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    Fiona Shang • Jefferies

    Fiona Shang's questions to Janus International Group Inc (JBI) leadership

    Fiona Shang's questions to Janus International Group Inc (JBI) leadership • Q2 2025

    Question

    Fiona Shang, on for Phil Ng, inquired about the pricing outlook for the second half of the year and the expected impact on margins for the third and fourth quarters.

    Answer

    EVP & CFO Anselm Wong stated that pricing is expected to be slightly better than previously anticipated due to project timing and a stronger mix of commercial business, where pricing has held up better. He projected that margins will improve in the second half, driven by this pricing, lower steel costs blending in, and the full run-rate impact of cost-saving actions, with more initiatives in progress.

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    Fiona Shang's questions to JELD-WEN Holding Inc (JELD) leadership

    Fiona Shang's questions to JELD-WEN Holding Inc (JELD) leadership • Q2 2025

    Question

    Fiona Shang, on behalf of Phil Ng at Jefferies, asked for more detail on volume performance in North America and Europe, and requested color on the breakdown between volume versus mix.

    Answer

    CEO William Christensen outlined expectations for a low single-digit decline in Europe and a mid-single-digit decline in North America. He attributed the North American decline to be roughly 50% market-driven and 50% share-related, stemming from the loss of a Midwest retailer and the Towanda divestiture. CFO Samantha Stoddard clarified that product mix is no longer a significant headwind as it was in 2024, with over 95% of the current revenue pressure being volume-driven, indicating the company is at the 'lower end of the mix trough'.

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    Fiona Shang's questions to Krystal Biotech Inc (KRYS) leadership

    Fiona Shang's questions to Krystal Biotech Inc (KRYS) leadership • Q2 2025

    Question

    Fiona Shang of Jefferies asked for clarification on whether the Q2 revenue growth was impacted by the Salesforce expansion and if future volatility would be offset by the full impact of the salesforce and the EU launch.

    Answer

    Chairman & CEO Krish Krishnan confirmed the sales team expansion had an incremental effect in Q2, alongside patients restarting therapy. He reiterated that the full impact will be felt over the next few quarters as hiring and training are completed.

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    Fiona Shang's questions to Armstrong World Industries Inc (AWI) leadership

    Fiona Shang's questions to Armstrong World Industries Inc (AWI) leadership • Q4 2024

    Question

    Fiona Shang, on behalf of Philip Ng, asked about the expected impact of steel and aluminum tariffs on the WAVE joint venture's 2025 earnings and the company's ability to offset costs with price increases. She also asked if Mineral Fiber volumes might inflect positively in 2026.

    Answer

    CEO Vic Grizzle stated the tariff impact is 'quite limited' due to a primarily North American supply chain and existing mitigation plans. CFO Chris Calzaretta quantified the impact as less than 1% on AWI's COGS. Regarding 2026, Mr. Calzaretta declined to provide guidance, preferring to see how 2025 unfolds first.

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    Fiona Shang's questions to CHB leadership

    Fiona Shang's questions to CHB leadership • Q2 2025

    Question

    Fiona Shang, on for Phil Ng, asked about the potential for future FEMA orders following the recent hurricanes and inquired about any recent movements in chattel mortgage rates.

    Answer

    CEO Mark Yost stated that the company has not yet received any FEMA-related orders but noted that government agencies are actively assessing the response needed. He explained that chattel rates typically lag mortgage rates by about six months and are currently around 8.0% to 8.5% for well-qualified borrowers, representing a spread of about 150 basis points.

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