Duffy Fischer

Eduardo said the contribution is in the ballpark, probably a little lower, but declined detail citing Aramco confidentiality; expects no financial impact from the incident. Melissa noted Jazan is a financing receivable that declines over time.

Melissa quantified D&A benefit at approximately 1-1.5% and past-due collections also approximately 1-1.5% tailwind. Actively pursuing sale of those assets.

Eduardo expects helium pricing to bottom by fiscal year end. Signing longer-term agreements averaging 3 to 5 years as customers value supply reliability.

Eduardo quantified 1% benefit from gasification assets held for sale. Sale process ongoing with offers received; expects completion within fiscal year.

Eduardo noted better-than-expected quarter driven by strong aerospace helium demand. Full year ~4% EPS headwind forecast unchanged. Working to increase volumes through new accounts especially in electronics.

Eduardo expects further decline in FY2027 but at reduced pace, with that being the likely trough. Storage cavern investments by major players should help regulate market after BLM exit.

Eduardo broke out FY2026 growth as ~2-3% from new assets (Asia and Americas), with the balance split roughly half and half between price and productivity.

Eduardo debated structural vs cyclical change. BLM exit changed market dynamics, but major players installing storage caverns should help regulate. Expects further decline in FY2027 but possibly the lowest point.

Eduardo explained helium is not a separate segment so specific P&L not available. Operating income from helium is still significantly higher than pre-COVID (2015-2018) despite recent declines.

Melissa cited seasonality, Uzbekistan return in Q3, pricing actions, volume capture, and productivity program execution as second-half drivers.

Melissa gave qualitative rather than quantitative breakdown, noting strong non-helium pricing and strong hydrogen and merchant volumes.

Seifi acknowledged both supply-demand imbalance and Russian helium supply contributing to Asia price weakness.

Melissa clarified vast majority is capitalized but some support costs flow through P&L. Noted 1,000 headcount reduction already taken through productivity actions.

Sanjiv detailed helium supply navigation and new contracts but said normalization would be slow, extending into early next year.

White detailed Q1 helium: roughly flat sales, pricing down a few percent YoY but rising post-conflict. Two distinct issues: Strait of Hormuz (Qatar, potential multi-year damage) and Russia (more political, Chinese market impact). Already securing long-term agreements.

Sanjiv gave detailed global walk. US resilient with sales up across almost every end market. China merchant business grew above published IP. India strong across all end markets. Brazil standout in LatAm. Canada flat. ASEAN flat. Australia stabilizing. Management slightly more positive but guidance conservative.

Sanjiv deferred detailed 2026 guidance to February after rigorous planning process in 2 weeks. Confirmed backlog is strong input for continued growth. Variable will be macro outlook.

Sanjiv gave detailed global walk: Americas flat to slightly up with US metals/chemicals positive, Europe continued softening with no catalyst, China mixed, India bright spot.

Sanjiv reaffirmed $8-10B near-term target, about halfway through. Differentiated blue hydrogen (primary focus, 45Q supported) from green hydrogen (5-7 years out).

Matt explained base volume tracking to IP, higher leverage in developing markets. Sanjiv gave detailed global walk: Americas low-single-digit, Europe softening, China flat, India growing.

Meisenzahl attributed the narrower second-half increase to easier prior-year comps in the back half and the raw material ramp, not to demand.

Jim Jaye detailed pressure concentrated in solvents, resins, and petrochemical-based commodities. Noted TiO2 less impacted and over 80% of sales sourced in North America.

Ben guided to muted margin through Q3 2026 (similar to Q4 level) then normalization after Suvenil anniversary; ongoing integration costs expected.

Heidi attributed acceleration to differentiation and share gains in unprecedented environment, not delayed pricing rolling through.

Al confirmed Consumer Brands absorbs the production deficit in H2; costs get re-standardized in January with some flowing to Paint Stores and PCG; SHW maintaining factory headcount to preserve capabilities.

Al said more price room to run but offsetting tariffs is volatile; price increases going in across other segments too to help offset total cost basket.

Al said 2024 price effectiveness took longer than planned to reach typical rate; learned from that with more discipline and customer lead time; expects better first-half price effectiveness and some annualization tail from 2024.

Answered the mix question directly but deferred the specific peak quarter to IR follow-up.

Knavish confirmed no massive restructuring needed from refinish decline. Expects outstanding operating leverage on snapback in H2. Go-forward: low single-digit revenue growth business driven by expanded TAM (digital tools, Moonwalk, Allied products giving bigger target beyond just coatings), share gains, and value capture. Industry volume structurally minus 1 to minus 2 but PPG will outperform. Excellent EBITDA and cash generation machine.

Knavish revealed aerospace is nicely above Performance Coatings segment average (like refinish), implying PMC and traffic are below. Aerospace elevated spending expected for a couple more years; PMC shorter. Morales emphasized both are mid-to-long cycle businesses positioning on the front end of growth curve.

Knavish cited 2 differentiators: Mexico purchasing (FX-driven dollar-denominated raw material costs) and epoxy exposure (pre-April tariff-driven inflation). Morales added that Mexico business can price through that inflation, so bottom-line impact is limited.

Knavish firmly stated lumpiness doesn't impair pricing due to total value proposition around body shop productivity. Attributed volatility to 2-step distribution model with independent distributors managing their own cash flows. On lower collision claims, noted PPG's best-in-class productivity tools and allied products (double-digit CAGR) offset industry headwinds.

Knavish confirmed H1 behind, H2 ahead. Lopez provided recast quarterly EPS for 2023 and 2024 to help analysts model the new segment structure.

David noted SG&A up ~$100M in Q1 with about 25% from bad debt. Credit managed strategically customer-by-customer, leveraging industry-leading barter program.

Judd explained LatAm safrinha is double-cropped after soy, not a corn-or-soy choice. Flat safrinha reflects a pause in multi-year expansion, and a million-acre shift would be less impactful than in NA.

Judd confirmed share gains in North America corn and soy, mid-single-digit share gains in Brazil summer and safrinha, nice recovery in India rainy corn, and share gains in EMEA sunflower and corn. Positive impact in almost all regions. E3 on soybeans was not part of Bayer discussions.

Judd confirmed share gains in both corn and soy, with soy share gains exceeding corn. Conkesta at 8-10% in 2025, targeting double digits in 2026, potentially 1/3 of Brazil soy market by 2030.

Judd said both technologies are competitive. Shift to multipliers expands penetration faster than branded-only. Growers want choice and multipliers want another option for their customers.

Carter said planned cracker maintenance constrained volume and Dow deliberately held back some volume to maximize margins; the low-cost Terneuzen 3 restart aids H2.

Fitterling said Sadara running safely, no cash payments to lenders expected in 2026, ample liquidity through facilities. Strategic review with Aramco to complete in 2026. Still sees $1B uplift from Alberta at maturity.

Fitterling said $0.04 ethane in guide, assets will run hard in Americas. Gas moved by weather; production strong. Wildcard is whether ethane gets into US-China trade negotiation.

Fitterling cited polyurethanes, chlorine, aromatics, and starting in PE. Brazil/LatAm taking action, Europe on EVs. Carter confirmed all July price increase baked into Q3 guide.

Working capital expected to be $300-400M use of cash in 2025. Other assets/liabilities line down $900M YoY primarily from long-term tax payables and audit reassessments.