Core Insights - The company is facing a challenging earnings environment due to prolonged low earnings and trade uncertainties, prompting aggressive actions to enhance cash support and earnings growth, targeting over $6 billion by 2026 [2][22] - The company is adjusting its dividend to maintain a balanced capital allocation framework while focusing on margin improvement and optimizing its global portfolio [2][22] Financial Highlights - Net sales for Q2 2025 were $10.1 billion, a decrease of 7% year-over-year and down 3% sequentially [3][6] - GAAP net loss was $801 million, with operating EBIT at a loss of $21 million, down $840 million year-over-year [3][6] - Operating EBITDA was $703 million, down $798 million from the previous year [3][6] - Operating earnings per share were a loss of $0.42, compared to earnings of $0.68 in the same period last year [3][6] Segment Performance - **Packaging & Specialty Plastics**: Net sales decreased by 9% year-over-year to $5 billion, with local prices down 10% [7][10] - **Industrial Intermediates & Infrastructure**: Net sales were $2.8 billion, down 6% year-over-year, with operating EBIT at a loss of $185 million [13][15] - **Performance Materials & Coatings**: Net sales were $2.1 billion, down 5% year-over-year, but operating EBIT increased by $6 million due to margin expansion [18][19] Cash Flow and Shareholder Returns - Cash provided by operating activities was negative $470 million, down $1.3 billion year-over-year [6][34] - Returns to shareholders totaled $496 million in dividends during the quarter [6][34] Outlook - The company is focused on mitigating industry challenges through strategic actions and aims to enhance its position in higher-value applications [22] - Upcoming growth projects are expected to operationalize in Q3, contributing to more resilient earnings [22]