Westlake Chemical Partners (WLKP) investor relations material

Executive summary

• Q2 2025 net income attributable to the partnership was $15M ($0.41/unit), stable year-over-year, supported by a fixed margin ethylene sales agreement and fewer production days lost from the Petro 1/Lake Charles turnaround.

• Net sales for Q2 2025 were $297.1M, up 4.5% year-over-year, with higher ethylene prices and a $13.6M buyer deficiency fee offsetting lower volumes from the turnaround.

• Distributable cash flow was $15M, down $2.1M year-over-year due to higher maintenance capex from the turnaround.

• Achieved 44 consecutive quarterly distributions since IPO in July 2014, with no reductions.

• Cash flows from operating activities dropped significantly year-over-year due to timing of turnaround payments.

Financial highlights

• Q2 2025 consolidated net income (including OpCo) was $85.8M; EBITDA was $124.4M, up $1.2M year-over-year.

• Gross profit for Q2 2025 was $97.5M (margin 32.8%, down from 35.6%); distributable cash flow coverage ratio for the trailing twelve months was 0.79x.

• Long-term debt was $400M at quarter end; weighted average interest rate was 6.1%.

• Capital expenditures for the first half of 2025 were $40.3M, mainly due to the turnaround.

• Quarterly distribution of $0.4714 per unit announced, payable August 27, 2025.

Outlook and guidance

• Distributable cash flow and coverage ratio expected to improve in H2 2025 as turnaround impacts subside.

• No further planned turnarounds for the remainder of 2025 or in 2026.

• Management expects to continue distributing most excess cash to partners and to fund capital expenditures primarily from external sources if needed.

• Financial performance is expected to remain stable due to the ethylene sales agreement, despite ongoing industry softness.

• Focus remains on long-term value and distribution to unitholders, with growth opportunities evaluated as market conditions evolve.