Ghansham Panjabi

Panjabi asked whether summer events lifted NA volumes; Lewis said the network ran too tight to see meaningful uplift from them.

Lewis provided comprehensive volume outlook: enterprise April up mid-single digits, South America April +20% erasing Q1 decline. Expects 2-3% enterprise volume at top end, NA at bottom of 1-3%, EMEA above 3-5%, SA in 4-6%. Rabbitt attributed leverage to profit-per-can focus and cost management discipline.

Lewis clarified resegmentation reflects how Ball actually manages the business, not a strategic retreat. India growing high teens for years with capacity additions at both plants. Segment financial changes also excluded financing items from operating earnings for cleaner transparency.

Lewis guided NA at low end of 1-3% due to capacity constraints until Millersburg. Can industry expected to continue low single-digit growth. Year started well and on plan.

Lewis credited Ball's outperformance (4.8% vs ~2% industry) to unrivaled customer portfolio across energy, CSD, and beer categories. Customers driving innovation in different liquids and can sizes, supported by Ball's unmatched network.

Fisher confirmed at least market-rate growth in 2026 with potential to outpace in 2027-2028. Detailed 2026 outlook deferred to next 4-6 weeks of strategic planning. Committed to continued earnings, EPS growth, and share buybacks.

Fisher acknowledged continued mix shift toward lower-margin nonalcoholic categories but framed it as deliberate alignment with fastest-growing brands. Noted profit per can up 32% since 2019. Oregon facility will improve efficiency in H2 2026.

Fisher said Europe already at high margins; focus on sustained mid-single-digit growth with consistent 2:1 operating leverage. Russia re-entry could boost margins but not expected.

Fisher attributed energy outperformance to innovation and pricing. Margin drag from mix (nonalcoholic lower margin), $10M in delivery inefficiencies, and tariff impact.

Fisher detailed third and fourth line additions in Czech Republic and UK facilities. Getting tight, may need incremental investment, all within CapEx-to-D&A envelope.

Fisher set realistic expectations: North America focused on margin maintenance rather than expansion. More improvement opportunity in Europe and South America from lean initiatives.

Fisher confirmed both investments enable supply chain efficiency gains: Oregon eliminates Northwest shipping costs, Florida adds flexibility near Tampa facility.

Fisher noted strong start to 2025 in Europe, expects high end of long-term guidance again, citing lowest can penetration and carbon footprint tailwinds.

Stander walked through each vertical: apparel/general retail solid, logistics still challenged versus 2025, food accelerating on the grocery rollout.

CEO confirmed IL slightly below expectations driven by logistics softness. Still expects 2026 IL growth above 2025 with second-half ramp from Walmart food rollout and new apparel programs.

CEO expects IL growth above 2025 levels driven by Walmart fresh grocery rollout, more apparel adoption, and expanded logistics pilots. Vestcom and Embelex expected at mid-single-digit growth. Quarterly guidance to continue for foreseeable future given macro uncertainty.

CEO attributed softer Materials volumes to lower retail demand, episodic graphics/reflective customer inventory adjustments, and emerging market tariff caution.

CEO expects IL growth in Q3 and new program rollouts in Q4. CFO outlined seasonal pickup plus productivity driving Q4 above prior year even with flat apparel.

CEO clearly stated no material tariff pre-buying in Q1 and confirmed underlying IL business is on track absent tariff impacts.

CEO provided clear breakdown of mid-single-digit volume growth with some price, anchored to GDP assumptions and retail volume forecasts.

Erik said consumer demand has stayed resilient despite inflation and complexity, with no significant customer signals of change, while acknowledging risks and leaning on innovation to sustain growth.

Erik attributed outperformance to volume-led growth across all segments and continued productivity gains. Stated no indication of significant prebuy activity.

DeVeau attributed Taste Q4 strength to North America new wins from pipeline growth and improved win rates. All regions grew with LatAm strong. Profitability driven primarily by productivity across COGS and SG&A plus favorable net pricing.

DeVeau detailed self-funding mechanism: R&D and commercial reinvestment in H&B since H2 2024, increased CapEx for capacity in growth areas with good incremental margins, plus ongoing productivity through streamlined functions, automation, and process redesign.

DeVeau confirmed Q2 was consistent with expectations despite macro volatility, with all businesses delivering positive volume growth. Flagged H&B expecting negative growth in Q3 driven specifically by health segment against mid-teens prior-year comparison.

Erik attributed Taste growth to increased pipeline, high win rates, and broad-based regional growth. Pre-buy benefit may be modest but hard to tell since April trends remain consistent.

DeVeau confirmed taste growth needs to be disproportionately faster given flat food ingredients. HNB expects modest growth across businesses with probiotic health business expected to recover.

Direct, correcting the premise that raws moderated and crediting faster execution and no lag period.

Knavish compared recovery timelines: 2017-18 cycle took 1.5 years, 2021 post-COVID/Texas freeze took 1 year, now expecting months. Two factors: refined pricing muscle from each cycle plus positive organic growth momentum built over 5 quarters providing volume buffer. Confident in balancing pricing and volume.

Knavish identified three up categories: epoxies (tariffs), specialty pigments (tariffs), and metal packaging (aluminum/steel tariffs). TiO2 soft from supply-demand plus supplier consolidation. Oil-based solvents benign. Net flat for Q1 and full year. Morales added targeted pricing instituted in Q1 2026 to more than offset.

Knavish traced Mexico recovery: negative Q1 (tariff shock from Feb), positive low-single Q2, mid-single Q3, good outlook for Q4. Retail already strong; project spending sequentially improving. If U.S.-Mexico deal reached, would be huge accelerator.

Knavish was transparent: H2 confidence is entirely share-gain driven. Base market flat to slightly down, auto builds down in U.S./Europe, some Asian consumer exports depressed, heavy-duty equipment down. Morales added no stacking of inventory in the chain, limiting tariff-related inventory correction risk.

Morales cited easier comps plus genuine stabilization in industrial production and better Western European architectural order patterns exiting Q1. Knavish emphasized not expecting a hockey stick but structural cost actions position PPG for strong earnings leverage with even modest volume improvement.

Knavish outlined pricing progression through the year: flattish Q1, positive low-single-digit for full year. Morales added that supply chain remains loose, buyer's market for commodities beyond tariffs.

Petz said no material change is expected; Meisenzahl added that volume phasing is unchanged from January guidance, with pricing the variable.

Ben explained that consumer sentiment at lowest levels on record is baking in softer volume expectations. Stronger pricing offsets maintain the same full-year earnings guide range.

Ben attributed the 150bps margin expansion to SG&A discipline and simplification, walking through first half vs second half progression.

Al explained the 7% reflects higher year-over-year raw material increases and other basket cost increases; effectiveness will be balanced with aggressive volume pursuit.

Heidi declined to guide to 1H2026 but said early indications suggest continuation of soft environment; SHW is investing aggressively in Paint Stores Group to influence near-term results.

Heidi said SHW is gaining position in new residential through deeper builder partnerships, citing 30-year mortgage rate stuck at 6.5-7% as the key bottleneck; well positioned when market recovers.

Heidi confirmed no material change vs Q3 outlook, described it as softer for longer with 2026 in sight. Al noted Fed rate cuts have not flowed through to long-term mortgage rates as hoped.

Steve said Q4 price realization of ~$280 million passed through the vast majority of inflation, with a stable price/cost relationship expected to continue through the transition period. PK added the organization performed excellently in recovering rapid Middle East-driven input inflation while still handling integration.

PK noted <5% resin sourced from Middle East, no operations or employees there. 70/30 contracted/non-contracted split with pass-through clauses improved post-2022/23 inflation. Steve added planning assumption is pass-through mechanisms continue to offset beyond Q4. Cautioned against annualizing Q4 inflation numbers.

PK said H2 approach consistent with H1 at low single digits down. Revenue synergies and growth initiatives could provide upside. Steve clarified: bottom of guidance assumes ~1.5% volume decline continues; upper half assumes improved activity and revenue synergies.

PK clarified overall volumes in line with Q4 expectations at -2% ex noncore NA Bev. Flexibles-specific weakness driven by European unconverted film, a commodity product sold into weak end markets. Not a broader consumer deterioration signal.

PK explained weakness driven by soft consumer demand from sticky inflation and tariff uncertainty, not destocking. Confectionery hit by cocoa inflation. Berry showed better growth due to different mix/category exposure and no NA Beverage participation.

PK gave thorough answer covering service quality, commercial excellence expansion, innovation leverage, and focus categories. Said he feels pretty good about current portfolio with no immediate divestitures needed.