Olin Corp. (OLN): Recapping 2Q earnings and revising estimates to reflect a more cautious outlook

Research evidence excerpt

Olin Corp. (OLN): Recapping 2Q earnings and revising estimates to reflect a more cautious outlook

Equity Research

3 August 2026 | 11:05PM EDT

Olin Corp. (OLN): Recapping 2Q earnings and revising estimates to

reflect a more cautious outlook

Olin (OLN - Neutral) reported 2Q adjusted EBITDA of $191mn, surpassing the Duffy Fischer

+1(212)902-0099 |

Bloomberg consensus of $186mn and the midpoint of management’s guidance duffy.fischer@gs.com

Goldman Sachs & Co. LLC

($180mn). This performance represents a strong sequential recovery from 1Q

Mike Harris

adjusted EBITDA of $86mn, driven by positive contributions across all segments: +1(212)902-3667 | mike.harris@gs.com

CAPV contributed +$67mn, Epoxy added +$19mn, Winchester grew by +$13mn, and Goldman Sachs & Co. LLC

Ramsey AbdulrahimCorporate improved by +$6mn. +1(212)902-0091 |

ramsey.abdulrahim@gs.com

On a segment basis, Chloralkali EBITDA rose to $152mn (up $67mn QoQ) as Goldman Sachs & Co. LLC

Jordan Leeseasonally higher volumes, stronger ECU netbacks, and Beyond250 cost-saving +1(212)357-6986 | jordan.lee@gs.com

initiatives more than offset a $40mn headwind from an unplanned VCM outage. Goldman Sachs & Co. LLC

Epoxy EBITDA improved to $28mn (up $19mn QoQ) on expanded margins and

higher pricing, which offset elevated feedstock costs. Meanwhile, Winchester EBITDA

reached $37mn (up $13mn QoQ) due to commercial ammunition volume and pricing

gains alongside steady military sales, despite rising metals costs.

Notables from the earnings call include: 1) Segment performance and operational

headwinds: While Epoxy achieved its best results in three years and Winchester

continued its commercial recovery under protective tariffs, CAPV faced a $40mn 2Q

EBITDA penalty and a $20mn 3Q impact from an unplanned Freeport VCM outage;