Core Viewpoint - The regulator believes that Adnoc's proposal to share Covestro's sustainability patents with certain competitors will alleviate concerns regarding the impact on the EU's internal market [1] Group 1 - Adnoc's offer is seen as a measure to balance competitive dynamics within the EU [1]

Financial Data and Key Metrics Changes - In fiscal year 2025, the company achieved record adjusted earnings per share of $7.25, a 3% increase year-over-year [13] - Adjusted EBITDA for the year was $804 million, up 3% year-over-year, with a margin of 22% [14] - The company generated operating cash flow of $665 million and free cash flow of $391 million [17] - The net debt to EBITDA ratio remained at 1.2x, with liquidity of $1.5 billion [15][27] Business Line Data and Key Metrics Changes - Reinforcement materials EBIT decreased by 5% year-over-year, while performance chemicals EBIT increased by 18% [13] - In the fourth quarter, EBIT for reinforcement materials decreased by $4 million due to a 5% decline in volumes [28] - Performance chemicals saw a decrease in EBIT by $2 million in the fourth quarter, primarily due to lower volumes in Europe [30] Market Data and Key Metrics Changes - Volumes in the Americas were down 7%, while Asia-Pacific volumes decreased by 6%, but Europe saw a 5% increase [28] - The company expects light vehicle auto production in North America and Europe to decline for a third consecutive year [33] - The demand for conductive carbons is projected to grow at approximately 8% through the end of the decade [21] Company Strategy and Development Direction - The company is focused on strategic growth areas such as battery materials and has entered into an agreement to acquire Bridgestone's reinforcing carbon plants in Mexico [19] - The company aims to maintain a balanced capital allocation framework, prioritizing asset maintenance, growth investments, and returning capital to shareholders [17] - Sustainability remains a core focus, with the company receiving a Platinum rating from EcoVadis for the fifth consecutive year [22] Management's Comments on Operating Environment and Future Outlook - The management highlighted a turbulent macroeconomic and geopolitical environment impacting demand, particularly in automotive and construction sectors [13][32] - For fiscal year 2026, adjusted earnings per share is expected to be between $6 and $7, reflecting uncertainty in demand and pricing pressures [34] - The management remains optimistic about growth in targeted applications despite challenges in traditional markets [37] Other Important Information - The company paid $96 million in dividends in fiscal year 2025, reflecting a 5% increase [18] - Share repurchases totaled $168 million, reducing the outstanding share count by 3% [18] - The company is transitioning its investor relations leadership, with Robert Rist stepping into the role of Vice President of Investor Relations [11] Q&A Session Summary Question: Are you seeing any volatility in your rubber-black operating rates regionally? - The company indicated that operating rates are largely stable, influenced by elevated tire imports impacting demand [46][47] Question: Are you being impacted at all by Dow's silicone rationalization efforts in Europe? - The company is in discussions with Dow regarding their siloxanes plant closure and its impact on their fume silica plant operations [48] Question: How much do you expect 2026 tire contract prices to be down? - The company has completed roughly 25% of its contracts, which is behind last year's pace, and is facing challenges in projecting demand expectations [51][53] Question: Could you elaborate on the performance chemicals guidance for this year? - The company expects certain applications in automotive and construction to improve over time, while targeted growth areas like battery materials are anticipated to perform well [55]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported a record-adjusted earnings per share (EPS) of $7.25, representing a 3% increase year over year [15] - Adjusted EBITDA for the year was $804 million, up 3% year over year, with a margin of 22% [16] - The company maintained a strong balance sheet, finishing fiscal 2025 with a net debt to EBITDA ratio of 1.2 times and liquidity of $1.5 billion [17][19] Business Line Data and Key Metrics Changes - Reinforcement materials EBIT decreased by 5% year over year, while performance chemicals EBIT increased by 18% [15] - In the fourth quarter, EBIT for reinforcement materials decreased by $4 million due to lower volumes, which were down 5% year over year [29] - Performance chemicals saw a $2 million decrease in EBIT in the fourth quarter compared to the previous year, primarily due to lower volumes in Europe [30] Market Data and Key Metrics Changes - Volumes in the Americas were down 7% and 6% in Asia-Pacific, while volumes in Europe were up 5% [29] - The company noted that the automotive and construction sectors are currently in a cyclical trough, impacting demand [36] - Demand for conductive carbons is expected to grow in the 8% range through the end of the decade, driven by power generation and distribution [23] Company Strategy and Development Direction - The company is focused on three capital allocation priorities: maintaining asset reliability, pursuing high-confidence growth investments, and returning capital to shareholders [19] - An acquisition of Bridgestone's reinforcing carbon plants in Mexico is expected to close in the second fiscal quarter and be accretive in the first year [21] - The company is pursuing a bifurcation strategy with tailored approaches to China and a focus on Western geographies [25] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns about the macroeconomic environment, geopolitical issues, and global trade turbulence impacting demand [15][32] - For fiscal year 2026, adjusted EPS is expected to be between $6 and $7, reflecting uncertainty in end market demand and pricing pressures [33] - The management highlighted the importance of operational excellence and cost optimization in navigating the current challenges [42] Other Important Information - The company paid $96 million in dividends in fiscal year 2025, reflecting a 5% increase announced in May [20] - The company repurchased $168 million of shares, reducing the outstanding share count by 3% [20] - The company received a Platinum rating from EcoVadis for sustainability, placing it among the top 1% of companies in the manufacturing of basic chemicals [24] Q&A Session Summary Question: Are you seeing any volatility in your rubber-black operating rates regionally, or is it relatively stable? - The company indicated that operating rates are largely stable, despite elevated tire imports impacting demand [44] Question: How much do you expect 2026 tire contract prices to be down or expectations by region? - Approximately 25% of contracts have been completed, which is behind last year's pace, and the company is unable to comment on final outcomes due to ongoing negotiations [46] Question: Could you elaborate on the performance chemicals, the underlying assumptions for guidance? - The company expects certain applications in automotive and construction to improve over time, but anticipates limited material improvement into 2026 [47] Question: How did regional utilization rates perform during the quarter? - Utilization rates in North America are between 75% and 80%, higher in Europe at around 85%, while South America remains lower due to tire imports [50]

Core Insights - The company announced plans to acquire OrthoLite and its sustainable materials brand Cirql for an enterprise value of $770 million, indicating a strategic focus on enhancing its footwear division by entering the premium insole market [1][5] - The acquisition aligns with the company's goal to influence the global apparel and footwear supply chain through innovation, sustainability, and digital technologies [5][6] Company Overview - OrthoLite, based in Amherst, Massachusetts, specializes in open-cell foam technology and has developed OrthoLite Cirql, contributing to the footwear materials sector [1] - The company employs over 3,000 people globally and collaborates with more than 500 footwear brands, with manufacturing operations in Vietnam, China, India, Indonesia, Spain, and Brazil [2] Leadership and Organizational Changes - Following the acquisition, the company will simplify its organizational structure from three divisions (Apparel, Footwear, and Performance Materials) to two divisions: Apparel and Footwear [3][4] - Pasquale Abruzzese will lead the Footwear division, while Adrian Elliott will head the Apparel division, with Glenn Barrett continuing to lead the OrthoLite business [4] Future Directions - The acquisition is expected to enhance value and opportunities for customers and employees, while maintaining the quality and collaboration both companies are known for [5] - The company plans to implement external reporting aligned with the new structure for the financial year ending December 2026 [4]

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RT Bloomberg Live (@BloombergLive)Alongside Presenting Sponsor @hitachienergy, @BloombergLive convenes top leaders in sustainability for candid discussions on how to advance climate progress live from #COP30 in Brazil.Live 11/4 at 9:00 AM BRT! https://t.co/5iD7g2J8hu https://t.co/S8B3WSOpQh ...

Asset-based financial solutions provider DLL has named Alp Sivrioğlu as the chief financial officer (CFO), with his appointment and executive board membership set to begin on 1 November 2025. Sivrioğlu will take charge of DLL’s global finance organisation. DLL executive board chair and CEO Lara Yocarini said: "Alp’s broad finance expertise, extensive experience, and authenticity will bring complementary skills and leadership capabilities to our executive board and will help us deliver DLL's strategic goa ...

Financial Data and Key Metrics Changes - Third quarter net sales were $364.5 million, up 5.9% as reported and 4.2% on a currency-neutral basis compared to the third quarter of 2024, both exceeding expectations [13] - Adjusted gross profit margin was 39.5%, an increase of 208 basis points year over year, driven by favorable pricing and product mix along with manufacturing efficiencies [14] - Adjusted operating income rose to $54.1 million, reflecting a 24.5% year-over-year increase [14] - Adjusted EBITDA for the third quarter was $66.2 million, compared to $53.7 million in the same quarter of 2024 [15] - Adjusted earnings per share increased by 27% to $0.61 from $0.48 in the third quarter of 2024 [15] - The company ended the quarter with $482 million in liquidity and a net leverage ratio of 0.6 times [15] Business Line Data and Key Metrics Changes - The nora rubber segment grew by 20% in the third quarter and is up 19% year to date, driven by the One Interface strategy [5] - Corporate office billings increased by 5% in the third quarter, with year-to-date growth expected [9] - Global healthcare billings surged by 29%, with double-digit gains across both the Americas and EAAA [9] - Education billings saw a slight decline of less than 3% in the third quarter but remain at high single digits year to date [10] Market Data and Key Metrics Changes - In the Americas, currency-neutral net sales increased by 4.1% year over year, while EAAA saw a 4.3% increase [13] - Consolidated currency-neutral orders rose by 2.4% year over year, with the Americas up 1.7% and EAAA up 3.5% [10] Company Strategy and Development Direction - The company is focused on its One Interface strategy, which aims to build strong global functions to support local selling teams and enhance commercial productivity [5] - Investments in automation, productivity, and innovation are being accelerated to strengthen the nora product portfolio and drive long-term growth [6] - The company is preparing to launch a new rubber flooring innovation in early 2026, targeting growth in the healthcare segment [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and disciplined execution, highlighting strong results despite a challenging macro environment [11] - The company is raising its full-year guidance based on year-to-date results, anticipating net sales of $1.375 to $1.390 billion for the fiscal year 2025 [17] Other Important Information - The company received multiple awards for design and sustainability, including Manufacturer of the Year in ED's Net Zero Awards [11] - Tariffs diluted the adjusted gross profit percentage by approximately 30 basis points in the third quarter, with a similar dilution expected in the fourth quarter [16] Q&A Session Summary Question: What drove the sales outperformance this quarter? - Management noted that healthcare was the outperformer, with a 29% increase, exceeding expectations due to a focus on expanding the product portfolio in that segment [21][23] Question: Can you provide more details on investments in nora rubber? - Management confirmed ongoing investments in capacity, productivity initiatives, and innovation to support the growth of the nora rubber business [25][26] Question: How do you view margins going forward? - Management indicated that while they aim for a gross profit margin of 38.5%, they will balance share growth and business expansion [28] Question: Can you provide insights on the tax rate and special items in Q3? - The unusual tax rate of 4.8% was due to a non-cash pickup related to changes in German tax legislation, which required remeasuring deferred tax assets and liabilities [39][40] Question: What is the outlook for capital expenditures in 2026? - Management anticipates a slight increase in capital expenditures, primarily associated with nora rubber and other automation investments [74][76]

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[Music] Hurryatra bamboo right. So everyone knows bamboo in your campus also. Yesterday also I saw lots of bamboo grows and uh so everyone says bamboo is a poor man's timber right but for me it's not a poor match timber but it's a wise man's timber why and how that uh I will let you know so before that uh I want to start my every presentation with a simple question so where is your last huge plastic toothbrush.So right you use toothbrush every morning right good because your smile says that. Okay. So where ...