World Kinect Corporation

Thank you for standing by and welcome to World Connect Corporation's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. To remove yourself from the queue, you may press star 1 1 again. I would now like to hand the call over to Braulio Medrano, Senior Director of FP&A and Investor Relations. Please go ahead.

Thank you, Lateef, and good evening, everyone. Welcome to WorldConnect's first quarter 2025 earnings conference call, which will be presented alongside our live slide presentation. Today's presentation is also available via webcast on our Investor Relations website. I'm Braulio Medrano, Senior Director of FP&A and Investor Relations. With us on the call today is Michael Kasbar, Chairman and Chief Executive Officer, and Ira Burns, Executive Vice President and Chief Financial Officer. And now, I'd like to review our Safe Harbor Statement. Certain statements made today, including comments about our expectations regarding future plans and performance, are forward-looking statements that are subject to a range of uncertainties and risks that could cause results to materially differ. Factors that could cause results to materially differ can be found in our most recent form 10-K and other reports filed with the Securities and Exchange Commission. We assume no obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events. This presentation also includes certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures is included in our press release and can be found on our website. We will begin with several minutes of prepared remarks, which will then be followed by a question and answer period. At this time, I would like to introduce our Chairman and Chief Executive Officer, Michael Kasbar.

Thank you, Borrelia. Good evening, everyone, and welcome, and I welcome you to our call today. Just over a year ago, we laid out a strategic roadmap to improve profitability and reduce earnings volatility. That included streamlining our portfolio and reducing our fixed cost structure to better position WorldConnect for sustainable growth and enhanced resiliency in an increasingly volatile marketplace. As we assess the first quarter of 2025, While we face some macroeconomic headwinds in parts of our business, I am pleased that we have accelerated our progress towards achieving many of the strategic and operational objectives we had outlined. Our aviation business carried strong momentum from 2024 into the first quarter of 2025, delivering a healthy year-over-year increase in both volume and gross profits. The marine segment generated an earnings contribution generally consistent with the last three quarters, although lower than in the first quarter of 2024, when both bunker prices and market volatility were higher. In our land segment, the North American liquid land fuel business was negatively impacted by both market trends and broader economic conditions, which impacted our volume and margins. Nonetheless, it is in this business that we are most aggressively executing our platform consolidation, cost reduction, and capacity right-sizing initiatives in a planned and orderly way. We expect the benefits of these actions to contribute to profit improvement by the second half of 2025, establishing a more focused and rateable growth vehicle for many years to come. To this end, following the sale of our Brazilian business announced in December, we recently finalized the divestiture of our UK land business as the latest step in our efforts to reshape our land portfolio. I want to thank all of the employees of this business for their dedication over the years and wish them well. Our UK land business has had a long and proud tradition of serving its loyal customer base But unfortunately, the heavily weather-dependent, acid-intensive nature of this business is inconsistent with our strategic objectives, and this sale will allow us to redirect capital and management attention to accord business activities that better fit our desired portfolio. In previous quarters, I have emphasized the value of our portfolio diversification, not only across various industrial and transportation sectors, but also within our geographic diversification. Significant uncertainty exists today regarding the manner in which changes in trade and tariff policies may ultimately impact international markets. But we have consistently demonstrated that WorldConnect's broad geographic footprint positions us well to participate in any shifts in the global movement of people and products. I'll wrap up my comments by emphasizing that first, we remain committed to our strategic and operational objectives. And second, we'll do this by leveraging on demonstrated expertise in last half mile distribution solutions. I look forward to reporting our continued progress over the balance of this year. And now I'll turn the call over to Ira for his financial review.