Patrick Cunningham

Eduardo said prior Darrow monetization figures were estimates and declined a clear timeline, emphasizing value comes from selling the units as a whole; on Edmonton he offered no updates on start-up dates or costs.

Eduardo offered minimal detail. No updates on offtakes or costs. Working with Canadian federal and provincial governments on regulatory conditions.

Eduardo noted Qatar supply was already offline since December so conflict did not materially change the supply situation. Company has enough product for customers.

Eduardo confirmed NEOM and Louisiana negotiations are independent. NEOM product is green with zero CBAM impact. Any CBAM changes would only have indirect market effects.

Management confirmed NEOM JV will not start at a loss but declined to disclose specific expected equity affiliate contributions from the 33%-owned venture.

Melissa attributed Americas growth to Mexican JV (expected flat in FY2026). Jazan JV declined in FY2025 but expected to pick up in FY2026 as interest rates decline.

Eduardo acknowledged initial sales will be as ammonia with green premium percentage growing over time. Full 2027 forecast not available yet given ammonia market pricing dynamics.

Eduardo sees room for APD's project alongside competitors, noting increasing clean ammonia demand from Far East power producers and European market potential.

Eduardo clarified Total agreement is for 2030, with ongoing engineering and permitting work. By 2027, expects definition on which refinery to supply based on country-level EU regulation transposition.

Eduardo expressed confidence in raising operating margins to 30% through blocking and tackling, noting base business at 24% with room for improvement.

Melissa framed tariff risk as moderate for projects, minimal for core business given local production model, with main risk being macro knock-on effects to customers.

Melissa quantified LNG headwind precisely at $0.49 EPS or 4%, distributed evenly across quarters.

Seifi explained permit was challenged by environmental groups despite being an environmentally friendly project. Decision to wait for full permits before proceeding.

Franzen detailed Building Tech up low-single-digit and Industrial Tech mid-single-digit with an improving order book.

Franzen confirmed >90% FCF conversion target intact. Q1 conversion was 65%, consistent with normal H1/H2 cadence (interest payments in Q2/Q4). Teams managing inventory days down YoY despite higher input costs. DSO collections also a focus.

Koch confirmed microelectronics is ~20% of ion exchange business within water. Seeing nice volume growth in Q1 driven by broader data center trend.

Franzen confirmed price decline moderating as inflationary-era concessions are lapped, with volume-price trade-offs managed at line-of-business level.

Franzen quantified 100bps underlying margin expansion (70bps reported) with IndustrialsCo incrementals at ~70% driven by productivity.

Kemp argued competitive moat from application engineering support and quality requirements as process complexity increases.

Kemp acknowledged the possibility but noted no specific anticipated restrictions, citing DuPont's track record of navigating since 2019.

Koch directly identified Kalrez as the last business still in destocking, targeting mid-2025 for normalization.

Koch acknowledged retained businesses have high-teens to low-20s margins, below heritage W&P levels, with more detail deferred to Investor Day.

Kent said demand is running ahead of supply, keeping the market tight, but current roughly $20/kg pricing is not driving speculative new projects.

Masters said energy security and grid resiliency are bigger drivers globally. Difficult to attribute incremental demand directly to the Middle East crisis, but it may impact both EVs and energy storage.

Masters said the mine is on plan including CGP3 ramp. They risk-adjust annual forecasts across all assets. CGP3 started up end of 2025 and the ramp is on schedule.

Norris described mixed bromine demand with electronics/pharma strong but construction/oil-gas weak. Market is fairly balanced heading into year-end.

Sheorey noted partial-year savings from 2025 will roll into 2026 with full-year benefit. Plant ramps like Meishan (a year ahead of schedule) provide ongoing productivity.

Masters confirmed the non-floor 50% is essentially at spot/index pricing and noted no recent renegotiations of floor contracts.

Masters clarified most CapEx cuts were in conversion, not resources. Acknowledged growth rates will slow after 2027, mostly due to resource constraints.

Vanacker said China structurally adapted (more coal-to-olefins, higher exports) but that the inventory drawdowns are temporary and China should return to importing.

Aaron detailed pricing power across all I&D products: methanol doubled from $300 to $600/ton in 3 months, acid pricing up 50%, VAM up 100%. US natural gas pricing lowest across all regions giving cost advantage. Both PO technologies in first quartile of cost curve. Running 75% Q2 utilization due to Bayport outage, expects 95-100% once Bayport returns.

Peter explained $800M maintenance CapEx is not the new normal, historical sustaining CapEx was $1.2B, expected to settle at ~$1.1B post-European asset sale. Only 2 turnarounds in 2026 vs typical 3-4 per year. Years of above-depreciation investment enable lighter 2026 spending. Agustin confirmed light turnaround year with only Midwest and smaller IND turnaround.

Peter cited 21M tonnes of ethylene capacity expected to close, noting much Chinese capacity is on wrong side of cash cost curve. Emphasized need to look at economically feasible capacity, not just nameplate. Kim added new derivative capacity coming online will tighten ethylene markets and improve chain margins into 2026. Peter noted oil-to-gas ratio would need to fall to 6-7x to flatten cost curve; sees 12-15% range ahead.

Peter quantified $85M sequential tailwind from Channelview turnaround completion. Guided 85% segment utilization for Q3. Kim added that back-to-back PE price increases are historically unusual without supply disruption, but cited several positive indicators: improving exports, domestic demand up YoY/QoQ/MoM, low global inventories, and hurricane season risk.

Peter defended Flex-2 timing citing mid-teens IRR. VEP and cash improvement plan enable continued strategic investment. Committed that 2026 CapEx will not be substantially higher than 2025 levels. Strategy confirmed even in volatile environment.

Peter acknowledged structural shifts moderating future mid-cycle margins but pointed to demand recovery signs. Cited PE domestic demand +4% and overall +8% YoY. Did not directly address whether current margins are the new normal.

Jaye credited two years of targeted commercial share work and named data centers, semiconductor fabs, water treatment and pharma as Protective drivers.

Heidi said no material order shift. Ben noted 60-90 day feedstock gap from Middle East could squeeze Asia and Europe supply later, potentially impacting demand as costs rise.

Heidi cited SHW's stable strategy and execution playbook as a competitive advantage during industry disruption; teams will be aggressive.

Al attributed PCG margin decline to unfavorable region/business mix; Europe acquisitions dilutive, Latin America down; Q4 expected to see moderation.

Heidi said res repaint backlogs are stable with marginal bid activity increase; project sizes getting smaller; SHW working with contractors to find new opportunities and positioned to win when market recovers.

Heidi characterized res repaint backlogs as positive with smaller project sizes; SHW investing in SG&A ahead of the curve to capture share; labor/immigration not a concern given value prop focused on productivity.

Heidi described M&A as a consistent steady-hand approach, always looking for technology/brand/region opportunities but not dependent on it for growth; will evaluate attractive opportunities that fit strategy.

Johnson said ex-unusual items free cash flow conversion would be around 46%, within the 45-50% of EBITDA midterm target.

Robert King noted portfolio is roughly two-thirds differentiated with new CP products pushing $2B in revenue. Rinskor, Aviso for Asian soybean rust, and biologicals will drive further mix improvement. Did not directly address patent cliffs.

Robert said channels about normal for time of year. Expecting continued volume growth in LatAm with more land in production but pricing pressures to persist. Farmers stressed with high interest rates and suppressed commodity prices but still making money. Barter program near $1B in combined crop and seed revenue to mitigate risk.

Chuck confirmed 2027 hybrid wheat launch on track. Seeing 10-15% consistent yield improvement in year 3 of trials. $1B peak revenue potential. Margin profile expected similar to corn/soybeans.

David said slightly ahead on seed net cost improvement. Commodity impact runs through P&L over 2-3 year period via hedges and inventory. $700M 3-year target tracking well.

Judd said $100M cost benefit in Q1 split between commodity and productivity. David confirmed $200M seed and $200M CP for full year, with H1 somewhat front-loaded due to deflation timing.