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    Michael Pesendorfer • Baird

    Michael Pesendorfer's questions to Nordson Corp (NDSN) leadership

    Michael Pesendorfer's questions to Nordson Corp (NDSN) leadership • Q3 2025

    Question

    Michael Pesendorfer from Baird Equity Research asked about potential order pull-forwards in the semiconductor business, sought details on performance across the ATS portfolio, and questioned if the increased share repurchase authorization signaled a tougher M&A environment.

    Answer

    EVP & CFO Daniel Hopgood stated there was no direct evidence of customer order pull-forwards in ATS, highlighting broad-based demand. President & CEO Sundaram Nagarajan emphasized that the increased share repurchase authorization is consistent with their balanced capital allocation strategy and does not reflect a change in their M&A approach. He affirmed the M&A pipeline remains healthy and that the company will remain disciplined, citing the successful integration of Atrion.

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    Michael Pesendorfer's questions to Watts Water Technologies Inc (WTS) leadership

    Michael Pesendorfer's questions to Watts Water Technologies Inc (WTS) leadership • Q2 2025

    Question

    Michael Pesendorfer, on behalf of Mike Hallum from Baird, asked about the scope of 80/20 initiatives, investment and platform potential for the Bradley acquisition, and the go-to-market strategy and sales cycle for the Nexa platform.

    Answer

    CEO Robert Pagano explained that 80/20 is a constant process across the company but is most significant in recent acquisitions. He confirmed investments are being made to streamline the Bradley business, which serves as a strong 'front of the wall' platform. For Nexa, he described a long (1-2 year) sales cycle involving pilots but expects it to accelerate as the platform proves its value and all smart products are migrated onto it.

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