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CEO Peter Konieczny explained that the $1 billion comprises about 10 businesses from both legacy Amcor and Berry portfolios. These units were identified as non-core because they have less attractive growth or margin profiles, operate in industries with low barriers to entry, or lack a clear path for Amcor to achieve a leading market position at scale.

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CEO Peter Konieczny stated that while they are not providing FY'26 guidance yet, the projected 12% EPS growth is a 'self-help' opportunity driven by $260 million in synergies that are not dependent on the macro environment. CFO Michael Casamento added that the early deal closure allows them to 'hit the ground running' on synergy execution.

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CEO Peter Konieczny explained that portfolio pruning is a key lever to orient the combined business toward stronger organic growth and higher-quality margins. He stated that the entire combined portfolio is being evaluated based on intrinsic growth and margin quality. Konieczny noted it's too early to specify outcomes but clarified the focus is on improving the business's organic growth profile rather than accelerating synergies.

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EVP & Chief Resource Officer Douglas Long responded that despite legislative uncertainty, the solar development pipeline remains robust with new projects being negotiated. He noted that while a modest number of options expired, they were offset by new ones, and the growth outlook remains above pre-IRA levels. President & CEO Mark McHugh indicated that the key impacts of the legislation were covered in the prepared remarks, primarily affecting the land-based solutions business.

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Douglas Long, EVP & Chief Resource Officer, stated that while sentiment is positive, sawmills are currently expanding existing shifts rather than adding new ones, with most momentum seen in the U.S. South. He and President & CEO Mark McHugh detailed that the mix shift was driven by a glut of post-hurricane salvage logs in the high-value Atlantic region, which prompted a deliberate shift in harvest activity to the lower-priced Gulf region to avoid oversupplying the impacted markets. They expect this dynamic to reverse in the second half of the year, potentially leading to a sharp price recovery.

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President & CEO Mark McHugh and EVP & Chief Resource Officer Douglas Long explained the stable PNW EBITDA guidance is due to expectations for improved pricing and lower operating costs following the disposition of higher-cost timberlands. Regarding tariffs, Mr. McHugh noted that while there is no direct impact, higher duties on Canadian lumber would likely be a net positive for U.S. timberland owners by boosting domestic lumber prices and production.

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CEO C. Howard Nye explained that the transaction adds approximately 1.3 billion tons of mostly high-quality crushed stone and aligns perfectly with the SOAR 2025 strategic plan by establishing a presence in Virginia and the Pacific Northwest. He emphasized the deal is tax-efficient and reinforces the company's aggregates-led focus.

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Chair and CEO Ward Nye confirmed the weather impact in North Texas in Q2 of last year was 'notable' and that he expects an attractive Q2 this year with a nice sequential build. He added that another tailwind for Q2 and Q3 will be the conclusion of the inventory drawdown, which created a $28 million headwind in Q1. The absence of both the severe weather and the inventory headwind should support strong performance.

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CEO Ward Nye provided a direct estimate, stating that if looking at organic volume growth, it would likely be up around 1%, with the balance of the guided 4% growth being largely driven by acquisitions.

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CEO C. Nye confirmed that the weather-delayed projects do increase confidence for a 2025 volume rebound. He reported that backlogs are currently up mid-single digits year-over-year and sequentially. Nye sees durable, multi-year demand supported by under-spent IIJA funds, a bottoming in warehouse construction, AI-related projects, and an eventual residential recovery, suggesting the company's initial 2025 volume outlook is cautious.

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CEO Jim Mintern attributed the guidance raise to a strong Q2 performance, robust infrastructure and non-residential demand, and healthy backlogs, noting a significant volume recovery in July. CFO Nancy Buese added that the guidance now includes a $340 million contribution from bolt-on M&A for the year, an increase from the prior forecast, but excludes the pending EcoMaterial acquisition.

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Executive Jim Mintern stated that the company is not seeing any project cancellations or delays at this time. He emphasized that backlogs remain positive and that CRH continues to see positive momentum in key private non-residential categories like data centers and high-spec manufacturing, which have significant knock-on effects for broader infrastructure needs.

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CEO Jim Mintern expressed a positive outlook for 2025, citing a strong market backdrop, particularly in U.S. infrastructure fueled by IIJA funding. An executive, likely CFO Alan Connolly, detailed the financial bridge to the 2025 guidance, noting a net positive contribution of approximately $280 million from M&A activity, a $50 million headwind from currency exchange rates, and an expected normalization of gains from land asset sales compared to the higher levels seen in 2024.

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CEO Albert Manifold attributed the strong quarterly performance to CRH's differentiated and resilient solutions strategy, which provides geographic and end-market diversity, making the business less impacted by weather and cycles. Executive Jim Mintern added that the reaffirmed guidance reflects continued positive momentum, with minimal net M&A impact expected in the current year and strong asset sales that were already factored into previous expectations.

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CFO Todd Fister guided to modest Q3 revenue growth in both markets. He highlighted that in North American non-residential, strength in high-value end-markets like data centers is driving demand, and more stable pricing is typical for these specified products. For Europe, he noted 'green shoots' of recovery from a low base, with the company well-positioned to capture incremental margins as the market improves.

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Chief Financial Officer Todd Fister explained that Owens Corning's exposure is limited as it operates on a 'local for local' model. He quantified the potential impact at 5% or less of total enterprise cost, primarily affecting the Doors and Insulation segments due to their integrated North American supply chains. Fister emphasized the company's proven ability to manage dynamic market conditions and offset such costs over time.

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CEO Brian Chambers reported that the Doors business performed in line with expectations despite challenging market conditions in both new construction and R&R. He noted that volume declines were consistent across interior and exterior doors. Looking to 2025, he anticipates a more favorable demand environment and confirmed the company is on track to deliver its $125 million cost synergy target from the Masonite integration.

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President, CEO & Director Dustin Semach provided a detailed bridge, outlining a ~$44 million negative impact from volume, a ~$65 million negative impact from net price realization, offset by ~$106 million in cost take-out and productivity savings. He also noted a ~$20 million benefit from compensation program changes and a ~$3 million drag from FX, leading to the forecasted year-over-year result.

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CEO Dustin Semach explained that the first-half weakness in Protective is due to lapping significant customer churn from the prior year, notably the loss of Fill-Air business from Amazon. He noted that industrial portfolios were down mid-single digits while fulfillment was down high-single digits. Regarding tariffs, Semach stated that most of the business is domestic production for domestic consumption, minimizing broad risk. The most pronounced potential impact would be on trade with Mexico and Canada, which the company plans to mitigate through supply chain adjustments and, if necessary, price pass-throughs.

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CEO Dustin Semach explained that the fulfillment portfolio, particularly poly void-fill and poly mailers, continued to see pressure, similar to 2024 trends, while APS and shrink films were bright spots. He noted the first half of 2025 would be impacted by wrapping on large customer churn from the prior year. Regarding tariffs, Semach stated that most business is domestic, minimizing holistic impact, but the most pronounced potential effect would be on trade with Mexico and Canada, which the company plans to mitigate through supply chain shifts and potential cost pass-throughs.

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CEO Patrick Kivits highlighted a recent win with Best Buy as a positive sign for their fiber-based offerings. President and CFO Dustin Semach added that comps for void-fill products will improve in the coming year as they lap a significant customer loss. He also noted that the automation book-to-bill ratio has been 1:1, suggesting a better backlog and starting point for 2025.

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Chairman & CEO Daniel Fisher specified that tariffs accounted for $2-3 million of the $10 million impact, with the Florida can asset contributing a $1-2 million loss. Interim CFO Daniel Rabbitt addressed the tax question, stating they do not expect proposed changes to significantly alter the company's effective tax rate trajectory.

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CEO Daniel Fisher noted that constructive pricing and innovation are driving volume in the energy and non-alcoholic segments. He anticipates more promotional activity from beer customers during the peak season. Regarding the Florida can acquisition, he confirmed the asset is fully integrated and the capacity will be crucial to meet demand for specific can sizes during the upcoming peak season.

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CEO Daniel Fisher explained that in North America, the company has lapped the major cost-saving initiatives and is now running at historical utilization rates, making volume growth more critical for leverage. In Europe, he noted the system is getting 'quite tight' after absorbing capacity from two new plants, and the company may need to consider further investment for the 2027-28 timeframe.

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CEO Daniel Fisher stated that Ball does not see a need for a new greenfield plant in mainland Europe for the next 2-3 years, as growth can be met by adding lines to existing facilities and debottlenecking. Regarding North American mix, he explained that while the overall consumer is weak, the issue is less about a mix-down and more about softness in specific channels like C-stores for energy drinks, which predominantly use specialty cans.

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CEO & Chairman Andrew Silvernail characterized the market as relatively flat, linked to a soft goods economy, and stated he sees no signs of a major inventory restocking, as customers are more disciplined post-COVID. He noted the commercial wins represent a critical pivot and are a mix of large national accounts, who value service and quality, as well as local customers.

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Executive Andrew Silvernail confirmed the first European price increase is included in the second-half forecast, but the second is not. The improvement is expected from that price increase and cost-out initiatives via the 80/20 system. Silvernail stated his primary focus is on building his senior team and deploying the 80/20 system, noting he spent significant time in Europe in Q1 to launch the DS Smith integration and is now balancing his attention between both regions.

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J. Thomas Hill, Chair & CEO, confirmed that the trend has turned positive. He stated that projects are now being greenlit and are moving forward, which is accelerating the company's booking pace and building its backlog across all end markets except for single-family residential.

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Chairman and CEO James Hill described Wake Stone as a leading aggregates supplier in the high-growth Raleigh-Durham-Chapel Hill market of North Carolina. He shared that the business has historically produced 8 to 9 million tons per year. While deferring comments on specific profitability until the deal closes, he expressed high confidence in the acquisition's value creation potential and the quality of the Wake Stone team.

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CEO John Nudi stated that the upper premium and luxury brands are performing strongly, with some minor trade-down observed in mid-tier brands. CFO Rick Westenberg clarified that the full-year plumbing sales guidance of up low-single digits is composed of positive pricing partially offset by lower volumes.

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CFO Richard Westenberg explained that Masco has been on a "sourcing footprint journey" since 2018, reducing China exposure by 45%, and is now accelerating these efforts. He noted the company has a strong U.S. manufacturing footprint but will continue diversifying its international supply chain. Westenberg and CEO Keith Allman stated they have not seen a significant inflection point or inventory change post-tariff announcement, with recent volume trends being consistent with year-to-date performance.

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CFO Rick Westenberg projected low single-digit inflation in Plumbing, which is expected to be more than offset by pricing for a positive price-cost dynamic. For Decorative Architectural, he anticipates a price-cost flat dynamic. He confirmed that driving operational efficiencies and cost savings remains a key priority to achieve margin expansion in 2025.

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President & CEO Adam Greenlee stated that tariffs have a minimal impact (e.g., ~5¢ per food can) that is passed through contractually and is unlikely to change consumer behavior. He expressed confidence that the hot-fill headwind is a 2025 issue and will normalize in 2026 as customers must rebuild inventory. He dismissed substrate shift as a factor, noting that reclosable sports drink packages are differentiated from beverage cans.

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CEO Adam Greenlee explained that FX sensitivity is limited due to a natural hedge strategy of holding local debt in local currencies. On M&A, both Mr. Greenlee and EVP of Corporate Development Robert Lewis expressed strong optimism, stating the opportunity pipeline is robust and that Silgan is well-advantaged and prepared to act on strategic opportunities as they arise.

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EVP & Group CFO Ken Bowles stated the integration rate is now about 90% in containerboard and 60% in consumer packaging. CEO Tony Smurfit expressed that he is very impressed with the carton business, noting it is a well-rationalized system with strong market positions and growth potential. He explained that poor volumes in Mexico were self-inflicted, resulting from exiting highly unprofitable legacy contracts to improve plant-level profitability.

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CEO Tony Smurfit expressed a very positive view of the consumer business, calling it well-run with good assets, though noting a strategic question around SBS. For corrugated, he sees opportunity to bring Smurfit Kappa's innovation to the US. On the 'value over volume' strategy, he explained the goal is to replace poor-margin business with better business, a process he believes can happen within a year without major disruption.

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EVP & Group CFO Ken Bowles stated the integration rate is now about 90% in containerboard and 60% in consumer packaging. CEO Tony Smurfit expressed that he is very impressed with the carton system, noting it is a good business to invest in. He explained that the poor volume in Mexico was self-inflicted, resulting from a strategic decision to exit a very large, highly unprofitable customer contract, which has since significantly improved the plant's profitability.

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CFO Larry Wilt attributed the strong aggregates performance to new capacity from recent investments and noted fly ash volumes were growing from a low base. CEO Bill Zarkalis added that the new capacity complements their integrated business model. Regarding tariffs, Mr. Wilt quantified the P&L impact in the second quarter at approximately $1.0 million to $1.2 million.

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Chief Financial Officer Lawrence Wilt stated the company has a balanced view on price and volume for 2025 and feels positive about growth in both the Mid-Atlantic and Florida regions. Chief Executive Officer Vassilios Zarkalis added that positive price momentum is expected to continue, with revenue growth driven by infrastructure and commercial projects. Regarding tariffs, Mr. Zarkalis explained that Titan America's current import sources are not affected, and the company has multiple sourcing options, viewing the potential knock-on effects on industry pricing as a net positive.

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President & CEO Eric Cremers clarified that his view on a potential Section 232 tariff is "pure speculation" based on the administration's past actions on other commodities. VP & CFO Wayne Wasechek noted the higher TRS threshold provides "modest expansion opportunities" for the Wood Products business. Cremers added that the solar outlook remains strong, citing a new 9,000-acre option being finalized which will bring the total portfolio to 43,000 acres, and that recent legislative changes have not negatively impacted developer interest.

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President and CEO Eric Cremers explained that the tariff announcements did not significantly alter end-consumer demand, although there was some speculative ordering of SPF lumber that subsequently had to be unwound. Regarding a potential 34-35% duty on Canadian lumber, he anticipates a mixed impact, where larger integrated producers might absorb some costs, but smaller independent Canadian mills would face significant pressure, likely leading to more curtailments or closures.

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President and CEO Eric Cremers stated the lumber price increase is primarily supply-driven, citing 4-5 billion board feet of capacity curtailments and hurricane impacts, with future demand optimism fueled by Federal Reserve rate cuts. He identified the breakeven for a median British Columbia mill at around $400, which he expects to rise with future duty increases. Executive Wayne Wasechek added that Southern log prices are tied to lumber markets and are expected to improve in 2025, particularly in the Southeast, as market tension increases.

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EVP & CFO Stephen Scherger clarified that the 2025 CapEx increase is offset by lower cash taxes and working capital, leaving 2025 free cash flow unchanged. He noted the 2026 free cash flow guidance was updated based on the 2025 EBITDA starting point. CEO Michael Doss added that the Waco cost overruns were driven by higher labor costs for skilled trades like electricians and evolving permitting requirements, but the project remains on schedule and its expected returns are strong.

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President and CEO Michael Doss stated that operating rates are less relevant for Graphic Packaging due to its high integration, especially in cupstock, and downplayed the impact of imports. EVP and CFO Stephen Scherger added that pricing is expected to be neutral in 2025, as the price declines from 2024 are now in the past. He also noted that customer receptivity to the company's internally developed pricing index has been high.

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EVP & CFO Craig Kesler described the volume cadence as consistent throughout the quarter, supported by infrastructure spending. CEO Michael Haack added that demand was stable across all of the company's markets, with no significant regional deviations to report, even with weather challenges in certain areas like Oklahoma.

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CEO Devin Stockfish described the legislation as a net positive, noting that while renewable project incentive deadlines were pulled forward, the long-term demand for renewables remains strong. He explained that lumber price stabilization was bifurcated, with SPF pricing influenced by anticipated duties and Southern Yellow Pine pricing finding a floor near cash-flow breakeven levels for the industry.

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CEO Devin Stockfish explained that overall Timberlands performance is largely tied to Western log prices, which follow lumber. For the South, he noted that some harvest volume was deferred due to weather and will be captured later, while new mill capacity and growing export opportunities should eventually support pricing. He stated the hurricane impact on Weyerhaeuser's timberlands was minimal, causing a slight volume deferral but no significant damage. The market impact is mixed, with some mill downtime offset by future reconstruction demand.

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President and CEO Howard Coker stated that while tariffs can be passed through, they create uncertainty for customers. He noted the URB price benefit will build through Q3 and Q4. He attributed the strength in reels to high demand from fiber optics and energy infrastructure projects. Interim CFO Jerry Cheatham added that tariff impacts are expected to be recovered on the P&L.

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CEO Howard Coker clarified that the portfolio simplification strategy was a financial and strategic decision made years ago to focus on markets where Sonoco could be #1 or #2, and was not primarily driven by sustainability. Regarding Metal Packaging, he explained that performance was driven by a good customer mix, some share gains, a return to normal demand in aerosols post-destocking, and a competitor exiting the market.

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President & CEO Timothy Donahue acknowledged the exceptionally strong second half of the prior year, especially in Americas Beverage. He projected continued improvement in European Beverage and North American Food for Q3, with Americas Beverage likely performing near the prior year's level. For the non-reportable segment, Donahue attributed the strength to investments in the North American food business, easy comps, and a potential shift to at-home consumption, along with early signs of recovery in the beverage can equipment business.

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CEO Timothy Donahue explained that debottlenecking is difficult during the peak season but will be addressed in the offseason. He noted that due to the substrate shift in Europe, more capacity may be needed, with some already being added in Greece. Donahue sees minimal direct tariff impact in Mexico, as cans are sold domestically, but is watchful of indirect effects on consumer demand. For Canada, he believes a consumer shift to domestic beer would be a net benefit.

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President and CEO Timothy Donahue confirmed the primary substitution in Europe is glass-to-can. He views the glass-to-can transition in the U.S. as substantially complete but sees a long runway for conversion in Mexico and for soft drinks in Brazil. Regarding tariffs, he noted an opportunity for them to protect the domestic transit, food can, and aerosol businesses from Chinese imports, particularly filled goods that circumvent existing tinplate tariffs.

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President and CEO Timothy Donahue stated the Helvetia acquisition contributed about 1-1.5% to European growth. He explained that significant effort is being spent retraining the workforce and upgrading the equipment, noting that many small, one-line operations are poorly run. On pricing, Donahue described the market as always competitive but mentioned no major shifts or large contract cliffs in the next two years, though some larger industry contracts are due heading into 2027. He believes customers will continue to favor reliable, quality suppliers.

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CFO Robyn Bradbury described municipal funding as healthy and resilient, supported by IIJA funds, state programs, and local utility revenues. CEO Mark Witkowski stated there have been no significant changes in the M&A competitive landscape, noting the industry is niche and Core & Main is often viewed as the acquirer of choice with a very healthy deal pipeline.

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CEO Steve LeClair described the M&A pipeline as 'very strong' for 2025, with many sole-sourced deals at traditional multiples. CFO Mark Witkowski expressed confidence in maintaining a conservative balance sheet, noting strong expected Q4 cash flow and their commitment to staying within their stated 1.5x to 3.0x net leverage target range.

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CEO Stephen LeClair stated that municipal demand remains strong, with softness being weather-related and projects likely pushed into 2025, noting IIJA funds are not yet a major factor but could be a future tailwind. CFO Mark Witkowski reported that private label penetration is just over 2% of COGS, with a good runway for acceleration in the second half of the year.

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CEO Kevin Murphy clarified the bidding strength was in Waterworks for single-family projects and expressed cautious optimism. Regarding Ferguson Home, he described the launch as a successful, multi-year effort to integrate the company's digital platform and physical showrooms, which has been well-received and is creating a seamless omnichannel experience for customers.

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CEO Kevin Murphy stated that owned brands represent just under 10% of revenue and are part of a broader product strategy, with faster growth currently in the residential business. CFO Bill Brundage explained that the adjusted effective tax rate is guided to approximately 26% for FY25, an increase reflecting the company's move to a U.S. domicile, which aligns with the U.S. federal corporate rate plus state taxes.

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CFO Brenda Lovcik explained that with a total project cost of ~$550 million and ~$200 million budgeted for the current year, the vast majority of spending will be completed by year-end, paving the way for significant free cash flow improvement in 2026. She detailed that the digital transformation focuses on process automation, leveraging data for real-time insights, and enhancing the overall customer journey.

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CFO John Haudrich stated that both headwinds are front-loaded. The net price headwind will lessen in Q2 and be minor in the second half, while curtailment costs peaked in Q1 and should become a tailwind by the second half. CEO Gordon Hardie noted that the impact from fewer Chinese imports is currently muted due to significant pre-buying by distributors, with those inventories expected to deplete by the end of the summer.

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CEO Gordon Hardie stated that O-I must become more competitive with cans, noting that glass gains share when its cost is within 15% of can pricing. He explained that the 'Fit to Win' program is designed to address this historical competitive gap. Hardie also highlighted a new growth opportunity in the ready-to-drink (RTD) category, as 12-ounce glass packaging is now available for the first time in over 20 years, opening a market previously inaccessible to glass.

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CEO Gordon Hardie attributed past forecasting challenges to post-COVID disruptions and noted the big unknown remains in-home pantry stock, especially for spirits. He said improvements will come from closer collaboration with customers on data sharing and internal investments in AI-powered analytics. CFO John Haudrich clarified that the 7%+ closure target is part of "Phase A" to align supply with demand and eliminate low-profit capacity. He indicated that "Phase B" could involve further closures as productivity gains unlock more capacity.

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CEO Oliver Graham stated that April's momentum continued, supporting a guidance upgrade, and that he does not anticipate a material impact from tariffs due to hedging and offsetting LME price declines. He expressed confidence that the energy drink category has 'turned the corner,' citing broad-based growth across customers, though he noted some of the current strength is related to inventory building for the summer season.

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CEO Oliver Graham projected North American utilization in the mid-90s, describing the market as "quite tight." He noted Europe also feels tight, especially on the continent, with ongoing regional shortages. Graham identified several drivers for glass-to-metal substitution, including the can's price competitiveness, its clear decarbonization roadmap, and the significant impact of higher energy costs on glass production, which has created a favorable price differential for cans.

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CEO Oliver Graham confirmed the Americas volume outlook was lowered due to softness in the U.S. energy drink category and a specific customer's brewery downtime in Brazil. For Europe, he expressed confidence in sustained long-term growth, citing ongoing substrate shifts from plastic and glass, the German market's recovery, and an expected improvement in consumer sentiment. He added that AMP's 2024 European growth was slightly constrained by capacity for certain can sizes.

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EVP and COO Michael Murray attributed the regional growth to historically supply-constrained markets with strong underlying demand. Executive Jessica Hansen added that the North region has also seen a higher increase in community count. On the labor front, Michael Murray stated that they assume costs will remain relatively flat, as they have a good labor base that has contributed to improved cycle times.

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President and CEO Paul Romanowski noted no significant change in the credit makeup of buyers, with 59% being first-time homebuyers, though move-up buyers found it slightly easier to finalize sales last quarter. COO Michael Murray stated that the margin and returns profile for smaller-format products like townhomes is very similar to detached homes when the product is well-positioned in its market.

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EVP Jessica Hansen confirmed that stick and brick costs are not a major driver of margin changes and are expected to be relatively flat in fiscal 2025. EVP & COO Michael Murray commented on the election, suggesting that its conclusion would be positive for buyer sentiment by removing uncertainty.

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CFO James Allen stated the SG&A increase was driven by a 29% rise in headcount to support expansion, noting hiring has since slowed and he expects the SG&A-to-revenue ratio to fall to the high single digits. COO Mark Walker described tariff impacts as 'noise' for now, believing the company's scale will mitigate cost pressures. President and CEO Anthony Oxley noted some weakness in Florida but less in Texas, characterizing the market shift as a change in pace to more normal pre-COVID takedown rates.

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