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    Tomohiko Sano • JPMorgan Chase & Co.

    Tomohiko Sano's questions to APi Group Corp (APG) leadership

    Tomohiko Sano's questions to APi Group Corp (APG) leadership • Q2 2025

    Question

    Tomohiko Sano from JPMorgan Chase & Co. asked for color on the drivers of sustained double-digit inspection growth, the impact of technology and AI on margins, and progress with digital strategies internationally.

    Answer

    EVP & CFO David Jackola noted that low-to-mid single-digit pricing contributes to growth. President and CEO Russ Becker added that technology and AI are expected to provide SG&A leverage over time, though efforts are in the 'first inning.' Regarding international digital strategies like Chubb Vision, he stated it's in its infancy but represents a tremendous opportunity given the company's 50 million connected devices.

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    Tomohiko Sano's questions to Carlisle Companies Inc (CSL) leadership

    Tomohiko Sano's questions to Carlisle Companies Inc (CSL) leadership • Q2 2025

    Question

    Tomohiko Sano of JPMorgan Chase & Co. requested more color on pricing power in the stable commercial reroofing market versus other segments and sought clarification on the full-year EPS outlook, noting a more tempered tone.

    Answer

    CFO Kevin Zdimal explained that pricing for innovation is based on the value delivered, such as labor or energy savings. CEO D. Christian Koch added that the 'Carlisle Experience' reinforces this value, helping maintain price. Regarding the outlook, Zdimal confirmed that while the forecast is lower than the previous double-digit growth expectation, the company still anticipates achieving a record EPS year in 2025.

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    Tomohiko Sano's questions to Armstrong World Industries Inc (AWI) leadership

    Tomohiko Sano's questions to Armstrong World Industries Inc (AWI) leadership • Q2 2025

    Question

    Tomohiko Sano asked about the financial contribution of the Temploc product to Mineral Fiber sales and AUV, and its potential for future acceleration. He also inquired about the evolution of the Canopy e-commerce platform and any plans to expand its product offerings.

    Answer

    CEO Vic Grizzle stated that while Temploc's current sales impact is minimal due to being in the early stages of market development, key building blocks like inclusion in IES software and IRA tax credits are in place for future growth. He added that the Canopy platform is successfully reaching smaller customers and is becoming increasingly profitable, with plans to continue expanding its portfolio.

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    Tomohiko Sano's questions to Allegion PLC (ALLE) leadership

    Tomohiko Sano's questions to Allegion PLC (ALLE) leadership • Q2 2025

    Question

    Tomohiko Sano of JPMorgan Chase & Co. asked about the outlook for the International business in the second half, given the volume decline in Q2, and how the company expects to achieve its full-year flat organic growth forecast. He also inquired about the margin impact of recent acquisitions in the segment and the expected margin levels into 2026.

    Answer

    SVP & CFO Mike Wagnes noted that the fourth quarter is seasonally the strongest for the International business and reiterated the full-year outlook for roughly flat organic performance. He highlighted that the Elletech acquisition is margin accretive, with margins in the mid-20s percent range, and that M&A in the segment should be viewed as accretive to the overall International margin rate.

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