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Chairman, CEO & President Tod Carpenter stated that while China's orders are up against easy comps, the company remains cautiously optimistic. He confirmed that current backlogs support the fiscal 2026 guide and that late backlogs are below pre-pandemic levels. On long-term margins, CFO Brad Pogalz acknowledged that a rebound in lower-margin OE businesses would create mix pressure, but structural cost improvements provide a path for continued operating margin expansion, calling the goal 'absolutely alive and well.'

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CEO Tod Carpenter stated that they have not seen any pre-buying or destocking from off-road customers related to tariff discussions, noting the only behavioral change has been more inquiries about their manufacturing capabilities outside the U.S. He added that it is too difficult to determine if the current softness is lost or deferred demand, as it's being driven by end-market conditions rather than customer inventory strategies.

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EVP, Operations & Technology Chris Osowski explained that while the CST technology is proven, the asset is currently running as a standard ethanol plant due to strong margins. A decision on the additional capital investment required to fully utilize the CST asset will be revisited in 2026, with the current focus being on maximizing value from 45Z tax credits.

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EVP, Operations & Technology, Chris Osowski explained that while the technology is proven, the associated plant is currently maximizing value from strong ethanol margins. A decision on the additional capital investment needed to fully utilize the CST asset will be revisited in 2026, aligning with the company's disciplined capital allocation strategy. The immediate focus is on capitalizing on the 45Z tax credit opportunity.

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Todd Becker, President and CEO, indicated the Q1 restructuring charge would be minimal (under $10 million) with a non-material cash flow impact. He stated the return on capital for protein is currently 4-8%, below target due to market pressures, but the assets are cash-flow positive. He acknowledged the return on the sugar investment is taking longer to realize due to operational bottlenecks.

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CEO James Litinsky stated there are no restrictions on selling to Europe, only to hostile states. He confirmed the primary focus for capital and execution is on domestic projects for GM, Apple, and the DoD. Future international opportunities, like the one in Saudi Arabia, will be pursued in a more 'capital-light' manner, which he believes could accelerate returns for MP shareholders.

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CFO Ryan Corbett explained that the company is entering a 'harvesting mode' from its investments and that the working capital impact from stockpiling concentrate is minor and manageable given their strong balance sheet. He and CEO Jim Litinsky stated that the priority in partner discussions is capitalizing on a 'generational opportunity' to scale the business, expecting significant commitments from industry and government to support acceleration, which must be rewarding for shareholders.

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CFO Ryan Corbett clarified that while magnet quality is high, the full automotive qualification (PPAP) process is lengthy and requires production runs on full-scale equipment later in the year. CEO James Litinsky emphasized that the primary focus is flawless execution for GM. He noted future growth will be methodical and likely target the physical AI sector, where a non-China supply chain is critical, and that they will not rush expansion but act as thoughtful stewards of capital.

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CEO J. Erik Fyrwald noted a slowdown in Taste in the U.S. and Asia but strength in Europe and Latin America. In Scent, he expects Fine Fragrance to remain strong while Consumer Fragrance sees low single-digit growth. He anticipates Fragrance Ingredients will remain negative in H2 due to commodity pressures, but should flatten in 2026 and grow in 2027 as the specialty portfolio expands.

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CFO Michael DeVeau addressed the question, noting that while customer weakness can create a lag, the industry recently experienced a significant and lengthy destocking period. He believes customer inventories are not highly elevated, which should mitigate the risk of another major destocking wave. However, he stressed that the company's cautious outlook and focus on productivity are designed to prepare for any scenario.

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CEO Jon Erik Fyrwald responded that customers are generally conservative about volume growth due to economic uncertainty, which drives them to seek innovation—an opportunity for IFF. CFO Michael DeVeau addressed the long-term targets, stating that both margins and ROIC are expected to be 'higher.' He emphasized a concentrated effort on improving Return on Invested Capital in 2025 through disciplined spending, with more formal targets to be provided later in the year.

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President, CEO & Director Sean Keohane described network optimization as a broad effort involving product mix improvements and matching demand with the most cost-effective assets. EVP & CFO Erica McLaughlin added that the company is ahead of its $30 million cost-saving target for the year. She noted that some savings are structural and will persist, while others are timing-related. She concluded that these initiatives would be favorable to operating leverage and would not be a negative factor during a recovery.

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President, CEO & Chairman Ashish Khandpur confirmed that these specialized products are indeed margin-accretive, which is a key reason healthcare was chosen as a strategic growth vector. He highlighted the "stickiness" of the business once specified. While declining to provide specific percentages, Khandpur affirmed that the company's strategy is to develop margin-accretive products and that this innovation, along with operational leverage, is the primary driver for future margin expansion.

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SVP and CFO Jamie Beggs stated that Avient expects 1-2% raw material inflation for the full year, with Q1 seeing a net $4 million impact from mixed trends. President and CEO Dr. Ashish Khandpur noted that while only healthcare grew double-digits in Q1, defense is also considered a high-growth market despite a tough comp, and this growth is viewed as sustainable and not driven by pricing.

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President and CEO Dr. Ashish Khandpur explained that Asia's 11% growth was driven by consumer, healthcare, and industrial sectors, while Europe's 5% growth came from market share gains in healthcare, defense, and packaging. He stated the cultural shift is designed to drive differentiated growth and margin expansion through innovation and a solutions-based approach to high-growth markets, rather than just incremental gains, aiming to build new platforms for growth.

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Chairman and CEO Mark Costa responded that customers remain highly engaged on innovation projects across the portfolio, including next-generation automotive HUDs, EV solutions, and sustainable materials like Aventa. He noted that while engagement on future growth platforms is strong, the actual rate of adoption for new products is currently constrained by the difficult economic environment and customers' short-term focus on managing costs and tariff impacts. However, the innovation pipeline itself has not paused.

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CEO Mark Costa explained that demand for biodegradable solutions like Aventa is driven by policies banning certain materials (e.g., polystyrene) and the need for alternatives for non-recyclable packaging, addressing the broader plastic waste problem. For other markets, he highlighted the Specialty Plastics business, where products like BPA-free Triton have consistently delivered above-market growth by replacing materials like polycarbonate in appliances and consumer goods.

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CFO Neal Sheorey affirmed that maintaining positive free cash flow is the goal. He outlined several levers, including the full-year benefit of 2025's cost savings, increased production from owned facilities reducing tolling costs, lower JV capital expenditures potentially increasing dividends, and continued discipline on Albemarle's own CapEx.

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CEO Jerry Masters responded that the core strategy would not change. He emphasized that Albemarle's focus is on leveraging its world-class, low-cost resources and maintaining cost efficiency to ensure it remains competitive and profitable even at the bottom of the price cycle.

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CEO Jerry Masters and CCO Eric Norris clarified that about 50% of lithium salts volumes are under long-term agreements with price floors. CFO Neal Sheorey explained that the $350 million cash prepayment was received upfront, while the corresponding EBITDA will be recognized incrementally over the next five years as the product is delivered at market-indexed prices.

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CEO Guillermo Novo responded that the approach will vary by technology. For many platforms, Ashland is repurposing existing assets, minimizing upfront investment. For newer platforms like TBO and novel cellulosics, there will be an investment phase, but the company will add technical and R&D resources in line with specific customer commitments rather than pre-emptively. This approach is designed to align spending with validated commercial opportunities and manage the impact on profitability during the ramp-up phase.

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Christophe Beck, Chairman & CEO, did not provide specific IRR figures but stated that because the new growth engines are growing at double-digit rates with margins approaching 30%—well above the company average—the returns on these investments are expected to be higher than average. He emphasized the massive market opportunities in areas like AI data center cooling and biopharma justify the focused investment.

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Christophe Beck, Chairman and CEO, provided a concise answer, stating that Ecolab has not yet seen any impact from deregulation on any of its businesses. While he remains hopeful that such changes could help U.S. industry in the future, particularly in the downstream business, there have been no positive signs in the numbers so far.

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Scott Kirkland, CFO, provided guidance for 20-30 basis points of SG&A leverage (at the lower end), an adjusted tax rate of 20-21%, and a continued disciplined capital allocation strategy. He indicated that with net leverage at a healthy 1.7x, the company will prioritize organic and inorganic investments, with buybacks expected at 'normal levels' depending on M&A opportunities.

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CEO Heidi Petz stated that while the core refinish market is challenged, Sherwin-Williams is offsetting this with record new account wins. CFO Al Mestyshin projected ~$80M in annual savings from restructuring, with less than half realized in 2025. He expressed confidence that the current CapEx target of ~2% of sales is sufficient to support future growth due to recent capacity expansions.

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CEO Heidi Petz noted that in Auto Refinish, strong new account growth is offsetting core market weakness tied to the insurance claims environment. CFO Allen Mistysyn stated the restructuring will yield $80 million in annual savings and that the long-term CapEx target of 2% of sales is maintainable due to recently completed capacity expansions.

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Executive Heidi Petz stated there are 'nothing significant' in terms of labor challenges. She emphasized the company's focus on being an 'employer of choice' through strong recruiting, retention, and internal mobility programs like 'Create Your Possible.' She noted that talent and culture is a key enterprise priority, enabling the company to achieve its goals.

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SVP & CFO Allen Mistysyn explained that the company's performance within its guidance range will be primarily dictated by the volume performance of the Paint Stores Group. As the fastest-growing and most profitable segment, its results will be the key determinant of the final EPS outcome.

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CFO Anurag Maheshwari stated that operating leverage should be 35% or higher if volume accelerates, as growth investments remain significant despite the metering. CEO William Brown clarified that PFAS property damage claims are largely encompassed within the ongoing state attorneys general cases, which are being managed as they progress through the legal system.

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Executive Carlo Broos clarified that the quarterly cash burn is down to approximately $4.4 million and the Q1 SG&A increase was due to a $3 million litigation accrual. Interim CEO Peter Beetham detailed the EU's trilogue process, expecting a final text within six months, and noted that for trait commercialization, partners handle inventory, minimizing Cibus's working capital needs. Beetham and CSO Gregory Gocal added that the biofragrance business could ramp quickly from 2026-2028 after seeing nominal revenues in late 2025.

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Interim CEO Peter Beetham and CSO Greg Gocal explained that the EU's progress is a critical step toward harmonizing the global regulatory landscape, which they expect will accelerate customer programs worldwide. They noted that the new legislation treats their non-GMO products as 'conventional-like,' which is highly favorable. Regarding patents, Peter Beetham stated that the EU Council's proposed amendments focus on transparency, requiring disclosure of underlying patents, a position Cibus views as strong and positive for the industry.

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CEO Rory Riggs and COO Peter Beetham explained that regulatory frameworks are harmonizing, with approvals in place for initial rice launch markets and positive momentum expected in Europe in early 2025. They detailed commercial launch timelines for rice ('27-'28 in the U.S.) and canola ('26), noting the soybean platform is a key near-term milestone. Riggs clarified that while initial edits are to prove capability, the model will shift to a profitable, for-profit service where partners pay for edits, with this flip expected around 2026.

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President and CEO Denise Dignam stated that current intelligence suggests a couple of hundred thousand tons of TiO2 capacity are coming out of the Asian market, a trend expected to continue as more fair trade zones are established. Regarding refrigerants, she affirmed that the U.S. AIM Act transition is proceeding as planned and that Chemours is actively innovating on next-generation, lower GWP products.

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CFO Shane Hostetter clarified that the downside risk in the guidance relates to potential operational pressures if discussions with the EPA on science-based regulations do not proceed favorably. He reiterated the company's commitment to optimizing the APM portfolio through strategic actions like the recent SPS business exit and putting the hydrogen expansion on hold, as part of the Pathway to Thrive strategy.

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CEO Denise Dignam stated that while positive for the long term, the nuclear power ruling doesn't change the immediate demand picture for immersion cooling, as its value is driven by superior performance in high-wattage applications that current technologies cannot match. CFO Shane Hostetter explained that the disciplined capital review ensures investments are balanced against the company's leverage, liquidity needs, and litigation settlement goals, providing a clear framework for prioritizing capital allocation.

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CEO Scott Richardson stated it was too early to speculate on 2026 but reiterated the $2/share quarterly run rate as a potential baseline. He confirmed they are focused on growing the high-impact project pipeline faster than before. On a volume recovery, he did not provide a specific number but highlighted significant upside potential in both acetyls (from historically low demand in paints/coatings) and EM (from cost-outs and leveraging their global compounding network).

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CEO Scott Richardson clarified that the issues in acetyls were not execution-related but rather a result of a lengthy supply/demand imbalance driven by a demand decline late in the year. On divestitures, he stated that the company has identified non-critical assets and is having conversations, but emphasized they are not 'fire selling' assets. The focus is on divesting to drive deleveraging and they will remain principled in a tough M&A market.

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CEO Pierre Brondeau stated that the inventory reduction is not being driven by rebates or discounts. Instead, FMC has shifted its commercial teams to focus on creating demand directly with growers. This 'pull' strategy encourages growers to purchase products from retailers, thereby clearing the channel without FMC intervening in the final price transaction.

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Pierre Brondeau, Chairman and CEO, confirmed that FMC has adequate production capacity to meet rising demand. He noted that while manufacturing is significantly busier than a year ago, the company is not concerned about its ability to ramp up and has secured the necessary raw materials.

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CEO Eduardo Menezes stated that return hurdles are double-digit and adjusted for country, customer, and regulatory risks, but did not comment on changes. He noted that most merchant business is integrated with large on-site plants. He believes the company has good operational density in its key geographies, such as China, Korea, and Taiwan, and does not consider a lack of density to be a major issue.

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Chairman, President and CEO Seifi Ghasemi declined to provide forward-looking statements on pricing. To illustrate the first-mover advantage, he explained that being the only company with commercial-scale green hydrogen available to meet 2030 regulatory deadlines provides significant negotiating leverage over competitors who can only offer hypothetical future projects.

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Executive Rich Sumner explained that the company plans its balance sheet around a trough price of $250 per tonne, ensuring assets are cash-positive and liquidity is maintained via its credit facility and other levers. On marine fuel, he noted over 350 dual-fuel ships are on order, but a demand forecast is difficult. He does not believe the proposed U.S. fees on Chinese ships would create arbitrage opportunities for Methanex.

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President and CEO Rich Sumner outlined a growing demand potential from over 300 ships on order, reaching nearly 10 million tonnes by 2028-29. He noted that discussions with shipping companies often begin with low-carbon methanol but shift to securing conventional methanol supply due to the high cost and limited availability of green alternatives.

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CEO Timothy Knavish confirmed the momentum is driven by both factors: slight upticks in industrial production in key segments and the launch of previously booked share gains. He noted that PPG is not a big player in wood and that heavy-duty remains down, but pointed to strength in general finishes, coil, and broad-based growth in China and India.

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CEO Tim Knavish explained that in Europe, where capacity is underutilized, even volume stabilization would provide significant incremental leverage due to recent cost actions. In Mexico, which is highly utilized, incrementals would approximate the gross margin. CFO Vince Morales added that architectural gross margins are high (mid-40s to mid-50s), so any volume recovery in Europe would drop through at very attractive rates.

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CFO Michael Feehan noted that sustainable fuels were previously around 10% of AM&C sales and are now likely a bit below that, with hydrocracking being the largest component. CEO Kurt Bitting described the Zeolyst JV as a successful, multi-dimensional partnership that has expanded beyond its original scope. Feehan confirmed the guidance assumes a typical level of order timing volatility, not a continuation of negative timing.

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CFO Tom Coler clarified that the company anticipates the year will build as it progresses. He stated that Q1 is expected to be the lowest quarter of the year, notwithstanding typical Q4 seasonality, with performance building through Q2 and Q3, which are seasonally the strongest periods.

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CEO Corning Painter identified conductivity as the most significant changing end market within the Specialty segment, driven by EV batteries, energy storage systems, and high-voltage wire and cable. He noted that while EV growth has moderated, it remains an attractive growth vector. Painter also mentioned that the company has debottlenecked some advanced materials for coatings, such as for automotive topcoats, which represents another, albeit smaller, opportunity for higher-value mix improvement.

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CEO Corning Painter stated that he does not anticipate significant new greenfield or brownfield capacity additions in North America or Europe due to economic uncertainty and risk. He suggested future capacity gains would likely come from reliability and maintenance improvements. Regarding the soft December, Mr. Painter attributed it to customers planning longer holiday shutdowns for inventory management, a trend seen across both Rubber and Specialty segments, rather than a signal of a broader strategic pause for 2025.

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CEO Peter Huntsman outlined three constraints on MDI margins: MDI content in the end-use application, competition from substitute materials, and the price point that attracts imports. CFO Phil Lister detailed capital priorities as maintaining debt levels, normalizing CapEx, supporting the dividend, and then weighing share buybacks against M&A to grow the Advanced Materials business.

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CEO Frank Bozich reported that recycled products accounted for 4% of total variable margin in 2024, with sales growing 47% and commanding significant margin premiums. He noted future CapEx would be for modular units costing high-single to low-double-digit millions each. On inventory, Bozich stated that value chains are tight and he does not see further destocking, citing pent-up demand in construction and an aging auto fleet.

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CEO Frank Bozich reported that customers are generally not building inventory in Q4 but expect a stronger Q1 with modest improvement, particularly in the building and construction sector, driven by anticipated interest rate cuts. Bozich expressed confidence for 2025, citing tailwinds from restructuring, secured new business wins, and a full-year contribution from AmSty, which should result in an adjusted EBITDA of over $300 million for the year.

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CEO Lori Koch stated that the guidance assumes remodeling activity within the Shelter business will be relatively flat year-over-year. She also specified the expected FX headwind is about 1.5% in Q1 and 1% for the full year 2025.

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Chairman and CEO Mark Behrman assured that the company manages resource constraints by supplementing internal teams with contracted technical experts, ensuring existing operations are not compromised. He confirmed their strategy for the Houston project is to de-risk it by securing long-term, take-or-pay style offtake agreements for 75-85% of production before a final investment decision, thereby locking in returns and avoiding direct commodity exposure.

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Jeffrey Tate, CFO, responded that it is too early to provide definitive details on the pipeline out to 2030. He explained that such opportunities are identified through ongoing annual reviews. While reaffirming the commitment to generate over $1 billion annually from these levers, he focused his comments on the more near-term initiatives already disclosed.

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The 85-customer pipeline represents demand at least three times the capacity of the Kentucky and greenfield plants combined. Customer churn is virtually nonexistent for customers at full run rate. No specific price drops have been offered post-greenfield, though long-term pricing models have been shared with large customers. The Novomer technology is considered a 'killer app' with superior barrier properties, and the company is pursuing a capital-light co-location model for its commercialization, which has 1/5th the CapEx cost of a Nodax plant.

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CFO & Executive VP Fabienne Lecorvaisier said that biogas projects are primarily located in the U.S. and Europe, with the strongest growth currently in the U.S. She deferred providing a detailed cadence for hydrogen and CCS projects, promising to share quantified objectives at the company's sustainability day in March 2021.

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