Dow Inc.

Greetings and welcome to the Dow third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If you would like to ask a question at that time, please press star followed by one on your telephone keypad. And as a reminder, this conference is being recorded. I will now turn it over to Dow Investor Relations Vice President Andrew Riker. Mr. Riker, you may begin.

Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I'm Andrew Riker, Dow's Investor Relations Vice President. Leading today's call are Jim Fitterling, Chair and Chief Executive Officer, Karen S. Carter, Chief Operating Officer, and Jeff Tate, Chief Financial Officer. Please note our comments contain forward-looking statements and are subject to the related cautionary statements contained in the earnings news release and slides. Please refer to our public filings for further information about principal risk and uncertainties. Unless otherwise specified, all financials, where applicable, exclude significant items. We will also refer to non-GAAP measures. A reconciliation of the most directly comparable GAAP financial measure and other associated disclosures are contained in the earnings news release that is posted on our website. On slide two is our agenda for today's call. Jim and Karen will review our results and discuss how we are navigating current market conditions to restore our core earnings. Karen will also provide an overview of our operating segment performance. Jeff will share an update on our in-flight actions to provide near-term cash support, as well as some details on the macroeconomic environment and our modeling guidance for the fourth quarter. Jim and Karen will close the prepared remarks with Dow's view on current industry actions while demonstrating how Dow is well-positioned to win in a recovery. Following that, we will take your questions. Now, let me turn the call over to Jim.

Thank you, Andrew. Beginning on slide three, in the third quarter, we executed against Dow's strategic priorities to deliver sequential earnings and cash flow improvement despite continued pressure across the industry. These results reflect our focus on navigating the near term while positioning the company for profitable growth when our industry recovers. In the third quarter, we delivered net sales of $10 billion. Sequentially, gains in our industrial intermediates and infrastructure segment were more than offset by declines in packaging and specialty plastics and performance materials and coatings. EBITDA was $868 million, and while this is lower than the same period last year, our earnings reflect an improvement over second quarter. This was driven by volume gains stemming from our new growth investments in the U.S. Gulf Coast, lower planned maintenance activity, and the progress we're making on our cost reduction actions. Cash provided by operating activities was up $1.6 billion sequentially, primarily driven by working capital improvements and advance payments for low-carbon solutions and other long-term supply agreements. We also delivered $249 million of dividends, reflecting our commitment to competitive shareholder returns over the cycle. Next, Karen will provide some additional context around the more than $6.5 billion in actions that we have completed or currently have in flight.