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    Matthew Deyoe • Bank of America

    Matthew Deyoe's questions to Nutrien Ltd (NTR) leadership

    Matthew Deyoe's questions to Nutrien Ltd (NTR) leadership • Q2 2025

    Question

    Matthew Deyoe of Bank of America sought clarity on the weak retail seed sales in the first half, asking about the price versus volume dynamics and the likelihood of recovering that volume next year.

    Answer

    EVP & President - Global Retail Jeff Tarsi attributed the weakness entirely to two volume-related factors: significant 'prevent plant' acres in the Southern U.S. due to historic wet weather and a crop mix shift from cotton to lower-revenue sorghum. He stated he expects 100% of the 'prevent plant' volume to return next year with normal weather, while the cotton acreage recovery will depend on commodity prices.

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    Matthew Deyoe's questions to Corteva Inc (CTVA) leadership

    Matthew Deyoe's questions to Corteva Inc (CTVA) leadership • Q2 2025

    Question

    Matthew Deyoe of Bank of America asked if Corteva benefited from the absence of dicamba, its view on a potential return, and whether the strong Crop Protection margin is sustainable into the third quarter.

    Answer

    EVP Judd O’Connor stated that while there was likely a benefit, the Enlist system was already gaining significant share and can compete effectively if dicamba returns. EVP Robert King affirmed that CP margins are sustainable, supported by ongoing cost reductions and a favorable mix shift to new products and biologicals.

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    Matthew Deyoe's questions to Westlake Corp (WLK) leadership

    Matthew Deyoe's questions to Westlake Corp (WLK) leadership • Q2 2025

    Question

    Matthew Deyoe from Bank of America questioned if Westlake's long-term strategy as a net short ethylene buyer is changing given rising prices and peers securing supply. He also asked for an explanation for the high decremental margin in the HIP segment, which appeared to be around 80%.

    Answer

    President & CEO Jean-Marc Gilson responded that while Westlake is currently comfortable with its short ethylene position, the company remains open to opportunities to reduce that short position depending on market conditions. EVP & CFO Steven Bender attributed the year-over-year HIP volume decline, which drove the decremental margin, to lower activity in the Compounds and Exterior Building Products businesses.

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    Matthew Deyoe's questions to LyondellBasell Industries NV (LYB) leadership

    Matthew Deyoe's questions to LyondellBasell Industries NV (LYB) leadership • Q2 2025

    Question

    Matthew Deyoe of Bank of America sought clarification on the O&P Americas operating rate guidance and questioned the reasons for the Technology segment's year-over-year EBITDA decline despite higher volumes.

    Answer

    EVP Kim Foley clarified that the 90% rate was for crackers, while the 85% target is for the entire segment, allowing for mix optimization. CEO Peter Vanacker explained the Technology segment was impacted by dramatically lower licensing demand and a one-time 'low double million' EBITDA hit from an inventory and currency correction on the catalyst side, which is not expected to recur.

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    Matthew Deyoe's questions to Linde PLC (LIN) leadership

    Matthew Deyoe's questions to Linde PLC (LIN) leadership • Q2 2025

    Question

    Matthew Deyoe of Bank of America asked for a deeper dive on Europe, questioning if on-site customer volumes are at their contractual minimums and what the long-term impact of regional deindustrialization might be.

    Answer

    CEO Sanjiv Lamba confirmed a bearish short-term view on Europe but noted that all on-site customers below their minimum take-or-pay volumes are paying as contracted. For the long term, he pointed to Germany's €1 trillion investment in defense and infrastructure and the eventual Ukraine rebuild as potential catalysts that could change the industrial outlook, though he remains cautious on the timing.

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    Matthew Deyoe's questions to Air Products and Chemicals Inc (APD) leadership

    Matthew Deyoe's questions to Air Products and Chemicals Inc (APD) leadership • Q3 2025

    Question

    Matthew Deyoe of Bank of America asked for clarification on the company's five-year roadmap, questioning why the NEOM project, which starts in 2027, is shown as a key driver for the 2030 financial profile.

    Answer

    CEO Eduardo Menezes clarified that the 2030 earnings potential is more significantly driven by the Total Energies contract, which is scheduled to come online in 2030. He confirmed the NEOM project remains on track for a 2027 startup, and the company is actively working to commercialize its green ammonia output.

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    Matthew Deyoe's questions to PPG Industries Inc (PPG) leadership

    Matthew Deyoe's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Matthew Deyoe from Bank of America requested a breakdown of the puts and takes for margins in the second half, questioning why the previously mentioned cost savings didn't seem to be driving a larger margin uplift.

    Answer

    CFO Vince Morales clarified that the $75 million in restructuring benefits is a full-year target, not an incremental amount for the second half. With about $30 million realized in H1, the remainder will contribute to H2 performance. He also noted that incremental pricing actions taken in Q2 are expected to benefit the second half.

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    Matthew Deyoe's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Matthew Deyoe from Bank of America asked for a breakdown of the puts and takes on price, raw materials, and cost cuts for the second half, noting that the expected cost savings seemed like they should drive more margin improvement.

    Answer

    CFO Vince Morales clarified that the previously announced $75 million in restructuring benefits is a full-year target. With approximately $30 million realized in the first half, the second half will see an incremental benefit, but not the full $75 million. He also noted that some incremental pricing actions taken in Q2 are expected to benefit results in the second half.

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    Matthew Deyoe's questions to Axalta Coating Systems Ltd (AXTA) leadership

    Matthew Deyoe's questions to Axalta Coating Systems Ltd (AXTA) leadership • Q2 2025

    Question

    Matthew DeYoe of Bank of America questioned why, given the success of the 'A Plan' and a peer's internal focus, now isn't the time for a more structural portfolio move. He also asked how Axalta achieved positive OEM auto pricing amid reports of index-based declines.

    Answer

    President and CEO Chris Villavarayan responded that the priority was first to strengthen the company's operational and margin foundation, which has been achieved. He indicated a new strategic plan for 2029 will be unveiled in early 2026, addressing portfolio and growth. CFO Carl Anderson explained the positive OEM pricing resulted from about eight discrete, well-executed actions across all regions, noting that even without these one-time benefits, Mobility margins exceeded 18%.

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    Matthew Deyoe's questions to Ecolab Inc (ECL) leadership

    Matthew Deyoe's questions to Ecolab Inc (ECL) leadership • Q2 2025

    Question

    Matthew Deyoe from Bank of America asked for details on the strong Life Sciences margin in Q2 and the reason for the expected decline back to the mid-teens level in subsequent quarters.

    Answer

    Christophe Beck, Chairman & CEO, attributed the strong Q2 margin to a favorable mix from high-growth, high-margin biopharma sales. He explained the expected moderation is a deliberate strategy: the business's underlying margin is in the mid-20s, but Ecolab is reinvesting the difference to fuel long-term growth in R&D, capacity, and sales capabilities to capture its significant market opportunity.

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    Matthew Deyoe's questions to Olin Corp (OLN) leadership

    Matthew Deyoe's questions to Olin Corp (OLN) leadership • Q2 2025

    Question

    Matthew Deyoe from Bank of America challenged the company's value creation narrative by pointing out that the ECU index in Q2 2025 was not far below 2021-2022 levels, yet segment EBITDA was dramatically lower.

    Answer

    President and CEO Ken Lane clarified that the index is intended to demonstrate the stability of ECU values at the trough, which is a key goal of the company's value-focused commercial model. He attributed the EBITDA difference to being at trough demand levels for seven consecutive quarters, a stark contrast to the market ramp-up seen in late 2021. The current strategy is to maintain discipline and value through these prolonged trough conditions.

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    Matthew Deyoe's questions to RPM International Inc (RPM) leadership

    Matthew Deyoe's questions to RPM International Inc (RPM) leadership • Q4 2025

    Question

    Matthew Deyoe from Bank of America inquired about the impact of the data center and AI build-out on the flooring business and sought clarification on the expected revenue and EBITDA contribution from recent acquisitions.

    Answer

    Chairman & CEO Frank Sullivan acknowledged that RPM is seeing benefits from data center construction, particularly in its Fibergrate business, but feels there are more opportunities to capture. VP & CFO Russell Gordon confirmed the annualized revenue for The Pink Stuff is £150 million and Ready Seal is $40 million, noting that acquisition-related deal costs were elevated in Q4 and will continue to be in Q1.

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