Earnings Presentation 2Q 2025 1 Second Quarter 2025 Highlights Solid HIP results provide stability PEM profitability improvement strategy in place 2Q 2025 Financial Results $3.0B Net Sales $340M EBITDA(1,2) $2.3B Cash, Equivalents and Investments(3) (1) Excludes "Identified Items" consisting of $108 million of accrued expenses and $15 million inventory write-off related to the permanent shut down of Westlake's Pernis facility in The Netherlands and $7 million of accrued expenses to temporarily cease operati ...

Financial Performance & Guidance - Q2 2025 sales for continuing operations were $2.047 billion, compared to $1.935 billion in Q2 2024[25] - Q2 2025 adjusted EBITDA for continuing operations was $145 million, up from $110 million in Q2 2024, with a margin of 7.5%[25] - The company increased its full-year 2025 profit guidance by $35 million and free cash flow guidance by $50 million for continuing operations[12] - Full-year 2025 sales guidance for continuing operations is approximately $7.4 billion[21] - Full-year 2025 adjusted EBITDA guidance for continuing operations is approximately $575 million[21] - Full-year 2025 adjusted free cash flow guidance is approximately $275 million[21] Strategic Initiatives - The company announced a definitive agreement to sell its off-highway business[8] - The sale of the off-highway business is expected to close late in the fourth quarter of 2025, with net cash proceeds of $2.4 billion from a $2.7 billion purchase price[11] - The company announced a $1 billion capital return authorization and a $2 billion debt reduction plan[8] - The company repurchased 14.6 million shares in Q2, representing 10% of shares outstanding, returning $257 million to shareholders[11] - The company anticipates a $100 million to $150 million share repurchase in Q3[11]

Financial Data and Key Metrics Changes - Sales in the third fiscal quarter increased by 5% to $180.7 million compared to $172.5 million in the prior year [5] - Operating profit rose significantly to $7.3 million from an operating loss in the previous third quarter [6] - Gross margin improved to 37.6%, up 1.8 points from last year's quarter [11] - Operating expenses decreased by $1.7 million compared to the prior year, with a notable reduction in promotion and professional services expenses [11][12] - Inventory balance as of June was $163.7 million, down approximately $59.4 million from last year's third quarter [12] Business Line Data and Key Metrics Changes - In the fishing business, demand for new products like Humminbird's Megalive two sonar and Explorer Fish Finder exceeded expectations, with the Explorer series winning best in electronics at ICAST [6][7] - The camping and watercraft business saw strong performance from Old Town and Jetboil brands, with orders for Jetboil's new cooking systems outpacing expectations [7] - Diving business results improved slightly amid stronger market conditions, although challenges remain due to uncertainties in the global economy [8][9] Market Data and Key Metrics Changes - The watercraft marketplace remains weak, but Old Town continues to show resilience [7] - The diving marketplace faces challenges due to uncertainties in consumer travel and the global economy [8] Company Strategy and Development Direction - The company is focused on innovation, operational efficiencies, and e-commerce to drive future growth [10] - The company maintains a debt-free balance sheet and solid cash position, which supports its strategic priorities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the positive sales trend throughout the quarter and hopes for stability in the upcoming season [15] - There are expectations of increased costs due to tariffs in the fourth quarter, but the company is prepared to mitigate these impacts [18] - Management is committed to ongoing cost savings initiatives and operational efficiencies [20] Other Important Information - The company is integrating a long-term supplier acquired at the beginning of the fiscal year, which is expected to deliver planned benefits [9] Q&A Session Summary Question: Can you comment on the cadence of sales throughout the quarter and July's performance? - Management noted a positive sales trend every month during the quarter and hopes for a good end to the season [15] Question: What is the expected impact of tariffs going forward? - Management anticipates more costs in the fourth quarter due to tariffs but is ready to mitigate these as the situation evolves [18] Question: Can you provide an update on the cost savings program? - The cost savings program is robust, with ongoing factory efficiencies and product cost improvements [20] Question: Can you sustain the trend of lower promotional activity? - Management indicated that while they are in competitive markets, promotional tactics will be adjusted based on market conditions [21] Question: Have recent awards led to an uptick in demand? - Recognition at ICAST has added momentum, and management is optimistic about the impact on sales [22] Question: Can further inventory reductions be achieved? - Management is confident in their ability to manage inventory levels but acknowledges macroeconomic challenges [25]

Financial Results for the six months to 30 June 2025 31 July 2025 1 Cautionary statement In order to utilise the 'safe harbour' provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA") and the general doctrine of cautionary statements, Rentokil Initial plc ("the Company") is providing the following cautionary statement: This communication contains forward-looking statements within the meaning of the PSLRA. Forward-looking statements can sometimes, but not always, be identified b ...

earnings conference call third quarter fiscal 2025 July 30, 2025 O Regulation G: Adjusted Results the information presented herein regarding certain uncudited adjusted results does not conform to generally accepted accounting principles in the United Srates (U.S. GAAP) should not be construed as an affernative to the reported results determined in accordance with U.S. GAAP. Ashland has included this non-GAAP information to assis in understranding the operating performance of the company ond its reportable s ...

Financial Data and Key Metrics Changes - In the second quarter of 2025, adjusted EBITDA declined by 5% compared to the previous year, primarily due to a $32 million headwind from planned maintenance turnaround costs in the chemicals business [16][19] - Operating cash flow exceeded $212 million, funding the acquisition of a new ammunition facility, paying down $39 million of debt, and repurchasing $10 million of shares [5][18] Business Line Data and Key Metrics Changes - The chemicals business faced operational headwinds but managed to generate stable cash flow, with caustic soda demand remaining robust [6][16] - The epoxy resins segment saw sequential growth in both volume and margin, despite ongoing challenges in the building and construction sectors [9][10] - Winchester's defense business continued to grow, driven by strong domestic military demand, while the commercial ammunition business faced challenges due to high costs and weak consumer demand [11][12] Market Data and Key Metrics Changes - North American chlorine index values remained stable and higher than previous troughs, despite ongoing demand challenges [4][6] - EDC pricing experienced a significant decline, dropping more than 50% year-to-date, with expectations for stabilization in the third quarter [28][30] Company Strategy and Development Direction - The company is committed to a "value first" commercial approach, focusing on maintaining profitability during trough demand conditions [4][5] - The "Beyond 250" cost savings initiative aims to achieve $70 million to $90 million in annual savings by optimizing operations and reducing costs [13][37] - The company is exploring strategic options for its PBC market participation, leveraging its integrated VCM assets [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the third quarter, expecting seasonal demand strength across businesses, although macroeconomic uncertainties remain [21][22] - The company anticipates that the challenges in the commercial ammunition market are not structural and expects improvements as destocking pressures ease [11][41] - Management highlighted the importance of addressing rising costs and the need for price increases to restore margins in the Winchester segment [32][42] Other Important Information - The company is focused on maintaining a disciplined capital allocation approach, prioritizing investment-grade balance sheets, sustaining capital spending, and returning free cash flow to shareholders [19][20] - The company is actively managing operational challenges, including a chlorine leak incident, and is committed to improving safety and reliability [7][73] Q&A Session Summary Question: Progress of caustic soda price increase - Management noted that the caustic soda market remains tight, driven by stable demand and supply issues related to tariffs, which may cause temporary headwinds [24][26] Question: EDC pricing decline and potential support - Management acknowledged the unexpected drop in EDC prices but expressed confidence in reaching a floor due to curtailments in Asia and stable oil prices [30] Question: Winchester commercial pricing and cost pressures - Management indicated that the decline in Winchester's commercial business is driven by volume and pricing pressures, with ongoing cost headwinds from metals and propellants [32][33] Question: Cost savings program details - Management expects to achieve $50 million to $70 million in cost savings for 2025, with additional structural reductions anticipated in 2026 [37] Question: Future outlook for Winchester and potential risks - Management does not foresee worsening conditions for Winchester but emphasized the need for price recovery to address margin pressures [41][42] Question: Impact of tariffs on caustic soda exports - Management discussed the potential impact of retaliatory tariffs from Brazil on caustic soda exports, noting that trade flows would need to be adjusted if such tariffs were implemented [66][72] Question: Clarification on working capital and tax payments - Management provided insights into expected cash taxes for 2025 and clarified the relationship between deferred tax burdens and working capital benefits [94]

Core Viewpoint - Gibson Energy Inc. reported strong financial and operational results for the second quarter of 2025, highlighting significant growth potential and operational improvements following the completion of key projects [3][4]. Financial Highlights - Infrastructure Adjusted EBITDA reached $153 million, consistent with the same quarter in 2024, driven by increased throughput at Edmonton and Gateway, alongside reduced operating costs [7]. - Adjusted EBITDA on a consolidated basis was $146 million, a decrease of $13 million from the second quarter of 2024, primarily due to lower contributions from the Marketing segment [7]. - Net income for the quarter was $61 million, down $3 million from the previous year, influenced by various factors affecting segment EBITDA [7]. - Distributable Cash Flow (DCF) was $81 million, a decrease of $20 million from the second quarter of 2024, attributed to lower Adjusted EBITDA and higher capital expenditures [7]. - The dividend payout ratio was 83%, slightly above the target range of 70% – 80%, with expectations for improvement in the second half of the year [7][23]. Strategic & Business Developments - The completion of the Gateway dredging project has increased average throughput at the terminal by approximately 20%, contributing to record-setting quarterly performance [3][6]. - Major turnarounds at the Moose Jaw Facility and the Hardisty Diluent Recovery Unit were executed on time and under budget, with zero recordable injuries [6]. - The company achieved recurring and non-recurring cost savings of approximately $9 million in the quarter, leading to a 12% increase in DCF per share [6]. - Morningstar DBRS reaffirmed Gibson's Investment Grade credit rating at BBB (low) following the quarter [6][15]. Operational Metrics - The company surpassed 9.5 million hours without a lost-time injury, reflecting a strong safety culture [6]. - The net debt to Adjusted EBITDA ratio was 4.0x as of June 30, 2025, compared to 3.5x a year earlier, indicating higher capital spending and lower Marketing contributions [7][24][25].

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Core Insights - Vallourec reported its second quarter 2025 results, showcasing resilience in its business model despite challenges in shipments and market conditions [1][4]. Financial Performance - Group EBITDA for Q2 2025 was €187 million, reflecting a 10% sequential decline but slightly above guidance midpoint, with a strong EBITDA margin of 22% [6][10]. - Tubes EBITDA margin improved by 76 basis points sequentially to 19%, although Tubes EBITDA declined by 13% due to lower volumes [6][10]. - Mine & Forest EBITDA decreased by 15% sequentially, impacted by lower market prices and higher costs, yet maintained a strong margin of 52% [6][10]. - Total cash generation amounted to €57 million, with adjusted free cash flow at €88 million [6][10]. Shareholder Returns - The company returned €370 million to shareholders through dividends of €1.50 per share and the repurchase of 1.2 million shares in Q2 2025 [4][6]. Operational Developments - The Brazil Performance Program is ahead of schedule, with significant operational simplifications completed, including the closure of a legacy Plug mill [5][7]. - Cost savings initiatives exceeded the target of €150 per tonne, enhancing operational efficiency [7]. Market Outlook - Q3 2025 Group EBITDA is projected to range between €195 million and €225 million, with expectations for improved performance in the second half of 2025 compared to the first half [4][6]. - The international OCTG market remains resilient, with recent contract awards indicating strong demand for Vallourec's premium products [8][9]. - In the US, market prices improved due to steel tariffs, and while oil drilling activity has decreased, gas drilling has rebounded, supporting demand for Vallourec's products [9].

Financial Data and Key Metrics Changes - Net sales increased by 49% to $1.9 billion, driven by the acquisition of S and P EMEA and strong volume in the U.S. business [6][22] - Adjusted EBITDA rose by 25% to $328 million, with adjusted EBITDA margin improving by 101 basis points to 17.2% [6][22] - Adjusted EPS was $1.37, reflecting a 7% year-over-year increase, impacted by higher interest expenses [21][22] Business Line Data and Key Metrics Changes - Consumer Packaging segment saw a 115% growth in adjusted EBITDA, attributed to a 10% volume mix gain in the U.S. metal business and the acquisition of EVOSA [7][23] - Industrial segment adjusted EBITDA increased by 15% to $113 million, despite a 2% decline in sales to $588 million due to lower volumes [24][25] - All Other segment sales were flat at $95 million, with adjusted EBITDA declining by 8% [26] Market Data and Key Metrics Changes - EMEA sales were impacted by a delay in the European vegetable packaging season, with approximately 40% of sales being seasonal [15][16] - Demand for pet food and certain premium food categories remained resilient despite macroeconomic pressures [16] - The company expects a solid vegetable harvest in the third quarter, which is typically the strongest quarter [16] Company Strategy and Development Direction - The company is focused on businesses where it can leverage advanced material science and technology to drive competitive advantage [9][10] - Recent divestitures, including Thermoform and Flexible Packaging, are aimed at reallocating capital to core businesses [10][11] - The company is targeting $100 million in cost savings through synergies from the S and P EMEA acquisition by 2026 [12][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged global macroeconomic pressures affecting consumer and industrial demand, but remains optimistic about strong performance in the Consumer segment [6][28] - The company is maintaining its full-year guidance for net sales between $7.75 billion and $8 billion, with adjusted EBITDA guidance of $1.3 billion to $1.4 billion [28][29] - Management is focused on controlling costs and reducing leverage while creating long-term value for shareholders [36] Other Important Information - The company has invested $188 million in capital for the first half of 2025, with expectations to reach $360 million by year-end [30] - The integration of S and P EMEA is progressing well, with projected synergies of $40 million to $50 million by the end of the year [12][19] - The company is preparing for the sale of ThermoSafe, with expectations to use proceeds to further reduce net leverage [11][12] Q&A Session Summary Question: Can you discuss the volume run rate across major businesses and expectations for SMT EMEA? - Management indicated slight volume declines in Q2 but expects mid to upper single-digit increases in Q3 due to a late start in the vegetable harvest [41][48] Question: What are the reasons for the relatively light incremental margin in the consumer segment? - Management attributed the light margin to seasonal mix impacts and noted that the business is performing well despite volume shortfalls [50][51] Question: How will stranded costs improve moving forward? - Management expects improvements in stranded costs in the second half of the year and is focused on eliminating these costs [61][63] Question: What are the expectations for EBITDA in the EVO business? - Management confirmed expectations for year-over-year EBITDA growth in the EVO business, with significant incremental business opportunities identified [68][70] Question: How are tariffs impacting the business? - Management acknowledged that tariffs are a concern but noted that they are managing the impact effectively and expect to recover costs on the P&L side [76][78] Question: Can you clarify the factors affecting revised guidance? - Management indicated that the lower EPS guidance is primarily due to higher-than-anticipated interest expenses, while revenue and EBITDA guidance remains strong [102][104]