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CEO & President Scott A. Richardson attributed some margin compression in China to oversupply but noted the Western Hemisphere story was more about volume than margin. He said downstream success has been more about volume than pricing. SVP & CFO Chuck Kyrish and Richardson both affirmed strong confidence in the $700-800 million free cash flow range, stating they are prepared to take further inventory actions if needed.

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CEO & President Scott A. Richardson explained that Acetyls pricing pressure has been more about volume in the West and some margin compression in China, while getting price downstream has been difficult. SVP & CFO Chuck Kyrish and Richardson both affirmed confidence in the $700-$800 million free cash flow guidance, stating it was planned for various demand scenarios. Richardson emphasized that Q2 cash flow was driven by strong operations, not just working capital, and that the inventory reduction journey is sustainable.

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CEO Scott A. Richardson explained that downstream success has been more about volume than price, with some margin compression in China, while the Western Hemisphere has been more of a volume story. Both Richardson and CFO Chuck Kyrish expressed high confidence in the $700-800 million free cash flow guide, noting that Q2 cash generation was strong from operations and that they are prepared to take further working capital actions if needed.

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CEO Scott Richardson stated that while some price was achieved in Q1, the sequential price improvement was more related to mix, with further increases expected in Q2. On resource allocation, he affirmed an aggressive approach to cost reduction but emphasized that resources are being strategically focused on high-impact programs to 'major in the majors,' ensuring alignment to support the growth pipeline.

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CEO Scott Richardson stated he doesn't see a big change coming in the supply-demand landscape, as the acetyl industry is already operating at an unsustainable level below the cost curve. He noted the team is finding growth in areas like redispersible powders outside of China. Regarding Clear Lake, he confirmed it is at its full run rate, though there have been some offsets from contract resets and a near-term headwind from higher U.S. natural gas costs, which are expected to wane.

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COO Scott Richardson and CEO Lori Ryerkerk identified EVs, Chinese OEMs, and electrical infrastructure as key growth drivers. Regarding the balance sheet, Richardson reaffirmed the commitment to a 3x leverage target, stating the dividend cut was deemed the most prudent path after a review of all options.

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CEO Kurt Bitting stated that while the proposed renewable fuel volume increase is encouraging and expected to drive higher catalyst utilization in 2026, it's still in draft form. Regarding polyethylene, he acknowledged global market softness but confirmed Ecovyst still anticipates year-over-year sales growth, driven by existing customer run rates rather than new unit start-ups in 2025.

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CEO Kurt Bitting explained that while it's early, the proposed 67% increase in the Renewable Volume Obligation (RVO) for 2026 is encouraging and expected to drive higher catalyst utilization. Regarding polyethylene, he acknowledged global utilization challenges but stated Ecovyst still expects year-over-year sales growth, supported by existing customers, with the Kansas City expansion poised to meet new capacity demands in 2026.

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CEO Kurt Bitting responded that while it's still early, the proposed 67% increase in renewable fuel volumes for 2026 is encouraging and expected to drive higher catalyst utilization. Regarding polyethylene, Bitting acknowledged global headwinds but stated Ecovyst's sales are still projected to grow year-over-year, supported by existing customers, with the Kansas City expansion on track for new projects in 2026.

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CEO Kurt Bitting explained that while the proposed 67% increase in renewable fuel volume obligations is encouraging and should drive higher catalyst utilization in 2026, it is still a draft. Regarding polyethylene, he noted that despite global macroeconomic challenges, Ecovyst's sales are still expected to grow year-over-year, supported by the Kansas City expansion which will serve new customer capacity coming online in 2026.

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CEO Kurt Bitting stated that while it's still early, the proposed 67% RVO increase is encouraging and should drive higher industry utilization in 2026, leading to more catalyst demand. He also noted that while polyethylene sales are expected to grow year-over-year, they are impacted by global macro softness, but this is being offset by strength in hydrocracking catalysts.

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CEO Kurt Bitting explained that recent sulfuric acid price increases were primarily driven by higher sulfur costs from refinery turnarounds, which are passed through to customers. He noted that over 90% of the Ecoservices business is under contract, limiting spot price exposure, but the overall market demand appears healthy. Regarding the Cornerstone acquisition, Bitting declined to provide specific 2026 EBITDA guidance but emphasized its strategic value, describing it as a '1 plus 1 equals 3' scenario that significantly enhances their Gulf Coast network and capacity to serve customers and capture new opportunities.

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CEO Kurt Bitting stated that for 2025, Ecovyst expects continued high utilization in regeneration services, potential price increases for virgin sulfuric acid, and strong demand for its customized polyethylene catalysts. For Q4, Bitting noted the implied guidance for Ecoservices represents a 10% year-over-year increase, a strong result for a seasonally weaker quarter. He added that growth in polyethylene and custom catalyst sales is expected to offset lower year-over-year hydrocracking sales.

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EVP & CFO David Johnson confirmed that commodity cost deflation was a positive factor in the first half, putting them ahead of their cost improvement plan. He noted the benefit flows through the P&L over a multi-year period due to hedging and inventory accounting, giving them confidence in their long-term savings plan.

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Judd O'Connor, EVP, Seed business unit, confirmed the Q1 cost reduction was a mix of both lower commodity costs and productivity execution, plus benefits from lower soy licensing fees. CFO David Johnson added that for the full year, Corteva expects $400 million in cost savings ($200M Seed, $200M CP). He noted the Seed savings were front-loaded in Q1, with some offsetting costs for new trait introductions expected later in the year.

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EVP Robert King stated that for 2024, biologicals are expected to deliver double-digit EBITDA growth, and new products saw approximately 20% organic growth in Q3. CEO Chuck Magro added that these categories are the primary growth engines for the Crop Protection business, expected to lead volume growth and maintain a price premium in 2025 and beyond.

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CEO J. Erik Fyrwald explained that the divested businesses were highly commoditized with low single-digit EBITDA margins, making them a better fit for Bunge. He stated the sale allows IFF to focus on its differentiated, higher-margin isolated soy protein business, which will significantly improve the Food Ingredients segment's margins and help achieve its mid-teens EBITDA margin goal.

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CEO Erik Fyrwald confirmed the Food Ingredients turnaround is progressing well, with EBITDA margins improving from high single-digits in 2023 to 13.9% in Q1 2025. He explained that the Q1 volume decline was due to a strategic shift away from low-margin business and temporary production issues in high-value proteins, which are now being resolved. He expects full-year volumes to be flattish to slightly down as this portfolio optimization continues.

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CEO Jon Erik Fyrwald confirmed that IFF is on track toward its mid-teens margin target for the Food Ingredients business. He highlighted the significant progress made, with EBITDA margins improving from high single-digits in 2023 to solid low double-digits in 2024. Fyrwald expressed confidence in the new leadership team's plan to achieve this goal through a dual strategy of growing the business with attractive margins and implementing aggressive productivity plans.

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CFO Glenn Richter stated that the full-year free cash flow forecast remains largely unchanged. He explained that while the earnings trajectory is higher, it is being offset by increased working capital, primarily higher receivables resulting from stronger sales. This results in a net-neutral position for the full-year cash flow forecast.

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EVP & CFO Steven Bender responded that the HIP margin guidance of 20% to 22% remains appropriate, reflecting the realities of the residential construction market and strong Q2 performance. Regarding Brazil, Bender explained that Westlake's direct sales to customers in the alumina and paper markets, which are export-oriented, allow them to access duty drawbacks, mitigating the impact of tariffs.

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M. Bender, Executive Vice President and CFO, explained that HIP pricing is much more stable than in the Performance and Essential Materials (PEM) segment, allowing for better price stability despite input cost changes. Regarding tariffs, Bender noted it's hard to predict indirect impacts but stated Westlake's direct exposure is limited as its specialty PE products are not primarily targeted at Asian markets.

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EVP and CFO Steve Bender expressed confidence in Westlake's ability to grow market penetration despite a flat housing start forecast of 1.3 million units. He acknowledged that some margin compression could occur from product mix shifts. On tariffs, Bender stated that Westlake is watchful and has already observed shifts in trade patterns, expecting further changes if new tariffs are implemented.

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EVP and CFO Steve Bender clarified that the mothballed units in Pernis are separate from the facilities that experienced maintenance outages. He confirmed that the LACC ethylene unit and the Plaquemine chlorovinyls site, which had the extended outages, are both back in service.

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CFO Antonella Franzen stated that strong productivity is driving better-than-expected margins and that this focus will continue. She confirmed the pricing headwind should lessen in the second half, as the pressure was mainly in diversified industrials related to normalizing prior price hikes.

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CFO Antonella Franzen attributed the robust margins to strong productivity focus, which is driving underlying expansion of about 100 basis points for the year. She also confirmed that the negative pricing impact, concentrated in diversified industrials, is expected to lessen in the second half.

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Jon Kemp, CEO-elect of Qnity, expressed confidence in their competitive position, stating that increasing technological complexity favors their high-quality offerings and deep customer integration. Regarding trade risks, he acknowledged the dynamic environment but noted the company has a strong track record of navigating such challenges.

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CEO Lori Koch confirmed the businesses moving into the new DuPont have a lower margin profile, in the high-teens to low-20s, resulting in a blended margin of 23-24% for IndustrialsCo in 2024. She also noted that the destocking in the Kalrez business is expected to be complete by mid-2025.

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CFO Antonella Franzen stated that some price giveback carry-forward into 2025 is expected in Shelter, pending a review of input costs. She noted construction activity was weaker than anticipated due to the timing of rate cuts. CEO Lori Koch clarified the sequential W&P EBITDA decline is due to typical seasonality, primarily in the Shelter business, and confirmed a $25 million one-time benefit from last year would not repeat.

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CEO Peter Vanacker confirmed an expected $85 million improvement from less downtime. EVP of Global Olefins & Polyolefins, Kim Foley, added that while back-to-back price increases are rare without a major supply disruption, positive market indicators like strong demand and low inventories create potential for a Q3 increase if tariff uncertainties are resolved.

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CEO Peter Vanacker affirmed that the project aligns with the company's strategy to grow and upgrade its core, enabled by cost-saving programs. He highlighted the project's attractive IRR of around 15-16%. He stressed that LYB has a history of navigating cycles by managing CapEx and that the 2026 spending plan will be similarly managed, with total CapEx not expected to be substantially higher than the current year's guidance.

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CEO Peter Vanacker acknowledged the challenges but pointed to early signs of demand recovery, citing year-over-year demand growth in North American polyethylene and global Propylene Oxide & Derivatives. He emphasized that significant new industry capacity is not expected in the near term and that LYB is well-positioned with its new, efficient assets to capture upside from a recovery.

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EVP Aaron Ledet stated that despite challenges, global sales volumes were up 4% year-over-year. He noted that higher US propylene prices limited exports, impacting operating rates, which are guided to 75% for Q4. This Q4 rate is also affected by a planned turnaround at the Bayport facility, which was completed in late October. He expressed long-term optimism for demand recovery but did not expect it in the remainder of the year.

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Chairman, President & CEO Peter Huntsman described the current market as 'stable,' noting thin supply chains and just-in-time ordering. Regarding China, he stated it remains Huntsman's most profitable MDI market and is performing well, with Chinese imports to North America having virtually stopped, although imports from Europe have unexpectedly increased.

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CEO Peter Huntsman stated that Huntsman is well-positioned for a protectionist environment as the vast majority of its sales in North America and Asia are from domestically produced products, reducing the need for a major footprint change. He identified a pickup in North American construction as the biggest potential earnings driver. Regarding spray foam, Huntsman confirmed it is impacted by the slowdown in both new home construction and remodeling. CFO Phil Lister added that the company is rightsizing its spray foam footprint by closing a Canadian facility and consolidating in Texas.

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CEO Peter Huntsman explained that restructuring is focused on calibrating the business to customer demand and relocating manufacturing to follow customers out of Europe. He noted that Performance Products' improvement will be driven by a recovery in construction (maleic) and new demand for amines from the semiconductor and agriculture industries, with contributions from the new Conroe, Texas expansion expected later in the year.

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Chairman, CEO and President Peter Huntsman stated that Q4 MDI pricing is expected to be flat, with some benefit from lower benzene costs being partially offset by higher natural gas prices. Regarding Performance Products, he noted that while per-pound margins are strong, the main challenge is demand, and he expects typical seasonality to continue.

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CEO Sanjiv Lamba clarified that industrial gas sales to electronics actually grew, and the decline seen in the presentation slide was driven entirely by destocking in the Advanced Materials business, which he expects to correct. He affirmed that the outlook for new electronics projects and start-ups remains healthy and on track with the backlog.

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Sanjiv Lamba, CEO, noted that the hospital care business maintains steady low-to-mid-single-digit growth. For the U.S. Home Care business, he confirmed that portfolio trimming and technology-driven efficiency improvements are ongoing. He emphasized that portfolio review is a continuous process across all businesses, not a discrete event.

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CEO Sanjiv Lamba confirmed the higher CapEx is a direct result of executing the record $7.1 billion sale of gas backlog. This backlog includes the two large clean energy projects as well as a number of electronics projects, which are collectively driving the increased spending. He did not provide specific guidance for 2026.

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CFO Matt White stated there will be 'absolutely no change' to the company's long-term capital allocation policy. The priority remains investing in high-quality projects that meet their criteria, with all leftover cash returned via buybacks. Despite higher project CapEx, he expects buybacks to remain consistent next year due to robust excess free cash flow generation.

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Chairman and CEO Mark Costa explained that the second half of 2025 is not representative of a trough due to significant distortions from the trade situation, which has created demand chaos and pre-buying. He noted that a $75-100 million utilization headwind from inventory reduction also distorts the outlook. For the E2P investment, Mr. Costa detailed that converting an existing cracker to prioritize propylene will structurally improve the Chemical Intermediates business, adding $50-100 million in EBIT over the cycle and reducing earnings volatility.

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Mark Costa, Board Chair and CEO, clarified that the Renew guidance reduction stems from tariff-related uncertainty impacting consumer durables markets, not from operational issues or a lack of customer engagement. He stated that the methanolysis operations are performing well and are on track for their cost-related EBITDA goals. For the Fibers segment, Costa attributed the volume decline to prolonged customer destocking as market supply has loosened, but emphasized that underlying market fundamentals and contract pricing remain solid.

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CEO Mark Costa explained that the slower methanolysis ramp is tied to brands prioritizing cost management over new product launches in a weak economy, but he expects this to reverse as markets stabilize. For the Fibers segment, Costa stated that new Chinese capacity is not a major threat and that Eastman is actively repurposing assets for higher-growth products like Naia and Aventa. He attributed the expected 2025 softness to minor market decline and customer inventory adjustments, not competitive pressure, with utilization rates remaining strong.

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CEO Eduardo Menezes responded that the ammonia market is large enough to accommodate multiple projects. He pointed to growing demand for clean ammonia from the Far East and reiterated his belief that blue ammonia from the U.S. Gulf Coast will be highly competitive in Europe, ensuring there is sufficient room for Air Products' project and others.

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CEO Eduardo Menezes clarified that the agreement with Total is for 2030, and the current pause allows time for regulatory frameworks in Europe to develop. In the interim (2027-2030), Air Products will sell the ammonia FOB Saudi Arabia. Regarding the core business, Menezes expressed confidence in raising operating margins from 24% toward 30% through disciplined execution, productivity improvements, and fostering a 'business owner' culture.

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Chief Financial Officer Melissa Schaeffer explained that the direct impact of tariffs is likely minimal due to the localized nature of the industrial gas business, but the company is monitoring the macro impact on its customers. She attributed the lower interest expense to the timing of debt draws and capitalized interest, primarily from the NEOM project.

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CFO Melissa Schaeffer quantified the LNG divestiture as a 4% or $0.49 per share headwind for FY2025. Chairman, President and CEO Seifi Ghasemi added that productivity actions and growth from other projects would help offset this. Regarding the World Energy project, Mr. Ghasemi explained that permits were challenged by environmental groups, prompting the company to put the project on hold until all permits are fully secured. He noted the relationship with the partner remains excellent, but Air Products is exploring alternatives.

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Chairman & CEO Timothy Knavish expressed strong optimism, stating that PPG anticipates 'high single-digit and double-digit growth for the foreseeable future.' This confidence is based on extremely strong forecasts from customers across commercial, military, and general aviation. He highlighted that PPG is investing heavily in both OpEx and CapEx, including a new $380 million factory, to support this sustained demand.

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CEO Timothy Knavish stated that PPG anticipates "high single digits and double digit" growth for the foreseeable future, supported by extremely strong demand forecasts across commercial, military, and general aviation. He emphasized that PPG is investing heavily in both OpEx and CapEx, including a new $380 million U.S. factory, to capture this sustained growth.

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CEO Timothy Knavish confirmed momentum in Industrial Coatings, driven by both delivered share gains from 2024 and some improvement in industrial production in key regions and segments. He highlighted growth in China and India, as well as in the U.S. general finishes market, and described the overall trend as positive momentum going forward.

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CEO Tim Knavish noted that while Q4 was weak, full-year performance was strong in Poland, the U.K., and Ireland, driven by both price and share gains. He is not expecting a sharp recovery in Europe but rather stabilization fueled by easing inflation and potential central bank actions. CFO Vince Morales added that a normalization of the maintenance cycle, which was pulled forward during COVID, should also provide a volume benefit.

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Chairman and CEO Timothy Knavish described the M&A pipeline as having been 'thinner than normal' but noted recent activity. He clarified that while Architectural Coatings M&A is not off the table, PPG would only be interested in acquiring #1 or strong #2 positions, likely not in Europe. He stressed that the primary focus is on organic growth, supplemented by highly targeted, value-accretive acquisitions.

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Scott Kirkland, CFO, directly attributed the muted OI growth in the Water segment to weakness in the Paper and Basic Industries end markets. He clarified that excluding these two areas, the rest of the Water business saw sales grow 4% and operating income increase by strong double digits.

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Christophe Beck, Chairman and CEO, explained that Ecolab Digital, currently a $320 million annualized business, is expected to see accelerating growth. He noted that while margins are not yet disclosed, they are very high. Software subscription revenue is growing much faster than hardware revenue. Beck highlighted the immense opportunity, with over 1 million customer locations and 100,000 connected devices today, most of which are not yet monetized, positioning Ecolab Digital to become a multi-billion dollar business in the mid-term.

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Christophe Beck, Chairman and CEO, attributed the momentum to strong long-term market fundamentals in pharma and biotech. He noted that during the recent industry transition, Ecolab gained share by continuing to grow while competitors declined. Beck highlighted that significant investments in new plants, systems, and team capabilities are now yielding positive results, positioning the business for future growth, though the trajectory may not be linear.

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CFO Scott Kirkland explained the program is focused on accelerating sales growth by better penetrating the largest customers, with cost savings being incidental. CEO Christophe Beck added that the customer reception has been very positive. The new sales approach shows clients the total value they could achieve if all their locations performed like their best one, which directly addresses customer requests for such a partnership model.

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President and CEO Ken Lane explained that softer oil prices extended a lifeline to higher-cost Asian producers, allowing them to operate at lower price points than anticipated. He expressed confidence that a floor has now been reached due to stabilizing oil prices and some production curtailments in Asia. However, he cautioned that a meaningful recovery in EDC pricing is contingent on a rebound in global demand, particularly from the housing and real estate sectors.

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President and CEO Kenneth Lane responded that while EDC pricing remains weak, it is unlikely to fall further as even Asian producers are operating at a loss. He highlighted positive pricing trends for caustic soda heading into Q2, supported by seasonal improvements in both caustic and bleach demand, leading to a positive overall outlook for Chlor Alkali price development.

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CEO Kenneth Lane detailed that the synergies will come from three main areas: SG&A reductions, significant procurement savings due to Winchester's scale, and manufacturing efficiencies gained by moving niche, high-margin caliber production to the newly acquired, flexible facility. He expressed high confidence in achieving these synergies, especially in procurement.

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President and CEO Kenneth Lane clarified that the Q3 decline was primarily driven by lower commercial ammunition volumes due to retailer destocking. He noted the Next-Generation Squad Weapon facility project is just now ramping up in Q4. For 2025, Lane indicated that headwinds from higher metal and propellant costs persist, and a recovery in Winchester's earnings depends on a return of consumer demand and retailers working through their excess inventory.

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Chairman & CEO Frank Sullivan identified the main Q1 challenge as being in the Consumer segment, citing inflation in metal packaging, propellants, and pigments. He stated that price increases are planned for late summer and early fall to address this. Sullivan confirmed that backlogs for the Construction and Performance Coatings businesses remain 'really strong,' though they face difficult year-over-year comparisons.

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CEO Jim Fitterling acknowledged that JV earnings are down with the market but stated the Kuwait and Thailand JVs have solid balance sheets. Regarding Sadara, he confirmed that a dedicated team is actively working with partner Aramco on refinancing the debt well ahead of the 2026 deadline to mitigate any potential issues, expressing confidence in their current approach.

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CEO James Fitterling stated the situation is improving, but slowly. COO Karen S. Carter elaborated that while upstream capacity additions in China have slowed, an oversupply situation persists. She emphasized that Dow's focus remains on its downstream specialties, where demand in markets like electronics and personal care continues to grow significantly above GDP, which should help the market rebalance over time.

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James Fitterling, Chair and CEO, called for European policy to focus on energy competitiveness and adopt a more practical approach to hydrogen, similar to Canada's. Regarding the plastics treaty, he stated there is no global alignment on production caps and that Dow continues to advocate for solutions focused on circularity and pollution control, arguing that plastics offer a superior sustainability footprint.

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Chair, President & CEO Heidi Petz characterized contractor backlogs as stable, with a marginal increase in bid activity. She noted a caveat that project sizes may be getting smaller. While pleased with continued market share gains, she stated the overall market volume remains a challenge and the company is actively helping contractors find new opportunities.

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CEO Heidi Petz described contractor backlogs as stable, with a marginal increase in bid activity. However, she noted that project sizes may be getting smaller. She reiterated that while the overall market remains soft, Sherwin-Williams is pleased with its ability to continue gaining market share in this environment.

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Executive Heidi Petz acknowledged the market is 'flat and certainly choppy' but noted Sherwin-Williams is gaining share due to prior investments. She described contractor backlogs as positive, though for smaller projects. The company's core value proposition addresses labor challenges by providing solutions that help contractors improve productivity and get on and off job sites faster.

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CEO Heidi Petz described the company's M&A approach as consistent and disciplined, always evaluating opportunities that could accelerate strategy through technology, brand, or geography. She stressed that while Sherwin-Williams does not need M&A to grow, it will assess attractive opportunities that fit its capital allocation policy.

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Executive Allen Mistysyn stated the Q3 hurricane impact was less than one point on sales and about $0.05 on EPS, noting the Q4 outlook is uncertain due to the timing of recovery. Executive Heidi Petz said industrial shutdowns have been temporary and not widespread so far, though they are monitoring the situation, particularly in heavy equipment and transportation.

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President & CEO Celeste Mastin explained the electronics slowdown was a temporary pause in Asia Pacific exports, but highlighted continued strength in the U.S. and new design wins expected to drive a second-half recovery. Regarding HHC, she confirmed that significant year-over-year margin expansion is expected, driven by back-half loaded benefits from raw material cost reductions, pricing actions, and a favorable mix shift from the growing Medical Adhesives business.

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CFO John Corkrean quantified the Q4 raw material headwind as a ~$10 million unfavorable surprise versus Q3. CEO Celeste Mastin explained that index pricing lags, and the company expects a ~$55 million net benefit from price/raws in 2025. She attributed strong Construction Adhesives performance to innovation, share gains, and focus on data centers. CFO John Corkrean noted the new BAS segment's growth will be slower as it now includes more cyclical markets like wood and composites.

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CEO Celeste Mastin explained that the solar business weakness is due to global overcapacity of solar panels, though H.B. Fuller is focusing on new HJT technology. She noted that while auto and electronics growth has slowed from double-digits to solid single-digits, most EA segments still saw positive volume. Mastin confirmed they are strategically retrenching from some parts of the solar market while doubling down on high-value technology partnerships.

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CFO Carl Anderson clarified that the expected sequential growth is modest. The outlook is supported by continued outperformance in Asia Pacific and stabilization in Europe, which are offsetting weakness in North America. CEO Chrishan Anthon Villavarayan specifically highlighted strong growth in China, driven by the company's Voltatex product line for EVs and other electrical systems.

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CEO Pierre Brondeau confirmed that customers bought closer to the time of use in Q1, slowing order velocity. However, he sees the dynamic improving in Q2, citing Europe as an example where over half the quarter's orders were booked in the first month. He stressed that the overall dynamic is positive, despite FMC's own deliberate actions to manage its channel inventory.

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Pierre Brondeau, Chairman and CEO, stated that a mid-single-digit price decline is factored into the Q4 forecast for the region. He and Ronaldo Pereira, President, explained the pricing actions are a deliberate strategy to regain market share on traditional products to pre-downturn levels, driven by peer competition rather than new generic pressure.

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CEO Jerry Masters attributed the strong start more to regulatory-driven volume shifts from late 2024 in Europe rather than tariff pre-buying. He suggested future supply curtailments are most likely to come from non-integrated, high-cost hard rock conversion assets, potentially impacting Western players more than Chinese ones.

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CEO Jerry Masters confirmed the 50% of volumes not on floored contracts are largely indexed to spot prices and clarified that the definition of 'contracted' was narrowed to only include agreements with floors. He added that CapEx cuts were initially focused on conversion capacity and have now expanded to resources and sustaining capital to align with market conditions.

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