Olin (OLN) Q2 2026 earnings summary

Executive summary

• Announced a transformative all-stock merger of equals with Huntsman, expected to close in H1 2027, creating a $12 billion+ North American chemical leader with significant cost synergies and expanded global reach.

• Q2 2026 reported a net loss of $13.3 million ($0.12 per diluted share), mainly due to weaker Chlor Alkali results, while Epoxy and Winchester segments improved.

• Adjusted EBITDA rose to $191.3 million from $176.1 million year-over-year, with sequential improvements in Chlor Alkali and Epoxy.

• Q2 was impacted by supply chain disruptions and price premiums from the Iran conflict, which diminished as the quarter progressed.

• Continued progress on Beyond 250 cost reduction initiative and value-first commercial approach.

Financial highlights

• Q2 2026 adjusted EBITDA: $191.3 million; Q2 2026 net loss: $13.3 million; Q2 2026 sales: $1,741.9 million.

• Ended Q2 with $1.2 billion in available liquidity and $177.4 million cash; net debt at $2.85 billion.

• Working capital increased by $183 million in H1 2026 due to seasonal build and $93 million in litigation payments; another $100 million payment expected in H2.

• Adjusted EBITDA for Q2 penalized by $40 million due to Freeport VCM outage; Q3 impact estimated at $20 million.

• On track to deliver $100–120 million in Beyond250 cost savings for 2026.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected in the range of $160–$200 million.

• Chemical businesses' Q3 results expected to be comparable to Q2, with continued impact from reduced VCM facility rates.

• Winchester expected to improve sequentially in Q3 due to higher commercial volumes and pricing.

• Full-year 2026 capital spending forecasted at ~$200 million; depreciation and amortization ~$475 million.

• $35–40 million in acquisition-related costs expected for the Huntsman merger in 2026.