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President, CEO & Director Rich Sumner stated that Iran's 'shadow fleet' has so far proven adequate to get product to market. CFO & SVP - Finance Dean Richardson explained that the Natgasoline JV debt is not consolidated on the balance sheet due to equity accounting rules, which is why the gross debt figure did not increase as much as expected.

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Executive Rich Sumner stated that the China cost curve is firm in the $270-$280 per tonne range, supported by government-targeted coal prices and MTO affordability. He noted that while there are no direct U.S.-to-China methanol flows, the main risk from tariffs is a potential slowdown in Chinese export manufacturing, though the impact on methanol demand is expected to be minimal. In an oversupply scenario, he would expect moderation in coastal China operating rates.

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CEO & President Scott A. Richardson emphasized that the team is achieving over 20% EBITDA margins despite historically low Western Hemisphere demand. He stated that recovery is primarily about volume improvement in the Western Hemisphere, as profitability there is key. He provided a rule of thumb: a 3% volume change in Western Hemisphere non-tow acetyls equates to about $10 million in quarterly earnings, highlighting the significant leverage to a volume recovery.

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CEO Scott Richardson clarified that tariffs have minimal impact on the Acetyl Chain, which largely operates on a 'China for China' model. He explained that the tariff headwind and the sales from the U.S. to China are almost entirely related to the Engineered Materials segment. He added that Celanese has the ability to mitigate about half of this EM exposure by shifting production.

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CEO Lori Ryerkerk reaffirmed confidence in the EM portfolio, noting that while standard nylon faces pressure, other acquired product lines are outperforming. COO Scott Richardson explained that Q3 EBIT was negatively impacted by inventory timing effects and price degradation in standard grade products, which offset volume and synergy benefits.

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CEO Chuck Magro explained the $50 million tariff impact is a manageable gross figure that they expect to mitigate, and it was kept separate to provide a clear view of core business performance. CFO David Johnson addressed the BRL exposure, noting 85% is in the second half. The company is over 80% hedged for Q3 and under 20% for Q4, with the current situation being slightly favorable to their guide but balanced by other factors.

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CFO David Johnson explained that the guidance range was narrowed as it became official, and the midpoint reduction was almost entirely due to FX. CEO Charles Magro added that reaching the previous high end would have required the Crop Protection market to return to growth, which is now forecast to be flat. The lower end was maintained to account for risks like a stronger U.S. dollar or weaker-than-expected market conditions.

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CEO Chuck Magro confirmed that while the overall industry is expected to be flat, Corteva anticipates outperforming with mid-single-digit volume growth. This growth will be driven by new technologies and biologicals. He noted positive signs of stabilization in the crop protection market, with Corteva's business seeing its second consecutive quarter of volume growth.

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CEO Corning Painter explained that the Q1 outages were an unusual clustering of issues related to aged facilities, but the plants are now operating well. CFO Jeff Glajch detailed the financial impact, noting the ~$13 million was specific to the Rubber segment and primarily consisted of downtime, fixed cost absorption, and timing costs, which are contained in Q1. For Q2, Glajch anticipates an inventory hit from lower oil prices but expects a step-up in Q3. Painter added that the company expects demand to build in the second half due to tariffs.

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CFO Jeffrey Glajch explained that the guidance midpoint is driven by mid-single-digit rubber volume growth from new contracts, specialty volume growth, a ~$10 million operational improvement in China, and $10-15 million from specialty mix and cogen, not from macro improvements. CEO Corning Painter added that the guidance assumes no relief from tire import pressures. He clarified the China recovery is a mix of better cost absorption and incremental premium volume. Painter stated the La Porte plant would likely be a net negative to EBITDA in 2026 due to ramp-up costs and that Russian supply would likely displace other imports, not local European production, mitigating the risk.

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CEO Corning Painter explained that the positive 2025 outlook stems from normalizing tire imports, customer strategies to regain market share, and potential tariffs, not just contract wins. He described contract negotiations as positive but avoided specific pricing details due to their ongoing nature. For the Specialty segment, he cited debottlenecking and infrastructure demand as key drivers. Regarding the Huaibei plant, CFO Jeff Glajch quantified a potential ~$20 million EBITDA benefit over time compared to 2024, with roughly half of that expected in 2025.

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CFO Michael DeVeau explained that IFF's diverse global operations help mitigate tariff impacts, which are primarily related to U.S.-China trade. He quantified the gross exposure at over $100 million for 2025, with a potential run rate of around double that amount. DeVeau emphasized that the company is actively using supply chain optimization and targeted pricing surcharges with the goal of achieving full mitigation over time.

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CFO Michael DeVeau detailed the 2025 EBITDA bridge, stating it is primarily driven by volume growth and productivity. He projected that a 2.5% sales growth at a 35% incremental margin would yield 4-5 points of EBITDA growth, with another 2% benefit from net productivity. DeVeau clarified that the $100 million incentive compensation reset is being fully offset by reinvestments, and net price-to-cost is expected to be neutral. Regarding seasonality, he noted that the first half of 2025 will be stronger in absolute dollar terms due to the pharma divestiture closing at the end of Q2, with Q2 typically being the seasonally strongest quarter.

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CEO Jon Erik Fyrwald responded that Q4 started as expected but noted a pattern of deceleration in recent quarters. He expressed caution due to limited visibility into December and the potential for customer inventory adjustments, a trend seen in prior years, stating the company wants to ensure it delivers on its promises.

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CFO Carl Anderson explained that the second-half weighting of EBITDA is similar to the prior year. Confidence is supported by the ramp-up of significant new business wins, particularly in Brazil, which will provide a tailwind in Q3 and Q4. He also anticipates greater stabilization in the Refinish and Industrial markets in the back half of the year.

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President and CEO Denise Dignam confirmed the initial Navin Fluorine capacity is for field trials and commercialization development. She stated that while the future manufacturing structure is undecided, the company will explore prudent capital options, including customer partnerships. Regarding tariffs, she characterized the impact as neutral, highlighting Chemours' flexible global supply chain as a key mitigator.

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CEO Denise Dignam explained that the 'green shoots' refer to early signs of market share gains in Europe, as high-quality TiO2 exports from China have declined. She also cited improving macro indicators like the U.S. housing market index. She clarified the Q1 headwind is a temporary regional mix shift toward Europe and away from North America, which she expects to reverse as the U.S. coatings season begins in Q2.

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CFO Shane Hostetter explained that the 'greater than 30%' margin guidance for TSS in 2025 already incorporates several factors, including costs for purchasing quota, raw material mix shifts, and sourcing dynamics, which offset some benefits from the new Corpus Christi production. Regarding the cost savings, Hostetter clarified that the $250 million is an incremental target for 2025-2027, with approximately 50% expected to be achieved on a run-rate basis by the end of 2025, with the impact weighted towards the second half of the year.

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CEO Daniel Fisher explained that the company's 2-to-1 volume-to-EBIT leverage target is an enterprise-wide metric, not specific to any single region. For North America, he expects the earnings profile to be maintained, with any slight increase in total comparable operating earnings being influenced by product mix rather than significant margin expansion.

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CFO Howard Yu explained that Q4 EPS is expected to grow in the mid-single-digit range, consistent with the full-year target. He noted a couple of cents were pulled into Q3 from insurance proceeds, slightly affecting the Q4 number. Regarding a flat volume scenario for 2025, Yu emphasized the focus on controllable operational efficiencies and stated more detailed 2025 commentary would be provided with Q4 earnings.

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President and CEO Dustin Semach stated that the volume assumption for Protective in the second half is a decline of about 1%. Regarding equipment, he explained that USMCA exemptions have significantly minimized direct tariff exposure, and any remaining impact is viewed as manageable through supply chain adjustments. He added that the equipment business is performing in line with expectations, with a book-to-bill ratio above 1 in Q1.

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CEO Dustin Semach explained that the price increase is driven by two factors. First, the company is already benefiting from formula-based pricing pass-throughs in North America, reflecting resin cost movements from the back half of 2024. Second, the company has been able to take modest, direct price increases that reflect the value proposition of its portfolios in a more stable input cost environment.

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CEO Dustin Semach explained that the price growth is driven by two main factors. First, the company is already benefiting from formula-based pricing pass-throughs in North America, reflecting resin cost movements from the back half of 2024. Second, the company has been able to implement modest price increases that reflect the portfolio's strong value proposition. He added that the pricing environment is now more stable than in recent volatile years.

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CEO Patrick Kivits responded that the company is currently "laser focused on operationalizing" the new structure to improve performance internally. He stated that while they always evaluate opportunities for footprint rationalization, they are comfortable with the current portfolio and are focused on driving change within the existing businesses.

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CEO and President Sean Keohane confirmed that normal seasonal upticks in applications like agriculture and decorative coatings are occurring but are being tempered by a general cautious customer posture on inventory due to tariff uncertainty. EVP and CFO Erica McLaughlin explained the $30 million in cost savings is a mix of temporary and structural actions, with about one-third recognized in the first half (mostly Q2) and the remaining two-thirds expected ratably over the second half of the year.

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CEO Peter Huntsman expressed strong doubt that Europe could competitively backfill Asian MDI imports into the U.S., citing Europe's higher manufacturing costs, duties, and transportation expenses, making it economically unviable. Regarding contracts, he explained that while just under 50% of North American volume has some form of price pass-through, these contracts typically have 'pit stops' every 3-6 months, allowing for renegotiation of the margin component separate from raw material costs.

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CFO Phil Lister explained that underlying cost reductions have been partially offset by inflation, LIFO losses, and FX impacts. CEO Peter Huntsman clarified the European strategy is to align their footprint with reduced demand by consolidating into the most efficient facilities and removing excess capacity.

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Chairman, CEO and President Peter Huntsman stated he had no insight into Covestro/ADNOC's plans but speculated they would avoid disruptive actions before the deal closes. He affirmed his belief that Huntsman could still achieve its earnings power, suggesting that any weakness in Europe could be offset by moving more production downstream in the more competitive North American and Asian regions.

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CFO Antonella Franzen explained that guidance was kept 'clean' to reflect underlying operational performance amid tariff uncertainty, with ongoing mitigation efforts. CEO Lori Koch addressed the Tyvek inquiry, stating they see no risk of the investigation spreading, exposure is minimal (less than 1% of sales), and business operations are unaffected.

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CEO Lori Koch explained that the Q1 comparison for the automotive portion of the new DuPont is less favorable than it seems, impacting the overall growth rate. CFO Antonella Franzen reiterated that share buybacks are on hold until after the separation, as cash is being prioritized for transaction-related costs.

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Executive Chairman Ed Breen stated definitively that the plan is to proceed with the separations of both water and electronics, with no alternatives being explored. CEO Lori Koch explained that while there are some growth investments in electronics, spending is not 'gangbusters' and the company remains disciplined on costs, particularly fixed costs, which is helping drive margin recovery.

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President and CEO Kenneth Lane projected a slight sequential improvement for Winchester in Q2, partly due to seasonality in the acquired White Flyer business and modest commercial demand recovery. CFO Todd Slater provided the Q1 year-over-year bridge, attributing roughly two-thirds of the decline to volume and price, and one-third to higher commodity and propellant costs.

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President and CEO Kenneth Lane attributed the overall Q4 outlook to the lingering $25 million hurricane impact and, more significantly, lower expected profitability from Winchester due to seasonality and destocking. For Chlor Alkali specifically, he confirmed caustic pricing is better than Q1. Lane clarified that the apparent sequential decline in chlorine pricing was purely a product mix effect resulting from the hurricane-related downtime and does not reflect a change in strategy.

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M. Bender, EVP and CFO, stated that while the export margin for PVC is narrow, it remains positive. He confirmed that domestic PVC prices reflect export prices and that there is no current need to flex the manufacturing chain or reduce operations at the front end.

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EVP and CFO Steve Bender attributed the sequential price change more to product mix within Westlake's diverse portfolio rather than a shift between export and domestic sales. Regarding PVC, he noted that recent upward revisions in settlement expectations by consultants signal market strength, which supports Westlake's price increase nominations across its product slate.

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EVP and CFO Steve Bender explained that the HIP segment successfully maintained healthy sales prices, which offset higher PVC costs, leading to relatively flat average selling prices sequentially. Regarding Vinnolit, he noted that while the slower European construction market constrains pricing, the business's specialty PVC portfolio continues to deliver good results relative to commodity products.

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Sanjiv Lamba, CEO, explained that the pragmatism relates to a growing acceptance in Europe of low-carbon (blue) hydrogen as a cost-competitive decarbonization solution. This shift could lead to regulatory changes that support carbon capture and sequestration, creating opportunities for projects like the one Linde is developing with Equinor, by acknowledging the role of blue hydrogen in the energy transition.

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CEO Sanjiv Lamba explained that while gas sales to electronics customers were up sequentially, the overall segment was impacted by inventory destocking in the advanced materials (LAMT) business, which supplies components to the industry. He expressed confidence that this destocking will normalize in Q4, leading to solid sequential growth for the electronics business overall.

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General Manager Jim Minicucci and CEO Guillermo Novo clarified the weakness is not from destocking but from softer demand in Europe and specific customer dynamics, particularly in oral care timing. Novo confirmed the share pressure in Asia for coatings is not new and is consistent with prior commentary on competitive intensity. The newer softness is related to muted market demand in North America and Europe.

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CEO Guillermo Novo clarified that visibility for Q2 has not changed and remains normal; his comments were about the March-September period being most critical for the full-year outlook. Alessandra Faccin, EVP & GM of Life Sciences, confirmed they have visibility into share gains, stating that contract negotiations are mostly finalized and they are actively regaining business in Asia and Latin America.

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Executive Melissa Schaeffer explicitly confirmed that the projection for positive cash flow is after the dividend. CEO Eduardo Menezes stated that the guidance assumes not 'a lot of help' from the broader economy and noted that potential tariffs are a bigger risk to capital project costs than to the day-to-day operational business.

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Chief Financial Officer Melissa Schaeffer specified that pricing actions in Europe are focused on recovering higher power costs, which occurs with a one-month to one-quarter lag. Regarding corporate costs, she explained the Q1 figure was elevated due to inflation and higher incentive compensation accruals compared to the prior year, with productivity benefits expected to ramp up in the second half.

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EVP and General Counsel Sean Major affirmed that the NEOM contract is consistent with similar offtake agreements and the company is confident it will be fully operational. Chairman, President and CEO Seifi Ghasemi clarified that all projects are evaluated based on their unlevered IRR. The use of project financing is a subsequent step that can enhance the return on equity but does not change the initial investment criteria.

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CFO Vince Morales explained that historical seasonality has changed due to recent divestitures. He pointed to several factors that will aid H2 performance: weaker comps from last year's industrial activity, the launch of share gains in industrial, additional benefits from self-help programs, and some improvement in Europe. These factors will affect the year-over-year seasonality comparisons.

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SVP and CFO Vince Morales noted the divestiture would be slightly accretive if proceeds are used for buybacks. Chairman and CEO Timothy Knavish expressed continued confidence in the long-term goals over a full cycle, highlighting current momentum in aerospace and refinish, improving volume comps, and the strategic benefits of a more focused portfolio.

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CFO Scott Kirkland acknowledged that Q1 SG&A was better than expected, helped by the 'One Ecolab' program delivering 30 basis points of leverage year-over-year. He reiterated guidance for 20-30 basis points of SG&A leverage for the full year, likely at the lower end due to ongoing growth investments. Long-term, he expects the One Ecolab program and digital capabilities to enable SG&A leverage beyond the historical 20-30 basis points annually.

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CFO Scott Kirkland confirmed the exceptional margin performance in Institutional & Specialty, with a 380 basis point year-over-year increase. He attributed the modest sequential decline from Q2 to Q3 to strategic investments in the field force. Kirkland stated he expects the full-year operating income margin for the segment to be approximately 22%, aligning with long-term targets.

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Executive Heidi Petz clarified that the timeline is 'longer term,' suggesting it would be a topic for the next 18 to 24 months due to the long-cycle nature of these projects. Executive Allen Mistysyn added that any gains in property maintenance are currently being masked by core market softness, while new commercial project wins have a 12- to 18-month lag before painting begins.

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SVP & CFO Allen Mistysyn clarified the $200 million is for finishing the R&D center and headquarters. He explained that core CapEx is elevated in 2025 due to strategic investments in new architectural capacity at the Statesville factory and warehouse automation. He affirmed the long-term target remains 2% of sales.

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Executive Allen Mistysyn explained that the gross CapEx number is elevated by the new headquarters project, but after accounting for financing reimbursements, the net core CapEx is in line with the target of ~2% of sales. Executive Heidi Petz identified the slowdown risk as broad-based within General Industrial, particularly in heavy equipment and agriculture, but currently views it as transitory.

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Chairman and CEO Frank Sullivan explained that consumer takeaway has been flat to declining for 18 months, and growth will depend on self-help measures like new products, not a market rebound. He confirmed the innovation center costs are fully loaded into the Specialty Products Group's results for fiscal '25, so they will not be a new headwind in fiscal '26.

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CEO Frank Sullivan clarified that strong leverage was present across most segments but was masked in the Consumer Group by a $4.4 million bad debt charge. He added that achieving strong double-digit earnings growth in Q4 would require volume growth in the range of the 3% seen in Q2, with leverage amplified by Q4 being a seasonally stronger quarter.

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CEO Oliver Graham attributed the positive outlook to a recovery in the energy drink category and sustained strength in carbonated soft drinks and ready-to-drink cocktails. He emphasized that core growth drivers like sustainability and innovation remain strong. Regarding the energy drink M&A, Graham stated that AMP sees no immediate risk or significant upside, viewing the involved companies as strong market players.

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CEO Oliver Graham explained that with the overall European market being very tight, some volume was likely lost while some may have gone unfulfilled. He believes the impact held back AMP's growth by 1-2 points but does not see it as a major factor for 2025, as inventory rebalancing is already factored into the stronger Q4 2024 guidance.

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CEO Benjamin Gliklich stated that the company outperformed its electronics markets in both the modest recovery of 2024 and the weaker 2023 period. He attributed this to successfully penetrating the fastest-growing subsegments of the electronics hardware market, such as high-performance computing. Gliklich expressed high conviction that this level of outperformance will continue as these secularly growing, high-value niches become a larger portion of the overall market.

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CEO Benjamin Gliklich explained that while the overall electronics market improvement has been uneven, ESI's traction in emerging technologies like Advanced Packaging is offsetting weakness in traditional sectors. He noted that Advanced Packaging trends benefit all three electronics businesses, with a particularly strong impact on the Semiconductor segment. Gliklich expressed optimism for broader market improvement in 2025, citing forecasts for high single-digit growth in key areas like PCBs.

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CEO John Romano and CFO John Srivisal confirmed the $50-$60 million mining cost is a temporary headwind from delayed CapEx that will largely reverse in 2026. Srivisal explained that the 2025 working capital use is mainly driven by higher accounts receivable from increased volumes, a positive sign, and that inventory is expected to be a source of cash. He also stated there are no significant cash costs anticipated for the savings program in the current year.

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CEO John Romano and CFO John Srivisal clarified that while lower-cost tons are being produced, weaker-than-expected demand is slowing the sell-through of high-cost inventory. Srivisal added that headwinds from FX ($7-$10 million), higher freight costs, and lower 'other' revenue are also impacting the Q4 bridge. Romano explained that competitive activity, mainly from Chinese producers absorbing duties, has muted Q4 price increase potential and impacted volume.

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CFO Neal Sheorey stated there are no further investment requirements tied to the prepayment, describing it as a unique opportunity arising from ongoing partner discussions. CEO Jerry Masters commented that the restart of lepidolite production in China is not surprising, as the company had already modeled some lepidolite volume coming back online to meet strong domestic demand in a resource-short market.

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CFO John Haudrich stated that the 2027 targets already incorporate the future energy outlook, with more details to come at Investor Day. CEO Gordon Hardie added that a new enterprise-wide program is focused on reducing energy usage. Regarding working capital, Haudrich explained the planned inventory reduction will be offset by a decrease in accounts payable resulting from the shrinking of the operating network, leading to a net neutral impact.

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CEO Gordon Hardie explained that the "Fit to Win" program focuses on driving productivity and reducing costs to create flexibility, allowing O-I to be more price competitive where needed while still increasing earnings. He stated the SG&A target was guided by peer benchmarks (competitors at 5% of revenue vs. O-I's 8%) and the need for a cost structure that reflects its portfolio. CFO John Haudrich added that a "Phase B" of savings provides a buffer against potential price headwinds.

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CEO Pierre Brondeau and President Ronaldo Pereira clarified that the volume growth is not expected from the core portfolio, where inventory reduction is the priority. Instead, they stated that approximately 75% of the growth will come from the 'growth portfolio,' including new active ingredients and biologicals, and from developing new routes to market, such as direct sales to large growers. These areas are not impacted by existing channel inventory.

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Pierre Brondeau, Chairman and CEO, clarified that the full-year forecast was maintained by adjusting the Q4 outlook to account for the Q3 over-delivery. Regarding 2025, he stated it was too early for a precise diamide forecast pending partner negotiations, but he expressed high confidence in the growth of specific products like Exirel.

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EVP and CFO Jim Gray clarified that total company volume growth is expected to be in the low-to-mid single-digit range, with a much smaller price/mix headwind in 2025 compared to 2024. President and CEO Jim Zallie confirmed that contracting for 2025 is complete, with no significant multiyear adjustments expected, as most occurred in the prior year. He added that a key goal for the U.S./Canada Food & Industrial segment is to maintain the significant margin expansion achieved over the last two years.

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President and CEO James Zallie attributed the structural improvements to the new business segment structure and a more mature global operating model, stating they are in the 'early innings' of realizing the full benefits. EVP and CFO Jim Gray added that tightened operational cadences in the Food & Industrial segments are supporting higher margins. Regarding the 2025 outlook, management noted it is still early but that improving global economic conditions are generally favorable for demand.

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CEO James Fitterling stated that Dow is actively engaged with the U.S. administration to provide data and context. He described the trade relationship with Canada as 'relatively balanced,' with products moving both ways. Fitterling expressed his belief that the administration's goal is to avoid unintended economic consequences rather than broadly disrupt trade.

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James Fitterling, Chair and CEO, explained that these actions are designed to maintain a low-cost position by consolidating production into more efficient assets, thereby improving operating rates. He noted a 500 basis point year-over-year improvement in operating rates. While there were exit costs in 2023 and 2024, he expects a positive bottom-line impact from these moves to become visible in 2025.

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CEO Haitham Khouri confirmed that the industry operated at maximum capacity during peak Q3 periods, evidenced by the activation of the Air Force's MAFS program. He stated that long-term growth is driven by partners adding larger air tankers, customers expanding fleets, and Perimeter's own investments in air base upgrades. Regarding capital allocation, Khouri explained the company will be patient in finding the right M&A target but will not remain under-levered indefinitely, viewing an efficient capital structure as essential. He indicated a special dividend is a possibility if other high-return options don't materialize over time, but this is a longer-term consideration.

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CEO Mark Costa reiterated that specific 2025 methanolysis guidance would come later, but highlighted two key drivers for year-over-year improvement: a significant cost tailwind from higher plant utilization and a ramp-up in revenue. CFO Willie McLain explained the strategic inventory build is to support future growth efficiently. It allows production line flexibility for polyesters ahead of a new facility and supports market adoption for new cellulosic products like Aventa, leveraging working capital instead of immediate capital spending.

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EVP Bert Frost characterized the global supply situation as constructive, citing reduced exports from China and production issues in Europe. He stated that low inventories in North America create a positive setup for the spring season. He noted that fall application timing depends on soil temperature and moisture, with the season often extending into December.

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Jenny Wang, EVP of Commercial, reiterated that Mosaic is pursuing a 'value over volume' strategy in Brazil, being selective on credit risk, which can temper volume growth. President and CEO Bruce Bodine expressed continued optimism for the market and highlighted the upcoming Palmeirante blend plant, which will add 1 million tons of distribution capability in mid-2025. This investment provides the flexibility to grow volumes when it is economically and risk-adjusted sensible to do so.

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Executive Kevin Clothier clarified that the 'at least $750 million' free cash flow guidance is after the $100 million pension contribution. He broke down the Q4 cash flow bridge, noting earnings and working capital gains would be offset by capex, interest, and tax payments. President and CEO Timothy Donahue defended the Q4 guidance range as fair, explaining that the year-over-year comparison for Americas Beverage is much tougher in Q4, with the primary opportunity for outperformance coming from European Beverage due to last year's destocking.

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CEO Peter Vanacker clarified the strategy is market-driven by demand for circular products, not a push to change the feed slate. EVP Kim Foley added this is a low-cost method to enter a new market by leveraging existing flexible crackers and optimizing the feed slate for profitability. Vanacker also highlighted the capital efficiency of retrofitting existing assets over building new ones.

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