On this page of StockholderLetter.com we present the 2/28/2025 shareholder letter from DOW INC. — ticker symbol DOW. Reading current and past DOW letters to shareholders can bring important insights into the investment thesis.

 •  2/28/2025 Letter Continued (Full PDF)
 •  3/3/2023 DOW Stockholder Letter
 •  3/1/2024 DOW Stockholder Letter
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 •  2/27/2026 DOW Stockholder Letter
 •  More "Rubber & Plastics" Category Stockholder Letters
 •  DOW Benford's Law Stock Score = 99

DOW 2/28/2025 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

inancial
ighlights
2024
In millions, except per share amounts
Net Sales
Net Income
Operating EBIT
1
202
2022
$42,964
$44,622
$56,902
$1,201
$660
$4,640
$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
Cash Provided by Operating Activities     Continuing Operations
1
Free Cash Flow
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
Asia Paci   c
Europe,
Middle East,
Africa and
India
$42,964
$42,964
$11,869
$494
$745 Corporate
1
$8,574
Performance
Materials &
Coatings
Industrial
Intermediates &
Infrastructure
$16,423
U.S. & Canada
$4,876
Latin America
Non-GAAP measure. For de   nitions 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    nancial de   nitions.
2024 | Dow Annual Report
3

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4
2024 | Dow Annual Report
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2024
Financial Highlights
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2024 | Dow Annual Report
5



 2/28/2025 Letter Continued (Full PDF)