Dow Inc.

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 Karen S. Carter, Chief Executive 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. Karen and Jeff will begin with a review of our third quarter performance and the progress we're making through our self-help actions. We'll cover the near-term operating environment and fourth quarter outlook, as well as details about how our priorities are building a more competitive DAO. Throughout the discussion, you'll hear a consistent theme. We're acting decisively on levers we control to strengthen earnings, cash generation, and long-term value creation. And as always, we'll ensure ample time near the end for your questions. With that, let me turn it over to Karen, starting on slide three.

Thank you, Andrew. Our solid third quarter performance reflects the discipline and focus of TeamDAO as we build a stronger company while navigating a dynamic market environment. We continue to partner with customers and attractive growth markets while also improving productivity and strengthening cash generation. And our collective self-help measures, which include the completion of our $1 billion 2025 cost savings program, the beginning of our previously announced European asset shutdowns, and our transformation, are all delivering tangible results. In the third quarter, that execution translated into meaningful progress and strong performance in many areas of our portfolio. Net sales were up 13% year-over-year with growth in every operating segment. Operating EBITDA was more than $1.5 billion as pricing actions and self-help measures more than offset higher raw material and logistics costs to drive year-over-year growth. Together, our actions and the results they are delivering help reinforce Dow's earnings power. They strengthen our financial position while also enabling us to build a more competitive company for the long term. Transform to Outperform continues to deliver benefits ahead of our initial schedule. And we remain on track to achieve approximately $700 million in growth and productivity improvements this year. We also completed significant planned maintenance during the third quarter, which will support stronger production and earnings performance heading into the fourth quarter and beyond. And we are optimizing our working capital and actively prioritizing debt reduction with excess cash. This reinforces our continued focus on financial discipline and operational execution. Next, turning to the portfolio, let me highlight the greatest areas of strength. First, in the packaging and specialty plastics segment, we're maintaining higher pricing for polyethylene and functional polymers in all regions, and we delivered sequential volume gains. and the industrial intermediates and infrastructure segment, increased demand for energy applications and AI infrastructure is supporting improved pricing and margins. and we are seeing growth in the performance materials and coding segment driven by consumer electronics and home care applications. This quarter, we also saw volume gains in Europe as well as in Latin America and the United States and Canada, all while the macro conditions remained dynamic. Moving forward, our focus remains on improving shareholder returns through self-help actions, better cash generation, and a stronger balance sheet. With that, Jeff will share a more granular look at the quarter and our near-term outlook.