Dow Inc. (DOW) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Dow Inc. ( DOW ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 1:00 PM EDT Company Participants Jeffrey Tate - Chief Financial Officer Presentation Unknown Analyst Good morning, everyone, and welcome to Day 2 of the Morgan Stanley 14th Annual Laguna Conference. It's my pleasure today to have with me Jeff Tate, CFO of Dow. Before we dive into things, just a couple of things I need to remind everyone of. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representative. Jeff has a few prepared remarks to kick things off. And along with those remarks, there are slides that are posted at the Dow website that anybody online is welcome to follow along with. Jeff? Jeffrey Tate Chief Financial Officer Great. Thank you, [ Mark. ] And good morning, everyone, and thank you for having me today. Before we get into your questions, I'd like to begin with just a few remarks to paint a picture of how the third quarter has evolved. I'll share Dow's views on the external factors and market conditions that have the greatest impact on our business as well as an overview of our self-help actions, continued financial discipline and our near-term priorities. Now I'll start on Slide 2, with the current environment. The macro backdrop remains dynamic and largely unchanged from what we outlined in July at our earnings. Specific to Dow, our strategically advantaged global footprint and local supply chains in every region continue to be differentiators for us. The oil-to-gas spread remains elevated as geopolitical tensions in the Middle East continue, supported by recent material escalation of crude pricing, while gas remains largely unaffected. This reinforces the competitive advantage of Dow's purpose-built asset base and feedstock position that we've developed