Trinseo PLC

will include brief remarks by managed team, followed by a question and answer session. The company has distributed its press release along with its presentation slides after close of market on Thursday, November 6th. These documents are posted on the company's investor relations website and furnished on Form 8K, followed with the Securities and Exchange Commission. If anyone should require operator assistance during the call, please press star, then zero on your telephone. I will now hand the call over to B. Van Kessel. Please go ahead.

Thank you, Calvin, 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. The 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 transcript will be archived on the company's investor relations website shortly following the conference call. The replay will be available until November 7th, 2026. Now I would like to turn the call over to Frank Bowditch.

Thanks, Bea, and welcome to our third quarter 2025 earnings call. I'd like to begin by sharing some information on trade flows in our chemistries, as we believe this is instructive for understanding how the end markets we serve have reacted to tariff uncertainties. We've included some of this information on slide four of our presentation materials. In general, We saw a sharp increase in imports of Asian polymers to both the U.S. and Europe beginning in Q1. We believe this was a reaction to the threatened tariff levels that ultimately were announced in early April and an attempt to fill supply chains in the U.S. ahead of the tariffs being implemented and a redirection of trade flows to Europe from Asia because of slowing demand in China. With respect to the U.S., on slide four, you can clearly see a significant increase increase in imports of ABS primarily from Asian producers beginning in the first quarter get ahead of the tariff implementation. Exports from the US of both ABS and PMMA decreased versus prior year and the decrease was most pronounced in the exports to Canada and Mexico. Similar dynamic occurred in Europe where Asian material that is typically consumed in China was redirected to the European market, putting margin pressure on the more standard grades of ABS and PMMA. These industry trade flow dynamics continued into the third quarter, resulting in lower volumes versus prior year, but similar volumes quarter over quarter. Whether these new levels of demand are transitory or structural remains to be seen. However, late in the third quarter and into the fourth quarter, we are seeing an increased run rate of sales of our more formulated higher margin products that is higher than the year-to-date average and prior year levels. In the case of our more formulated PMMA residents, the year-over-year increase in volumes was over 10% beginning in late Q3, and this has continued into Q4. We do believe there is a drive to reshore demand, even at slight premiums to the import parity price, to de-risk longer Asian supply chains and address potential tariff impacts in both Europe and the US. Concerning our focus on sustainability, I want to highlight the fact that the European Parliament finalized its vehicle end of life directive in September. This mandates that new vehicles must contain 20% recycled plastic within six years, 15% of which must come from end-of-life vehicles. And this increases to 25% within 10 years. This action formalizes the EU's drive for greater product supply chain circularity. We have remained committed to pursuing investments to scale up our technology for our circular, recycled content-containing platforms. and expect these regulations to drive demand in the near term. Our pilot plants for recycled polycarbonate, ABS, and MMA are sold out. The volumes are still small, but will become more meaningful as we ramp up. Year-to-date, our recycled content-containing plastic sales grew 2% across all applications, with our recycled solutions and engineered materials growing at 12%. Before I hand the call over to Dave, let me comment on our press release from the 6th of October in which we announced the discontinuation of Virgin MMA production in Italy and the intention to close our polystyrene production facility in Germany. We took this difficult decision after carefully considering our options and the impact on our employees. However, it is clear to us that these assets will not be competitive in the long term. A Rho Italy site will remain focused on PMMA resin production and will also be the site for our investments in recycled MMA. Pending Works Council negotiations in Germany, these projects should lead to $30 million of EBITDA improvement next year, and the cash savings will exceed restructuring costs beginning in 2026. Now I'd like to turn the call over to Dave.