Trinseo PLC

Good morning, ladies and gentlemen, and welcome to the Trendzeo first quarter 2025 financial results conference call. We welcome the Trendzeo management team, Frank Bozich, President and CEO, David Stacey, Executive Vice President and CFO, and B. Van Kessel, Senior Vice President, Corporate Finance and 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 after close of market on Wednesday, May 7th. 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 today, please press star then zero on your telephone. I will now hand the call over to B. Van Kessel.

Thank you, Greg, and hello, everyone. At this time, all participants are in listen-only mode. After our brief remarks, instructions will follow to participate in the question and answer session. Our disclosure rules and cautionary notes 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 conference call. The replay will be available until May 8th, 2026. Now, I would like to turn the call over to Frank Bozich.

Thanks, Bea, and welcome to our first quarter 2025 earnings call. Core business results in the first quarter were in line with expectations and sequentially higher due to seasonality and prior quarter customer destocking. Despite persistent market weakness, the first quarter was Trinzio's seventh consecutive quarter of improved year-over-year adjusted EBITDA improvement, driven by various management actions we took early in this industry downturn. Against the backdrop of trade uncertainty and lower consumer confidence, our adjusted EBITDA improved to $65 million. This is up $20 million versus prior year as a result of restructuring actions we've taken, improved business mix, and the polycarbonate licensing agreement we previously announced. Our focus has been on executing actions aligned to our transformation strategy and driving growth in areas that represent opportunities in any business environment. The levers we possess to continue growing our more specialized technologies are specifically related to geographic expansion, material replacement, process change, and sustainability. With this focus, in the first quarter, we grew our volume in recycled content-containing products by 33% over prior year, consumer electronic applications by 43%, PMMA resin volumes in Asia more than doubled, and case volumes grew by 3% in a flat demand environment. Last year, we announced our proprietary asset and technology license deal with DPAC Chemtech, And with the recognition of $26 million in licensing income in Q1 this year, I'm pleased to say the projects are on track and delivering in line with their expectations. In total, we estimate these projects are worth $52 million. As our two companies work together, we continue to view this agreement as mutually beneficial and see this as the initial steps of a strategic and collaborative partnership in India. Before I turn the call over to Dave, I'd also like to talk a bit about China as a growth market. We'll cover tariffs later on. While we believe India will be a broad growth opportunity for us, in China we have been more focused on our more specialized products in our portfolio. For the last couple of years, the team has been working to grow our more specialty PMMA products, and these efforts are starting to pay off. That, plus our sustainable solutions for consumer electronics, are important growth drivers for us in China. Combined in Q1, they delivered 50% volume growth versus prior year, and we are adding resources for further growth. Now I'd like to turn the call over to Dave.