Tronox Holdings plc

Good morning and welcome to the Tronex Holding PLC Q2 2025 earnings conference call. All participants will be in a listen-only mode until the question and answer session begins. Following the presentation, we will conduct the question and answer session. This call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to our host, Jennifer Gunther, Chief Sustainability Officer Head of Investor Relations and External Affairs. Please go ahead.

Thank you, and welcome to our second quarter 2025 conference call and webcast. Turning to slide two, on our call today are John Romano, Chief Executive Officer, and John Treviso, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.torontof.com. Moving to slide three. A friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including but not limited to the specific factors summarized in our SEC filings. This information represents our best judgment based on what we know today. However, actual results may vary based on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements. During the conference call, we will refer to certain non-US GAAP financial terms that we use in the management of our business and believe are useful to investors in evaluating the company's performance. Reconciliations to their nearest US GAAP terms are provided in our earnings release and in the appendix of the accompanying presentation. Additionally, please note that all financial comparisons made during the call are on a year-over-year basis unless otherwise noticed. It is now my pleasure to turn the call over to John Romano. John?

Thanks, Jennifer, and good morning, everyone. We'll begin this morning on slide four with some key messages from the quarter. Our second quarter was impacted by weaker demand across most of our end markets, and this resulted in softer than anticipated coding seasons and highlighted competitive, heightened competitive dynamics across our key end markets. Volumes in Q2 were 2% lower sequentially and 11% lower year over year, reflecting weaker than usual seasonality. Brought on macroeconomic pressures included elevated interest rates and tariff-related uncertainties continued to weigh on customer discretionary spending, while home sales and construction activity remained subdued. Additionally, delays in Brazil's anti-dumping investigation enabled Chinese producers to exploit the gap between the expiration of provisional duties in April and final duties, which we still anticipate by the beginning of Q4. We are encouraged by our early sales momentum in India following the implementation of duties in May. Our advantage position in India through the Australia-India Free Trade Agreement, coupled with the duties against Chinese imports, presents a significant opportunity for sales-aligned growth in a fast-growing economy where per capita TR2 consumption is low compared to other developing economies. In response to the prolonged weakness in the market, we are executing a disciplined strategy to manage the downturn and optimize earnings and cash. Operationally, our costs were in line with expectations. The cost improvement program is progressing ahead of plan and is proving essential in mitigating both raw material and operational pressures. We remain confident in our ability to deliver 125 to 175 million in sustainable run rate savings by the end of 2026. The idling of our bottler facility was not a decision we took lightly, but it was the right decision and our costs have improved as a result. Beyond these measures, we are continuing to evaluate all available levers to strengthen our operational foundation, bolster liquidity, and reinforce our role as a strategic global supplier to our customers. This includes intensifying our focus on our commercial strategy, further reducing capital expenditures, and adjusting the dividend to ensure sustained financial strength and long-term shareholder value. I'll speak to these actions in more detail a little bit later in the call, but for now, I'll turn the call over to John to review our financials from the quarter in more detail.