Eastman Kodak Company

Good day and thank you for standing by. Welcome to the Eastman Kodak Q1 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would like to hand over the conference to our first speaker today, Denise Goldbarg.

Thank you and good afternoon, everyone. I am Denise Goldbarg, Eastman Kodak's Chief Marketing Officer. Welcome to Kodak's first quarter 2026 earnings call. At 4.15 this afternoon, Kodak filed its Form 10Q and issued its release on financial results for the first quarter of 2026. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com. During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based on Codex expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties, and other factors described in more detail in Codex filings with the US Securities and Exchange Commission from time to time. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements or reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events. In addition, the release just issued and the presentation provided contain certain measures that are deemed non-GAAP measures. Reconciliations through the most directly comparable GAAP measures have been provided with the release on our website in our Investor Center at investor.kodak.com. Speakers on today's call are Jim Continenza, Kodak's Executive Chairman and Chief Executive Officer, and David Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. As always, the investor relations team is available for follow-up. I will now turn the call over to Jim. Thank you, and have a great day.

Welcome, everyone, and thank you for joining the first quarter 2026 investor call for Eastman Kodak. The story of the first quarter is a story of consistency, stability and growth. This reflects our transformation over the last seven years and our focus on execution and our continued investment in the business. Now I'm pleased to see strong year-over-year performance over the last three consecutive quarters. Let me give you some highlights from the first quarter. Consolidated revenues of 7% to $265 million compared with $247 million for first quarter 2025. Revenue increase in both our key businesses, Print and AM&C. We had gross profit percentage of 22%. That's three percentage points or 16% higher than first quarter 2025. Operational EBITDA was 15 million compared with 2 million for the first quarter 2025, up $13 million. Moving on to advanced materials and chemicals. We saw AMNC revenue grew by 2 million or 3%, which was driven by a $3 million increase in film and chemicals, which was partially offset by one million for lower inks and consumables. Let's talk about our still films. We've invested heavily back into film and we're starting to see great results from that. An example in still film recently launched a professional film sold directly to distributors. Our objective is to stabilize the market and continue to meet demand. I am really proud to see motion picture continue to increase. We launched a new film called Veritas. 200D, which was used in Euphoria Season 3. A lot is going on. Many Oscar-winning movies, including One Battle After Another and Sinners, were shot on Kodak film, and the long and anticipated Christopher Nolan's The Odyssey is also shot on Kodak film. We remain committed to film and maintaining supply for our customers. A quick update on our pharma business. Our new CGMP pharmaceutical manufacturing facility is up and running. I am really proud to say we recently opened the Kodak Advanced Electrophysiology Lab in partnership with SUNY Geneseo. The lab will enhance our research capabilities and support future product development. We continue to work towards obtaining Class II certification to manufacture more complex, high margin products in the United States. Moving on, some highlights from our commercial print business. We continue to provide a full range of print solutions to our customers. Our revenues increased by 9%, even in the difficult times we're going through. There are some supply issues on aluminum. There is issues on delivery, logistics. A lot is going on. Prices have increased greatly on raw materials, such as aluminum, but yet we're still able to maintain our revenue and supply our customers. As our commitment to print continues and we continue to invest in innovation, I'm pleased to announce we recently launched the Sonora Ultra XR plate in Europe, which will expand our Sonora Ultra portfolio. As I stated last quarter and I'll state it again, as we continue to fix the balance sheet, invest in the infrastructure of the business and focus on key products, Our next steps are growth. We must continue to grow our business. We have built a stable growing Kodak by consistently executing our long-term plan. We stay on track regardless of all the events happening around us. We're leveraging our core strengths. We're strengthening our balance sheet. We're investing in growth products. As we continue to invest in operational excellence and execution, right, we continue to diversify our portfolio by using the different technologies and skill sets we have in the business. As we stated before, right, our goal is to continue to work on the balance sheet. I'm proud to say today we are net debt positive. But one of the most important aspects is, right, meeting our customers' needs. And the only way we can do that is by continuing to focus on operational excellence. We have to be better than everyone else, and we're going to continue to keep investing and getting better every single year. Now, I'm going to turn it over to Dave Bullwinkle to discuss our first quarter financial results.