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    Gabe Hajde • Wells Fargo

    Gabe Hajde's questions to Magnera Corp (MAGN) leadership

    Gabe Hajde's questions to Magnera Corp (MAGN) leadership • Q3 2025

    Question

    Gabe Hajde from Wells Fargo inquired about the wide range in the full-year EBITDA guidance and recent volume trends. He also asked for more detail on Project CORE's regional focus, particularly in Latin America, and sought to quantify new business wins and the free cash flow outlook for fiscal 2026.

    Answer

    CFO Jim Till clarified that Q4 EBITDA is expected to be around $90 million, placing the full-year results at the lower end of the guided range, and confirmed the free cash flow guidance. CEO Kurt Begley explained that Project CORE initiatives are global, not confined to one region. Both executives deferred providing specific 2026 guidance on revenue wins or cash flow, stating it would be part of the full 2026 outlook.

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    Gabe Hajde's questions to Knife River Corp (KNF) leadership

    Gabe Hajde's questions to Knife River Corp (KNF) leadership • Q2 2025

    Question

    Gabe Hajde of Wells Fargo Securities sought to quantify the expected decline in Oregon, asked for details on the $650 million in new backlog, and requested clarification on growth capital spending.

    Answer

    CEO Brian Gray reiterated that over 50% of the $55 million guidance reduction was due to Oregon but did not provide a state-specific forecast. He confirmed the $650 million in new Q2 backlog included contributions from Strata and large projects in Texas and Idaho. CFO Nathan Ring clarified the year-to-date growth spend was $620 million, with a full-year plan of $670 million, and stated leverage should end the year below the 2.5x target.

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    Gabe Hajde's questions to Knife River Corp (KNF) leadership • Q1 2025

    Question

    Gabe Hajde asked for more context on the $6 million in M&A-related SG&A, current deal price expectations, and clarification on whether the full EBITDA guidance increase was due to the Strata acquisition.

    Answer

    CFO Nathan Ring confirmed the $6 million in Q1 costs were mostly for the Strata deal and that full-year M&A-related expenses are factored into guidance. President and CEO Brian Gray stated the M&A pipeline remains full of non-brokered, relationship-based deals in the mid-to-high single-digit multiple range. Gray also confirmed that the entire $45 million midpoint increase in the 2025 EBITDA guidance is attributable to the Strata acquisition.

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    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership

    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership • Q2 2025

    Question

    Gabe Hajde of Wells Fargo & Company asked for more details on the strategy of using external partners in the Protective segment to accelerate time-to-market and reduce capital intensity, including any potential cost savings.

    Answer

    President, CEO & Director Dustin Semach explained this is a strategic shift away from vertical integration towards leveraging external partners for R&D and manufacturing technology, which speeds up innovation and scaling. He cited this approach as a key reason for lowering the full-year CapEx outlook to ~$200 million, down significantly from prior years, while simultaneously improving returns on investment.

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    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership • Q1 2025

    Question

    Gabe Hajde focused on the Food segment's strong margin performance, asking if it was in line with long-term expectations and whether any unusual factors in Q1 might make that level unsustainable.

    Answer

    President and CEO Dustin Semach affirmed that the Food business is expected to operate within a 23% adjusted EBITDA margin range, consistent with Q1's performance and the full-year outlook. He stated there was nothing peculiar in the quarter's results and that the focus for the segment is now more on driving above-market growth rather than significant further margin expansion. The narrowing of negative net price realization also supports margin stability.

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    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    Gabe Hajde asked two questions: First, about the impact of a competitor (Ranpak) receiving an investment from a major e-commerce player (Amazon) and if it changes Sealed Air's strategy for the Protective segment. Second, he sought clarification on the cost-out savings program, questioning the source of upside that brings the total near the high end of the initial target.

    Answer

    CEO Dustin Semach stated the Amazon/Ranpak deal doesn't change Sealed Air's strategy, as the company's focus is on mailers and auto-bagging, not the paper void-fill involved in the deal, and it could create opportunities with other customers. Interim CFO Veronika Johnson clarified the cost savings, explaining that the $90 million in 2025 guidance includes $65 million from the ongoing cost-takeout program (bringing the total to the high end of the $140-$160M target) and $25 million from separate productivity efficiencies like plant optimization.

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    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    Gabe Hajde asked two questions. First, he inquired about the competitive landscape after a large e-commerce player invested in a fiber-based competitor, and if this changes Sealed Air's strategy for the Protective segment. Second, he sought clarification on the cost-out program, asking where the upside is coming from relative to the original targets.

    Answer

    CEO Dustin Semach responded that the competitor deal does not change Sealed Air's strategy, as their focus is on fiber mailers and Autobagging, not the in-the-box void fill involved in the deal. He suggested it could even create opportunities with other customers. Interim CFO Veronika Johnson clarified the cost savings, explaining that the 2025 outlook includes $90 million in savings, which is comprised of $65 million from the ongoing cost takeout program and $25 million in new productivity efficiencies. This will bring the total CTO program savings to the high end of the original $140-$160 million target.

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    Gabe Hajde's questions to Sealed Air Corp (SEE) leadership • Q3 2024

    Question

    Gabe Hajde asked for quantification of any discrete Q4 impacts from Hurricane Helene and sought clarity on the wide free cash flow guidance range and the future stability of working capital.

    Answer

    CEO Patrick Kivits and President/CFO Dustin Semach confirmed the hurricane's impact was not material and is factored into guidance. Semach explained that working capital is now largely normalized, though some inventory opportunity remains. He noted a $30M step-up in compensation expense is factored into the outlook but affirmed their commitment to high cash conversion and deleveraging targets.

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    Gabe Hajde's questions to Aptargroup Inc (ATR) leadership

    Gabe Hajde's questions to Aptargroup Inc (ATR) leadership • Q2 2025

    Question

    In a follow-up question, Gabe Hajde from Wells Fargo inquired about the progress and potential opportunity for Aptar's active packaging solution for an oral solid dose GLP-1 drug.

    Answer

    President, CEO & Executive Director Stephan Tanda explained that the company's active material technology enhances drug stability for oral solid doses. He noted that the specific GLP-1 drug utilizing this technology is now in Phase 3 clinical trials, which serves as a significant proof point for the technology's effectiveness and potential.

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    Gabe Hajde's questions to Aptargroup Inc (ATR) leadership • Q1 2025

    Question

    Gabe Hajde from Wells Fargo asked for clarification on the size of the Consumer Healthcare business outside the U.S. and sought assurance that no major hurdles exist for achieving the long-term Pharma growth target once current destocking noise subsides.

    Answer

    President and CEO Stephan Tanda estimated the U.S. share of Consumer Healthcare is at or below the 30% company average. While declining to guide for the next 12-18 months, he expressed comfort with long-term targets, noting that the strongly growing Prescription business is a much larger part of Pharma than the temporarily soft Consumer Healthcare division. Executive Vice President and CFO Vanessa Kanu added that specific Injectables volume was not disclosed.

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    Gabe Hajde's questions to Aptargroup Inc (ATR) leadership • Q4 2024

    Question

    Gabe Hajde inquired about capital allocation, asking what internal investments are planned now that major projects are complete. He also asked about the Beauty segment's restructuring, questioning if more footprint reductions are planned after closing 10 facilities.

    Answer

    Executive Vice President and CFO Vanessa Kanu confirmed a continued balanced capital allocation strategy across organic investments, M&A, dividends, and buybacks. President and CFO Stephan Tanda added that future CapEx involves smaller, gradual capacity 'creep' investments. He clarified that the Beauty segment *reduced* its plant count by 10 and, while productivity efforts are ongoing, no further major footprint changes are imminent.

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    Gabe Hajde's questions to Aptargroup Inc (ATR) leadership • Q3 2024

    Question

    Gabe Hajde from Wells Fargo asked about the opportunity for the new Sudafed nasal rinse product in the U.S. market. He also sought more detail on the Pharma pipeline that gives management confidence in future growth and inquired about any specific expense considerations, like stock-based compensation, for Q1 2025.

    Answer

    CEO Stephan Tanda clarified the Sudafed launch is a nice brand win for an existing nasal rinse product, noting the U.S. is gradually catching up to European adoption of nasal sprays. He detailed the robust Pharma pipeline, including combination allergy products, CNS therapies, ophthalmic dispensers, and high-value upgrades in Injectables. CFO Robert Kuhn confirmed that Q1 typically has higher stock-based compensation expense due to vesting rules but noted no other unusual material items to consider for the start of 2025.

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    Gabe Hajde's questions to Silgan Holdings Inc (SLGN) leadership

    Gabe Hajde's questions to Silgan Holdings Inc (SLGN) leadership • Q2 2025

    Question

    Gabe Hajde probed for the potential worst-case EBITDA impact from the customer bankruptcy, given the market's reaction. He also asked for an explanation of the significant working capital outflow during the quarter and the company's confidence in its recovery by year-end.

    Answer

    President & CEO Adam Greenlee pushed back on a suggested $20-25M EBITDA hit as too high, reiterating that Silgan's on-site facilities are competitively advantaged regardless of the asset owner. He explained the large working capital outflow was a strategic decision to procure raw materials in advance of tariffs to mitigate customer cost increases, and confirmed this is a timing issue that will reverse by year-end. SVP & CFO Kim Ulmer added that free cash flow levels will normalize.

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    Gabe Hajde's questions to Silgan Holdings Inc (SLGN) leadership • Q1 2025

    Question

    Gabe Hajde asked about the potential upside from tariffs on imported Chinese food for Silgan's U.S. business, the company's exposure to the e-commerce channel for pet food, and the reason for elevated corporate expenses in the first quarter.

    Answer

    CEO Adam Greenlee acknowledged a potential upside from tariffs on imported foods but noted no concrete impact yet. He estimated e-commerce represents about 25% of the pet food market and believes Silgan is well-represented in that channel. CFO Kimberly Ulmer clarified that the Q1 corporate expense was higher due to corporate development activity, but the full-year forecast of $45 million remains unchanged.

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    Gabe Hajde's questions to Silgan Holdings Inc (SLGN) leadership • Q4 2024

    Question

    Gabe Hajde requested a detailed bridge for the 2025 free cash flow forecast, seeking to understand all cash components from EBITDA down to the final number. He also asked about capacity constraints in the DSC segment and how associated start-up costs for new capacity are managed.

    Answer

    CEO Adam Greenlee and CFO Kimberly Ulmer confirmed the main components of the free cash flow bridge, including higher interest, taxes, and CapEx, and noted a working capital benefit is expected. Regarding capacity, Adam Greenlee explained that incremental additions in dispensing are ongoing and that related start-up costs are absorbed as a normal part of business operations.

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    Gabe Hajde's questions to O-I Glass Inc (OI) leadership

    Gabe Hajde's questions to O-I Glass Inc (OI) leadership • Q2 2025

    Question

    Gabe Hajde of Wells Fargo Securities asked for clarification on the updated full-year guidance, noting that positive drivers like FX, price/cost, and Fit to Win seemed to outweigh the modest guidance increase. He also inquired about potential opportunities from new brewery investments in Mexico and product reformulations in North America.

    Answer

    CFO John Haudrich explained that while there are several positive drivers, the guidance increase is tempered by higher expected interest expense and a provision for more temporary downtime in Europe later in the year. CEO Gordon Hardie addressed the market opportunities, stating that O-I Glass is in constant dialogue with customers and sees Mexico as a strong long-term growth market for beer. He affirmed that efficiencies gained from the TOE program will position the company to support customers looking to expand their use of glass packaging.

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    Gabe Hajde's questions to O-I Glass Inc (OI) leadership • Q1 2025

    Question

    Gabe Hajde sought confirmation of no production curtailments in the Americas and asked about market tightness. He also inquired about the key swing factors for the Q4 earnings guidance.

    Answer

    CFO John Haudrich confirmed no significant curtailments in the Americas, describing the market as very balanced. CEO Gordon Hardie added that demand is good, capacity is tight, and pricing is stable in the region. Regarding guidance, Haudrich identified Q4 as the biggest variable due to seasonality. He suggested that if tariff impacts do not materialize, Q4 could perform better than currently forecast, with tax rates also being a potential swing factor.

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    Gabe Hajde's questions to O-I Glass Inc (OI) leadership • Q4 2024

    Question

    Gabe Hajde asked for an estimate of the remaining under-absorbed fixed overhead in the system and inquired about the cash intensity of Phase B of 'Fit to Win' and the expected restructuring spend in 2026.

    Answer

    CFO John Haudrich explained that the cumulative $250 million fixed cost absorption impact from 2024 is expected to be halved to about $125 million in 2025, driven by permanent plant closures. He noted that 2025 will likely be the peak year for restructuring cash spend at $120-$150 million, covering Phase A and the start of Phase B, with some of that activity carrying over into 2026.

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    Gabe Hajde's questions to O-I Glass Inc (OI) leadership • Q3 2024

    Question

    On behalf of Gabe Hajde from Wells Fargo, an associate asked for more detail on the cautious 2025 sales volume outlook, seeking to understand areas of confidence versus concern. He also inquired about the company's visibility into 2025 pricing and the percentage of contracts already signed.

    Answer

    CEO Gordon Hardie identified strength in Latin America and flat-to-up trends in North America, but expressed caution for Europe due to softness in spirits and wine, which are impacted by weaker export markets. CFO John Haudrich detailed that 55% of global business is under long-term agreements (70% in Americas, 33% in Europe). He noted the biggest open market negotiations are in Europe and typically begin in November, so visibility is still developing.

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    Gabe Hajde's questions to Smurfit WestRock PLC (SW) leadership

    Gabe Hajde's questions to Smurfit WestRock PLC (SW) leadership • Q2 2025

    Question

    Gabe Hajde of Wells Fargo requested more detail on the underlying assumptions for the second-half guidance, particularly volume expectations, and asked for an update on the strategic opportunities within the consumer packaging business.

    Answer

    CEO Tony Smurfit indicated that the second-half forecast assumes flat volumes compared to the first half, without factoring in a significant seasonal pickup yet. EVP & Group CFO Ken Bowles added that the Q3 EBITDA improvement is driven by lower maintenance downtime and cost relief. Regarding consumer packaging, Tony Smurfit expressed confidence in the business, highlighting strong market positions and cross-selling opportunities, while noting plans to address the long position in SBS will be shared later.

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    Gabe Hajde's questions to Smurfit WestRock PLC (SW) leadership • Q1 2025

    Question

    Gabe Hajde asked about the European market dynamics, including the expected second-half performance given recent price increases and the competitive impact of new machines starting up. He also sought clarification on the financial impact of the announced mill closures, asking if the savings were aggregate and for more detail on the additional $400 million in performance improvements.

    Answer

    CEO Tony Smurfit described the European outlook as less robust than the U.S. due to new capacity but expressed confidence in their integrated system's high returns. CFO Ken Bowles noted that paper price hikes take 3-6 months to flow through to box prices. He confirmed the $50-60 million in savings from closures is an aggregate figure, and the separate $400 million target relates to longer-term operational and commercial opportunities beyond initial synergies.

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    Gabe Hajde's questions to Smurfit WestRock PLC (SW) leadership • Q3 2024

    Question

    Gabe Hajde of Wells Fargo noted that legacy Smurfit Kappa's performance appeared slightly below expectations and asked about the price realization cadence. He also sought a directional confirmation for a 2025 EBITDA model based on H2 2024 performance plus synergies.

    Answer

    CEO Tony Smurfit attributed the slight underperformance primarily to disappointing volume recovery in the German market. CFO Ken Bowles added that corrugated pricing did improve sequentially from Q2 to Q3. Regarding 2025, both executives agreed that while the budget isn't final, the analyst's directional thinking was not 'off the mark' given the sequential improvements seen in 2024.

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    Gabe Hajde's questions to Smurfit WestRock PLC (SW) leadership • Q2 2024

    Question

    Gabe Hajde of Wells Fargo sought clarification on the underlying volume assumptions for the second-half guidance, particularly whether the -4.5% decline rate in North America would persist. He also requested an update on the strategy and opportunity set for the consumer packaging business.

    Answer

    CEO Tony Smurfit indicated that the second-half forecast assumes basically flat volumes from current levels, without expecting significant deterioration or improvement. EVP & Group CFO Ken Bowles added that the Q3 EBITDA improvement is driven by lower maintenance downtime and cost relief, not volume growth. Regarding consumer packaging, Smurfit expressed confidence in the business, highlighting strong market positions and cross-selling opportunities, while acknowledging the need to address the company's long position in SBS.

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    Gabe Hajde's questions to Graphic Packaging Holding Co (GPK) leadership

    Gabe Hajde's questions to Graphic Packaging Holding Co (GPK) leadership • Q2 2025

    Question

    Gabe Hajde sought clarification on the components of the under-absorbed fixed overhead costs from the first half and asked if 2025 maintenance levels are normalized, while also inquiring about beverage customer inventory levels.

    Answer

    EVP & CFO Stephen Scherger clarified that the second-half performance improvement is a combination of significantly less planned maintenance downtime and less market-related downtime, not solely from inventory reduction costs. He also confirmed 2025 maintenance levels are expected to be normal going forward. CEO Michael Doss added that the beverage season has been solid with strong demand, and they have no indications of a customer inventory-driven slowdown.

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    Gabe Hajde's questions to Graphic Packaging Holding Co (GPK) leadership • Q1 2025

    Question

    Gabe Hajde inquired about the competitive landscape, asking if the company is seeing more pricing pressure as competitors stabilize. He also asked if impacts from SNAP/Maha policy changes are already being felt and about the accounting for Waco start-up costs.

    Answer

    CEO Michael Doss stated that potential SNAP/Maha impacts are factored into the cautious guide but are not yet visible. He asserted that Graphic Packaging remains 'on offense' competitively, leveraging its low-cost, well-invested asset base. CFO Stephen Scherger clarified that the $65-75 million in Waco start-up costs are cash costs that will be booked mostly below the line and are already factored into the adjusted EBITDA guidance.

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    Gabe Hajde's questions to Graphic Packaging Holding Co (GPK) leadership • Q4 2024

    Question

    Gabe Hajde questioned the rise in inventory days, asking if it was intentional, and inquired about 2025 cost assumptions, particularly regarding labor and indirect costs versus direct input costs.

    Answer

    President and CEO Michael Doss explained that the inventory increase was partly to rebuild stocks and, more significantly, to prepare for the Waco facility startup, which requires building inventory to ensure customer supply during the transition. EVP and CFO Stephen Scherger stated that while labor and benefits inflation persists, the company's productivity initiatives are expected to more than offset these costs, ensuring continued margin stability.

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    Gabe Hajde's questions to Sonoco Products Co (SON) leadership

    Gabe Hajde's questions to Sonoco Products Co (SON) leadership • Q2 2025

    Question

    Gabe Hajde asked for commentary on the major drivers for 2026, seeking to bridge 2025 to 2026 EBITDA based on factors like synergies, pricing, and productivity. He also inquired about any potential impacts from recent tax legislation.

    Answer

    President and CEO Howard Coker expressed bullishness on the company's trajectory, highlighting strong execution and a simplified portfolio. COO Rodger Fuller added that cost reduction from eliminating stranded costs and simplifying support functions will be a key benefit in 2026. Interim CFO Jerry Cheatham stated the full-year tax rate should be ~25% with no significant impact from recent legislation in 2025.

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    Gabe Hajde's questions to Sonoco Products Co (SON) leadership • Q1 2025

    Question

    Gabe Hajde sought clarification on organic consumer volume growth, the drivers of strong North American metal can performance, and the financial impact of the URB price increase.

    Answer

    President and CEO Howard Coker confirmed organic consumer volume was up about 4% in Q1 and detailed the North American metal can strength (food cans +10%, aerosols +25%), stating there was no evidence of customer pre-buying. Interim CFO Jerry Cheatham explained the URB price increase benefit will mostly occur in the second half due to contract resets, noting a $10 index move represents about $6 million in annualized revenue.

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    Gabe Hajde's questions to Sonoco Products Co (SON) leadership • Q3 2024

    Question

    Gabe Hajde asked for clarification on commentary about rising TAM bending chip prices and inquired about the historical impact of customer consolidation on Sonoco's business.

    Answer

    COO Rodger Fuller clarified that they expect TAM bending chip prices to be flat for the balance of the year, especially with OCC costs declining. CEO Howard Coker responded that customer consolidation is viewed as very positive, as it typically leads to increased brand promotion and expanded distribution, and that Sonoco has great relationships with the parties involved.

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    Gabe Hajde's questions to Crown Holdings Inc (CCK) leadership

    Gabe Hajde's questions to Crown Holdings Inc (CCK) leadership • Q2 2025

    Question

    Gabe Hajde asked why Crown's North American growth of 1% was below the estimated market growth of ~3% and if this was related to preparedness for a stronger-than-expected summer. He also inquired about any abnormal cost inflation besides metals and asked for a performance comparison between Continental Europe and the Middle East.

    Answer

    President & CEO Timothy Donahue suggested the overall market was likely stronger than anyone anticipated, driven by heavy promotions. He acknowledged Crown's inventory is slightly lower than desired but felt the company was largely where it expected to be. He saw no abnormal cost inflation. Regarding Europe, he noted that while Gulf State factories have higher returns due to depreciation, underlying plant performance is similar across regions, and volume growth was strong in both areas.

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    Gabe Hajde's questions to Crown Holdings Inc (CCK) leadership • Q1 2025

    Question

    Gabe Hajde pointed out the modest sequential EPS increase guided for Q2 compared to prior years and asked for more detail. He also inquired about the process of integrating consolidated customers, working capital assumptions, and the rising cost of building new plants.

    Answer

    CEO Timothy Donahue declined to provide a detailed Q2 bridge, stating that performance ultimately depends on customer volume pull through the summer. On customer consolidation, he said the integration process varies depending on existing contracts. Executive Kevin Clothier specified a working capital outflow assumption of around $75 million for the year. Donahue confirmed that building new plants is now significantly more expensive, citing a potential cost increase from $170 million to over $250 million for a two-line facility.

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    Gabe Hajde's questions to Crown Holdings Inc (CCK) leadership • Q4 2024

    Question

    Gabe Hajde of Wells Fargo Securities asked about the specifics of North American contract renewals, requesting volume figures for Mexico. He also posed a modeling question regarding the depreciation and amortization forecast and the implied EBITDA from the free cash flow guidance.

    Answer

    President and CEO Timothy Donahue confirmed that no major contract renewals are due until late 2026 and that the company expects to outperform the market in 2026. He stated that Mexico's volumes were down about 2.5% in Q4. Executive Kevin Clothier clarified that amortization is excluded from the EPS guide, confirmed the ~$1.96 billion EBITDA estimate is within range, and explained the depreciation forecast reflects capital spending exceeding depreciation.

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    Gabe Hajde's questions to Crown Holdings Inc (CCK) leadership • Q3 2024

    Question

    Gabe Hajde asked about the factors informing the low single-digit growth outlook for North America and Europe, the framework for capital allocation between buybacks and debt reduction, and the outlook for tinplate pricing.

    Answer

    President and CEO Timothy Donahue cited the proliferation of new products and younger consumers' willingness to experiment as positive drivers for cans in North America. In Europe, he pointed to sustainability and glass-to-can conversion. On capital allocation, Donahue emphasized that debt paydown offers 'certainty' and that most of the cash on the balance sheet is earmarked for debt reduction, not acquisitions or buybacks, promising a 'healthy mix' of both. He noted tinplate pricing has been volatile but currently looks to be up a couple of percent for next year.

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    Gabe Hajde's questions to Greif Inc (GEF) leadership

    Gabe Hajde's questions to Greif Inc (GEF) leadership • Q2 2025

    Question

    Gabe Hajde of Wells Fargo sought clarification on the price and volume impacts within the Metals segment and the potential tailwind from rising steel prices. He also asked about the company's integration level and strategy in the URB business.

    Answer

    EVP & CFO Larry Hilsheimer explained that the Metals segment experienced a positive price/cost mix but negative volumes, primarily due to industrial softness in North America. He confirmed the potential steel price tailwind was factored into the updated guidance. Regarding URB, Hilsheimer stated that deep integration is not critical in that market, the company's current level is over 50%, and they are satisfied with this position, only pursuing high-margin integration opportunities as they arise.

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    Gabe Hajde's questions to Greif Inc (GEF) leadership • Q4 2024

    Question

    Gabe Hajde questioned if the $100 million savings plan would limit the ability to monetize under-absorbed overhead, asked about potential structural demand shifts, and sought clarification on Ipackchem's EBITDA contribution.

    Answer

    Management confirmed the savings plan would not impede the monetization of the ~$160 million in under-absorbed overhead. CFO Larry Hilsheimer addressed structural concerns, noting that housing has significant pent-up demand and that lubricant demand is primarily industrial, not automotive. He then clarified the Ipackchem math, stating the fiscal 2025 low-end guidance includes a run rate of about $42 million (for 11 months), which is still below the original business plan due to current demand weakness.

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    Gabe Hajde's questions to Greif Inc (GEF) leadership • Q3 2024

    Question

    Gabe Hajde asked for clarification on several items impacting the fiscal 2025 outlook, including the annualized EBITDA from the divested Delta Petroleum business, the flow-through from announced price increases, and any one-time compensation items. He also inquired about economic downtime in the paper system and the company's M&A appetite given its current leverage.

    Answer

    CFO Larry Hilsheimer clarified the Delta divestiture was at an 8.5x multiple on approximately $90 million in proceeds and provided details on the monthly financial impact of recent URB and containerboard price increases. He noted the containerboard business is running full out with only minor economic downtime in URB. CEO Ole Rosgaard added that while the M&A pipeline remains robust, the immediate priority is paying down debt to return to the target leverage ratio of 2.0-2.5x.

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    Gabe Hajde's questions to Ardagh Metal Packaging SA (AMBP) leadership

    Gabe Hajde's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q1 2025

    Question

    Gabe Hajde pointed out that the volume guidance implies a second-half deceleration and asked if this was due to conservatism. He also sought clarification on the increased CapEx budget and whether new factories might be needed in North America or Brazil.

    Answer

    CEO Oliver Graham confirmed the implied deceleration is due to conservatism, citing past market volatility and the need to get through the critical summer season. He clarified that the 2025 growth CapEx is now $70 million, with a future run rate of $50-$60 million. He stated that Europe is the current focus for capacity investment, while North America and Brazil have sufficient infrastructure for near-term growth without needing new factories.

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    Gabe Hajde's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q4 2024

    Question

    Gabe Hajde from Wells Fargo Securities asked about customer dialogue on potential CSD reformulation, the geographic source of PPI and metal conversion cost headwinds, the drivers of Europe's strong Q4, and sought confirmation on the 2025 leverage outlook.

    Answer

    CEO Oliver Graham confirmed no significant customer dialogue on reformulation. He specified that both the PPI headwinds and higher aluminum conversion costs are primarily European issues, driven by labor cost dynamics and a tighter coil market. He attributed Europe's strong Q4 to robust demand and improved fixed cost absorption, not a pull-forward of orders. CFO Stefan Schellinger confirmed the analyst's leverage calculation was in the right ballpark, expecting leverage to remain steady year-over-year.

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    Gabe Hajde's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q3 2024

    Question

    Speaking on behalf of Gabe Hajde, an analyst asked if European volume growth is sustainable in 2025 without the high promotional activity seen in 2024, and how the company is preparing for customers potentially seeking more favorable pricing next year.

    Answer

    CEO Oliver Graham asserted that Europe's growth is not dependent on elevated promotions and is driven by fundamental factors like pack mix shifts. He noted that while customers always seek better terms, AMP has robust contractual structures and pass-through mechanisms to manage pricing, particularly in the Americas, and various levers to handle potential headwinds in Europe.

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    Gabe Hajde's questions to International Paper Co (IP) leadership

    Gabe Hajde's questions to International Paper Co (IP) leadership • Q4 2024

    Question

    Gabe Hajde asked about the expected timeline to catch up on historical underinvestment in CapEx and maintenance, and also sought clarification on whether the recent January price increase was included in the Q1 outlook.

    Answer

    Executive Andrew Silvernail estimated it will take about three years to fully make up for the historical capital spending deficit, stressing the importance of dynamically reallocating resources to strategic assets. He and Mark Nellessen also confirmed that the Q1 outlook for Industrial Packaging does not include any potential impact from the January price increase announcement.

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    Gabe Hajde's questions to International Paper Co (IP) leadership • Q3 2024

    Question

    Gabe Hajde asked about the balance between freeing up capacity versus driving productivity gains in a market that is not short on converting capacity. He also asked about potential roadblocks or challenges the company might face during its transformation.

    Answer

    Chairman and CEO Andy Silvernail explained that while the national market has sufficient capacity, this is not true on a regional basis. The strategy is to exit over-capacitized regions while investing aggressively where IP has strength. As for roadblocks, Silvernail identified changing the company's ingrained work habits and overcoming institutional memory from the previous complex matrix structure as a key challenge. He stressed the importance of realigning the entire organization to be focused on the customer.

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    Gabe Hajde's questions to International Paper Co (IP) leadership • Q3 2024

    Question

    Gabe Hajde asked about the strategy of freeing up converting capacity in a market that appears to have no overall shortage. He also inquired about potential roadblocks or challenges the company might face during its transformation.

    Answer

    Chairman and CEO Andy Silvernail clarified that while the national market has sufficient capacity, this is not true on a 'region by region' basis, with some areas being under-supplied and others over-supplied. The strategy is to invest in strong regions and retrench in weaker ones. As for roadblocks, Silvernail identified the primary challenge as changing how people work and overcoming the institutional memory of the old, complex matrix structure. He stressed the importance of realigning the entire organization to focus on the customer.

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