Good morning, everyone. On behalf of the entire Ashland team, a very warm welcome to our 2025 Innovation Day. As always, it's great to see many familiar faces in the room, and for those that are newer to the Ashland story, you're joining us at a particularly compelling time. I'm William Whitaker, Ashland's interim CFO, and we are thrilled to be hosting you here at our Bridgewater, New Jersey campus, and many others from around the world on our webcast. It's been roughly 18 months since our last Innovation Day, and at that prior event, we gave you a glimpse into the potential of our new technology platforms. Today is about more than just a follow-up. What today is about is a powerful demonstration of how that potential is becoming a tangible reality. What does that mean? You'll have the opportunity to hear from various leaders from across the company. We want to highlight that we've made remarkable advancements on those platforms across business units, applications, and markets. We also want to show you that the more detailed level of value proposition that we're bringing to the market, what you're going to hear is that we're solving complex problems in high-value markets for our customers, and we're excited about it. As a part of that, too, we want to show you that the technology is not only real, but we believe it's very valuable as well. Before we get into the exciting details, I do have some logistical points I'd like to cover for you. The first is the presentation is available on our website, ashland.com, under the Investor Relations section. We also are recording today's event. A replay will be available later this evening for your use. These are our long-term plans. We will be making forward-looking statements on several matters. They are based on our best estimates. However, actual results could vary based on a variety of factors and circumstances. We also will be referencing non-GAAP financial measures, so please refer to our website and the presentation for additional detail and reconciliation on those points. Moving on to the agenda, as I said, you're going to get an opportunity to hear from several leaders, not only at the corporate level, but also the business units, packed with insights focused on our innovation platforms. We're going to start with Guillermo Novo, our Chair and CEO, to provide an overarching update on our strategic priorities with a focus on innovation. We are going to transition to Osama Musa, our CTO, to highlight the remarkable achievements and advancements we have made on our technology platforms under his leadership. The majority of the time will be spent with the business units. We will get an opportunity to hear from the general managers, as well as some of the leadership team for the business units. Those topics will be focused on the innovation strategy, but also going a level deeper and highlighting the specific case studies that we view as valuable not only for us, but for our customers. Following that, we are going to invite Guillermo back up on stage for the enterprise-level summary. This is important because what you are going to hear today from the technology platforms is that it cuts across a number of our business units. The Ashland-level perspective is critically important as well. Following Guillermo's remarks, we will open it up to Q&A. We'd love to hear from you in the audience, and then I'll also be moderating the question bank from the online webcast, so please feel free to submit there as well. That'll conclude the portion of our webcast. Those in the room, I would encourage you to go across the street. We will have a brief lunch, and then we'll have a guided lab tour where you'll have the opportunity to experience firsthand the innovation that we'll be talking about today in the prepared remarks. With that, it's a very exciting time. It's a pivotal moment for our company. We're thrilled to have your engagement, attention, and interest. I'd now like to welcome to the stage Guillermo for his opening remarks. Guillermo. The number of applications that are working, but also a lot of the markets that we're trying to get, how it fits with our strategy. Before I jump into the innovation side, I did want to give a brief update on how are we doing in terms of our overall strategy for Ashland. Number one, we've basically finished our $30 million restructuring. We have a few things that need to flow through, but most of the communications have already been finalized and are well in progress. This is a very important event for us. This really signifies the closure of our portfolio transformation activities. Over the last few years, we exited some, downsized some businesses that we didn't feel were profitable. We've liberated a lot of the working capital and the assets that we're going to talk about repurposing in the future. We sold our pharma chem business, and we made a commitment that we were going to eliminate all the stranded costs and all of the gross profit impact of the sale of the nutraceutical business. With that, it's done. This really is a big moment for us because it's not just done what we've done recently. For the last decade and a half, two decades, Ashland has been in constant transformation, and that's over. We are where we want to be. We have the portfolio of technologies that we wanted to have. As you are going to see today, we have the strategy that we think will propel us to the future that we want and that we're looking for. Pivotal moment for all of our investors. I think the algorithms for tracking our growth and all that are going to get much easier, much simpler. As we have done in the last calls, we are making them as transparent as possible so that you can see where we are making progress, where the issues are, and that we can be very open about that progress. The other significant accomplishment is on the $60 million of manufacturing improvements that we are driving. As a reminder, there are three activities that we are focused on in this initiative. One is network optimization. We are moving around what we produce where so that we can get the lowest costs. Second is productivity. These are things like cycle time, yield improvements, how we run our plants and our operations. The third is the asset repurposing. All these assets that we have idle, how do we repurpose them for the future? All those will have a significant impact on the profitability and the financial strength of the company. Most importantly, they're focused on increasing our competitive position in several core areas. The big areas, the $60 million is driven mainly by the portfolio network optimization. We're not including yet the impact of productivity or the impact of the repurposing. Those we think are going to be significant upsides to the numbers that we have today. The $60 million is really targeted on three areas. One, strengthening our VP&D business. Two, strengthening our HEC business. Three, consolidating small plants that we have so we can move production and be more efficient in some of our major plants. Third, globalization. We've basically made all the investments. We have four businesses that are about 10% of the sales of the company, above average margins to the company. We want to grow them. We're going to grow them $100 million over the next three years. All the investments that we've added, new commercial people around the world, new technology people. We've built in our plants. We have now the biofunctional actives plant in China operating. We have our Mullingar injectables lab and plant also in operation. We converted a nutraceutical plant into a tablet coating plant and microbial protection plant in Brazil. That's in operation now. We've moved production of some of our products, especially the microbial protectant, into the U.S. and also expanded capabilities in Europe. More recently, we already started the project. We had bought land in India, and we're starting the project in India for our tablet coating. You'll hear how that impacts some of the innovations that we're doing, but we're well underway on the globalized. On the innovate, I'm not going to talk too much, but we're going to hear the whole day about this topic. We are innovating both in the core as well as with the new platforms that you're doing. Lastly, we're staying very disciplined on our capital allocation. That expects us to maintain as we move forward. Our strategy is very clear. Execute, globalize, innovate, and invest. That's not changing. We're going to leverage sustainability as a big driver for some of the changes that are going on in the industry. We believe that that strategy fits very well in line with not only the activities we're doing, but even in this more difficult environment. All these activities help us perform better in the short term and help us build into the long term. For today, the focus is going to be the innovation agenda. Officially, let's talk about innovation. I want to welcome you to our second Innovation Day. It's a really important day for us to showcase the progress that we have made. I think we've made a lot of progress as we move forward. First, the technologies themselves have advanced. You'll see concrete examples. They're real. We believe that they're scalable, that they can really grow for us. We're validating these technologies with our customers directly, with our labs. We feel that they're scalable. By scalable, it's that they can have a significant impact on our company, not just in growth, but in that scalability. It's also driving differentiation. We've got tons of intellectual property that we're building around these technologies. In a time of hyper-competition, it's good to have a renewed portfolio with more differentiated products that can be the engine of your future. Lastly, we have the teams. People are energized. They're dedicated. You'll hear about some of the upgrades and things that we've done over the year. Significant progress in just 18 months. This is a reminder. Why are these technology platforms important to us? Our business model is very simple. We've built leadership positions in specific markets by creating that critical mass in those markets and intersecting that with as much new technologies or products that we can bring to our customers so that we can deliver real long-term solutions, concrete solutions for our customers as they formulate and as they do their work. When we have more intersections of the two, that's where we build our leadership positions. We have our big three, pharma, personal care, and coatings that are a big driver. We also sell out a lot of these technologies in other markets to get scale. The issue is the more you bring in new technologies, you can create more big core businesses for us. Also, to recap, the technology platforms that we talked about last meeting in September of 2023, and that you'll hear about some of them today. Seven platforms are our transformed vegetable oil, that's our TVO technology. We have the multifunctional starches, the pH neutralizers, super wetters, novel cellulosics, liquid cellulose plus, and our bioresorbable polymers. We have a few other ones that we're still working on that aren't ready for daylight, but we continue to find new opportunities to bring in new platforms into our portfolio. We are very excited about these platforms. They align well with our big three. You're going to see a lot of concrete examples where we're taking these technologies and applying them into pharma, personal care, and coatings. You're also going to see examples where we're going to new markets, into ag, into some of the industrial coatings type areas, into bioprocessing for pharma. Great new opportunities that we believe with a newer portfolio, we can continue to expand. As I said, these bring not just ability to grow, but it's ability to differentiate for the long term with a lot of intellectual property. Also, it's a portfolio. We're not betting. We don't have one horse in the race. We have seven horses, hopefully more. We can manage the risk of innovation a lot better by managing a portfolio. That excites us a lot. Progress has been very, very strong. Big messages are we believe in the technologies that we've developed. We're validating with customers the feedback that they're getting, that they're working. The technology side, we have validated. The issue now is working with our customers on developing the specific products for their needs. It is more on the commercialization side as we launch a lot of these products. The other thing that we have done is the capability building. All these, we have brought in a lot of new talent. Many of the people you will hear about today, new to the company, but not new to the industries that they are in. A lot of experience that can help us really advance these technologies. That is in the commercial area, in the technology area, even manufacturing area. The company has changed much more than what you see in the outside world. I think the most important part is that engagement. All of us, all the executive team, all the leaders in the company are engaging our customers. You will hear a lot about the visits, the feedback we are getting. That is a big change. I think to drive that innovation, the first rule we need to do is we need to create value for our customers so we can then create value for ourselves. One area that I do want to make sure that as we talk today is our commitment to our innovation growth that we shared with you in December has not changed. We are still very much focused on that. We are committed to delivering $100 million of innovation growth by fiscal year 2027. The majority of that, obviously, is driven by our core innovations. There are a lot of the products that we are launching. The new innovations start kicking in as that process as we launch. The upside potential for us is the sooner we can get more traction on the commercialization of new products. I think you're going to see a lot more of that traction and upside into our innovation growth. The commitment is that this can add about 150 basis points to our top-line growth. All these are much more profitable, newer things that we're doing. Greater than 25% EBITDA margin and strong free cash flows conversion. Before I pass it to our CTO, Osama, to do an update on the technology platforms, I did want to take a moment to recognize all the teams in Ashland. Developing new technologies is hard. It's a lot of work, risk. We'll talk about it when I do my closing comments. The last four years, we have spent really pivoting this company into very different portfolio changes, really honing in on the markets that we want and developing these big technologies. As you know, the external environment has been quite challenging the last five years. This is a very big accomplishment. I did want to take a moment to communicate also with our entire team how proud I am, how the leadership team is with what they have been able to accomplish. It's truly exciting, and it will change our business for the future. With that, let me pass it on to Osama. Good morning, everyone. It's my great pleasure to be here to share with you a very exciting and amazing journey that we went through for the last four years. Today, what I want to share with you is that the transformation of Ashland's innovation portfolio is significant. The question you could ask me, "Hey, Osama, what do you mean?" Take a look. We are driving the innovation impact by leveraging the superior technology platform across markets. It's not an easy way to do. How can we take a technology that can go from one business to the other to the other with utilizing an asset that you have? The second element that we have, how to accelerate the performance of these new technology platforms by strategic resource allocation. We have got the right resources at the right spot. The third element, which is the most significant one, we are driving and delivering a new-to-the-world technology. When I stand in front of you, I'm telling you, we are really creating a new-to-the-world technology and a new-to-the-world product. That is from the statement, patented technology by strong engagement with our customers to create significant value for our customers. You could say, "Hey, Osama, how in the world you can accelerate and leverage the technology across business units?" How did we do that? I want to remind the audience here that Ashland has a proven track record of taking the core technology and scaling it across business units. Take a look. Ashland has two key core technologies. The first technology is the nature-derived, imagine, nature-derived ingredients such as cellulosics, guar, gellan gum, cell production. The second core technology is the synthetic polymers. You have vinyl pyrrolidone and derivatives. You have vinyl ether and derivatives. You have polyurethane. You have polyethylenes, all under one company. Imagine you have the synthetic and the natural under one roof. Those two key technologies can go cross-business, serving cross-business units, life sciences, personal care, and specialty additives, as well as the diverse and growing secondary market. Over 60% of our core technology dealing with naturality and sustainability. We are taking advantage of that to expand our technology and technology toolbox by pivoting towards new technology platforms. Now, how are we leveraging the new technology platform across businesses? Take a look. If you look at the chart on the right side, you'll see that one technology platform can go across multi-business segments such as pharma, coatings, personal care, as well as the secondary market. Take a look at the vertically. You'll see that one business segment can go across multi-new technology platforms. Now, the question, how? How in the world technologies like that can go vertically and horizontally? The reason of that, because those new technology platforms, we create them not by accident. We invented them not by accident. They are sustainable. They are scalable, tunable, with superior performance that can create significant value for our customers. That is the reason you see them going horizontally and vertically. Because of all of that, we have around 53 patents that have been filed since we spoke in 2023. That's amazing. You could say, "Osama, what else?" We can say that the second part of our journey is to accelerate the performance of these new technology platforms. How can we make more and more of that? To do this, we need to invest in the resources. The resource for us, the public unit for the last four years, it was a very important topic. Are we putting the right people in the right spot? Are we hiring the right people to do the job that we want them to do? The answer is yes. We already developed and expanded the applications of our new technology platforms by hiring, as Guillermo mentioned, by hiring very talented scientists and engineering with industrial experience. As a matter of fact, we already increased our MD resource allocation to new technology platforms from 10% in 2023 to 35% now. Our resource investments are paying off. The question is, how? Why do you say that, Osama? Take a look. When we spoke in 2023, our innovation pipeline value for year five, it was around $330 million. The new technology platform portion was a little bit small, as you can see from the pipe. We expanded the innovation value of our pipeline by 50%, and we increased the platform pipeline value by two and a half times. This is significant to make the new innovation pipeline value around $460 million minimum. Now, in 2025, what we are doing, we are working very hard to convert the pipeline value into greater reality by launching new-to-the-world technology, working hand in hand with our customers to create significant value for them. In addition to this, if you look at the overall launch value, it is increasing. We are expecting that value to be $80 million in 2025. You could say, and you see the word launch there, because, hey, Osama, how many launches based on the new technology platform Ashland has delivered since 2023 related to only the new technology platform? The answer is 11. We already launched 11 real, impactful products that highlight the sustainability, tunability, scalability, and superiority of our new technology platforms. These 11 products are those 11 products serving the unmet need for different parts of our business: pharma, personal care, and coating, as well as crop care. As a matter of fact, we will be launching another six products in fiscal year 2025 based on the new technology platforms. That's amazing. With a total of 17 products, I hope, and that hope is real, it will be happening in 2025. We are continuously driving the seven new technology platforms from ideation to manufacturing success. For today, we will be presenting five platforms as examples to give you a flavor, to see how this, what does this mean? Let's translate that into reality. Please allow me to provide you with a brief overview of those five platforms that you are going to hear most of the morning from my colleagues. The first platform is, and please remember that word, it's transformed vegetable oil, TVO, TVO, and TVO. You are going to hear it over and over today. TVO, the transformed vegetable oil platform, is so attractive for us because it has attractive characteristics. What is it? Biobased, biodegradable, non-microplastic, non-GMO, and vacant as required. We invented this platform for a major reason. What is it? To replace the microplastic acrylic additives. Imagine to replace, it is a very strong statement, the acrylic microplastic technology. The second platform that we have is the superwetting agent. Superwetting agent also has attractive characteristics: sustainability, biodegradability, low VOC, to replace the non-sustainable and forever chemicals such as PFAS and silicone. Very amazing. Two attractive characteristics of two different platforms. The third one is the bioresorbable polymers. Bioresorbable polymers are polymers that can safely degrade by the body, safely degrade by the body for long-lasting injectables formulations. The fourth platform, we call it multi-functional starch. When you think of Ashland, you think of starch. Now we are entering another era of our technology related, not just cellulosics and guar and tacrodustin, but starch, and we call it multi-functional starch to replace the non-sustainable thickener, suspending agent, and biology modifiers. The fifth platform, and the last one, we invented this technology to answer the market's needs for the sustainable no-yellowing, low VOC, PX neutralizer, while maintaining the efficacy and the performance. Those are the five platforms that we are going to hear from my colleagues today. You can see their sustainability, patentability, and core expertise checking every box. For today, you will hear about an exciting lineup from our three business units, life sciences, personal care, and specialty additives. Each business unit will present three case studies with a total of nine case studies. Take a look carefully. From the nine case studies, five of them are related to the TVO. Please don't forget the name TVO, which is transformed vegetable oil. With five speakers, five things going to talk about the transformed vegetable oil. Five of the nine cases, it will be related to the TVO technology. Those nine case studies are a small portion of our overall market opportunities. These nine case studies that we are going to hear today have or include a $4.4 billion opportunity, which is a significant opportunity for a $2 billion company. With this, I would like to turn the floor to my colleague, Alessandra, to present life sciences. Alessandra. Good morning. Thank you for joining us today. It's a pleasure to be here. When I joined Ashland in June of last year, I was excited to hear about our innovation platforms and our innovation pipeline. Now, after having visited all of our regions, spent a lot of time in our key markets, and in a lot of meetings with our global and regional customers, I can say that our technology, there's a market pull for our technology. What are we going to present and talk about today? It is real. It is tangible. There is customer evidence. I'd like you to hear more from our leaders during the sessions today. Life science, pharma is our key end market. We have the broadest portfolio in our industry, a very diverse portfolio. We have a global reach and really a presence across all of the regions with both business development teams, technical teams, manufacturing across all of our regions. You can see that Europe and APAC are our largest regions, followed by North America and Latin America. VPND and cellulosics, we have a market-leading position. In life science, you can see on the top that we have been expanding our EBITDA margins. Our EBITDA margins are above 30% with the completion of the portfolio optimizations that Guillermo talked about for life sciences specifically. It is mostly the divestiture of our nutraceuticals business and with upside potential with the technology platforms and innovations, as you hear today, and also with our network optimization. Looking at our strategy with four pillars in life science. First, it is about maintaining and extending our leadership in oral cellulose. Our core technology with VPND that grows across as both Guillermo and Osama talked about, VPND is core for Ashland, not only for life science. It is critical that we continue to drive cost savings with network optimization and also as Guillermo talked about productivity improvements in this area, which are critical not only for Ashland, not only for life sciences, but across Ashland. Also on oral cellulose, we have been growing and expanding our leadership position with share gains in cellulosics with our core innovation. We have seen great success in the last year, and we continue to expand our leadership position with our core innovation in cellulosics. Also on oral cellulose, we have as Ashland an opportunity to take a leading market position as an excipient supplier for the growing oral biologics delivery with our core technology and also with transformation innovation into oral biologics. The second pillar in our strategy, it is about growing with tablet coatings and injectables. We have been growing double-digit growth revenue and profitability in those two areas. We have been building capabilities across our regions both with business development, development teams, technical, manufacturing. We are talking about last year, the expansion of our Mullingar facility with both R&D and manufacturing co-located in that location. We have been making investments, and we have been making investments in Columbus, Ohio, and you hear a little bit more about that with our bioprocessing strategy. Also in tablet coatings, Guillermo talked about our expansion with the new tablet coatings facility in Brazil and our ongoing construction in India. For both tablet coatings and injectables, you hear more today about how innovation can bring high value in those areas, and you hear more about this today. The third pillar of our strategy, it is about leveraging our platforms. Osama talked a lot about our innovation platforms, our technology platforms. How do we leverage this? It is leveraging our technology platforms to unlock new opportunities for Ashland, penetrating in biopharma, the very attractive biopharma market. We will bring specific case studies on that area. That is an opportunity for Ashland to tap into new opportunities, a new vegetable market for Ashland with that. Also with bringing differentiation in tablet coatings, crop care. Those are high-performing solutions and also with sustainability in very attractive markets, as you hear more. On the third pillar of our strategy, those are markets where we have very low single-digit market share position today or zero in some cases. We have very low market position and the opportunity to tap into new markets, new areas. The fourth pillar of our strategy is about our inorganic growth. We have refined our M&A strategy over the last year to really focus on laser focus on injectables and bioprocessing. Those two areas, very attractive areas where we can expand our portfolio and also bring scale to accelerate our growth in injectables and bioprocessing with an inorganic strategy. As you see on the right-hand side, today, the focus of the business case that we'll be talking about, it is in those three areas, tablet coatings, injectables, and bioprocessing, with the opportunity to tap into a new addressable market for Ashland of over $1.4 billion. You'll hear more about this directly from our life science leaders today. I want to, before I pass it over to our leaders, I just want to say that we do have, in summary, we have a rich portfolio in life science. We are changing the industry, and we will be changing the industry with our innovation platforms. We will continue to invest and strengthen our core. Our core, it is very important for us in life science, and we will continue to invest and strengthen our core. With that, I want you to hear directly from our life science team. Today, I am joined by Kapish, who leads OSD for R&D, and Sean, who is our business leader for injectables and bioprocessing. With that, Kapish. All right. Good morning, everybody. Thank you for joining us today. I am Kapish Karan, the Global Oral Solid Dosage Leader, and I am very excited here to talk to you about our tablet coating technologies. Now, globally, there are about 9 billion tablets consumed on a daily basis, and about 50% of those are coated. Now, tablet coating is really a crucial step for application of a thin layer onto a substrate, and it could be a tablet, it could be a capsule, it could be multiparticulate. These coatings are really crucial for pharmaceutical as well as dietary supplement companies. These coatings bring various therapeutic as well as manufacturing efficiencies, as well as product differentiation. In terms of therapeutic aspect, they do help in control release, which helps with patient compliance, especially enabling lesser frequency of administration of tablets. They also help in masking unpleasant taste and odor, as well as ease and swallowability, which is critical for kids as well as elderly patients. They also help streamline manufacturing with faster coating process times. In terms of marketing, they really provide branding. They help connect to the customer. They make the tablets look really nice and pretty and ease in swallowability. Now, when you think about this, this is the last step before you make the oral solid dose from a tablet, and it's really crucial to get it right because you have invested a lot of time and effort upfront. Now, in several pharmaceutical companies, tablet coating tends to be a bottleneck. Now, Ashland has an Aquarius line of film coating systems that provide both aesthetic and functional benefits. Now, what we see is about a $360 million obtainable market, which is growing at 3%. And we see a clear path to attaining about 15%-25% of the market share through innovation, innovative systems, as well as supporting our customers where the productivity is a challenge. Now, there's one competitor which dominates the market, has about 65% of the market share, and there's a clear need, and our customers keep asking us to be the secondary player, which is globally compliant that can provide quality and productivity in this segment. Now, pharmaceutical industry wastes about $50 billion in inefficient manufacturing and only 35% efficiency in their operational manufacturing. We see a clear path to overcoming or debottlenecking the tablet coating section through our transformative coatings and so on. Now, as we work on our roadmap of film coatings, we are transitioning from the first and second generation inefficient coating to truly innovative systems. We have launched and are really working on rapid adoption of Aquarius Genesis currently and are also building for the future using Aquarius coatings based on transformed vegetable oil. Now, this coating brings about 80% efficiency and faster throughput rates, and at the same time, it provides about 70% savings on energy, certainly helping our customers reduce their capital investment or defer those, as well as increase their efficiency. There are four key reasons why we are going to win in this space. One, clearly being, we have a global network of world-class labs spread across strategically to help with customers. They are working closely with them with sampling, scaling up their process, as well as localized manufacturing. You have heard it clearly with our globalization efforts. We are trying to be closer to our customers, service this market even better. Third, and it is really critical that none of our competition has, is that we are backward integrated into our polymer system. We make our polymers, we control the quality, the cost, and the design, bringing new functionality. What you are going to hear in the next slide is really looking at how these innovative platform technologies are helping us develop something that cannot be achieved by products that are currently approved on the market. This is our journey that we have taken. Right now, we are working on commercializing and enabling rapid adoption of our first innovative coating, which is aquarius genesis, and are working towards transformed vegetable oil-based coatings that are going to really enable us to deliver superior productivity in the future. We started a journey with coating material for transformed vegetable oil in 2024. By mid-2024, we started seeing huge benefits, and we started putting that into application testing. Currently, we are in beta site testing phase, working with our top-tier global as well as regional customers. The initial feedback has been very positive. Now, these customers are really crucial for us because they are helping us evaluate a product in real market environment, but then they're also going to help us in regulatory approval, which is really crucial for the success of the product. The feedback has been positive, and we're working quite closely with them. Some of the markets that are very attractive for us as well as our customers is where there's large volume products. Think about obesity market, diabetes, hypertension, and dietary supplements. This is where they see a clear need for productivity improvement. At the same time, we are working internally with our regulatory as well as our toxicology team, and have already initiated some toxicological testing to start with expediting the commercialization. In 2025 and 2026 onwards, we are working on setting up our manufacturing capabilities, expanding our sampling to various customers, as well as starting to register this product in key markets. TVO-based transformed vegetable oil-based coatings are really transformative. They are providing truly productivity benefits that are not feasible with currently approved products on the market. What you are seeing is that it provides operational efficiency as well as sustainability, helping our customers meet the ever-evolving environmental goals, as well as producing medications sustainably, which has a lot of consumer appeal. This coating provides about 80% reduction in coating process time. This is significant, and nothing that is on the market can truly deliver this. In addition to that, if you look at the right-hand side, we are working with a North American customer for a single SKU that produces about 2 billion tablets annually. They see a net savings of about $2.5 million while getting 70% reduction in energy, 75% less water utilization, and 80% lower carbon dioxide emission. This is truly remarkable. At the same time, it's an opportunity for Ashland to get about $1 million, up to $1 million in sale. This creates a win-win situation for both Ashland and our customers. Not only this, this technology, while being 80% more productive, will give them the opportunity to add more production on the same coating equipment or add another product to that, getting more and more benefits from this, defer further capital investment, and so on. Some of our initial customer feedback has been truly positive. Increasing efficiency and sustainability while debottlenecking the coating process is a game changer for them. With that, the TVO-based coating is not just a technical improvement, but really a sound investment for Ashland as well as our customers. Thank you all for listening, and I'm going to transition over to Sean to talk about bioresorbable polymers as well as bioprocessing. Great. Thank you very much, Kapish. My name is Seán McMahon. I lead the businesses in injectables and bioprocessing, and I have two really exciting case studies to show you today, which I think impact mass populations. They're really at the cutting edge of medicine. The first is bioresorbable polymers. It's part of our injectables portfolio. If you look on the left-hand side of the screen, this is the chemistry route we synthesize these polymers. We start with lactic acid. You're all familiar with it in your muscles. You produce it if you don't get enough oxygen. It's a very safe compound. We build it upwards to create materials that have predictable degradation time frames. We can control how long they last in the body, whether that's a week or several weeks or several months or several years. It turns out that control is massively impactful across medicine. If you look at the left-hand side of the screen, these are a sample of the applications representing hundreds of products in the top left with drug delivery and on the bottom with medical devices and dermal fillers. In drug delivery, you take a drug molecule, you encapsulate it in a polymer that Ashland creates. Depending on how we've created it, it could last a month, it could last six months, deliver it to the patient, and you've created something that's one single injection over those six months versus an injection every single day. There's massive implications aside from people's dislike of multiple needles. There's other implications for patient compliance and how effective that treatment is. If you look at the bottom right of the screen, you're also familiar with this concept, but you might not recognize it. In medical devices, there's a big movement from permanent materials that stay with you for the rest of your life to degradable options that perform a function and break down afterwards. The most simple example is sutures, which uses this technology. Traditional sutures used to be used to close wounds. You go back to the therapy to remove the stitch. There's a pain. There's also a cost in terms of getting back to the doctor. There's an access problem, and there's scarring. Modern sutures, the more relevant compositions that we work with, are breaking down over time. You do not have to go back to the doctor, and there is all kinds of value associated with that. That same concept is applicable across medical devices, transitioning from permanent to degradable in orthopedics, in coatings, in hernia meshes, in scaffolds. Across the face, there are more and more applications every week, and we come across a lot of companies doing new things in this space. Looking at Ashland, we focused on three key areas, and this is how we built our business. We started in long-acting injectables on the left-hand side of the screen. It is a big space. There are many existing products. If I told you that 50%, half of prescriptions for chronic diseases, chronic disease means a long-term disease, cancer, obesity, diabetes, Alzheimer's, half of those prescriptions are not taken as prescribed. While there's lots of work going on to make better drugs, you can be certain there's a lot of work going on to make better drug formulations for existing compounds. That is happening in this space. What it does is we trap the drug in the matrix, deliver it to the patient, and you take a decision out of the patient's hand and you put it into the formulation itself. It guarantees compliance. You get the most out of your therapy, and you don't have to wonder about how they eat, how they sleep, all kinds of behaviors that may be associated with the disease itself or their age. In that space, we have millions in sales that have grown rapidly over the last three, four years. We have over 200 programs. They're big programs in many cases. Think about obesity. People are taking injections every week now. You can be certain there are programs in clinical trials trying to use this system to create monthly or multi-month dosage forms in this area. In the center of the screen, I talked about medical devices. There are many different cases. Dermal fillers is another example. They use these polymers, inject them into the wrinkles to fill the space instantly. It breaks down into lactic acid that I talked about. Your body's familiar with that. It stimulates collagen to be formed, so that reduces their appearance over time. It's a very, very large volume application. You're not treating a disease. You're working with patients and populations that are growing, rising the class income. The tolerance and the application for these technologies and dermal fillers is growing beyond the consumption today in terms of supply. We see massive drivers there pushing Ashland to launch additional products. In the long-acting space, we launched the best-in-class purity in 2023. In the dermal fillers and medical device space, we're launching a new grade portfolio in June 2025. We have pre-launch sales, which is a really good indicator. They are quite significant in terms of pre-launch sales for a new product. They're really pushing us as fast as we can move to supply the materials. On the far side of the screen, this is the future. We're familiar with nucleic acids and their value through COVID. mRNA was delivered, and that was facilitated by lipids. While it worked, they're not perfect. They have challenges. They are notoriously complicated to formulate. There's multiple components that go into them. They have stability issues. You heard about and you read about shipping them all around the world under low temperature, and that can be difficult in certain regions. Finally, they accumulate in the liver. It is where lipids go in your body, which is useful if you are targeting the liver, which is okay for COVID. There are all kinds of new diseases and therapies that need to go beyond the liver, and they are looking for something else that can do this more effectively or more cost-effectively or more straightforward in terms of targeting. We have developed technologies here. We are using our platforms to enable that. They work exceptionally well in the lab setting. We are currently doing animal testing and partnering with customers in the space. That one is pretty transformative because that will disrupt a whole new industry that is growing as fast as it can. In terms of the market opportunity for injectables as a whole, it's $750 million. That's the target for us as the market ties. We want to capture as much as possible, and it's growing at about 7% per year. That growth rate is fueled by many big drivers. First and foremost, the modern therapeutics are generally going to be injected. If you think about the likes of biologics, RNA, antibodies, some of them are not stable in the stomach. Some of them cannot be absorbed in the stomach, so they have to go with injection. For that reason, eight of the top 10 drugs by sales are injected. Second one, if you think about aging populations, the number of people over the age of 60 is going to grow by 40% by the year 2030. That's five years from now. That is the population that consumes the most drugs. Drug consumption is directly proportional to excipients, and that's what we supply as a company. That's a good thing for us in life sciences as a whole. Finally, on the bottom of the screen, we're not just feeding diseases. Aesthetics market is a very, very large market with dermal fillers, and we see volumes growing quite significantly in that space with all of those factors that I talked about. In terms of Ashland, we are unique in the space. In the long-acting space, we're the only company in the world that has three key ingredients going into these formulations. We're part of every conversation anyway, and that is why we've been able to build such a large pipeline in the long-acting space so quickly. Ashland is also a leader in terms of purity. A lot of these compounds are very sensitive to impurities. We have best-in-class purity with the UltraPure launch that we launched at the end of 2023. We have co-located operations and R&D in Ireland. That expansion is complete, and that is winning business in the market. How is lead speed? We have the faster lead time in the market to supply customized polymers here. All of this together allows us to partner with customers when they develop long-acting formulations. When you bring three ingredients, you have a better technical package. We can do a lot more for these customers with a package versus one single ingredient, which is what the market leader has in this space today. On the right-hand side of the screen, we have pursued the market in sets. We have developed our long-acting pipeline. It has grown quite significantly. We're entering dermal fillers and medical devices with those same materials. In future, we'll bring new solutions for advanced drug delivery in nucleic acid delivery. In terms of where we were and where we're going, you've heard about the expansion in Ireland. That was a significant expansion, and it was developed and built to cater for the center of the screen. This is the most exciting piece of the injectable portfolio. If I was to sum it up in one visual, this is our pipeline. To develop an injectable drug product, it takes years. You go through clinical trials, big clinical animal work, phase one, phase two, phase three. Those are all samples. Sample populations, small quantities being used, lots and lots of work and energy that we have to spend, that our customers have to spend to get it to market. That represents the investment that we've made, and we have made it to create this outcome. What happens when it goes to market is a significant jump. I can give you a very positive example. Recently, we had a program with a customer. Three years of sales for us going through clinical value was about $100,000. They faced the first commercial order going to market next year, and its value is $2 million. That is one program of over 400 programs in our pipeline. We have a lot of confidence about where this is going. It's the translation of pipeline to revenue, and we see revenues grow. We also see profitability grow. As you can imagine, the technology I've just talked about, they enable the solution at our customer's end. In many cases, they're more important than the drug itself. The long-acting version of an existing drug is enabled by the polymer that we make. For that reason, price levels are very high, and we can talk about that in the lab tours. Profitability opportunities are significant here. We grow volume in medical devices and dermal fillers, and then we hope to pioneer in the new spaces in novel drug delivery. It is a really exciting space. We are really confident about growth here. We have seen it over the last four years. The growth level is significant, but the big steps are happening right now, actually for us with new orders going from phase three to market, which is already happening for us. As a case study, if I show you one of the projects, this is developed by a company called Oakwood Labs. They are 25 years making long-acting formulations. They work for end pharma companies in many cases. This is an oral drug for cancer. You have to take it every single day. Three hundred sixty-five tablets a year. I have already told you that half of those will not be taken in general case as prescribed. What they are doing is translating those 365 into 12 monthly injections, which can be administered at the clinic, which guarantees the compliant outcome. You get the level of drug that you need. On the bottom right, Oakwood uses two different ingredients from Ashland to create the release profile. What you are seeing here is drug release over time. The time function is 25 days. We want a consistent release profile, which is achieved by the center green line. All three lines are Ashland polymers. All three of them use two of our products, but the center green line is ideal. That's customization that's enabled by the Ireland facility with R&D working side by side with manufacturing. That is scaling up. Now manufacturing takes over and produces bigger batches so that they can supply it in their later stage clinical programs. On the bottom left-hand side of the screen, the average program value when it goes to market is about $500,000. It's very profitable. It's a very sticky business. It's extremely difficult to displace somebody in this space because they're quite customized. Beyond that, they have very long lifetimes in the market. There are long-acting injectable products that exist today who have 40 years of sales that continue to grow in the market. They don't come and disappear short term. They take time and energy to create, but when you're there, they're quite sustainable. We have over 200 programs in our pipeline at different stages. We do have programs with five of the top 10 pharma companies by revenue in the world. We have some programs with extremely high value. There are more than 10 that have individual value when they go to market between $2 million and $20 million. That is linked with how they are used. If they are used for something that is quite widespread, for example, obesity or dermal fillers, the volume is going to be very, very high. Those are the cases that will really change the business dynamics for this. We know we are going to be successful. We already see growth. It has been significant. If these cases happen and hit, the steps will be very, very large and very, very quickly for us. I would say it is a really, really exciting space for us. We have done a lot of work, and we are now seeing the outcome. We've even built the capacity to supply this for the next five plus years in Ireland. The second case study is a totally new market for Ashland. Although we participate in pharmaceuticals and we know all of these companies, we haven't traditionally participated in biopharma. What this is, is bioprocessing. It uses living cells and organisms to create the biologics themselves. We're not talking about formulating a drug. We're talking about making the drug compound itself. The way it's done is you have these large bioreactors. They're big, big tanks, maybe 2,000 L each. You grow cell counts and density over time. The biologic is actually within the cell. It's a monoclonal antibody, for example, that we want to harvest from the cell. They're extremely expensive materials at the end of a process from a 2,000 L reactor with huge volumes of chemicals going into it. You get about one, maybe two, three kgs out of that. Those kgs have values between millions to tens of millions per kg. It is a very, very high-value space, high chemical input, low yield output. Anything you can do to improve yield in this process is going to be extremely valuable because CapEx expansion is extremely costly for those companies. There are many steps in the process in the bottom of the screen, starting with growing the cells up as much as you can, followed by rupturing the cells so you can harvest them, filtering them, and extracting that finished product. We have multiple solutions that can be used at multiple stages in this market. I'll talk about pH neutralizer and its function as a buffer that creates a nice environment for cells to grow. Thereafter, when cells are reaching maturity points, you want to rupture the membrane. Think of it like popping a balloon so that you can access what's within. We have our superwetter technology, which I'll talk about for that. Outside of that, we have three other programs. Some of them are shown on screen. Bioflocculants are used to aggregate the cells of reef so it can be easily filtered. In the superwetter case, the second example is viral inactivation. Because they're coming from living organisms, you have to inactivate them to prevent any viruses being transferred. In terms of bioprocessing chemicals, it's a $5 billion market. It's a big, big space. It's all new for Ashland. It's growing really quickly. This is the faster growth that we present today at 9% as a market. We have five solutions that we're working on for the space. Two of them have a combined value of $335 million, and we're targeting growth in the space with our buffers and cell lysis technologies. The growth in the space, as you can imagine, is driven by biologics. Every headline you read is going to talk about biologics and investment by pharma companies in this area. Look at the top 10 drugs by sales in the world. Seven of them are biologics. It's a big booming industry. Two is complexity. Anything we can do to make it simpler or improve yield is going to be highly valuable to the customer. Three is regulations. When this industry started, which is relatively new, the chemicals that were used were not necessarily designed for us. They were not designed for high volumes. It's grown really, really quickly over time. The environments are reacting. They're banning certain chemicals that are not degradable, which means there's an opportunity for Ashland. Finally, rapid adoption. They're used as process aids in the formulation. We add it at the start of the cell cycle. We take it out at the end. It doesn't go into the injection that actually reaches the patient. Therefore, the adoption times are much, much faster. It's not the same type of regulatory approval that you see with FDA-formulated recipients. This is very different. You have regulatory requirements and safety requirements, but that is it really. You need to convince customers to move to your product. Fortunately for us, the regulations that I'll talk about are already pushing them that way. There's two that I'll show you. The first is pH neutralizer. As a reminder, what is a buffer? It creates a neutral pH. Why is it important here? You need your cells to grow over time. If the pH becomes acidic or basic, you can kill those cells and you lose yield significantly or all of it potentially. The market leader is a primary amine-containing buffer. If you look at the right-hand side of the screen, it's a useful material, but it has certain limitations. One of the most difficult applications is with enzymes, which is top right. We started there. That's a known issue for the market leader. It binds to the enzyme. It inactivates the protein. It's not very useful in that application. That buffer doesn't work for those kinds of technologies. In our case, what we see is the enzyme activity over time with pH neutralizer in blue continues to go up, which means our technology is more versatile for these difficult-to-use cases. That is an obvious entry point for us to get into the market. The bottom right of the screen is what is really exciting for us. This technology, if you continue to add buffer over time, you will kill the cells. That is a problem with the existing technology, with all buffers generally. We see that you can add 10x the quantity of pH neutralizer without killing more cells than the existing market leader, which means flexibility. If you can add more of our chemical, you can push these processes further, which is a big advantage that will allow customers to have all kinds of process flexibility in their outcomes. Finally, the degradation property. Our material is inherently biodegradable. We are exploring that opportunity as an advantage for wastewater cycles. Can customers more effectively waste and dump their waste using Ashland technology as opposed to what they currently do in terms of purification and waste disposal? That is a very, very costly side of the process. That is something that we want to try to exploit with inherent degradability. The second case study is a cell lysis agent. After you have grown the cells up, you need to rupture the membrane without damaging what is inside so that you can harvest it. Superwetter is the technology that we have tested for this application. This came to us as a market need. The market leader is a non-ionic surfactant. It has been banned in Europe. It is a chemical that is classified by REACH as a chemical of high concern. That is a nice situation for us when we look internally at our platforms and we find cell lysis agents are perfectly formed with our superwetter technology. They rupture the membrane. They don't damage the protein. Imagine how excited our teams are to find that we have performance advantages even beyond the degradability performance. Bottom right of the screen is the pre-treatment. These are cells that have been treated to fluoresce. When the membrane is intact, you see the individual cells. When you rupture the membrane, the contents spill out, so it looks like a haze of green. We see versus the market leader that Ashland's product creates more complete cell lysis. You're rupturing more of the cells. That means you have yield potential outcomes. It also means that you can use less of our chemical in the process to achieve equivalent results. That's a big, big opportunity for yield improvement. Not only that, they're looking for somebody else. Even if we had comparable performance, we would already have a very good opportunity here. You know, for us, when we bring new products, you look for performance advantages. We have that here. Imagine what we expect to find in the market when we go to multiple companies who are already looking for something to replace what they already have. That is the situation that we're finding. We have validated this with customers. There's a lot of excitement, and they're testing our solution. In terms of bioprocessing and where we were versus where we're going, there are a few market needs here. It is driven by sustainability outcomes. Customers need more sustainable solutions. There's an opportunity. We've validated that with customers. Today, we're testing our solutions with customers. We've done our own work. We know we're excited about the space. It is a new market. We're validating that excitement with our customers. We're building out toxicology plans, manufacturing plans, regulatory requirements. We're trying to do this as quickly as possible. On the right-hand side of the screen where we're going, we want to invest here. This is one of the bigger opportunities that we can see. It's a huge market. You can see how fast it's going. There are many, many things pushing it towards us. We just need to reach out and take it. I think in that sense, we're investing upfront in R&D. We have five programs that we want to get to market as quick as possible. After R&D investments, we're investing in sales and operations to scale them and to take as large a share here as we possibly can in the shorter period of time. We plan to launch multiple products here in 2027. In summation, the key takeaways for the life sciences business, first and foremost, we've presented attractive new markets. They're markets that are right next to what we already do. They're the same customers that we already serve. They're new markets for us. We have small shares in many of them or none at all, for example, with the biopharma space. There's opportunity for significant growth. They're also high-value technologies. Sales in these areas are highly profitable to Ashland, which will affect the profitability outcome for us. They're perfectly aligned with our strategy. They fit our platform technologies. We're finding solutions that have already been developed internally, which will allow us to move quickly to capitalize on these. Secondly, in OSD, we talked about film coatings and the opportunity that Capiche presented with optimization, with cost saving, with value creation for our customer and for Ashland. We did not talk about oral biologics. We have a massive program in that space. It's launching in the coming months. That's one we didn't talk about today, but that's one that will create a lot of value in a space that we already lead within. Thirdly, in injectables, it's all about the pipeline. We have built it. It is converting. We are very confident, and we see those outcomes. You see it in the reported double-digit growth. We see the opportunities as being much, much bigger in front of us than behind. That's a space that will be sustainable in terms of long-term revenue capture and profitability for Ashland. In biopharma, the needs are clear. The market has come to us describing those needs. Fortunately for us, we have our platform technologies, which have proven successful. They're better than the incumbents in many cases. The incumbents are also being replaced. It's a perfect time for Ashland to capture share in that space. Finally, in M&A, it makes sense that we're targeting these spaces organically because we have solutions to address them. We can scale faster if we find opportunities inorganically in those target areas, in particular, in injectables and bioprocessing. We've built out a team to do this. We have worked on our strategy. We've refined it. We're working through that to identify targets, to engage targets. That is an ongoing process that we hope to action to help us move as quickly as possible to grow in those target spaces. I'll finish on that and thank you and hand over to Jim and the personal care team. Good morning, everyone. It's great to be with you all here in Bridgewater and for those online joining us. My name is Jim Minicucci, and I lead our personal care business. We are thrilled to share with you today the progress we have been making in advancing our technology pipeline. Our teams have done a tremendous job progressing on our innovation front. We are going to share with you three examples today. I believe these three examples, they are going to bring these technologies to life for you, make them real, tangible, give you a view of what is happening inside the bottle and how our products work. We have shared with you in the past our personal care business. It is broad, it is diverse, it is profitable, and growing. Last year, on an adjusted basis, we did just under $600 million in sales. As you shared, we have completed our portfolio actions. We recently closed the divestiture of the Evoca business. We are now complete. We are done with our actions. Within personal care, we manage three business lines. Our care ingredients, this is our largest business line. It includes our cellulose-based materials, our PVP products, guars, vinyl ethers. Our second business line is our microbial protection business. Then our third is our biofunctional actives business. We are mainly a personal care beauty supplier. Skin and hair are our largest segments, as well as oral rounding out personal care. Home care, it has always been more of a secondary market for us. Now, with our new technology platforms, you will see us innovating in a much more purposeful way, being very intentional in our participation within home care. We are already seeing advancements both in laundry, hand, and dish. In personal care, our vision, what we believe and what we are doing is two things. One, changing the industry in building and growing businesses. How does that happen? First, it starts with having a healthy base, our care ingredients portfolio. The actions that we're taking in our network optimization as we reduce our CPU and strengthen our supply base, as well as in our commercial excellence activities, will continue to accelerate growth in our care ingredients. Building businesses, our microbial protection business and our biofunctional actives business. We've talked about globalizing these businesses. We've built out the teams around the world for both of these business lines. We've brought capacity online in various geographies, as well as labs. We have a very rich opportunity pipeline, and our teams are working every day to close these opportunities as we increase our penetration rate with existing customers in these two segments. Lastly, innovation. That is why we are here today. What we believe is that we will be bringing the next generation of industry workhorses to the market and really changing the industry with new, novel materials. Today, we're going to go through three examples with you. You've heard TVO. I hope when you leave, you remember TVO. We'll share with you two examples from our TVO platform. Both of them are within our hair care segment. Then we'll share a third example from a different platform, our multifunctional starch, related to skincare. I think it's important to understand that when we say TVO, there's not just one TVO. If you think about our core technologies, HEC, there's not one HEC or PVP or guar. Same here. The TVO that we've developed for hair fixes for hairspray would not work in the second example in conditioning. Vice versa, the TVO that we've developed for hair conditioning would not perform in hairspray. Just these three examples expand for us a billion-dollar market opportunity that we do not serve today. Why do we have so much conviction? Why do we believe that we can change the industry? I think the first thing is we have a lot of confidence in our technology and our toolbox. The second thing is we are fortunate that we are in a market that has favorable tailwinds and change drivers happening in the space. The first one is sustainability. There is a need, a responsibility, both socially and environmentally, to replace synthetic, microplastic, non-biodegradable products with renewable biodegradable materials. We are leveraging that change driver. It is more than that. I would say the second is us, consumers. How we use products, how we interact with them, how they make us feel, the consumer experience with personal care products is changing. We want to have something that feels light on our skin, on our hair. When you look at the sustainability and naturality as well as us as consumers wanting a different experience with products, that is really driving the need for superior products, new materials. It is clear that consumers, we are not going to pay just for sustainability. When we work with customers, if there is product A that is synthetic, customers are not saying, "Hey, can I have product A that is natural and biodegradable?" We need to bring A prime, A squared to A. If it is a film former, it still needs to be a film former. If it is a conditioning agent or rheology modifier, it still has to perform that function. We have to really elevate the overall performance of the product. Today, we'll be sharing three examples, as mentioned, two of them within our TVO platform in hair. The takeaway is we're targeting new market spaces, and these are large market spaces. The first example where we've developed a TVO product for hairspray. We are the leader in hair fixatives and hair styling. We participate in all formats except hairspray. We're in mousses, we're in gels, we're in creams. Now we've developed a TVO product to replace an acrylic-based film former in hairsprays. This is expanding a space even in a market where we are currently a leader. The second example is going to be in shampoo and conditioning, where we've taken that TVO platform, derivatized it, developed a different product as a conditioning agent. Today, the majority of the conditioning agents in shampoos and conditioners are silicone-based, two predominantly, amino dimethicone and dimethicone. The third example is going to be within our multifunctional starches platform for skin leave-on. Rheology modifiers, thickeners, they go across the industry in skin and hair in both leave-on and rinse-off applications. Today, we're targeting specifically skin leave-on applications. The industry workhorse is mainly acrylic-based carbomer rheology modifiers. There are some natural modifiers as well, some starches, gums, and cellulose. We have seen great performance with our multifunctional starches in this space. Who better than Dr. Galder Cristobal, who leads our R&D group within personal care, to really deep dive and bring these technologies to life? Galder joined us a year ago. He jumped in with two feet. He has been working side by side with myself and the entire personal care team as we've developed these technologies in our lab and in our customer's lab. Galder. Good morning, everyone. I'm Galder, Senior R&D Director for Personal Care. Twenty years in the personal care industry, working on surfactants and polymers. Throughout my experience, I have worked in North America usually, as well as in Europe. In Asia for more than 15 years. I can hear you, correct? Right. I joined Ashland, as Jim said, over a year ago. I was seduced by the ambition, by the vision of the company. I was also seduced by the transformative power of the technology platforms to come with the solutions that the personal care industry needs. As Jim said, we're bringing tangible examples of projects where we are working, advancing with customers, to replace the industry workhorses that have been here for decades in the personal care industry. The first example is, the first project is on hair care in styling. Have you ever wondered what it is in a hair fixative can? The can is made of mostly a propellant. There is also a solvent and alcohol, and there is at the ingredient level a polymer. This polymer, it is the performance engine of the hair spray. The polymer is there to deliver the hold, the stiffness, the look, the shape to the hair that the consumers, they are interested for. These technologies, they work by applying a film, a thin film on the top of the hair. That thin film is able to bind, glue hair strands together to give, provide a texture to the structure of the hair that comes with the properties that you have after using the hairspray. These materials, they are in a way for the last decades dominated by acrylics. These acrylics, they are synthetic, they are non-biodegradable, and they are persistent in nature. What's wrong with these technologies and why the market is looking for alternatives? First, as we said, the consumers are asking for natural and biodegradable technologies. Second, from a performance perspective, consumers are asking for, "Give me the hold, give me the stiffness, but give me something more. Give me something that is natural." I heard that has a more natural dynamic, something that looks nicer in a way, correct? There is a third element, which is today to formulate these sprays, you have to use an amine neutralizer that comes with some health concerns because it touches. The industry is looking at replacing these materials. As in Ashland, we have put TVOs as a cornerstone of our innovation strategy in hair care. What better than an oil to deliver the functions that the hair needs to provide? From that perspective, and leveraging the flexibility and the tailoring of the TVOs, we have modified the oils, and we have converted and transformed a vegetable oil into a styling polymer that is delivering the high level of stiffness and the high level of hold that the industry is requiring. This has not come overnight. It has required a lot of efforts in successive generations of technologies, sometimes also with our customers that are giving us the feedback on our technology. We have developed this superior technology that today is giving that level of performance. Look at the chart. On top of providing a high level of stiffness and hold, we are also able to provide that natural dynamics, that natural feel that is reflected into a better shape retention, in a better curve bounce, and an overall appearance that is improved versus these acrylics that have been dominating the market for all these years. You will have the opportunity to go later to the lab and experience yourself what I'm talking about. It is great to have these performance benefits, but at the end of the day, the technology has to go into a camp. It has to work, right? From this perspective, I'm sharing with you that the technology that we have, it is compatible with ethanol. It is compatible with the most common and available propellant, the DME. It doesn't require an amino neutralizer. When it comes, when actionated, it comes with very similar properties from a particle size perspective to the benchmark that is used today in the industry. If on top of that, you add the high naturality index of our technology, which is higher than 80%, and then on top of that is inherently biodegradable, you have a superior technology, and we're ready to go and partner and bring it to the market as soon as we can. On top of this, we're also looking at the science behind our technology. It's good to deliver those consumer features, but also we need to understand what is the reason behind. From this perspective, we're looking at, from a mechanical perspective, hair mechanics perspective, what is different in our approach towards these synthetic materials. A lot of material science going on, and we believe that it is really the very nature of the film that we are applying into the top of the hair that is much more flexible than the brittle, the hard, say, film that is provided by the acrylics that is giving that elegant and natural movement to the hair together with the hold and the stiffness that is required. All in all, we're ready. As Jim is saying, the TVOs are helping us to go into a space where we are not today, hair sprays, in order to reinforce our leadership position in the styling and hair styling space. We're very focused on the activities, on the projects that we have with our customers to bring them all the way as soon as we can. We're working into bringing the technology to the market by 2027. We are ready for that. Moving forward, we're looking at expanding the use of this technology into other styling spaces, particularly in hair oils, as well as in mousses. I'm going to move into the second project. Second project now is another feature very important for hair. It is conditioning. Unlike styling polymers, which is all about giving shape and giving form to the hair, conditioning is about giving, providing volume, providing softness, providing lubricity, providing detangling to the hair. The mechanism is very similar. It is about a technology that has to go and coat the surface of the hair. Here, instead of, again, giving the binding, the gluing of the hair, we're providing the lubricity that gives the freedom to the hair in order to be conditioned. There are two routines that we are very familiar with every day to deliver the conditioning performances into the daily products. One is the two-in-one shampoos. The second one is the conditioners. Here also, at an ingredient level, fatty compounds, they are there in order to bring the performance related to the conditioning. I'm talking about botanical oils, esters, some ester-likes, these are fatty compounds, obviously silicones. Silicones, because they're very particular in nature, they give and surpass the best conditioning performances today in the industry. The technologies I mentioned before, they are way far from the performances that the silicones provide. are two types of silicones, the dimethicones and the amodimethicones, which are amine derivatives, dimethicones that they are designed to deliver the care to the damaged hair. What is wrong with the silicones? The silicones, they come with a high energy intensity when produced. They are very, very high toll from a carbon footing perspective. The second, they are also synthetics, and they are not biodegradable. The second problem is these materials will go down the drain. Silicones are, the volumes related to the silicones are very large, and they end in the municipal water stations, which is putting more and more pressure in these technologies from the government agencies' perspective. The third one is consumers. Consumers, they follow trends in the society and the trends related to free of, free of dioxin, free of microplastic, free of nitrosamine, free of sulfate. There is now free of silicones. The brands, they are getting away from the silicones because of these three reasons. Again, here, our approach is unique. We put the TVOs in the cornerstone of our strategy, innovation strategy in hair care, and then we derivatize the TVOs in order to, again, transform a vegetable oil into a conditioning agent. Here, what we're doing is different actions in here from a chemical perspective. We can make them cationic. We can make them hydrophobic. We can fade with the molecular weight of the TVOs. Basically, unlike others, we have a very technical approach to a very technical material. Silicones are extremely technical. The TVOs are giving us the opportunity to develop that technicality in order to drive the performance, the superiority that the market is asking us. The customers are telling us, and they are delighted to work with this. Look at the chart. The chart is telling you the level of performance that we are getting. It's amazing. From a volume, softness, and detangling perspective, not only our technology is on par with the silicones, the amodimethicone, but in some sense, we are overperforming the silicones. This is in shampoo formulations when comparing amodimethicones to our TVO, the most promising TVO, and in dry conditions. Not only are these performances great, we also have some shortcuts. In terms of shine and flyaway, we believe that with some tweaking, we will be able to overpass, or with some ingredients in the formulation, we will be able to bridge. This level of performance is really incredible. If I go to the next, oh, sorry. How do I do it? All right. The consumer tends, they have to be also backed up by instrumental testing. The industry is developing different instrumental testing in order to, again, assess the performance of the technologies that we develop. There is dry friction, wet friction. There is combing for the tress and deposition measurements that we need to provide in order to show how equivalent our technology is to the silicones. Here, I am showing with you what it is, a combing measurement experiment in which an apparatus is going to comb a tress from the roots to the tip, and it is going to measure what is the force that needs to be provided in order to comb the whole tress. Obviously, the higher the conditioning level, the lower the force that has to be delivered. As you can see in the graph, our material, our TVO, is performing at the same level as the amodimethicone, the industry benchmark in the market. From a hair combing perspective, hair friction perspective, dry, wet, we have equivalent performances to the silicones. On top of that, what is very exciting is the sustainability profile. We are able to deliver this level of performance while having an embedded biodegradable technology. This is not easy to get. Also, it is getting a lot of traction, a lot of interest from our customers in order to accelerate on the technology adoption of our technology. The last one is the easiness to formulate with the TVO. It does not require to reformulate the shampoos. It does not require to reformulate the conditioners. Basically, you can go in, and then you have materials or shampoos with very similar aesthetic visuals, as well as very good stabilities. All in all, when it comes to the roadmap, we are leaders on the conditioning space with our polymers, with the cationic polymers. On top of that, we are adding the possibility to venture into a new segment with the TVOs where to gap and get a position into the conditioning oils. We are very much focused on bringing the projects that we have with our customers to the end. We are in very, let's say, intimate discussions and progress in some of the projects with some customers. Our focus is to bring the technology as soon as we can to the market. Where we're going, beyond looking at applying these technologies in hair care, we're bringing into home care, particularly on fabric conditioners, as well as in hair coloration and in skincare. I will now move into the last project. We are going from hair to skin, from shampoos, conditioners, hair sprays to emulsions, from the TVOs to the multifunctional starch. Emulsions, they are formulations that are developed in order to provide care to the skin or to provide protection from external factors like UV, for example, in sunscreen formulations. They are made by two non-compatible bodies, water or aqueous media, and the emollients, which are fatty compounds. In the middle, what you need is some ingredients that help them to make them compatible. These materials are emulsifiers and particularly thickeners. Thickeners, here again, is our performance engine in order to provide the stability, the texture, the rheology, the appearance, as well as the, I would say, the sensorial of the emulsion. This space, it is dominated for the last years by acrylics, so the carbomers of the world, together with more natural technologies that are coming in, like the xanthan gums, some starches, etc. What is the industry looking at? The industry, as we mentioned before, is asking for, give me something that is natural, but is having the same level of performance as the carbomers. Give me something that also can enhance the sensorial of the emulsions. This is where we're coming. We're coming with something that is also unique. We have years of leadership in the rheology space, in oil care, in hair care, in home care. We have decades of functionalizing, having the technology expertise to drive the cellulosics into the next level. Here, we are integrating a new product saccharide to our, let's say, toolbox, the starch, which comes with a great sensorial. With our technology expertise, we're doing some modification in the starch in order to develop a best-in-class and new-to-the-world rheology modifier in the skincare arena. As you can see in the chart here, the level of performance that we get in terms of viscosity, it is equivalent to the carbomers and significantly better than the xanthan gums that are also coming into this space. From a texture and product perspective, you see the level of sand dust we are able to get compared to, for example, to the xanthan gum at equal dose levels. You will have also the opportunity to go later to the lab and to experience the technology with Hani and the team who will be in the laboratory. Most important thing, this market is very fragmented. We have approached more than 40 customers all over the world, big players, medium players, small players to get the feedback from the customers. The feedback are impressively positive. They like the sensorial, they like the level of rheology that we are able to bring. Let me bring you through the experience wheel in which we start with the texture appearance of a cream when you open it. As we shared, we have something that is equivalent to the acrylics in the world. You are going to go through how is the cushion, the firmness, and how is the pickup of the technology of the emulsion from the bottle in a way. Here, what you see, our technology overperforming to the carbomer. This is because the very rich texture that the starch is able to provide to the formulation. It goes to the initial breakup, which is how, when you spread it on the skin, how the cream is basically behaving. Here, the carbomers are performing slightly before us because they have a very particular sensorial from that perspective. Afterwards, when it comes to the absorption, the tackiness, the greasiness, and the mate, which is the appearance of the skin, we have something that is equivalent. The last one, the most important one, is the texture, sorry, the feel, the after-feel when using an emulsion that is formulated with the starch. Here, this is where we have a sensorial that is unpassed. We are done also for the measurements, more instrumental measurements to understand that powdery feel, what happens into the friction on the hair, on the skin, sorry, and what we see is that the starch emulsion is giving less friction, is giving a more firm skin than when the same emulsion is applied with carbomer. All in all, we're leaders in the rheology space, and now we are leaders also in the rheology space in skincare. We have, other than new technology, a new product saccharide into our toolbox. We have cellulosics, we have wasps, now we have the starches to come with the solutions that the industry is asking to replace synthetic and non-biodegradable materials. We are very much focused in order to really bring this technology to an industrial reality and start basically supplying our customers, those customers that they have told us, your technology is great. Beyond that, we're looking at positioning this technology outside of the skincare, particularly into hair care, leave on and salicylate. I'm going to finish with this. As Jim said at the very beginning, we truly believe that we are creating the next generation of the industry warhorses. The TVOs, the novel cellulosics, they're giving us the technology platforms to come and propose the solution that the industry needs to replace the synthetic and non-biodegradable technologies. We have shared with you three examples, but we have more examples in the pipeline. The good thing is the customers, they see how different we are. The customers, they are really willing to work with us on the styling side, as we shared, on the conditioning side, on the rheology side. All these are the programs that are going to there. Now, as we speak also, we're expanding these technologies, which are highly tunable in other markets in order to attain and have a bigger market share. With this, I give back to Doug. Thank you, Galder. Good morning, everyone. I'm Dago Caceres. I'm the Senior Vice President and General Manager for Specialty Additives. Here with me today is Dr. Ling Li. He's our Global R&D Director for the business. Very similar to what Life Sciences and Personal Care presented, we're going to show you three examples as to how the platform technologies are shaping the future of our specialty additive business. Before I do that, I just wanted to introduce the business to all of you again, who we are at Specialty Additives today. What you can see here, we're about a $550 million business and primarily focused on industrial applications. We participate in four segments that you can see on your right. Number one is coatings. Number two is performance specialties. Number three is energy and resources, and number four is construction. The reason why we have highlighted the first two is because that's where you're going to see the examples that we're going to talk about today. Those two coatings and performance specialties are considered our most strategic segments. If you look at the pie charts in the middle of the slide, you kind of get a feel for our business. First of all, we are a well-diversified business from the regional standpoint. The second point that you can see here is that coatings is by far our most important segment. Coatings represents about 2/3 of what we do in specialty additives. Our most important chemistry also by far is the cellulosics chemistry. The last point that I will make here, this is important for our strategy, is that we are known in the market as a rheology modifier powerhouse. That is really our heritage. That is how our customers know us for rheology modification as our number one additive. That is where we are today. Let me just show you where we want to be moving forward. This is basically our strategy and our strategic pillars. The pillar number one is protect rheology. We are the leaders. We're planning to continue to be the leaders in this space. We're making significant investments. Innovation plays a critical role in making sure that we stay as leaders in this space, both core innovation and platform technology innovation. That's our number one pillar, very important, a lot of effort going into this one. The second one is really expanding the portfolio of additives that we supply to the coatings industry. If you go back a few years, we were pretty much a one-trick pony. We want to be expand. Customers like to do business with us. What we're doing today is expanding our portfolio of additives. It's going really well. This is an area that is actually getting pretty good traction for us. The third one, which we call beyond the can, is really participating in the industrial coating space. We are very strong in architectural coatings. That is our bread and butter. Now we want to be stronger in industrial coatings. Why do we like industrial coatings? Number one, there is a really good overlap from the customer standpoint. Customers that compete in the architectural paints, they also compete, tend to compete in the industrial coatings. We have good access to the market. Number two, industrial coatings is very much a science-driven, performance-based, technology-driven type of application. That is a good fit for what we do at Specialty Additives. The last one, absolutely last but not least, is our transformational technologies. We are working on several technologies, and we are looking at disrupting existing markets. There are several that we're working on, multiple spaces where we're really seeing the traction in the market. Today we're going to talk about three examples. Dr. Lee is going to walk you through the super wetting agents, a very interesting technology, and also is going to walk you through the TVO oligomers. I'm going to take the lead on the last one, and then we'll wrap it up. Okay, Dr. Lee? Okay. Thanks, Dago. Good morning, everyone. Today, I would like to give you an update for one of the most exciting platform technologies, which is super wetting agents. As Dago mentioned, we are a leading supplier for rheological modifier, which is one of the additives in the paint cans. When you go to Home Depot, that can of paint, there are about 9% of value coming from additives. Rheological additives are very important. Just think about when you cook a meal, that's all about the secret sauce and spices. As Doug mentioned, people know us as a rheological modifier supplier, but today I want to really share with you one of our journeys on the specific additive called wetting agent. Why do we need a wetting agent? It's all about reducing the surface energy. When you think about the rainwater hitting on the lotus leaf, it beads up, it dries down. However, when you try to use a whirlpool paint to coat the surface, you don't want it to happen. Coating, by definition, is for degradation and protection. Just think about a paint without wetting agent. When you try to coat the surface, it got all kinds of defects. It doesn't look pretty. Even more than that, all those pinhole craters, it's going to prevent you from protecting the substrate. For example, metal is going to get corrosion. That's why we need wetting agents, and it's a very important ingredient in the waterborne formulation. Historically, there are many different types of wetting agents. Typically, the high-performance wetting agent either is fluorocarbon-based or silicone-carbon-based. There's a synthetic hydrocarbon-based wetting agent, typically a low performer. What Ashland invests on this super wetting technology is basically going to a market size of $280 million just as wetting agent in a waterborne formulation. This is still a growing market, about 3%-4% annually. The unique combination of Ashland technology between the sustainability and the high performance gives us confidence we're going to take 10%-15% market share at maturity. Why it happened, right? First of all, in the coating industry, the formulation is transformed from solvent-borne to waterborne because of the sustainability profile. We moved to waterborne coating. There is high demand for high-performance wetting agents. In addition, people probably all heard about the keyword called PFAS. PFAS is a high-performing wetting agent in waterborne formulation. Almost all the major coating companies are working very hard to try to remove the PFAS from their formulation. This combination gave us confidence to really go to follow this market trend. We started from a wood coating, and quickly we moved to the metal coating. Now we are also working with automotive coating, as well as some other industrial coating. Why do we think we can win in this market? We have a very strong value proposition with a combination of sustainability, performance, and cost. We already mentioned about the PFAS. Everybody just wants to get rid of PFAS in their formulation. More than that, the super wetting technology is also biodegradable. It's at low VOC. The overall sustainability profile makes it very attractive to coating formulators. The second thing is it is a greener technology, hydrocarbon-based. However, it has to work. It has to wet the surface. We are basically something around the world, people testing plastic substrate, wood substrate, metal substrate. In most cases, this greener chemistry actually performs as well as PFAS, silicone-based wetting agent. In some cases, it's even performed better. It does work as a high-perform wetting agent. The last point is about cost. Coating is an industry you have to be cost-effective. The good news for super wetting agent is because it's leveraging one of our core chemistries. We have a deep know-how how to make those kinds of molecules. We have existing manufacturing capability to produce it. That is where the combination of the sustainability, high performance, and cost profile gives us a very strong foundation to have a business win in the market. Wetting agent is a surfactant. Just think about you add a surfactant in water. It brings some superior performance, but it also probably has some shortcomings. For example, surfactant goes too worried, could generally foam. As you can see on the top hand side, left-hand side, we basically map out the existing wetting agent in the coating market to really look at the balance between the wetting performance and the foaming tendency. The yellow star over there is the Ethernets. That is our trademark. Our super wetting technology actually has one of the best wetting performance. At the same time, it has a lower foaming tendency. That performance balance really gives lots of attraction in the market. Since we launched this technology about 18 months ago, we have sampled over 1,000 samples around the world. We got lots of positive feedback. The bottom study is one of the specific examples. People use our wetting agent, putting the waterborne metal application. As you can see, if you see the coating spray on the metal, super wetting agent, the Ethernet actually performs even better than silicone-based. Later on in the lab tour, you'll see lots of very interesting demos actually on different substrates. That is why we have very strong confidence our product does perform very well, sometimes better than PFAS and silicone-based material. We had the first launch of this technology in Q4 2023 with patent protection. We started from wood coating, metal coating. Since then, we have launched five grades around the world. This is the tunability of this technology to really feed the local formulation details as well as different applications, different substrates. As I mentioned earlier, we sampled about 1,000 samples to customers all around the world. We started to see the commercial success in 2024. With all those qualifications, regulatory compliance, we're confident that this technology is going to take off for the real commercial success in the near future. What's next? Beyond waterborne coating, we're expanding this technology to waterborne ink, to metalworking fluid, to waterborne adhesives. Even more than that, we're talking about PFAS replacement. Most recently, especially starting from New York, people have more and more concern about silicone material. Similar reaction now because of the persistency in the environment. Beyond the PFAS replacement pool, we have even stronger momentum with the silicone replacement. Now let's switch gears to talk about something we call reactive oligomers. Basically, this is something beyond a few percent additive in the formulation. It can be the major formulation components as oligomers in the UV cure coating application. It could be as high as 40% in your formulation. The total market size could be more than $3 billion. Why UV cure coating? UV cure coating is one of the, I would say, the future coating technology with the best balance of sustainability and high performance. UV cure coating basically is 100% solids, solvent-free, low-temperature cure. It is much better than solvent-borne and waterborne coating technology. Second thing, because UV cure coating is a reactive chemistry, it will give you much better film performance between longevity and durability. That's why Ashland really made the decision to invest in this type of technology toward the UV cure industrial coating. As you've heard a lot about TVO, this is also part of the TVO platform. The bio-based nature of TVO technology is really aligned with lots of coating trends for sustainability. What's different here is we install reactive functionality onto the TVO backbone, which enables this technology to be applicable to many radiation cure applications. Today, we're going to really focus on its application in the lithium-ion battery dielectric coating, which will help to improve the EV battery safety. It can also be used in the electron beam cure coil coating, which will help to transform the coil coating from solvent system to the solvent-free system with a better carbon footprint. This technology can also be used in the UV ink, which will help the plastic packaging recyclability with the easier removal ink. Last, it can also be used as a grafting agent or cross-linking agent in a high-performance adhesive to give you the good balance between high performance and sustainability. That is why you can see this technology can be used in multiple different radiation cure applications. Today, we will have a little bit deeper dive on its application in the EV batteries. Overall, EV battery or EV technology is greener energy, low carbon footprint. The bio-based nature is really aligned with this profile. More than that, you probably heard quite a bit of stories like when an electric vehicle got a car accident, it caught fire. That is where it is very critical to have the dielectric insulation layer on the battery case. When there is a car accident, if the electrolyte leaks out from the battery case, you want to make sure you have a high-performance insulation layer to avoid catching fire. In this application, now in this industry, the most attractive technology actually is UV curing dielectric film. That is why there is a strong need for high-performance formulation ingredients, in this case, oligomer, to really address high-performance needs for the safety. That is why Ashland developed this TVO reactive technology, which will be used in the UV cure formulation for battery coating. That puts Ashland on the top of their value chain as a high-performance raw material supplier. Next, the coating formulator will use Ashland and reactive TVO technology with other components to formulate a high-performance dielectric material, dielectric coating. That is suitable for the EV battery application. Actually, when I travel around the world, this becomes the hottest project in the coating industry. Almost all the major coating companies invest the R&D, invest the technical capability to develop products for the UV battery coating. Next, this UV curable battery coating will be used by the battery manufacturer. It is a continuous spring process and a curing system with UV and LED. That basically will help to put that insulation layer on the battery case. The major battery manufacturers, for example, the top ones in China, they started to invest in the production line with this technology already. Finally, this technology is really going to be used by automotive OEMs. Basically, OEM will assemble those coated battery case into modules and put those modules into the EV car. One of the major German OEMs, the first, basically launched this type of technology in 2023. You actually have this technology already on the road. You just do not see it at the bottom of the EV car, right? As you can see, through the whole value chain, there is a very strong pull for high-performance UV curable oligomer because they are related to safety, related to sustainability, and/or even I will talk about productivity. The total UV curable oligomer market size for UV curable battery coating is about $550 million. It is a very fast-growing market with a 9% annual growth rate. It is a space with action and UV technology with balance of good performance and sustainability profile. We are confident we can take 10%-30% market share at maturity. It is all about the battery safety and the battery production productivity. We believe this technology will take market share from the existing technology, which is PT tape. They use tape to wrap the battery case to give the insulation layer. We believe we're going to replace or take market share of that technology. Meanwhile, as everybody projects the EV car or the green energy growth, the pie is going to grow as well. That's why I think we have a tremendous opportunity for our growth with this technology for EV application. How are we going to win as Ashland in this new application area? First of all, Ashland is not new to the UV industry. Actually, we're supplying specialty monomers, VCAP, VPyrol in the UV industry for decades. In-house, we do have in-depth know-how about UV formulations. Overall, how we can win is all about safety and productivity. First of all, for the current battery, as I said, it's using a PT tape to wrap the battery case. As you can imagine, at edges and corners, inevitably, the tape is going to leave some defects. Those defects, as I explained earlier, are going to translate to the safety concern. That is why a spray-coating UV cure technology gives you a defect-free coating with much better performance or safety feature. This is all coming from, I would say, the action reactive TVO technology has superior flexibility, superior metal adhesion. Again, those eventually translate to the battery safety, as well as very good dielectric properties and electrolyte resistance. That is where the battery electrolyte leaks out. More than that, it is about productivity. With all the projection on the EV market, you imagine there will be massive production of battery cases. The current tape wrapping technology is to wrap battery individually one by one. It is not the most efficient way to produce it. Moving forward with Action UV curable oligomer, UV curing technology basically is a continuous spray-coating process and uses a UV LED curing system. That really addressed the productivity concern with the current technology. Again, the combination of the safety improvement and the productivity improvement, I think this is the market we can win moving forward. We already demonstrated with Action UV curable oligomer technology it can compete or replace the PT tape technology both for safety and productivity. Within the UV curing market, there is conventional bio-based UV curable oligomer. That is why you can see on the left-hand side, the top row basically is aluminum substrate. The bottom row is a galvanized steel substrate. We compare Action technology with conventional bio-based UV oligomers. As you can see in both cases, Action reactive TVO technology gives you much better metal adhesion. It does not matter if it is an aluminum battery case or a steel battery case. Those adhesions eventually are going to translate to the battery safety. We do have a high-performance sustainable product here to really win, even compared with other UV oligomer suppliers. Hopefully, I show we have built a very strong foundation on this reactive TVO technology. We are filing patents, and Ashland is well-known for our coating expertise. We also have a very good battery lab. The combination of the know-how between coating and the battery gives us a unique position to develop differential products in this specific application. We have defined prototypes for this technology, and we have already moved to the pilot stage. We already sampled some key players in this market and received very positive initial feedback. Next step, we will form the stronger strategic partnership with a top player in this market and receive feedback and fine-tune the prototype for the product launch. Meanwhile, we'll finalize our manufacturing plan, the cost and use details, as well as regulatory compliance around the world. With all those combinations, I think we're very confident we're going to convert this superior technology to the commercial success. With this, I give it back to Dago. Okay, I'm going to walk you through the third and last example for specialty additives. This is a very interesting example because I'm not going to talk about a particular technology, although I'm going to mention TVO. Here is really to show how the multiple technologies and platforms that we're developing today will allow us to enter into new spaces, into new markets, into new applications. The one that I'm going to talk about today is metal working fluids. This is an area where we want to participate more strategically and more holistically in this space. The question number one is, why do we want to participate in this space? When you look at the size of the additive space alone for metal working fluids, that's a $5 billion market total. I'm talking about the total additives space. Now, what's interesting is if you look at the formulation that we have on the slide, you can actually see some similarities with coatings. Both systems, if you look at metal working fluids, do require a high level of additives, and those additives are actually advanced and complex. This is our bread and butter. This is what we like to do. This is what fits well with our strategy. Interesting space, science-driven, an area where we would like to go in a whole lot more detail. Let me double-click real quick on the size of the opportunity on this one because I think it's important. Our entry point in this space is really lubrication additives with TVO. If you look at the lubrication additives market today, that's about a $400 million market, growing mid-single digits. Of course, our participation will depend on the performance that we're able to demonstrate. It can be 10%. It can be 30%. We really need to go through the trials to understand what we have in our hands. Now, having said that, this is only one of the additives, the lubrication additives. If we're able to add multi-functionality to our products, we can potentially go and replace other products. Let me give you an example. If we partially replace the lubricating oil, I'm not talking about the additive, but the oil, we can add another $300 million to $300 million of this addressable space. If we add, let's say, anti-corrosion properties into the system, that can be another $800 million market. Corrosion inhibition is an $800 million market. Last, but definitely not least, a lot of the additives that we use in coatings are actually used here as well. If you think about deformers, if you think about pH neutralizers, if you think about wetting agents that Dr. Lee just talked about, those have applicability here. Of course, they will have to be tuned, but they do have applicability here. That would be another easily $1.5 billion opportunity for us. The size of the market is big. That's why we're excited. That's why we want to open a new market. Now, how do we get there? I think Dr. Musa mentioned this. It's really by developing superior technologies that offer differentiation to customers. That's what we're doing. Here, what it means is multi-functional additives, as I mentioned. Can we improve the lubricity, and can we add other properties into the system? That's what we're looking into. We're also doing a lot of VOC. We're getting closer to the industry. In any industrial applications, the needs you hear from customers are the same. Always it's about performance. It's about productivity. It's about cost, and it's about sustainability. We are looking into those trends. Sustainability, we know we have it. It's a vegetable oil, TVO, right? The industry is trying to eliminate or reduce the use of mineral oil. We do believe we have a strong value proposition there. The last point, and this is very important, is that we do not want to save with one product. What we really want to do is open up the whole space, service the industry with a multitude of additives. Just a quick example on this one. We are working with a leading company, a global multinational company in the metal working fluids space. Like any other company, they are looking for differentiation. We have been able to work with them and send them some prototypes. The intent here was to improve lubricity and look for other properties. If you look at the graph on your right, you will see that the relative friction with one of the samples that we developed, this is the Action prototype number three, went down. Down here is good. Down means less friction. Friction means better performance. This is a significant improvement versus the incumbent technology and something that is early days, but it's something that really gets us excited about the opportunities that we have in this space. Of course, number one, and we're very mindful of this when you go into new applications, it's really all about working with partners. Our partners understand the application. Our partners understand what they need. We understand polymer design. That's really where the magic tends to happen. Okay, just very quickly, if we go to our path forward and our journey, this is relatively new to us. Let's say we've been working on this for about a year. The first year, it was all about understanding the space. You need to map out the chemistries, the technologies, who is who in this space. We're doing that. We're getting closer to customers. I mean, this is an area that is dominated by a few large players. We need to understand that. We need to understand the outnet needs. Equally important, we are building capabilities to be able to be much faster at developing these types of products. That is what we have been doing. We have been pretty busy for the last year or so working on this. Where we are today, what we want to do is we are developing prototypes. By working closely with customers, we expect to have that rapid feedback that will enable us to accelerate innovation. That is the intent. Where are we going? Of course, the ultimate, like with all the technologies, the ultimate goal is to commercialize. We expect to commercialize in a couple of years. Again, early days, but very promising days for us. Maybe access the market with the TVO-based technology, but then after that, follow with our portfolio of opportunities, right? We have the pH neutralizers. We have the wetting agents, et cetera, et cetera. All of that has potential applicability in this whole new segment. Let me wrap it up for specialty additives with some of the things that you heard today from Dr. Li and from myself. The point number one is that we really continue to expand our portfolio of additives way beyond rheology modification. Rheology modification, it's important. It's our core, but we're going way beyond that. How are we doing that? Really through differentiated technologies. That's number one. The second point, and I want to emphasize this one more time, our platform technologies are tunable. The fact that they are tunable means that we can go after different markets, after different segments. That gives us a couple of things. Number one, diversification, which is very important for new technologies. Number two, it expands our addressable space. That is what we are doing. The last point that I would like to make here is that we are actually utilizing our assets and our capabilities. I believe Guillermo mentioned this to not only lower the risk, but to accelerate the assets into the market. The very last point, what you saw today is literally the tip of the iceberg. Of course, we do not have time to go through the whole portfolio, but rest assured that we have many other technologies that support each one of our strategic pillars. The objective for us is to continue to grow the business sustainably. With that, let me turn it over to Guillermo. Thank you, everybody, to the team. Great presentation. Hopefully, you got to see a lot of different examples. We chose, as Dago said, this is the tip of the iceberg. There are a lot of other things. We try to choose things that cover all the businesses, things that we're launching now, things that are in advanced development, and we expect to launch in the next few years, and things that we really see for the future. This is a portfolio of technologies. This is, as I've said, several years of work of what we can do for the future and really sets up Ashland for a very, very exciting future. What are some of the things that we're doing to make this happen across the company? To leverage some of these new technologies is not easy. We know our customers want sustainability. That's a very clear statement. We also know that they will not accept inferior performance or uncompetitive costs that challenge their own use. When you're comparing to incumbent technologies that everybody wants to change, but perform well and have been there for decades, they have built out infrastructure, manufacturing around the world. To compete with that economically in day one can be a big challenge. We need to partner with our customers. This is a journey. Some of these things are going to move much quicker. Other things, it's going to be families of products, and you're going to see them generate over the coming years. We feel, as we talk to our customers, really the story is four things need to happen to enable some of these technologies. Number one, you need to have application scale. You need to find markets where either one application uses a lot of material so that you can make it of significance to the supplier that they can enable the technology investment that is required, but also that it is meaningful for the market and for our customers. That scale, a volume scale, is very important for success. Second, you need to have economies of scale. You need to be competitive, cost competitive in a lot of these areas. That is, again, how do you build out that infrastructure over time? Third is, hey, if the big driver is sustainability, is it relevant? Is it just a little bit more sustainable, or does it really move the needle for our customers? If the answer is yes to all three of those areas, we go to our customers and we say, "Look, this is something. In some areas, we can do it ourselves. We can move very quickly. Super wetters, we can move quite quickly. In others, we need to collaborate with you because you need to start launching products, start getting the volume so that you can start building that infrastructure that is required. Why are we excited about this? I hope you heard. I mean, these technologies are real. There is not one application. They are very tunable in terms of functionality. We are actually just following what other technologies ahead of us did. If you think of acrylic technology, they started in paint. They went into textile, non-wovens, adhesives, leather, detergents. I mean, it went through a plethora. It did not happen overnight. It started really to grow and expand over the years. If you've seen the examples, we see this with a number of a lot of TVO, but look at the super wetters, the pH neutralizers. Not only are we going to different markets, we didn't mention some of these are liquid products. That same product, sometimes we make it in solid form. It can go into a lot of very, very different applications for our customers. We see the opportunity for scalable growth that can change Ashland, but the most important part is that we can create value for our customers. We can help them change their industry to achieve their goals. That is a huge opportunity for us. That's a big plus. The other part that it does with us is it diversifies our portfolio of technologies. High IP, high differentiation. As you saw, the value creation opportunities, it's not just replacing products. We can bring productivity. There are a lot of other sources of value that we think we can bring to create value for our customers. The second part is cost. I'll use some examples. Some of them, we already have good cost position. We're making them in our products, the super wetters, pH neutralizers. We're launching and we're moving. Let's look at the example of TVO. We believe it's going to be very, very competitive. Why? Let's go back to the future. Go to history. Before acrylics, what was a dominant technology? It's called oil paint. Oil paints were alkyds. Alkyds were oil-based paints. What we can do is modify the oil to make it alkyd in the future that can have more functional properties that align with what acrylics do today. It is not just the same old technology. We can rejuvenate it. We can modify it into a lot of other different areas. Cost, alkyds sell today. They were solvent-based, a lot of industrial coatings. You see them a lot in water-based systems, different parts of the world, and in other applications. They have limitations of lack of functionality, as an example. That transformation, I think, creates a great opportunity for us. That's just one chemistry. You saw oligomers. You saw hair fixatives. There's a lot of other applications. Fundamentally, the cost structure of using oils to make high-volume products that can compete with synthetics is already there. Raw materials, we have a good position. Second is equipment, reactors. We have the reactors to launch the product. We don't have to make a lot of investment. We know how to make them. By the way, these are the same reactors that make a lot of these other chemistries. We might not have all the reactors in place to scale this over time, but there's a lot of them. A lot of our customers have already captive production capability. There are a lot of assets that are not creating a lot of value around the world. We can make acquisitions. There are multiple ways that we can grow and do this. We see that also from a manufacturing cost, unit cost perspective, it is also very, very competitive. The issue now is how do we scale, how do we grow a lot of it? We believe that we can provide our customers a very clear and compelling value proposition that they understand. They understand this cost structure very well because in many cases, they're already doing a lot of this chemistry. If we look at what are the risks as we invest and grow in the business, we're very excited that we've made a lot of progress. Three things that, if you look at technology-driven growth, are the risks that we need to manage. There are three big risks. One is technology risk. You invest millions of dollars to develop technology. Will it work? The second is commercial risk. Can you develop products that really have a value proposition that your customers will buy? Third is investment risk. Everybody likes a product. You need to build a plant before you have the business. If you build the plant and the business does not materialize, you have investment risk. Over the last few years, we've made a lot of progress in this. Number one, I think we're showing that we're proving that the technology works. The technology risk factor has really come down for us. We've passed that gate. We're right in the middle now of the commercial risk. We're developing products for specific applications. That is the part that over the next few years, you'll see how we perform and where the technology is actually hit. Good news for us is we have a portfolio. We have a portfolio of technology platforms, seven that we're working on. Even within a technology platform, look how many applications. Are they all not going to work? Are they all going to work? There's a lot of flexibility. We have this portfolio risk mitigation that we can bring by leveraging a portfolio rather than we do not have one horse in the race. We have 25 horses in the race. Some of them, high chance of winning, and a lot of them are going to qualify and get into the finals. We feel very good about that. Specifically on the investments that we need to do. For most of these, we are already leveraging all these assets as we did our portfolio optimization, exiting low-margin businesses where the assets and the working capital were not getting an appropriate return. Now we can repurpose these assets. We are making all the super wetters, all these products and existing assets with minimal investment. We can do the same thing to launch the TVOs. The commercial risk part, we can cover. As we grow, you are not investing in risk anymore. You're investing in success and really trying to now grow with your customers and where you want to develop. These are very regional businesses. We can grow and have different growth mechanisms grow internally. We can license. We can partner. We can do a lot of different things depending on the technologies as we grow. We don't see that as a huge growth investment. The one area that by the end of this year, we're going to make a decision, that's probably the biggest investment that we need to make, is on the novel cellulosics and the multifunctional starches. That's basically converting the CMC plant that we shut down last year, converting it to some of these new products. That same unit can make all these technologies. Now, all these technologies are not moving at the same pace. We're a little bit in the chicken or the egg. We need to have the plant ready so that we can start selling the first products that go, but it will take a little bit of time. It's not a big risk for us. It's about we can stage the investments to increase the capacity over time, but probably invest $10 million to make the conversion. That's the highest risk that we're going to be taking. We think it's very manageable, and we will be making that decision by the end of this year, really based on validation from our customers. We're in a great position. If you look at growth as a growth driver, this is what I would consider a CAC-friendly, a free cash flow-friendly organic growth because actually the intensity of the capital is not as high as you would think. I think the other big message is a lot of development work, but we are not doing our team are focused. They're driving it, but we are not alone. We're working with our customers on this. Every business, all the steps forward are based on validation, work with our customers. They have a lot of skin in the game. We want them to have skin in the game because a lot of these things are going to be a journey over the coming years, and we need to start introducing the first generation products so that they can learn, we can learn how to use them, modify them, and grow over time. We're also working. We've had several associations. If you look at vegetable oil associations around the world, there's a lot of other parties that are very interested in enabling some of these technologies as raw materials. We're going to work with other partners to see how we can grow and ensure that these technologies are successful. The next five, ten years, three years, our story is going to be very, very consistent. No more change. It's about growth and driving our agenda. Execute. That means making our core businesses stronger, more profitable, that we can share gain in these tough competitive environments. We're going to be globalizing. We're going to be innovating, and we're going to be investing in growth. We have a strong balance sheet. Last few years, they were a bit tougher. We focused on a strong balance sheet so we could invest in our future. Because we believe in the future, we want to make sure that we maintain that capacity. We did add another small extra workload that we need to do. It's obviously the global trade mitigation is on our radar screen. We're going to be working that. That's changing over time. Frankly, if you look at all the globalization work we're doing, and even this innovation that allows us to now invest in localized production around the world, this fits well in terms of more if the world is regionalizing more, a lot of the things that we're doing, I think, will take us in the right direction from that perspective. The algorithm is going to be simpler. Less noise from all the changes that Ashland did in the past. We have a core business. It's about what the market, how the market is doing, how we're doing in terms of performance and share in productivity. Execute, globalize, innovate, and invest as we grow. We believe this portfolio, you've seen that we're going after big opportunities. These are not small markets. It has huge potential. You can argue, can we get more share, less share? All these things are going to be worked out as we get more validation of some of these applications. What we feel comfortable is that at a minimum, we can deliver on our commitment of a growth algorithm saying 200-300 basis points over market, which should be mid-single digits, 5% growth. We can deliver on EBITDA margins over 25%. We're there, and I think we can continue to expand that. We want to manage growth versus margin at this point in time so that we can catalyze growth, and top-line growth is going to be very important for us, and free cash flow conversion. This is a free cash flow-friendly environment for us because of the decisions that we've made over the last two years to free up assets and resources so that we can support growth. Thank you so much for your time, your attention. The message is we've advanced. This is a year and a half, and you can see all the changes that have happened in the company. We validated the technology. These are not new ideas that we're just thinking about. We've been working on it for four years. The last few years is really looking at tying the technologies to applications. You're hearing now the alignment with the business strategies. These are not now about technologies. These are about business strategies that each business sees a lot of value. We see the opportunity for sustainable growth. These are big markets that can transform us. On top of just growth transformation, differentiation. These are high-value products that we are going to own the real estate in terms of the IT positions that we have, and I think will enrich and strengthen our overall portfolio. Lastly, that we are delivering on this, and this is driven by ownership and accountability of the businesses. This is not a corporate-driven initiative anymore. We did start that at the beginning to start the pivot, but right now it is in the hands of the teams that you have just heard from. As you can see, very experienced, very committed, and very excited team. Thank you so much for your attention. Let me pass it over to William for our Q&A sessions. I would like to invite the general managers up here, and then we have the other guests that will answer any questions that you may have. Thank you very much. We do hope that the prepared remarks give you a better appreciation of what, why, and how we're doing this. I do suspect there's some questions we can cover a lot. We'd like to start in the room. I also have a few that have come through on the webcast that also answer this. We'll switch this back here. In terms of process, I'd ask that you say your name and your current experience, and we'll go from there. Thank you, Dave. Thanks a lot. Go to your bank. Guillermo, in the current macro, are you seeing customers slow the rate of adoption? How big of a concern is that for your role development and public portfolios? This has been different. We saw that more when COVID happened, that the shortages came and people were switching lab time to really try to replace other sources of raw material. That was more disruptive. Right now, I think everybody saw that slowdown. We're not seeing a slowdown in terms of innovation. I think the big companies, there's a lack of innovation, period, in our industry and in our customers too. We hear it very clearly. If anything, I think our customers are very interested and excited about these opportunities and need the innovation as much as we do. Back in the center. John. How would you characterize how much is utilized? How many teams have come through? Just over the past two years, five years, however you want to characterize it. Very, very good question. We've made significant changes. Obviously, in the leadership team, you've seen the changes. If you go down, a lot of our technology leaders have changed. We're bringing in, we have our forte. We have a team that's very experienced in certain parts of what we do. Some of the things that you heard are taking us into a new direction. We're bringing in people that can also augment, bring some diversity of experience and thought in some of these newer areas. A lot of our commercial teams, leaders around the world, a lot of sales, a lot of marketing people, our technology, not just the leadership, but below, we're bringing in, we're moving and promoting also from the ones that we have that are very experienced, also giving them a lot of opportunity. We had last year in November, and I'll get you the exact number, but out of 100 top, I think 25% were less than a year in the company. That is that. I think over three years, it's probably over 50. If you go over five, I include myself, it's a pretty big change. I think that's what's enriched. Everybody's learning from each other. We can learn from legacy groups that understand the technology well, but we can also bring some of these new ideas into the company. Good morning. Charlie Rose with Cruiser Capital Advisors. When you talk about your 27 goals, Guillermo, of $100 million from these new actions, how much are you losing from old? How much is coming from old? How much is going away from old versus new? Can you talk about what would be the curvature of growth that you think that $100 million would look like over a multi-year period? What would that look like in 2028, 2029, 2030? What are your sort of, what are aspirational issues that you're thinking about, please? I think there's a clear ramp rate. As I said in the first comments, the $100 million that we talk about for 2027, the majority of it is coming from core technologies. We still have very good positions. If you look at pharma as an example, Klucel, Benecel, there's a lot of new things we're doing, new additives that we've been working on. That is the majority of it. The back end of it, we're launching a lot of these products. You start seeing the contribution from some of these newer technology platforms. The pickup really will come after if we can accelerate and bring more. Obviously, we can outperform the $100 million. That outperformance probably would come from a lot of these newer technologies. It is really about the ramp right now of launches. Some of these products we need, we're working through regulatory approvals. The launches work, as an example, our ag super wetter. We launched it in ag in Brazil. Why? Because we could launch over there. As soon as we get the regulatory approval in the U.S., we'll bring it to the U.S. There are a lot of things that we need to do between getting the customers to trial, approve, align with their launches, and we do a lot of this work. I would say the bigger numbers will come 2027 through 2029, 2030. That is where the bigger numbers are going to come. It depends on the market. Some you can see if you hit in coatings or in household, a win is big, tens of millions of dollars. If you win in a styling polymer or a new injection, it is going to be a lot of smaller increments. We have a mix, and it really depends on how successful these technologies really are in the adoption with our customers. You take a $2 billion company. You're taking $100 million in 2027, a lot of smaller actions. Is there one action in all these three verticals that you think really has the, let's call it the scalability issue that really drives the company that gives you more momentum relative to the other two verticals? If you look at, I mean, they're all significant, and we need to look at revenue and EBITDA. If you look at some of the bioprocessing, the revenue is a little bit lower, but the EBITDA is three times higher. So you can multiply the revenue opportunities by three to do an equivalency. It really depends on the segment. I think the issue for us right now is how do we scale? I think the TVO obviously is the one that has bigger scalability across multiple areas and larger implications for growth momentum. All the other ones, if you look at the pH neutralizers, I mean, the players that are there have a very healthy EBITDA multiple, much higher than ours. If we can get a significant share there, it really does pivot our portfolio. The issue now is balancing how we create the scale for ACILIN. We might have some priorities where we all focus on certain things because we need to enable that growth or investments that we're going to do, but also give flexibility to the businesses to drive their own strategies. For example, if you're going to build a bioprocessing, it's not one additive. It's going to be three of them that they need. They need to move and get that flexibility. They will benefit from the progress that the other businesses make. Okay. Processing. Hi, Mike Harrison with Seaport Research Partners. You guys talk a lot across all your segments about customer relationships and the depth and history that you have there, as well as having a leading market presence in a lot of these markets. That gives you a seat at the table. It gets these potential customers or partners listening to the discussion about a new, new, new material rather than just an incremental innovation. I was wondering if you can talk about the differences in the development process and kind of how the timeline looks when you're trying to introduce a new, new material versus just an incremental innovation on an existing material. Can you talk about how that national care customer and a coatings or other specialty additives customer? Let me ask the GMs to give a sort of a high-level view of what's the big drivers. If you want to start, Jim. Yeah. Can you hear me okay? Thanks for your question. I would say when you look at existing products, we have our care and green existing products, so those like the guar, our detection material. There, if you bring in a new product, you're changing your steps. Viscosity, maybe a different preservative package, six to twelve months is usually a good slot for being able to introduce that material. What we're doing now with the new technology platform, I think one is the interaction we're having with customers. I'll just go to names, many of them leaders. Business being available, we have monthly experiences set up with them on specific projects. They're driving our roadmap with their roadmap. They're looking to change a certain ingredient in a shampoo or in a hairspray or in a skin cream. We have that interaction with them. We're sending them prototypes, they're testing it, they're giving us the feedback, we're then adjusting our modification. The overall timeline, you have multiple parts of the process. The first step is the formulation development. That is a function of how quickly we can get TVO or starch to perform at the level that the customer needs in their specific formulation. You go to consumer testing. Okay, we have a formulation, we think it works. Now let's start testing with consumers. Assuming check, consumer testing goes well, great feedback. You need to go to brand launch and production. When are they going to reformulate and launch the next brand or shampoo or conditioner or cream? You go to market. That timeline, it's really somewhat customer-dependent, and it kind of comes back from what's the brand strategy at the customer side. Rolling all the way back, you walk in the formulation, you get through your consumer testing, then you go to package, label, production scale-up, and then ultimately launch to market. Eighteen to twenty-four months, these things are going well, but it's really customer-dependent on what is their brand launch and brand launch strategy and how quickly we can advance the technology to that. We can say that we have visibility. Our customers share, "Hey, we're going to reform brand X in year Y." Either you're there, this is sort of like a semi-no change. If you're not there by that time, you are going to have to wait till these are big brands. They do not just turn on a dime and just introduce a new product and reformulate everything. We need to map all these projects out with them so that we can align. Alessandra, you have the longer one. Yes. Pharma, I will give two examples. First, I mean, Sean talked about bioresorbable polymers on injectables, where our timeline, it is very linked with our pipeline management. It is our customer's pipeline. Sean gave the example from preclinical to clinical to commercial. You are talking about seven, eight years, around seven, eight years. Also, Sean gave the example of how we go from selling $100,000, which is really samples right on the preclinical clinical stage, then $2 million plus when it gets commercial. The timeline for bioresorbable polymers injectables, it is about seven, eight years, and then sometimes more. However, Sean also talked about how we are excited in investing in biopharma, which is you. We do not have any market share in biopharma today. This is a pull from the market, as Sean talked about. In this case, we are talking between two to five years, depending on the technology. Really, it is a faster adoption, and there's less regulatory hurdles. It is a market pull. We are bringing sustainability and performance with our solutions. That is a faster adoption and less regulated. Can you give me a case? For industrial customers, I will say when you bring new-to-the-world technologies to them, there are kind of three areas that are different from just bringing another product, right? The good thing about new-to-the-world, of course, is you're creating a sustainable business. Usually, your profits are higher. You have a more sustainable business. There are three things, three areas that we always keep in mind. Number one, regulatory, right? Do we need an additional regulatory filing? It varies by country. It varies by application. It varies by product. That's outside of our control. It can be months. It can be years, again, depending on the country we're talking about. That's something that we need to be very mindful of, right? The second point that we also need to align is, and that's why we have our very disciplined stage K process, you also need to make sure that your manufacturing strategy aligns with your regulatory strategy, which aligns with your business strategy. From the manufacturer's standpoint, yes, we have the assets, but we might have to tweak them, change them, add something. You need to make sure that those assets are ready for the customer. The third point, which I think Jim mentioned, is they are working with a product they have never seen. The first sometimes mistake that a customer can make is assume that the product they're using today is going to perform very similar or the way it's going to process is similar to the product they used in the past. There is a lot of back and forth on two areas. Number one, tuning the product to make sure you get to the right product, right? And then when you use the product, here's how you use the product. There is more handholding so that you ensure success. I would say those three areas, so in just lengthen the timeline, and it really can go anywhere from, in the case of industrial, I don't have to wait years like life sciences. If it is a country that moves fast with a customer that moves fast, we can be in the market in three months. Now, if we're talking about a completely new product in a heavily regulated area that we need to go through the filing, et cetera, now we're talking two or three years. It is really a whole spectrum depending on what we are attempting to do. As we answer that question, the other comment I would say, look, if you look at history, again, transformation, acrylics, companies I've been in before, introducing a new biocide in personal care. He worked for seven years in Rohm and Haas on some things. Then overnight, one of the big players said, "Okay, I'm going." You got $30 million-$40 million of business overnight and a very profitable thing. It takes time to do this. It is a rotating polymer. New-to-the-world things, it was a decade of work for teams to do this. The growth came throughout. It was usually came in steps because it really depends if a big customer moves, you get these steps. I think that's why we want to commit to that 5% growth. That algorithm is the minimum that we want to do. If we can deliver that, I mean, we're going to be generating a lot of cash. We're going to be in a very good position. The upside is it's very hard for us to say when are those steps going to come. As you can see, we're aiming high on a lot of these areas. Good to have you on. Hi, Abigail Eberts at Wells Fargo. You talk about consumer preferences for more biodegradable, natural options, driving demand for your TVO and starch products. Is there also a higher cost associated with this, i.e., are you expecting consumers to pay a premium for a more natural solution? I was saying at the end, the customers have been very clear. It's got a, we're not giving up on performance, and they're not going to go be non-competitive in that. We need, and that's where we're excited that we think we have the performance features. We can actually deliver better performance in many areas. All these technologies are cost-effective. They're competitive with silicones. They're competitive with all the technologies. In the TVO, which is the bigger one, it's already proven. Outfit technology, we're not inventing this. It's already there. The economics are pretty solid. It's just now our functionalization and how we want to play the game that's going to be very different. Again, how we accelerate. If we go alone, it's a certain pace. We can license certain areas. For example, some of these technologies we haven't talked about. Look, we're acrylics built. We're not in textile, leather. We might license some of this stuff, and we can accelerate things. All these things will be worked out as we validate the technology and as our partners that are working with us bring ideas for us of things that we can do. Jeff Zekauskas at JPMorgan. Two questions. If you took your $100 million in sales goal and you allocated it to your three main divisions, how would you roughly allocate the $100 million to life sciences, personal care, and specialty additives? Secondly, is it fair to say that if you were a baseball team, what you were trying to do was to hit a lot of singles and get your runners to score as you hit more singles? Or are there particular product lines or customers where maybe the singles can turn into doubles or triples or home runs? How might that work? Let me answer the second question, then I'll ask each of the GMs to sort of talk about what the near-term growth focus is for them and what are the key drivers. If you look at it, I mean, this isn't really a baseball game. This is really now we're validating technology. We're trying to make sure that we're screening that these are meaningful. There are a lot of other ideas that are just small and we're not going to go after. That's why we like the part that they are platforms. The platforms are a home run. You might have to do a lot of singles. You might have to do a lot of things. That's where the de-risking is. We're not betting any on one home run to get us to the end. The potential of the technology is there. What we are validating these last few years is not focusing on a lot of, we focus on seven things that we thought could have scale, that could be scalable, and validated that at this point in time. I think you're seeing some of the applications. These are examples. There's a lot more. It can look smaller, but it's the totality of them that really create the market. Now, as we advance, we're obviously going to allocate more resources and priorities depending on the specific opportunities that come. That is really where we have been right now. We did not have anything really four years ago. Now we have this rich portfolio that I would say for a $2 billion company, I do not see a lot of companies that have a lot of the innovation potential that we could do. I think what excites us now is now we are going to get on the field to play. We are launching products. Now the choices are going to start getting real of where we invest, which ones we prioritize. That game is going to start being played really now. Even the launches that we did, it was more validation that technology works and that we can get momentum on that. As I said, these are not we're not going after little markets here. These can really change the game if we're successful. If you guys want to talk a little bit about your near-term innovation. Yeah. For life science, looking at the $100 million for 2027 and even our targets for 2025, as Guillermo mentioned, it's coming the majority is coming from our core innovation. Because in life science, I just gave the examples that it takes time. It's a highly regulated those are highly regulated markets, so it takes more time for our through new-to-the-world technology platforms to materialize. Specifically to your question, in 2027, it's going to come a lot from our cellulosics, where we have launched recently high-quality cellulosics, and we have seen the success and basically traction in the market, gaining share with our Benecel and also Kl LS. It's going to come from cellulosics, but also on the injectable space, where we have this is an acquisition we made seven years ago. As our customers bring to, as our customers commercialize, so depending on their pipeline, which is our pipeline is linked to, we are also going to see the growth coming from that area in the next few years. I do not even want to talk for you. I am on. Following your baseball analogy, more of a soccer guy, but I'll stick to that. We have a very disciplined portfolio approach. We have regional innovation, core innovation, and platform innovation. Today we talked about platform innovation because that's your home runs. Having said that, we really pay attention to regional innovation and to core innovation as well. Regional innovation is to get you to first base, and that's pretty much it. You go first base, first base, first base. It's very quick, lower risk, but you can run and run and run and not get too far. We are very mindful of that. You have core innovation that can get you into second base and third base. We have the platform innovations that can really kind of hit it out of the park. Where we are today in industrial applications, we're very mindful that we can move faster, right? We are very mindful that a lot of these technologies do have applicability in multiple segments for us. I will describe ourselves. I'm not going to promise. I'm just going to say where we are in the baseball game. We have all the bases loaded, and we have three really good, good guys ready to go at bat. I just need a little bit of push, and we'll get there. Yeah, yeah. I mean, within personal care, we have three business lines. We have our care ingredients. We have our microbial protection and our biofunctional actives business segments. I would say our mix is relatively well-balanced. I think our care ingredients, what we've launched in the past, has been more what I call incremental. If you look at the launches within our Guar product line and some of our PVC product lines, it's been more incremental in sun and in hair and in conditioning. Those are starting to now get incorporated into customer formulations, especially within sun. I mean, sunscreen, it is a bit more of a longer qualification with new products there, and that's starting to ramp. Our biofunctional active MPI pipeline is very healthy. It's very active. We just launched last quarter a new product called Epepsil. First time in the industry, this is a hybrid. We're taking our cellulose experience with two peptides and hyaluronic acid. First time I've seen in this space, this is a bit of a longer development cycle where two months after launch, we're already getting customer POs, and we're already locked into formulations and products that are launching in 2026 and early 2026. I expect our biofunctional active pipeline to continue to perform quite well. With our microbial protection business line, there it's really about bringing natural preservatives and multifunctional preservatives. We have seen really nice growth year on year, and we continue to fuel that. We have a nice mix. I do think the care ingredients piece, as these new technology platforms and you saw the spaces that we're targeting really start to get adopted, I think we'll see probably outsized growth in that space. The growth too is pretty balanced across the three businesses in terms of the $100 million. I think the bigger impact ones, I would say in terms of steps, would be the Klucel, Benecel, those pharma ones come in some bigger steps and very strategic business for us. That's center. Robert, Mizuho again. Your base business has a couple of foundational molecules in cellulose and acetylenics. Is there a foundational molecule in the super wetter, like an alkyl ether that's patented that you build on? Is there something similar in the pH buffer that you kind of build a moat around that's there? On the TVO, is it mostly soy oil, corn oil, palm oil, interchangeable? How do you think about your raw materials in the TVO platform? Yes, thanks for the question. You're important now that to answer the question. It's everything we talked about based on the soybean oil as a raw material. The reason of that is that the availability, however, now we're looking at other oils, such as sunflower oil and others. That's an area that we're exploring as we can do. The IP is all vegetable oil. Yeah, exactly. For what we described today, the IP, everything under the sun, any vegetable oil, that's what the IP is. On the super wetter, then you have the coordination. For the other molecules, most of them are synthetic. Like, for example, the super wetter, for example, synthetic. However, it's biodegradability. We design it in a way to make the material immune to the world, but also biodegradable and sustainable by design. The other, such as multifunctional starch, of course, is a nature-derived material coming from the starch. The way we make it, I mean, say, how can you invent from starch? That is why we just tried a very powerful patent just less than a year ago on this technology, which is to be new to the world, multifunctional, not just only be like a thickener or a suspending agent that has other functionality in addition to the thickening ability. This type of thing, for example, the PFC neutralizer as well, when we designed it, is a new-to-the-world molecule that can be biodegradable from a sustainability point of view, but still synthetic material. These are families of IP. We got the molecules, we got the application. We're building a number of areas of preservation of our intellectual property. Okay. We'll take one or two more questions from the room. We'll go back to Dave from France. Thank you, Dave Begleiter at Deutsche Bank. Guillermo, on that point, on CDO, are there other players working on the same technology and where are they in their development? We have the IP on all this area. If they have a different technology, it'll be a different one. We haven't heard anything really of this nature. Okay. I have one last, and it's an important one from the webcast. Guillermo, it sounds like you're covering a lot of ground with the platform. Execution will be key to scaling the commercial opportunity. How do you think about prioritizing the platforms and what are the key milestones or KPIs you're monitoring to decide, particularly in the context of the execute and globalize strategic pillars that the company has? I think the first thing that we are very happy about, and I'll repeat it, that our transformation is over and we are happy with the portfolio. You can't imagine how much of a distraction that is in the process, not just in the last few years. We've made a lot of changes here, but think of the last decade. That accomplishment now allows us to focus 100% of our time on growth. That is a big driver for a change. Even just closing some of these actions that we're taking now, I think are going to be very important for management focus, people focus, and emotional focus for the entire organization. Second, I think we will prioritize over time. We were casting a wide net to validate a lot of these technologies before we make the decision too early. I think a lot of them are moving very well. Clearly, we will start prioritizing things that we need to prioritize at a corporate level to drive a corporate agenda. Manufacturing, scale, those kinds of things that we might prioritize all businesses to focus on certain technologies because we need that to create the scale that we want. In other ones, I think it is really we are going to let that choice be done by business. If we already have the scale, it really depends on their priorities. If you think of pharma, it is a long cycle time. They need freedom to move and move to their agenda. It is going to be a balance of the two, but it really is going to be dependent on what happens in the next year, year and a half, in terms of the traction that we get with the different technologies. Okay. Thanks, everybody, for the interactive portion. What is next? I would encourage you to stick around. We will have a brief lunch across the street, just right across the street. I would encourage you to stay for the guided lab tour. I know these technologies very well, and I still learn something every time I do the dry run. It is going to be a really fantastic time and a good use. We appreciate you joining us for the prepared remarks and look forward to continuing the dialogue across the street. Thanks.