France Project Delays
Q: What's causing delays in the France methanolysis project?
A: The French project is delayed due to regulatory uncertainties and the need to secure customer contracts under the current EU policies. We're also working to manage inflation-driven CapEx increases. It's taking longer to negotiate contracts, but we remain confident the project should proceed.

Kingsport Methanolysis Plant
Q: How is the Kingsport methanolysis plant ramping up?
A: The Kingsport plant is operational, confirming that the process chemistry works. We're addressing mechanical issues from construction errors and equipment failures caused by supply chain challenges. Despite being about four weeks behind schedule, we still aim for $75 million EBITDA contribution this year.

Guidance and Outlook
Q: Why not raise full-year guidance after a strong Q1?
A: Despite the Q1 beat, we're maintaining guidance due to ongoing macroeconomic and geopolitical uncertainties. Our forecast assumes an economy-neutral stance without projecting improvements or deteriorations in the second half.

Long-term Earnings Potential
Q: What's the outlook for future earnings growth?
A: We're on track to exceed $2 billion in EBITDA, with potential to reach $2.4 billion by adding $150–$200 million from the Kingsport plant. Further upside comes from the Longview and France projects, and growth in Advanced Materials and AFP as markets recover.

Customer Commitment to Recycling
Q: Are brands committed to recycled content?
A: Customers are highly committed, with many aiming for 100% recycled content goals. However, the availability of affordable R-PET imports has affected the pace of contract negotiations for our projects. We believe brands will focus on local recycling solutions in the end.

Capital Allocation Strategy
Q: How will you fund upcoming projects?
A: We have the balance sheet and cash flow to fund our projects without taking on additional debt. Projects may be staggered naturally, and we're confident in maintaining a strong investment-grade balance sheet while investing in growth and returning cash to shareholders.

Advanced Materials Growth
Q: What's the growth outlook for Advanced Materials?
A: We're seeing recovery after a challenging period, expecting to surpass 2021 levels and continue growing in 2025 and 2026. Growth drivers include the Kingsport plant ramp-up, innovations in Specialty Plastics, and ongoing wins in automotive.

Longview Project Timeline and Costs
Q: When will the Longview project start, and how do costs compare?
A: If we reach FID in Q3, the Longview plant will come online in the second half of 2027. The methanolysis unit will be much cheaper than Kingsport due to design improvements, but overall capital costs are higher as we're building new infrastructure.

Volume Recovery and Destocking
Q: How is volume recovery progressing?
A: Stable end markets are growing modestly, but discretionary markets like building and construction remain challenged and are below 2019 levels. We're not assuming market growth this year; any recovery in these markets represents upside for 2025 and 2026.

Operating Expenses for France Project
Q: Will importing feedstock elevate France project's OpEx?
A: Aggregating feedstock from across Europe is appropriate for this large-scale project. Logistics costs are factored into our economics and aren't significant per kilogram. We aim to source the remaining 30% of feedstock from within France.