Core Viewpoint - Cabot Corporation has appointed William Masterson as the new senior vice president and president of the Reinforcement Materials segment, effective November 21, 2025, succeeding Matthew Wood who has left the company immediately [1][2]. Group 1: Leadership Transition - William Masterson has been with Cabot since 2011 and has held various leadership roles, most recently as vice president of Global Business Operations for Carbon and Silica Technologies, overseeing multiple manufacturing facilities globally [3]. - Masterson's previous roles included vice president and regional business director for the Americas in specialty carbons and fumed metal oxides, where he was responsible for sales, marketing, and technical service activities [3]. - The departure of Matthew Wood was not due to any disagreements regarding the company's business performance or operations [2]. Group 2: Masterson's Qualifications - Masterson brings a strong background in global business operations and commercial strategy, with a proven track record in leading complex organizations [4]. - He is recognized for his collaborative leadership style and ability to develop talent within the company, which is expected to support the Reinforcement Materials business [4]. - The existing team in the Reinforcement Materials segment is described as long-tenured and highly experienced, providing a solid foundation for Masterson's leadership [4]. Group 3: Company Overview - Cabot Corporation is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts, known for its products including reinforcing carbons, specialty carbons, battery materials, and fumed metal oxides [5].

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported a record-adjusted earnings per share (EPS) of $7.25, representing a 3% increase year over year [15] - Adjusted EBITDA for the year was $804 million, up 3% year over year, with a margin of 22% [16] - The company maintained a strong balance sheet, finishing fiscal 2025 with a net debt to EBITDA ratio of 1.2 times and liquidity of $1.5 billion [17][19] Business Line Data and Key Metrics Changes - Reinforcement materials EBIT decreased by 5% year over year, while performance chemicals EBIT increased by 18% [15] - In the fourth quarter, EBIT for reinforcement materials decreased by $4 million due to lower volumes, which were down 5% year over year [29] - Performance chemicals saw a $2 million decrease in EBIT in the fourth quarter compared to the previous year, primarily due to lower volumes in Europe [30] Market Data and Key Metrics Changes - Volumes in the Americas were down 7% and 6% in Asia-Pacific, while volumes in Europe were up 5% [29] - The company noted that the automotive and construction sectors are currently in a cyclical trough, impacting demand [36] - Demand for conductive carbons is expected to grow in the 8% range through the end of the decade, driven by power generation and distribution [23] Company Strategy and Development Direction - The company is focused on three capital allocation priorities: maintaining asset reliability, pursuing high-confidence growth investments, and returning capital to shareholders [19] - An acquisition of Bridgestone's reinforcing carbon plants in Mexico is expected to close in the second fiscal quarter and be accretive in the first year [21] - The company is pursuing a bifurcation strategy with tailored approaches to China and a focus on Western geographies [25] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns about the macroeconomic environment, geopolitical issues, and global trade turbulence impacting demand [15][32] - For fiscal year 2026, adjusted EPS is expected to be between $6 and $7, reflecting uncertainty in end market demand and pricing pressures [33] - The management highlighted the importance of operational excellence and cost optimization in navigating the current challenges [42] Other Important Information - The company paid $96 million in dividends in fiscal year 2025, reflecting a 5% increase announced in May [20] - The company repurchased $168 million of shares, reducing the outstanding share count by 3% [20] - The company received a Platinum rating from EcoVadis for sustainability, placing it among the top 1% of companies in the manufacturing of basic chemicals [24] Q&A Session Summary Question: Are you seeing any volatility in your rubber-black operating rates regionally, or is it relatively stable? - The company indicated that operating rates are largely stable, despite elevated tire imports impacting demand [44] Question: How much do you expect 2026 tire contract prices to be down or expectations by region? - Approximately 25% of contracts have been completed, which is behind last year's pace, and the company is unable to comment on final outcomes due to ongoing negotiations [46] Question: Could you elaborate on the performance chemicals, the underlying assumptions for guidance? - The company expects certain applications in automotive and construction to improve over time, but anticipates limited material improvement into 2026 [47] Question: How did regional utilization rates perform during the quarter? - Utilization rates in North America are between 75% and 80%, higher in Europe at around 85%, while South America remains lower due to tire imports [50]

Core Insights - Cabot Corporation reported a strong year of Adjusted EPS growth, achieving $7.25, a 3% increase year-over-year, despite a challenging macroeconomic environment [5][6] - The company experienced a decline in net sales and other operating revenues for the fourth quarter, totaling $899 million, down from $1,001 million in the same quarter of the previous year [4][27] - The company announced an agreement to acquire Bridgestone Corporation's reinforcing carbons plant in Mexico, indicating a strategic move to enhance its operational capabilities [5] Fiscal Year Highlights - For fiscal year 2025, Cabot's net income attributable to the corporation was $331 million, down from $380 million in fiscal year 2024 [4][5] - The fiscal year 2025 Adjusted EPS was $7.25, reflecting a 3% increase compared to the previous year [5] - Cash flows from operations for the fiscal year were $665 million, which supported capital investments of $274 million, dividends of $96 million, and share repurchases of $168 million [5][6] Fourth Quarter Highlights - In the fourth quarter of fiscal 2025, net income attributable to Cabot Corporation was $43 million, a decrease from $137 million in the same quarter of fiscal 2024 [4][7] - The fourth quarter Adjusted EPS was $1.70, representing a 6% decrease year-over-year [5][7] - Cash flows from operations in the fourth quarter were $219 million, which facilitated $64 million returned to shareholders through dividends and share repurchases [5][10] Segment Performance - In the Reinforcement Materials segment, EBIT decreased by $4 million year-over-year, primarily due to lower volumes in the Americas and Asia Pacific [8][9] - The Performance Chemicals segment saw a slight EBIT decrease of $2 million, attributed to a 5% decrease in volumes, particularly in Europe [9][29] - Global volumes for Reinforcement Materials declined by 5%, with the Americas experiencing a 7% drop, while Europe, Middle East, and Africa saw a 5% increase [9][29] Cash Performance - The company ended the fourth quarter with a cash balance of $258 million, up from $223 million in the previous year [10][34] - Capital expenditures for the fourth quarter were $64 million, with additional cash used for dividends and share repurchases [10][34] Tax and Outlook - The effective tax rate for the fourth quarter was 55%, with an operating tax rate for fiscal 2025 at 27% [11][12] - Looking ahead to fiscal 2026, the company expects Adjusted EPS to range between $6.00 and $7.00, reflecting ongoing macroeconomic uncertainties [12][13]

Core Viewpoint - Abaxx Technologies has integrated its futures markets data into TradingView, enhancing accessibility to its physically-backed LNG forward curves and Singapore Gold Kilobar Futures for a global audience of over 100 million users, thereby establishing new regional benchmarks for price discovery [1][2][3] Group 1: Integration and Market Access - The integration allows Abaxx's full suite of physically-deliverable futures contracts to be available for charting and analysis on TradingView, expanding distribution and enabling market participants to track Abaxx contracts alongside established benchmarks [2][3] - This move is seen as a significant step towards establishing trusted and transparent benchmarks in the market [3] Group 2: Product Offerings and Market Impact - Since its launch in June 2024, Abaxx Exchange has introduced ten new futures benchmark contracts across various sectors including energy, environmental, battery materials, and precious metals [3] - The visibility of these markets on TradingView is expected to integrate Abaxx products into the workflows of traders globally, supporting broader participation and reinforcing their role in global price discovery [3][9] Group 3: Company Overview - Abaxx Technologies aims to build smarter markets through better tools, benchmarks, and technology, addressing significant societal challenges such as the energy transition [8] - The company is the majority shareholder of Abaxx Singapore Pte. Ltd., which owns Abaxx Exchange and Abaxx Clearing, and operates Abaxx Spot, focusing on modernizing physical gold trading [8][10]

Core Viewpoint - Cabot Corporation will release its operating results for the fourth quarter of fiscal 2025 on November 3, 2025, after market close, followed by a conference call on November 4, 2025 [1] Company Overview - Cabot Corporation is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts [3] - The company specializes in providing reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches, conductive compounds, fumed metal oxides, and aerogel [3]

Core Insights - Cabot Corporation reported diluted earnings per share (EPS) of $1.86 and adjusted EPS of $1.90 for Q3 FY25, reflecting a slight decrease compared to the previous year [1][4][5] - The company experienced a decline in net sales to $923 million from $1,016 million year-over-year, with net income attributable to Cabot Corporation at $101 million, down from $109 million [3][4][5] - The company reaffirmed its adjusted EPS guidance for fiscal 2025 in the range of $7.15 to $7.50, indicating expectations of earnings growth despite a challenging macroeconomic environment [9] Financial Performance - For Q3 FY25, net sales were $923 million, a decrease of 9% from $1,016 million in Q3 FY24, while net income was $101 million compared to $109 million in the same quarter last year [3][4] - Adjusted EPS for Q3 FY25 was $1.90, down 1% from $1.92 in Q3 FY24, while diluted EPS decreased from $1.94 to $1.86 [4][5] - Operating cash flow was strong at $249 million, with $64 million returned to shareholders through dividends and share repurchases [3][7] Segment Results - The Reinforcement Materials segment reported EBIT of $128 million, down 6% year-over-year, while the Performance Chemicals segment saw a 4% increase in EBIT to $57 million [5][6] - Global volumes for Reinforcement Materials decreased by 8%, with significant declines in Asia Pacific (11%) and the Americas (9%), while Europe, the Middle East, and Africa saw a 4% increase [6][5] - Performance Chemicals experienced an 8% drop in volumes, attributed to lower customer demand due to tariff uncertainties and a weaker macroeconomic environment [6] Cash Flow and Balance Sheet - The company ended Q3 FY25 with a cash balance of $239 million and a net debt to EBITDA ratio of 1.3x, indicating strong balance sheet health [7] - Capital expenditures for the quarter were $61 million, reflecting ongoing investments in operational capabilities [7] Tax and Outlook - The effective tax rate for Q3 FY25 was 28%, with an expected operating tax rate for the fiscal year in the range of 27% to 29% [8] - The company anticipates lower volumes in the second half of FY25 due to ongoing tariff uncertainties but expects to remain within the middle to lower end of its adjusted EPS guidance range [9]

Group 1 - Cabot Corporation declared a quarterly dividend of $0.45 per share on all outstanding shares of its common stock, payable on September 11, 2025, to stockholders of record at the close of business on August 29, 2025 [1] - Cabot Corporation is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts, providing a range of products including reinforcing carbons, specialty carbons, battery materials, and more [2] Group 2 - The company is listed on the New York Stock Exchange under the ticker symbol CBT [2]

Core Viewpoint - Cabot Corporation will release its third quarter operating results for fiscal 2025 on August 4, 2025, after market close, followed by a conference call on August 5, 2025 [1]. Company Overview - Cabot Corporation is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts [3]. - The company specializes in providing reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches, conductive compounds, fumed metal oxides, and aerogel [3]. Conference Call Details - The conference call will begin at 8:00 am (ET) on August 5, 2025, and will be available via live webcast on Cabot's website [1][2]. - An archived version of the call and accompanying slide presentation will also be accessible on the company's website for those unable to attend the live session [2].

Core Insights - Cabot Corporation has achieved a platinum rating from EcoVadis for the fifth consecutive year, placing it among the top 1% of companies globally in sustainability performance [1][2] - The company's overall score increased by three points this year, with notable improvements in the sustainable procurement category, and it received "outstanding" scores in both the environment and labor & human rights categories [2][4] - Cabot also maintained a 'B' rating in climate change and water security from CDP, positioning it as a leading carbon black manufacturer [3][4] Group 1: Sustainability Recognition - Cabot Corporation has been recognized for its exceptional sustainability performance by EcoVadis, receiving the highest platinum rating [1][3] - The company is committed to continuous improvement in sustainability, as reflected in its ability to maintain high ratings despite evolving criteria [4] Group 2: Performance Metrics - Cabot's overall EcoVadis score increased by three points this year, indicating significant progress in sustainability efforts [2] - The company received top scores in the environment and labor & human rights categories, showcasing its strong performance in these areas [2][4] Group 3: Industry Positioning - Cabot's 'B' ratings from CDP in climate change and water security highlight its leadership among carbon black manufacturers [3][4] - The rigorous evaluation frameworks of EcoVadis and CDP emphasize the increasing challenges in maintaining high sustainability scores [4]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q2 2025 was $1.90, up 7% compared to $1.78 in Q2 2024, and up 10% for the first half of fiscal 2025 compared to the same period in fiscal 2024 [5][14] - Cash flow from operations was $73 million, with discretionary free cash flow at $110 million, and a cash balance of $213 million at the end of the quarter [14][15] - The company announced a 5% increase in its quarterly dividend, marking ten consecutive years of annual dividend increases [9][24] Business Segment Data and Key Metrics Changes - EBIT in Reinforcement Materials was $131 million, down 12% year-over-year, primarily due to lower tire demand [6][15] - Performance Chemicals saw EBIT increase by 61% year-over-year, driven by improved margins and higher volumes, particularly in the fumed silica product line [6][7] - Year-over-year volume growth of 10% was achieved in the battery materials product line during the first half of fiscal 2025 [8] Market Data and Key Metrics Changes - In The Americas, volumes were down 9%, with South America experiencing a significant decline due to lower contract outcomes [15][29] - Asia Pacific volumes decreased by 8%, primarily driven by reduced production during the Lunar New Year holiday [30] - European volumes remained flat year-over-year, with some gains in the contract season [32] Company Strategy and Development Direction - The company is focusing on high-performance segments in China and developing business with customers building battery plants in Western economies [8][12] - The "Creating for Tomorrow" strategy aims to position the company for long-term shareholder value creation [12][24] - The company is executing fixed cost and procurement initiatives expected to contribute $30 million in savings for fiscal 2025 [12][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the current tariff landscape is dynamic, causing customers to adopt a cautious posture regarding inventory levels [11][19] - The company expects volumes in Reinforcement Materials to decline in the low single-digit percentage for the fiscal year, while Performance Chemicals is expected to see low single-digit percentage growth [22][24] - Despite uncertainties, management remains confident in the company's fundamentals and cash generation capabilities [24][25] Other Important Information - Capital expenditures for Q2 2025 were $72 million, with a revised full-year forecast of $250 million to $275 million [14][66] - The company maintains a strong liquidity position of approximately $1.2 billion [15] Q&A Session Summary Question: Can you provide context on the reinforcement volume changes? - Management explained that the volume picture varies by region, with significant declines in South America and a more cautious approach from customers in North America [27][28] Question: How do volumes split between North America and South America in the Reinforcement Materials segment? - Management indicated that approximately 60% of volumes come from North America and 40% from South America, with South American volumes down sharply [38][39] Question: What are the underlying price dynamics in the Reinforcement Materials segment? - Pricing remains largely flat due to contract negotiations, with steady margins in Asia Pacific's spot market [41][42] Question: What is the expected impact on energy center revenues? - Management expects a mid-single-digit million impact headwind in the second half due to declining oil prices [44] Question: Can you elaborate on the cost savings initiatives? - The $30 million in cost savings includes a mix of temporary and structural measures, with most savings expected to be recognized in the second half of the year [54][56] Question: What is the current capacity utilization across the industry? - Capacity utilization varies by region, with North America in the low 80s, Europe in the upper 80s, and Asia Pacific around 90% [62][63]