Progress in Aventa (currently in “corporate other”), with volume expected to build in applications such as food trays, cutlery, and straws.Textiles growth expected to return “slowly,” with expanded efforts beyond Naia filament into staple fiber (a larger, more economic market such as denim and fleece) to help utilization.Company-wide cost reductions of $125 million to $150 million (in addition to $100 million achieved last year), with a “decent portion” benefiting Fibers.On tow, Costa said Eastman believes ...

Eastman Chemical Company (NYSE:EMN) Q4 2025 Earnings call January 30, 2026 08:00 AM ET Company ParticipantsDavid Begleiter - Managing DirectorFrank Mitsch - PresidentGreg Riddle - VP of Investor Relations and Corporate CommunicationsJake LaRoe - Senior Manager, Investor RelationsJohn Roberts - Managing DirectorJosh Spector - Executive Director of Chemicals Equity ResearchLydia Huang - VP of Equity ResearchMark Costa - Board Chair and CEOMike Sisson - Client Service AssociateRachel Li - Citigold AssociateTur ...

Eastman Chemical Company (NYSE:EMN) Q4 2025 Earnings call January 30, 2026 08:00 AM ET Company ParticipantsDavid Begleiter - Managing DirectorFrank Mitsch - PresidentGreg Riddle - VP of Investor Relations and Corporate CommunicationsJohn Roberts - Managing DirectorJosh Spector - Executive Director of Chemicals Equity ResearchLydia Huang - VP of Equity ResearchMark Costa - Board Chair and CEOMike Sisson - Client Service AssociateRachel Li - Citigold AssociateTurner Hinrichs - Equity Research AssociateWillie ...

Eastman Chemical Company (NYSE:EMN) Q4 2025 Earnings call January 30, 2026 08:00 AM ET Speaker10Good day, everyone, and welcome to the fourth quarter and full year 2025 Eastman Conference Call. Today's conference is being recorded. This call is being broadcast live on the Eastman website at www.eastman.com. I will now turn the call over to Mr. Greg Riddle, Eastman Investor Relations. Please go ahead, sir.Speaker3Thank you, Becky, and good morning, everyone, and thanks for joining us. On the call with me tod ...

These slides should be reviewed with the accompanying prepared remarks posted on our website. Forward-looking statements The information in this release and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, volumes, pricing, margins, sales, cost reductions, expenses, taxes, liquidity, capital expenditures, cash flow, dividends, share rep ...

Core Insights - VEON Ltd. has entered a strategic cooperation agreement with MeetKai to develop next-generation large language models for local-language AI services across its operating markets [1][2][3] Group 1: Partnership Details - The partnership aims to create nationally governed AI capabilities that are culturally fluent and securely operated within each country's borders [2] - MeetKai's Sovereign AI platform will provide a customizable national AI stack, allowing countries to govern the training, hosting, and deployment of AI models [2][3] - The collaboration will enable VEON to offer AI digital services to over 150 million customers in Kazakhstan, Uzbekistan, Ukraine, Pakistan, and Bangladesh [3] Group 2: AI Service Applications - The new AI services will span various sectors, including education, healthcare, agritech, public services, and enterprise productivity [3] - AI agents similar to QazCode's Aventa will be developed to operate across multiple languages and cater to local community needs [3][4] Group 3: Company Backgrounds - QazCode is recognized for its leadership in developing large language models for under-resourced languages and has previously launched the first Kazakh large language model, KazLLM [5] - MeetKai specializes in post-training optimization and local-language reasoning models, providing a platform for governments and enterprises to build sovereign AI ecosystems [6] - VEON serves nearly 150 million connectivity users and 140 million digital users across five countries, focusing on technology-driven services that promote economic growth [8]

Financial Data and Key Metrics Changes - The company is experiencing a challenging environment with a projected decline in full-year volumes, specifically around 4% in Advanced Materials (AM) and 2% in AFP [10][11] - Cost reduction efforts have been significant, with $75 million achieved this year and a target of $100 million for the next year [12][76] - The company anticipates a utilization tailwind of $50-$75 million depending on volume growth in the upcoming year [12][56] Business Line Data and Key Metrics Changes - The Advanced Materials segment is expected to see a decline of approximately 4% for the full year, while AFP is projected to decline by around 2% [10][11] - The fibers business is facing cyclical challenges, particularly in textiles, which have seen a significant headwind due to tariffs and market conditions [34][49] - The company is optimistic about the ARPET capacity conversion, expecting a significant increase in volume and revenue from this initiative [19][20] Market Data and Key Metrics Changes - Consumer durable demand is projected to be 5-15% below 2019 levels, impacting the overall market dynamics [29] - The company is seeing a mixed impact from trade regulations, with tariffs providing some protection to margins in North America [43][44] - The North American market remains attractive due to higher margins, but demand has been affected by the ongoing manufacturing recession [42][44] Company Strategy and Development Direction - The company is focusing on innovation as a core part of its strategy, particularly in the circular polyester methanolysis plant and other specialty products [13][84] - There is an emphasis on aggressive cost management alongside innovation to navigate the current market challenges [12][84] - The company is exploring opportunities for portfolio optimization and potential M&A to enhance its competitive position [84][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the chaotic market conditions and the difficulty in predicting demand trends due to inventory levels and consumer behavior [72][74] - There is cautious optimism regarding a potential recovery in demand, particularly in the first quarter of the next year [25][74] - The company is committed to maintaining cash flow and dividend stability while navigating the current economic environment [67][76] Other Important Information - The company has completed $50 million in buybacks in addition to its dividend in Q3, maintaining a disciplined approach to capital allocation [51][76] - The management has indicated that the headcount reduction of 7% is part of a broader strategy to enhance productivity and competitiveness [76][78] Q&A Session Summary Question: Can you help with the bridge to 2026? - Management discussed the importance of considering full-year EBIT and the impact of cost savings and asset utilization on future earnings growth [6][8] Question: What is the status of the ARPET capacity conversion? - Management confirmed that the Kingsport plant is running well, with expectations for a 30% capacity expansion and strong customer interest in ARPET [17][19] Question: How should earnings ramp from Q4 to Q1? - Management indicated that the asset utilization headwind will turn into a tailwind, with expectations for improved demand in Q1 [22][25] Question: What is the outlook for CI earnings next year? - Management noted that while the market is currently loose, there are signs of capacity rationalization that could improve earnings in the future [42][43] Question: Are there structural supply issues in China affecting earnings? - Management clarified that while there are competitive pressures, the majority of challenges are cyclical rather than structural [48][50] Question: What is the status of the Pepsi contract? - Management explained that the restructuring of the Pepsi contract is aimed at pulling forward volume to next year, reflecting strong interest in ARPET [40][41] Question: Will the company continue its streak of annual dividend increases? - Management expressed confidence in maintaining the dividend, supported by strong cash flow [66][67]

Financial Data and Key Metrics Changes - The company is experiencing a significant decline in volumes, with Advanced Materials (AM) expected to be down around 4% and Advanced Functional Products (AFP) down around 2% on a full-year basis [8][12] - The company anticipates a $100 million cost reduction target for next year, building on $75 million achieved this year [11][68] - The company expects a meaningful increase in revenue from the circular polyester methanolysis plant, contributing positively to EBITDA [12][23] Business Line Data and Key Metrics Changes - The fibers business is facing cyclical headwinds, particularly in textiles, which have seen a significant drop in demand due to tariffs and market conditions [30][42] - The company is optimistic about the ARPET capacity conversion, expecting a significant step up in volume and revenue from this project [19][20] - The CI (Chemical Intermediates) segment is expected to benefit from increased volume and aggressive cost management, although it is currently in a manufacturing recession [38][40] Market Data and Key Metrics Changes - Consumer durable demand is projected to be 5-15% below 2019 levels, impacting the overall market dynamics [27] - The North American market is experiencing a mixed impact due to trade wars and lower demand in building construction and consumer durables [39][40] - The company is seeing some recovery in demand for specialty plastics, with customers planning for higher orders in Q1 [67] Company Strategy and Development Direction - The company is focusing on innovation as a core part of its strategy, aiming to regain market share and drive growth through new product launches [12][76] - There is an emphasis on aggressive cost management to enhance competitiveness in a challenging market environment [68][76] - The company is exploring opportunities for portfolio optimization and potential M&A to adapt to industry changes [76][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the chaotic market conditions and the challenges posed by inventory levels and consumer demand [64][66] - There is cautious optimism about a potential recovery in demand as economic conditions stabilize [40][66] - The company is committed to maintaining its dividend and managing cash flow effectively, with expectations of strong cash generation in 2026 [60] Other Important Information - The company has completed its buyback program for the year while maintaining net debt levels [47] - A headcount reduction of 7% is part of the cost-cutting measures, aimed at improving productivity and competitiveness [68][70] Q&A Session Summary Question: Can you help with the bridge to 2026? - Management discussed the importance of considering full-year EBIT and the impact of cost savings and asset utilization on future earnings [5][6] Question: What is the status of the ARPET capacity conversion? - Management confirmed that the Kingsport plant is running well, with 90% yields and plans for a 30% capacity expansion [16][20] Question: How is the Renew product performing in the market? - Management noted strong interest from over 100 customers, but actual volume purchases are limited by soft consumer durable markets [26][27] Question: What are the expectations for fibers next year? - Management explained that the fibers business is facing cyclical challenges, but they expect to stabilize volumes and regain market share [30][32] Question: What is the outlook for the Pepsi contract? - Management indicated that the restructuring of the Pepsi contract is aimed at pulling forward volume into next year, which is seen as a positive development [36][57] Question: How should we think about CI earnings next year? - Management highlighted that CI earnings could improve due to increased volume, cost reductions, and potential recovery in demand [40][41]

Financial Performance - 3Q25 revenue was $2,202 million, compared to $2,464 million in 3Q24, a decrease of 11%[7] - 3Q25 adjusted EBIT was $210 million, compared to $366 million in 3Q24[7] - The adjusted EBIT margin for 3Q25 was 9.5%, down from 14.9% in 3Q24[7] - Adjusted EPS for 3Q25 was $1.14, compared to $2.26 in 3Q24[7] Cost Reduction and Cash Flow - The company is on track to reduce its cost structure by more than $75 million in 2025 and an additional ~$100 million in 2026[6] - The company demonstrated progress on inventory actions, with an approximately $200 million reduction from second-quarter 2025 levels[6] - The company returned $146 million to shareholders through dividends and share repurchases[6] - Expect FY25 operating cash flow approaching $1 billion[41] Circular Economy Platform - The Kingsport methanolysis facility is expected to contribute $60 million-$65 million of incremental EBITDA in FY25[41] - 4Q25 revenue from the Kingsport methanolysis facility is expected to be at a $100 million to $125 million annualized rate[16]

Financial Data and Key Metrics Changes - The company is targeting a reduction in capital spending for 2026, indicating a focus on cost savings in 2025 as well [6][14] - There is an expected mid-single-digit drop in demand for the second half of the year, influenced by trade dynamics and seasonality [12][15] - The company anticipates a utilization headwind of approximately $75 million to $100 million in the second half of the year due to inventory reduction efforts [13][16] Business Line Data and Key Metrics Changes - The Chemical Intermediates segment is expected to improve by over $30 million, while the Specialty and Fibers segments are projected to decline by a similar amount [70] - The AFP business saw a 4% year-over-year price increase primarily driven by cost pass-through contracts [54] - The Fibers business is facing a $20 million headwind due to tariffs and a $20 million asset utilization headwind, alongside higher energy costs [95][96] Market Data and Key Metrics Changes - The automotive market is expected to see a low single-digit decline in the back half of the year, with challenges stemming from tariff impacts and consumer behavior [50][51] - The textile market has slowed down significantly due to tariffs, impacting demand and leading to a cautious approach from customers [57][58] - The company is experiencing accelerated demand in certain areas, particularly in mechanical recycling for food-grade packaging applications [35] Company Strategy and Development Direction - The company is focusing on cash generation and cost management in response to current market uncertainties [13][16] - There is an emphasis on improving the structural strength of the business, particularly in the chemical and materials segments [21][22] - The company is exploring debottlenecking investments to enhance operational efficiency and profitability in its methanol system plant [30][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the chaotic nature of the current operating environment, driven by trade dynamics and consumer caution [12][14] - There is a belief that stability may return in 2026, contingent on resolving trade issues and improving economic conditions [15][16] - The management remains cautious about predicting demand due to ongoing uncertainties in the market [40][81] Other Important Information - The company is targeting additional cost cuts of $75 million to $100 million, which will be detailed in plans for the second half of the year [103] - The methanol system plant is performing well, with expectations for increased profitability as operational efficiencies are realized [30][31] Q&A Session Summary Question: Can you help us understand how representative the second half should be when thinking about trough earnings levels? - Management indicated that the second half is heavily impacted by trade situations, making it a poor measure of overall company performance [7][10] Question: How far along is the investment in the Metapasys unit, and what gives confidence in profitability? - Management discussed ongoing challenges in the chemical and materials business but expressed optimism about improving profitability through strategic investments [20][24] Question: What triggered the change in customer dialogue in July? - Management noted that the trade pause allowed customers to reassess their inventory and demand, leading to a more cautious approach [41][42] Question: Can you provide more color on the weakness in the automotive end markets? - Management confirmed that while the aftermarket performed well, the interlayer business faced challenges due to production moderation in response to tariffs [49] Question: What is the outlook for the Fibers business next year? - Management indicated that the Fibers business is facing headwinds this year but expects stabilization and potential recovery in the following year [94][100]