Solstice Advanced Materials Overview - Solstice has a strong foundation built on a rich 130+ year history of solving complex customer challenges [15, 20] - The company's net sales for 2024 were $38 billion, with a net sales CAGR of 44% from 2017 to 2024 [17] - Adjusted Standalone EBITDA (estimate) for 2024 was $995 million, with an Adjusted Standalone EBITDA Margin (estimate) of 264% [17] Business Segments and Financial Performance - Refrigerants & Applied Solutions accounted for 72% of net sales, while Electronic & Specialty Materials accounted for 28% in 2024 [17] - The Refrigerants & Applied Solutions segment had $27 billion in net sales and $11 billion in Adjusted EBITDA in 2024, with a 35% net sales growth [74] - The Electronic & Specialty Materials segment had $10 billion in net sales and $201 million in Adjusted EBITDA in 2024, with a 28% net sales growth [128] Growth Drivers and Strategies - The company is focused on serving attractive end markets with strong secular trends, including advanced computing, environmental & energy evolution, improving health outcomes, and personal safety & defense [50, 52] - Solstice is investing in customer-proximate manufacturing and driving commercial excellence to grow industry leadership positions [56, 185] - The company is allocating capital with discipline and clear priorities, including investing in high-return organic growth projects and returning excess capital to shareholders [65, 66] Financial Outlook and Capital Structure - The company expects resilient ~25% Adjusted EBITDA margins in 2025E with a pathway to expand [205] - Solstice has a strong balance sheet with a net leverage ratio of 15x as of June 30, 2025 [193, 207] - The company anticipates regular dividends with opportunistic share repurchases [217]