Eastman Chemical Company

Good morning, everyone, and thanks for joining us. On the call with me today are Mark Costa, Board Chair and CEO, Willie McLean, Executive Vice President and CFO, and Jake Leroux and Emily Alexander from the Investor Relations Team. Yesterday, after market closed, we posted our third quarter 2025 financial results news release and SEC AK filing, our slides and the related prepared remarks, and this is in the investor section of our website, eastman.com. Before we begin, I'll cover two items. First, during this presentation, you will hear certain forward-looking statements concerning our plans and expectations. Actual events or results could differ materially. Certain factors related to future expectations are or will be detailed in our third quarter 2025 financial results news release during this call, in the preceding slides and prepared remarks, and in our filings with the SEC, including the Form 10-K, filed for full year 2024, and the Form 10-Q to be filed for third quarter 2025. Second, earnings referenced in this presentation exclude certain non-core items. Reconciliations to the most directly comparable GAAP financial measures and other associated disclosures, including a description of the excluded and adjusted items, are available in the third quarter 2025 financial results news release. As we posted the slides and accompanying prepared remarks on our website last night, we'll go straight into Q&A. Becky, please, let's start with our first question.

Thank you. We will now take our first question from Vincent Andrews from Morgan Stanley. Your line is now open. Please go ahead.

Thank you, and good morning, everyone. Mark, could you help us with the bridge to 2026? And in particular, is it just as simple as taking your full-year EBIT from this year, adding the $100 million of cost savings and the $50 to $75 million of asset utilization reversal. But then I'm wondering, you're talking about, you know, recycling being a good news story next year, but you kind of just mentioned that there'll be a revenue lift. So not clear whether that revenue lift is being offset by weakness somewhere else in the portfolio, or if there are other puts and takes that we need to put in that bridge to get to sort of what you're expecting at this point for 2026.