Westlake : IR Presentation Q3 2025

Focused Approach to Delivering Value and Growth

Westlake Overview

A leading producer of performance oriented and essential materials as well as North American

building products that benefits from a globally competitive low-cost position

Financial Performance

LTM Sep 30th, 2025

Balance Sheet & Cash Flow

LTM Sep 30th, 2025

$11.5B Revenue		11.8% EBITDA Margin excluding identified items (1,2)
$1.4B EBITDA excluding identified item(1)		($0.0MM) Net Income excluding identified items (1)

1.9x Net Debt to EBITDA excluding identified items(1)		$0.7B Operating Cash Flows
~15 Years Avg. Debt Maturity		50% Cash Flow Conversion(3)

80+

Manufacturing

Facilities

15,540

Employees

~15%

Sales CAGR

(1986-2024)

Sales

37%

PEM

22% N. America

HIP

Breakout 63% Segment 78%

Region

International

Strong Financials and Balance Sheet With Leadership Positions Across Several End Markets

2

1. Excludes "Identified Items" See pages 30-34 for a reconciliation

2. EBITDA Margin is EBITDA divided by Net External Sales

3. Cash Flow Conversion is Operating Cash Flows divided by EBITDA

Leveraging Market Leading Segments in Attractive Markets

Housing & Infrastructure

Key Stats

Performance & Essential Materials

Key Stats

$4.2B

Revenue

(LTM 3Q'25)

21%(2)

EBITDA Margin

(LTM 3Q'25)

50+

Manufacturing Sites

$7.3B

Revenue

(LTM 2Q'25)

6%(1,2)

EBITDA Margin excluding identified items (LTM 3Q'25)

30

Production Sites

Leadership Positions

N.A. Building Products

#1 Premium PVC & Poly-ash Trim

#1 Non-wood Shutters

#3 PVC and Premium Siding

N.A. PVC Markets

#1 PVC Compounds

#3 PVC Pipe and Fittings

N.A. Roofing

#1 Clay and Concrete Tile

#1 Composite Roofing

#2 Stone Coated Metal Roofing

N.A. Stone and Windows

#1 Architectural Stone Veneer

#2 Texas New Construction Windows

HIP Segments

Housing (~$3.6B)

• Building Products

• Residential Pipe, Fittings, and Global Compounds

• Recycled Consumer Products

  Infrastructure (~$0.6B)

• Infrastructure Pipe and Fittings

• Medical and Automotive Markets

  Leadership Positions

  Chlorovinyls

  #2 Global Combined Chlorovinyls

  #2 Global Chlor-Alkali, PVC, and Specialty PVC

  Polyethylene

  #2 Specialty Co-Polymer and

  N.A. Autoclave Polyethylene

  #3 N.A. Low Density Polyethylene

  Epoxy

  #1 Specialty for Wind Energy

  #2 Specialty for European Aerospace

  #2 Specialty for N.A. Automotive

  #2 N.A & European Liquid Epoxy Resin

  PEM Segments

  Performance (~$4.2B)

• PVC

• Polyethylene

• Epoxy

  Essential (~$3.1B)

• Chlor-Alkali

• Chlorovinyls Derivatives

  3

  Source: Chemical Market Analytics.

  1. Excludes "Identified Items" See pages 30-34 for a reconciliation

  2. EBITDA Margin is EBITDA excluding identified items divided by Net External Sales

High Degree of Product Integration

All ethane feedstock capability

Combined With Globally Advantaged Low-Cost Position

North America has a

• Flooring

• Roofing

• Wallpaper

• Films

• Coating

• Automotive

Epoxy Specialty Resins

580M lbs

Base Epoxy Resins and Intermediates

1.3B lbs

Caustic Soda

8.1B lbs

Chlorinated Products

2.2B lbs

Styrene

570M lbs

Polyethylene

2.6B lbs

Ethylene

4.8B lbs

• Flexible packaging

• Shrink wrap

• Trash bags

• Tires

• Latexes for paint & coatings

• Pulp & paper

• Glass

• Alumina

HIP

Products

PVC

7.8B lbs

Chlorine

7.4B lbs

Vinyls

• Artificial leather

• Fencing

• Decking

• Siding

• Pipe

North American Merchant Ethylene Purchases

~1.2B lbs

long-term cost advantaged position through abundant supply of Ethane from shale, electricity from natural gas and ample salt compared to global markets

Integration from feedstock to final product captures

margin across the production chain and throughout the economic cycle enhancing margin stability

Westlake products serve key market trends in:

• Electrification

• Automotive innovation

• Medical and healthcare

• Clean and fresh water

• Energy efficient and

  durable housing

  • Wind power

  • Aviation

  • Automotive

  • Coatings

End Market Products that Improve Lives Every Day:

Benefits of Integrated HIP and PEM Portfolio

More Stability in Earnings and Cashflow

• PEM and HIP cycles generally do not overlap

• HIP provides insight into housing and construction demand that allows PEM to operate more efficiently

• Vertical integration lowers unit cost of production and creates highly

  reliable operations across both segments

  Housing & Infrastructure Products

  Combined Segments Offer Lower Volatility and Greater Reliability to Westlake Investors and Customers

  Performance & Essential Materials

  Enhances Product Innovation Across Both Segments

• Leveraging PEM's material science and HIP's product and

  market expertise

  
  
  

• Strongly supports introduction of technically advanced products

  Westlake's Cashflow Profile Supports Strategic Growth

• HIP & PEM have substantial access to capital from Westlake

• Greater stability in earnings allows more product offerings to more diversified markets

  HIP Creates New Opportunities In Which to Apply Proven M&A Skills

• Leveraging M&A expertise in disciplined capital deployment and successful integration

• Enables strategic acquisition opportunities in fragmented industry as well as organic growth in established profitable markets

• Allows opportunistic capital allocation across segments

Westlake is a Compelling Investment Opportunity

1

Strong and experienced leadership with a proven track record of operating excellence, asset allocation, and successful acquisitions and integrations all driving long-term value creation

2

Market leading position in Housing & Infrastructure Products (HIP) driving strong customer selection from high-valued, strong brand name product offerings with attractive long-term fundamentals in housing, repair & remodeling, and infrastructure markets

3

Implementing PEM profitability strategy focused on: Improving plant reliability, Reducing costs to global competitiveness, and Optimizing manufacturing footprint

4

Well positioned to execute on a portfolio of opportunities across both segments by leveraging a proven system of operational excellence and value creative capital allocation

5

Disciplined investment culture and a strong balance sheet provide the ability to weather economic cycles and generate strategic bottom line growth

HIP At-a-Glance: Diverse Portfolio with Broad Market Exposure In Which Every Piece Matters

$4.2B HIP Total Revenue1

$3.6B

Housing

Siding, Trim, & Shutters	Premium housing siding
Roofing	Premium clay, composite, concrete, and stone-coated metal roofing
Decorative Stone	Exterior and interior premium decorative stone
Windows	New construction windows
Pipe & Fittings	Fresh water
PVC Compounds	Electrical
$0.6B Infrastructure

Westlake Royal Building Products' revenue, which is all Housing-related, comprises approximately half of HIP's annual revenue

Westlake Pipe & Fittings' revenue, which is both Housing- and Infrastructure-related, is the next largest component of HIP's annual revenue

Pipe & Fittings

PVC Compounds

• Fresh water and sewer

• Agriculture irrigation

• Automotive and aerospace

• Medical

Westlake Global Compounds' revenue is both

Housing- and Infrastructure-related

~21,800 Customers (2)

48 Distribution Centers

70 Manufacturing Sites

34 Market Segment / Product Categories

~62,000 SKUs

~8,100 Employees

(1) Revenue is for the twelve-month period ended Sep 30, 2025 7

Westlake Royal Building Products At-A-Glance

~18,000 Customers2

41 Manufacturing Sites

20 Market Segment / Product Categories

~30,500 SKUs

~5,300 Employees

Growth Drivers

• Decade plus of historical under-build in new housing plus aging existing homes drive future demand

• Inventive products make housing more affordable

• Partnerships with nationwide homebuilders who

  are gaining market share

• Coast-to-coast footprint

• Innovation in product offerings

• Shifting consumer preferences post Covid

  • Work from home

  • Outdoor living

• Replacing alternative products due to significant competitive differentiators

  • Curb appeal

  • Weather and fire resistant

  • Durability + Low maintenance

  • Lower cost

  • Service to all markets

(1) Based on revenue for the twelve-month period ended Sep 30, 2025

CONSTRUCTION VS. REMODEL

50% Revenue1 50%

New Residential Construction

Repair & Remodel

28%

Revenue1

72%

ONE-STEP VS. TWO-STEP DISTRIBUTION

One-Step

Two-Step

8

Westlake Pipe and Fittings At-a-Glance

~2,700 Customers3

18 Distribution Centers

15 Manufacturing Sites

6 Market Segments

>30,000 SKUs

~1,800 Employees

North American Growth Drivers

Municipal and Government spending for infrastructure enhancement

• 33% of all installed pipe is 50+ years old

• EPA estimates $420B investment needed to maintain

  underground water distribution over next 20 years

  Historical under build in new housing + favorable demographics: John Burns estimates 18M new houses needed in U.S. over next 10 years1

• Multi story and high-rise construction

• PVC is preferred material for potable water and sewer installations, increasing from

22% to 29% of total potable water installed base since 2018

Growing demand for agricultural irrigation

Strategic Footprint

Approximate Areas of High Single-Family Permits Growth2

Pipe MFG Fittings MFG

Distribution

• Westlake serves all major markets with its well-placed Pipe & Fittings footprint

• Well-positioned to capitalize on areas with most housing starts and greatest infrastructure needs

  9

  1. John Burns Research and Consulting, LLC (April 2024)

  2. National Association of Home Builders (NAHB)

     
     
     Westlake Global Compounds At-a-Glance

     1,605 Compounds2

     12 R&D Facilities

     60 Countries Served

     14 Manufacturing Sites

     1,150 Customers

     ~1,100 Employees

     
     
     

     Developer of specialty compounds providing highly customizable solutions to specific customer challenges

     • Rigid and flexible PVC compounds

     • Formulated to meet specifications and customer

       parameters

       Attractive end markets, including building products, industrial products, consumer goods, automotive, and healthcare

       Competitive advantages:

     • Differentiating technology (including IP)

     • Vertical integration with innovative PEM products

     • Supply chain excellence

     • Global material science and process expertise

     • Strong management team

Revenue1

US

43%

Geography1

57%

International

Building Products Automotive Healthcare

Other

End Markets1

9% 1%

11%

79%

1. Revenue is for the twelve-month period ended Sep 30, 2025

2. Current data for Westlake Housing and Infrastructure Products ("HIP") 10