
Capacity, Portfolio, and Market Outlook
Shutdown of three upstream European assets to optimize margins, expected to deliver $200 million annual EBITDA uplift by 2029, with benefits starting in 2026 and $60 million/year in CapEx avoidance.
Downstream capacity added in packaging, specialty plastics, and industrial solutions to leverage cost-advantaged US footprint.
Propylene Oxide capacity in Freeport will be rationalized by year-end 2025 to support supply/demand balances.
Alberta project delayed by 1-2 years; engineering and long-lead equipment work ongoing, with a full update due by year-end.
Competitive position enhanced by a global footprint with ~65% of capacity in the Americas and >80% light cracking feedslate.
How will global capacity cuts affect operating rates?
Describe potential for inventory-driven demand
What factors influence Alberta project timing?
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Q3 202523 Oct, 2025
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Frequently asked questions
Material Science Experts
Dow is a company specializing in materials science, offering an incredibly diverse range of products and solutions across industries. With expertise in chemical manufacturing and materials development, Dow produces components used in packaging, automotive production, construction, electronics, and more. They make a wide array of materials, including plastics, specialty chemicals, adhesives, coatings, and performance materials. The company’s products find application in various sectors, from manufacturing the components needed for everyday consumer goods to developing modern technologies.
Consumer Electronics and Semiconductor Production
Dow is a key player in the consumer electronics sector, offering a diverse range of advanced materials crucial for manufacturing electronic devices like smartphones, tablets, laptops, and wearables. These materials play a significant role in the production of microchips and integrated circuits, the backbone of modern electronics. Dow's specialization in providing tailored materials for semiconductor manufacturing processes contributes to the creation of cutting-edge microchips, empowering faster and more powerful electronic devices.
Packaging and specialty plastics
Dow plays a significant role in packaging, offering a comprehensive range of solutions that cater to the demands of the industry. One key component of packaging is special plastics, and it’s an area in which Dow is an expert in producing high-performance resins like polyethylene and polypropylene. These resins are utilized in flexible, rigid, and protective packaging solutions, delivering properties such as durability, versatility, and barrier protection. Dow also offers specialty adhesives and coatings that enhance packaging functionality, providing adhesion, sealing, and barrier properties. Dow also places a focus on providing sustainable packaging options.
Supplying the Chemicals Industry
Dow is often referred to as "the chemical industry's chemical company", and has earned this nickname due to its significant role in supplying a vast range of raw materials, intermediates, and finished products to other companies within the chemical industry. However, the list of the company’s customers is long, and some notable examples include Ford, GE, Ball, and many others.
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