DuPont de Nemours, Inc.

Good morning, and thank you for joining us for DuPont's first quarter 2025 Financial Results Conference call. Joining me today are Ed Breen, Executive Chairman, Lori Koch, Chief Executive Officer, John Kemp, current Electronics Business President and CEO-elect of the Future Independent Electronics Company, and Antonella Franzen, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides. During this call, we will make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items. We will also refer to other non-GAAP measures. The reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and have been posted to DuPont's investor relations website. I'll now turn the call over to Lori, who will begin on slide three.

Good morning, and thanks, everyone, for joining our call. Earlier today, we reported solid first quarter results ahead of our previously communicated guidance. First quarter sales grew 6% on an organic basis on strong volume growth. Operating EBITDA of $788 million increased 16% year over year, demonstrating strong leverage in the quarter. Operating EBITDA margin of 25.7% increased 240 basis points from prior year, An adjusted ETF of $1.03 was up 30%. From an end market view, we saw continued broad-based demand in electronics driven by strength in semi-advanced nodes and AI applications and strong volume growth in our healthcare and water businesses. We continue to see strong order patterns through April consistent with our expectations. Regarding our strategic priorities, I am pleased with the continued progress that our teams are making on the intended spinoff of our electronics business, which was announced this week as CUNY. In addition to the naming, we recently achieved several key milestones, which enables us to remain on track for our November 1st separation date. First, we completed key executive leadership appointments. John Kemp, current DuPont electronics business president, was named as CEO-elect. John is well positioned to lead the future independent company, given his proven leadership and extensive experience in the semi-space and broader electronics industry. We are pleased to have John on the call with us this morning. Matt Harbaugh was named as CFO-elect. Matt has an impressive track record as a public company CFO, along with deep experience in spin-off transactions, and will serve as a valuable business partner to John. Next, we've made significant progress on the composition of the CUNY board. Three existing DuPont directors, as well as four external members, will join John on the new board. This is a group of highly accomplished leaders with a global business experience, diverse industry expertise, and varying key competencies. Finally, last week, we submitted the initial filing of the Form 10 registration statement with the SEC. This document contains detailed business and financial information related to the feature standalone company, as well as information related to the separation. Turning to slide four, which details how we are addressing tariff uncertainty. We are a global organization with presence in all key regions, including a significant manufacturing footprint in the U.S. and Asia. Our scale provides ample flexibility to adjust production and product flow enabling us to mitigate trade risks. Additionally, from a sourcing perspective, the vast majority of our raw material buy is purchased in the region it is consumed and is not subject to the new tariffs. Our teams have been carefully analyzing ongoing global supply chain dynamics, engaging with our customer and supplier base, and actively working on a number of tariff mitigation actions, including production shifts, sourcing alternatives, surcharges, and product exemption. Based on tariffs in place today, our estimated cost exposure in 2025 before mitigation action is about $500 million on an annualized basis. We have identified actions to substantially offset this potential headwind with the net cost impact in 2025 currently estimated at about $60 million, which primarily would impact the second half. We continue to evaluate additional measures in order to further minimize the potential impact. Overall, we have a solid game plan to continue to consistently deliver results, and we are executing well and advancing our strategic priorities. With that, I'll now turn the call over to John, who will begin on slide five.

Thanks, Lori, and good morning, everyone. I am honored to be here today as CEO-elect of the future independent electronics company, which we've named CUNITY. The name is inspired by Q, the symbol for electrical charge and unity, reflecting the collaborative way we work with our customers. Qunity will be one of the largest pure play electronics materials and solutions providers in the industry with 4.3 billion in net sales in 2024. We have a broad portfolio and customer relationships founded on a heritage that spans more than 50 years. As the partner of choice for our customers, we have a seat at the design table working to advance their technology roadmap, enabling the next generation of advanced computing and connectivity applications. As a global technology leader, we offer a diverse portfolio serving the entire electronics value chain, from chip fabrication and advanced packaging to advanced interconnects, assembly, and displays. We bring material science expertise and end-to-end engineering solutions across the full breadth of our portfolio to deliver world-class innovation to our customers. CUNY is well-positioned to benefit from robust growth in semiconductor markets while leveraging a strong financial profile. With about 60% of net sales in semiconductors, The company will compete with a set of recognized global semi participants, and we expect to attract an investor base commensurate with this profile. We have long-term relationships with all key semiconductor and other electronics OEMs in the industry and a strong history of co-development and application engineering to ensure customer success. In addition, The business is well-equipped to continue to participate in the AI-driven growth acceleration via our advanced node semi-products and advanced packaging applications for use in data centers and personal devices. We further enable key AI applications with high-density interconnect products and layered thermal management solutions. We believe these leading positions will continue to drive industry outperformance for the future electronics company. As Lori previously mentioned, we continue to make very good progress on the separation, and I look forward to working more closely with our future board. I will now turn the call over to Antonella to cover the financials and outlook.