Solstice Advanced Materials Overview - Solstice has a strong foundation built on a rich 130+ year history of solving complex customer challenges [15, 20] - The company's net sales for 2024 were $38 billion, with a net sales CAGR of 44% from 2017 to 2024 [17] - Adjusted Standalone EBITDA (estimate) for 2024 was $995 million, with an Adjusted Standalone EBITDA Margin (estimate) of 264% [17] Business Segments and Financial Performance - Refrigerants & Applied Solutions accounted for 72% of net sales, while Electronic & Specialty Materials accounted for 28% in 2024 [17] - The Refrigerants & Applied Solutions segment had $27 billion in net sales and $11 billion in Adjusted EBITDA in 2024, with a 35% net sales growth [74] - The Electronic & Specialty Materials segment had $10 billion in net sales and $201 million in Adjusted EBITDA in 2024, with a 28% net sales growth [128] Growth Drivers and Strategies - The company is focused on serving attractive end markets with strong secular trends, including advanced computing, environmental & energy evolution, improving health outcomes, and personal safety & defense [50, 52] - Solstice is investing in customer-proximate manufacturing and driving commercial excellence to grow industry leadership positions [56, 185] - The company is allocating capital with discipline and clear priorities, including investing in high-return organic growth projects and returning excess capital to shareholders [65, 66] Financial Outlook and Capital Structure - The company expects resilient ~25% Adjusted EBITDA margins in 2025E with a pathway to expand [205] - Solstice has a strong balance sheet with a net leverage ratio of 15x as of June 30, 2025 [193, 207] - The company anticipates regular dividends with opportunistic share repurchases [217]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Tronox Holdings plc due to significant financial losses and misleading statements made by the company regarding its performance and market conditions [3][5]. Group 1: Financial Performance and Decline - Tronox announced a significant reduction in TiO2 sales for Q2 2025, attributing the decline to a softer coatings season and increased competition [6]. - Following the announcement, Tronox revised its 2025 financial outlook, lowering full-year revenue guidance and reducing its dividend by 60% [6]. - The company's stock price fell dramatically from $5.14 per share on July 30, 2025, to $3.19 per share on July 31, 2025, marking a decline of approximately 38% in one day [7]. Group 2: Legal Actions and Investor Rights - A federal securities class action has been filed against Tronox, with a deadline of November 3, 2025, for investors to seek the role of lead plaintiff [3]. - The complaint alleges that Tronox provided overly positive statements while concealing material adverse facts about its commercial division and forecasting processes [5]. - Faruqi & Faruqi encourages anyone with information regarding Tronox's conduct to come forward, including whistleblowers and former employees [9].

Group 1 - The aerospace, defense, and airline sectors are experiencing significant growth prospects, driven by complex industry dynamics [1] - The chemicals sector is currently facing headwinds due to a weak macroeconomic outlook and high natural gas prices in Europe, which are increasing feedstock costs [1] - The investing group provides access to data analytics monitors, enhancing the ability to discover investment opportunities [1]

Group 1 - The large-cap ETF universe provides a wide range of funds, but most are based on similar market cap weighting indices [1] - Vasily Zyryanov focuses on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations, particularly in the energy sector [1] - The analysis emphasizes the importance of Free Cash Flow and Return on Capital for deeper investment insights beyond basic profit and sales analysis [1] Group 2 - Zyryanov covers various industries, including oil & gas, mining, chemicals, and luxury goods, indicating a broad investment scope [1] - The approach includes assessing whether the market's current opinion on growth stocks is justified, highlighting the need for thorough research [1]

Core Viewpoint - Dow Inc. is expected to report significant losses in its upcoming fiscal third-quarter earnings, reflecting ongoing challenges in the materials science sector and underperformance compared to market indices [1][2][4]. Financial Performance - Analysts predict a loss of $0.27 per share for Dow in Q3 2025, a decline of 157.5% from a profit of $0.47 per share in the same quarter last year [2]. - For the full fiscal year, a loss of $0.89 per share is anticipated, down 152.1% from an EPS of $1.71 in fiscal 2024, but a recovery to $0.20 EPS is expected in fiscal 2026, representing a year-over-year increase of 122.5% [3]. Stock Performance - Dow's stock has decreased by 57.7% over the past 52 weeks, significantly underperforming the S&P 500 Index, which gained 17.2% during the same period [4]. - The stock also underperformed compared to the Materials Select Sector SPDR Fund, which saw a loss of 5.7% [4]. Challenges and Market Conditions - The company's underperformance is attributed to lower prices, restructuring charges, and decreased sales across all segments, particularly in functional polymers, polyurethanes, and coatings [5]. - Margin compression has further impacted earnings, and the company is seeking regulatory intervention to address issues related to oversupply and unfair pricing practices [5]. Analyst Sentiment - The consensus opinion among analysts is cautious, with a "Hold" rating overall; out of 20 analysts, 2 recommend a "Strong Buy," 16 suggest a "Hold," and 2 advise a "Strong Sell" [7]. - The average analyst price target for Dow is $27.67, indicating a potential upside of 18.1% from current levels [7].

Core Insights - Shell Plc's oil and gas trading operations have shown a recovery in performance after facing challenges due to geopolitical volatility in the second quarter [1][2] - The third quarter saw "significantly higher" performance for gas and "higher" performance for oil, indicating a rebound in trading earnings [1][2] Trading Performance - The trading division, a significant profit contributor for Shell, experienced a bounce back after the previous quarter's "significantly lower" earnings, which were attributed to geopolitical factors rather than supply and demand [2] - Brent crude futures remained stable, trading between $65 and $70 per barrel for most of the third quarter [2] Impairments and Project Developments - Shell wrote down $600 million from a Dutch biofuels plant, totaling $1.4 billion in impairments related to the site, which has been shelved pending a cost review [3] - The Rotterdam project was intended to be one of Europe's largest renewable diesel and sustainable aviation fuel plants, but Shell is shifting focus to enhance profitability by shedding low-carbon businesses [3] Industry Trends - Competitor BP Plc is also halting the construction of a biofuels plant in the Netherlands, opting to concentrate on oil and gas production [4] - Shell's chemicals division has been a consistent underperformer, prompting the company to explore partnerships in the US and consider selective closures in Europe [5] - Major chemical producers, including Dow Inc. and Exxon Mobil Corp., have announced capacity reductions in Europe due to high energy costs affecting competitiveness [6]

Core Insights - Berkshire Hathaway has announced a $9.7 billion cash acquisition of Occidental Petroleum's chemicals business, OxyChem, marking its largest acquisition since 2022 [1][4] - The deal is seen as beneficial for both parties, with Berkshire securing favorable terms and Occidental reducing its debt significantly [2][3][12] Berkshire Hathaway - The acquisition of OxyChem is viewed as a strategic move, as Berkshire has a history of investment in Occidental, having previously provided $10 billion to finance Occidental's acquisition of Anadarko Petroleum in 2019 [2][4] - Berkshire's cash reserves stood at a record $344 billion at the end of June, positioning the company well for this acquisition [4] - Analysts suggest that the purchase price of about eight times OxyChem's trailing 10-year average pre-tax earnings of $1.2 billion is favorable if earnings trends hold [5][11] Occidental Petroleum - Occidental aims to use the proceeds from the sale of OxyChem to reduce its debt by $6.5 billion, targeting a debt level below $15 billion [4][6] - The company has faced challenges with depressed oil prices affecting its chemicals division, projecting OxyChem's profits to fall to a five-year low of $850 million this year [11] - The sale is expected to help Occidental strengthen its balance sheet and potentially resume stock buybacks [6][12] Leadership Transition - Greg Abel is set to succeed Warren Buffett as CEO of Berkshire Hathaway at the end of the year, while Buffett will remain as chairman [13] - The OxyChem acquisition is considered a fitting final deal for Buffett, reflecting his long-term relationship with Occidental [13][14] - Analysts believe that Abel will likely collaborate with Buffett during the transition period, especially in identifying future investment opportunities [14][15]

Group 1: Hormel Foods Corp. - Hormel Foods Corp. is known for its products like ham and bacon, but it owns around 40 brands and sells in approximately 80 countries [4] - The stock experienced a 17% decline in the third quarter due to rising costs for pork and beef, which are impacting profit margins [4] - At a recent price of about $25, the stock trades at 1.1 times revenue and 2.7 times book value, which are considered attractive multiples [4][5] - Despite Wall Street's lack of enthusiasm, with only two out of twelve analysts rating it a "buy," the company has a strong historical record, having never posted a loss since going public in 1928 [5] Group 2: Amdocs Ltd. - Amdocs Ltd. provides software and services primarily to communications and entertainment companies, with a significant historical reliance on AT&T as a customer [6] - The stock fell over 9% in the latest quarter, but six out of seven analysts covering it recommend buying [6] - Revenue decreased by about 3% over the past year due to shedding low-margin businesses, while earnings increased [7] Group 3: Eastman Chemical Co. - Eastman Chemical Co. shares fell 17% in the recent quarter, attributed to signs of a slowing economy [10] - Insider purchases were noted, with the CEO and CFO increasing their stakes, indicating confidence in the company's long-term prospects [9] Group 4: LKQ Corp. - LKQ Corp. recycles auto parts and operates around 1,500 high-tech junkyards in the U.S. and Europe [11] - The stock declined nearly 17% in the past quarter, with sales and earnings missing expectations, particularly in European operations [12] - The expectation is that rising car prices in the U.S. due to tariffs may lead consumers to keep their cars longer, benefiting the recycled-parts business [11] Group 5: Ingredion Inc. - Ingredion Inc. produces ingredients for foods and beverages, with a focus on sweeteners [13] - Despite a revenue dip in the past year, earnings remained strong, yet the stock fell 9% last quarter [13] - The company has achieved a return on stockholders' equity of 15% in 11 of the past 15 years, and the stock is considered cheap at 12 times earnings [13]

OMV Capital Markets Day 2025 Summary Company Overview - **Company**: OMV (OTCPK:OMVJ.F) - **Event**: Capital Markets Day 2025 - **Date**: October 06, 2025 - **Location**: Vienna Key Industry and Company Insights Strategy and Transformation - OMV is committed to its **2030 strategy**, focusing on adapting to market changes and ensuring robust cash flow generation while investing in sustainable growth opportunities [3][4][5] - The formation of **Baruch Group International (BGI)** with ADNOC marks a significant milestone, enhancing OMV's growth potential in the chemicals sector [4][6][29] - OMV emphasizes a balanced approach to investments, maintaining a strong foundation in traditional business while pursuing sustainable growth [5][12] Financial Performance - OMV has generated an average operating cash flow of **€6.5 billion** per year over the last four years, with a **30% increase** in regular dividends during the same period [10][39] - The company aims for a **dividend yield** of nearly **13%**, positioning itself among the top performers in its sector [10] - OMV's leverage ratio has improved significantly, reducing from **32% to below 10%**, and is projected to remain below **30%** post-BGI transaction [39][40] Emission Reduction and Sustainability - OMV has achieved a **23% reduction** in emissions compared to the 2019 baseline and aims for net-zero emissions by **2050** [11][32] - The company is focused on innovative technologies for the circular economy, including the **ReOil** chemical recycling technology [33][34] Growth Opportunities - The **Neptune Deep** gas project is on track for production in **2027**, expected to significantly contribute to OMV's gas supply and revenue [8][19][26] - OMV is expanding its **renewable energy** initiatives, including a nearly doubled EV charging network and investments in green hydrogen projects [8][9][18] - The chemicals sector is expected to recover, with rising demand in packaging, automotive, and renewable energy [15][17] Market Dynamics - OMV anticipates a **compound annual decline rate** of approximately **2%** in European natural gas demand through **2040**, with a projected supply deficit of **300 billion cubic meters** per year [24] - The company expects European gas prices to remain higher than pre-COVID levels, influenced by U.S. LNG pricing [24][25] Strategic Focus Areas - OMV's strategic focus includes enhancing its gas production capabilities, optimizing its chemical integration, and pursuing sustainable mobility opportunities [19][27] - The company plans to maintain a disciplined approach to capital allocation, with a focus on maximizing free cash flow and shareholder returns [22][51] Conclusion - OMV is positioned to leverage its integrated business model and strategic investments to navigate market volatility and capitalize on growth opportunities in gas, chemicals, and renewable energy sectors [12][25][36]

Capital Markets Update 2025 Vienna – October 6, 2025 Disclaimer © 2025 OMV Aktiengesellschaft, all rights reserved, no reproduction without our explicit consent. This presentation contains forward-looking statements. forward-looking statements may be identified by the use of terms such as "outlook", "believe", "expect", "anticipate", "intend", "plan", "target", "objective", "estimate", "goal", "may", "will" and similar terms, or by their context. These forward-looking statements are based on beliefs, estima ...