With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified and specialty chemical manufacturers.

Fortune Sector Leaders: Chemicals

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-144-DuPont

To say that DuPont has been through a lot of changes in recent years would be an understatement. In 2017, DuPont completed a $130 billion merger of equals with Dow to form DowDuPont, one of the world's biggest chemical companies. Then, in 2019, the chemical giant split apart again, this time into three separate companies—Dow, Corteva, and DuPont. Since then, DuPont has been reshuffling its businesses, most recently completing the separation of its nutrition and biosciences operation and signing agreements to divest its clean technologies and advanced solar cell materials businesses. The company expects to generate about $8 billion from the three transactions.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

FGC 2021-DuPont

100 Fastest-Growing Companies

This year's Fortune 500 marks the 66th running of the list.

F500-2020-152-Dupont

One of the three companies to emerge from the breakup of DowDuPont in 2019—just two years after a historic merger—the new DuPont is focused on specialty industrial materials such as Tyvek, used in personal protective gear. In April, the company said it would double its production of garments made with Tyvek to meet high demand resulting from the coronavirus.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 65th running of the list.

These 52 companies from across the globe are doing well by doing good.

Change the World

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Key Financials (last Fiscal Year)

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DuPont de Nemours manufactures specialty chemicals. The electronics and industrial segment supplies materials for the fabrication of semiconductors and integrated circuits. The water and protection segment provides engineered products and integrated systems for worker safety, water purification and separation, transportation, energy, medical packaging, and building materials. The corporate and other segment offers auto adhesives and fluids as well as Multibase and Tedlar products.

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DuPont (DD): Company Profile, Stock Price, News, Rankings

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DuPont

dupont

Thank you. I would now like to turn the call over to Ed Barneus, Investor Relations.

Good morning. Thank you for joining us for DuPont's first quarter twenty twenty five financial results conference call. Joining me today are Ed Green, Executive Chairman Lori Koch, Chief Executive Officer John Kemp, current Electronics Business President and CEO elect of the future independent electronics company Antonella Franzen, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward looking statement disclaimer contained in the slides.

During this call, we will make forward looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward looking statements. Our Form 10 ks, as updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties, which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items. We will also refer to other non GAAP measures.

A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and have been posted to DuPont's Investor Relations website. I'll now turn the call over to Lori, who will begin on Slide three.

Good morning, and thanks, everyone, for joining our call. Earlier today, we reported solid first quarter results ahead of our previously communicated guidance. First quarter sales grew 6% on an organic basis on strong volume growth. Operating EBITDA of $788,000,000 increased 16% year over year, demonstrating strong leverage in the quarter. Operating EBITDA margin of 25.7 increased two forty basis points from prior year, and adjusted EPS of 1 point dollars was up 30%.

From an end market view, we saw continued broad based demand in electronics driven by strength in semi advanced nodes and AI applications and strong volume growth in our health care and water businesses. We continue to see strong order patterns through April consistent with our expectations. Regarding our strategic priorities, I am pleased with the continued progress that our teams are making on the intended spin off of our electronics business, which was announced this week as Qunity. In addition to the naming, we recently achieved several key milestones, which enabled us to remain on track for our November 1 separation date. First, we completed key executive leadership appointments.

John Kemp, current DuPont Electronics business president, was named as CEO elect. John is well positioned to lead the future independent company given his proven leadership and extensive experience in the semi space and broader electronics industry. We are pleased to have John on the call with us this morning. Matt Harbaugh was named as CFO elect. Matt has an impressive track record as a public company CFO along with deep experience in spin off transactions and will serve as a valuable business partner to John.

Next, we've made significant progress on the composition of the community board. Three existing DuPont directors as well as four external members rejoined John on the new board. This is a group of highly accomplished leaders with a global business experience, diverse industry expertise, and varying key competencies. Finally, last week, we submitted the initial filing of the Form 10 registration statement with the SEC. This document contains detailed business and financial information related to the future stand alone company as well as information related to the separation.

Turning to Slide four, which details how we are addressing tariff uncertainty. We are a global organization with presence in all key regions, including a significant manufacturing footprint in The U. S. And Asia. Our scale provides ample flexibility to adjust production and product flow, enabling us to mitigate trade risks.

Additionally, from a sourcing perspective, the vast majority of our raw material buy is purchased in the region it is consumed and is not subject to the new tariffs. Our teams have been carefully analyzing ongoing global supply chain dynamics, engaging with our customer and supplier base, and actively working on a number of tariff mitigation actions, including production shift, sourcing alternative, surcharges, and product exemption. Based on tariffs in place today, our estimated cost exposure in 2025 before mitigation actions is about $500,000,000 on an annualized basis. We have identified actions to substantially offset this potential headwind with the net cost impact in 2025 currently estimated at about $60,000,000 which primarily would impact the second half. We continue to evaluate additional measures in order to further minimize the potential impact.

Overall, we have a solid game plan to continue to consistently deliver results, and we are executing well in advancing our strategic priorities. With that, I'll now turn the call over to John, who will begin on Slide five.

Thanks, Laurie, and good morning, everyone. I am honored to be here today as CEO elect of the future independent electronics company, which we've named Qunity. The name is inspired by Q, the symbol for electrical charge, and Unity, reflecting the collaborative way we work with our customers. Qunity will be one of the largest pure play electronics materials and solutions providers in the industry with $4,300,000,000 in net sales in 2024. We have a broad portfolio and customer relationships founded on a heritage that spans more than fifty years.

As the partner of choice for our customers, we have a seat at the design table working to advance their technology road map, enabling the next generation of advanced computing and connectivity applications. As a global technology leader, we offer a diverse portfolio serving the entire electronics value chain from chip fabrication and advanced packaging to advanced interconnects, assembly and displays. We bring material science expertise and end to end engineering solutions across the full breadth of our portfolio to deliver world class innovation to our customers. Qunity is well positioned to benefit from robust growth in semiconductor markets while leveraging a strong financial profile. With about 60% of net sales in semiconductors, the company will compete with a set of recognized global semi participants, and we expect to attract an investor base commensurate with this profile.

We have long term relationships with all key semiconductor and other electronics OEMs in the industry and a strong history of co development and application engineering to ensure customer success. In addition, the business is well equipped to continue to participate in the AI driven growth acceleration via our advanced node semi products and advanced packaging applications for use in data centers and personal devices. We further enable key AI applications with high density interconnect products and layered thermal management solutions. We believe these leading positions will continue to drive industry outperformance for the future electronics company. As Lori previously mentioned, we continue to make very good progress on the separation, and I look forward to working more closely with our future Board.

I will now turn the call over to Antonella to cover the financials and outlook.

Thanks, John, and good morning, everyone. I am pleased with the solid start to the year as increased volumes across many key end markets and continued operational focus by our team drove strong financial performance in the first quarter. I would also like to remind you that we realigned our segment reporting structure during the quarter given the upcoming separation, with segment results now reported as Electronics Co. And Industrials Co. Beginning with first quarter financial highlights on slide six.

Net sales of $3,100,000,000 increased 5% versus the year ago period as 6% organic sales growth was slightly offset by a currency headwind of 1%. Organic sales growth consisted of an 8% increase in volume, partially offset by a 2% decrease in price. From a segment view, both segments saw organic sales growth with Electronics Co. And Industrials Co. Up 142% respectively.

Volume gains during the quarter were led by double digit growth in our businesses serving electronics, health care, and water end markets. From a regional perspective, Asia Pacific delivered 13% organic sales growth year over year, including another strong quarter of growth in China, where organic sales were up about 20%, driven by electronics and water. Organic sales were up 4% in Europe and flat in North America, given the soft construction and auto markets. First quarter operating EBITDA of seven eighty eight million dollars increased 16% versus the year ago period as volume gains and savings from prior year restructuring actions were partially offset by growth investments. Operating EBITDA margin during the quarter of 25.7% increased two forty basis points year over year.

On a continuing operations basis, operating cash flow for the quarter of $382,000,000 CapEx of $249,000,000 and $79,000,000 of separation related transaction cost payments resulted in transaction adjusted free cash flow of $212,000,000 and related conversion of 49%. As a reminder, first quarter cash flow is inclusive of our annual variable compensation payout. We expect cash flow conversion to accelerate as we move through the year with full year conversion of greater than 90%. Turning to slide seven. Adjusted EPS for the quarter of January per share increased 30% from $0.79 in the year ago period.

Higher segment earnings of $0.19 as well as below the line benefits totaling $05 drove the year over year increase. Turning to segment results, beginning with Electronics Co. On slide eight. Electronics Co. First quarter net sales of $1,100,000,000 increased 14% versus the year ago period on both a reported and organic basis due to 16% increase in volume, partially offset by a 2% decrease in price.

Currency was flat during the quarter. At the line of business level, organic sales for Semiconductor Technologies were up low double digits on strong end market demand driven by advanced nodes and AI technology applications. Semi demand in China continued to be strong with better than expected growth driven by timing shift from second quarter into first quarter. Interconnect Solutions also posted another strong quarter with organic sales up high teens, reflecting broad based demand, volume gains from AI driven technology ramps, and continued benefits from content and share gains across layered, laminates, and metallization. Operating EBITDA for Electronics Co.

Of three seventy three million dollars was up 26% versus the year ago period as volume benefits were partially offset by continued growth investments to support advanced node transitions and AI technology ramps. Operating EBITDA margin during the quarter was 33.4%, up three forty basis points versus the year ago period. Turning to slide nine. Industrials dot gov first quarter net sales of $1,950,000,000 were flat versus the year ago period as a 2% organic sales growth was offset by a 1% currency headwind and a 1% unfavorable portfolio impact. Organic sales growth of 2% reflects a 3% increase in volume, partially offset by a 1% decrease in price.

In connection with the first quarter segment realignment, we have organized IndustrialsCo into two lines of business, health care and water technology and diversified industrial. Health care and water technologies consist of our high growth businesses of health care and water. Our health care portfolio includes Tyvek medical packaging and garment offerings, Spectrum and Donatel advanced medical device applications, and Livio Biopharma Processing and Solutions. Our water business is a leading technology provider with a comprehensive portfolio of filtration technologies, including reverse osmosis, ion exchange, and ultrafiltration. Water also has strong exposure to secular growth drivers and serves key end markets such as industrial water and energy, municipal and desalination, and life sciences.

Diversified Industrials is a leading provider of innovative products and solutions supported by well known brand names serving industrial base end markets, including construction, advanced mobility, and personal protection. For the first quarter, health care and water technology sales were up low teens on an organic basis versus the year ago period, reflecting volume gains in all business lines within health care and strength in water led by reverse osmosis. Diversified industrial sales were down mid single digits on an organic basis due primarily to softness in construction and auto end market. Operating EBITDA for IndustrialsCo during the quarter of $464,000,000 was up 6% versus the year ago period due to volume gains and savings from prior year restructuring actions. Operating EBITDA margin during the quarter was 23.8%, up 130 basis points from the year ago period.

Turning to Slide 10, which outlines our latest view on 2025 financial guidance. For the second quarter, we estimate net sales of about $3,200,000,000 operating EBITDA of about $815,000,000 and adjusted EPS of $1.05 per share. These estimates include a seasonal sequential sales lift, although muted from prior expectations given timing shifts from the second quarter into the first quarter in semi. For the full year 2025, we are maintaining our guidance at our prior outlook with estimates for net sales of $12,800,000,000 to 12,900,000,000.0 operating EBITDA of 3,325,000,000.000 to $3,375,000,000 and adjusted EPS of $4.3 to $4.4 per share. In addition, as Lori mentioned earlier, for 2025, we currently estimate a net cost impact of tariffs of about $60,000,000 or about $0.10 per share, mainly related to the second half of the year.

Our financial guidance does not include this estimated net cost impact as we continue to identify further mitigation actions as well as tariff implementation uncertainty. Overall, I am pleased with the solid start to the year and want to thank our employees for delivering these results and for their ongoing support to the separation process. With that, we are pleased to take your questions, and let me turn it back to the operator to open the Q and A.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from the line of Jeffrey Sprague with Vertical Research. Please go ahead.

Hey. Thank you. Good morning, everyone. Hope everyone's well and busy, I see. Hey.

Maybe since we have John on the call, could I start there? John, I was wondering if you could just walk us through sort of the exemption process. How many kind of different exemptions do you need or do you have? And most of what you need relative to this guide is that in hand at this point?

Yes, Jeff, and good morning. Thanks for the question. When you look at it total, when we think about all of the tariff actions that we're pursuing in terms of supply chain adjustments, sourcing strategies, surcharges and pricing adjustments and mitigations. The product exemptions, would say, is probably the smallest of those four categories. Really, the bulk of the tariff savings and mitigation actions that we've done have really been on the procurement and supply chain optimization side of the house.

We continue to have very constructive dialogue with both The U. S. And China authorities on the dynamics, particularly in the semiconductor industry. It's a relatively small percentage of our total mitigation strategy, and we continue to have those dialogues with the teams on the ground.

Thanks for that. And then so on the supply chain optimization side then, does that imply, you know, that you're sourcing, you know, from Europe now or trying to source from Europe now or someone somewhere else into China to get around, you know, the need for exemptions? Maybe just a little bit more color on what you're actually doing on the supply chain side and sourcing.

Yeah. So when we think about our our supply routes into China, actually very little of what we produce in China actually comes from The U. S. It's a very small percentage of the total. Most of what we buy for our products in China are actually sourced from non US, the vast majority of them.

And so we're all sort of positioned well already given the extensive footprint across the industry and where we have supplier relationships. And in the handful of places where we do have U. S. Sourced materials, generally, have alternative suppliers that we've been working with our customers to shift to those alternative suppliers that wouldn't have difficulty with the tariff. In some cases, that's a those are materials that are already qualified.

In some other cases, you know, there's a little bit of a timing lag to make sure that we can qualify those new material. But in general, we're really well positioned within the electronic space from a sourcing standpoint based on where we're already buying our materials.

Yeah. Jeff, the total company number for sales that we export from The US into China is only about $200,000,000. So the bulk of the growth impact that we saw is at 500,000,000 on an annual basis is us moving intermediate product into China for final completion and shipping to the customer. And so we're that's why we're able to flex our own supply chain internally to be able to mitigate a lot of that impact. It's not actually shipping finished product into China.

Right. So that those intermediates can come from other places as part of the sourcing changes and optimization then to some degree.

next question comes from the line of Scott Davis with Melius Research. Please go ahead.

congrats on all this stuff. As Jeff said, you guys have been busy here. Hey. I I wanted just to see if you could give us the tariff numbers broken down into the two business Just starting to think about DuPont as completely separate. You know, you got a few months left.

You have that, data available to Inconity and or DuPont.

Hey, Scott. It's Antonella. So just a a couple of comments related to that. So when you look at our net exposure for 2025, it's actually split pretty evenly between Electronics Co and Industrial Co. So about $30,000,000 in each is kind of the way to think about it.

When you think about our exposure relative to a percent of our COGS, it's actually around 6% for both Electronics Co and Industrial Co. So I get, on a gross basis again, so pretty evenly split. The one other thing that I would just mention and bring up related to the impact is we talked about the in year impact being about $60,000,000. The one thing I do wanna make clear, and as Lori mentioned, that's predominantly in the second half of the year, If you kinda start to look into 2026 and assume nothing changes from where we are today, which is a big assumption, just wanna make sure that you don't walk away thinking the 60 becomes a hundred and 20 next year and that we have an incremental 60,000,000 headwind. As John briefly talked about, we do have additional incremental mitigating actions that we're looking at.

Some of it relates to qualifying certain products in different areas. So we have incremental mitigating actions that will come into play towards the end of the year that will help mitigate any further impact that we would have in 2026, assuming there's no changes from where we are right now.

That's helpful, Antonella. And and just to follow-up on Jeff's question, that 200,000,000 of intermediate product that's being shipped to China, how, would there be a long term plan to try to to locate that, in China? Is is there IP protections? Is that one of the reasons why you're shipping it from here to there? Just trying to get a sense of, you know, of of of just Yeah.

The the challenge of moving that asset base or or whether this a bit of a kind of permanent structural issue.

Yeah. So the 200,000,000 was the finished product export sales from The US to China. So when I talked about the intermediate, that's that's the bulk of the gross exposure of the $500,000,000 that we size. So I I know a lot of numbers flying around. So, yeah, we we believe, as Antonella had mentioned, that we've got continuing actions that we can take either on our own supply chain or favorable outcomes on the exemptions or ultimately pricing actions in excess of the surcharges that we're putting

So we're not done yet. And, ideally, we get to the place where it's really not in net impact for us.

Okay. But it's not moving your own fixed assets? I guess that was kind of the question.

I'll pass it on. Thank you. Appreciate it.

next question comes from the line of Steve Stussell with JPMorgan. Please go ahead.

of these sales in China do you think you know, are you, like, specked in on with, long term contracts, you know, with your with the OEMs there or whoever is, you know, buying and and integrating your products and the finished product? What what what percentage of those sales, you know, can they kinda substitute?

So Steve, this is John. Good question. So when you think about from an electronics point of view, we've got roughly last year, for example, we had about $1,400,000,000 of sales into China. I would say almost half of that went to multinational company sales, and almost a % of those multinational company sales are materials that are specked in. There's an additional, probably 25 to 30% that go to the semi customers where we have, what we would call process of record identified, which means that we're specked into their particular technologies.

So switching us out immediately for a competitor is not an easy task. It takes time, and there's a lot of cost involved in making that switch. So in general, you put those two numbers together, and we get to a point where, you know, north of 70% of our sales into China are really kind of specked in materials.

Okay. Great. And then and then you don't really have anything that's, like, coming cross border into The US. Right? That's not really the issue here anymore when you're shipping to That's correct.

Your next question comes from the line of John McNulty with BMO Capital Markets. Please go ahead.

Yes, good morning. Thanks for taking my question. Maybe a little bit of a shift away from the tariff question. We've been seeing some of the water markets starting to accelerate a bit, but you guys seem like definitely at the high end of some of the results that we're seeing. I guess, can you help to unpack that a little bit as to what that demand is really stemming from?

If there's any specific end markets or industries that are maybe driving that, that would be helpful. Thank you.

Yes. So we've we did have really nice results in Water in the quarter and we expect Water to be up kind of high single mid to high single digits for the year. So a piece of it is the favorable comp from last year. So last year, q one was our low point for the water business as we saw the tail end of the destocking, specifically within China taking place. But more broadly, the demand is very strong across the main technologies, whether it's RO with all of the desalination requirements as we address the water scarcity issue.

Ion exchange is where we get more diversification from an end market and application perspective, so there's a lot of opportunity whether it's in micro microelectronics for purification of water or within food and beverage for purification of water. And then there's some key key nascent technologies that we're following that aren't in our numbers today, but present nice upside for us as we go forward, especially around PFAS cleanup and the DLE, so the direct lithium extraction opportunity for us. So we're we're really excited to to have the water opportunity in the portfolio.

Got it. Okay. No. That's that's helpful color. And then just another question on the Electronics Co side.

I know in the past you've spoken to some of your AI exposure. You specifically called out the interconnect solution side and some of the AI driven technology ramps. I guess, you help us to understand the size of that business in Interconnect Solutions and some of the applications that you're you're helping to address there?

Yeah. Sure. So we we I think last time on the last call, we sort of talked about sort of AI and and particularly kind of the data center and high performance computing exposure. And part of the part of that is comprised of the advanced chips that are coming from advanced nodes, whether that's, three nanometer, two nanometer coming out this year and the high bandwidth memory. And then the rest of it is sort of in advanced packaging and other interconnect technologies.

So data center for us, is about 15% of our portfolio. And I would say in the first quarter, we had another terrific number. It was actually up mid teens in the quarter, really, with the growth across all of those categories, the advanced chip, the advanced packaging, the layered thermal materials and EMI shielding materials and then in particular some high performance laminates.

Your next question comes from the line of Christopher Parkinson with Wolfe Research. Please go ahead.

Great. Thank you so much. Can you just hit on very quickly what you're seeing across both Semitech and ITS and how you're thinking about the China market versus just the non China market in terms of how things are evolving thus far in 2Q and how that could potentially lead to second half trends? Thank you so much.

Yeah, Chris. Sure. So in China, as we've talked about before, the China growth has really been driven by fairly strong domestic demand in China as well as a bunch of new fab startups that are taking place. And and if you recall, you know, when you start up a new fab, typically, you're running a lot of material because you're starting out with a fairly low yield. And then over time, your yields will gradually come up.

And so as you start up new fabs, the material consumption is a little bit higher. That benefits us. And then and then this the underlying demand in China has been strong for several quarters now. As we think about think about the China demand in semi going forward, we think that normalizes to to, you know, so it doesn't have kind of the elevated. It normalizes to a a more normal demand level, and we are expecting about flat for, the full year.

On the ICS side, those customers are operating kind of most closer to actual demand, so there's not a lot there's not really pull forward dynamics that are happening in the ICS market. It's more real time production, and that demand continues to be strong for both in China and really in the rest of the world driven from, really kind of, I would say, the the smartphone PCs, build that is happening in China as well as some of the the data centers, and the advanced packaging applications, the the OSATs, for example. And then when you go to and and when you go kind of more broadly, the rest of the world, we're expecting high single digit growth from both semi and ICS for the rest of the year. So even with a flat China, we see demand really being driven by the AI, advanced nodes, and advanced packaging applications continuing through the year, and and that's really what's fueling most of the growth. Advanced logic and DRAM continue to have high utilization rates.

And then it's the as we talked about before, NAND and mature logic are a little bit slower. So if we I would say if we see any uptick in mature logic in NAND, that would probably give us a nice upside. And and, you know, those exact commentary is pretty consistent with what I think what you've heard from our customer base in the broader market over the last couple of weeks.

That's helpful. And, actually, you're kinda leading me into my, you know, follow-up. You know, when we think about your exposure, in packaging and circuit materials, we think about kind of the intermediate to long term trends in HPC. Can you just talk about your competitive positioning? Like what are we going be talking about as we approach November 1 as it relates to like 2627 earnings in terms of that specific business and how it's evolving?

Thanks, Chris. So so, you know, we're excited about our position. You know, we've got a a terrific position in both the advanced nodes and the advanced packaging, in areas like our CMP business, pads, slurries and cleans, continues to be a very strong business for us. And as we go forward into '26 and '27, '1 of the exciting opportunities that you're starting to see some of those CMP processes that are used today on the front end of the line in the semi world moving into the back end of line into some of the packaging. And and that's nice upside.

That'll help contribute to kind of what I would call content growth in the semi process because today, you're only using those steps mostly on the front end. And as you start to see those processing steps needed on the back end, that will be some nice upside opportunity for us. On the advanced packaging side, have a broad set of materials going into market, the largest of which is metallization materials. We're well positioned on both metallization materials and thermal materials. We're working with, in particular, the some of the foundry customers to be able to scale up their 2.5 d and three d packaging technologies.

And as we continue to see that build out, including some of the vertical scaling that may happen in some of the outer parts of the time horizon that you mentioned, that also represents additional upside for us. And as we do that, you know, we are seeing some nice share gains, in the advanced packaging space in particular, and in our interconnect solutions business. So packaging slurries, for example, packaging metallization, IC substrates are all businesses where we've seen some nice share gains over the last few quarters.

Your next question comes from the line of Josh Spector with UBS. Please go ahead.

Yes. Hi. Good morning. First, I just want to ask on the guidance and just kind of the logic of not changing the guidance but highlighting the tariff impact. I guess, are you messaging that there's potentially more offsets that could then get you into your original guidance range?

Or is it just uncertainty and you didn't want to adjust yet?

Hi. It's Antonella. Two things related to that. So one, as you very well know, it's kind of been a moving target day by day. So we wanted to keep our underlying guidance clean so you can see our operational performance.

And as we've been talking about, I would tell you the teams have been working really, really hard to offset, the impact of the tariffs. We started with a $500,000,000 annualized number. Our impact for the year currently is around 60,000,000. We're continuing to work actions. We have not stopped.

We will continue to look at that. There clearly could be some incremental mitigation actions that we have in place by the end of the year as well. So we'll continue to watch it. We'll continue to assess it. We'll see what position we're in at the end of second quarter.

DuPont (DD) Q1 2025 Earnings Call Transcript

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