Core Insights - The Mosaic Company (MOS) and Nutrien Ltd. (NTR) are leading players in the fertilizer industry, benefiting from strong agricultural market conditions and favorable farm economics, which are driving global fertilizer demand [1][25] - Both companies are experiencing increased demand for potash and phosphate, with prices rising due to supply tightness and strong market conditions [2][25] Group 1: Mosaic Company (MOS) - MOS is capitalizing on strong demand for phosphate and potash, supported by favorable agricultural conditions and a focus on improving its operating cost structure [3][25] - The company is on track to achieve $250 million in run-rate cost reductions by the end of 2026, having already realized $150 million in savings through supply chain optimization and operational cost cuts [4][25] - MOS has completed significant capacity expansion projects, including an 800,000-ton MicroEssentials capacity conversion and a 400,000-ton Hydrofloat project, which will enhance its production capabilities and support long-term growth in Brazil [5][25] - The company generated an operating cash flow of $610 million and free cash flow of $305 million in Q2 2025, with expectations for stronger cash flow in the second half of the year [6][25] - MOS offers a dividend yield of approximately 2.6% with a payout ratio of 49%, indicating sustainable dividends and a five-year annualized dividend growth rate of 41.6% [7][25] Group 2: Nutrien Ltd. (NTR) - NTR is benefiting from healthy demand for crop nutrients, cost reduction initiatives, and strategic acquisitions, with improving fertilizer prices providing additional support [8][25] - The company anticipates an increase in U.S. corn acreage in 2025 and has raised its potash sales guidance to 13.9-14.5 million tons due to strong demand [9][10][25] - NTR is focused on achieving $200 million in total savings in 2025 through operational efficiency and cost-saving initiatives, ahead of schedule on its cost-reduction goals [11][25] - Nutrien reported cash and cash equivalents of $1,387 million at the end of Q2, a 38% year-over-year increase, with cash provided by operating activities surging 40% to $2,538 million [12][25] - The company returned $0.8 billion to shareholders in the first half of 2025 through dividends and share buybacks, offering a dividend yield of approximately 3.8% with a payout ratio of 66% [13][25] Group 3: Market Performance and Valuation - MOS stock has increased by 39% year-to-date, while NTR has gained 26.2%, outperforming the Zacks Fertilizers industry, which rose by 19.5% [15][25] - MOS is trading at a forward 12-month earnings multiple of 11.76, representing a discount compared to the industry average of 13.12 [16][25] - NTR is trading at a forward 12-month earnings multiple of 12.79, above MOS but below the industry average [19][25] Group 4: Earnings Projections - The Zacks Consensus Estimate for MOS's 2025 sales implies a year-over-year rise of 16.8%, with EPS expected to increase by 60.1% [22][25] - For NTR, the consensus estimate for 2025 sales and EPS suggests a year-over-year rise of 3.4% and 26.2%, respectively [24][25] Group 5: Investment Outlook - Both companies are well-positioned to benefit from strong global fertilizer demand, with cost-reduction initiatives expected to enhance margins [25] - MOS appears to have a slight edge over NTR due to its more attractive valuation and higher dividend growth rate, along with stronger earnings growth projections [25]

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Companies like Oshkosh Corporation (OSK), EPAM Systems, Inc. (EPAM), Green Dot (GDOT), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) have low P/S ratios and strong growth drivers, making them attractive for investors [4][10] - Each of these companies combines low P/S ratios with strong fundamentals such as innovation, cost control, or digital expansion [10] Company Profiles - **Oshkosh Corporation (OSK)**: Engaged in designing and manufacturing custom-built vehicles, with a focus on electrification and strategic acquisitions to enhance its market presence. Currently holds a Value Score of B and Zacks Rank 1 [12][13] - **EPAM Systems, Inc. (EPAM)**: Provides software engineering and IT consulting services, benefiting from digital transformation and strategic acquisitions. Holds a Value Score of B and Zacks Rank 2 [14][15] - **Green Dot (GDOT)**: A leader in prepaid cards and Banking-as-a-Service, with a strong balance sheet and significant cash reserves. Holds a Value Score of A and Zacks Rank 1 [16][17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, benefiting from strong demand in agriculture and cost transformation efforts. Holds a Value Score of A and Zacks Rank 2 [18][20] - **PagSeguro Digital (PAGS)**: Offers a suite of financial solutions in Brazil, focusing on digital banking and sustainable growth. Holds a Value Score of A and Zacks Rank 2 [21][22]

Core Viewpoint - Mosaic (MOS) has shown a recent price increase and analysts suggest significant upside potential based on price targets, with a mean target indicating a 26.5% increase from the current price [1][2]. Price Targets and Analyst Estimates - The mean estimate for MOS comprises 16 short-term price targets with a standard deviation of $5.13, indicating variability among analysts [2]. - The lowest price target is $33.00, suggesting a 2.6% increase, while the highest target is $49.00, indicating a potential surge of 52.4% [2]. - Analysts' consensus on price targets should be approached with caution, as historical data shows that these targets often mislead investors [3][7]. Earnings Estimates and Analyst Agreement - Strong agreement among analysts regarding MOS's earnings prospects is a positive indicator for potential stock upside, as reflected in recent upward revisions of earnings estimates [4][11]. - The Zacks Consensus Estimate for the current year has increased by 7% over the past month, with four estimates revised upward and no negative revisions [12]. - MOS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, further supporting its potential upside [13]. Conclusion on Price Movement - While the consensus price target may not reliably indicate the extent of potential gains for MOS, the direction implied by these targets appears to be a useful guide for investors [14].

Industry Overview - The global fertilizer industry is crucial for food security, with major players like Nutrien, Yara International, and Mosaic leading the market [1][3] - The industry is transitioning from conventional chemical fertilizers to bio-organic solutions, driven by the need for sustainable agricultural practices [4][21] Company Profile: Elite Gree - Elite Gree is a premium organic fertilizer producer that combines advanced biotechnology with international standards to enhance agricultural productivity [1][22] - The company focuses on patented bio-organic formulas and a commitment to green development, positioning itself as a rising name among top fertilizer manufacturers [2][20] Competitive Advantages - Elite Gree specializes in 100% organic and bio-organic fertilizers, differentiating itself from traditional chemical-based solutions [19] - The company utilizes patented biotechnology and intellectual property rights to offer unique products that are not easily replicated [19][20] - A farmer-centric approach emphasizes real-world benefits such as higher yields, greater profits, and improved soil health [20] Research and Development - Founded by an industry expert with extensive experience in international agricultural corporations, particularly in Israel [16] - Supported by a team of agronomists and biotechnologists, Elite Gree engages in continuous R&D to meet market demands and global quality standards [16] Market Strategy - Elite Gree has established a strong nationwide distribution network in Vietnam and aims for ambitious expansion into international markets [18] - The company is committed to supporting sustainable agriculture and green development, aligning with global trends towards eco-friendly practices [20][22]

Group 1: Company Performance - The Mosaic Company (MOS) reported improved potash sales volumes in Q2, totaling 2.3 million tons, up from 2.1 million tons in the previous quarter due to increased production [1][7] - MOS raised its full-year 2025 potash production guidance to between 9.3 million and 9.5 million tons, driven by stronger market conditions and demand [2][7] - The Esterhazy Hydrofloat project, which added 400,000 tons in milling capacity, is complete and began production in July 2025, with further ramp-up expected by year-end [3][7] Group 2: Industry Comparison - Nutrien Ltd. (NTR) reported potash sales volumes of approximately 3.99 million tons in Q2, achieving record highs due to favorable affordability and robust consumption [4] - Intrepid Potash, Inc. (IPI) experienced a 25% increase in potash sales volumes to 69,000 tons, driven by production increases, and expects production of 270,000-280,000 tons for full-year 2025 [5] Group 3: Financial Metrics - MOS stock has gained 32.6% year-to-date, outperforming the Zacks Fertilizers industry, which rose by 18% [6] - The Zacks Consensus Estimate for MOS' earnings implies a year-over-year rise of 60.1% for 2025, followed by an 11.8% decline in 2026, with EPS estimates trending higher over the past 60 days [8] - MOS is currently trading at a forward 12-month earnings multiple of 11.18, which is about 14.1% lower than the industry average of 13.01X [9]

Market Overview - Wall Street has continued its bull run in 2025, with the S&P 500 recording 20 all-time highs year to date, including five in August alone [1] - Historically, September is the worst-performing month for U.S. equities, with an average decline of 0.7% since 1950, and a more pronounced average decline of 2% over the last 10 years [2] Investment Recommendations - It is advisable to invest in low-beta, high-yielding stocks with a favorable Zacks Rank, including Assurant Inc. (AIZ), Hasbro Inc. (HAS), The Mosaic Co. (MOS), Virtu Financial Inc. (VIRT), and Houlihan Lokey Inc. (HLI), all of which have a Zacks Rank 1 (Strong Buy) [3][10] Assurant Inc. (AIZ) - Assurant is focused on both inorganic and organic growth strategies, expecting adjusted EBITDA to increase modestly in 2025, driven by improved performance in Global Housing and growth in Global Lifestyle [13] - The company has an expected revenue growth rate of 5.7% and an earnings growth rate of 5.8% for the current year, with a Zacks Consensus Estimate for earnings improving by 7.6% over the last 30 days [15] Hasbro Inc. (HAS) - Hasbro is concentrating on high-margin segments such as Wizards, Licensing, and Digital, which are expected to support bottom-line growth [16] - The company anticipates that digital gaming and licensing partnerships will contribute about 25% of corporate revenues by 2027, with an expected revenue growth rate of 6.6% and an earnings growth rate of 21.5% for the current year [19] The Mosaic Co. (MOS) - The Mosaic is expected to benefit from higher demand for fertilizers, with strong grower economics and crop commodity prices driving global fertilizer demand [20] - The company has an expected revenue growth rate of 16.4% and an earnings growth rate of 60.1% for the current year, with a Zacks Consensus Estimate for earnings improving by 13.2% over the last 30 days [22] Virtu Financial Inc. (VIRT) - Virtu Financial's diversified business model supports sustainable long-term growth, with ongoing cost-control initiatives improving adjusted net margins [24] - The company has an expected revenue growth rate of 18.9% and an earnings growth rate of 33.8% for the current year, with a Zacks Consensus Estimate for earnings improving by 17.9% over the last 60 days [25] Houlihan Lokey Inc. (HLI) - Houlihan Lokey is a global investment bank specializing in mergers and acquisitions, capital solutions, and financial advisory services [26] - The company has an expected revenue growth rate of 13.1% and an earnings growth rate of 21.9% for the current year, with a Zacks Consensus Estimate for earnings improving by 6.7% over the last 60 days [27]

Company Overview - The Mosaic Company (MOS) has agreed to sell its Brazilian potash unit, Mosaic Potassio Mineracao Ltda (MPM), to VL Mineracao Ltda for up to $27 million, which includes $12 million at closing, $10 million one year later, and $5 million over the next six years [1][8] - VL Mineracao will also assume approximately $22 million in asset retirement obligations associated with the mine [1][8] Transaction Details - The sale is subject to approval from Brazil's Administrative Council for Economic Defense (CADE) and is expected to be completed by year-end 2025 [2] - Mosaic anticipates a book loss of $50–$70 million from this transaction [2][8] - Starting in the third quarter, Mosaic will classify the asset as "held for sale" [2] Operational Insights - The Taquari mine requires over $25 million in capital inputs to ensure sustained viability, and Mosaic believes that these funds could be better utilized elsewhere within the company [3] - VL Mineracao is committed to investing in the Taquari operations to benefit the local economy and community [3] Industry Context - For full-year 2025, Mosaic expects phosphate production volumes to be between 6.9 million and 7.2 million tons, while potash production is projected at 9.3 million to 9.5 million tons [4] - Mosaic Fertilizantes sales volumes are anticipated to be at the lower end of the 10-10.8 million ton range [4] - Nutrien projects retail adjusted EBITDA of $1.65 to $1.85 billion for 2025, driven by stronger sales in North America and improved conditions in Brazil and Australia [5] - CF Industries indicates a favorable global nitrogen supply-demand balance, with Brazil expected to import over 5 million metric tons of urea [6] - Interpid Potash reports ongoing pricing support in the potash market due to strong fundamentals [7]

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Low P/S stocks can offer compelling opportunities for growth at a discount, especially when combined with strong fundamentals and positive business momentum [3][10] - Companies such as Janus Henderson Group plc (JHG), The Greenbrier Companies, Inc. (GBX), Precision Drilling (PDS), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) have low P/S ratios and potential for higher returns [4][10] Company Profiles - **Janus Henderson Group plc (JHG)**: A global asset management firm with a strong balance sheet and positive net inflows, positioned for long-term value creation [13] - **The Greenbrier Companies, Inc. (GBX)**: A leading supplier in freight transportation markets, benefiting from strong market demand and a profitable leasing business [15] - **Precision Drilling (PDS)**: An oilfield services company with a positive outlook supported by U.S. drilling activity and strategic expansions [17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, experiencing strong demand and improving cost structures [20] - **PagSeguro Digital (PAGS)**: A financial services provider in Brazil, enhancing its digital banking platform and focusing on sustainable growth [22]

Core Insights - The Mosaic Company has partnered with Integrated Environmental Technology (IET) to implement IETLink, a telemetry solution aimed at enhancing wastewater monitoring through real-time data access, reflecting Mosaic's commitment to innovation and environmental stewardship [1][2]. Group 1: Partnership and Technology - The collaboration with IETLink allows Mosaic to explore new technology that aligns with its sustainability goals, providing field teams with better real-time data [2]. - IETLink features a cloud-based dashboard that streams data from sensors to desktops and mobile devices, enabling immediate access to environmental indicators [2][3]. - Unlike traditional SCADA systems, IETLink is designed to be lightweight, flexible, and durable, facilitating proactive decision-making and improving site responsiveness [2][3]. Group 2: Operational Benefits - The Mosaic-IETLink collaboration is currently active at select Mosaic sites, with a white paper on deployment outcomes and operational benefits set to be released on November 1, 2025 [3]. - IETLink aims to provide real-time, actionable insights, helping operators reduce downtime and avoid emergencies while enhancing asset monetization [3]. Group 3: Company Background - The Mosaic Company is a leading producer and marketer of concentrated phosphate and potash crop nutrients, focusing on sustainable agricultural solutions through its Mosaic Biosciences platform [5]. - IETLink specializes in advanced environmental monitoring and telemetry systems, aiming to enhance sustainability and operational efficiency in various applications [4].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company achieved a significant profit turnaround in Q2 2025 driven by higher sales, though operating cash flow declined Condensed Consolidated Statements of Earnings (Loss) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $3,005.7 M | $2,816.6 M | $5,626.6 M | $5,496.0 M | | **Gross Margin** | $518.6 M | $394.0 M | $1,007.0 M | $793.2 M | | **Operating Earnings** | $244.4 M | $233.3 M | $582.9 M | $406.2 M | | **Net Earnings (Loss) attributable to Mosaic** | $410.7 M | $(161.5) M | $648.8 M | $(116.3) M | | **Diluted EPS attributable to Mosaic** | $1.29 | $(0.50) | $2.04 | $(0.36) | Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $5,017.9 M | $4,498.3 M | | **Total Assets** | $24,304.8 M | $22,924.0 M | | **Total Current Liabilities** | $4,416.7 M | $4,171.3 M | | **Long-term Debt** | $3,331.3 M | $3,332.3 M | | **Total Equity** | $12,584.6 M | $11,614.7 M | Condensed Consolidated Statements of Cash Flows | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $652.4 M | $767.0 M | | **Net cash used in investing activities** | $(659.3) M | $(736.8) M | | **Net cash used in financing activities** | $(13.2) M | $(30.7) M | | **Capital expenditures** | $(645.4) M | $(716.9) M | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, financing arrangements, significant liabilities like Asset Retirement Obligations, and legal contingencies - The company operates through three main segments: **Phosphates** (Florida mines, Louisiana plants), **Potash** (Canada, U.S. mines), and **Mosaic Fertilizantes** (Brazil assets)[24](index=24&type=chunk) - On May 16, 2025, the company amended its five-year credit facility, increasing it to **$2.5 billion** and extending the maturity to May 16, 2030[44](index=44&type=chunk) - Total Asset Retirement Obligations (AROs) were **$2.59 billion** as of June 30, 2025, a slight increase from $2.57 billion at the end of 2024, with a majority related to Gypstack closure costs[57](index=57&type=chunk)[58](index=58&type=chunk) - The company faces significant legal and tax contingencies in Brazil, with potential liability for non-income tax matters estimated at **$700.5 million** and for labor claims at **$401.3 million**[98](index=98&type=chunk)[100](index=100&type=chunk) - **No share repurchases** were made in the first six months of 2025, compared to the repurchase of **5.2 million shares for approximately $160.4 million** in the same period of 2024[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income recovered strongly in Q2 2025 due to higher selling prices, favorable currency movements, and investment gains [Consolidated Results of Operations](index=28&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 net income surged due to higher gross margin, a significant foreign currency gain, and an unrealized investment gain Consolidated Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $3,005.7 M | $2,816.6 M | 7% | | **Gross Margin** | $518.6 M | $394.0 M | 32% | | **Operating Earnings** | $244.4 M | $233.3 M | 5% | | **Net Earnings (Loss) to Mosaic** | $410.7 M | $(161.5) M | NM | | **Foreign Currency Gain (Loss)** | $169.4 M | $(267.9) M | NM | [Segment Performance](index=31&type=section&id=Segment%20Performance) Performance varied by segment in Q2 2025, with strong growth in Mosaic Fertilizantes and Potash offsetting a decline in Phosphates Phosphate Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,173.0 M | $1,179.5 M | (1)% | | **Gross Margin** | $103.0 M | $153.7 M | (33)% | | **Sales Volumes (k tonnes)** | 1,546 | 1,696 | (9)% | | **Avg. Selling Price ($/tonne)** | $665 | $578 | 15% | | **Sulfur Cost ($/long ton)** | $209 | $138 | 51% | Potash Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $710.5 M | $663.1 M | 7% | | **Gross Margin** | $209.4 M | $186.4 M | 12% | | **Sales Volumes (k tonnes)** | 2,343 | 2,346 | 0% | | **Avg. Selling Price ($/tonne)** | $274 | $240 | 14% | Mosaic Fertilizantes Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,174.9 M | $1,048.9 M | 12% | | **Gross Margin** | $161.7 M | $101.8 M | 59% | | **Sales Volumes (k tonnes)** | 2,232 | 2,196 | 2% | | **Avg. Selling Price ($/tonne)** | $474 | $423 | 12% | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, though operating cash flow decreased due to higher inventory levels - The company targets a liquidity buffer of up to **$3.0 billion**, including cash and available credit lines[187](index=187&type=chunk) Cash Flow Summary (Six Months Ended June 30) | Cash Flow | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Activities** | $652.4 M | $767.0 M | $(114.6) M | | **Investing Activities** | $(659.3) M | $(736.8) M | $77.5 M | | **Financing Activities** | $(13.2) M | $(30.7) M | $17.5 M | - The decrease in operating cash flow was primarily driven by a **$378.1 million increase in inventories**, reflecting higher volumes and raw material prices[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from currency, interest rates, and commodities using derivative instruments - Primary foreign currency exposures are the **Canadian dollar and Brazilian real**, which the company hedges up to 18 months and 12 months, respectively[205](index=205&type=chunk) Fair Value of Derivative Instruments | Derivative Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Foreign Currency Contracts** | $27.6 M | $(82.6) M | | **Natural Gas Contracts** | $(0.1) M | $(1.8) M | [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[211](index=211&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[212](index=212&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is engaged in legal proceedings concerning countervailing duties, a class action lawsuit, and environmental matters - The company is actively involved in litigation to uphold the **countervailing duty (CVD) orders** on phosphate fertilizers from Morocco and Russia, with multiple administrative reviews and appeals ongoing[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) - A putative class action lawsuit (Cruz Litigation) alleges elevated radiation levels on reclaimed mining land; the company's motion to dismiss was denied and it intends to continue a **vigorous defense**[218](index=218&type=chunk)[220](index=220&type=chunk) - An EPA action regarding the Faustina Plant's Risk Management Plan was **settled via a Consent Agreement**, which included a penalty payment of $217,085[221](index=221&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Important risk factors are detailed in the company's 2024 Annual Report on Form 10-K - The company's risk factors are detailed in its **2024 Form 10-K report**[223](index=223&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the second quarter of 2025 - **No shares of common stock were purchased** under the company's repurchase programs during the quarter ended June 30, 2025[225](index=225&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) A senior executive established a Rule 10b5-1 trading plan for the potential sale of company stock - A senior executive, Walter Precourt, entered into a **Rule 10b5-1 trading plan** to sell up to 12,000 shares of common stock[227](index=227&type=chunk)