Summary of J. M. Smucker Company Conference Call Company Overview - **Company**: The J. M. Smucker Company (NYSE:SJM) - **Event**: 2026 Conference on February 18, 2026 - **Key Leadership**: Mark Smucker (CEO), Tucker Marshall (CFO), Crystal Beiting (VP, Investor Relations) Core Industry Insights - **Industry**: Consumer Goods, specifically focusing on coffee, snacking, and pet food - **Market Position**: Over 95% of U.S. retail channel sales come from categories where the company holds either the number 1 or number 2 branded position [6][5][4] Key Points and Arguments 1. **Growth Strategy**: The company has a clear strategy to drive growth and achieve long-term financial goals, having transformed its portfolio over the years [4][3] 2. **Financial Performance**: Anticipated net sales for the fiscal year are over $9 billion, marking the 7th consecutive year of top-line growth when excluding divested pet food brands [5][6] 3. **Profitability Focus**: The company is focused on improving profitability and earnings growth, with significant margin expansion expected in the near term [5][7] 4. **Leadership Changes**: Recent leadership updates aim to enhance execution of the long-term growth strategy and improve profitability [4][3] 5. **Innovation and New Products**: Approximately $300 million in net sales is expected from new products launched in the last two years, reflecting a 35% increase compared to the previous period [7][6] 6. **Coffee Segment**: The coffee category remains strong, with the company holding leading brands like Folgers and Dunkin'. Café Bustelo is expected to surpass $500 million in net sales this fiscal year, driven by innovative marketing and product expansion [11][10] 7. **Frozen Handheld and Spreads**: The Uncrustables brand is projected to achieve $1 billion in annual net sales, growing at a 20% CAGR over the past decade [17][18] 8. **Peanut Butter and Fruit Spreads**: The Jif brand is modernizing its offerings with a new line, Jif Simply, to meet evolving health preferences [32][33] 9. **Pet Segment**: The company has leading brands in the pet food category, with significant growth potential in both dog and cat food markets [34][37] 10. **Sweet Baked Snacks**: The company is working on stabilizing the Hostess brand through SKU reduction and operational efficiency, while also launching new products to drive growth [41][42] Additional Important Insights - **Capital Deployment**: The company is committed to a disciplined capital deployment model, focusing on organic growth, debt reduction, and shareholder returns through dividends and share repurchases [49][50] - **Free Cash Flow**: The goal is to generate over $1 billion in free cash flow annually, supporting long-term growth and margin expansion [50][52] - **Market Trends**: The company is adapting to consumer preferences, particularly in the pet food segment, where premiumization and e-commerce trends are driving growth [34][39] Conclusion - The J. M. Smucker Company is positioned for continued growth with a strong portfolio, clear strategic focus, and commitment to profitability and shareholder value. The leadership changes and innovative product strategies are expected to enhance performance across its various segments [52][45]

Core Insights - The company is optimistic about its positioning as it progresses through 2026, having finished 2025 with strong results [1] - There is a positive outlook on organic growth in the inspection and service business, alongside a growing backlog [1] - The company acknowledges ongoing challenges but maintains confidence in its team and current status [2]

CAGNY 2026 SAFE HARBOR STATEMENT This presentation contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending inflation; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact ...

Core Insights - General Mills is making significant progress in enhancing organic growth, improving affordability for consumers, and strategically reshaping its portfolio [1] Group 1 - The conference is part of a long-standing tradition at CAGNY, which has been ongoing for over 40 years [1] - The event features General Mills' Chairman and CEO, Jeff Harmening, and CFO, Kofi Bruce, highlighting the importance of this moment for the company [1]

Financial Data and Key Metrics Changes - Allegion reported Q4 revenue exceeding $1 billion, marking a 9.3% increase compared to 2024, with organic revenue rising 3.3% [9] - Adjusted earnings per share (EPS) for Q4 was $1.94, an increase of 4.3% year-over-year [10] - Year-to-date available cash flow was $685.7 million, up 17.6% from the previous year [13] Business Line Data and Key Metrics Changes - The Americas segment generated revenue of $795.5 million, up 6.1% reported and 4.8% organically, driven by non-residential business growth [10][11] - The international segment reported revenue of $237.7 million, a 21.5% increase reported but down 2.3% organically, with acquisitions contributing significantly to revenue growth [12] Market Data and Key Metrics Changes - Demand in the U.S. residential market was softer than expected, with a decline in revenue, while the non-residential market showed resilience [4][11] - International growth was primarily driven by electronics, particularly in the DACH region, despite sluggish mechanical markets [35] Company Strategy and Development Direction - Allegion's strategy focuses on profitable growth through organic investments and acquisitions, with a disciplined approach to capital allocation [7][54] - The company aims to maintain its position as a leading player in security and access, with ongoing investments in innovation and product offerings [5][7] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in non-residential markets in the Americas, while expecting softness in residential markets to persist into 2026 [15] - The company projects total revenue growth of 5%-7% and organic growth of 2%-4% for 2026, with a focus on electronics outpacing mechanical growth [16][18] Other Important Information - Allegion paid $175 million in dividends in 2025 and announced its 12th consecutive annual increase in dividends [8] - The company remains committed to a balanced capital deployment strategy, including share repurchases and investments in growth [7][54] Q&A Session Summary Question: Can you elaborate on the residential market performance in Q4? - Management noted that the residential market ended the year softer than anticipated, with no immediate pricing adjustments made in response to demand softness [22][24] Question: What is the outlook for price and volume growth in the Americas? - Management expects both price and volume growth, with a greater emphasis on pricing for 2026, and anticipates seasonal revenue patterns similar to previous years [25][26] Question: How are margins being maintained despite higher costs? - Management highlighted contributions from pricing, productivity, and acquisition synergies, with expectations for positive margin expansion in 2026 [32][34] Question: What is the current status of the M&A pipeline? - The M&A pipeline is active, with a focus on strategic acquisitions that align with the company's core portfolio and growth objectives [47] Question: How is the Interflex business performing? - The Interflex business is performing well, with growth expected as resources are allocated to expand its offerings across Europe [56][57]

Financial Data and Key Metrics Changes - Allegion reported Q4 revenue exceeding $1 billion, marking a 9.3% increase compared to 2024, with organic revenue rising 3.3% [9] - Adjusted operating margin for Q4 was 22.4%, up 30 basis points year-over-year, driven by price realization and productivity exceeding inflation [9] - Adjusted earnings per share (EPS) for Q4 was $1.94, an increase of 4.3% from the previous year [10] - Year-to-date available cash flow was $685.7 million, up 17.6% compared to the prior year [10][13] Business Line Data and Key Metrics Changes - The Americas segment generated revenue of $795.5 million, up 6.1% reported and 4.8% organically, primarily from non-residential business [11] - The international segment reported revenue of $237.7 million, a 21.5% increase reported but a 2.3% decline organically, with acquisitions contributing significantly to growth [12] - Electronics revenue grew low double digits for both the quarter and the full year, continuing to be a long-term growth driver [11] Market Data and Key Metrics Changes - The U.S. residential market was softer than expected in Q4, with a high single-digit decline in residential business [4][11] - Demand for products in the non-residential sector remained healthy, supported by broad end market exposure [11] - International markets are expected to see modest organic growth, primarily driven by electronics, while mechanical markets remain sluggish [17] Company Strategy and Development Direction - Allegion's strategy focuses on organic growth through innovation and acquisitions, with a disciplined approach to capital deployment [6][8] - The company aims to maintain its position as a leading player in security and access, with a strong emphasis on expanding its core mechanical portfolio and electronics [6][48] - Allegion plans to continue paying dividends, having announced its 12th consecutive annual increase in dividends [7] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in non-residential markets in the Americas, while expecting softness in residential markets to persist into 2026 [15][16] - The company expects total revenue growth of 5%-7% and organic growth of 2%-4% for 2026, with a focus on electronics outpacing mechanical growth [18] - Management expressed confidence in the company's ability to manage inflation and pricing effectively, despite a challenging operating environment [15][19] Other Important Information - Allegion deployed approximately $630 million in acquisitions in 2025, aligning with its strategic goals [6] - The company remains committed to a balanced approach to capital allocation, prioritizing investments for growth while also considering shareholder returns [54] Q&A Session Summary Question: Can you elaborate on the residential market performance in Q4? - Management acknowledged that the residential market ended the year softer than anticipated, with no immediate pricing adjustments made in response to demand softness [23][26] Question: What are the expectations for price and volume growth in the Americas? - Management expects both price and volume growth in 2026, with a greater emphasis on pricing [27][28] Question: Can you break down the contributions to margins from pricing, productivity, and acquisition synergies? - Management indicated that pricing and productivity exceeded inflation, contributing positively to margins, while residential volume declines had a mitigating effect [33][34] Question: What is the outlook for international markets, particularly in Western Europe and Australia? - Management highlighted that electronics businesses, particularly in the DACH region, are expected to lead growth, while mechanical markets remain sluggish [37] Question: How does the M&A pipeline look, and is there increased competition for deals? - Management reported an active M&A pipeline aligned with strategic goals, emphasizing a disciplined approach to acquisitions [48] Question: Why prioritize M&A over share repurchase for capital allocation? - Management stated that the priority is on profitable growth through acquisitions that can drive shareholder returns, while also maintaining a commitment to dividends [54]

Core Insights - Enbridge has demonstrated consistent earnings predictability and dividend growth, achieving record earnings and cash flow for the year 2025 while meeting its financial guidance for the 20th consecutive year [1][11] Financial Performance - Enbridge generated CA$20 billion ($14.7 billion) in adjusted EBITDA for the last year, reflecting a 7% increase from the previous year [4] - The company produced CA$12.5 billion ($9.2 billion) in distributable cash flow, marking a 4% increase from 2024 [4] - Enbridge raised its dividend by 3% for 2026, resulting in a yield of 5.2% [4] Business Model and Growth Drivers - The company's low-risk business model, supported by stable cost-of-service agreements and long-term contracts, underpins 98% of its earnings, providing a solid foundation for growth [5] - Enbridge has CA$10 billion to CA$11 billion ($7.3 billion-$8.1 billion) in annual investment capacity, allowing for reinvestment in operations [8] - The company secured CA$14 billion ($10.3 billion) in new expansion projects last year, increasing its backlog to CA$39 billion ($28.6 billion) [9] Future Outlook - Enbridge expects to deliver around 3% growth in its distributable cash flow per share this year and approximately 5% annual growth beyond 2026, supporting a similar dividend growth rate [10] - The company anticipates approving an additional CA$10 billion to CA$20 billion ($7.3 billion-$14.7 billion) in expansion projects over the next two years, enhancing its growth visibility [9]

Core Insights - ATS Corporation has demonstrated impressive organic growth despite a challenging macroeconomic environment since August 2024 [1] Company Performance - The company has shown resilience in its growth metrics, indicating strong operational performance [1] Investment Philosophy - The focus is on acquiring high-quality stocks and businesses that are managed by disciplined capital allocators, yielding exceptional returns on capital and the ability to compound invested capital over extended periods [1]

Core Viewpoint - Agnico Eagle Mines reported record financial results for 2025, with significant production and cash flow, while also outlining plans for future growth and shareholder returns. Financial Performance - The company produced 3.45 million ounces of gold in 2025, exceeding guidance [1] - Fourth-quarter production was approximately 841,000 ounces, with total cash costs of $1,089 per ounce and AISC of $1,517 per ounce [2] - Record fourth-quarter adjusted earnings were about $1.4 billion, or $2.70 per share, and record free cash flow exceeded $1.3 billion, or $2.62 per share [2] - Total cash costs for the full year were $979 per ounce, and AISC was $1,339 per ounce, slightly above guidance due to higher royalty costs [1] Growth Strategy - The company is accelerating an organic growth pipeline that could increase production by 20% to 30% over the next decade, targeting over 4 million ounces annually by the early 2030s [5][13] - Key projects include Detour Lake, Canadian Malartic, Upper Beaver, and Hope Bay, with significant investments planned to enhance production capabilities [14] Balance Sheet and Shareholder Returns - Management repaid about $950 million of debt and ended the year with $2.9 billion in cash, while returning a record $1.4 billion to shareholders [6][8] - The quarterly dividend was raised by 12.5% to $0.45 per share, with plans for more active share buybacks, potentially up to $2 billion [6][9] Cost Outlook - For 2026, the company guided total cash costs to a midpoint of $1,070 per ounce and AISC of $1,475 per ounce, with increases primarily due to higher royalties and inflation [11] - The company will adjust its Nunavut cost reporting starting in 2026 to exclude certain payments, which will impact cash cost calculations [12] Exploration and Resource Updates - Agnico Eagle had over 120 drill rigs active in 2025, completing nearly 1.4 million meters of drilling, with year-end reserves of 55.4 million ounces, a 2.1% increase [15] - The company is focused on exploration upside and is selective about acquisitions, emphasizing per-share value creation [16]

Core Insights - Ecolab Inc. is approaching a $100 billion market cap following a recent increase in share price, highlighting its status as a significant player in the industrial sector [1] Company Overview - Ecolab is based in Minnesota and is considered one of America's under-the-radar industrial enterprises [1] - The company specializes in providing water, hygiene, and energy technologies and services [1] Analyst Background - The analysis is led by Ian Bezek, a former hedge fund analyst with extensive experience in Latin American markets and a focus on high-quality compounders and growth stocks [1]