3Q 2025 Results October 23, 2025 Agenda ▪ 3Q25 Highlights ▪ Operating Segment Performance ▪ Actions to Provide Greater Financial Flexibility and Improved Profitability ▪ Outlook ▪ Industry Opportunities Non-GAAP measures are defined in the appendix 3Q 2025 Highlights Delivered Solid Results, Cost Savings Actions, and Near-Term Cash Support 3 $10.0B Net Sales $868MM Operating EBITDA $249MM Returned to Shareholders ▪ Operating EBITDA was $868MM, up $165MM QoQ ▪ Total CapEx for the quarter was $564MM ▪ Cash Fl ...

Accessibility StatementSkip Navigation MIDLAND, Mich., Oct. 23, 2025 /PRNewswire/ -- Dow (NYSE: DOW):Â 3Q25 FINANCIAL HIGHLIGHTS SUMMARY FINANCIAL RESULTSÂ | Three Months Ended Sep 30 | Three Months Ended Jun 30 | | | | | | --- | --- | --- | --- | --- | --- | | | | | vs. | | vs. | | | | | SQLY | | PQ | | In millions, except per share amounts | 3Q25 | 3Q24 | | 2Q25 | | | | | | [B / | | [B / | | | | | (W)] | | (W)] | | Net Sales | $9,973 | $10,879 | $(906) | $10,104 | $(131) | | GAAP Income (Loss) Net of Tax ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a pretax income of $48 million and a net income of $37 million, representing a 710% increase sequentially [15] - Adjusted net income was $46 million or $1.52 per diluted share, while EBITDA for the quarter was $70 million and adjusted EBITDA was $82 million [16] - Home sales revenues for Q3 were $955 million, down 2% sequentially, with deliveries of 2,486 homes declining by 4% [16] - The average sales price increased by 2% quarter over quarter to $384,000, benefiting from a higher percentage of deliveries from the West and Mountain regions [16] Business Line Data and Key Metrics Changes - The adjusted homebuilding gross margin was 20.1%, up from 20% in Q2, while GAAP homebuilding gross margin increased to 17.9% from 17.6% [17] - Direct construction costs decreased by 3% year to date, contributing to improved margins despite higher incentives [10][15] - Net new contracts of 2,386 homes declined by 6% sequentially, which was better than the historical average decline of 9% [11] Market Data and Key Metrics Changes - The company ended Q3 with a community count of 321, which increased by 5% year over year [12] - The finished lot costs increased in the mid-single digit range year over year and sequentially, but are expected to remain flat in Q4 [13] - Adjustable rate mortgages (ARMs) accounted for close to 20% of the mortgages originated in Q3, up from less than 5% in Q1 [14] Company Strategy and Development Direction - The company aims to increase its community count by mid-single digits by year-end 2025, focusing on increasing market share in existing markets [6][7] - The strategy includes maintaining cost controls, improving operational efficiencies, and investing in processes and systems for future growth [7][10] - The company plans to continue repurchasing shares and maintaining dividends while navigating current market headwinds [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that homebuyer demand has been muted due to weaker consumer confidence, but there is pent-up demand for affordable homes [6] - The expectation is that any relief in interest rates and improvement in consumer confidence will unlock buyer demand [6] - The company anticipates that incentives will be the largest driver of changes to gross margins in the near term, with an expected increase in incentives for Q4 [12][19] Other Important Information - The company completed a private offering of $500 million of senior notes due 2033, using proceeds to redeem existing senior notes due 2027 [20] - The tax rate for Q3 was 21.8%, driven by 45L tax credits received in excess of previous estimates, with a full-year tax rate expected between 24.5% and 25.5% [20] Q&A Session Summary Question: Regarding the adjusted gross margin exceeding guidance, was this due to cost controls or reduced incentives? - Management indicated that the margin improvement was due to a combination of prudent cost controls and moderated incentives, with direct costs down 3% year to date [25][26] Question: How will the shift in buyers' use of adjustable rate mortgages impact the business? - Management noted that ARMs have gained acceptance, particularly among first-time homebuyers, allowing for lower initial rates without needing to buy down a fixed rate for 30 years [27][28] Question: Can you clarify the community count guidance and the expected ramp-up in Q4? - Management confirmed that the community count is expected to increase by around 5% year over year, with consistent monitoring throughout the year [30][32] Question: What is the outlook for SG&A costs and the factors driving lower costs year over year? - Management highlighted operational efficiencies and headcount adjustments as key factors, with a focus on maintaining efficiency in the competitive market [37][39] Question: Can you provide more details on the lots the company walked away from this quarter? - Management explained that they are underwriting to current market conditions and have exited near-term projects that did not fit current underwriting criteria [40][41]

Core Insights - Coca-Cola is a leading beverage company with a diverse portfolio, including Coca-Cola Zero Sugar and Fuze Tea, competing with giants like PepsiCo and Nestlé in the nonalcoholic ready-to-drink segment [1] Financial Performance - Evercore ISI set a price target of $82 for Coca-Cola, indicating a potential upside of 15.14% from its current trading price of $71.22, supported by strong financial performance [2][6] - Coca-Cola's revenue grew by 5% year-over-year, reaching $12.5 billion, driven by price increases and a 1% rise in unit case volume [3] - The company's comparable operating margin improved to 31.9% from 30.7% in the previous year, with adjusted earnings per share rising by 6% to $0.82, surpassing Wall Street's expectations [4][6] Market Position - Coca-Cola's market capitalization is approximately $306.5 billion, with a trading volume of 33.6 million shares on the NYSE, indicating resilience in the competitive beverage industry [5]

Core Insights - FORVIA reported third-quarter 2025 sales of €6.12 billion, stable on an organic basis, but down 3.7% year-over-year due to negative currency effects [1][8][24] - The company confirmed its full-year 2025 guidance, maintaining targets for sales, operating margin, net cash flow, and leverage [3][25][29] Financial Performance - Consolidated sales in Q3 2025 were impacted by a €238 million negative currency effect, primarily from the euro's depreciation against the USD and RMB [8][24] - Organic growth in product sales was 1.1%, with solid growth in Electronics, Clean Mobility, and Lifecycle Solutions [7][10][11] - The company experienced a 440 basis points underperformance compared to global automotive production, which grew by 4.4% [8][15] Segment Analysis - **Seating**: Reported a decline of 12.7% in sales, affected by an unfavorable customer mix in China [9][11] - **Electronics**: Achieved a 14.3% increase in sales, driven by strong demand for radars and battery management systems [9][11] - **Interiors**: Experienced a slight decline in organic sales, primarily due to normalization of tooling sales [12] - **Clean Mobility**: Recorded strong growth, particularly in North America, benefiting from electrification trends [13] - **Lifecycle Solutions**: Returned to growth after five quarters of decline, driven by commercial vehicle business [13] Regional Performance - **EMEA**: Sales decreased by 2.5% on an organic basis, impacted by production shutdowns and market slowdowns [16][17] - **North America**: Organic sales advanced by 5.8%, driven by growth with US and Japanese car manufacturers [18] - **Asia**: Organic sales declined by 2.7%, with China down 7.4% due to an unfavorable customer mix [18][19] Strategic Initiatives - The company is focused on cost reduction and financial discipline through its EU-FORWARD initiative, which includes job reductions and a global SIMPLIFY program aimed at reducing costs by €110 million by 2028 [21][22] - FORVIA successfully raised approximately €1.3 billion in new financing to refinance short-term obligations and enhance its financial profile [23][24]

Core Insights - J.B. Hunt Transport Services, Inc. (JBHT) reported Q3 2025 earnings of $1.76 per share, exceeding the Zacks Consensus Estimate of $1.47 and reflecting an 18.1% year-over-year increase [1][11] Financial Performance - Total operating revenues reached $3.05 billion, surpassing the Zacks Consensus Estimate of $3.02 billion, but decreased by 0.5% year over year [2][11] - Operating income increased by 8% to $242.7 million, driven by structural cost removal, improved productivity, and lower transportation costs [3][11] Segmental Highlights - Intermodal division revenues were $1.52 billion, down 2% year over year, with a 1% decrease in volume and gross revenue per load [4][5] - Dedicated Contract Services segment revenues grew 2% year over year to $864 million, supported by a 3% improvement in productivity [6][7] - Integrated Capacity Solutions revenues decreased by 1% year over year to $276 million, with an 8% decline in volume but a 9% increase in revenue per load [8][9] - Truckload revenues increased by 10% year over year to $190 million, driven by a 14% increase in load volume [10][11] - Final Mile Services revenues fell 5% year over year to $206 million, attributed to softness in demand and changes in business mix [12][13] Liquidity and Share Buyback - At the end of Q3 2025, JBHT had cash and cash equivalents of $52.3 million and long-term debt of $902.2 million [14] - The company repurchased nearly 1.6 million shares for $230 million during the quarter, with approximately $107 million remaining under its share repurchase authorization [14]

Core Insights - Exxon Mobil Corporation (XOM) relies heavily on its upstream business segment for earnings, making commodity pricing critical for financial performance [1][8] - The current West Texas Intermediate (WTI) spot price is below $60 per barrel, raising questions about the profitability of XOM's upstream operations in this pricing environment [1] Production and Cost Management - Over 50% of XOM's oil and gas production comes from high-return, advantaged assets, including those in Guyana and the Permian Basin, with a target to increase this share to nearly 60% by 2030 [2] - These advantaged assets have low breakeven costs, enabling XOM to sustain profits even during low oil prices, with a goal to reduce breakeven costs to $30 per barrel by 2030 [2][3] - The company is focused on structural cost savings to enhance earnings resilience amid volatile pricing [2][3] Competitive Positioning - ConocoPhillips (COP) and EOG Resources, Inc. (EOG) are also positioned to thrive during low oil price periods due to their high-quality asset bases [4] - COP has a break-even cost as low as $40 per barrel WTI, allowing it to maintain financial performance even with significant crude oil price declines [5] - EOG maintains a resilient balance sheet and focuses on lowering production costs, which positions it well against oil price volatility [6] Market Performance and Valuation - XOM shares have decreased by 7.4% over the past year, compared to a 4.3% decline in the broader industry [7] - XOM's trailing 12-month enterprise value to EBITDA (EV/EBITDA) is 7.17X, higher than the industry average of 4.40X [11]

Core Viewpoint - PepsiCo is actively reshaping its portfolio and reducing costs in response to scrutiny from activist investor Elliott Investment Management, emphasizing a sense of urgency in its strategic initiatives [1][3]. Group 1: Company Strategy - Elliott Investment Management, managing a $4 billion stake in PepsiCo, has called for a review of the company's food and drinks businesses in North America due to poor financial results [2]. - CEO Ramon Laguarta stated that most of Elliott's suggestions align with PepsiCo's Strategy 2030, indicating that the company is already acting on these ideas [3]. - Both PepsiCo and Elliott agree that the business is undervalued and see opportunities for improvement through urgent interventions [4]. Group 2: Innovation and Product Development - PepsiCo is relaunching its Lay's, Tostitos, and Gatorade brands, with a global rebrand for Lay's and a new lower sugar variant of Gatorade that contains 75% less sugar than the original [5]. - The company plans to eliminate artificial food dyes and flavors from Tostitos and Lay's by the end of the year and is launching a 'NKD' line for Doritos and Cheetos that will be free of artificial colors and flavors [6]. - Ongoing innovation includes the relaunch of Muscle Milk ready-to-drink shakes and a new Propel product targeting GLP-1 consumers, featuring special electrolytes, high fiber content, and good protein levels [7].

After spending the past year shedding thousands of jobs and stripping out layers of management to rein in costs, HSBC Chief Executive Officer Georges Elhedery is now looking for ways to grow revenue https://t.co/gNQeEKEZcu ...

Financial Data and Key Metrics Changes - The company reported a sequential improvement in business performance, particularly in the beverage segment, which saw volume growth in the quarter, especially for major brands like Pepsi [8][10] - The food business experienced a shift in promotional strategy, leading to better revenue realization despite volume pressures [8][9] - Service levels improved significantly, reaching 97% to 98%, which positively impacted customer satisfaction and execution at the point of sale [9][10] Business Line Data and Key Metrics Changes - The beverage segment showed positive volume growth, while the food segment was close to flat, with optimism for future growth driven by recent innovations [8][10] - The company is focusing on relaunching major brands such as Lay's, Tostitos, and Gatorade to drive core business growth [16][43] - The international business faced challenges due to weather but rebounded in September, indicating a return to mid-single-digit growth rates [10][36] Market Data and Key Metrics Changes - The consumer landscape is described as stressed globally, with varying impacts across regions; for instance, growth in India contrasts with challenges in China [36][37] - The company noted that the Hispanic cohort in the U.S. is affected by economic pressures, impacting sales in Mexico [37] - Brazil showed strong performance, nearing double-digit growth, while Eastern Europe outperformed Western Europe [37] Company Strategy and Development Direction - The company is prioritizing a portfolio transformation to align with consumer trends, focusing on health and wellness, including innovations in protein and permissible snacks [18][19][62] - There is a strong emphasis on leveraging technology to enhance operational efficiency and agility in response to changing consumer demands [68][74] - The company is open to exploring franchising options for its beverage operations to enhance growth and margin [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to long-term growth algorithms by 2026, driven by improved execution and innovation [14][20] - The focus on cost structure optimization is critical to remain competitive, especially against private label offerings [67][68] - The company is engaging constructively with activist investors to enhance shareholder value and align on strategic initiatives [83] Other Important Information - The company is undergoing a leadership transition with a new CFO expected to drive future strategies [69] - The company is actively managing its cost structure while investing in growth areas, indicating a balanced approach to financial management [24][25] Q&A Session Summary Question: Volume pressures in food and beverage businesses - Management acknowledged volume pressures but highlighted growth in the beverage segment and a strategic shift in food promotions to improve revenue realization [8][9] Question: Long-term revenue growth acceleration - Management sees a clear path to returning to long-term growth algorithms by 2026, focusing on brand relaunches and innovation [14][20] Question: Cost implications of innovations - Management indicated that while innovations may increase costs, they expect overall margin improvement through operational efficiencies and strategic investments [23][24] Question: Right-sizing fixed cost structure - Management detailed interventions in manufacturing and warehouse operations to optimize costs and improve productivity [28][29] Question: International business health - Management reported mixed consumer health across regions, with strong growth in Brazil and challenges in China, but overall confidence in international performance [36][37] Question: Engagement with activist investors - Management confirmed constructive engagement with Elliott Investment Management, aligning on strategies to enhance company valuation [83]