Arun Viswanathan

Lewis confirmed Millersburg comes on back of long-term offtake agreement with strategic customer. Potential North Carolina East Coast plant before end of decade for energy drink customer growth, but not imminent. All capacity investments require pre-sold customer commitment.

Lewis described mid-to-high-90s utilization across regions. Contract turnover significantly less than one-third annually given long-term nature. Pricing opportunities exist for value-added services (specialty cans, promotions, different inks) rather than commodity pricing.

Lewis described customers evolving into total beverage companies regardless of origin. Energy continues innovating in sizes, functional elements, and formats. Expects energy to keep winning.

Lewis noted no direct business impact beyond ends domestication. Midwest premium spike is the main aluminum-related pressure. Cans grew 2% while other substrates declined 2%+ in 2025, reinforcing can as value vehicle.

Fisher cited non-alc 52-week growth of 4.8% vs alcohol decline of 2.5%. Highlighted health/wellness and protein innovation as untapped can opportunities. Ball repositioning portfolio toward winning categories for 2027+ step-change growth.

Rabbitt indicated no unusual cash items expected for 2026 and current favorable trends should continue.

Fisher noted one supplier's issue (8% of NA can sheet market, primarily automotive) was managed effectively. US still short on processed aluminum, but Novelis and SDI new facilities coming in next few years. May need low-capital footprint adjustments for tariff scenarios.

Fisher noted $60M of non-repeating headwinds (interest income loss + insurance proceeds). Excluding those, enterprise 2:1 leverage intact. Repositioning portfolio from 40% to 30% beer mix.

Fisher emphasized contracting for medium-term visibility, supplemented by scanner data and customer inventory analysis for quarterly views. Florida Can running full in peak season.

Fisher attributed outperformance primarily to favorable mix and modest operational efficiency, with volume roughly offsetting inflationary pressures.

Fisher framed beer companies as needing to evolve into broader beverage companies. Innovation in non-alcohol, ready-to-drink, and portfolio optimization key. Can format remains favored.

Fisher quantified Florida acquisition at $25-35M EBITDA run rate by 2027 with four-year positive EVA payback. Oregon serves existing demand currently shipped cross-country.

Kent guided roughly flat volumes this year (fire offset by Wodgina) with high-single-digit growth in 2027 as CGP3 ramps; Neal framed 2027 at 240,000 to 260,000 tons LCE.

Masters reiterated Greenbushes is on their risk-adjusted plan for the year. CGP3 ramp started with first ore in late 2025, expected at full capacity by year-end, on schedule.

Masters said the volume constraint is product availability, not demand. Norris added that battery company order books are full through beginning of 2027. Sheorey noted volume growth depends on CGP3 ramp and Wodgina capacity improvements.

Masters said grid storage is driven by renewables + storage mandates and AI/data center demand. Expects ~80% of ESS to remain lithium-ion with sodium entering long-term.

Masters confirmed conversion is at marginal cost with all upside value flowing to spodumene. Market is tightening, a demand story with inventories declining across the system.

Sheorey explained it's primarily a mix effect from heavier contract demand in H1, plus lower lithium prices offset by cost savings and plant ramps.

Masters declined to speculate on specific shutdowns but identified single-asset companies and cash-negative startups as most vulnerable.

Masters acknowledged pressure on high-cost producers but said it's impossible to predict when and if specific assets will curtail.

Masters noted grid storage is now nearly 20% of lithium demand and growing faster than EVs. Increasingly driven by grid stability around AI data centers.

Franzen noted $775M of $2B buyback program used ($500M + $275M ASRs). Will continue to evaluate opportunities. Significant flexibility from Aramids proceeds and balance sheet strength.

Koch confirmed 80/20 focused on margin enhancement across 4 initial businesses. Portfolio currently 50/50 Healthcare & Water vs Diversified, targeting 2/3-1/3 over medium term. Has dry powder and Aramids cash for M&A opportunities.

Koch confirmed active scouting in both spaces with healthcare pipeline deeper (more fragmentation, lower valuations). Med device focus similar to Spectrum/Donatelle, building total solutions offering and application development partnerships.

Koch confirmed destocking fully behind in 2025 with normalized inventory levels in both Healthcare and Water heading into 2026.

Koch confirmed water M&A focused on filtration adjacencies and systems/services plays. Metering off the table on valuation. Will bias R&D, capital, and M&A toward Healthcare & Water for outsized returns.

Koch confirmed no tariff-driven order disruptions in IndustrialsCo, with April orders tracking to expectations.

Koch confirmed no material M&A before spin, with robust pipeline for post-separation activity on both RemainCo and Qnity sides.

Petz rejected the plateau framing, calling res repaint the largest remaining share opportunity, and tied packaging strength to beverage cans and the BPA ban.

Heidi emphatically confirmed continuation, citing Emerald Symmetry launch helping contractor productivity, direct install growing double digits, and protective and marine seventh straight quarter up at least high single digits.

Ben emphasized 'realistic' framing anchored on low single-digit existing home sales assumption, with upside if rates/existing homes/confidence improve.

Heidi declined to give 2026 comp guidance; Al deferred to January update after operating plan process completion.

Al lifted the long-term Paint Stores growth algorithm from historical 1.5-2x to 2.5-3x market, citing 400+ more stores and 500+ more reps since 2019.

Al said April starting in line with Q2 guide; March better than Jan/Feb; Southeast and Southwest divisions at or above overall Paint Stores performance, so weather was not a material drag.

Al described Q1 as continuation of Q4 choppiness, with res repaint consistent mid-single-digit growth, packaging strength tied to European BPA conversion in first half of 2026, auto refinish improvement on claims annualization, coil wins continuing, industrial wood tied to new res recovery, and general industrial remaining soft throughout 2025.

Answered up front that nothing of size is for sale, while conceding a couple of small fringe businesses he would like to clean up.

Knavish reiterated refinish is #1, #2, #3 reason for muted leverage. Corporate expenses not structurally higher. Once refinish normalizes in H2, leverage will materialize. Morales added headwinds from higher interest costs (low-rate debt rolling off) and slight tax rate increase across jurisdictions.

Knavish highlighted portfolio transformation: went from ~15% EBITDA company to ~20% through divestitures (U.S. Arch, Silicas, Russia, Africa exits, Traffic pruning). Nothing needle-moving being worked on now. Morales noted the ~$0.05 YoY EPS decrement from 2025 divestitures masks underlying growth.

Knavish cited short-term share gains plus long-term fundamentals: fleet age deficit, car park per capita growth in India/China, global underproduction since COVID. Morales added customer-specific headwinds from H2 2024 becoming tailwinds in H2 2025, plus China retail up double digits with production lagging.

Knavish acknowledged customer mix has been a challenge, team working to rebalance via share gains ($100M includes auto OEM). EV outside China is small; inside China, PPG is #1 with the largest player. Refinish Q1 strength driven by share wins and favorable U.S. customer order patterns.

Tim acknowledged geopolitical uncertainty as the main risk but expressed confidence in full-year guide given controllable factors and pipeline strength.

Kemp confirmed strong POR positions at angstrom-era nodes with sufficient capacity from recent investments. Benefits for both CMP and lithography businesses.

Kemp confirmed MSI expectation raised to mid-to-high single digit with room to do better. Data center mix approaching 20% of portfolio. Automotive and aerospace diversification growing.

CFO broke down $100M: ~50% from productivity, ~25% from commercial/innovation, ~25% from local-for-local optimization. Small benefit in 2026 guidance, remainder in 2027-2028.

CEO identified memory demand destruction as low-end risk; high-end upside from faster customer capacity expansions at advanced nodes. Content growth from node transitions compounds with volume.

CFO attributed margin lag to ICS segment mix (mid-20s margins vs semi mid-30s), FX headwind, and selective growth investments. CEO reaffirmed confidence in operating leverage going forward.

CEO emphasized capacity additions across all semi businesses over past 3-4 years. R&D at 7% of sales and CapEx at 6% provide 13% total reinvestment rate.