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Olin (OLN) investor relations material
Olin Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 reported a net loss of $1.3M and adjusted EBITDA of $176.1M, down sharply year-over-year, as all segments faced higher costs and weaker pricing despite a 7% sales increase to $1.76B.
Operating cash flow was strong at $212M, funding a $56M ammunition facility acquisition, $39M debt reduction, and $10M in share repurchases.
Value-over-volume strategy and cost discipline remain central, with Beyond250 cost savings initiative targeting $70M–$90M run-rate savings by year-end 2025.
Military demand in Winchester was robust, but commercial margins were pressured by destocking, lower pricing, and higher raw material costs.
New debt financing and share repurchase authorizations supported capital allocation priorities.
Financial highlights
Q2 2025 adjusted EBITDA was $176.1M, down from $278.1M in Q2 2024 and $185.6M in Q1 2025.
Net loss was $1.3M for Q2 2025, with diluted EPS of $(0.01); sales rose 7% to $1.76B.
Operating cash flow reached $212M; working capital generated $182M in Q2 (excluding tax timing).
Net debt at quarter-end was $2.77B–$2.8B; net debt to adjusted EBITDA ratio increased to 3.3x–3.9x.
Cash and cash equivalents at June 30, 2025: $223.8M; available liquidity $1.4B.
Outlook and guidance
Q3 2025 adjusted EBITDA expected between $170M and $210M, with seasonally stronger demand in Chemicals and Winchester but continued cost pressures.
Full-year 2025 capital spending forecasted at $200M–$220M; D&A ~$525M; interest expense $180M–$185M.
Net debt targeted to be flat year-end 2025 vs. 2024; >$100M working capital source expected in 2025.
2025 effective tax rate projected at 25–35%; cash taxes paid expected to be ~$175M.
Environmental expenses for 2025 anticipated at $25M–$35M.
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