Trinseo PLC

and Andy Myers, Vice President of Investor Relations. Today's conference call will include brief remarks by the management team, followed by a question and answer session. The company distributed its press release along with its presentation slides at close of market Tuesday, August 6th. These documents are posted on the company's Investor Relations website and furnished on a Form 8K filed with the Securities and Exchange Commission. If anyone should require operator assistance during the call, please press star then zero on your telephone. And I will now hand the call over to Andy Myers.

Thank you, Abby, and good morning, everyone. At this time, all participants are in a listen-only mode. After our brief remarks, instructions will follow to participate in the question and answer session. Our disclosure rules and cautionary note on forward-looking statements are noted on slide two. During this presentation, we may make certain forward-looking statements, including issuing guidance and describing our future expectations. We must caution you that actual results could differ materially from what is discussed, described, or implied in these statements. Factors that could cause actual results to differ include, but are not limited to, risk factors set forth in item 1A of our annual report on Form 10-K. or in our other filings made with the Securities and Exchange Commission. The company undertakes no obligation to update or revise its forward-looking statements. Today's presentation includes certain non-GAAP financial measurements. A reconciliation of these measurements to corresponding GAAP measures is provided in our earnings release and in the appendix of our investor presentation. A replay of the conference call and transcripts will be archived on the company's investor relations website shortly following the call. The replay will be available until August 7, 2025. Now, I'd like to turn the call over to Frank Bozich.

Thanks, Andy, and welcome to our second quarter 2024 earnings call. I'd like to start by discussing our Q2 results, which were in line with our expectations. The market conditions that we saw at the end of the first quarter continued through the second quarter, which resulted in our highest adjusted EBITDA since the second quarter of 2022, despite $10 million of unfavorable net timing. This was the second straight quarter of sequentially higher profitability. We continued to see positive momentum in our engineered material segments, as moderating input costs, normalization of MMA market dynamics, and steady demand for our downstream applications led to the segment's highest sales volumes and adjusted EBITDA since the second quarter of 2022. We believe this higher level of profitability is sustainable in the current challenging macroeconomic environment due to the significant restructuring and footprint actions that we've taken over the past two years. And while free cash flow remained negative in the second quarter, we anticipate that it will turn positive in the second half. I'd like to shift gears to talk about sustainability. In July, we issued our 14th Annual Sustainability and Corporate Social Responsibility Report, which shows how our company and employees helped cultivate a circular transformation in 2023. I'm very proud of the exceptional progress we made toward our 2030 sustainability goals, especially the continued progress on our polycarbonate dissolution facility, breaking ground on our PMMA depolymerization facility, and achieving critical milestones in the implementation of our decarbonization strategy. We are committed to continued investment in recycling technologies and sustainable product offerings in order to support a circular economy while reducing our carbon footprint, creating a sustainable workforce, and operating responsibly. We had another record quarter in Q2 for sales of products containing recycled material, so our investments are already paying off and we anticipate more growth in the future. With that in mind, I'd like to provide a brief update on two of our major ongoing recycling projects. At the end of the second quarter, we announced the opening of our PMMA depolymerization facility in Roe, Italy. The facility utilizes a novel continuous chemical recycling process that returns industrial and post-consumer acrylic waste to its constituent monomer, MMA, while emitting one-fourth the amount of CO2 as virgin MMA production with yields that exceed industry standards. Our technology also allows us to recycle several PMMA solutions that previously could not be recycled, creating a truly circular process with advantaged economics. The result of our process is high-quality recycled MMA monomer with purity levels comparable to virgin MMA. This enables the recycled MMA to be used in higher-end applications, such as vehicle taillights and caravan windows, that require exceptional optical properties. The high purity levels also allow for higher concentrations of recycled content to be used in certain acrylic solutions without sacrificing desired properties of the end product. I'd also like to highlight some of the exciting technological advancements that we've made in our polycarbonate dissolution pilot facility. The newly developed technology at the pilot plant allows us to recycle polycarbonate waste containing high levels of residual BPA back into polycarbonate resins that contain levels of BPA that are orders of magnitude lower than virgin PC. Additionally, we are able to repair current end-of-life polycarbonate waste that is degraded over time due to the exposure to natural elements such as sunlight, humidity, and temperature by restoring its molecular weight so that it can be recycled and reused even in most demanding applications. These PC waste streams until now have not been suitable for mechanical recycling due to degradation and can be sourced at advantage costs. The technological advancements in PC dissolution Along with the beginning of our PMMA depolymerization journey, our testament to the bright minds we have at Trinzio and our examples of how our investment in sustainable solutions continues to spawn industry-leading innovations that will help build a more sustainable future and at the same time are economically advantaged. Before I turn the call over to Dave, I'd like to give a brief update on the planned sale of our Americas Styrenix joint venture. The procedural steps defined under the exit provision of the joint venture agreement have progressed. Therefore, we have agreed with our partner Chevron Phillips Chemical to pursue a joint sales process, which we expect to kick off this quarter and in the ordinary course should lead to a definitive agreement in the first half of 2025. Now Dave will discuss our second quarter results.