Financial Data and Key Metrics Changes - In Q4 2025, the company achieved organic net sales growth of 2.5%, aligning with expectations despite external pressures [7][22] - Adjusted gross margin rate decreased by 330 basis points, primarily due to unexpected year-end inventory adjustments and increased trade promotions [26][28] - Adjusted operating income was $40.3 million, representing 7.5% of net sales, down from 10.8% the previous year [28] Business Line Data and Key Metrics Changes - International organic net sales grew by 6.9%, driven by volume and price gains across all segments [22] - North America experienced a decline in organic net sales by 60 basis points, with wet shave sales declining approximately 1% [23] - Sun and skin care organic net sales increased by approximately 11%, with robust growth across each business segment [24] Market Data and Key Metrics Changes - International markets, representing about 40% of global sales, delivered strong growth for the fourth consecutive year, with Europe achieving its third straight year of growth [8][9] - The U.S. razor and blades category saw consumption down by 80 basis points, although market share improved sequentially [23] - The Billie brand achieved a 90 basis point share growth, indicating strong retail performance [24] Company Strategy and Development Direction - The company plans to divest its feminine care business to focus on core categories with competitive advantages, including shave, sun, and skincare [6][20] - A multi-year innovation roadmap is being implemented, with significant investments in brand building and marketing to restore brand equity [11][14] - The transformation plan aims to simplify the U.S. structure, enhance decision-making speed, and increase investment in growth capabilities [12][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging fiscal 2025 due to external pressures like tariffs and geopolitical tensions, but expressed optimism about durable international growth and innovation [8][20] - The outlook for fiscal 2026 anticipates a return to organic net sales growth, driven by mid-single-digit growth in international markets and stabilization in North America [16][34] - The company expects to face continued inflation and tariff impacts but is focused on productivity gains and margin recovery [16][36] Other Important Information - The company declared a quarterly dividend of $0.15 per share for Q4 and completed approximately $90 million in share repurchases for the fiscal year [29] - The anticipated divestiture of the feminine care business is expected to impact adjusted EPS by approximately $0.40-$0.50 annually [32] Q&A Session Summary Question: Outlook and EPS Expectations - The company expects a balanced and achievable plan for 2026, with EPS potentially at a loss in Q1 due to margin pressures and tax rate changes [40][41] Question: Strategy and Portfolio Focus - The strategy focuses on winning in shave, grooming, sun, and skin categories, with plans for potential M&A as asset values decline [45][46] Question: Productivity and Gross Margin Concerns - Management expressed confidence in the second-half-oriented plan, expecting higher sales growth and productivity improvements to enhance gross margin [50][52] Question: Use of Proceeds from Divestiture - Proceeds from the feminine care sale will primarily be used for debt reduction, with a focus on maintaining a disciplined capital allocation strategy [54][55] Question: Sun and Skin Category Outlook - The company plans conservatively for the sun category, expecting low single-digit growth while investing in brand campaigns for Hawaiian Tropic and Banana Boat [57][58]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [5] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [5] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment results were down 3%, impacted by a one-time asset sale and project exits, but offset by strong non-helium pricing and productivity improvements [17] - Asia's results were relatively flat, with lower helium demand offset by favorable pricing and productivity [18] - Europe's results improved by 4%, driven by non-helium merchant pricing and productivity, despite lower helium contributions [18] Market Data and Key Metrics Changes - The company faced a 2% headwind from reduced global helium demand, affecting overall volume [15] - The market for green ammonia is developing, with expectations for significant demand growth by 2030 [11][12] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth and plans to optimize its large projects portfolio, including the NEOM project [6][7] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects, allowing for ongoing maintenance and investments in traditional industrial gas projects [7][10] - The company is focusing on productivity improvements and has identified 3,600 headcount reductions, translating to approximately $250 million in annual cost savings [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from helium headwinds and a sluggish macroeconomic environment but remains optimistic about achieving growth through new asset contributions and pricing actions [19][21] - The company expects to be modestly cash flow positive in fiscal year 2026 and aims to stay cash flow neutral through 2028 [21] Other Important Information - The NEOM project is about 90% complete, with ammonia production expected to start in 2027 [11] - The company is evaluating proposals to divest the carbon sequestration piece of the Louisiana project, linking it to potential hydrogen supply agreements [24][25] Q&A Session Summary Question: Evaluation of Carbon Capture in Louisiana Project - The company is considering selling the carbon capture piece and potentially supplying hydrogen to the buyer [24][25] Question: Alberta Project Cost Overruns - The company has a long-term commitment to supply hydrogen to a major customer, necessitating the completion of the project despite cost overruns [26][27] Question: Headcount Reduction Target - The target of 20,000 headcount is expected to be the new base, with ongoing efforts to optimize workforce levels [31] Question: CapEx for Louisiana Project - The company will provide CapEx data when updating the project, emphasizing that no off-take deals mean no final investment decision [32] Question: Growth Drivers for Next Year - Expected growth will come from new assets and pricing actions, with a minimal volume growth forecast due to macroeconomic headwinds [37][39] Question: Helium Market Outlook - The company anticipates continued headwinds from helium but expects stabilization in 2027 [40][41] Question: NEOM Project Commercialization - The company plans to commercialize ammonia initially, with expectations for a growing market for green ammonia [44][45] Question: Equity Affiliates Income - The Mexican joint venture saw improvements, while contributions from the Jazan joint venture are expected to pick up in 2026 [46][47] Question: Decision Timeline for Louisiana Project - The company is working on advanced negotiations and aims to communicate updates before the end of the year [50][53] Question: CapEx Flexibility - The CapEx forecast for fiscal 2026 is between $3.5 billion and $4 billion, with no significant changes expected [91][92]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [4] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [4] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment results were down 3%, impacted by a one-time asset sale and project exits [17] - Asia's results were relatively flat, with lower helium offset by favorable on-site contributions [18] - Europe's results improved by 4%, driven by non-helium merchant pricing and productivity [18] Market Data and Key Metrics Changes - The company faced a 2% headwind from reduced global helium demand, affecting overall volume [14] - Pricing for non-helium merchant products was favorable across all regions, helping to offset some volume declines [14] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth in 2026, despite anticipated helium headwinds [5] - Key priorities include optimizing the large projects portfolio, particularly the NEOM project, and balancing capital allocation [5][6] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to staffing levels similar to 2018, adjusted for employee growth, to support new assets [7] - The company is focused on improving productivity and pricing actions to counteract inflation and lower capital expenditure levels [8] - Management anticipates a modestly cash flow positive position in fiscal year 2026, with a commitment to remain cash flow neutral through 2028 [20] Other Important Information - The company returned $1.6 billion to shareholders in fiscal 2025, marking the 43rd consecutive year of increasing dividends [4] - The NEOM project is about 90% complete, with ammonia production expected to start in 2027 [11] Q&A Session Summary Question: Evaluation of carbon capture piece of the Louisiana project - Management explained that they are evaluating proposals to divest the carbon capture piece while still considering the project's future [24][25] Question: Cost overruns in Alberta project - Management confirmed a long-term commitment to supply hydrogen to a major customer, necessitating the project's completion despite cost overruns [26][27] Question: Employee headcount target - The target of 20,000 headcount is expected to be the new base, with ongoing efforts to rationalize the workforce [31] Question: CapEx remaining for Louisiana project - Management indicated that they would provide data on remaining CapEx when updating the project, emphasizing the need for off-take agreements [33] Question: Growth drivers for next year - Management expects contributions from new assets and productivity improvements to drive growth, with a focus on pricing actions [37][38] Question: Helium industry outlook - Management noted that while there may be a decline in helium demand in 2027, they expect stabilization thereafter [40][42] Question: NEOM project commercial options - Management stated that they will need to commercialize the product as ammonia initially, with expectations for growth in green ammonia sales over time [46] Question: Equity affiliates income growth - Management highlighted strong performance from the Mexican joint venture, with expectations for flat contributions in fiscal year 2026 [48] Question: Decision timeline for Louisiana project - Management confirmed that they are working on advanced negotiations and expect to communicate updates by the end of the year [52][56] Question: CapEx forecast changes - Management clarified that the CapEx forecast for fiscal 2026 was adjusted to $4 billion based on a refined bottom-up review [62]

Financial Data and Key Metrics Changes - The company reported record financial results, with revenue of $3.1 billion, adjusted earnings of $1.1 billion ($2.16 per share), and adjusted EBITDA of $2.1 billion, all driven by record gold prices and strong operational performance [10][11][12] - Year-to-date average cash costs were $943 per ounce, with a projected full-year cash cost guidance range of $9.65 per ounce [5][12] - The net cash position increased to $2.2 billion after repaying $400 million of debt and returning $350 million to shareholders through dividends and share repurchases [6][15] Business Line Data and Key Metrics Changes - Gold production for Q3 was approximately 867,000 ounces, achieving 77% of the full-year production guidance [4][11] - Cash costs for Q3 were reported at $994 per ounce, influenced by higher royalty costs due to increased gold prices [4][11] - All-in sustaining costs were reported at $1,373 per ounce, with expectations to remain close to the top end of the guidance range for the full year [12][13] Market Data and Key Metrics Changes - The average selling price of gold was $3,476 per ounce, which is $20 per ounce higher than the spot average for the quarter [4] - The company is benefiting from record gold prices, which have led to increased royalty expenses [11][12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while investing in a robust pipeline of projects and an ambitious exploration program [2][6] - Key projects include Canadian Malartic, Detour, Upper Beaver, Hope Bay, and San Nicolas, which are expected to generate significant production and returns [7][17] - The company aims to improve productivity and operational efficiency through technology integration and workforce engagement [19][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for gold, citing ongoing factors that support gold's performance [47][48] - The company is committed to disciplined capital allocation and exploring opportunities for value creation through M&A, while maintaining a focus on gold [48][49] Other Important Information - The company received a credit rating upgrade from Moody's from Baa1 to A3 with a stable outlook [15] - The company is actively addressing labor shortages through workforce planning and training initiatives [31][32] Q&A Session Summary Question: Can you talk about the non-core investments in critical minerals? - The company is establishing a subsidiary for critical minerals, which will include investments like Canada Nickel, focusing on knowledge-based opportunities while remaining primarily a gold company [51][52][53] Question: How are government relations with the new federal government in Canada? - The company has had positive interactions with the new government, noting increased engagement and discussions about the mining sector's contributions to Canada [54][55][56] Question: What are the expectations for Hope Bay's resource update by year-end? - The company expects to deliver a PEA study in the first half of next year and will update indicated and inferred resources by year-end [61][62] Question: What are the inflation expectations going into next year? - The company anticipates cost inflation around 6%-7% across various components, with higher costs expected due to increased royalty expenses [63][64][65] Question: Can you review the rigs operating across the company? - The company has 120 rigs operating across various sites, with expectations to reach 1.25 million to 1.3 million meters drilled by year-end [70][72] Question: What is the reserve and resource replacement outlook for year-end 2025? - The company expects to see net growth in reserves and resources, particularly at East Goldie, Detour, and Hope Bay, despite mining depletion [77][78]

Financial Data and Key Metrics Changes - The company reported record financial results driven by record gold prices, achieving revenue of $3.1 billion, adjusted earnings of $1.1 billion ($2.16 per share), and adjusted EBITDA of $2.1 billion [10][12][15] - Gold production for Q3 was approximately 867,000 ounces, with cash costs reported at $994 per ounce, which is higher than the previous quarter primarily due to increased royalty costs [4][11] - Year-to-date average cash costs are $943 per ounce, and if excluding the impact of higher royalties, the average would be $909 per ounce, well below the guidance range [5][12] Business Line Data and Key Metrics Changes - The company achieved strong production performance across its operations, with specific mentions of record production at Meadowbank, Meliadine, and Goldex [18] - The Detour project is progressing well, with the ramp portal built and optimization of the mill ongoing [6][29] - The exploration program is robust, with over 370,000 meters drilled in Q3, exceeding the year-to-date target by 9% [37] Market Data and Key Metrics Changes - The average selling price of gold was $3,476 per ounce, which is $20 higher than the spot average for the quarter [4] - The company is benefiting from a favorable gold price environment, which has led to increased royalty expenses but also significant revenue growth [11][12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, having repaid $400 million of debt and returned $350 million to shareholders through dividends and share repurchases [6][15] - There is a continued emphasis on productivity improvements and cost control, with investments in technology and workforce training to enhance operational efficiency [19][31] - The company is strategically positioned for growth with a strong project pipeline, including key projects like Detour, Upper Beaver, and Hope Bay, which are expected to generate solid returns [16][26][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for gold, citing ongoing factors that support gold's performance [47] - The company is actively engaging with the new Canadian government, noting improved access and discussions regarding the mining sector's contributions to the economy [55][56] - There is a focus on disciplined capital allocation and exploring opportunities for value creation through M&A, while maintaining a primary focus on gold [48][49] Other Important Information - The company generated $1.2 billion in free cash flow in Q3 and increased its net cash position to $2.2 billion [14][15] - The credit rating was upgraded from Baa1 to A3, reflecting the company's strong financial position [15] Q&A Session Summary Question: Can you talk about the non-core investments in critical minerals? - Management confirmed that Canada Nickel will be included in a new subsidiary focused on critical minerals, allowing for independent exploration of opportunities while maintaining a focus on gold [51][52] Question: How are government relations with the new federal government in Canada? - Management reported positive interactions with the new government, highlighting increased engagement and discussions on the mining sector's potential contributions [54][56] Question: What are the expectations for Hope Bay's resource update by year-end? - Management indicated that a PEA study is expected in the first half of next year, with updates on indicated and inferred resources to follow [60][61] Question: What inflation expectations are anticipated for next year? - Management expects inflation across costs to be around 6% to 7%, with ongoing efforts to manage costs effectively [62][63] Question: Can you review the rigs operating across the company? - Management confirmed 120 rigs are operational across various sites, with an increase in productivity allowing for more meters drilled without additional costs [67][69] Question: What is the status of reserve and resource replacement for year-end 2025? - Management anticipates a net growth in reserves despite mining depletion, with specific increases expected at East Goldie and resource growth at Detour and Hope Bay [75][76]

Financial Data and Key Metrics Changes - Revenue increased by 7% year over year, exceeding $1.1 billion [3][4] - Adjusted EPS was $0.85, surpassing the high end of the projected range by $0.10 [3] - Adjusted EBITDA totaled $225 million, with $215 million excluding oil and gas rights, marking a 19% year-over-year improvement [14][3] - Adjusted EBITDA margin exceeded 20%, the highest since the pandemic [3][4] - Cash generated from operations year to date reached $299 million, a $273 million improvement from last year [4][14] Business Line Data and Key Metrics Changes - High Performance Materials & Components (HPMC) segment margins were above 24%, while Advanced Alloys & Solutions (AANS) segment margins were above 17% [4][15] - Aerospace and Defense (A&D) revenue rose 21% year over year, accounting for 70% of total revenue [5][6] - Jet engine revenue, which constitutes 39% of total revenue, grew 19% year over year [6][8] - Airframe sales increased by 9% year over year, supported by Boeing and Airbus production ramps [7][8] - Defense revenue surged 51% year over year, reflecting broad-based strength across various defense programs [9][10] Market Data and Key Metrics Changes - Jet engine growth is expected to exceed 20% for the full year, with Q4 growth anticipated in the high single to low double digits [6][8] - Airframe revenues are expected to finish modestly above 2024 levels, with high single-digit growth anticipated next year [8] - Defense markets are projected to continue record performance due to modernization and replenishment programs [10][12] Company Strategy and Development Direction - The company is focused on high-value materials and markets, with 70% of revenue now coming from aerospace and defense [12][20] - Strategic pricing and mix optimization are key levers for growth, with long-term agreements supporting future investments [20][21] - Operational excellence and productivity improvements are driving margin expansion and cash generation [21][22] - The company is committed to disciplined capital deployment, prioritizing high-return investments [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand in core markets, particularly aerospace and defense [5][20] - The outlook for Q4 and 2026 remains positive, with expectations of sustained growth in A&D [27][60] - The company is well-positioned to capitalize on long-term growth opportunities, supported by strong customer relationships and proprietary materials [12][20] Other Important Information - The company plans to continue monetizing non-core assets while maintaining disciplined capital investments [15][18] - The CFO, Don Newman, is set to retire after Q4, with a search for his successor underway [19] Q&A Session Summary Question: What has changed since Q2 to drive the revised outlook and guidance increase? - Management noted stronger than expected A&D performance, particularly in defense, contributing to the guidance increase [26][27] Question: What is being done to manage melt capacity for nickel alloys? - The company is focusing on productivity, reliability, and selective expansion of melt capacity to meet growing demand [29][30] Question: What does being the number one source of flat rolled titanium products to Airbus mean for the P&L? - This status translates to increased revenue and higher margins from premium titanium products, with a significant revenue increase expected next year [34][35] Question: What is the expected growth in airframe sales for 2026? - Airframe sales are anticipated to grow at a high single-digit rate, with continued strength in jet engine demand expected [60] Question: How is the company managing working capital improvements? - Improvements in accounts receivable management and inventory efficiencies have contributed to better working capital performance [52][53]

Financial Data and Key Metrics Changes - Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's result [14] - The company achieved record third-quarter cash flow of $1.6 billion, contributing to an all-time annual record of $4.5 billion with one quarter remaining [8][15] - The balance sheet was strengthened, ending the quarter in a near-zero debt position after retiring $2 billion of debt [9][10] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground, while Peñasquito delivered a lower proportion of gold [11][12] - The company completed mining at the Subika Open Pit and shifted activities to lower grades from the Awonsu Open Pit [11] - At Ahafo, the construction of the engineered wall of the Phase 14A layback was completed, preparing for future higher grades [12] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [8] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting the improved credit profile and financial management [10] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [49] - The restructuring includes a decentralized organizational structure to enhance accountability and decision-making at operating sites [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted the importance of operational performance, safety, cost, and productivity [16][21] - The company anticipates a reduction in absolute cost guidance for G&A, exploration, and advanced projects by approximately 15% [17] - Future production is expected to be within the same guidance range for 2026, but towards the lower end due to planned mine sequencing [19][71] Other Important Information - The company declared commercial production at its new mine a half mile north, which is expected to add profitable gold production over an initial 13 years [10][24] - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [30] Question: Project pipeline updates - The proposal for Red Chris remains on track for mid-next year, and all longer-dated projects will need to earn their rights for capital allocation [32] Question: Team structure and appointments - The executive leadership team is strong, with key appointments being made, including a focus on filling the CFO position [36] Question: Ramp-up of new mine - The ramp-up of the new mine is on schedule, with commercial production expected to be declared soon [38] Question: Reserve pricing and growth expectations - The reserve and resource review is ongoing, with outcomes expected in February next year [42] Question: Cost inflation and operational efficiencies - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset higher royalties and taxes [72] Question: Capital allocation for growth assets - The focus remains on internal investments and share buybacks, with any acquisitions being value accretive [49] Question: Exploration and advanced projects budget - The reduction in exploration and advanced projects budget is due to rationalization and strategic capital allocation decisions [92]

Core Insights - Campbell's Company (CPB) is enhancing its focus on cost control through the expanded PEAK enterprise savings initiative to protect profitability amid ongoing tariff and cost pressures [1] Group 1: PEAK Program Overview - The PEAK program was introduced in September 2024 with an initial savings target of $250 million through fiscal 2028, which was later increased by 50% to $375 million due to stronger-than-expected early results [2][8] - As of the end of fiscal 2025, Campbell's achieved approximately $145 million in savings, primarily from the integration of Sovos Brands and efficiencies in manufacturing and warehousing [2] Group 2: Program Structure and Goals - The PEAK program is structured around four pillars: network optimization, integration synergies, technology and organizational effectiveness, and indirect spend management [3] - The company anticipates mitigating 60% of the tariff burden, which is expected to account for nearly 4% of the cost of products sold in fiscal 2026, through productivity improvements and alternative sourcing [3] Group 3: Future Projections - Campbell's aims to sustain the gains from the PEAK initiative through fiscal 2028, with guidance for fiscal 2026 indicating approximately $70 million in enterprise cost savings and a 5% improvement in cost productivity [4] - These initiatives are expected to strengthen the company's margin structure, providing flexibility for brand support and innovation while navigating a volatile cost environment [6]

Core Viewpoint - General Mills is closing three factories in Missouri as part of a cost-cutting and productivity improvement strategy, which includes a broader "global transformation" program aimed at enhancing business efficiency [1][2][3]. Group 1: Factory Closures - The company will shut a pizza-crust facility in St. Charles by the end of June next year and two pet-food plants in Joplin a month later [2]. - The closures are part of a consolidation effort, with production transitioning to other facilities [2][3]. - General Mills expects to incur $82 million in restructuring charges due to these closures and asset consolidations [3]. Group 2: Financial Performance - In the last full financial year, General Mills reported a 2% decline in net sales to $19.5 billion, with organic sales also down 2% [4]. - For the first quarter of the new financial year, reported sales fell 7% to $4.5 billion, while organic revenues decreased by 3% [4]. - Reported volumes across the group fell by eight percentage points, with North America retail experiencing a 16-point decline [5]. Group 3: Strategic Outlook - The company aims to reinvest savings from the closures to boost sales volumes [5]. - The chairman and CEO expressed confidence in the company's strategy, noting improvements in market share across key categories [6].

Group 1 - The company emphasizes the importance of safety systems and processes to ensure safe operations while focusing on productivity in lease operations [1] - The company operates 12 world-class assets and aims to optimize cost and productivity in these assets [1][2] - There is a recognition of the opportunity presented by high gold prices, but the company remains committed to controlling costs and maximizing the efficiency of deployed capital [3]