James Hardie Industries (NYSE:JHX) Q2 2026 Earnings Call November 18, 2025 08:00 AM ET Company ParticipantsTrevor Allinson - Director of Equity ResearchJon Skelly - PresidentPhil Ng - Managing DirectorAaron Erter - CEOJoe Ahlersmeyer - VP of Investor RelationsAdam Baumgarten - VPKeith Hughes - Managing DirectorConference Call ParticipantsNone - AnalystLee Power - Equity Research AnalystKeith Chau - Senior Basic Industrials AnalystRyan Merkel - Research AnalystOperatorThank you for standing by, and welcome t ...

James Hardie Industries (NYSE:JHX) Q2 2026 Earnings Call November 18, 2025 08:00 AM ET Company ParticipantsTrevor Allinson - Director of Equity ResearchJon Skelly - PresidentPhil Ng - Managing DirectorAaron Erter - CEOJoe Ahlersmeyer - VP of Investor RelationsAdam Baumgarten - VPKeith Hughes - Managing DirectorConference Call ParticipantsNone - AnalystLee Power - Equity Research AnalystKeith Chau - Senior Basic Industrials AnalystRyan Merkel - Research AnalystOperatorThank you for standing by, and welcome t ...

James Hardie Industries (NYSE:JHX) Q2 2026 Earnings Call November 18, 2025 08:00 AM ET Speaker2Thank you for standing by, and welcome to the James Hardie Fiscal Second Quarter 2026 earnings conference call. After prepared remarks by management, there will be an opportunity to ask questions. Please limit yourself to one question and one follow-up. If you have additional questions, please rejoin the queue. I would now like to hand the call over to Joe Ahlersmeyer, Vice President of Investor Relations. Please ...

Transaction Overview - AkzoNobel and Axalta will combine in an all-stock merger of equals[21] - Axalta shareholders will receive 06539 shares of AkzoNobel common shares for each Axalta common share owned[21] - AkzoNobel expects to pay a special cash dividend to AkzoNobel shareholders equal to €25 billion minus regular dividends in 2026[21] - Pro forma ownership will be 55% AkzoNobel shareholders and 45% Axalta shareholders[21] Financial Benefits - The combination is expected to create ~$600 million in actionable cost and operational synergies[20, 39, 40] - The combined company's 2024A revenue is $169 billion[29] - The combined company's adjusted EBITDA is $33 billion, with a margin of ~195%[48] - The combined company's adjusted free cash flow is $15 billion[48] Strategic Advantages - The merger creates a top-tier portfolio with leading positions across key end-markets and globally recognized brands[20] - The combined company will have extensive scale, bringing global capabilities to local customers[20, 31] - The combined company will have a cutting-edge R&D and innovation platform, with ~$400 million in combined annual R&D spend[20, 34]

Financial Performance - The company's Q2 FY26 net sales reached $1.292 billion, a 34% increase[46] - Adjusted EBITDA for Q2 FY26 was $330 million, up 25%[46] - The adjusted EBITDA margin was 25.5%, a decrease of 190 basis points[46] - Year-to-date free cash flow was $58 million, a 58% decrease[46] Segment Performance - Siding & Trim (S&T) net sales were $696 million, reflecting a 3% organic decrease[55] - Deck, Rail & Accessories (DR&A) net sales were $256 million, up 6%[61] - Australia & New Zealand (ANZ) sales decreased by low-single digits (LSD%) in local currency to $148 million[63] - Europe net sales increased by low-double digits (LDD%) in local currency to $138 million[67] AZEK Integration and Synergies - The company is on track to achieve $125 million of cost synergies[37] - The company expects to exit FY26 annualizing $60 million+ of cost synergies[39] - The company anticipates over $500 million of commercial synergies through material conversion[41, 44]

GIBRALTAR TO ACQUIRE OMNIMAX INTERNATIONAL November 17, 2025 DISCLAIMER Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about Gibraltar Industries, Inc.'s (the "Company" or "Gibraltar") business, and management's beliefs about future ...

Financial Performance - JBT Marel's Q3 2025 revenue reached $1001 million, compared to $454 million in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $171 million, with an adjusted EBITDA margin of 171%, exceeding expectations[6,7] - The company generated $88 million in cash from operating activities during the quarter[7] - Full year 2025 revenue guidance is $3760 - $3790 million, with an adjusted EBITDA margin of 1575% - 160%[27] - Adjusted EPS guidance for full year 2025 is $610 - $640[27] Segment Results - JBT segment revenue for Q3 2025 was $465 million, with an adjusted EBITDA margin of 153%[9] - Marel segment revenue for Q3 2025 was $537 million, with an adjusted EBITDA margin of 186%[9] Orders and Revenue Breakdown - Quarterly orders totaled $946 million, including approximately $26 million from foreign exchange translation[6,16] - Recurring revenue accounted for 49% of total revenue in Q3 2025[14,16] Capital Structure - The company has approximately $400 million in 2026 Convertible Senior Notes, ~$63 million in Revolving Credit Facility, ~$575 million in 2030 Convertible Senior Notes, and ~$900 million in Term Loan B outstanding[17] - JBT Marel has ample liquidity of ~$19 billion[21] Tariff Mitigation - Estimated total tariff impact before mitigation is ~$90 - $105 million annually, or ~$22 - $25 million per quarter[22]

Core Viewpoint - Kimberly-Clark is acquiring Kenvue in a cash-and-stock deal valued at $48.7 billion, aiming to create a $32 billion global leader in health and wellness by revenue, with 10 brands generating over $1 billion in annual sales each [1][6]. Deal Details - The acquisition involves Kimberly-Clark paying $3.50 in cash and 0.14625 shares of Kimberly-Clark for each Kenvue share, valuing Kenvue shares at $21.01 [3]. - Post-transaction, Kimberly-Clark shareholders will own approximately 54% of the combined entity, while Kenvue shareholders will hold about 46% [3]. - The deal is expected to close in the second half of next year, with Kimberly-Clark funding the $6.8 billion cash component through cash on hand, new debt, and proceeds from selling a 51% interest in its International Family Care and Professional Business [4]. Strategic Rationale - The merger will create a larger-scale consumer healthcare and wellness company, positioning it as the second-largest player in the sector, behind Procter & Gamble [6]. - The combined entity is projected to generate $32 billion in annual revenue and includes major brands like Huggies, Kleenex, Listerine, and Tylenol [6]. - Kimberly-Clark anticipates capturing about $1.9 billion in cost synergies and $500 million in incremental profit from revenue synergies, netting a total benefit of $2.1 billion within four years of closing [7]. Financial Implications - The combined company is expected to maintain a strong financial position to continue paying and growing dividends, with Kimberly-Clark aiming to reduce its leverage ratio to around 2 times within two years post-transaction [11]. - Kimberly-Clark has a history of paying dividends for 91 consecutive years and increasing payments for the past 53 years, while Kenvue has continued the dividend tradition of its former parent, Johnson & Johnson [10]. Challenges and Opportunities - Kenvue has faced market challenges and legal issues since its independence in 2023, including lawsuits related to Tylenol and baby powder products [9][12]. - The larger scale of the combined company is expected to better position it to address these legacy legal issues, although they may still pose risks to stock price and dividend growth [13][15].

Core Viewpoint - The acquisition of Kenvue by Kimberly-Clark is valued at over $40 billion, creating the second largest consumer packaged goods company globally, but Wall Street is skeptical, leading to a 14% drop in stock price [1][2]. Group 1: Rationale for the Acquisition - The merger aims to create a leading global health and wellness company by combining two iconic American brands [3]. - The deal is expected to generate significant shareholder value through both cost and revenue synergies, with potential value creation in the tens of billions [4][5]. - The complementary nature of the product and geographic portfolios is highlighted, with both companies strong in different markets and product categories [7][9]. Group 2: Market Opportunities - Kimberly-Clark has a strong presence in markets like Indonesia, South Korea, and Mexico, while Kenvue excels in India and Western Europe, presenting growth opportunities [11]. - The companies plan to leverage their strengths in online sales, which accounted for 100% of Kimberly-Clark's growth in North America this year [13][14]. Group 3: Legal and Regulatory Considerations - Concerns regarding potential liabilities from lawsuits, particularly related to Tylenol and talc claims, have been acknowledged, but the company is confident in its due diligence and legal strategy [15][16][18][22]. - The acquisition is expected to face scrutiny from regulatory bodies, but the companies believe it will ultimately benefit consumers and shareholders [25][26]. Group 4: Brand Strategy and Consumer Trends - The companies aim to enhance their brand portfolios, with aspirations to grow existing brands and potentially add new ones [27]. - Despite economic challenges, there is evidence of strong demand for premium products, and the companies are adapting to consumer preferences by offering value-oriented options [30][32].

Core Viewpoint - Kimberly Clark is set to acquire Ken View for over $40 billion, with a significant equity component in the deal, potentially lowering the cash value of the transaction [1][5]. Company Overview - Ken View has faced organizational challenges, including the removal of its CEO and ongoing struggles since its spin-off from Johnson & Johnson, despite having a strong brand portfolio that includes Tylenol and Listerine [2][4]. - Kimberly Clark has been interested in acquiring Ken View for an extended period, previously attempting a reverse Mars trust deal to separate it from J&J before the spin-off [8]. Financial Aspects - The proposed acquisition includes $2.1 billion in cost synergies, with $1.9 billion primarily from cost reductions, and additional revenue synergies anticipated [4][5]. - The deal structure involves a cash component of $3.50 per share and a stock component, with Ken View shareholders expected to own 46% of the combined entity [5][7]. - The acquisition is priced at a 50% premium, but the overall valuation is impacted by Kimberly Clark's declining share price, leading to a deal multiple of approximately 14.5 times, below the typical median of 18 times for similar transactions [6][10]. Market Implications - The merger aims to create a competitive portfolio that could rival Procter & Gamble, with hopes of achieving a market multiple closer to that of P&G or Colgate in the future [3][7]. - The acquisition is expected to be accretive over time, allowing for potential upside as synergies are realized and Ken View's business is reorganized [4][7].