Financial Data and Key Metrics Changes - The company reported total sales of $809 million for Q4 2025, reflecting a core growth of 5% and an adjusted EPS of $0.86, which is an 8% increase year-over-year [13][4] - For the full year, organic sales grew nearly 4% and EPS finished up 11% [4][5] - Adjusted free cash flow for 2025 was over $460 million, equating to about 15% of annual sales [4][13] Business Line Data and Key Metrics Changes - Environmental and Fueling Solutions (EFS) segment delivered 6% core growth for the full year, with dispenser sales increasing high single digits in Q4 [14] - Mobility Technologies saw core sales increase by 8.5% in Q4, with Invenco achieving a revenue base of nearly $650 million, up 22% organically [15][8] - Repair Solutions experienced a sequential sales increase in Q4, although overall sales declined 2% due to lower volumes [16] Market Data and Key Metrics Changes - The convenience retail end market is growing at a mid-single-digit CAGR, driven by strategic investments in food service and technology [9] - The fueling market has shown broad-based growth, with sustained high levels of capital investment in fueling equipment, particularly in North America [7] Company Strategy and Development Direction - The company is focused on a connected mobility strategy that enables profitable growth and innovation [5] - Simplification efforts are expected to yield $15 million in incremental cost savings, enhancing operational efficiency [6][18] - The unified payment solution is a strategic priority, addressing payment complexity and driving additional revenue opportunities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong momentum and a healthy balance sheet, expecting core growth of about 3% for the full year [18][24] - The company anticipates attractive operating margin expansion of 80 basis points at the midpoint for 2026 [18] - Management highlighted the importance of innovation and product vitality in driving customer engagement and commercial momentum [24] Other Important Information - The company ended the year with nearly $500 million in cash and a net leverage ratio of 2.3 times [17] - Share repurchases totaled $300 million for the year, equating to over 5% of shares outstanding [17] Q&A Session Summary Question: Insights on Mobility Tech growth - Management noted that innovation-driven growth in Mobility Tech exceeded expectations, with better uptake on new products like FlexPay 6 and iNFX [30] Question: Longevity of retail fueling cycle - Management expressed confidence in the retail fueling cycle, citing strong demand from convenience store customers and ongoing capital investments [35][38] Question: Q1 core growth expectations across segments - Management expects EFS to grow in the low single-digit range, Mobility Technologies to be flattish, and Repair Solutions to remain relatively flat [42] Question: Impact of one-time inventory adjustment on margins - The inventory adjustment at Invenco was $4 million, impacting margins by approximately 130 basis points for Q4 [58] Question: Outlook for Repair Solutions growth - Management indicated a healthy backdrop for repair, with potential upside from improving trends and macroeconomic factors [60]

Financial Data and Key Metrics Changes - In Q4 2025, global sales from continuing operations totaled $3 billion, representing an 8% increase on a reported basis and a 3% increase on an operational basis [8][17] - Adjusted earnings from continuing operations were $0.44 per diluted share, which fell short of expectations despite exceeding top-line forecasts [8][17] - Adjusted gross margins from continuing operations were 35.5%, a decrease of 900 basis points compared to the prior year [25] - Adjusted operating margin from continuing operations was 11.8%, a decrease of 340 basis points compared to the prior year [26] Business Line Data and Key Metrics Changes - Medical Products and Therapies (MPT) segment sales were $1.4 billion, increasing 4% in the quarter, driven by growth in Infusion Therapies and Technologies [17][18] - Advanced Surgery products grew 11%, totaling $328 million, reflecting strong demand and commercial execution [10][19] - Healthcare Systems and Technologies (HST) sales totaled $827 million, increasing 4%, with Care and Connectivity Solutions growing 4% globally [20] - Pharmaceuticals segment sales were $668 million, increasing 2%, but the injectables and anesthesia division saw a decline of 9% [21][22] Market Data and Key Metrics Changes - U.S. capital orders for Care and Connectivity Solutions increased nearly 30% compared to the prior year, indicating strong demand in the market [20] - The company has not observed a slowdown in U.S. hospital capital spending, although broader macroeconomic uncertainty is being monitored [20] Company Strategy and Development Direction - The company is focused on three main priorities: stabilizing the business, strengthening the balance sheet, and driving a culture of continuous improvement [11][12] - A new operating model has been announced to simplify the organization, accelerate innovation, and improve performance by delayering leadership and embedding critical functional roles [12][60] - Innovation is emphasized as a critical element for success, with continued investment in R&D at or above historical levels [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced and emphasizes the need for improvement in performance and execution [9] - The outlook for 2026 anticipates total sales growth to be flat to 1% on a reported basis, with organic sales growth expected to be approximately flat [29][31] - The first quarter of 2026 is expected to be the most challenging, with improvements anticipated in the second half of the year [34] Other Important Information - Free cash flow generation exceeded $450 million in Q4 2025, with full-year free cash flow at $438 million [28] - The company plans to deploy cash towards reducing leverage in line with its capital allocation framework [28] Q&A Session Summary Question: Strategic review and sustainability of the business - Management emphasized the importance of accountability at lower levels and the need for continuous improvement to enhance performance [38][39] Question: Progress on reducing G&A and support costs - Management confirmed that they are on track with cost takeout and streamlining operations to meet demand, with a commitment to eliminate stranded costs by the end of 2027 [44][45] Question: Earnings growth as TSAs roll off - Management anticipates growth but has not provided specific guidance for 2027, as TSAs will tail off in early 2027 [48][49] Question: Q4 gross margin decline - Management attributed the decline to unfavorable sales mix, higher manufacturing costs, and non-recurring items, with expectations for improvement in the second half of 2026 [68][72] Question: Improving margins in the pharmaceuticals business - Management expressed confidence in the fundamentals of the pharmaceuticals business and outlined actions being taken to improve operational execution and address supplier challenges [76][78]

Financial Data and Key Metrics Changes - The company expects EBITDA margin expansion of 40-50 basis points for 2026, which accounts for a planned investment of $4 million-$6 million for California expansion [11][12] - The leverage ratio is projected to be between 3.0-3.2 times, with a goal to reduce it to 2.5-3 over time [50][51] Business Line Data and Key Metrics Changes - The company anticipates positive distribution gains in 2026, driven by innovation and expansion into California, which is currently an untapped market [41][64] - The company has seen strong performance in productivity, mitigating inflation impacts, and expects to maintain a positive contribution from both volume and price across its portfolio [22][25] Market Data and Key Metrics Changes - The company noted that its core markets, particularly in Maryland, Virginia, and Washington, D.C., were disproportionately impacted by disruptions in November, affecting overall sales [30][31] - The overall category is expected to remain flat, with cautious optimism for a positive response from consumers due to better brands and innovation [43][44] Company Strategy and Development Direction - The company is focused on geographic expansion, distribution gains, and investing in marketing and innovation to drive growth [9][10] - The management emphasized the importance of maintaining a flexible approach to navigate a dynamic market environment while preparing for various outcomes [78][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial plan for 2026, highlighting the importance of a rational promotional environment and continued investment in marketing [9][10] - The management acknowledged the challenges posed by inflation and consumer dynamics but remains optimistic about the company's ability to grow through strategic initiatives [92][93] Other Important Information - The company is launching new products, including protein pretzels and Boulder Canyon offerings, with expected distribution gains starting in Q2 [33][34] - The management is committed to maintaining affordability and value for consumers, which is crucial for driving volume growth [52][56] Q&A Session Summary Question: Expectations regarding competitive pricing and investment for 2026 - Management feels confident in their commercial plan and anticipates a flat category, guiding for 200-300 basis points of growth [9][10] Question: Clarification on EBITDA margin guidance - The company expects 40-50 basis points of margin expansion, accounting for planned investments and a dynamic environment [11][12] Question: Impact of SNAP disruption on sales - The core markets were more affected due to their demographic characteristics, which contributed to the overall sales impact [30][31] Question: Distribution and innovation timeline - Distribution gains are expected to start in Q1, with innovations rolling out in Q2 [33][34] Question: Consumer dynamics and affordability - Management noted that affordability remains a key focus, with a balanced approach to pricing and innovation [52][56] Question: Long-term portfolio strategy - The company is focused on expanding its portfolio to include more protein and fiber options, aligning with consumer trends [95][96]

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Financial Data and Key Metrics Changes - The company achieved an 80 basis points expansion in Adjusted EBITDA margin and a 14% growth in Adjusted EPS for Q4 2025, with full-year record high margins of 16.7% [4][5] - Adjusted EBITDA for 2025 was $545 million, reflecting a 3.5% year-over-year growth, while Adjusted EPS grew by 6% due to lower interest expenses and favorable foreign currencies [5][10] - Free cash flow generation was strong at $195 million, allowing for a $150 million reduction in outstanding debt, resulting in a net leverage ratio of 2.6x [5][10] Business Line Data and Key Metrics Changes - Organic sales in the Color, Additives and Inks (CAI) segment declined by 3% in Q4, while Specialty Engineered Materials (SEM) organic sales increased by 3%, driven by strong growth in defense, healthcare, and telecommunications [14][15] - For the full year 2025, CAI organic sales declined by 2%, while SEM organic sales grew by 2%, supported by defense and healthcare demand [17] Market Data and Key Metrics Changes - The U.S.-Canada market saw a 1% decline in sales in Q4, an improvement from a 5% decline in the previous quarter, with positive growth in packaging [15] - EMEA experienced a 2% decline in organic sales, while Asia grew by 3%, driven by strength in packaging and telecommunications [16] Company Strategy and Development Direction - The company is focusing on innovation and creating differentiated products, particularly in markets with secular trends, to drive growth and profitability [6][9] - The strategy emphasizes organic growth complemented by targeted M&A, with a focus on profitability and margin expansion [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating improvements in consumer, industrial, and building construction markets, supported by favorable government policies and easing interest rates [11][19] - The macro environment is expected to remain volatile, influenced by trade policies and geopolitical factors, but there is a belief that demand will improve in relevant markets [11][19] Other Important Information - The company has filed over 50 patents in the last two years, indicating a strong focus on innovation [29] - The company plans to invest in capacity expansion to support anticipated growth in defense-related businesses [8][20] Q&A Session Summary Question: Are there signs of improvement in consumer, industrial, transportation, and construction markets? - Management noted some positive signs in packaging and consumer markets, with expectations for modest growth in the first half of the year [23][25] Question: How much growth is expected from innovation initiatives in 2026? - Management highlighted that growth vectors have shown high single-digit growth, indicating that innovation is beginning to take hold [29] Question: What is the outlook for the transportation market? - The transportation market was down 1% for the year, with expectations for flat to low single-digit growth in the coming year [32][34] Question: What are the plans for debt paydown versus buybacks? - The focus will remain on paying down debt in the near term, with potential for buybacks once the debt situation improves [40][41] Question: What is the outlook for pricing in CAI and specialty segments for 2026? - Pricing is expected to continue driving margin expansion, with a focus on value pricing and monitoring raw material costs [76][77]

Financial Data and Key Metrics Changes - The company achieved an 80 basis points expansion in Adjusted EBITDA margin and a 14% growth in Adjusted EPS for Q4 2025, with full-year Adjusted EBITDA finishing at $545 million, reflecting a 3.5% year-over-year growth [4][5][10] - Adjusted EBITDA margins reached a record high of 16.7% for the full year 2025, with a 50 basis points expansion compared to 2024 [5][10] - Free cash flow generation was strong at $195 million, allowing for a $150 million reduction in outstanding debt, resulting in a net leverage ratio of 2.6x [5][10] Business Line Data and Key Metrics Changes - Organic sales in the Color, Additives and Inks (CAI) segment declined by 3% in Q4, while Specialty Engineered Materials (SEM) organic sales increased by 3%, driven by strong growth in defense, healthcare, and telecommunications [14][15] - For the full year 2025, CAI organic sales declined by 2%, while SEM organic sales grew by 2%, reflecting varied performance across different end markets [17] Market Data and Key Metrics Changes - The U.S.-Canada market saw a 1% decline in sales for Q4, an improvement from a 5% decline in the previous quarter, with positive growth in packaging [15] - EMEA experienced a slight improvement with a 2% decline in organic sales, while Asia grew by 3%, driven by strength in packaging and telecommunications [16] Company Strategy and Development Direction - The company is focusing on innovation to create differentiated products, particularly in markets with secular trends, such as non-PFAS materials for medical applications [6][7] - The strategy emphasizes organic growth complemented by targeted M&A, with a focus on profitability and margin expansion [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating improved market demand, particularly in the CAI business, which faced a -2% organic growth in 2025 [11][12] - The company plans to continue driving productivity and margin expansion, even in the face of macroeconomic uncertainties [12][19] Other Important Information - The company has filed over 50 patents in the last two years, indicating a strong focus on innovation [28] - Full-year guidance for 2026 includes Adjusted EBITDA of $555 million to $585 million and Adjusted EPS of $2.93 to $3.17, reflecting a year-over-year increase [18][20] Q&A Session Summary Question: Are there signs of improvement in consumer, industrial, and construction markets? - Management noted some positive trends in packaging and consumer markets, with expectations for modest growth in Q1 [22][24] Question: What growth is expected from innovation initiatives in 2026? - Management highlighted that growth vectors have shown high single-digit growth, indicating a strong potential for future growth driven by innovation [26][29] Question: What is the outlook for the transportation market? - Transportation was down 1% for the year, with expectations for flat to low single-digit growth in the coming year [32][34] Question: What is the strategy regarding debt paydown versus buybacks? - The focus will remain on debt reduction in the near term, with potential for buybacks once the debt situation improves [39][41] Question: Can you provide insights on regional growth expectations for 2026? - Management indicated that Europe may see similar levels of performance as 2025, while Asia is expected to continue growing due to strong demand in packaging and telecommunications [90][92]

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Financial Data and Key Metrics Changes - For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2% [5] - Turnover for the full year was EUR 50.5 billion, down 3.8% versus the prior year, primarily due to significant currency headwinds [25] - Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile [26] - Underlying EPS rose to EUR 3.08, up 0.7% versus the prior year, with sales growth and margin expansion contributing 6.5% to EPS growth [28] Business Line Data and Key Metrics Changes - Beauty and Wellbeing delivered underlying sales growth of 4.7% for the full year, with volumes up 2.8% [10] - Personal Care delivered underlying sales growth of 4.7% for the full year, driven by strong performance in the U.S. [11] - Home Care delivered underlying sales growth of 2.6% for the year, primarily volume-led at 2.2% [14] - Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price [16] Market Data and Key Metrics Changes - Developed markets delivered underlying sales growth of 3.6% for the year, while emerging markets delivered underlying sales growth of 3.5% [19][21] - In North America, underlying sales grew 5.3% for the year, with volumes contributing 3.8% [20] - In Asia Pacific Africa, underlying sales growth was 4.6% for the year, with volumes contributing 3% [21] - Latin America saw underlying sales growth of 0.5% for the year, reflecting a broad-based market slowdown [23] Company Strategy and Development Direction - The company aims to focus on beauty, wellbeing, and personal care, with an emphasis on premium segments and digitally native brands [32][34] - The company completed the demerger of ice cream and 10 transactions to sharpen its portfolio and increase focus on growth [34] - The company is committed to a disciplined capital allocation strategy, focusing on growth and productivity while delivering attractive capital returns [31][44] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in emerging markets, expecting volume growth of at least 2% in 2026 [36] - The company anticipates underlying sales growth for 2026 to be at the bottom end of the multi-year range of 4%-6% [36] - Management acknowledged challenges in developed markets but emphasized the strength of their portfolio and execution [38] Other Important Information - Free cash flow for the year was EUR 5.9 billion, representing 100% cash conversion [29] - The company has delivered more than EUR 670 million of savings from its productivity program, ahead of schedule [27][59] - The company plans to continue investing in brand and marketing, with 16.1% of turnover allocated to these areas, the highest percentage in over a decade [27] Q&A Session Questions and Answers Question: Emerging market outlook for 2026 - Management expressed confidence in emerging markets, noting improvements in India and Indonesia, and a gradual recovery in China [51][52][53] Question: Pricing outlook for 2026 - Management expects pricing growth to be around 2% for 2026, with some increased promotional spending noted [64] Question: Key building blocks for margin improvement in 2026 - Management highlighted the importance of gross margin expansion, productivity savings, and disciplined pricing as key factors for margin improvement [66][68]

Financial Data and Key Metrics Changes - For the full year, underlying sales growth was 3.5%, with volumes at 1.5% and price at 2% [5] - Turnover for the full year was EUR 50.5 billion, down 3.8% versus the prior year, primarily due to significant currency headwinds [25] - Underlying operating margin expanded by 60 basis points to 20% in 2025, reflecting a structurally strong margin profile [26] - Underlying EPS rose to EUR 3.08, up 0.7% versus the prior year, with sales growth and margin expansion contributing 6.5% to EPS growth [28] Business Line Data and Key Metrics Changes - Beauty and Wellbeing delivered underlying sales growth of 4.3%, evenly split between volume of 2.2% and price at 2.1% [10] - Personal Care delivered underlying sales growth of 4.7% for the full year, with price contributing 3.6% and volumes growing 1.1% [11] - Home Care delivered underlying sales growth of 2.6% for the year, primarily volume-led at 2.2% [14] - Foods delivered underlying sales growth of 2.5% for the year, with 0.8% from volume and 1.7% from price [16] Market Data and Key Metrics Changes - Developed markets delivered underlying sales growth of 3.6% for the year, with North America being a standout performer [19] - Emerging markets delivered underlying sales growth of 3.5% for the year, accelerating to 5.8% in the fourth quarter [21] - In India, underlying sales grew 4% for the year, with volumes up 3% [22] - In China, underlying sales growth was flat for the year, but improved in the second half, including mid-single-digit growth in the fourth quarter [23] Company Strategy and Development Direction - The company aims to sharpen its portfolio, having rotated 15% of the total portfolio in 2025 through acquisitions and disposals [3] - Focus remains on beauty, wellbeing, and personal care, with an emphasis on premium segments and digitally native brands [34] - The company is committed to a disciplined capital allocation strategy, prioritizing growth and productivity while delivering attractive capital returns [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in emerging markets, expecting volume growth of at least 2% in 2026 [36] - The company anticipates underlying sales growth for the full year to be at the bottom end of the multi-year range of 4%-6% [36] - Management highlighted the importance of maintaining a focus on volume-led growth and margin expansion [43] Other Important Information - Free cash flow for the year was EUR 5.9 billion, representing 100% cash conversion [29] - The company completed an eight-for-nine share consolidation in December 2025 following the ice cream separation [29] - The productivity program has delivered more than EUR 670 million of savings, with a commitment to complete EUR 800 million by 2026 [27][59] Q&A Session Questions and Answers Question: Emerging market outlook for 2026 - Management expressed confidence in emerging markets, noting improvements in India and Indonesia, and a gradual recovery in China [51][52][53][54] Question: Pricing outlook for 2026 - Management expects pricing growth to be around 2% for 2026, with some increased promotional spending noted [62][64] Question: Key building blocks for margin improvement in 2026 - Management highlighted a structurally high gross margin and ongoing productivity initiatives as key factors supporting margin improvement [66][68]