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    Alex Jones

    Research Analyst at Bank of America

    Alex Jones's questions to ICL Group (ICL) leadership

    Alex Jones's questions to ICL Group (ICL) leadership • Q2 2023

    Question

    Alex Jones from Bank of America inquired about the evolution of destocking and demand in the Growing Solutions segment into the third quarter, and the expected pricing trajectory for Industrial Products in the second half of 2023 and into 2024.

    Answer

    Raviv Zoller, President and CEO, explained that for Growing Solutions, prices have stabilized and are now rising, which should lead to an improved Q3, particularly in Brazil. Regarding Industrial Products, he noted that prices are at a 15-year low, below the cost of some Chinese competitors, and are not expected to decline further. While a quick recovery is not anticipated, he expects a new balance to form as demand gradually returns and supply is constrained.

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    Alex Jones's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Alex Jones's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q2 2022

    Question

    Alex Jones of Bank of America asked about Air Liquide's contingency planning for the European energy crisis and whether the uncertain macroeconomic environment was impacting customers' willingness to commit to new investment projects.

    Answer

    Pascal Vinet, SVP, detailed the company's resilience, citing energy pass-through contracts, diversified natural gas sourcing away from Gazprom, and contractual monthly fees that protect revenue even if customers face curtailments. Francois Jackow, Executive VP, added that the investment pipeline remains strong, particularly in energy transition and electronics, with no project cancellations. He noted that any project delays are due to supply chain or labor constraints, not a lack of customer commitment.

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