Olin: Operational Discipline Delivers, Signs of Momentum into Q2

研报英文原文证据摘录

Olin: Operational Discipline Delivers, Signs of Momentum into Q2

Deutsche Bank

Research

Rating Company Date

Hold Olin 13 May 2026

North America Reuters Bloomberg Rating Hold

United States OLN.N OLN US Price target (USD) 30.00 Price at 12 May 26 27.59

52-week range 30.14 – 18.23

Industrials

Chemicals / Commodity Valuation & Risks

Operational Discipline Delivers, Signs of

Momentum into Q2 DavidResearchBegleiterAnalyst

+1-212-250-5473

Epoxy returns to profitability. Caustic and EDC outlook positive. Valuation Fair

Emily Fusco Olin shares rose 0.3% (S&P: +0.8%) following their Q1 release as i) EBITDA beat Research Associate

by 34%, ii) Q2 EBITDA guidance was in-line with consensus and iii) Epoxy had its +1-212-250-5162

first profitable quarter after 6 quarters of operating losses.

In the quarter, the earnings beat was driven by i) Chlor Alkali due to favorable

operating cost performance driven by Olin’s Beyond250 structural cost reduction

program and lower-than-expected planned maintenance turnaround expenses

and ii) to a lesser degree Winchester due to improved commercial ammunition

demand and pricing actions implemented to offset commodity metals and raw

materials cost inflation.

Also noteworthy in the quarter, and a modest source of upside, was Epoxy which

posted its first positive EBITDA quarter since Q2’24. This return to profitability

was driven by structurally lower costs at the Stade, Germany facility due to a new

supply agreement, and higher European epoxy resin volume as Olin is picking up

share in its European business following competitor capacity closures.

In Q2, Olin expects significantly higher earnings QoQ driven by positive

momentum across all three businesses. In Chlor-Alkali, earnings are expected to