Ingevity Corporation Common Stock

Good morning or good afternoon or welcome to the Ingevity Q2 2025 earnings call and webcast. My name is Adam and I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing star followed by one on your telephone keypad. I'll now hand the floor to John and I'll probably begin. So, John, please go ahead when you're ready.

Thank you, Adam. Good morning and welcome to Ingevity's second quarter 2025 earnings call. Earlier this morning, we posted a presentation on our investor site that you can use to follow today's discussion. It can be found on .ingevity.com under events and presentations. Also, throughout this call, we may refer to non-GAAP financial measures, which are intended to supplement, not substitute for comparable GAAP measures. Definitions of these non-GAAP financial measures and reconciliations to comparable GAAP measures are included in our earnings release and are also in our most recent form, 10K. We may also make forward-looking statements regarding future events and future financial performance of the company during this call. And we caution you that these statements are just projections and actual results or events may differ materially from those projections as further described in our earnings release. Our agenda is on slide three. Our speakers today are David Lee, our CEO, and Mary Dean-Hall, our CFO. They will provide introductory comments. Mary will follow with a review of our consolidated financial performance and the business segment results for the quarter. They will then provide closing comments and discuss 2025 guidance. With that, over to you,

Dave. Thanks, John, and good morning, everyone. This week marks my fourth month with Ingevity. As I've traveled to our sites and met with our teams globally, I've been energized by the passion and pride our people bring to work every day. The Ingev-Away, our shared values and mission to purify, protect, and enhance the world around us, is deeply embedded across the company. And what I consistently hear from our organization is that they feel we have reached an inflection point and are ready to start winning again. This quarter was another clear demonstration of our strong execution, ability to deliver results, and disciplined focus on profitability, which drove significant free cash flow and leverage improvement. Our leverage has improved to three times, which reflects a full-turn improvement in less than a year. Our strong profitability was driven by performance materials, which delivered another quarter of EBITDA margins above 50%, and our successful repositioning actions in performance chemicals, resulting in a consolidated EBITDA margin of 30%. Also, we are making meaningful progress on our strategic portfolio assessment. The sale process for our industrial specialties business and CTO refinery has reached an advanced stage, and we expect to share an update soon. We are also advancing our review of the entire portfolio with a focus on strategic fit and value creation. I'll share more about where we're heading in my closing comments. For now, I'll hand it over to Mary to walk through the quarter in more detail.