Ingevity Corporation Common Stock

Hello, everyone. Thank you for joining us and welcome to the Ingevity first quarter 2026 earnings call and webcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Mickey Walsh, head of investor relations. Please go ahead.

Thank you and good morning. Last evening, we posted a presentation on our investor site that you can use to follow today's discussion. It can be found on our website. Thank you. 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. Today, you will hear from Dave Lee, our CEO and President, and Phil Platt, our CFO. Our prepared comments will focus on results from the first quarter of 2026 from continuing operations and recent business highlights. We will take any questions related to the quarter during the Q&A session right after the prepared remarks. Dave, over to you.

Thank you, Mickey, and good morning, everyone. Please turn to slide four. This quarter marked another strong period of execution and results for our company. Starting with our strategic portfolio transformation, we were pleased to complete the sale of the Ozark Materials Roadmarkings product line on April 15th to PPG in an all-cash transaction valued at approximately $65 million. This follows the divestiture announced in January of our North Charleston CTO Refinery and the majority of the industrial specialties product line for approximately $93 million of net proceeds. Together, these actions, along with the ongoing sales process for our APT business, underscores our commitment to simplifying the portfolio, sharpening our strategic focus, and reducing earnings volatility. From a financial perspective, I'm proud of what our team delivered in the first quarter. Against the backdrop of global volatility and uncertainty, we achieved 4% sales growth and an industry-leading EBITDA margin approaching 36%. These results reflect disciplined execution and strong commercial performance across our businesses. particularly in performance materials and pavement technologies, and demonstrates the resilience of our business model. Importantly, this strength enabled us to repurchase approximately $52 million of shares in the quarter ahead of plan as we opportunistically deployed capital amid market volatility. Performance materials delivered growth in net sales, segment EBITDA, and margin, driven by price increases and a continued shift in consumer preference from battery electric vehicles towards hybrids. We remain confident in the long-term role our activated carbon solutions will have in automotive applications while actively investing to expand into filtration. Although we are still in the early stages of this effort, it is encouraging that we already have a presence in food and beverage, medical and pharma, and consumer applications. Our focus now is to enhance profitability in these areas by leveraging our technical expertise, sharpening our commercial approach, and strengthening our value proposition. Turning to performance chemicals, pavement technologies delivered pricing gains and improved mix. However, overall results were partially offset by weaker operating performance from the now divested road markings product line. Advanced polymer technologies continue to face tough competition with a slight gain in volume balancing out price weakness. We've also introduced surcharges in April to offset higher costs, mainly raw materials and energy, related to the Middle East conflict. Our business remains resilient in the face of macroeconomic uncertainty, and I'm proud of our performance this quarter and encouraged by the stable demand trends that we are seeing early in the second quarter, which we believe will position us well for the year. With that, I'll turn it over to Phil.