Published: January 2026 1 FISCAL 2026 Q3 INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS © 2026 Hawkins, Inc. The information contained in this presentation includes "forward-looking statements" which reflect management's expectations or beliefs as of the date of this presentation. Hawkins, Inc. cautions that actual future results could differ materially from the forward-looking statements in this presentation. Actual results may be affected by many important factors including risks and uncertainties ident ...

Company Overview - Huntsman Corporation is a diversified chemical manufacturer specializing in organic compounds, particularly polyurethanes and amines, serving a wide range of end markets and reducing reliance on any single sector [2] - The company has a historically stable and higher margin profile compared to peers, driven by the amines segment, which generates approximately 20% EBITDA, while basic polyurethanes generate around 10% EBITDA [2] Current Market Conditions - Huntsman is currently navigating a cyclical downturn with depressed chemical prices, but volumes have been rising steadily over the last two to three quarters, indicating underlying demand resilience [2] - Competitive pressures from lower-cost producers in China and India could challenge pricing and market share [3] Capital Allocation and Shareholder Returns - The company has been disciplined in returning capital to shareholders, reducing shares outstanding from 243 million in 2015 to 172 million today through consistent stock buybacks [3] - Huntsman's shareholder-friendly capital allocation provides a solid foundation despite facing cyclical and structural challenges [3] Future Outlook - The combination of improving volumes, stable specialty margins, and potential tailwinds from onshoring makes Huntsman a company worth monitoring for investors seeking exposure to specialty and basic chemicals [4] - Huntsman represents a measured investment case, balancing near-term cyclical headwinds with longer-term structural opportunities and strong financial discipline [4]

On Jan. 22, 2026, Trinity Street Asset Management LLP disclosed in an SEC filing that it sold out its entire stake in Axalta Coating Systems (NYSE:AXTA), an estimated $22.1 million transaction based on quarterly average pricing. What happened According to a SEC filing dated Jan. 22, 2026, Trinity Street Asset Management LLP liquidated its entire holding of 770,919 shares in Axalta Coating Systems. The estimated transaction value was $22.06 million based on the average share price during the quarter. The ...

Core Viewpoint - The textile industry chelating agents are essential for improving product quality and sustainability by preventing metal ion reactions that can damage fibers and equipment, thus enhancing the efficiency and environmental compliance of textile production processes [2][3]. Product Range - The product range of textile chelating agents has evolved from traditional inorganic salts to a diverse family of fine chemicals, including: - Traditional inorganic chelating agents (e.g., polyphosphates) are widely used for general water treatment due to their low cost and high stability. - Organic carboxylic acid chelating agents (e.g., EDTA, NTA) dominate high-end dyeing processes but face environmental concerns. - Bio-based and green chelating agents (e.g., gluconates, chitosan derivatives) are rapidly emerging in response to sustainable textile policies. - Multifunctional composite chelating agents integrate dispersion, buffering, and anti-redeposition capabilities to meet integrated dyeing and finishing process needs [2]. Application Scope - Textile chelating agents serve as an "invisible engine" throughout the textile production process: - In the pre-treatment stage, they integrate calcium and magnesium ions to prevent hard water precipitation, enhancing desizing and refining efficiency. - During bleaching and dyeing, they stabilize oxidants and dye activity, ensuring color uniformity and reproducibility. - In post-treatment and water treatment, they inhibit metal ion catalysis that leads to fiber damage and reduce heavy metal loads in wastewater [3]. Market Overview - According to QYResearch, the global textile chelating agents market is projected to reach USD 1.16 billion by 2032, with a compound annual growth rate (CAGR) of 8.4% over the coming years [4]. Market Structure - Major manufacturers in the global textile chelating agents market include BASF, Dow, Nouryon, Innospec, and NICCA Chemical, with the top five companies holding approximately 59.0% market share by 2025 [6]. - The top three chemical giants (BASF, Dow, Nouryon) collectively account for over 40% of the market share, leveraging their global supply chains, R&D capabilities, and brand influence to dominate the high-end market [8]. Competitive Landscape - The competitive landscape shows that specialized manufacturers like Innospec and NICCA Chemical maintain stable shares in niche markets through application technology services and regional channels. - Asian companies (e.g., Fuyang Biotech, Taihe Chem, Yuanlian Chemical) leverage cost advantages and localized services to compete effectively in the mid-to-low-end market [8]. Industry Trends - The textile chelating agents market is transitioning from traditional functional additives to green, high-performance, and systematic solutions. The focus is shifting towards developing new molecular structures that are biodegradable, low-toxicity, and multifunctional to meet stringent environmental regulations [18]. - The application scenarios are deepening, with products extending beyond core processes to include textile recycling, wastewater treatment, and functional finishing, thus elevating their value from mere process aids to strategic materials that ensure supply chain compliance and resource efficiency [18]. Development Opportunities - The market faces structural constraints, primarily the challenge of balancing the technology and economics of green alternatives. The development and production costs of biodegradable or low-toxicity chelating agents are significantly higher than traditional products, which poses a challenge for cost-sensitive textile manufacturers [19]. - Additionally, the lack of unified industry standards and certification systems complicates product development and market entry, as different regions have varying definitions and compliance requirements for "environmentally friendly" and "biodegradable" [19]. Development Barriers - The market's growth is hindered by the cost-performance balance challenge in the green transition. The raw material costs and synthesis complexity of eco-friendly chelating agents are significantly higher than traditional products, leading to slow penetration of green products in cost-sensitive markets [20]. - Furthermore, traditional chelating agents (e.g., EDTA, phosphates) have established market inertia due to their stable performance and mature technology, making it difficult for new products to gain traction [20].

Group 1 - H.B. Fuller Company is recognized as one of the 14 Best Mid-Cap Dividend Stocks to Buy Now [1] - Seaport Research analyst Michael Harrison raised the price target for H.B. Fuller to $84 from $80, maintaining a Buy rating, while expressing concerns about the company's organic growth potential [2] - H.B. Fuller's Q4 FY2025 results showed a revenue decline of 3.1% year-over-year to $895 million, with net income at $30 million; however, adjusted EBITDA increased by 14.6% to $170 million, and the adjusted EBITDA margin improved by 290 basis points to 19.0% [3][4] Group 2 - The company is projecting flat to 2% revenue growth for FY2026 compared to FY2025, with organic revenue expected to remain stable and a potential 1% increase from currency translation [5] - Operating cash flow for FY2026 is anticipated to be between $275 million and $300 million, with capital spending estimated at around $160 million, including $50 million for Project Quantum Leap [5] - H.B. Fuller operates as a pure-play adhesives business, focusing on the development and sale of adhesives, sealants, and specialty chemical products across various markets [6]

Core Viewpoint - Plaid Technologies Inc. has launched a strategic collaboration with Graphene Nanoworks Ltd. to explore the commercial potential of next-generation graphene-based water-shedding coatings, films, and membranes for glass and metal applications [1][2] Company Overview - Plaid focuses on the development and commercialization of graphene-enhanced technologies, including proprietary graphene-infused concrete mixtures aimed at wellbore cement and subsurface applications [8] - Graphene Nanoworks Ltd. specializes in high-performance "smart" materials, transforming standard polymers, glass, and surfaces with high-conductivity coatings and structural additives [9] Strategic Collaboration - The collaboration aims to assess the technical readiness and commercial viability of advanced surface technologies that enhance water repellency, durability, and functional longevity [2][6] - The agreement, initiated on December 16, 2025, involves a three-month engagement with a total cost of $32,500 for market analysis and technical specification development [4] Market Evaluation - Plaid and GNW are conducting a detailed evaluation of the global glass and coatings markets, focusing on supply-chain integration, manufacturing opportunities, and competitive positioning of existing solutions [3] - The assessment will address both technical feasibility and economic potential, with the possibility of advancing the collaboration based on the results [6] Market Opportunity - The household and residential segment accounts for over 70% of global glass value sold, primarily during construction phases, indicating a significant market opportunity for graphene-enabled surface technologies [7]

Core Insights - A new venture has been launched by Cromogenia Units in collaboration with EcoFarben Grup to create a Denim Division aimed at integrating innovation, process efficiency, and sustainability for global denim manufacturers [1] Company Overview - Cromogenia Units has over 85 years of experience in providing solutions for textile preparation, dyeing, finishing, and coating, including treatments for anti-pilling and water and oil repellency [2] - EcoFarben Grup has 40 years of specialized experience in the research, development, and commercialization of advanced technologies and products for the textile industry [2] Division Objectives - The Denim Division will strengthen Cromogenia Units' position as a leading technological partner in the textile industry, offering a portfolio of chemical solutions designed to optimize denim dyeing processes with a focus on sustainability and technical performance [3] - The solutions provided by the division are expected to enhance process efficiency, consistency, and quality, helping denim manufacturers tackle current industry challenges [4] Industry Collaborations - The collaboration between Cromogenia Units and EcoFarben Grup is part of a trend of strategic partnerships in the chemical supply chain, with other companies like Archroma and HeiQ also forming agreements to leverage complementary strengths in the textile sector [5]

Group 1 - Air Products and Chemicals (NYSE:APD) is recognized as a strong investment opportunity in the materials sector, particularly favored by hedge funds [1] - Citi analyst Patrick Cunningham has maintained a Neutral rating on APD and increased the target price from $245 to $272, reflecting a positive outlook on the currency and sales environment for the specialty chemicals sector [1] - Bank of America Securities analyst Steve Byrne upgraded APD from Underperform to Neutral, setting a price target of $275, indicating a potential upside of 6.5% [2] Group 2 - Byrne's upgrade is based on the belief that market conditions are not as vulnerable as the volatility of APD shares suggests, and he acknowledged management's efforts to address challenges related to backlog projects [3] - The success of APD's turnaround strategy is expected to rely on traditional gas projects rather than underperforming legacy projects [3] - Air Products and Chemicals is a global leader in producing process and specialty gases, serving various industries including electronics, metals, chemicals, and energy [4]

Company Overview - Solstice Advanced Materials, Inc. (SOLS) is a specialty chemicals and advanced materials company based in New Jersey, with a market cap of approximately $10.7 billion. The company began trading publicly in late October 2025 after being spun off from Honeywell International Inc. (HON) and serves over 3,000 customers globally with a diversified portfolio focused on high-performance, application-critical materials [1]. Earnings Expectations - The company is set to announce its fiscal Q4 earnings for 2025 on February 11, with analysts projecting a profit of $0.40 per share, which represents a 100% decrease from the same quarter last year [2]. - For the entire fiscal year 2025, analysts expect SOLS to report a profit of $0.99 per share, indicating a 100% decrease from fiscal 2024. However, earnings are anticipated to rebound in FY2026, with an expected annual increase of 189.9% to $2.87 [3]. Stock Performance - Over the past three months, Solstice's stock has increased by 32.7%, outperforming the S&P 500 Index, which rose by 13.6%, and the Materials Select Sector SPDR Fund, which saw an 11.6% increase during the same period [4]. - Following the release of its third-quarter results on November 6, the company's shares rose by 5.5% in the subsequent trading session, reflecting a positive market reaction. The earnings update indicated a resilient operating performance, with a 7% year-over-year increase in net sales to approximately $969 million, driven by steady demand in both Refrigerants & Applied Solutions and Electronic & Specialty Materials [5]. Analyst Ratings - Wall Street analysts have a positive outlook on SOLS, with an overall "Strong Buy" rating. Among six analysts covering the stock, four recommend "Strong Buy," one suggests "Moderate Sell," and one maintains a "Hold" rating. The mean price target for Solstice is $63.33, indicating a marginal potential upside from current levels [6].

Core Viewpoint - RBC Capital has raised the price target for Quaker Houghton (KWR) to $190 from $171 while maintaining an Outperform rating, indicating positive expectations for the company's performance in the specialty chemicals sector [1] Group 1: Price Target and Rating - The price target for Quaker Houghton has been increased to $190 from $171 [1] - RBC Capital maintains an Outperform rating on Quaker Houghton shares [1] Group 2: Q4 Expectations and Future Outlook - The firm anticipates in-line performance for Q4 [1] - Analysts expect company-specific factors to drive improvements in 2026 [1]