Balanced Outlook for Dow Inc.: Hold Rating Amid Challenges and OpportunitiesWe update our estimates for DOW post 3Q25 reporting. We update our EPS estimates as follows: 4Q25 is revised from -$0.70 to -$0.45 (vs. -$0.44 consensus), 2025 is revised from -$1.45 to -$1.03 (vs. -$1.15 consensus), 2026 is revised from - $0.04 to -$0.07 (vs. -$0.15 consensus), and 2027 is revised from $0.64 to $0.51 (vs. $0.97 consensus). Accordingly, 4Q25 EBITDA is revised from $602M to $690M (vs. guide ~$725M; $677M consensus), 2025 EBITDA is revised from $3,018M to $3,205M (vs. $3,095M consensus), 2026 EBITDA is revised from $3,882M to $3,816M (vs. $3,744M consensus), and 2027 EBITDA is revised from $4,562M to $4,388M (vs. $4,892M consensus).