World Kinect Corporation

Good day, everyone, and welcome to the World Kinetic Corporation second quarter 2025 earnings conference call. With us today are Michael J. Kaspar, Chairman and Chief Executive Officer, Ara M. Burns, President and Chief Financial Officer, and Braulio Medrano, Senior Director, FP&A, and Investor Relations. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To participate, you will need to press star 1-1 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 1-1 again. Please note, this event is being recorded. Now, it's my pleasure to turn the call to Braulio Medrano, Senior Director, FP&A and Investor Relations. Please go ahead.

Thank you, Carmen, and good evening, everyone. Welcome to World Connect's second 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, 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 actual 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, Braulio. Good evening, everyone, and welcome to our call today. I'd like to start by noting that our global commercial, business, and general aviation fuel and services platform continues to perform very well. Demand for commercial and business aviation fuel and services remains strong, particularly in Europe, where our operated and inventory airport locations have continued to deliver strong results. With the strong summer travel season underway, we expect this momentum to continue into the third quarter. The past few months have also been a period of meaningful transformation for WorldConnect. Despite continued macroeconomic headwinds, we are making deliberate and necessary moves to streamline our portfolio. This is reducing structural complexity and allowing us to focus and sharpen execution in the parts of our business that offer the greatest opportunity for sustainable value creation in the medium and long term. Consistent with this strategy that we have outlined in prior earnings calls, we have scaled down exposure or exited underperforming activities that have exhibited earnings volatility. and refocused our capital and team to strengthen our capabilities in businesses and geographies that deliver recurring revenue and higher economic value. Our transformation accelerated recently with the sale of our UK land operations, following a similar divestiture of certain Brazilian assets in late 2024, and continues with the ongoing refinement of the remaining portfolio of activities in our land segments. The land segment, as you've seen, experienced another challenging quarter. In an environment of continued global economic uncertainty and demand weakness in parts of our North American liquid fuels business, we are making difficult but necessary choices to reshape our business around core markets that represent opportunities for a more predictable and more consistent earnings contribution. Aside from the impact of a discrete item that affected second quarter results, which Ira will describe shortly, our global marine segment delivered poor results generally in line with expectations, despite competitive market conditions. From a capital deployment standpoint, we continue to follow a balanced approach. During the second quarter, we took another step forward in our commitment to delivering shareholder value by increasing our quarterly dividend, an action that reflects both our confidence in the business and the strength of our cash flow generation capabilities. In a time of market complexity, our ability to generate consistent and sustainable cash flow allows us to reinvest in our highest performing platforms while also returning capital to shareholders in a disciplined and meaningful way without sacrificing the pursuit of strategic growth opportunities. In summary, while we are navigating a challenging macro environment, we continue investing in our most resilient and rateable platforms while shedding assets and exiting business activities that no longer meet our return and runway thresholds. This is increasing our focus on operational discipline and portfolio selection. While there's more work to do, I'm proud of the progress we've made so far and confident in our ability to continue to drive medium and long-term value for our shareholders. With that, I'll turn it over to Ira More detail on the quarter.