Westlake Corporation: Hold Rating Amid Revised Earnings, Market Challenges, and Inflationary PressuresWe update our estimates for WLK ahead of 3Q25 reporting. We update our EPS estimates as follows: 3Q25 is revised from $0.17 to $0.22 (vs. $0.30 consensus), 2025 is revised from -$0.45 to -$0.57 (vs. -$0.09 consensus), 2026 is revised from $2.07 to $1.42 (vs. $2.68 consensus), and 2027 is revised from $3.89 to $3.26 (vs. $3.98 consensus). Accordingly, 3Q25 EBITDA is revised from $378M to $376M (vs. $384M consensus), 2025 EBITDA is revised from $1,321M to $1,279M (vs. $1,364M consensus), 2026 EBITDA is revised from $1,725M to $1,597M (vs. $1,775M consensus), and 2027 EBITDA is revised from $2,029M to $1,904M (vs. $2,020M consensus).