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President, CEO & Director Ole Rosgaard reiterated that the M&A strategy is focused on core polymer-based products serving high-growth end markets like food, pharma, and specialty chemicals. EVP & CFO Larry Hilsheimer confirmed the methodology for calculating a baseline 2026 EBITDA and noted the additional benefit from cost optimization programs. Rosgaard also stated that tariffs have an immaterial impact on the business due to its local-for-local operating model.

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CFO Lawrence Hilsheimer clarified that the Fiber segment's performance was in line with internal plans but appeared lower externally due to a higher SG&A allocation under the new business model, which is based on value-add. CEO Ole Rosgaard attributed EMEA's strength to targeted growth in GDP-plus end markets like agrochemicals. Regarding volumes, Rosgaard noted that while there are some positive signs or 'green shoots,' the company has not yet seen a significant demand inflection point and is maintaining a cautious outlook in its guidance.

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CEO Ole Rosgaard explained the cost program is enabled by the new operating structure and GBS 2.0, targeting SG&A, network optimization, and operating efficiencies, with full realization expected by the end of fiscal 2027. CFO Larry Hilsheimer detailed the volume guidance, which assumes growth in the paper segment, driven by the new Dallas sheet feeder and a significant U.S. Postal Service contract, and growth in Polymer Solutions, offset by a projected volume contraction in Metal Solutions.

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CEO Ole Rosgaard described the competitive environment as intense, with some players pricing at what Greif believes are loss-making levels. He reiterated Greif's commitment to a 'value-over-volume' strategy, noting that customers who chase lower prices often return for Greif's superior service and quality. Regarding the reorganization, he explained it is designed to deepen subject matter expertise, create a more effective and unified commercial organization to drive cross-selling, and improve the speed and efficiency of integrating future acquisitions.

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CEO & President Scott A. Richardson affirmed that prioritizing free cash flow is a key company goal. SVP & CFO Chuck Kyrish explained the $25 million sequential headwind in EM is largely due to the timing of semi-annual production campaigns, which created a benefit in Q2 and a corresponding negative impact in Q3 as inventory is drawn down. Regarding the AC segment, Richardson stated that pressure in acetate tow and vinyls is expected to continue.

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CEO & President Scott A. Richardson highlighted the strategic priority of free cash flow generation. SVP & CFO Chuck Kyrish detailed that the $25 million sequential headwind in EM is primarily a mix effect from a semi-annual production campaign that benefited Q2 and will reverse in Q3 as inventory is drawn. Richardson added that pressures in acetate tow and vinyls are expected to persist into Q3, with potential volume softness offset by the absence of major turnarounds.

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CEO Scott A. Richardson reiterated that free cash flow is a top priority. SVP & CFO Chuck Kyrish clarified the $25 million sequential headwind is primarily due to mix and the timing of a semi-annual production campaign that benefited Q2 earnings by $10-15 million and will negatively impact Q3 by a similar amount as inventory is drawn down. Regarding the Acetyl Chain, Richardson expects similar pressure from tow and vinyls to continue, with potential for slightly lower volumes.

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CEO Scott Richardson identified the combination of reduced demand and a simultaneous increase in new capacity, particularly from China, as the biggest change impacting the nylon business. For the Acetyl Chain, he highlighted that while overcapacity is contained in Asia, Celanese's downstream integration provides some differentiation and flexibility, with 65% of third-party sales being in products other than acetic acid or VAM.

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CEO Scott Richardson explained that new EM leader Todd Elliott is bringing intensity to cost reduction and focusing on accelerating growth in segments like medical and EVs. Regarding contingencies, Richardson stated there is always more that can be done, highlighting a 'no-stone-unturned' approach to cost and complexity reduction in both the EM and Acetyls businesses, as well as a focus on extracting full value from every customer interaction.

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CEO Lori Ryerkerk explained the dividend cut addresses both lower-than-planned 2024 cash flow and high uncertainty for 2025, making it a prudent step to ensure deleveraging goals are met. CFO Chuck Kyrish confirmed the dividend decision was independent of securing the delayed draw term loan.

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CFO Michael Deveau stated that Q2 was consistent with expectations, with all businesses delivering volume growth. He noted a more cautious second-half outlook due to tough Q3 2024 comps (+9% growth) and weakening trends in Health & Biosciences, which is expected to see negative growth in Q3 2025, specifically driven by the Health sub-segment.

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CFO Michael DeVeau attributed the Taste segment's strong performance to an increased project pipeline and a higher win rate, resulting in broad-based growth across all regions and most categories. Regarding pre-buys, he acknowledged a possible modest benefit but stated it was difficult to quantify as sales trends remained consistent into April. CEO Erik Fyrwald added that increased R&D investment is also strengthening the long-term pipeline.

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CEO Jon Erik Fyrwald stated it was too early to provide specific 2025 guidance, which is typically given in February. However, he highlighted a positive factor for 2025: an incentive compensation reset of over $100 million. He emphasized the team's focus on customer engagement, innovation, and productivity.

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CEO Daniel Fisher attributed the North American volume strength to the energy drink category, noting one partner grew nearly 20%. He explained the margin pressure resulted from a combination of operational inefficiencies serving unanticipated demand, a product mix shift towards lower-margin non-alcoholic beverages, and a minor drag from tariffs, totaling a ~$10 million impact. For Europe, Fisher stated that while margins are not expected to improve, consistent operating leverage would be generated from sustained mid-single-digit growth.

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Chairman & CEO Daniel Fisher attributed the volume strength to energy drinks and promotional multi-pack purchases. He explained that margins were pressured by approximately $10 million in operational inefficiencies from unexpected growth, an unfavorable product mix toward lower-margin non-alcoholic beverages, and a minor drag from tariffs. Regarding Europe, he does not expect margin expansion but anticipates consistent operating leverage from sustained growth.

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CEO Daniel Fisher attributed the North American volume strength to energy drinks and promotional multi-pack purchases. He explained the margin pressure of approximately $10 million resulted from an unfavorable product mix (less beer), inefficient logistics due to unexpected demand spikes, and tariff impacts. For Europe, Fisher stated that while margins may not improve, consistent operating leverage is expected from sustained mid-single-digit growth.

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CEO Daniel Fisher stated that European investments are scaling up to meet tight demand, with future investments being incremental and cautious. He clarified that for North America, the goal is to maintain, not expand, margins, as the region is further along its operational excellence journey, with current improvements focused on Europe and South America.

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CEO Daniel Fisher confirmed the new assets will enhance efficiency by optimizing the supply chain, such as reducing freight costs. For Europe, he expressed confidence in being at the high end of long-term guidance for 2025, driven by strong demand, low can penetration, and a favorable sustainability backdrop, despite tougher year-over-year comparisons.

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CEO Daniel Fisher expressed optimism for 2025, pointing to potential interest rate cuts and improved consumer discretionary spending as key catalysts. He stated that Ball is winning its share of new business and should grow in line with the market. Fisher confirmed the 10%+ EPS growth target for 2025 is supported by an initial assumption of 2-3% global volume growth, ongoing efficiency gains, and the compounding effect of 2024's share repurchases.

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President, CEO & Director Dustin Semach acknowledged the high margins but stated the impact from the beef cycle is contained to a specific part of the business. He expressed confidence that ongoing network optimization and productivity initiatives would effectively offset any potential margin pressure from volume mix, allowing the company to maintain its earnings power.

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President and CEO Dustin Semach explained that progress stems from lapping significant customer churn from early 2024, leading to minimized churn since. He noted that while North America remains the focus, Asia is growing and EMEA is stabilizing. For Q1, Semach specified that Protective's industrial volumes were down 4% while fulfillment volumes were down 9%, with the latter heavily impacted by the now-lapped customer losses.

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CEO Patrick Kivits explained that while it is a return to a pre-2018 vertical model, the focus is on a new go-to-market strategy to address the secular decline in Protective and strengthen distributor partnerships. President and CFO Dustin Semach added that the change aligns innovation and customer service closer to the customer, pointing to the Food segment's recent share gains as evidence of the model's effectiveness.

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EVP & CFO William Drew provided the EBITDA bridge, attributing the performance to high single-digit volume growth offset by about five points of gross margin compression, with 1.5 points from warrants and 2 points from temporary inefficiencies. Chairman & CEO Omar Asali confirmed that after softness in Q2, European volumes showed year-over-year growth in July, potentially aided by tariff stability, but noted it was too early to call a trend. Drew detailed that the Q2 margin pressure was driven by warrants, restructuring, and temporary storage costs, which have since been resolved. He also revised the year-end cash target down to $70-$75 million due to lower EBITDA and a slight use of working capital.

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Omar Asali, Chairman and CEO, attributed the Q4 margin pressure to growth surpassing expectations, leading to short-term inefficiencies as the company prioritized customer experience. He expects margins to improve with better forecasting. CFO Bill Drew broke down the 2025 growth forecast, projecting mid-to-high single-digit PPS volume growth, a 3-5 point contribution from automation, and a 2-3 point price/mix headwind. Drew also provided a 2025 free cash flow walk, projecting ~$20 million, and confirmed the Amazon warrant expense is tied to sales and will vary in future periods.

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Chairman and CEO Omar Asali explained that margin pressure stemmed from a mix shift towards void-fill and inefficiencies during the ramp-up phase with new large strategic accounts, which should normalize. He clarified that North American volume growth reflects actual consumption, not inventory loading by customers. CFO William Drew addressed the debt, stating the company is focused on demonstrating strong operational performance to access credit markets favorably. He also noted the patent sale was part of a Q2 litigation settlement with a competitor.

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President, CEO & Executive Director Stephan Tanda explained that naloxone sales growth is expected to be muted due to distribution channel uncertainty and a recent executive order, which will slow overall Pharma growth in the second half. He noted that other areas like Injectables are performing well. Tanda also confirmed that the U.S. cough and cold market saw a positive inflection with mid-single-digit growth.

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President and CEO Stephan Tanda explained that the U.S. saw a two-quarter inventory correction, but the inflection has not yet occurred internationally. He characterized the potential for an oral GLP-1 as a long-term prospect, not an immediate threat to auto-injectors. He attributed the fragrance sales divergence to the timing of customer launches post-COVID, expressing confidence in Aptar's market share and a Q2 recovery in prestige.

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Executive Vice President and CFO Vanessa Kanu stated that while full-year guidance isn't provided, the FX and tax headwinds are significant and expected to continue. She attributed lower Q4 corporate costs to year-end true-ups like bonus accrual reversals. President and CFO Stephan Tanda noted that while consumer health is bottoming out, tough comps remain. He clarified that Beauty's weakness was a mix issue, not a volume decline, as high-end prestige launches did not repeat.

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CEO Stephan Tanda and CFO Robert Kuhn affirmed confidence in the Pharma segment's continued growth within its target range, driven by both new therapies and growth in core areas, but declined to specify a position within the 7-11% range for 2025. On fragrances, Tanda explained the volume decline is a channel destocking issue after a period of high sell-in, not a drop in consumer demand. Kuhn clarified that the $500 million repurchase authorization is not a change in philosophy but an update reflecting the company's current size and share price, providing discretionary capital allocation flexibility.

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President, CEO & Chairman Ashish Khandpur explained that consumer weakness worsened in Q2, falling 8% after being flat in Q1, with the decline spreading geographically beyond just the US and Canada. SVP & CFO Jamie Beggs quantified the planned maintenance impact on SEM EBITDA at approximately $3 million for Q2. Regarding the debt paydown, Beggs stated the $100-$200 million range reflects a conservative approach to ensure the macro environment evolves as expected, while remaining confident in their cash flow generation.

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President and CEO Dr. Ashish Khandpur attributed packaging outperformance to share gains in personal care and solid growth in beverage applications. He saw no evidence of pre-buying in Asia. SVP and CFO Jamie Beggs outlined a three-pronged tariff mitigation strategy: reformulating products, localizing sourcing, and implementing pricing actions where necessary, noting the overall impact is not expected to be material.

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President & CEO Adam Greenlee affirmed that the guidance change is due to two 'incredibly discreet items' and that the rest of the business outlook remains unchanged, with dispensing and pet food expected to accelerate in H2. He noted that the beverage weakness was observed mid-quarter, with customers officially pulling back forecasts later in the period.

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CEO Adam Greenlee reiterated confidence in the guidance, highlighting new product launches in soup and a robust innovation pipeline in high-end fragrance and beauty. He downplayed tariff impacts due to a localized manufacturing strategy. CFO Kimberly Ulmer stated that the company expects its leverage ratio to be toward the low end of its 2.5x to 3.5x target range by year-end, thanks to strong earnings and cash flow.

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CEO Adam Greenlee expressed high confidence in the 2025 volume forecast, stating that markets are normalizing post-destocking and Silgan's volumes now better reflect consumer demand. He provided an adjusted EBIT bridge, attributing approximately $50 million to the Weener acquisition, $30 million to the cost-savings program, and the remainder to organic growth, which is partially offset by higher interest and corporate expenses.

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President and CEO Adam Greenlee clarified that promotional activity was highly effective in driving pet food volume but less successful for isotonic beverages, where record promotions did not spur expected growth due to high consumer price points. For the 2025 outlook, he cited the Weener acquisition, incremental cost savings, strong organic growth in dispensing products, and growth in custom containers as key drivers, even without assuming a recovery in pack volumes.

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Chairman & CEO Timothy Knavish stated that PPG's confidence for second-half growth in the segment is 'entirely share gain driven.' He characterized the underlying end-market demand as flat to slightly down, with weakness in areas like U.S./Europe auto builds and heavy-duty equipment. CFO Vince Morales added that they are not seeing any significant inventory stacking in the supply chain.

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CEO Timothy Knavish stated that PPG's confidence for the second half is "entirely share gain driven," as they view underlying industry demand as flat to slightly down. He cited weakness in U.S./European auto builds and heavy-duty equipment. CFO Vince Morales added that they are not seeing inventory build-ups in the channel, which mitigates the risk of a sharp downturn.

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CFO Vince Morales noted that while comps are easier, there is genuine stabilization in industrial production and better order patterns in Western Europe. CEO Timothy Knavish added that momentum grew through Q1, and even in automotive, new model launches in H2 should help. He emphasized that PPG only needs stabilization to achieve good earnings leverage due to its structural cost actions.

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CEO Tim Knavish stated that the guide for low single-digit raw material inflation is based on enacted tariffs on TiO2 and epoxies. He anticipates Q1 pricing to be flat to slightly positive, with full-year pricing expected to be positive in the low single digits. CFO Vince Morales added that beyond tariffs, the broader supply chain for coatings commodities remains a buyer's market.

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Chairman and CEO Timothy Knavish confirmed the 14x multiple and sale price were consistent with expectations, noting strong interest from over 100 parties. Regarding proceeds, he pointed to PPG's track record of share repurchases. He also stated that significant raw material dis-synergies are not expected, as procurement is largely regional and PPG remains a major coatings producer in North America.

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CFO John Haudrich clarified that both the Americas and Europe segments are expected to have stable year-over-year volumes, with some quarterly shifts due to comps. CEO Gordon Hardie explained the Bowling Green facility will be reconfigured to produce premium spirits containers for the U.S. market, aiming for lower operating costs and capital intensity than the Magma platform. Haudrich added that the project will fit within the existing CapEx outlook and must meet a WAC+2 return threshold.

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CEO Gordon Hardie described a 'story of 2 hemispheres,' with volume growth in the Americas (Brazil, Mexico) but a 5% decline in Europe due to soft demand and lower exports. He noted alcohol is a significant part of the portfolio. Regarding pricing, Hardie acknowledged pressure in over-supplied Southwest Europe but saw stability and some growth in the Americas. CFO John Haudrich added that with 55% of the portfolio under long-term contracts, 80-90% of 2025 pricing is already established, supporting their outlook.

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CFO John Haudrich acknowledged that year-end inventory days (IDS) would be in the low-50s, higher than the mid-40s target, due to softer sales. However, he expects at least half of the associated expense to reverse in 2025 as internal destocking eases. CEO Gordon Hardie explained the flat Q4 volume outlook reflects a balance between growth in the Americas and softness in Europe (wine/spirits). For 2025 pricing, Hardie anticipates a generally flat scenario, with some pressure in Europe due to excess capacity but less so in the tighter Americas market.

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CEO Michael Doss noted that while the period of consumer weakness has been long, customers are showing more urgency through strategic actions like M&A and leadership changes. EVP & CFO Stephen Scherger stated that with leverage expected to be around 3.5x, the company's clear priority is to lean towards share repurchases, given the compelling long-term value of the stock, and will deploy the vast majority of free cash flow to this activity.

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CEO Michael Doss confirmed that consumer affordability is a key factor, noting that customers are buying fewer items. He explained that while GLP-1 drugs present challenges for snacks, they also create opportunities for protein-rich product reformulations. CFO Stephen Scherger added that the guidance midpoint assumes a negative 2% volume and over $80 million in inflation for the year. He expects pricing actions to turn positive late in 2025, with full inflation recovery occurring as the company enters 2026.

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President and CEO Michael Doss observed that 2024 promotions often shifted market share rather than growing categories, but he sees high customer engagement for 2025. Regarding tariffs, Doss and EVP & CFO Stephen Scherger suggested a potential modest tailwind for the company if tariffs encourage more localized production, which would leverage their extensive North American manufacturing network.

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CFO Steve Scherger confirmed the base case for 2025 assumes a couple hundred basis points of growth from innovation on top of a flat to modestly up consumer market. CEO Mike Doss commented on promotional activity, noting that while it is happening, it's primarily causing mix shifts rather than an overall category lift. For example, a promoted branded item gains share from a non-promoted one, but the total category volume remains stable. He expressed confidence that this stable market, combined with strong innovation, supports the low single-digit revenue growth target for 2025.

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CEO Paul Manning explained that conversion activity is strong across all customer sizes, with many aiming to match synthetic vibrancy, and noted that the recent strong Color Group results do not yet include major conversions. He stated the Natural Ingredients business should see an inflection point in late Q4, with a much-improved cost position for 2026. He confirmed the CapEx increase is almost entirely for natural colors to build more capacity, enabling Sensient to win new business and accelerate customer conversions. VP & CFO Tobin Tornell added that the Color Group's high margins were driven by new wins and leveraging the SG&A cost base.

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Paul Manning, Chairman, President & CEO, detailed the significant opportunity in converting its $110 million synthetic color business, highlighting Sensient's competitive strengths in technical formulation, application support, and its integrated global supply chain. He confirmed the company would prioritize customers but serve a broad base. Manning reiterated the mid-single-digit consolidated growth guidance for 2025, with the Color segment expected to perform similarly, and stated the tariff impact would be offset by pricing. Tobin Tornehl, VP & CFO, added that the tariff cost represents about 1% of COGS, with two-thirds affecting the Color group.

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Paul Manning, Chairman, President & CEO, explained that the Color Group's double-digit growth was fueled by new product launches and existing brands converting to natural colors, an opportunity he described as the largest in Sensient's history. He noted that the conversion to natural is largely complete in the Flavors portfolio (97-98% natural). Manning clarified that while natural colors have a lower gross margin due to higher volume requirements (up to 10x), the operating profit margin remains stable. He confirmed that growth in natural colors, which constitute about 40-45% of the Food Colors business, is a primary driver for the company's mid-single-digit growth outlook.

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Chairman & CEO Frank Sullivan and VP & CFO Russell Gordon indicated they are not expecting significant underlying growth in the consumer market but aim to outperform through innovation, new products, and new platforms like cleaning. Sullivan attributed the expected leverage to a pivot to growth, organic growth of 2-3%, acquisition activity, some pricing, and favorable FX, all building on the efficiencies gained from the MAP program.

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Chairman and CEO Frank Sullivan explained that MAP initiatives in Europe are progressing well, with 8 facility closures completed and an expected $100 million impact in fiscal '26. He confirmed strong backlogs in roofing. He also detailed that the cleaning business will grow from about $50 million to over $225 million post-acquisition, providing entry into a $12 billion+ market.

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CEO Frank Sullivan affirmed the underlying growth trend is positive, with Q2 momentum being temporarily interrupted by winter. He explained that weakness in areas like office construction has been successfully offset by an agile sales force redirecting efforts to high-growth areas like data centers, demonstrating an ability to 'move to where the money is.'

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President and CEO Howard Coker expressed confidence in consumer volume sustainability, citing new product launches and capacity investments. COO Rodger Fuller reported being ahead on synergies, raising the 2025 run-rate target to $40-50M. He sees upside to the $100M target for 2026, noting strong non-raw material savings and future raw material benefits.

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CEO Howard Coker stated that the 2025 outlook is conservative, with low-single-digit growth expected for consumer and flat for industrial. He emphasized that the company is managing the major organizational changes through open communication and maintaining high levels of customer service. He also confirmed the post-transaction split would be roughly 60% paper and 40% metal, with the company largely exiting single-use plastics.

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President & CEO Deon Stander stated that while the apparel outlook is cautious, he anticipates overall Intelligent Labels growth in Q3, with new programs gaining traction in Q4. SVP & CFO Greg Lovins detailed the path to Q4 earnings growth, citing favorable seasonality from Q3 to Q4, increased savings from restructuring and productivity actions, and continued growth in non-apparel segments like VESCOM. These factors provide confidence in year-over-year growth even without a significant apparel recovery.

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President & CEO Deon Stander stated he anticipates growth in Intelligent Labels (IL) in Q3, with new programs gaining traction in Q4. SVP & CFO Greg Lovins detailed that the confidence in Q4 earnings growth stems from favorable seasonality, increased savings from restructuring and productivity actions, and continued growth in non-apparel businesses like VESTCOM, even without assuming a significant recovery in apparel.

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President & CEO Deon Stander stated that outside of tariff-impacted apparel, the business is largely on track and he anticipates growth in Intelligent Labels (IL) in Q3, with new program rollouts gaining traction in Q4. SVP & CFO Greg Lovins detailed the path to Q4 earnings growth, citing favorable seasonality from Q3 to Q4, ongoing productivity and restructuring benefits, and continued growth in non-apparel segments like VESCOM, all of which contribute to confidence in year-over-year improvement.

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President and CEO Deon Stander explained that the company's overall 3% to 4% organic growth guidance is based on GDP-level growth in the base business. For the Materials segment specifically, the assumption is for mid-single-digit volume growth accompanied by a small contribution from price.

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CFO Gregory Lovins stated that Materials volumes were largely as expected, with some softness in Europe, but no major trend change, attributing some sales comparison differences to price deflation. CEO Deon Stander added that the macro environment remains uncertain, especially in Europe. Regarding Intelligent Labels, Stander explained the logistics variance was primarily due to prior-year customer inventory builds and a specific customer transition that is now largely complete, framing it as a first-year annualization issue.

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Chair, President & CEO Heidi Petz highlighted ongoing challenges in commercial, multifamily, and property maintenance. SVP of Finance & CFO Al Mestyshin noted that visibility into the first half of 2026 is limited, but emphasized that the company is proactively investing now to influence future results regardless of the market environment.

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CEO Heidi Petz highlighted ongoing challenges in commercial and property maintenance. CFO Allen Mistysyn noted that visibility into 2026 is limited in the current dynamic environment, but emphasized that the company is taking action now with investments to influence its own results rather than waiting for the market to improve.

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Executive Heidi Petz stated that while the near-term market is challenged by high mortgage rates, the long-term outlook is solid. She emphasized that Sherwin-Williams is gaining share by deepening partnerships with builders, helping them manage affordability and simplify product offerings, which positions the company well for an eventual market recovery.

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CEO Heidi Petz confirmed the outlook has not changed, maintaining a 'softer for longer' view with an eye towards 2026. SVP & CFO Allen Mistysyn added that since recent rate cuts haven't significantly impacted long-term mortgage rates, the view remains consistent with the one provided in October.

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Executive Heidi Petz reported that customer sentiment varies by segment. The broad consensus is pragmatic, with expectations for a modest recovery in the second half of 2025. She noted customers are more bullish on Residential Repaint, while the Commercial segment is viewed as the most challenged due to ongoing project delays from capital and labor constraints.

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President & CEO Timothy Donahue stated that Crown's inventory is no higher than at the start of the year and is likely a few hundred million cans lower than desired, indicating a need to build inventory in Q4 for a strong 2026. For 2026, he sees a potentially tight year with growth aspirations from customers under contract. He expects earnings growth to come from the core business, particularly from a volume recovery in the Asia and Transit segments, supplemented by capital returns.

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CEO Timothy Donahue attributed the high incremental margins in Americas Beverage to adding volume to already highly utilized and efficient plants, describing it as 'all gravy.' While acknowledging Q1 cannot be extrapolated, he noted that current demand feels very high. Regarding tariffs, Donahue believes the potential cost increases can be absorbed by the consumer in the beverage can market and noted that food can customers have been managing steel tariffs for years.

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President and CEO Timothy Donahue stated that maintaining margins in a flat volume environment depends on the rational behavior of market participants and the industry's ability to hold price for the value it provides. For Transit Packaging, he mentioned ongoing facility consolidations and a focus on managing the business for cash returns. While hopeful for a second-half recovery, he noted the first six months of 2025 are expected to reflect current sluggish conditions.

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President and CEO Timothy Donahue attributed the strong margin to market share gains (which are not expected to recur at the same rate), exceptional performance in Brazil and Mexico, and manufacturing efficiencies of $20-$25 million. He noted that while lower aluminum costs helped percentage margins, this may reverse. Looking to 2025, Donahue acknowledged that PPI-based contract adjustments could be a small headwind favoring customers, but cautioned that PPI is an imperfect proxy for the company's overall cost structure.

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President & CEO Thomas Ferguson confirmed that about half of the Metal Coatings volume recovery was from Q4 normalization, with the other half being organic growth. He attributed improved zinc efficiency to the digital galvanizing system, leadership, and training, which has brought operations close to theoretical efficiency. SVP David Nark stated that the company does not typically disclose specific volume numbers.

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President & CEO Thomas Ferguson confirmed that about half of the Metal Coatings strength was a recovery from Q4, with the rest being organic growth. He credited enhanced zinc efficiency to digital tools, leadership, and operational excellence, noting they are approaching theoretical limits. SVP of Marketing, Communications & IR, David Nark, stated that the company does not disclose segment-specific volume numbers.

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President & CEO Thomas Ferguson confirmed that about half of the Metal Coatings volume increase was a recovery from Q4, with the other half being organic growth. He attributed the strong zinc efficiency to the company's digital galvanizing system, leadership development, and technical expertise, stating they are approaching theoretical efficiency levels. SVP David Nark noted that the company does not typically disclose specific volume numbers by segment.

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President & CEO Thomas Ferguson confirmed that approximately half of the Metal Coatings volume increase was a recovery from Q4, with the remainder being organic growth. He attributed the near-perfect zinc efficiency to the company's digital galvanizing system, leadership development, and technical expertise. SVP David Nark stated that the company does not typically disclose specific volume numbers by segment.

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President & CEO Tom Ferguson confirmed that approximately half of the Metal Coatings segment's strength was due to recovery from Q4, with the remainder being organic growth. He attributed improved zinc efficiency to the company's digital galvanizing system (DGS) and operational expertise, noting they are nearing theoretical efficiency. SVP David Nark stated that AZZ does not typically disclose specific volume numbers by segment.

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President & CEO Thomas Ferguson confirmed that approximately half of the Metal Coatings volume increase was a recovery from Q4, with the other half being organic growth. He credited the improved zinc efficiency to a combination of digital tools like the DGS platform, leadership training, and operational excellence, noting they are approaching theoretical efficiency limits. The company, including SVP David Nark, declined to provide specific volume numbers.

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Executive Tom Ferguson estimated the weather impact at $8-$12 million in lost revenue for Metal Coatings, which was fully recovered in March and April. He expressed confidence in guidance due to a strong Q1 start, planned acquisitions, and pricing initiatives. Executive Jason Crawford outlined a normal seasonal earnings pattern, but with a Q1 boost for Metal Coatings and a slight drag from the new Precoat facility in H1 before it ramps in H2. Ferguson described the M&A pipeline as strong, with active one-off galvanizing deals and larger potential Precoat deals under evaluation.

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President & CEO Celeste Mastin attributed the robust EA margin expansion to the outperformance of the ND Industries acquisition and strong cost controls. She noted significant share gains in transportation applications offset solar weakness, which she expects to have less of a top-line impact by year-end. EVP & CFO John Corcoran added that overall volume trends were similar to Q1, with strength in automotive and flexible packaging balanced by softness in residential construction.

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President and CEO Celeste Mastin confirmed they have not seen customer pre-buying, noting that durable goods markets remain weak. She highlighted significant market share gains in the HHC segment, particularly in hygiene, driven by innovation and a strategic shift away from lower-value products. Mastin explained that while solar revenue will be constrained due to repositioning towards higher-end applications, margins in that business are expected to improve. She also stated that the major impact of raw material inflation has passed, positioning the company to achieve its guided price-cost benefits for the remainder of the year.

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CEO Celeste Mastin clarified the restructuring strategy focuses on reducing redundancy and lowering production costs, particularly for the HHC business, by consolidating within the existing footprint. She attributed the Q4 margin decline primarily to an unexpected $20 million increase in raw material costs that impacted HHC. CFO John Corkrean added that Q1 volumes are tracking 'modestly better' than Q4, though Q1 is seasonally the company's lowest margin quarter.

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CEO Chrishan Anthon Villavarayan identified catalysts like reduced body shop backlogs and rising used car prices. He explained that Axalta is aggressively pursuing the economy segment, where its market share is only 9-11% versus over 40% in premium. While this segment has lower margins than premium, he confirmed it is accretive to Axalta's overall results and is a key part of their growth strategy.

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CEO Chris Villavarayan detailed the 2025 self-help initiatives, including targeting $30 million in savings from SG&A reductions and plant closures, continued supply chain optimization, and productivity gains from increased capital investments. CFO Carl Anderson provided the EBITDA bridge, stating that incremental revenue should convert at 35-40%, while the $30-40 million in transformation savings will be largely offset by labor inflation and tariffs.

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CEO Peter Konieczny explained that the North American weakness was driven by soft consumer demand due to inflation and tariff uncertainty, not destocking, particularly impacting the beverage business. He confirmed Berry's volume performance was better, attributing it to a different product and category mix with no exposure to North American beverage.

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The company was surprised by the speed of the market reaction and the delayed promotional response from customers. For volume recovery, they are actively lightweighting products and partnering with key customers rather than just waiting for consumer confidence to improve. The Pine Bluff mill had a negative LTM EBITDA of $14 million with $35 million in CapEx, so its divestiture is expected to be a deleveraging event and a cash flow benefit for 2025.

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Management noted that while Q1 Foodservice foot traffic was down significantly (~4%), Pactiv's volumes were down only slightly, indicating outperformance. They anticipate a low single-digit recovery in the second half driven by customer promotions. They confirmed that customers are increasingly focused on their own costs, putting pressure on the entire supply chain, a trend expected to continue. Pactiv is partnering with these customers to help them create value.

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Management clarified that the Foodservice segment is further along in its 'value over volume' strategy, leading to its volume growth, while Food & Beverage Merchandising is still in the execution phase. They expect increased promotional activity to benefit the second half of the year. The savings from the optimization program are expected to be incremental 'hard dollar' savings from fixed cost reductions, not just offsets to inflation.

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The company feels well-aligned, with strong positions in both branded and private label products, allowing them to win even with consumer trade-downs. The foodservice portfolio is largely cups and lids and represents 20-25% of the CPNA business. The primary lens for divestitures is the core strategy to be a consumer-facing sustainable packaging supplier; businesses that don't fit this profile are considered for divestment.

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