OLIN Corp

The fourth quarter market environment, typically the weakest seasonal quarter for our businesses, is anticipated to be more difficult than usual, as continued global uncertainty and related cautious customer buying patterns will further challenge demand. As a result, we expect our Chemicals businesses’ fourth quarter 2025 results to decline from the third quarter 2025. We expect our Winchester business fourth quarter results to decline from third quarter 2025 levels as a result of seasonally weaker commercial ammunition demand and inventory destocking by our retail customers. Overall, we expect Olin’s fourth quarter 2025 operating results to be lower than our third quarter 2025 levels.

Other corporate and unallocated costs in 2025 are expected to be comparable with the $90.1 million in 2024.

During 2025, we anticipate environmental expenses in the $25 million to $30 million range, compared to $30.2 million in 2024.

We expect non-operating pension income in 2025 to be lower than the $26.0 million in 2024. Based on our plan assumptions and estimates, we will not be required to make any cash contributions to our domestic qualified defined benefit pension plan in 2025. We have several international qualified defined benefit pension plans for which we anticipate cash contributions of less than $5 million in 2025.

In 2025, we currently expect our capital spending to be in the $200 million to $220 million range and we expect to make a payment under other long-term supply contracts of $31 million. We expect 2025 depreciation and amortization expense to be approximately $525 million.

We currently believe 2025 income tax will be a benefit of $25 million to $35 million. We expect cash taxes paid to be approximately $175 million, primarily for earnings in foreign jurisdictions, including the previously deferred international tax payments that have been made in 2025.