Element Solutions Inc.

mute to prevent any background noise. After the speaker's remarks, there will be questions and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Varun Kakarn, Vice President of Strategy and Integration. Please go ahead.

Good morning, and thank you for participating in our first quarter 2025 earnings conference call. Joining me today are our Executive Chairman, Sir Martin Franklin, President and CEO, Ben Glicklich, and CFO, Kerry Dorman. In accordance with Regulation FD, we are webcasting this conference call. A replay will be made available in the Investors section of the company's website. During today's call, we will make certain forward-looking statements that reflect our current views about the company's future performance and financial results. These statements are based on assumptions and expectations of future events, which are subject to risks and uncertainties. Please refer to the earnings release supplemental slides and most recent SEC filings on our website for discussion of material risk factors that could cause actual results to differ from our expectations and predictions. Today's materials also include financial information that has not been prepared in accordance with U.S. GAAP. Please refer to the earnings release and supplemental slides for definitions and reconciliations of these non-GAAP measures to comparable GAAP financial measures. It is now my pleasure to introduce our CEO, Ben Glicklage.

Thank you, Varun. Good morning, everybody. Thank you for joining. Element Solutions started 2025 strong. We grew profits and continue to see contributions from progress executing on our breakthrough growth strategies. The trends that drove our performance in 2024 continue to propel us forward. There's been no pause in demand from fast-growing AI, advanced packaging, and data center markets, and we also benefited from an improvement in consumer electronics markets in Asia. We grew mid-single digits organically, despite ongoing softness in Western automotive and general industrial supply chains and a mediocre market backdrop for Western smartphones. Our overall electronics business grew 10% organically, on the back of our ongoing strong execution and consistent investment to improve our value proposition in leading edge semiconductor and power electronics technologies. Sales from our wafer level packaging products grew more than 20% as programs on leading edge nodes continue to ramp, including a significant pickup from high bandwidth memory applications. Order patterns from these customers remain strong. Similarly, Despite well-documented weakness from a major domestic electric vehicle OEM, our power electronics business grew nicely in the quarter from new wins that have broadened our customer base. Several years ago, we had a collection of electronics businesses with good capabilities in select niches. Today, we have a single unified electronics business that is leading in important emerging categories, collaborating across its different product areas to provide system level solutions to OEMs and building a pipeline of breakthrough innovation that should support future growth. This has been a deliberate transformation, and we're only just beginning to see the results. Electronics is also supporting our business at a time of cyclical weakness in our industrial and specialty segment. In addition to a weak overall backdrop in industrial markets, the segment suffered from timing related delays in certain offshore projects. The offshore market remains healthy, and we expect to recover those volumes in the second half of 2025. Despite these dynamics, profitability in the INS segment was relatively steady year on year due to modest raw material deflation and the proven price and cost discipline that we've demonstrated for the past several quarters. Our results in the first quarter are not reflective of the level of macroeconomic volatility of the current moment. On the other hand, We have a demonstrated ability to be nimble in periods of uncertainty and a clear track record of navigating through these periods by focusing on our customers while also managing cost as necessary to preserve profits. We remain steadfast in pursuing thoughtful long-term investment to develop strategic capabilities that support the technologies that we expect to drive our markets. Through recent periods of electronics contraction and recovery, we've maintained and selectively grown sales and technical resources needed to support those markets. You should not expect that investment posture to change with renewed market volatility. With our graphic sale completed in Q1, we're fortunate to have the strongest balance sheet in our history as ESI. We have substantial capacity to deploy capital to drive long-term shareholder value and expect the current market to create attractive opportunities. Kerry will now take you through our first quarter business results in more detail. Kerry.