Cole

Cole from Jefferies inquired about ArcelorMittal's medium-term CapEx profile for 2025-2027, seeking broad guidance on buckets. He also asked about the working capital outlook for 2026, hoping for outflows with a stronger pricing and demand environment, and how order books were developing for the start of 2026.

Answer

Genuino Christino (CFO) advised using a CapEx range of $4.5 billion to $5 billion (including strategic, sustaining, and maintenance) as a current reference. Regarding working capital, he expressed hope for deployment in 2026, indicating a strong business, and suggested it would move in line with EBITDA. Mr. Christino noted that order books remain relatively stable across the group, with demand moving sideways, and no special actions are being taken to anticipate a stronger 2026 beyond ensuring the business has necessary working capital.

Cole (on behalf of Surinder Thind) from Jefferies asked about the impact of transactional revenues and inorganic disposals on Clarivate's results and guidance, specifically seeking an update on the timeline expectations for the remaining headwind from disposals in the upcoming year.

Answer

Jonathan Collins, EVP and CFO, explained that the improved top-line outlook (up $50 million) was primarily due to disposals attriting slower than expected, including large Q3 transactions. He clarified that of the $200 million in disposals, approximately $90 million would occur this year, with a little over $100 million expected next year. He also noted that a weaker U.S. dollar and higher recurring organic growth contributed to the raised full-year guidance.