Vice President of Investor Relations and Sustainability - Meredith Bandy Operator: Hello, and welcome to Albemarle Corporation's Q2 2026 Earnings Call. I will now hand it over to Meredith Bandy, Vice President of Investor Relations and Sustainability. Meredith Bandy: Thank you, and welcome, everyone, to Albemarle's Second Quarter 2026 Earnings Conference Call.
Our earnings were released after market close yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at albemarle.com. Joining me on the call today are Kent Masters, Chief Executive Officer; Neal Sheorey, Chief Financial Officer; Mark Mummert, Chief Operations Officer; and Eric Norris, Chief Commercial Officer, are also available for Q&A. As a reminder, some of the statements made during this call, including outlook, guidance, expected company performance and strategic initiatives may constitute forward-looking statements.
Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation. That same language applies to this call. Please also note that some of our comments today may refer to non-GAAP financial measures.
You can find reconciliations in our earnings materials. And now I'll turn the call over to Kent. Jerry Masters: Thank you, Meredith.
Our strong start to 2026 continued in the second quarter, supported by disciplined execution and improving conditions across our key markets. Second quarter net sales of $1.7 billion increased 31% year-over-year, driven by higher pricing in energy storage and both higher pricing and volumes in specialties. Adjusted EBITDA more than doubled to $858 million, with our enterprise EBITDA margin expanding to 49%.
Importantly, we converted that performance into cash. We generated $710 million of cash from operations, representing a more than 80% operating cash conversion and $638 million of free cash flow in the quarter. We are also on track to reach the high end of our $100 million to $150 million full year target for cost and productivity improvements.
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