Oil-Dri of America (NYSE:ODC) Q1 2026 Earnings Call December 09, 2025 10:30 AM ET Speaker9Welcome to the annual meeting for Oil-Dri Corporation of America. Our host for today's call is Leslie Garber, Director of Investor Relations at Oil-Dri. I will now turn the call over to your host, Leslie Garber. You may begin.Speaker0Good morning and welcome to Oil-Dri Corporation of America's 2025 annual meeting of stockholders. My name is Leslie Garber, and I am the Director of Investor Relations at Oil-Dri. Similar ...

Core Insights - ForFarmers reported a strong performance in Q3 2025, continuing the positive trend from the past two years, with growth in market share attributed to customer-oriented strategies and employee commitment [1] - The company experienced significant volume growth, particularly in the Netherlands, the UK, and Poland, contributing to overall profitability [1][7] Financial Performance - Total volume increased by 23.8% compared to Q3 2024, driven by the acquisition of Van Triest Veevoeders and the consolidation of a joint venture in Germany, with a like-for-like increase of 5.6% [7] - Compound feed volume rose by 10.1%, with a like-for-like growth of 2.6% [7] - Gross profit increased by 21.1% to €154.1 million, with all clusters showing a like-for-like increase [7] - Underlying EBIT surged by 87.6%, while underlying EBITDA grew by 61.8% [7] - ROACE on underlying EBIT improved from 14.3% as of June 30, 2025, to 16.0% as of September 30, 2025 [7] Strategic Developments - The integration of the ForFarmers/team agrar joint venture in Germany is progressing as scheduled, enhancing operational efficiency [7] - The completion of the Beukelaar Diervoeders transfer in early November is expected to optimize the company's position and capacity utilization in the broiler sector [1]

Core Insights - Archer Daniels Midland Company (ADM) is launching a North American animal feed joint venture with Alltech to enhance customer advantages through optimized organizational and operational structures [1][10] Company Overview - ADM will retain its Canadian facilities and U.S. premix and additive businesses, while Alltech will contribute its Hubbard Feeds and Masterfeeds businesses, which include 18 feed mills in the U.S. and 15 in Canada [2][4] - The joint venture will leverage the complementary strengths of both companies in feed production, utilizing their expertise, manufacturing capabilities, and established product portfolios [3][10] Strategic Initiatives - ADM is focusing on productivity, innovation, and aligning operations with trends in food security, health, and wellness, while advancing initiatives in biosolutions and health & wellness to meet customer demand [6] - The company is improving processing capacities and creating additional margin opportunities through digital technologies and partnerships, emphasizing strategic simplification [7] Market Performance - ADM's shares have increased by 16% over the past three months, contrasting with a 1.5% decline in the industry [8]

Core Insights - ADM and Alltech have signed a definitive agreement to establish a North American animal feed joint venture, leveraging their extensive experience and capabilities to benefit customers [1] Company Contributions - Alltech will contribute its U.S.-based Hubbard Feeds and Canada-based Masterfeeds businesses, which include 18 feed mills [1]

Thailand will ban imports of animal-feed corn produced from agricultural burning, a move that should help curb a worsening cross-border pollution issue https://t.co/dZaY8km98X ...

Core Viewpoint - The global calf milk replacer (CMR) market is projected to reach USD 5.54 billion by 2031, with a compound annual growth rate (CAGR) of 6.4% in the coming years [1]. Market Overview - CMR is designed specifically for calves and serves as an artificial milk substitute, primarily composed of whey powder, milk protein, plant protein, lactose, fats, minerals, vitamins, and enzymes [1]. - The market is segmented into milk-based and plant-based replacers [1]. Market Size and Growth - According to QYResearch, the global CMR market is expected to grow significantly, with a forecasted market size of USD 5.54 billion by 2031 [1]. Key Players - Major global CMR manufacturers include Nutreco, Land O' Lakes, Cargill, VanDrie, ADM, Lactalis, Alltech, CHS, Actus Nutrition, and Kalmbach Feeds [6]. - The top five manufacturers are estimated to hold approximately 50% of the market share in 2024 [6]. Market Drivers - The growth in global population and increased demand for meat and dairy products are driving the scale of livestock farming, which in turn raises the nutritional management requirements for calves [9]. - Advances in biotechnology, fermentation technology, and microencapsulation are diversifying and enhancing the functionality of CMR products [9]. - The adoption of digital management tools and smart feeding devices is integrating CMR with IoT and data analytics, enabling precise nutrition delivery and real-time health monitoring [9]. - Emphasis on animal welfare and health management in modern farming practices is increasing the demand for high-quality CMR with functional formulations [9]. Market Challenges - The prices of key raw materials for CMR, such as whey powder and plant proteins, are subject to fluctuations due to various factors including global dairy market conditions and climate change [10]. - The industry faces strict regulations regarding product safety and quality, which can impact market entry and compliance costs [14]. - Increased competition in the CMR market, particularly in the mid-to-low-end segments, is intensifying market dynamics [14].

Mixed Reality and Smart Glasses - Smart glasses are experiencing a resurgence in India, with major players like Reliance and Lenskart entering the market, driven by advancements in technology and design [1][2] - Today's smart glasses are lighter and more compact compared to earlier models, featuring improved processors that enhance image quality and power efficiency [1] - Generative AI has transformed smart glasses into practical assistants, allowing users to perform about 35% of typical smartphone functions through voice commands [2] Competitive Landscape - Homegrown companies are differentiating themselves from global giants by focusing on vernacular capabilities and affordability, with products like QWR's Humbl glasses supporting Indic languages [3] - Jio Frames are expected to offer multi-language support and cloud storage integration, enhancing their appeal in the Indian market [3] Market Challenges - Premium pricing remains a significant barrier, positioning smart glasses as luxury items rather than mass-market products [4] - Privacy concerns are prevalent, as smart glasses operate in a gray area between everyday eyewear and potential surveillance tools, compounded by the lack of robust AI regulations in India [4] Future Outlook - The potential for smart glasses to become a billion-dollar wearable category hinges on overcoming privacy concerns, proving their AI capabilities, and delivering value for their premium pricing [5]

Core Insights - Amlan International will showcase its antibiotic-free production solutions at the XXVII Central American and Caribbean Poultry Congress in Panama from September 10-12, 2025 [1] - The company emphasizes the importance of natural feed additives in improving animal health and performance, particularly in the context of increasing demand for high-quality animal protein in Latin America [3][4] Company Participation - Amlan's Technical Director for LATAM, Dr. César Coto, will present on September 11, focusing on strategies to reduce antibiotic use while maintaining animal performance [2] - The company will feature products such as Calibrin-Z, a biotoxin control product, and Varium, a gut health additive, at their booth [3] Industry Context - The livestock industry in Latin America is evolving with a focus on antibiotic stewardship and the need for safe, high-quality animal protein [3] - Central American producers are increasingly adopting innovative solutions to enhance efficiency and meet rising protein demand [4] Company Overview - Amlan International, part of Oil-Dri Corporation of America, specializes in developing natural feed additives that optimize animal health and performance [5]

Core Insights - Amlan International will participate in Malaysia Livestock 2025, focusing on addressing challenges in modern animal production through natural feed additives [1][10] - The event will feature presentations by Dr. Michael Hua on biotoxin control and antibiotic-free poultry production, highlighting the importance of natural solutions in the poultry industry [2][3] Company Overview - Amlan International is the animal health division of Oil-Dri Corporation of America, specializing in innovative, natural feed additives that enhance animal health and performance [7] - The company aims to support producers in improving performance while ensuring food safety and quality [4] Industry Trends - The poultry industry in Malaysia is rapidly evolving, with a growing demand for natural solutions that comply with changing regulations [4] - There is a global shift towards antibiotic-free production, which is not only a regulatory requirement but also a movement towards sustainable animal agriculture [4] Product Highlights - Amlan will showcase two key products: Calibrin-Z, a biotoxin control agent, and Varium, designed for antibiotic-free systems to enhance gut health and feed efficiency [5]

Core Viewpoint - Inter-Rock Minerals Inc. has announced a normal course issuer bid (NCIB) to purchase up to 1,000,000 common shares, representing approximately 4.6% of its outstanding shares, to enhance shareholder value and liquidity [1][4]. Group 1: NCIB Details - The NCIB will commence on or about August 29, 2025, and will last for twelve months, terminating upon the purchase of 1,000,000 shares, a notice of termination, or on August 28, 2026, whichever comes first [2]. - Purchases will be conducted on the open market through the TSX Venture Exchange or other permitted trading systems, with all shares purchased being cancelled [3]. - The funding for the NCIB will come from the company's working capital, and the actual number of shares purchased will be at the discretion of the board of directors [3]. Group 2: Rationale for NCIB - The company believes that its share price does not reflect its underlying value and future prospects, making the share buyback an appropriate use of financial resources [4]. - By purchasing shares at prices below their underlying value, the NCIB aims to increase the ownership proportion for remaining shareholders and provide liquidity for those wishing to sell [4]. Group 3: Previous NCIB Performance - The previous NCIB, which ran from August 21, 2024, to August 20, 2025, resulted in the purchase of 228,000 common shares at an average price of $0.81 per share [6].