# EDGAR Filing Document

**Accession Number:** 0001262823
**File Stem:** 0001262823-25-000047
**Filing Date:** 2025-8
**Character Count:** 43205
**Document Hash:** e60724784b449d209aa43f306688f695
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001262823-25-000047.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001262823-25-000047

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTLAKE CORP
- **CENTRAL INDEX KEY:** 0001262823
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 760346924
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32260
- **FILM NUMBER:** 251182802

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 POST OAK BLVD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-960-9111

**MAIL ADDRESS:**
- **STREET 1:** 2801 POST OAK BLVD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTLAKE CHEMICAL CORP
- **DATE OF NAME CHANGE:** 20030908

?xml version='1.0' encoding='ASCII'? wlk-20250805

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): August 5, 2025** 

**Westlake Corporation** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32260** | **76-0346924** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **2801 Post Oak Boulevard,** | **Suite 600** | |
| **Houston,** | **Texas** | **77056** |
| **(Address of principal executive offices)** | | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (713) 960-9111** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | WLK | The New York Stock Exchange |
| 1.625% Senior Notes due 2029 | WLK29 | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 5, 2025, Westlake Corporation (the "Company"), issued a press release announcing its 2025 second quarter results. A copy of the press release is furnished with this Current Report as Exhibit 99.1.

The information furnished pursuant to this Current Report, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed by Westlake Corporation under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein.

**Item 7.01. Regulation FD Disclosure.**

The Company is holding a conference call on August 5, 2025 to discuss its 2025 second quarter results. Information about the call can be found in the press release furnished with this Current Report as Exhibit 99.1. In addition, the Company made available an investor presentation regarding its 2025 second quarter results, which is furnished with this Current Report as Exhibit 99.2.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

The following exhibits are furnished herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release issued on August 5, 2025.](ex991_202506earningsrelease.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Investor Presentation.](ex992_20250630wlkearning.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **WESTLAKE CORPORATION** |
| Date: | August 5, 2025 | By: | /S/ JEAN-MARC GILSON |
|  |  |  | **Jean-Marc Gilson**<br>**President and Chief Executive Officer** |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**WESTLAKE CORPORATION**

Contact—(713) 960-9111

Investors—Steve Bender

Media—L. Benjamin Ederington

**Westlake Corporation Reports Second Quarter 2025 Results** 

HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced second quarter 2025 results.

**<u>SUMMARY FINANCIAL HIGHLIGHTS (in millions of dollars, except per share data and percentages)</u>** 

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended June 30, 2024** |
| **Westlake Corporation** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $2953 | $2846 | $3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $(109) | $(32) | $406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Westlake Corporation | $(142) | $(40) | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per common share  | $(1.11) | $(0.31) | $2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items <sup>(1)</sup> | $130 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Westlake Corporation excl. Identified Items | $(12) | $(40) | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per common share excl. Identified Items | $(0.09) | $(0.31) | $2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $210 | $288 | $744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA excl. Identified Items | $340 | $288 | $744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin <sup>(2)</sup> | 12% | 10% | 23% |
| **Housing and Infrastructure Products ("HIP") Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $1160 | $996 | $1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $222 | $148 | $266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $275 | $203 | $336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin | 24% | 20% | 28% |
| **Performance and Essential Materials ("PEM") Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $1793 | $1850 | $2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $(318) | $(163) | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $(78) | $73 | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items <sup>(1)</sup> | $130 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA excl. Identified Items | $52 | $73 | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin <sup>(2)</sup> | 3% | 4% | 19% |

---

i

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______________________________

(1) "Identified Items" represent $108 million of accrued expenses and $15 million inventory write-off related to the permanent shut down of the Company's Pernis facility in The Netherlands and $7 million of accrued expenses to temporarily cease operations of a PVC resin production unit in China at the Company's 95% owned Huasu joint venture

(2)Excludes Identified Items

**<u>BUSINESS HIGHLIGHTS</u>**

In the second quarter of 2025, Westlake reported net sales of $3.0 billion, a net loss of $142 million, or $1.11 per share, and EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $210 million. Earnings in the second quarter were impacted by $130 million from the closure of the Company's Epoxy facility in Pernis, The Netherlands, ("Pernis") and the temporary cessation of a PVC resin production unit at the Company's Huasu joint venture ("Huasu") in China (the "Identified Items"), which are included in the Performance and Essential Materials segment financial results. Excluding the Identified Items, the net loss in the second quarter of 2025 was $12 million, or $0.09 per share, and EBITDA was $340 million.

Compared to the first quarter of 2025, EBITDA excluding Identified Items of $340 million increased by $52 million primarily due to seasonally higher sales volume in our HIP segment partly offset by a $30 million higher impact from planed turnarounds and unplanned plant outages in our PEM segment.

Westlake's second quarter of 2025 sales volume increased 1% and average sales price increased by 2% as compared to the first quarter of 2025. Housing and Infrastructure Products sales increased 16% sequentially, driven by 14% sales volume growth and a 2% increase in average sales price. Performance and Essential Materials sales decreased 3% over the same period of time as a higher average sales price was more than offset by a 6% decline in sales volume.

EBITDA excluding Identified Items of $340 million was lower than the second quarter of 2024 EBITDA of $744 million primarily due to lower sales volume in our PEM segment due to higher planned turnarounds and unplanned plant outages that impacted EBITDA by approximately $110 million in the second quarter of 2025. Additionally, higher feedstock and energy costs in North America, lower average sales price in each segment, and a 2% decline in HIP sales volume contributed to the lower year-over-year EBITDA.

**<u>EXECUTIVE COMMENTARY</u>**

"Our overall financial performance in the second quarter of 2025 reflected several headwinds, many of which we believe are transitory in nature. During the second quarter of 2025 our HIP segment delivered solid results against a backdrop of lower North American residential construction activity. HIP sales of $1.2 billion were similar to the prior year period despite lower U.S. housing starts and repair and remodel spending, reflecting the important role that our products play in delivering value to our customers and our strategy to 'win with the winners' by being a supplier of choice for the faster-growing end customers in the market," said Jean-Marc Gilson, President and Chief Executive Officer.

"Our focus for the remainder of 2025 will be on running our plants well and reducing our controllable costs. Higher planned turnarounds and some unplanned outages within our PEM segment impacted our EBITDA and cash flow below their potential in the first half of 2025. After taking steps to address the operational disruptions, our chlorovinyls production is returning to normal rates during the third quarter. Turning to our cost-reduction efforts, in the first half of 2025 we eliminated over $75 million of company-wide costs towards our 2025 cost savings target of $150 – $175 million. While we are pleased with progress to date, in light of continued soft global demand and profitability in some of our businesses, we are expanding the scope and nature of these cost-reduction efforts to target an additional $200 million of cost reductions by 2026. Additionally, during the second quarter of 2025 we announced the planned closure of Pernis to put our global Epoxy business on a path to profitability. We expect this action, along with our broader cost-reduction efforts, to significantly improve our profitability in 2026," concluded Mr. Gilson.

ii

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**<u>RESULTS</u>**

**Consolidated Results**

(Unless otherwise noted the financial numbers below exclude the Identified Items)

For the three months ended June 30, 2025, the Company reported a quarterly net loss of $12 million, or $0.09 per share, on net sales of $3.0 billion, which was an improvement from the net loss of $40 million reported in the first quarter of 2025. Sequentially, earnings benefitted from higher sales volume and margins in our HIP segment, which more than offset lower sales volume in our PEM segment.

The second quarter of 2025 net loss of $12 million was $325 million below the second quarter of 2024 primarily due to lower sales volume, particularly in our PEM segment as a result of an elevated level of planned turnarounds and unplanned outages , as well as higher feedstock and energy costs in our PEM segment.

EBITDA of $340 million for the second quarter of 2025 increased by $52 million compared to first quarter 2025 as a result of higher sales volume and margins in our HIP segment, partially offset by a $30 million higher impact from planned turnarounds and unplanned outages in our PEM segment.

A reconciliation of EBITDA and net income to EBITDA excluding Identified Items and net income excluding Identified Items, as well as a reconciliation of EBITDA to net income, income from operations (including and excluding Identified Items) and net cash provided by operating activities, as well as a reconciliation of free cash flow to net cash flow provided by operating activities, can be found in the financial schedules at the end of this press release.

**Expenses Regarding Facility Closure and Temporary Cessation of Operations ("Identified Items")**

During the second quarter of 2025, the Company accrued $108 million of expenses and $15 million inventory write-off related to the previously announced decision to shut down Pernis and $7 million of expenses to temporarily cease operations of a PVC resin production unit at Huasu. Consistent with our previous announcement, cash outflows related to the Pernis closure are expected to occur over several years after operations have ceased.

**Cash, Investments and Debt** 

Net cash provided by operating activities was $135 million for the second quarter of 2025 and capital expenditures were $267 million. As of June 30, 2025, cash, cash equivalents and fixed-income investments were $2.3 billion and total debt was $4.7 billion.

**Housing and Infrastructure Products Segment**

For the second quarter of 2025, Housing and Infrastructure Products income from operations of $222 million increased by $74 million as compared to the first quarter of 2025. This increase in income from operations versus the prior quarter was primarily due to seasonally higher sales volume in Pipe & Fittings and Building Products.

Compared to the second quarter of 2024, Housing and Infrastructure Products income from operations decreased by $44 million. The year-over-year decrease was the result of lower sales volume and lower average sales price and margins, particularly in Pipe & Fittings.

**Performance and Essential Materials Segment**

(Unless otherwise noted the financial numbers below exclude the Identified Items)

iii

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Performance and Essential Materials loss from operations was $188 million in the second quarter of 2025 as compared to income from operations of $157 million in the second quarter of 2024. The year-over-year decrease was primarily due to a 9% decline in sales volume, in part due to elevated planned turnarounds and unplanned outages, higher North American feedstock and energy costs, and 2% lower average sales price.

*Forward-Looking Statements*

*The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments, global macroeconomic conditions and their effects on us and our customers, the duration of headwinds affecting our businesses, the operational reliability of our plants (including our chlorovinyls plants returning to normal production rates during the third quarter of 2025), the scope and duration of disruptions at our facilities, the results of closures of the Pernis facility and the temporary cessation of operations at a PVC resin unit at the Suzhou Huasu Plastics plant in China, the future profitability of our epoxy business, the success of our cost-reduction efforts and the timing and extent of savings therefrom (including reaching our 2025 cost savings target of $150 million to $175 million and reaching our goal of an additional cost savings of $200 million by 2026), our ability to significantly improve profitability in 2026, industrial and manufacturing activity in our target markets, growth in our customers' businesses and their dependence on our products, the effects of tariff announcements, our customers and global supply chains, future global trading policy and relationships, our ability to weather economic volatility, residential construction activity, raw material costs, higher energy prices, our market position and the strength of our brands, the benefits of a diversified and integrated business model, our ability to maintain cost advantages and global demand for our products are forward-looking statements.*

*These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: general economic and business conditions; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, Russia and Ukraine and elsewhere; uncertainties associated with pandemic infectious diseases; uncertainties associated with climate change; the potential impact on demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions; changes in laws and regulations, including trade policies and tariffs imposed on or by foreign jurisdictions; disruptions in global trade and the effect on trading relationships between the United States and other countries; technological developments; information systems failures and cyberattacks; foreign currency exchange risks; our ability to implement our business strategies; and creditworthiness of our customers and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (SEC) in February 2025.*

*Use of Non-GAAP Financial Measures*

*This release makes reference to certain "non-GAAP" financial measures, such as EBITDA, free cash flow and other measures that exclude the effects of Identified Items, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the SEC as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP), but believe that certain non-GAAP financial measures, such as EBITDA, free cash flow and other measures that exclude the effects of Identified Items, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) EBITDA to net income, income from operations and net cash provided by operating activities, (ii) free cash flow to net cash provided by operating activities and (iii) other measures reflecting adjustments for the effects of Identified Items can be found in the financial schedules at the end of this press release.*

iv

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About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer goods. For more information, visit the Company's web site at www.westlake.com.

Westlake Corporation Conference Call Information:

A conference call to discuss Westlake Corporation's second quarter 2025 results will be held Tuesday, August 5, 2025 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register-conf.media-server.com/register/BIb6ee891623b645e0acda053a745bacce. Once registered, you will receive a phone number and unique PIN number.

A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/o3z3qmbm.

v

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**WESTLAKE CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions of dollars, except per share data and share amounts)** | **(in millions of dollars, except per share data and share amounts)** | **(in millions of dollars, except per share data and share amounts)** | **(in millions of dollars, except per share data and share amounts)** |
| Net sales | $2953 | $3207 | $5799 | $6182 |
| Cost of sales | 2695 | 2543 | 5309 | 5052 |
| Gross profit | 258 | 664 | 490 | 1130 |
| Selling, general and administrative expenses | 221 | 224 | 448 | 433 |
| Amortization of intangibles | 31 | 30 | 61 | 60 |
| Restructuring, transaction and integration-related costs | 115 | 4 | 122 | 8 |
| Income (loss) from operations | (109) | 406 | (141) | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (40) | (41) | (79) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 24 | 59 | 61 | 109 |
| Income (loss) before income taxes | (125) | 424 | (159) | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes  | 6 | 101 | 7 | 149 |
| Net income (loss) | (131) | 323 | (166) | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 11 | 10 | 16 | 21 |
| **Net income (loss) attributable to Westlake Corporation** | $**(142)** | $**313** | $**(182)** | $**487** |
| Earnings (loss) per common share attributable to Westlake Corporation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(1.11) | $2.42 | $(1.42) | $3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(1.11) | $2.40 | $(1.42) | $3.75 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 128238514 | 128576735 | 128273332 | 128468359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 128238514 | 129350720 | 128273332 | 129185545 |

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vi

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**WESTLAKE CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | **(in millions of dollars)** | **(in millions of dollars)** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2085 | $2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale securities | 192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1832 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1731 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 106 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5946 | 6214 |
| Property, plant and equipment, net | 8827 | 8633 |
| Other assets, net | 6033 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $20806 | $20750 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities (accounts payable and accrued and other liabilities) | $2403 | $2219 |
| Long-term debt, net | 4654 | 4556 |
| Other liabilities | 2958 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10015 | 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Westlake Corporation stockholders' equity | 10278 | 10527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 513 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 10791 | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $20806 | $20750 |

---

vii

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**WESTLAKE CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| | **(in millions of dollars)** | **(in millions of dollars)** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $(166) | $508 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 578 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (19) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposition and others | 55 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other balance sheet changes | (390) | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 58 | 406 |
| **Cash flows from investing activities** |  |  |
| Additions to investments in unconsolidated subsidiaries | (22) | (1) |
| Additions to property, plant and equipment | (515) | (503) |
| Purchase of available-for-sale securities | (192) |  |
| Other, net | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (726) | (495) |
| **Cash flows from financing activities** |  |  |
| Distributions to noncontrolling interests | (23) | (21) |
| Dividends paid | (136) | (130) |
| Repurchase of common stock for treasury | (30) |  |
| Other, net | (8) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (197) | (146) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 30 | (26) |
| Net decrease in cash, cash equivalents and restricted cash  | (835) | (261) |
| Cash, cash equivalents and restricted cash at beginning of period | 2935 | 3319 |
| Cash, cash equivalents and restricted cash at end of period | $2100 | $3058 |

---

viii

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**WESTLAKE CORPORATION**

**SEGMENT INFORMATION**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions of dollars)** | **(in millions of dollars)** | **(in millions of dollars)** | **(in millions of dollars)** |
| **Net external sales** |  |  |  |  |
| Housing and Infrastructure Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing Products | $980 | $1010 | $1818 | $1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Products | 180 | 184 | 338 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Housing and Infrastructure Products | 1160 | 1194 | 2156 | 2238 |
| Performance and Essential Materials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Materials | 1022 | 1177 | 2078 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Materials | 771 | 836 | 1565 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Performance and Essential Materials | 1793 | 2013 | 3643 | 3944 |
| Total reportable segments and consolidated | $2953 | $3207 | $5799 | $6182 |
| **Income (loss) from operations** |  |  |  |  |
| Housing and Infrastructure Products | $222 | $266 | $370 | $476 |
| Performance and Essential Materials | (318) | 157 | (481) | 179 |
| Total reportable segments | (96) | 423 | (111) | 655 |
| Corporate and other | (13) | (17) | (30) | (26) |
| Consolidated | $(109) | $406 | $(141) | $629 |
| **Depreciation and amortization** |  |  |  |  |
| Housing and Infrastructure Products | $55 | $53 | $108 | $103 |
| Performance and Essential Materials | 236 | 224 | 463 | 444 |
| Total reportable segments | 291 | 277 | 571 | 547 |
| Corporate and other | 4 | 2 | 7 | 5 |
| Consolidated | $295 | $279 | $578 | $552 |
| **Other income, net** |  |  |  |  |
| Housing and Infrastructure Products | $(2) | $17 | $— | $21 |
| Performance and Essential Materials | 4 | 10 | 13 | 21 |
| Total reportable segments | 2 | 27 | 13 | 42 |
| Corporate and other | 22 | 32 | 48 | 67 |
| Consolidated | $24 | $59 | $61 | $109 |

---

ix

------

**WESTLAKE CORPORATION**

**RECONCILIATION OF EBITDA TO NET INCOME (LOSS), INCOME (LOSS) FROM OPERATIONS AND** 

**NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** |
| **Net cash provided by (used for) operating activities** | (77) | 135 | 237 | 58 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities and other | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;(284) | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;58 |
| **Net income (loss)** | (35) | (131) | 323 | (166) | 508 |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— |
| **Net income (loss) excl. Identified Items** | (35) | (1) | 323 | (36) | 508 |
| **Net income (loss)** | &nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;508 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;(81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | &nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;(149) |
| **Income (loss) from operations** | (32) | (109) | 406 | (141) | 629 |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— |
| **Income (loss) from operations excl. Identified Items** | &nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;629 |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;109 |
| **EBITDA excl. Identified Items** | 288 | 340 | 744 | 628 | 1290 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— |
| **EBITDA** | 288 | 210 | 744 | 498 | 1290 |
| Net external sales | 2846 | 2953 | 3207 | 5799 | 6182 |
| **Operating Income Margin** | (1)% | (4)% | 13% | (2)% | 10% |
| **Operating income margin excl. Identified Items** | (1)% | 1% | 13% | —% | 10% |
| **EBITDA Margin** | 10% | 7% | 23% | 9% | 21% |
| **EBITDA margin excl. Identified Items** | 10% | 12% | 23% | 11% | 21% |

---

x

------

**WESTLAKE CORPORATION**

**RECONCILIATION OF DILUTED EARNINGS (LOSS) PER COMMON SHARE TO DILUTED EARNINGS (LOSS) PER COMMON SHARE EXCLUDING IDENTIFIED ITEM**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| | **(per share data)** | **(per share data)** | **(per share data)** | **(per share data)** | **(per share data)** |
| **Diluted earnings (loss) per common share attributable to Westlake Corporation** | $(0.31) | $(1.11) | $2.40 | $(1.42) | $3.75 |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items |  | 1.02 |  | 1.02 |  |
| **Diluted earnings (loss) per common share attributable to Westlake Corporation excl. Identified Items** | $(0.31) | $(0.09) | $2.40 | $(0.40) | $3.75 |

---

**WESTLAKE CORPORATION**

**RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| | **(in millions of dollars)** | **(in millions of dollars)** | **(in millions of dollars)** | **(in millions of dollars)** | **(in millions of dollars)** |
| **Net cash provided by (used for) operating activities** | $(77) | $135 | $237 | $58 | $406 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | 248 | 267 | 231 | 515 | 503 |
| **Free cash flow** | $(325) | $(132) | $6 | $(457) | $(97) |

---

xi

------

**WESTLAKE CORPORATION**

**RECONCILIATION OF HIP SEGMENT EBITDA TO INCOME FROM OPERATIONS**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** |
| **Housing and Infrastructure Products Segment** |  |  |  |  |  |  |  |  |  |  |
| **Income from operations** | $| 148 | $| 222 | $| 266 | $| 370 | $| 476 |
| Add: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 53 | 53 | 55 | 55 | 53 | 53 | 108 | 108 | 103 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 2 | 2 | (2) | (2) | 17 | 17 |  |  | 21 | 21 |
| **EBITDA** | $| 203 | $| 275 | $| 336 | $| 478 | $| 600 |
| Net external sales | $| 996 | $| 1160 | $| 1194 | $| 2156 | $| 2238 |
| **Operating Income Margin** | 15% | 15% | 19% | 19% | 22% | 22% | 17% | 17% | 21% | 21% |
| **EBITDA Margin** | 20% | 20% | 24% | 24% | 28% | 28% | 22% | 22% | 27% | 27% |

---

**WESTLAKE CORPORATION**

**RECONCILIATION OF PEM SEGMENT EBITDA TO INCOME (LOSS) FROM OPERATIONS** 

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2024** | **2024** |
| | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** | **(in millions of dollars, except percentages)** |
| **Performance and Essential Materials Segment** |  |  |  |  |  |  |  |  |
| **Income (loss) from operations** | $| (163) | (318) | $| 157 | (481) | $| 179 |
| Add: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| **Income (loss) from operations excl. Identified Items** | &nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;(351) | &nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;179 |
| Add: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 227 | 227 | 236 | 224 | 224 | 463 | 444 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 9 | 9 | 4 | 10 | 10 | 13 | 21 | 21 |
| **EBITDA excl. Identified Items** | &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;644 |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identified Items | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| **EBITDA** | $| 73 | (78) | $| 391 | (5) | $| 644 |
| Net external sales | $| 1850 | 1793 | $| 2013 | 3643 | $| 3944 |
| **Operating Income Margin** | (9)% | (9)% | (18)% | 8% | 8% | (13)% | 5% | 5% |
| **Operating income margin excl. Identified Items** | (9)% | (9)% | (10)% | 8% | 8% | (10)% | 5% | 5% |
| **EBITDA Margin** | 4% | 4% | (4)% | 19% | 19% | —% | 16% | 16% |
| **EBITDA margin excl. Identified Items** | 4% | 4% | 3% | 19% | 19% | 3% | 16% | 16% |

---

xii

------

**WESTLAKE CORPORATION**

**SUPPLEMENTAL INFORMATION**

**PRODUCT SALES PRICE AND VOLUME VARIANCE BY OPERATING SEGMENTS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Second Quarter 2025 vs. Second Quarter 2024** | **Second Quarter 2025 vs. Second Quarter 2024** | **Second Quarter 2025 vs. First Quarter 2025** | **Second Quarter 2025 vs. First Quarter 2025** |
| | **Average<br>Sales Price** | **Volume** | **Average<br>Sales Price** | **Volume** |
| Housing and Infrastructure Products | -1% | -2% | +2% | +14% |
| Performance and Essential Materials | -2% | -9% | +2% | -6% |
| Company | -1% | -7% | +2% | +1% |

---

xiii

## Exhibit 99.2

![](ex992_20250630wlkearning001.jpg)

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![](ex992_20250630wlkearning002.jpg)

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![](ex992_20250630wlkearning003.jpg)

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![](ex992_20250630wlkearning004.jpg)

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![](ex992_20250630wlkearning005.jpg)

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![](ex992_20250630wlkearning006.jpg)

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![](ex992_20250630wlkearning007.jpg)

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![](ex992_20250630wlkearning008.jpg)

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![](ex992_20250630wlkearning009.jpg)

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![](ex992_20250630wlkearning010.jpg)

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![](ex992_20250630wlkearning011.jpg)

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![](ex992_20250630wlkearning012.jpg)

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![](ex992_20250630wlkearning013.jpg)

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![](ex992_20250630wlkearning014.jpg)

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![](ex992_20250630wlkearning015.jpg)

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![](ex992_20250630wlkearning016.jpg)

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