Pentair (NYSE:PNR) 2026 Investor Day March 04, 2026 09:30 AM ET Company ParticipantsAdrian Chiu - Chief Strategy, Innovation, and Digital OfficerDe'Mon Wiggins - President of Flow and Water SolutionsGreg Claffey - Chief Revenue Officer of Pentair PoolJerome Pedretti - CEO of Pentair PoolJohn Stauch - President and CEONick Brazis - CFOShelly Hubbard - VP of Investor RelationsConference Call ParticipantsAndrew Buscaglia - Senior Analyst for US Industrial TechnologyAndrew Krill - VP and Equity AnalystAndy Kapl ...

在罗小莉位于上海的办公室内，悬挂着一幅书法作品："天行健，君子以自强不息；地势坤，君子 以厚德载物。" 当中国房地产市场从"增量时代"转向"存量时代"，这家拥有170多年历史的美国电梯巨头正在寻找 新的增长极。作为奥的斯（Otis）首位女性区域总裁，罗小莉（Sally Loh）正试图用东方的韧性与 西方的创新，书写这家百年老店在中国的"进化论"。 这句源自《周易》的古老格言，既是这位奥的斯大中华区总裁的座右铭，也隐喻了她所执掌的这家 跨国巨头在中国的生存哲学：在变局中，唯有如天体运行般刚强劲健、自我革新，方能生生不息； 唯有如大地般厚实和顺、包容万物，方能承载长远发展。 百年 基业与"第一人 " 将时钟拨回1853年，在纽约水晶宫博览会上，伊莱沙·奥的斯（Elisha Otis）先生站在悬空的升降 机平台上，砍断了悬挂绳索。当平台在众人的惊呼声中稳稳停住时，他平静地脱帽致意："一切安 全，先生们。" 那一刻，人类历史上第一部"安全电梯"由此诞生，现代摩天大楼时代也随之启幕。从纽约帝国大厦 到巴黎埃菲尔铁塔，再到上海东方明珠，过去170多年间，这家美国公司参与了众多全球地标项 目，在一次次垂直出行的革新中塑造城 ...

蔡司光学品牌馆占地180 0平米，围绕"全生命周期眼健康"理念，精心打造"近视管理超 新星" "全球新品头等舱" "多彩未来生活馆"等主题展区，完整呈现从专业眼健康检查、个 性化视觉需求分析，到专业解决方案交付的全流程视光体验，生动诠释蔡司光学致力于 守护并提升全球消费者视觉质量和终身视觉健康的全新定位。 活动首日，蔡司光学举办重磅新品发布活动。"近视汹汹 即刻行动"，蔡司光学与迪士尼 合作，即将推出蔡司小瞳堡玩具总动员礼盒，以趣味化方式传递近视管理科学理念，共 同守护儿童青少年视力健康。作为蔡司青少年近视管理家族的新成员，"蔡司小瞳堡镜 片"是为"长效"而生的全新产品，搭载全新的蔡司M.O.V.E.三维动态设计技术，通过产 生时刻变化的视觉信号，帮助儿童青少年实现更长期、稳定的近视管理效果。 蔡司小瞳堡镜片 第24届中国（上海）国际眼镜业展览会3月2日在上海拉开帷幕。恰逢成立180周年重要里程碑， 蔡司光学首次以全新的"蔡司光学品牌馆"独立展馆形式亮相，围绕"全新视界 跃见未来"主题，系 统展示了在眼健康领域的全维度创新成果与生态发展构想，彰显出百年品牌的创新实力与前瞻视 野。 蔡司光学品牌馆 蔡司光学品牌 ...

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [7][8][16] - Full year net operating cash flow reached $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [16][17] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [8][17][25] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with an EBITDA margin of 64% [17] - The mine produced 400,000 tons of copper, with unit operating costs falling by 26% due to higher production and prices [17][18] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [18][19] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [11] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [11][12] Strategic Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external opportunities [30][31] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, signaling confidence in asset potential [12][13] - The company emphasizes responsible operations and sustainable development, having joined the United Nations Global Compact [9][10] Management Commentary - Management highlighted the importance of maintaining stable operations and community relations, especially in light of upcoming elections in Peru [36][39] - The company is committed to risk management and has established contingency plans to ensure stable production [37][38] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, totaling $1.854 billion, with MMG's share being $1.159 billion [18][24] - The company plans to invest between $1.6 billion and $1.7 billion in CapEx for 2026, focusing on sustaining existing operations and future growth [23][52] Q&A Session Summary Question: Updates on Las Bambas operations and Peru elections - Management confirmed stable operations at Las Bambas and ongoing communication with local communities to mitigate election-related risks [36][37] Question: Plans for Khoemacau Phase 2 and resource goals - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting a pre-feasibility study for a 200,000 ton expansion [40][41] Question: Status of Brazil acquisition - Management is working on a three-year exploration plan for the Brazil project and is in the process of obtaining EU approval [45][46] Question: Dividend policy and future CapEx - The company emphasizes a prudent approach to dividends, with plans to assess financial conditions before making decisions on dividend payments [57][59] Question: Hedging policy and future profitability - Management aims to ensure cash flow stability through hedging while avoiding excessive speculative activities [60][61]

Financial Performance and Key Metrics - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net operating cash flow of $2.69 billion, a 67% year-on-year increase [9][19] - Net profit after tax reached $955 million, a 161% year-on-year increase, with net profit attributable to shareholders rising to $509 million from $162 million in 2024 [10][19] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [10][20] Business Line Performance - Las Bambas mine delivered an EBITDA of $2.83 billion, a 78% increase year-on-year, with an EBITDA margin of 64% [20] - Khoemacau achieved an EBITDA of $167 million, a 43% increase year-on-year, following a profitable first full year after its acquisition [21] - Dugald River produced 183,000 tons of zinc, a 12% increase year-on-year, while Rosebery's EBITDA reached $168 million, a 36% increase year-on-year [25] Market Performance - The metals market saw significant price increases in 2025, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [14] - The company’s diversified portfolio across copper, zinc, gold, silver, and other metals positions it well to navigate market volatility [14][15] Company Strategy and Industry Competition - The company aims to achieve a copper production target of 1 million tons by 2030, focusing on both organic growth and potential M&A opportunities [34][75] - A twin-track strategy in South America and Africa is emphasized, with Las Bambas providing stability and cash flow [15][16] - The company is committed to sustainable development, having joined the United Nations Global Compact and focusing on community relations and environmental stewardship [12][13] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in navigating future market cycles, emphasizing the importance of operational excellence and strategic growth [34][36] - The company is focused on maintaining stable operations while exploring new growth opportunities, particularly in copper and zinc [15][36] - Management highlighted the need for ongoing exploration and resource replenishment as a core strategic priority [10][11] Other Important Information - The company plans to invest between $1.6 billion and $1.7 billion in CapEx for 2026, focusing on sustaining existing operations and expanding Khoemacau [27][28] - The inaugural dividend from the Las Bambas joint venture amounted to $1.159 billion, reflecting the mine's stable production and cash flow generation [21][28] Q&A Session Summary Question: Updates on Las Bambas operations and Peru elections - Management confirmed stable operations at Las Bambas and ongoing communication with local communities and government to mitigate risks related to the upcoming elections [40][42] Question: Khoemacau phase II production volume and plans - Management indicated that Khoemacau phase II is expected to achieve a capacity of 130,000 tons by the end of Q1 2028, with plans for further expansion [45][46] Question: Brazil acquisition status and timeline - Management is working on a three-year exploration plan for the Brazil project, with satisfactory progress reported [49][50] Question: Dividend policy and potential payments - The company is focused on prudent long-term asset allocation and will consider dividend payments when conditions are favorable [63][65] Question: Hedging policy and future strategies - Management emphasized a cautious approach to hedging, aiming to ensure stable cash flow while avoiding excessive risk [66][68] Question: Cobalt production and quotas in DRC - Management confirmed a quota of 30 tons per month for cobalt in 2026 and is prepared to resume production depending on market conditions [70][71]

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [5][6][12] - Full year net operating cash flow was $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [12][6] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [6][21] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with a copper production scale of 400,000 tons annually and unit operating costs fell by 26% [13][14] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [14][15] - Dugald River produced 183,000 tons of zinc, a 12% increase year-on-year, while Rosebery's EBITDA reached $168 million, a 36% increase year-on-year [17] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [9] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [9][10] Company Strategy and Development Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external growth through M&A [24][25] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, with construction of a 130,000 ton expansion project already started [10][11] - The company emphasizes sustainable development and has joined the United Nations Global Compact, integrating high standards of human rights, labor, and environmental practices into its operations [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges, including geopolitical pressures and rising extraction costs, while maintaining stable operations [10][24] - The company is committed to responsible operations that deliver sustainable value for the long term, focusing on community relations and environmental coexistence [8][9] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, with a total distribution of $1.854 billion [14] - The company has organized 164 investor communication sessions in 2025, reflecting its commitment to market value management and shareholder return [26] Q&A Session Summary Question: Updates on Las Bambas operation and Peru election impact - Management confirmed stable operations at Las Bambas and ongoing communication with local communities and government to ensure production stability during the election period [28][29] Question: Khoemacau Phase Two production volume and resource plans - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting exploration work to enhance resource volume [31][32] Question: Brazil acquisition status and timeline - The company is in the process of obtaining EU approval for the Brazil nickel project and hopes to complete settlements in the first half of the year [36] Question: Future CapEx and dividend policy - The company plans to increase CapEx for Las Bambas to $800 million-$850 million in 2026, with a focus on upgrading existing facilities [38][39]

S 上海现代服务业联合会 Shanghai Services Federation 荣续智库 零碳产城融合项目发展白皮书 摘要 产城融合项目，正逐渐成为城市高质量发展的引擎。它打破产业与城市发展的边界，以产业为骨、城市为脉，重塑空间价值。从核心要素 探寻到海外经验镜鉴，从技术赋能到趋势洞察，本书聚焦产城融合项目，解码其与可持续发展共生逻辑。期望为城市规划者、产业开发者 点亮灵感，共探产城相融、城乡共兴、生态共美的发展新篇，让产业和城市不再是孤立的经济单元，而是活力永续的有机融合体。 PREFACE ANALVST 前言 研究员 在城镇化进程加速推进与产业结构深度调整的过程中，产城融 陈菌 高级注册ESG分析师：25RZQLKC00473A 合项目打破了长期以来产业园区"重产轻城"、城市空间"产 王艳荣 高级注册ESG分析师：24RZQLKC005010A 城割裂"的发展困局，以产业为核、以城市为基，构建起经济 国际通用ESG策略师：SH1928FCA0433 活力进发、生活品质优越、生态环境友好的发展新范式，深度 碳管理师：CHINAETSCM20250010066 关乎区域经济竞争力提升、社会民生福增进与可 ...

MMG Limited | 4 March 2026 MMG 2025 Annual Results Delivering Growth in a Changing World Disclaimer The information contained in this presentation is intended solely for your personal reference and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) or published, in whole or in part, for any purpose. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, a ...

【银河期货】塑料 PP 每日早盘观察（26-03-04） 【市场情况】 L 塑料相关：L 主力 2605 合约报收 7403 点，上涨+203 点或+2.82%。LLDPE 市 场价格宽幅上涨，变动幅度在 170-650 元/吨，提振市场氛围，石化出厂多数上调， 贸易商随行高报，现货价格多数涨，部分贸易商封盘销售，下游采购实盘一单一谈。 华北大区 LLDPE 主流成交价格在 6920-7550 元/吨，多数上涨 170-500 元/吨。 PP 聚丙烯相关：PP 主力 2605 合约报收 7451 点，上涨+228 点或+3.16%。地缘 政治波动持续，原油涨势明显，进一步提振 PP 市场。同时原油价格的上涨也进一步 带动 PP 成本走高，生产企业纷纷上调价格，再度推升市场。贸易商报盘跟涨明显， 午后期货盘面持续涨停局面，贸易商部分惜售封盘。下游工厂多有采购，且价格涨势 明显下游谨慎心态增加，入市采购积极性有所下滑，日度成交较昨日略有转淡。 塑料 L 及 PP：多单持有 L&PP 日报 【重要资讯】 援引中国化工报消息：为加强预期引导和行业自律，中国石油和化学工业联合 会日前发布《石化化工行业存在供大于需风险的 ...

Clean Harbors FY Conference Summary Company Overview - **Company**: Clean Harbors (NYSE: CLH) - **Industry**: Environmental Services, Hazardous Waste Management - **Key Executives**: Co-CEO Eric Gerstenberg, CFO Eric Dugas Core Business Model - Clean Harbors focuses on sustainability through the disposal and recycling of hazardous waste, operating with a workforce of 24,000 employees and managing over 340,000 customer locations across 900 branches in North America [3][4] - The company operates under two main reporting pillars: Environmental Services and Safety-Kleen Sustainability Solutions, with six different business units [3][4] Environmental Services - **Business Units**: - **Technical Service Branch**: Packages and collects large quantities of hazardous waste [4] - **Safety-Kleen Environmental**: Collects smaller quantities of hazardous waste, primarily from manufacturing and automotive sectors [4] - **Field Service Branch**: Responds to emergency events, contributing approximately $1 billion to the overall $6 billion business [4] - **Industrial Services**: Works with major chemical refining plants, employing 2,600 staff on-site [5] Safety-Kleen Sustainability Solutions - Largest collector of used motor oil, processing over 250 million gallons from 160,000 customers [5][6] Competitive Advantages - Clean Harbors is the largest hazardous waste collector in North America, with a significant share of the market despite competition from fragmented collectors [10] - The company has a robust transportation network, being the 14th largest private motor carrier, managing over 2,600 rail cars and a diverse fleet of vehicles [14] Disposal and Recycling Facilities - Operates 33 Treatment Storage Disposal Facilities (TSDFs) and 10 incinerators, managing approximately 70% of commercial incineration waste [18][19] - Recently invested $230 million in a new incinerator in Nebraska, capable of handling 38,000 tons of waste [19] - Manages seven Subtitle C hazardous waste landfills and 11 wastewater treatment facilities [20] Market Opportunities - **Captive Incinerators**: The number of captive incinerators has decreased from 90 to about 40, presenting opportunities for Clean Harbors to manage waste for these customers [22][23] - **PFAS Cleanup**: The company generated $120 million from PFAS-related services, with a projected growth rate of 15%-20% quarterly [32][33] - **Reshoring**: Clean Harbors is positioned to benefit from reshoring trends, with existing customers expanding their manufacturing capabilities [36][37] Financial Performance and Projections - The company aims for top-line growth of GDP plus 1%-3% and EBITDA growth slightly above that [39] - Free cash flow conversion rate is above 40%, with a target to maintain this level [40] - Recent acquisition of DCI's environmental services division, generating $40 million in revenue, indicates ongoing M&A activity [44] Technology Integration - Clean Harbors is leveraging AI across various operations, with 40 active projects aimed at improving efficiency and compliance [52][55] - Examples include electronic worksheets for billing and a packaging tool for hazardous materials, reducing training time for new employees [53][54] Conclusion - Clean Harbors is well-positioned in the environmental services industry with a strong operational model, competitive advantages in waste management, and significant growth opportunities in PFAS cleanup and reshoring trends. The company maintains a disciplined approach to capital allocation and technology integration to enhance service delivery and operational efficiency.