OLN · Olin Corporation

Olin Corporation reported a Q1 2026 GAAP net loss of $83.0 million, or ($0.73) per diluted share, contrasting with Q1 2025 net income of $1.4 million, or $0.01 per share. Adjusted EBITDA fell to $86.2 million from $185.6 million year-over-year, after excluding $117.2 million in depreciation and amortization, $9.1 million in restructuring charges, and $36.1 million in legacy litigation costs primarily in the Chlor Alkali Products and Vinyls segment. Total sales declined to $1,583.0 million from $1,644.2 million, driven by lower volumes and pricing across segments.

Segment performance varied significantly. Chlor Alkali Products and Vinyls posted a $44.5 million loss versus $78.3 million earnings last year, impacted by lower pricing, volumes (including end of Blue Water Alliance JV), higher natural gas and power costs, and maintenance expenses, partially offset by cost reductions. Epoxy improved to a $2.9 million loss from $28.4 million, benefiting from lower operating costs, higher volumes, and gains at the Stade, Germany facility despite slightly lower margins. Winchester earnings dipped to $15.2 million from $22.8 million on higher metal and operating costs, offset by increased military and commercial ammunition sales and pricing actions.

Corporate costs rose $13.2 million due to higher incentive and foreign currency impacts. Balance sheet showed $192.2 million cash, $2.8 billion net debt (5.1x adjusted EBITDA), and $1.3 billion liquidity. Management highlighted sequential EBITDA gains from cost actions, lower maintenance, and Epoxy recovery, with Q2 guidance of $160-200 million adjusted EBITDA citing stronger seasonal demand, pricing for caustic soda, EDC, and epoxies, plus Winchester growth. A $0.20/share dividend was declared, marking the 398th consecutive quarterly payout.