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2024 ANNUAL REPORT
Powering Our Purpose Fueled by the passion and expertise of Team Dow, we are committed to innovation, sustainability and circularity for the markets and customers we serve. We champion an inclusive culture in our workplace and strive to enhance the communities where we live and work. Our belief in the power of materials science to change the world is central to who we are. It is built on our 127-year history of innovation and is embedded in our purpose to deliver a sustainable future. It also is critical to driving progress and creating long-term profitable growth for our shareholders, our Company and society. Ambition To be the most innovative, customer-centric, inclusive and sustainable materials science company in the world. Values Integrity Purpose To deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Goal Value growth and best-in-class performance. 2 2024 | Dow Annual Report Respect for People Protecting Our Planet
Financial Highlights 2024 2023 2022 $42,964 $44,622 $56,902 Net Income $1,201 $660 $4,640 Operating EBIT1 $2,588 $2,778 $6,590 Earnings per Common Share Diluted $1.57 $0.82 $6.28 Operating EPS1 $1.71 $2.24 $6.25 $2,903 $5,164 $7,486 ($37) $2,808 $5,663 In millions, except per share amounts Net Sales Cash Provided by Operating Activities Continuing Operations Free Cash Flow 1 Net Sales Operating EBIT1 (dollars in millions) (dollars in millions) Cash Provided by Operating Activities Continuing Operations (dollars in millions) $42,964 2024 $44,622 2023 $56,902 2022 2024 2023 $2,588 $2,903 2024 $2,778 $5,164 2023 $6,590 2022 $7,486 2022 2024 Shareholder Remuneration 2024 Sales by Operating Segment 2024 Sales by Geography (dollars in millions) (dollars in millions) (dollars in millions) Dividends $1,966 $21,776 $2,460 Share Buyback Packaging & Specialty Plastics $7,707 $13,958 Performance Materials & Coatings Asia Pacific Europe, Middle East, Africa and India $42,964 $42,964 $11,869 $494 $745 Corporate 1 $8,574 Industrial Intermediates & Infrastructure $16,423 U.S. & Canada $4,876 Latin America Non-GAAP measure. For definitions and reconciliation to the most directly comparable U.S. GAAP measure, see supplemental information in the Appendix and located at investors.dow.com under Financial Reporting. See the Appendix for a full list of financial definitions. 2024 | Dow Annual Report 3
Dear Shareholders, In 2024, Team Dow delivered profitable growth and advanced our long-term strategy to position ourselves as a stronger, more resilient and more innovative company. Despite persistent macroeconomic challenges, we continue to operate with discipline, answer customer demands for higher-performing, more circular and more sustainable products, expand our global capacity in low-cost locations and reduce our greenhouse gas emissions. We are doubling down on competitive advantages such as our cost-efficient structure, differentiated solutions in key markets and making growth investments at the bottom of the cycle to position ourselves to reap additional benefits as market conditions improve. INVESTING FOR GROWTH We are focused on the future while navigating an industry downcycle and changing geopolitical landscape. We remain committed to enabling long-term shareholder returns by prioritizing growth investments in higher-value product chains in regions where we have advantaged energy and feedstock positions. At the same time, we have taken proactive measures to rationalize select higher-cost assets. Europe continues to be particularly challenged and is now the highest-cost region in the world, with industry demand still 20% below pre-COVID levels. All businesses are making adjustments to balance supply with domestic European demand and reduce costs. Our strategic review of select European assets will be complete by mid-2025. In 2024, we took action to advance our best-owner mindset and enhance our business model. In the fourth quarter, we announced a new partnership with Macquarie Asset Management for the sale of a minority stake in select U.S. Gulf Coast infrastructure assets, for which we expect to receive cash proceeds of up to $3 billion. This move allows Dow to focus our capital on revenue-generating, profitable projects while the new entity focuses on growth opportunities in the infrastructure space (energy, pipelines, environmental operations) and supports Dow s growth. In addition, strengthening our financial foundation has allowed us to invest in higher-return projects that will drive more than $3 billion in annual earnings growth by 2030, capitalizing on our distinct competitive advantages. Our teams continue to execute on near-term investments targeting high-value growth in attractive end markets and regions, and as a result we expect to deliver a total of approximately $2 billion annually in underlying mid-cycle EBITDA. In recent years, we have added downstream silicones capacity, expanded our alkoxylates capacity in the U.S. Gulf Coast and enhanced our product mix at our site in Tarragona, Spain, to higher-value elastomers and ethylene copolymers for durable film and infrastructure applications. We will continue to drive industry-leading performance across the economic cycle, with a focus on investing in attractive opportunities that enable long-term profitable growth in competitive locations and enhanced shareholder returns. EXECUTING OUR DECARBONIZE & GROW AND TRANSFORM THE WASTE STRATEGIES We are meeting growing demand for sustainable products and solutions through our Decarbonize & Grow and Transform the Waste strategies. Decarbonize & Grow In 2024, we made meaningful progress on our Fort Saskatchewan Path2Zero project in Alberta, Canada, which is expected to generate approximately $1 billion of incremental EBITDA annually by 2030 while decarbonizing 20% of our global ethylene capacity. We began construction on the world s first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility and entered into multiple longterm agreements to secure feedstock supply. We expect the first phase of the project to start up in the second half of 2027. Negotiations with customers for the offtake contracts for this net-zero Scope 1 and 2 emissions are progressing positively. Transform the Waste We will continue to drive industry-leading performance across the economic cycle, with a focus on investing in attractive opportunities that enable long-term profitable growth and enhanced shareholder returns. 4 2024 | Dow Annual Report Through our Transform the Waste strategy, we expanded capacity through strategic partnerships and added new products to our circular portfolio. During the year, we acquired Circulus, a U.S.-based polyethylene recycler. This added 50,000 metric tons of recycled materials annually, enabling more highperformance circular products. We also developed innovative products, building on our REVOLOOP and ENGAGE circular portfolios. We see strong demand for circular and renewable solutions from our brand owners and converters and expect our investments to deliver more than $500 million in incremental EBITDA annually.
LEVERAGING THE STRENGTH OF OUR DIFFERENTIATED PORTFOLIO The strength of Dow s portfolio is defined by our strategic and purpose-built asset footprint, which leverages low-cost feedstock positions, primarily in the Americas and the Middle East. In 2024, these advantaged cost positions enabled us to capture areas of demand strength while remaining focused on delivering innovative solutions. Some highlights include: Net sales were ~$43 billion. Operating earnings before interest and taxes (EBIT1) was ~$2.6 billion. Net income was $1.2 billion, and GAAP earnings per share was $1.57. Cash flow from operating activities continuing operations was $2.9 billion. We delivered five consecutive quarters of year-over-year volume growth. MAINTAINING OUR DISCIPLINED AND BALANCED CAPITAL ALLOCATION PRIORITIES Dow continues to demonstrate operational and financial discipline, maintaining our focus on cost efficiencies. As a result, our strong balance sheet has created the flexibility to invest counter-cyclically and enable higher underlying earnings. Looking ahead, we are well-positioned to create top- and bottom-line growth over the economic cycle. We target a 2 to 2.5 times rating agency adjusted net debtto-EBITDA2 ratio across the cycle. This will allow us to invest in higher-return growth projects that will extend our market leadership and enable increased earnings. Our balance sheet is strong, and we have an investment-grade credit profile. In addition, nearly all of our long-term debt is at a fixed rate with no substantive maturities due until 2027. In 2024, we returned ~$2.5 billion to shareholders. This included ~$2 billion in dividends and ~$0.5 billion in share buybacks. 2024 Our consistent capital allocation priorities have served us well as we continue to navigate the bottom of the petrochemical cycle. These priorities will help to support long-term profitable growth and higher shareholder returns in the future: Run our plants safely and reliably Remunerate our shareholders Maintain investment-grade credit rating Invest for growth ADVANCING OUR AMBITION PROFITABLY Of all the elements that contribute to Dow s success, none are more important than the passion and talent of our people. We pride ourselves on building a high-performance culture that benefits from many different perspectives and a dedication to excellence. We continue to be a leader in this regard, once again being named by Great Place To Work and FORTUNE as one of the World s Best Workplaces in 2024. Looking ahead, Dow is in a strong position. We have a clear strategy and roadmap for profitable growth. We are delivering innovative solutions for our customers while also reducing greenhouse gas emissions and driving circularity. And we have the financial flexibility to execute on our investments in high-value projects, the result of which will enable improved shareholder returns. We will continue to manage with discipline and focus during this downcycle to position Dow to maximize returns through the next peak. I am proud of our team, and I am confident in Dow s ability to continue leading the materials science industry while delivering a sustainable future. Thank you for your ownership. Best regards, Jim Fitterling Chair and Chief Executive Officer, Dow Inc. Financial Highlights Net sales of ~$43B 1 2 Delivered Operating EBIT1 of ~$2.6B Generated $2.9B in cash flow from operations Returned ~$2.5B to shareholders through dividends and share buybacks Non-GAAP measure see the Appendix for a full list of financial definitions. Based on Moody s Rating Agency Methodology 2024 | Dow Annual Report 5
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DOW Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

Powering Our Purpose
Fueled by the passion and expertise of Team Dow, we are committed to innovation,
sustainability and circularity for the markets and customers we serve. We champion
an inclusive culture in our workplace and strive to enhance the communities where
we live and work.
Our belief in the power of materials science to change the world is central to who we are.
It is built on our 127-year history of innovation and is embedded in our purpose to deliver
a sustainable future. It also is critical to driving progress and creating long-term profitable
growth for our shareholders, our Company and society.
Ambition
To be the most innovative, customer-centric,
inclusive and sustainable materials science
company in the world.
Values
Integrity
Purpose
To deliver a sustainable future for the world
through our materials science expertise and
collaboration with our partners.
Goal
Value growth and best-in-class performance.
2
2024 | Dow Annual Report
Respect
for People
Protecting
Our Planet

Financial Highlights
2024
2023
2022
$42,964
$44,622
$56,902
Net Income
$1,201
$660
$4,640
Operating EBIT1
$2,588
$2,778
$6,590
Earnings per Common Share     Diluted
$1.57
$0.82
$6.28
Operating EPS1
$1.71
$2.24
$6.25
$2,903
$5,164
$7,486
($37)
$2,808
$5,663
In millions, except per share amounts
Net Sales
Cash Provided by Operating Activities     Continuing Operations
Free Cash Flow
1
Net Sales
Operating EBIT1
(dollars in millions)
(dollars in millions)
Cash Provided by Operating
Activities     Continuing Operations
(dollars in millions)
$42,964
2024
$44,622
2023
$56,902
2022
2024
2023
$2,588
$2,903
2024
$2,778
$5,164
2023
$6,590
2022
$7,486
2022
2024 Shareholder Remuneration
2024 Sales by Operating Segment
2024 Sales by Geography
(dollars in millions)
(dollars in millions)
(dollars in millions)
Dividends
$1,966
$21,776
$2,460
Share
Buyback
Packaging
& Specialty
Plastics
$7,707
$13,958
Performance
Materials &
Coatings
Asia Pacific
Europe,
Middle East,
Africa and
India
$42,964
$42,964
$11,869
$494
$745 Corporate
1
$8,574
Industrial
Intermediates &
Infrastructure
$16,423
U.S. & Canada
$4,876
Latin America
Non-GAAP measure. For definitions and reconciliation to the most directly comparable U.S. GAAP measure, see supplemental information in the Appendix and located
at investors.dow.com under Financial Reporting. See the Appendix for a full list of financial definitions.
2024 | Dow Annual Report
3

Dear Shareholders,
In 2024, Team Dow delivered profitable growth and advanced
our long-term strategy to position ourselves as a stronger,
more resilient and more innovative company. Despite persistent
macroeconomic challenges, we continue to operate with
discipline, answer customer demands for higher-performing,
more circular and more sustainable products, expand
our global capacity in low-cost locations and reduce our
greenhouse gas emissions.
We are doubling down on competitive advantages such as our
cost-efficient structure, differentiated solutions in key markets
and making growth investments at the bottom of the cycle
to position ourselves to reap additional benefits as market
conditions improve.
INVESTING FOR GROWTH
We are focused on the future while navigating an industry
downcycle and changing geopolitical landscape. We remain
committed to enabling long-term shareholder returns by
prioritizing growth investments in higher-value product chains
in regions where we have advantaged energy and feedstock
positions. At the same time, we have taken proactive measures
to rationalize select higher-cost assets. Europe continues to be
particularly challenged and is now the highest-cost region in the
world, with industry demand still 20% below pre-COVID levels.
All businesses are making adjustments to balance supply with
domestic European demand and reduce costs. Our strategic
review of select European assets will be complete by mid-2025.
In 2024, we took action to advance our best-owner mindset
and enhance our business model. In the fourth quarter,
we announced a new partnership with Macquarie Asset
Management for the sale of a minority stake in select U.S. Gulf
Coast infrastructure assets, for which we expect to receive cash
proceeds of up to $3 billion. This move allows Dow to focus
our capital on revenue-generating, profitable projects while the
new entity focuses on growth opportunities in the infrastructure
space (energy, pipelines, environmental operations) and
supports Dow   s growth.
In addition, strengthening our financial foundation has allowed
us to invest in higher-return projects that will drive more than
$3 billion in annual earnings growth by 2030, capitalizing on our
distinct competitive advantages. Our teams continue to execute
on near-term investments targeting high-value growth in attractive
end markets and regions, and as a result we expect to deliver a
total of approximately $2 billion annually in underlying mid-cycle
EBITDA. In recent years, we have added downstream silicones
capacity, expanded our alkoxylates capacity in the U.S. Gulf
Coast and enhanced our product mix at our site in Tarragona,
Spain, to higher-value elastomers and ethylene copolymers for
durable film and infrastructure applications.
We will continue to drive industry-leading performance across
the economic cycle, with a focus on investing in attractive
opportunities that enable long-term profitable growth in
competitive locations and enhanced shareholder returns.
EXECUTING OUR DECARBONIZE & GROW AND
TRANSFORM THE WASTE STRATEGIES
We are meeting growing demand for sustainable products
and solutions through our Decarbonize & Grow and Transform
the Waste strategies.
Decarbonize & Grow
In 2024, we made meaningful progress on our Fort
Saskatchewan Path2Zero project in Alberta, Canada, which is
expected to generate approximately $1 billion of incremental
EBITDA annually by 2030 while decarbonizing 20% of our
global ethylene capacity. We began construction on the world   s
first net-zero Scope 1 and 2 emissions integrated ethylene
cracker and derivatives facility and entered into multiple longterm agreements to secure feedstock supply. We expect the
first phase of the project to start up in the second half of 2027.
Negotiations with customers for the offtake contracts for this
net-zero Scope 1 and 2 emissions are progressing positively.
Transform the Waste
We will continue to drive industry-leading
performance across the economic
cycle, with a focus on investing in
attractive opportunities that enable
long-term profitable growth and
enhanced shareholder returns.
4
2024 | Dow Annual Report
Through our Transform the Waste strategy, we expanded
capacity through strategic partnerships and added new
products to our circular portfolio. During the year, we acquired
Circulus, a U.S.-based polyethylene recycler. This added 50,000
metric tons of recycled materials annually, enabling more highperformance circular products. We also developed innovative
products, building on our REVOLOOP    and ENGAGE   
circular portfolios. We see strong demand for circular and
renewable solutions from our brand owners and converters and
expect our investments to deliver more than $500 million in
incremental EBITDA annually.

LEVERAGING THE STRENGTH OF OUR
DIFFERENTIATED PORTFOLIO
The strength of Dow   s portfolio is defined by our strategic and
purpose-built asset footprint, which leverages low-cost feedstock
positions, primarily in the Americas and the Middle East.
In 2024, these advantaged cost positions enabled us to
capture areas of demand strength while remaining focused on
delivering innovative solutions. Some highlights include:
    Net sales were ~$43 billion.
    Operating earnings before interest and taxes (EBIT1)
was ~$2.6 billion.
    Net income was $1.2 billion, and GAAP earnings per
share was $1.57.
    Cash flow from operating activities     continuing operations
was $2.9 billion.
    We delivered five consecutive quarters of year-over-year
volume growth.
MAINTAINING OUR DISCIPLINED AND BALANCED
CAPITAL ALLOCATION PRIORITIES
Dow continues to demonstrate operational and financial
discipline, maintaining our focus on cost efficiencies. As a
result, our strong balance sheet has created the flexibility to
invest counter-cyclically and enable higher underlying earnings.
Looking ahead, we are well-positioned to create top- and
bottom-line growth over the economic cycle.
    We target a 2 to 2.5 times rating agency adjusted net debtto-EBITDA2 ratio across the cycle. This will allow us to invest
in higher-return growth projects that will extend our market
leadership and enable increased earnings.
    Our balance sheet is strong, and we have an investment-grade
credit profile. In addition, nearly all of our long-term debt is at a
fixed rate with no substantive maturities due until 2027.
    In 2024, we returned ~$2.5 billion to shareholders. This
included ~$2 billion in dividends and ~$0.5 billion in
share buybacks.
2024
Our consistent capital allocation priorities have served us well
as we continue to navigate the bottom of the petrochemical
cycle. These priorities will help to support long-term profitable
growth and higher shareholder returns in the future:
    Run our plants safely and reliably
    Remunerate our shareholders
    Maintain investment-grade credit rating
    Invest for growth
ADVANCING OUR AMBITION PROFITABLY
Of all the elements that contribute to Dow   s success, none are
more important than the passion and talent of our people. We
pride ourselves on building a high-performance culture that
benefits from many different perspectives and a dedication
to excellence. We continue to be a leader in this regard, once
again being named by Great Place To Work   and FORTUNE
as one of the World   s Best Workplaces    in 2024.
Looking ahead, Dow is in a strong position. We have a clear
strategy and roadmap for profitable growth. We are delivering
innovative solutions for our customers while also reducing
greenhouse gas emissions and driving circularity. And we
have the financial flexibility to execute on our investments in
high-value projects, the result of which will enable improved
shareholder returns.
We will continue to manage with discipline and focus during
this downcycle to position Dow to maximize returns through
the next peak.
I am proud of our team, and I am confident in Dow   s ability to
continue leading the materials science industry while delivering
a sustainable future.
Thank you for your ownership.
Best regards,
Jim Fitterling
Chair and Chief Executive Officer, Dow Inc.
Financial Highlights
Net sales of
~$43B
1
2
Delivered Operating EBIT1 of
~$2.6B
Generated
$2.9B
in cash flow
from operations
Returned
~$2.5B
to shareholders through
dividends and share buybacks
Non-GAAP measure     see the Appendix for a full list of financial definitions.
Based on Moody   s Rating Agency Methodology
2024 | Dow Annual Report
5



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