Dow Inc.

Greetings and welcome to the Dow fourth 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 during that time, please press star followed by one on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call 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 statement 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 will review our fourth quarter and full year results, Karen will provide an overview of our operating segment performance, and Jeff will share some details on the macroeconomic environment and remodeling guidance for the first quarter. We will also provide updates on several of our strategic priorities, including the transformational work that we announced earlier today, an update on our Alberta project, and several of our in-flight actions that aim to provide near-term cash support and ensure we maintain our financial flexibility. Following that, we will take your questions. Now let me turn the call over to Jim.

Thank you, Andrew. Beginning on slide three, Team Dow continued to execute with discipline during a year marked by persistent macroeconomic challenges and trade and policy volatility, as well as anti-competitive behaviors by certain industry players. In the face of external pressures, we managed what was within our control. Our fourth quarter operating EBITDA was $741 million, reflecting an expected sequential decline from lower seasonal demand and typical margin compression across many end markets. Looking across 2025, we accomplished several impactful near and longer-term milestones, all while the market wasn't providing many tailwinds. We identified more than $6.5 billion in near-term cash support items and delivered well over half in 2025, including the accelerated delivery of our in-year cost savings from our $1 billion cost-out program. And we further strengthened our global manufacturing footprint. This includes our announced plans to shut down upstream high-cost assets, as well as the completion of our remaining incremental growth investments, which serve downstream higher value markets that are growing above GDP. We're also once again recognized as one of the world's best workplaces. This reflects direct feedback from our employees about the culture and talent that continues to drive Dow forward. As we move into 2026, we recognize that many markets are fundamentally shifting, geopolitical dynamics, Rapid advances in AI and automation and economic volatility require new breakthrough approaches, greater agility, and continued technological adaption. That's why we announced our Transform to Outperform program earlier today. This work builds on our track record of taking proactive measures to help Dow, and it represents a fundamental change in how we will operate and serve our customers. We believe this will strengthen our long-term competitive position through every part of the economic cycle. And lastly, we have finalized a value-maximizing path forward for our Path to Zero project in Fort Saskatchewan. We'll share more details on all of this later in the call, but before that, Erin will cover our fourth quarter operating segment performance.