Core Insights - Energy Transfer (ET) reported fourth-quarter 2025 adjusted earnings of 25 cents per unit, missing the Zacks Consensus Estimate of 34 cents by 26.5% and decreasing 13.8% from the previous year's figure of 29 cents [1] - Full-year 2025 adjusted earnings were $1.21 per share, down 5.5% from the previous year's reported figure of $1.28 [1] Revenue Performance - Total revenues for ET were $25.32 billion, lagging the Zacks Consensus Estimate of $26.02 billion by 2.7%, but rose 29.6% from the year-ago figure of $19.54 billion [2] - Full-year 2025 revenues totaled $85.54 billion, up 3.5% from the previous year's level of $82.67 billion [2] Cost and Expenses - Total costs and expenses were $23.24 billion, up 34.7% year over year, attributed to higher costs of products sold, operating expenses, and other factors [3] - Operating income totaled $2.08 billion, down 8.9% year over year [3] - Interest expenses, net of interest capitalized, amounted to $910 million, up 12.8% from the prior-year level [3] Strategic Developments - In November 2025, ET entered into a 20-year firm natural gas transportation agreement with Entergy Louisiana, involving the expansion of the Tiger Pipeline with a capacity of 250,000 million British thermal units per day [4] - In December 2025, ET expanded the transportation capacity of the Transwestern Pipeline's proposed Desert Southwest expansion, increasing capacity to 2.3 billion cubic feet per day and raising project costs to approximately $5.6 billion [5] - ET has begun construction of the Mustang Draw II natural gas processing plant in the Midland Basin, with a capacity of 275 million cubic feet of gas per day, expected to enter service in Q4 2026 [6] Financial Position - As of December 31, 2025, ET had current assets of $18.23 billion, compared to $14.20 billion as of December 31, 2024 [7] - Long-term debt, less current maturities, was $68.31 billion as of December 31, 2025, up from $59.75 billion as of December 31, 2024 [7] Capital Expenditures and Guidance - Growth capital expenditures in Q4 2025 totaled $1.4 billion, while maintenance capital expenditures amounted to $355 million [9] - ET raised its 2026 adjusted EBITDA outlook to between $17.45 billion and $17.85 billion, with planned growth capital investments of $5-$5.5 billion [10]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for Q4 2025 was $56.7 million, down $9.4 million compared to the prior year, primarily due to lower coke sales volumes and market conditions [9][10] - Full year adjusted EBITDA for 2025 was $219.2 million, a decrease of $53.6 million from the previous year, driven by changes in contract and spot coke sales and lower economics on the Granite City contract extension [9][10] - The net loss attributable to SunCoke for Q4 2025 was $1 per share, down from $1.28 in Q4 2024, influenced by one-time items totaling $0.85 per share [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10][11] - The industrial services segment, including Phoenix Global, reported full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting costs from legacy operations [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [17][19] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [20][22] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [24][25] - SunCoke aims to continue integrating Phoenix Global and assess new growth opportunities across its business [25] - The company has extended key contracts, including the Granite City and Haverhill Two contracts, to ensure stable revenue streams [6][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and improved market conditions [16][24] - The company expects to generate positive free cash flow in 2026, with gross leverage targeted around 2.45x, below the long-term target of 3x [16][24] - Management highlighted the impact of recent weather conditions and operational challenges, including a turbine failure, on first-quarter results [47][48] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this practice in 2026 [6][24] - The integration of Phoenix Global is progressing well, with expected synergies contributing to future earnings [33][20] Q&A Session Summary Question: Status of litigation with Algoma regarding contract breach - Management confirmed ongoing arbitration with Algoma, expecting to recover losses from the breach, which could amount to up to $70 million [30][31] Question: Expected EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution of approximately $60 million from Phoenix Global, along with expected synergies of $5 million to $10 million [33] Question: Future of Haverhill One facility - Management indicated that Haverhill One could be restarted but would require significant capital investment and is currently not economically viable [42][43] Question: Impact of Middletown turbine failure and weather on operations - Management noted that the turbine failure and severe weather have resulted in an estimated $10 million impact on first-quarter results [48][49] Question: Drivers of expected improvement in industrial segment handling volumes - Management attributed the expected improvement to a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

Financial Data and Key Metrics Changes - The company reported full-year EBITDA of $248 million for 2025, exceeding previous expectations due to better-than-expected Q4 volumes, particularly in the Specialty segment [16][17] - Free cash flow for the year was $55 million, attributed to higher than expected EBITDA in Q4 and working capital initiatives [17][20] - Net debt at the end of the year was $920 million, with a leverage ratio of 3.7x, down from 3.8x at the end of Q3 [21] Business Line Data and Key Metrics Changes - The Rubber segment generated full-year Adjusted EBITDA of $155 million, impacted by lower tire production rates in key Western markets and a 4% increase in volumes mainly from South America and APAC [16][18] - The Specialty segment delivered Adjusted EBITDA of $94 million, reflecting a 5% decrease in volumes due to soft global industrial activity [17][19] Market Data and Key Metrics Changes - The tire industry faced challenges due to elevated imports and soft freight industry conditions, with truck and bus tires accounting for about one-third of carbon black consumption globally [10][15] - Recent trends indicate a potential reversal in consumer behavior, with Tier 2 and Tier 1 tires outselling Tier 3 brands for the first time last year [9][10] Company Strategy and Development Direction - The company is focused on managing costs and has implemented actions expected to drive $20 million in productivity and efficiency savings [11] - A shift towards a "win with our customer" strategy has been adopted to maintain market share amidst challenging conditions [12] - The company has amended its credit agreement to provide flexibility during this cycle, ensuring ample headroom for leverage [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential recovery in the tire industry, citing improvements in underlying carbon black indicators and a possible rebound in freight activity [15][25] - The company anticipates generating Adjusted EBITDA between $160 million and $200 million for 2026, with free cash flow expected to be between $25 million and $50 million [23][24] Other Important Information - The company achieved a near-record year for employee safety, with only three incidents reported across its global network [6][7] - The company has rationalized 3-5 production lines to improve operational efficiency [11][60] Q&A Session Summary Question: Guidance and Rubber Segment Impact - The company acknowledged a potential $60 million negative impact from contract outcomes, emphasizing that they did not trade off pricing for volume [27][28][30] Question: Free Cash Flow Expectations - Management indicated that the expected free cash flow range for 2026 is $25 million to $50 million, driven by active management of working capital and CapEx [35][36] Question: Accounts Payable Increase - The increase in accounts payable to $197 million is being actively managed, with a focus on terms extensions [47][53] Question: Conductive Carbons Update - The startup of the La Porte plant has been delayed to 2027 to better align with market demand [54][67] Question: Tire Shipments in Europe - Tire imports to Europe were more stable than in the U.S., with no significant surge observed [56] Question: Capacity Under Contract - The company noted a slight decrease in contracted capacity compared to normal years, with some flexibility in contract structures [40][41]

Financial Data and Key Metrics Changes - For 2025, net sales increased by 5.4% to $1.552 billion, and adjusted EBITDA increased by 13.9% to $275.3 million compared to 2024 [4][9] - The adjusted gross profit margin for the full year 2025 increased by 60 basis points to 48.7% from 48.1% in 2024 [15] - Free Cash Flow for 2025 totaled $35.1 million, down from $98.1 million in 2024, impacted by $65 million of tariff costs [17] Business Line Data and Key Metrics Changes - Hardware and Protective Solutions (HPS) net sales increased by 7.8% to $1.2 billion, with adjusted EBITDA rising by 26% to $196.3 million [10] - Robotics and Digital Solutions (RDS) net sales increased by 1.6% to $220.2 million, with nearly 3,500 MiniKey 3.5 machines installed [11][12] - Canadian business net sales decreased by 6.6% compared to the prior year, with adjusted EBITDA margins just shy of 10% [12] Market Data and Key Metrics Changes - Existing home sales remained soft at 4.06 million, unchanged from 2024 and well below the 10-year average of 5 million, impacting home improvement projects [8] - Market volumes were down about 5% in 2025, contributing to challenges in sales growth [8] Company Strategy and Development Direction - The company plans to focus on new business wins and expanding its pro business, which is expected to diversify the customer base and provide growth opportunities [13][14] - The M&A pipeline is healthy, with several bolt-on acquisition opportunities being pursued [13] - The company aims to maintain a strong balance sheet to invest in organic growth and M&A opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in 2026, with net sales expected to be between $1.6 billion and $1.7 billion, representing a 6.3% increase compared to 2025 [5][19] - The company anticipates that 2026 will be a more normal operating year, with expectations for mid-single-digit growth in net sales [20] - Management noted that the first quarter of 2026 is expected to be the low point for gross margins due to high-cost inventory [29] Other Important Information - The company invested $70 million in capital expenditures in 2025, down from $85 million in 2024, with plans to invest between $70 million and $75 million in 2026 [18][21] - The company plans to continue stock repurchases to offset dilution from employee equity grants [22] Q&A Session Summary Question: Can you walk through the cadence of the gross margins for Q1? - Management indicated that Q1 will likely be the low point for gross margins, with expectations slightly below the 46%-47% range due to high-cost inventory [29][30] Question: What gives confidence in new business wins for 2026? - Management highlighted several initiatives and new products, along with a strong sales team, as reasons for optimism in securing new business [31][32] Question: What is the outlook for the Protective Solutions business? - Management noted near-term dynamics affecting sales but expressed confidence in growth due to new product launches in 2026 [37][39] Question: How does the company view the Canadian market for 2026? - Management expects the Canadian market to return to growth as the economy improves, particularly in the spring season [49] Question: What are the long-term growth targets for the company? - Management reaffirmed confidence in long-term targets of 6% organic revenue growth and 10% EBITDA growth, with discussions planned for the upcoming Investor Day [55][56] Question: How is the company positioned regarding potential chip shortages? - Management stated that they are in good shape regarding supply and do not anticipate challenges from chip shortages [57] Question: What is the current M&A environment? - Management expressed excitement about the M&A landscape, noting more opportunities are emerging and they expect to pursue 1-2 deals in 2026 [67][70]

Core Insights - TC Energy Corporation (TRP) reported fourth-quarter 2025 adjusted earnings of 70 cents per share, exceeding the Zacks Consensus Estimate of 65 cents, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments, although down from 75 cents in the previous year due to weaker results in the Power and Energy Solutions segment [1][9] Financial Performance - Quarterly revenues reached $3 billion, surpassing the Zacks Consensus Estimate by $55 million, but decreased by 16.9% year over year [2] - Comparable EBITDA increased to C$3 billion from C$2.6 billion in the prior year [2] - The board declared a 3.2% quarterly dividend hike to 87.75 Canadian cents per common share, translating to an annualized rate of C$3.51 [2] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$961 million, up 12.9% year-over-year, with deliveries averaging 27.2 billion cubic feet per day (Bcf/d), a 5% increase [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,388 million, a 15.7% increase, with daily average flows of 29.6 Bcf/d, marking a 9.5% increase [4] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$397 million, up 69.7% year-over-year, with flows averaging 2.7 Bcf/d [5] - Power and Energy Solutions segment reported a comparable EBITDA of C$217 million, down 36.4% from the previous year, impacted by an extended outage [6] Expenditure and Balance Sheet - As of December 31, 2025, capital investments amounted to C$5.3 billion, with cash and cash equivalents of C$168 million and long-term debt of C$45.2 billion, resulting in a debt-to-capitalization ratio of 60% [7] 2026 Guidance - The company anticipates 2026 EBITDA to be between C$11.6 billion and C$11.8 billion, with plans for net capital spending of up to C$6 billion [9][10] - Management expects to place approximately C$4 billion of projects into service during the year, contributing to growth [11] - The company aims to fully allocate its C$6 billion annual net capital expenditure target through 2030, with potential for increased investment later in the decade [12]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter was approximately $484,000, a significant decrease from $5.9 million in the prior year period [8] - Net sales decreased by 1% to $88.9 million compared to $90 million during the prior year period [8] - Gross margin was reported at 36.3%, reflecting a decline of 680 basis points compared to the prior year [8] Business Line Data and Key Metrics Changes - Total coffee pounds sold decreased by just under 3% year-over-year [5] - Operating costs for the quarter decreased by $1.4 million to $36.4 million, representing 40.9% of net sales, compared to 42% in the prior year period [9] Market Data and Key Metrics Changes - U.S. consumer confidence fell to its lowest level since May 2014, impacting consumer behavior [5] - National sentiment regarding purchasing power was reported to be more than 20% lower than a year ago [5] Company Strategy and Development Direction - The company aims to drive top-line revenue growth and address customer and coffee pound degradation by leveraging its DSD network and expanding its white label customer portfolio [6] - The company is optimistic about recent reductions in tariff rates and declines in Arabica and Robusta commodity markets, expecting improvements in gross margins starting in the fourth quarter of fiscal 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to higher costs and macroeconomic pressures but expressed confidence in their strategic direction [4] - The company anticipates some relief in gross margins beginning in the fourth quarter of fiscal 2026, with further benefits expected in fiscal 2027 [6] Other Important Information - The company recorded a net loss of $4.9 million in the second quarter, compared to a net income of $200,000 in the same period of fiscal 2025 [9] - As of December 31, 2025, the company had $4.2 million in unrestricted cash and cash equivalents, along with $24.6 million available under its revolving credit facility [10] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating that the call concluded without a Q&A segment [11]

Core Insights - Genesis Energy reported fourth-quarter 2025 results that exceeded internal expectations, driven by growth in offshore volumes and a return to normalized performance in marine transportation [4] - The company anticipates a conservative outlook for 2026, factoring in expected offshore downtime and a heavier maintenance schedule for marine operations [6][8] Operational Performance - The Shenandoah floating production unit (FPU) operated at or near its target rate of 100,000 barrels per day from four phase one wells during the quarter [1] - The offshore pipeline transportation segment showed strong sequential growth, with segment margin and total volumes across the CHOPS and Poseidon systems increasing approximately 19% and 16%, respectively, compared to the previous quarter [2][3][7] Financial Highlights - Genesis exited 2025 with effectively zero revolver borrowings and raised the quarterly common distribution to $0.18, reflecting a 9.1% year-over-year increase [5][19] - The company repurchased $25 million of preferred units, demonstrating a disciplined approach to capital allocation [20] 2026 Guidance - Management expects 2026 adjusted EBITDA to be approximately ±15–20% versus a normalized range of $500–510 million, incorporating assumptions of 10 days of offshore downtime and a $5–10 million impact from marine dry-docking [6][9][10] - The company anticipates a stronger performance in 2027 based on current development plans [11] Offshore Projects and Development - At Salamanca, an additional well is scheduled for completion in Q2 2026, with total production expected to reach 50,000 to 60,000 barrels per day [12] - The Monument development at Shenandoah is expected to be completed by late 2026 or early 2027, potentially increasing total throughput to as much as 120,000 barrels per day [13] Market and Customer Dynamics - The Bureau of Ocean Energy Management's recent lease sale generated over $300 million in high bids for 181 tracts, with a significant portion located in the Central Gulf of Mexico, where Genesis has existing pipeline infrastructure [15] - The acquisition of LLOG by Harbour Energy is viewed positively, as Genesis moves approximately 70% of LLOG's operated production through its pipelines [22]

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $3.2 billion, reflecting an 8.7% year-over-year growth, primarily driven by the acquisition of Parker and strong international expansion [20] - Adjusted EBITDA for the full year was $913 million, an increase of $31 million compared to the prior year [20] - In the fourth quarter, consolidated revenue was $798 million, a decrease of $21 million or 2.5% sequentially, impacted by the divestiture of Quail Tools [20][21] - Adjusted EBITDA for the fourth quarter totaled $222 million, representing an EBITDA margin of 27.8%, down 110 basis points sequentially [21] Business Line Data and Key Metrics Changes - International drilling revenue was $424 million, a growth of $17 million or 4.1% sequentially, with EBITDA for the segment increasing to $131 million [22] - U.S. drilling revenue for the fourth quarter was $241 million, reflecting a 3.7% sequential decline, while EBITDA totaled $93 million, a decrease of 1% [24][25] - The Drilling Solutions segment generated revenue of $108 million in the fourth quarter, with EBITDA of $41 million, resulting in an EBITDA margin of 38.3% [28] Market Data and Key Metrics Changes - The average daily rig margin in international drilling was $17,630, a decrease of $301 sequentially, primarily due to activity disruptions in Colombia and maintenance days in Saudi Arabia [23] - In the Lower 48, the gas-directed industry rig count increased by over 20% in 2025, with Nabors' gas rig count increasing by 50% [10] - The Baker Hughes weekly Lower 48 land rig count decreased by three rigs from the end of September through December, indicating stability in the market [13] Company Strategy and Development Direction - The company aims to focus on performance excellence in the Lower 48 rig market and expand in the international drilling market, leveraging multi-year contracts and innovative technology [6][7] - The integration of Parker Wellbore is progressing well, with expectations to generate at least $70 million in Adjusted EBITDA in 2026 from retained Parker businesses [36] - The company is committed to reducing debt, having reduced net debt by over $554 million, the lowest level since 2005, which is expected to enhance free cash flow [18][44] Management's Comments on Operating Environment and Future Outlook - The management expressed caution regarding the second half of 2026 due to external market uncertainties, including oil supply exceeding demand and geopolitical tensions [8][81] - The outlook for 2026 envisions EBITDA performance matching last year's, with expected increases in several operations offsetting the impact of the Quail divestiture [18] - The company remains optimistic about the long-term picture for gas and is well-positioned to capitalize on market opportunities [51] Other Important Information - The company generated adjusted free cash flow of $132 million in the fourth quarter, significantly exceeding the revised guidance of approximately $80 million [39] - Capital expenditures for the fourth quarter were $158 million, lower than previous guidance, with expectations for 2026 capital expenditures to be in the range of $730 million to $760 million [37][38] Q&A Session Summary Question: Lower 48 outlook and increasing rig count drivers - The company is currently running 66 rigs, with a shift towards public operators and an increase in gas rig count to 20% [49] - The trend towards longer laterals is significant, with a notable increase in three- and four-mile laterals, positioning the company well in the market [50] Question: Updates on Saudi Arabia operations - The company is confident in the timelines for reactivating suspended rigs and deploying new builds, with a positive outlook for the labor market [60][62] Question: Activity in Mexico and additional rigs - The company is focused on making existing rigs profitable and is optimistic about the market's improvement and payment mechanisms [66] Question: Capital expenditures and SANAD program - The SANAD new build program is expected to have a capital expenditure of around $360 million to $380 million for 2026, with adjustments made for previous delays [67][68]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [3] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [6] - Macau property EBITDA grew 24% year-over-year in Q4 and 25% for the full year compared to 2024 [3] Business Line Data and Key Metrics Changes - In Macau, the company focused on enhancing customer experience, leading to significant EBITDA growth [3] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [5] - The Philippines faced competitive pressures, but positive developments such as visa-free travel for Chinese nationals were noted [4] Market Data and Key Metrics Changes - Macau market GGR was up by 24% year-over-year, with an increase in market share observed in early 2026 [3] - The company expects Macau daily operating expenses to rise to approximately $3.2 million in Q1 2026 due to increased marketing activities [8] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [4] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [4] Management's Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [21][26] - The company is confident in its ability to manage operating costs and maintain EBITDA margins throughout 2026 [27] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [8] - Total CapEx for 2026 is projected at $450 million, with significant investments in the Countdown Hotel and other properties [33] Q&A Session Summary Question: Impact of House of Dancing Water on visitation and revenue - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming segments [15][16] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined cost management [21][27] Question: Clarification on operating expenses related to non-recurring items - Management quantified additional bad debt at approximately $5 million and anniversary-related expenses at about $6 million for the quarter [31] Question: CapEx breakdown for major projects - Total CapEx for 2026 is $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [33]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q4 2025, net sales reached $1.4 billion, a 16% increase from $1.2 billion in the same period last year, driven by growth in lithium products (+17%) and Ketjen products (+13%) [1][2]. - Adjusted EBITDA for Q4 2025 was $26.87 million, reflecting a 7.2% increase compared to the previous year [16]. - The overall net loss attributable to Albemarle was $414.2 million in Q4 2025, an increase of $489.5 million year-over-year, primarily due to tax-related items and asset impairments [2][16]. Summary by Sections Overall Financial Performance - Q4 2025 net sales were $1.4 billion, up 16% from $1.2 billion in Q4 2024, with a gross profit of $197.9 million, a 43% increase year-over-year [1][16]. - The net loss for the full year 2025 was $465.2 million, compared to a loss of $1.1 billion in 2024 [5]. Lithium Segment - In Q4 2025, lithium sales volume was 63,000 tons LCE, a 6% decrease quarter-over-quarter but a 28.6% increase year-over-year [6]. - Adjusted EBITDA for the lithium segment in Q4 2025 was $16.71 million, a 34.6% increase from the previous quarter and a 25% increase year-over-year [6]. Specialty Products - Q4 2025 net sales for specialty chemicals were $34.89 million, a 1.1% increase quarter-over-quarter and a 4.8% increase year-over-year [8]. - Adjusted EBITDA for specialty products in 2025 was $27.6 million, a 21% increase from the previous year [9]. Ketjen Segment - In Q4 2025, Ketjen's net sales were $32.01 million, a 26% increase quarter-over-quarter and a 13.6% increase year-over-year [10][11]. - Adjusted EBITDA for Ketjen in 2025 was $15 million, a 15% increase, primarily due to increased FCC sales [12]. 2026 Outlook - The lithium business is expected to see stable sales volumes in 2026, with market prices assumed to remain stable [13]. - The specialty products outlook reflects moderate sales growth in key end markets, although some sectors like automotive and construction are expected to be weak [14].