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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.
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Q2 2025 earnings summary29 Jul, 2025

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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Frequently asked questions

Olin Corporation manufactures and distributes chemical products in Japan, North America, and Europe. The company offers engineered products and performance chemicals, such as explosives, pyrotechnics, and flares; solid propellants; flammable gases; oilfield chemicals; pigments, coatings, adhesives, inks, and other specialty chemicals; solvents; surfactants; and water treatment chemicals. It also provides performance-chemical products for military applications under the Triton brand name. The company sells its products to manufacturers of explosives for use in aircraft de-icing fluids and propellant charges for missiles, rockets, and projectiles; oilfield service companies for drilling fluids, proppants for creating fractures in hydrocarbon bearing formation during the production process in oil fields. Olin Corporation is headquartered in Clayton, Missouri.

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