John Roberts

Melissa declined to break out growth by area, but said electronics is ramping strongly (backlog and new assets), refining is mixed with strong Americas HyCO but weak Europe, and other markets improved in the Americas and Asia but not Europe.

Eduardo said no material Asia customers are down. China replacing LNG with coal facilities, driving increased oxygen demand from gasification customers.

Eduardo clarified CBAM is not part of their agreement with Yara. Emphasized U.S. natural gas supply advantage is bigger than CBAM discussion.

Eduardo confirmed rising power costs for new contracts from data center competition. On-site contracts pass energy through to customers. For merchant products, APD works to pass costs to market. Sophisticated power procurement process in place.

Eduardo explained CBAM is connected to CO2 ETS scheme in place for ~15 years. Any change requires modifying the entire scheme, making probability very low.

Eduardo awaiting country-level transposition of EU RFNBO mandate expected by March 2026. Even at 1% mandate level, green hydrogen demand would be ~7x NEOM capacity; at proposed country levels, ~20x.

Eduardo confirmed reasonable optimism on year-end partnership timeline, noting APD's CapEx per unit capacity is competitive or better than peers' recently announced Gulf Coast projects.

Eduardo confirmed CO2 pore space and ammonia assets have monetizable value either within the project or standalone, but couldn't give specifics during negotiations.

Melissa confirmed planned maintenance was built into the original acquisition plan with no additional capital outlay, costs discounted from the $100M acquisition price.

Seifi confirmed March-May timeline for president announcement, noting candidates must be current or former CEOs of public companies with availability constraints.

Koch said no structural change in Middle East RO -- conflict-driven project timing; ex-ME Water up mid-single-digit.

Koch confirmed desalination is primarily classified as industrial water, sitting within the reverse osmosis product line.

Koch attributed auto outperformance to ~$300M EV sales, particularly battery adhesives which are all incremental and growing well above ~20% EV market growth. New OEM qualifications built over several years driving wins.

Koch clarified APAC decline was from a distributor JV relationship change in Shelter, not water. Temporary and expected to normalize with growth across all regions in 2026.

Koch declined subsegment margin detail but confirmed margin improvement expected in both reportable segments plus lower corporate costs driving 60-80bps expansion in 2026.

Franzen noted Qnity already received semiconductor classification. S&P/MSCI waiting for public filings (upcoming 10-K). Pro forma 8-K already filed Monday. On a 'personal mission' for GICS reclassification.

Koch confirmed EBITDA minimums will be reset at separation with cushion on both sides, with intent to redeploy divestiture proceeds in M&A.

Koch provided detailed sub-segment sizing: Shelter $1.7B, Next-gen mobility $1B, Aramids $1.3B, plus printing/packaging from Electronics.

Koch confirmed IndustrialsCo will retain the DuPont name. Franzen confirmed active work on reclassification from chemical to industrial classification.

Franzen confirmed Water will be a standalone reporting segment within new DuPont, highlighting Water and healthcare growth profiles.

Ed quantified semiconductor at ~$0.5B with growth continuing; Wendell added that solar demand is strong enough to raise the $2.5B sales target.

Wendell confirmed expansions across all major optical operations including fiber, emphasizing risk-sharing with customers to assure shareholder returns.

Weeks did not have the specific data available and committed to follow up with Roberts separately. The question probed vertical integration of Corning's fiber-to-cable supply chain and potential import dependencies.

Weeks confirmed pre-duty inventory buildup is real but Corning benefits as it depletes, both from demand pull and improving module pricing.

Schlesinger confirmed wafer commercialization in Q3 with sales ramp in Q4. Ramp costs continue in Q3 but recovery trajectory begins as capacity reaches scale.

Weeks said Corning pre-emptively positioned in India and Vietnam to support customer supply chain shifts. Either direction (India or China), Corning captures the revenue.

Weeks confirmed $0.01-$0.02 is direct only. Customer tariff impacts captured in overall risk adjustment. Customers have high supply chain sophistication and are optimizing around tariffs.

Schlesinger attributed Hemlock strength to back-end loaded semiconductor polysilicon contracts. Confirmed plans to update segment reporting in 2025 including breaking out solar/Hemlock.

Weeks said BEAD risk was already accounted for in the derating between non-risk-adjusted and risk-adjusted plans. No BEAD revenue expected until 2026 even in the non-risk-adjusted plan.

Kent said African supply is moving faster and one lepidolite mine has restarted, but gave no firm timeline; the market stays tight with low inventories.

Sheorey said leverage likely trends below 1x at current pricing. Conservative balance sheet posture given volatility and uncertainty. Masters added the goal is building a company that can be opportunistic at the bottom of the cycle.

Masters said pricing is largely the same globally. Norris added the structural 13% VAT difference and noted the GFEX futures exchange is increasingly becoming the benchmark, creating potential inefficiencies vs. traditional PRA-based pricing outside China.

Norris said they assumed CATL capacity returns gradually. Noted the 30,000-50,000 tons is not material relative to overall demand growth and inventory levels.

Masters said existing investments provide growth runway measured in years, not quarters, before volumes would flatten.

Masters said the industry is still early in the technology curve with room for improvement from global players regardless of geography.

Norris confirmed flat Greenbushes volumes for 2025 and said all growth comes from Chile's Salar yield improvement project.

Masters acknowledged the 4-6% of sales CapEx target is aspirational and applies to mid-cycle pricing, not current bottom-of-cycle conditions.

Kemp credited data center, automotive, and industrial demand, but flagged memory supply dynamics could temper further mainstream logic utilization gains.

Kemp said larger formats and tighter geometries both raise material complexity and content, and incumbency positions Qnity to capture new architectures.

Kemp guided semi margins mid-30s, ICS mid-to-high 20s. Noted slight ICS mix headwind from seasonal consumer electronics shift and post-spin hiring ramp.

Kemp confirmed strong pipeline for both roles but provided no timeline or specifics. Existing interim leaders performing well.

CFO targeting high-teens tax rate over the medium term, consistent with semiconductor peers. Nice improvement already from 2025 to 2026 forecast.

CEO confirmed CMP is used in advanced packaging and is one of its fastest growth areas. Critical for copper-to-copper bonding including hybrid bonding formats.

CFO confirmed 10-Q filing in a couple of weeks with full standalone financial details.

CEO explained current ICS outperformance is driven by advanced packaging and thermal acceleration while mature semi nodes lag. Broader recovery should rebalance segment growth rates.

Petz tied the pass to the controlled distribution model and said non-North American market fundamentals do not justify that capital deployment.

Ben Meisenzoll expressed preference for supply-side policy (land access, lower builder costs) over demand gimmicks like 50-year mortgages. Welcomed any affordability unlocks.

Heidi confirmed packaging recovery with runway in Asia/LatAm; cited EFSA BPA ban driving Q2 conversions.

Ben confirmed SG&A low single-digit growth guide, noted 401(k) apples-to-apples, and raised cost savings expectation to ~$46M in 2026.

Jim declined to break down by subsegment but confirmed industry gallons down across most end markets; SHW outperforming as North Star metric.

Al confirmed CapEx cut protects Statesville, warehouse automation, and coil capacity expansion; lower-priority projects pushed back rather than canceled.

Heidi cited oil and gas, water/wastewater, high-performance flooring, and high-value infrastructure as P&M growth drivers; good pipeline of projects from local to mega-scale.

Al left door open for positive commercial comps later in year dependent on interest rates and property maintenance CapEx, but held to commercial dropping in second half with mitigation from other segments.