Dow receives $1.62 billion CAD payment from NOVA following appeals court order

Midland, MI – Dow confirms receipt of a CAD $1.62 billion payment (approximately USD $1.2 billion) from NOVA Chemicals in damages following the Alberta Court of Appeal’s denial of NOVA’s request to stay execution of the June 2025 Court of King’s Bench judgment during its appeal.

The June 2025 judgment awarded Dow additional damages related to NOVA’s failure to operate the jointly owned ethylene asset in Joffre, Alberta, at full capacity and expanded the loss period previously addressed by the court.

In addition to the damages award, Dow confirms receipt of CAD $140 million (approximately USD $100 million) in costs, along with post‑judgment interest, bringing the total proceeds paid to Dow to CAD $1.8 billion (approximately USD $1.3 billion).

The recent payment of CAD $1.8 billion (approximately USD $1.3 billion) by NOVA to Dow is subject to a Canadian tax withholding that is expected to be remitted back to the Company in full no later than year end.

In a 2019 ruling, the Court of Queen’s Bench awarded Dow CAD $1.43 billion (USD $1.08 billion), which NOVA paid on Oct. 10, 2019, following findings that NOVA violated contractual obligations between 2001 and 2012.

Dow anticipates that the Alberta Court of Appeal will uphold the rulings on appeal.