Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [3][11] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [11] - Macau operations generated adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, with an EBITDA margin of 30.8% [12] Business Line Data and Key Metrics Changes - Slot revenues at Encore Boston Harbor grew over 5% year-on-year, contributing to an adjusted property EBITDA of $58.4 million on revenue of $211.8 million [11] - The company maintained a disciplined approach to operating expenses (OPEX), with OPEX per day in Boston up only 1.9% compared to Q3 2024 [11] - In Macau, mass volumes were strong, up 15% year-on-year, despite weather disruptions [6] Market Data and Key Metrics Changes - The gaming market share in Las Vegas continued to grow, driven by strong demand and effective marketing strategies [3] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR), indicating a positive outlook for the region [6] - The company noted that demand in Boston remained healthy in October, with both drop and handle above last year [5] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [4][8] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced to date [10] - The company plans to continue investing in its market-leading assets in Las Vegas while managing macroeconomic uncertainties [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Las Vegas market, noting improvements in group bookings and overall demand [19][20] - The company remains bullish on Macau's long-term prospects, citing evolving consumer preferences and a dynamic market environment [65][66] - Management acknowledged the potential headwinds from the Encore Tower remodel but emphasized the importance of maintaining competitive rates [5] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.6 billion as of September 30 [13] - Wynn Macau paid out approximately $125 million in dividends in Q3, reflecting a commitment to returning capital to shareholders [14] - The company expects to spend $200 million-$250 million in total CAPEX for 2025 [13] Q&A Session Summary Question: Can you talk about the Las Vegas environment and expectations for growth in 2026? - Management noted that the summer business environment had improved, with a focus on rate rather than occupancy, leading to better results in Q3 and positive expectations for 2026 [19][20] Question: What are the dynamics in the UAE market regarding EBITDA scenarios? - Management discussed various factors affecting market size and share, emphasizing the absence of near-term competition and the focus on delivering a high-quality product [23][24] Question: How is the company addressing pricing pushback in Las Vegas? - Management stated that they have not seen pushback on pricing, as their customer base values the premium experience offered [28][29] Question: What is the outlook for Macau's competitive dynamics? - Management acknowledged the competitive nature of Macau but emphasized their focus on driving revenues and managing costs effectively [43][44] Question: How will the company allocate free cash flow in 2027? - Management indicated that capital returns and potential investments in the UAE land bank will be considered, depending on market conditions [92][93]

Core Insights - Wynn Resorts reported Q3 CY2025 revenue of $1.83 billion, exceeding Wall Street's expectations by 3.4% with an 8.3% year-on-year growth [7] - The company's non-GAAP profit of $0.86 per share fell short of analysts' consensus estimates by 25.4% [7] Company Overview - Wynn Resorts, founded by the former CEO of Mirage Resorts, is a global developer and operator of luxury hotels and casinos, recognized for its high-end properties and premium guest services [4] Revenue Growth - Over the last five years, Wynn Resorts achieved an annualized revenue growth of 18.3%, outperforming the average in the consumer discretionary sector [5] - However, the company's annualized revenue growth over the last two years slowed to 11.7%, indicating a potential decline in demand [6] Quarterly Performance - The adjusted EBITDA for Q3 was $486 million, which was below analyst estimates of $540.4 million, resulting in a margin of 26.5% [7] - The operating margin improved to 16.9%, up from 7.9% in the same quarter last year [7] Segment Performance - Revenue breakdown for Q3 shows Casino revenue contributing 29.6%, Hotel revenue 1.2%, and Dining and Entertainment revenue 10.5% [8] - Casino revenue averaged a year-on-year growth of 21% over the last two years, while Hotel and Dining and Entertainment revenues experienced declines of 5.2% and 1.4%, respectively [8] Future Outlook - Analysts project a revenue growth of 2.4% over the next 12 months, indicating a deceleration compared to the previous two years [9]

Financial Data and Key Metrics Changes - The company confirmed its guidance for Q4, albeit at the low end, expecting a top-line decline of between -1.5% and -2% [19] - Year-to-date sellout growth is reported at +0.2%, with the last three months showing a value growth of +0.5% and volume growth of +0.7% [20][40] - The company is actively working on a €200 million multi-year efficiency target, which remains a priority [6][10] Business Line Data and Key Metrics Changes - The company is focusing on improving product quality in its pizza business in the UK, with early positive signals from a new campaign launched in September [20] - Renovation efforts are underway for key products such as fish fingers and pizza, which are expected to enhance competitiveness against private labels [26][27] Market Data and Key Metrics Changes - The company has observed a slight decrease in its price index compared to private label competitors, which has been beneficial in the context of necessary price increases [9] - The competitive landscape is evolving, with private labels improving in quality and innovation, prompting the company to enhance its value proposition [23][26] Company Strategy and Development Direction - The company is committed to a holistic approach for pricing and product renovation, aiming to balance cost increases with maintaining market share [30][32] - The focus remains on cash flow growth and reducing exceptional items while driving a competitiveness program [6][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced this year, including weather impacts and a less favorable ice cream season, but expresses confidence in recovery and improvement [19][40] - The incoming CEO is expected to build upon the foundation laid by the current management, with optimism for future performance [47] Other Important Information - The company plans to continue share buybacks, especially given the current low price-to-earnings ratio, indicating a belief in the intrinsic value of the company [43] - The management has emphasized the importance of not being complacent in the competitive frozen food category, focusing on both pricing and non-pricing factors [24][26] Q&A Session Summary Question: Are the medium-term goals still relevant after the CEO change? - Management reassured that the commitments regarding efficiency targets and EBITDA growth remain intact despite the leadership change [6][7] Question: How is the company balancing pricing with market share? - The company noted that while private labels have caught up slightly in pricing, they are implementing a cost competitiveness program to help manage inflation and maintain market share [9][10] Question: What are the expectations for 2026? - Management indicated that while it is too early to provide specific guidance for 2026, they expect results to improve compared to 2025 [16][17] Question: What factors could impact Q4 results? - Management highlighted that pricing decisions and competition dynamics would be key factors influencing Q4 performance [21] Question: How is private label competition evolving? - Management acknowledged that private labels are improving in quality and innovation, necessitating a stronger value proposition from the company [23][26] Question: What drove the decision to delay repricing? - The decision was based on a more stable cost environment compared to previous years, avoiding unnecessary negotiations [31][32] Question: What are the capital allocation priorities? - The company plans to prioritize share buybacks and dividends, supported by recent refinancing efforts [41][43]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $353 million, a decrease of $48 million year-over-year [24] - Operating income improved to $9 million, an increase of $26 million compared to the prior year [24] - Adjusted EBITDA was $42 million, down $9 million from Q3 2024 [25] - Adjusted free cash flow year-to-date was negative $83 million, with expectations for improvement in Q4 [25] Business Line Data and Key Metrics Changes - **Cellulose Specialties**: Quarterly net sales were $204 million, down 12% year-over-year, with a 17% decrease in sales volumes but a 7% increase in average sales prices [26] - **Biomaterials**: Quarterly net sales were $8 million, flat compared to the prior year, with operating income decreasing to $1 million [28] - **Cellulose Commodities**: Quarterly net sales were $85 million, down 1% from the prior year, with an operating loss of $13 million [30] - **Paperboard**: Quarterly net sales were $39 million, down 29% year-over-year, with an operating loss of $4 million [31] - **High-Yield Pulp**: Quarterly net sales were $24 million, down 14% compared to the prior year, with an operating loss of $10 million [32] Market Data and Key Metrics Changes - The company faced increased competition in the paperboard market due to new U.S. capacity and EU imports, leading to lower sales volumes and pricing [25][31] - The U.S. FLUF industry exports to China were impacted by a 10% tariff, affecting market dynamics [5][6] Company Strategy and Development Direction - The company aims to increase EBITDA to over $300 million by exiting 2027, focusing on cash generation and capital investment discipline [4] - A significant pricing reset for cellular specialty products is targeted to recapture lost value from inflation [12][42] - The company is pursuing new product development to enhance profitability and market position [10][14] Management's Comments on Operating Environment and Future Outlook - Management believes that the temporary headwinds of 2025 are largely behind, with core business performance stabilizing [57] - The company is confident in achieving a significant pricing reset and improving EBITDA margins through organic growth [23][42] - Management highlighted the importance of achieving positive EBITDA and cash flow for the viability of certain assets before potential divestiture [35][36] Other Important Information - The company has $40 million of committed green debt available to support biomaterials projects [32] - The Altamaha Green Energy project is expected to generate significant returns, with a focus on securing funding [17][46] Q&A Session Summary Question: What operational and financial milestones are needed for paperboard and high-yield pulp assets to be viable for sale? - Management indicated that achieving positive EBITDA and cash flow, along with the completion of USMCA negotiations, are critical milestones [35][36] Question: How does the company plan to refinance given the current leverage ratio? - Management noted that demonstrating a return to historical EBITDA levels will improve leverage profiles and facilitate refinancing [37][38] Question: What is the expected impact of pricing negotiations on future EBITDA? - A 1% increase in pricing is expected to generate an $8 million to $9 million increase in EBITDA, with significant pricing increases needed to recapture lost value from inflation [39][42] Question: Can you elaborate on the new fluff product that avoids tariffs? - The new product is a dissolving wood pulp product that can bypass tariffs, but cost efficiency in production remains a challenge [51][52] Question: What are the major buckets for the additional $20 million in EBITDA improvement projects? - The focus will be on improving reliability, material usage, and implementing automation and predictive maintenance [53][54]

Financial Performance & Guidance - Q3 2025 revenue was $353 million, a decrease of $48 million compared to Q3 2024[39] - Adjusted EBITDA for Q3 2025 was $42 million, down $9 million from Q3 2024[39] - The company projects Q4 2025 Adjusted Free Cash Flow to be between $25 million and $30 million[39] - 2025 Adjusted EBITDA guidance is $135-140 million[39] Segment Performance - Cellulose Specialties Q3 2025 Adjusted EBITDA was $66 million with a 32% margin[39, 40] - Biomaterials Q3 2025 Adjusted EBITDA was $1 million with a 13% margin[39, 45] - Cellulose Commodities Q3 2025 Adjusted EBITDA was negative $3 million with a negative 4% margin[39, 48] - Paperboard Q3 2025 Adjusted EBITDA was $1 million with a 3% margin[39, 54] - High-Yield Pulp Q3 2025 Adjusted EBITDA was negative $9 million with a negative 38% margin[39, 60] Strategic Initiatives - The company aims to restore Temiscaming profitability with $10 million annual EBITDA improvement through cost reduction and $10 million annual EBITDA improvement by improving Paperboard Operational Equipment Efficiency (OEE)[20] - The company expects Biomaterials to contribute approximately $31 million of proportional run-rate EBITDA in 2027 and approximately $80 million including proportional AGE EBITDA in 2028[34]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first nine months of 2025 grew by 9%, reaching $165 million, despite challenges from rising oil chemical raw material prices and higher startup costs related to the new Pasadena facility [3][4] - Third quarter adjusted EBITDA was $56 million, a 6% increase year-on-year [4][8] - Adjusted net income for the third quarter was $10.9 million, down 54% from $23.7 million in the prior year, primarily due to a higher effective tax rate and increased depreciation [5][7] Business Line Data and Key Metrics Changes - Specialty Products adjusted EBITDA increased significantly, driven by favorable order timing within the pharmaceutical business, with net sales rising 68% year-on-year [4][12] - Polymers net sales decreased by 4% to $143.9 million, although sales volume increased by 8% [11][12] - Surfactants net sales were $422.4 million, a 10% increase, but adjusted EBITDA decreased by 14% due to higher startup costs and raw material price inflation [10][11] Market Data and Key Metrics Changes - North America rigid polyol and commodity PA volumes both grew by double digits, while European rigid polyol volumes were impacted by macroeconomic uncertainties [5][11] - The company experienced double-digit volume growth in the crop productivity business and mid-single-digit growth in the oil field end market, but faced lower demand in global commodity consumer products [4][5] Company Strategy and Development Direction - The company remains focused on gradually recovering margins while balancing volumes and margins [4][16] - The new Pasadena facility is fully operational and expected to contribute fully by 2026, enhancing production capabilities [15][16] - The company is analyzing opportunities to optimize its global footprint and asset base, including the planned sale of its site in the Philippines [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about delivering full-year adjusted EBITDA growth and positive free cash flow in 2025 despite ongoing market uncertainties [16] - The company aims to maintain a competitive balance between volumes and margins, particularly in the surfactants business [22][24] Other Important Information - Free cash flow was positive at $40 million during the quarter, driven by reduced working capital and disciplined capital spending [5][12] - The Board declared a quarterly cash dividend of $0.395 per share, marking a 2.6% increase [6] Q&A Session Summary Question: Recovery of oil chemicals cost in surfactants - Management noted that coconut oil prices have increased by 70% compared to 2024, but prices are now coming down, and they aim to recover margins by 2026 [21] Question: Pricing challenges with lower raw material costs - Management emphasized the importance of balancing volumes and margins and stated they will remain competitive in the market [22] Question: Long-term margin goals for surfactants - Management believes that surfactants can achieve healthy double-digit EBITDA margins as they grow in functional markets [24] Question: Pent-up demand in commercial roofing and insulation - Management acknowledged pent-up demand for renovations in the construction sector and noted that lower interest rates could stimulate activity [25][26] Question: Margin recovery expectations in polymers - Management indicated that while margins are currently down, they expect improvements as demand recovers [28] Question: Future asset optimization actions - Management committed to a balanced approach between top-line growth and asset rationalization, with potential future announcements regarding asset sales [30]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining a margin of 37% [4][17] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a stake in FanDuel, with lease-adjusted leverage declining from 3.2 times to 2.0 times [23][22] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% in both metrics when excluding the Orleans [5][6] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million, exceeding 2% over the prior year [9][10] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth of more than 6% in Southern Nevada [7][8] - The company noted improvements in play from both core and retail customers, indicating a positive trend in customer demand across the country [12][18] Company Strategy and Development Direction - The company is focused on capital investments to enhance property offerings, with a budget of $100 million per year for growth capital projects [14][21] - Significant developments include the $750 million resort in Norfolk, Virginia, scheduled to open in November 2027, and the Cadence Crossing project in Las Vegas, set to replace the Joker's Wild Casino [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the Southern Nevada economy and the ongoing growth potential of the Las Vegas Locals business [9][18] - The company anticipates continued strong performance in the fourth quarter, supported by improving customer trends and ongoing capital investments [12][24] Other Important Information - The company repurchased $160 million in stock during the quarter and paid $15 million in dividends, returning a total of $637 million to shareholders year-to-date [17][22] - The company is maintaining a disciplined approach to marketing spend, despite increased competition in some markets [56] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management noted that the weakness is primarily in the destination business, particularly at the Orleans, while core and locals customers continue to perform well [26][28] Question: Can you share thoughts on the M&A pipeline? - Management indicated a disciplined approach to M&A, monitoring opportunities but not seeing a significant increase in pitch books [31] Question: How did the Midwest and South properties perform? - Performance was generally broad-based, with notable growth at Treasure Chest, indicating strong results across the portfolio [36] Question: What is the expected impact of the tax bill? - Management believes the tax bill will provide incremental benefits but has not quantified its impact on revenue and EBITDA [66] Question: How is the company managing disruption from renovations? - Management stated that while there is disruption, performance at properties like Suncoast remains in line with prior year results, and they are managing through the construction effectively [60][62] Question: What is the outlook for the balance sheet and leverage? - Management plans to maintain leverage around 1.5 to 2 times, gradually increasing as capital plans are executed, while remaining prudent about future opportunities [90][92]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining a margin of 37% consistent with the prior year [3][16] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a 5% stake in FanDuel, while lease-adjusted leverage decreased from 3.2 times to 2.0 times [22][21] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% in both metrics when excluding the Orleans property [4][8] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million, reflecting broad-based growth across the segment [8][9] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth exceeding 6% in Southern Nevada [5][6] - The Downtown Las Vegas segment's revenues and EBITDA remained stable compared to the prior year, driven by strong play from Hawaiian customers despite softness in destination business [8][9] Company Strategy and Development Direction - The company is focused on capital investments to enhance guest experiences, with a budget of $100 million annually for growth capital projects, including expansions at Sky River Casino and Cadence Crossing [10][19] - The company plans to maintain a balanced approach to capital allocation, with intentions to repurchase approximately $150 million in stock quarterly while paying dividends [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the Las Vegas Locals business, citing ongoing improvements in customer demand and operational efficiencies [3][11] - The company noted that customer trends observed in the third quarter have continued into October, indicating a positive outlook for the fourth quarter [11][23] Other Important Information - The company completed $146 million in capital expenditures during the third quarter, bringing year-to-date expenditures to $440 million, with expectations to reach approximately $600 million for the year [18][19] - The company is undergoing renovations at several properties, including the IP Hotel and Orleans Hotel, to enhance competitiveness [12][19] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily related to the Orleans property, while core and retail customer segments continue to perform well [25][26] Question: Can you provide insights on the M&A pipeline? - Management stated they are monitoring opportunities but have not seen a significant increase in M&A activity recently [28] Question: How did the Midwest and South properties perform? - The performance was broadly strong across the portfolio, with notable growth at Treasure Chest Casino [31][32] Question: What is the expected impact of the Orleans Hotel project? - Management anticipates limited disruption from the renovation project, with more clarity expected as the project scope is defined [45][49] Question: How is the promotional environment across markets? - The company has maintained a disciplined marketing approach despite increased competition, resulting in consistent margins [50] Question: What are the expectations for the tax bill benefits? - Management noted that while there are several elements to the tax bill, they have not quantified the overall benefit to revenue and EBITDA [57] Question: How is the balance sheet positioned regarding leverage? - The company is currently at a leverage ratio of 1.5 times, with plans to gradually increase it to around 2.5 times as capital projects progress [80][81]

Financial Data and Key Metrics Changes - In the third quarter, total revenue reached 233 billion pesos, reflecting a year-over-year increase of 4.2% in Mexican peso terms and 6.2% at constant exchange rates [6][9] - EBITDA totaled 94 billion pesos, up 4.9% in nominal terms and 6.8% at constant exchange rates compared to the previous year [8][9] - Net income surged to 23 billion pesos, equivalent to $0.38 per share or $0.40 per ADR, with free cash flow increasing by 47% year-on-year to 53 billion pesos [9][10] Business Line Data and Key Metrics Changes - The postpaid client base increased by 8.1% year-over-year, with 3 million new postpaid clients added in the quarter [5][6] - Fixed broadband accesses grew by 5.1%, with 536,000 new broadband accesses added, including 211,000 in Mexico [5][6] - Mobile service revenue grew by 7.1%, the highest rate in two years, driven by a recovery in prepaid revenue, which expanded by 3.9% [6][7] Market Data and Key Metrics Changes - The U.S. dollar depreciated against several currencies in the region, declining 2.7% against the Mexican peso and 4.1% against the Colombian peso [4] - In Brazil, prepaid ARPU grew by 7.3%, indicating increased consumption and usage of services [27] Company Strategy and Development Direction - The company is evaluating potential acquisitions, including a joint bid with Entel for Telefónica assets in Chile, and is open to opportunities in Brazil [20][21] - Investments in network modernization and expansion, particularly in 5G technology, are ongoing to enhance competitiveness in various markets [38] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery in mobile prepaid revenues in Mexico is closely tied to economic conditions, with expectations for continued improvement [14] - In Colombia, the company is experiencing growth in service revenue and is optimistic about future performance despite competitive pressures [34] Other Important Information - The company returned to a trend where EBITDA growth outpaced revenue growth, which is expected to continue [8] - Capital expenditures totaled 85 billion pesos, with a focus on enhancing network capabilities and expanding service offerings [9] Q&A Session Summary Question: Mobile prepaid revenues in Mexico - Management indicated that the recovery in prepaid revenues is linked to economic improvement and expects this trend to continue into the fourth quarter [14] Question: Margin expansion in Chile, Uruguay, and Paraguay - Management clarified that margin expansion is due to operational improvements and synergies, with no significant one-off effects [15] Question: Potential acquisitions in Chile and Brazil - Management confirmed they are evaluating a joint bid for Telefónica assets in Chile and assessing opportunities in Brazil, with no binding commitments yet [20][21] Question: Competitive environment in Mexico - Management acknowledged strong competition but emphasized their superior network quality and customer service as key differentiators [25] Question: Performance drivers in Brazil's prepaid segment - Management noted significant investments in network coverage and 5G technology, contributing to growth in the prepaid segment despite some disconnections [27]

Core Viewpoint - Seaport Global Securities upgraded HB Fuller from Neutral to Buy with a price target of $80.00, resulting in a pre-market share increase of over 1% [1] Financial Performance - HB Fuller is expected to achieve strong year-on-year EBITDA growth in fiscal 2025 despite sluggish demand, driven by margin expansion from lower costs and mix improvements [2] - The EBITDA margin increased by 110 basis points year-over-year, even with declining volumes, indicating effective execution in pricing, procurement, portfolio restructuring, and manufacturing optimization [2] Segment Performance - The Engineering Adhesives segment led growth with a 14% EBITDA increase, while Building Adhesive Solutions outperformed underlying markets, benefiting from data center construction demand and growth in the Middle East [3] - The Hygiene, Health & Consumables segment showed weakness but was partially offset by demand from medical applications [3] Future Projections - Seaport projects an additional $25 million in price/cost tailwinds for FY26 and approximately $70 million in optimization benefits through FY30 [4] - The current valuation at 7.8x forward EBITDA is below the 3-year average of 9.0x, supporting the upgrade [4]