Innospec Inc.

Thank you for standing by. Welcome to the InnoSpecs first quarter 2025 earnings release and conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star 1 1 again. Please be advised that this conference has been recorded. I would now like to hand the conference over to our first speaker today, David Jones, General Counsel and Chief Compliance Officer. Please go ahead.

Thank you. Welcome to NSFAC's first quarter earnings call. The earnings released for the quarter in this presentation are posted on the company's website. During this call, we will make forward-looking statements, which are predictions and projections about future advances. These statements are based on current expectations and assumptions that are subject to risk and uncertainties that could cause actual results to differ materially from anticipated results implied by FIT's forward-looking statements. The risks and uncertainties are detailed in INSPEC's 10-K, 10-Qs, and other filings with the SEC. Please see the SEC site and INSPEC site for these and related documents. In today's presentation, we've also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is contained in the earnings release. The non-GAAP financial measures should not be considered as a substitute for or superior to those prepared in accordance with GAAP. They are included as additional items to aid investor understanding of the company's performance in addition to the impact that these items and events had on financial results. With me today from Innispec are Patrick Williams, President and Chief Executive Officer, and Ian Clementson, Executive Vice President and Chief Financial Officer. And with that, turn it over to you, Patrick.

Thank you, David, and welcome everyone to InSPEC's first quarter 2025 conference call. This was a good quarter for InSPEC with overall results in line with our expectations. Against an increasingly volatile economic backdrop, our balanced portfolio benefited from strong growth in fuel specialties, which offset lower results in performance chemicals and oil field services. Performance Chemicals began the quarter with good momentum, similar to other companies' activity moderated due to April 2 tariff announcements. While the majority of our products go into consumer staples, we believe that customers will remain conservative and manage inventory levels closely in the short term, while uncertainty surrounding trade policy remains. While the second quarter started broadly similar to the first, market conditions are extremely volatile. We currently expect these conditions to be a headwind against our stated 2025 target for sequential improvement in operating income. Despite these near-term challenges, our pipeline continues to develop in all-in markets, and we do not see any change in our customers' long-term drive towards technologies which deliver superior performance and value. Field specialties had an excellent quarter. Operating income grew by double digits and margins expanded. The team continued to make progress on margin improvement with all regions contributing to the strong performance. While there is significant uncertainty in the current market, global fuel demand has historically been relatively steady through economic cycles. In addition, our fuel specialty's business has been a consistent high-margin, strong cash generator. Against this backdrop, we remain focused on delivering full-year operating income growth and margin improvements. Oilfield services operating income margins were below our target and expectations. Operating income declined on a sequential basis on lower-than-expected activity. As expected, there were no sales in Latin America, and any potential recovery is likely delayed due to the indirect impact of ongoing trade policy negotiations. These declines were partially offset by continued growth and strong performance in our Middle East and our DRA business. We remain on track to bring our previously announced expansion for our market-leading proprietary DRA technology online in the fourth quarter. In addition to our top-line initiatives, we have begun a series of actions to align our U.S. cost structure with the market. We expect these initiatives to drive sequential operating income and margin improvement in the coming quarters and leave us well-positioned for profitable growth. Now I will turn the call over to Ian Clementson, who will review our financial results in more detail. Then I will return with some concluding comments. After that, Ian and I will take your questions. Ian?