Financial Data and Key Metrics Changes - The company reported GAAP net income of $0.37 per share and distributable earnings (DE) of $0.24 per share for Q3 2025, with DE prior to charge-offs at $0.48 per share, an increase of $0.03 from the prior quarter [4][15][16] - Book value remained stable at $20.99 per share, reflecting strong credit performance and loan resolutions executed above carrying values [16][17] - The company repurchased $16 million of common stock in Q3 at an average price of $18.69, with an additional $61 million repurchased in Q4 [16][17] Business Line Data and Key Metrics Changes - Total investments in Q3 amounted to $1 billion, with loan originations concentrated in multifamily and diversified industrial portfolios, making up 75% of the total [9][10] - The net lease portfolio grew to $222 million, with $90 million invested across 60 properties in Q3 [10] - The loan portfolio is now 96% performing, with impaired loan balance down 71% from last year's peak [13] Market Data and Key Metrics Changes - The company collected $1.6 billion in repayments during Q3, including significant loans secured by multifamily assets and international properties [12] - Real estate fundamentals remain strong, with stable or improving demand and constrained new supply [6] - The company expects to close over $7 billion in new investments this year, diversifying its portfolio and enhancing credit composition [12] Company Strategy and Development Direction - The company is focused on capitalizing on the recovery in market conditions and optimizing its balance sheet [5][6] - There is a strong emphasis on maintaining a competitive cost of capital and enhancing investment activity across various channels and geographies [5][6] - The leadership transition is expected to continue the momentum of the business, with a focus on capturing opportunities in the current investment environment [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the real estate credit market is in recovery mode, with improved credit quality and no new impairments [38] - The company is optimistic about the ongoing recovery in the office market, with stability and improvement observed [55] - Management expressed confidence in the ability to unlock earnings potential from the REO and impaired loan portfolios [49][51] Other Important Information - The company has a strong liquidity position of $1.3 billion and over $7 billion in available financing capacity [17] - The company has been actively optimizing its cost of capital, reducing spreads on corporate term loans and taking advantage of favorable market conditions [19] Q&A Session Summary Question: Can you provide more color on the recovery in transaction activity and liquidity in the CRE markets? - Management indicated that liquidity has returned to both the U.S. and Europe, with a stronger recovery observed in the U.S. due to a more established CMBS market [25][26] Question: What is the potential earnings uplift from the REO portfolio? - Management stated that while specific numbers were not provided, there is significant potential to drive additional earnings as the REO assets are turned over [27] Question: How do you see the balance between originating new loans versus share buybacks? - Management emphasized a dynamic analysis of capital deployment, considering both new loans and share buybacks based on market conditions [30][31] Question: Are there any spillover effects into the CRE market from broader economic weaknesses? - Management noted that the real estate credit market has already been tested and is currently in recovery, with no significant deterioration observed [38] Question: How do you view the pace of net deployment and target leverage levels? - Management expressed confidence in maintaining a healthy pace of repayments and new investments, with current leverage at 3.5 times, which is within their target range [44][46] Question: What are the key levers to cover the dividend? - Management highlighted the importance of unlocking earnings from the REO and impaired loan portfolios as a key driver for covering the dividend [49][51]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $625 million, representing a 10% increase year-over-year and a 7% organic growth, with the Dortmund acquisition contributing 2% and foreign exchange providing a 1% tailwind [15][16] - Adjusted EBITDA margin was 21.5%, down 20 basis points, while adjusted diluted earnings increased by 9% to $2.95 [16] - Operating cash flow was $147 million, generating $131 million in free cash flow, with a year-to-date free cash flow of $246 million and a conversion rate of 145% [16] Business Line Data and Key Metrics Changes - **Electronics Segment**: Sales increased by 18% year-over-year and 12% organically, with passive products up 19% and semiconductor products up 5% [17] - **Transportation Segment**: Sales were flat year-over-year, with organic sales down 2%, but favorable FX contributed 2% to growth. Adjusted EBITDA margin decreased to 16.8%, down 220 basis points [18] - **Industrial Segment**: Sales grew 4% organically, driven by energy storage, renewables, and data center growth, but faced softer HVAC demand [19] Market Data and Key Metrics Changes - The company reported strong growth in the data center market, with design wins up more than 50% year-to-date, indicating significant traction in this area [10][31] - The transportation segment experienced softer end market demand, particularly in commercial vehicles, which decreased by 3% organically [18] Company Strategy and Development Direction - The acquisition of Basler Electric is a strategic priority aimed at enhancing capabilities in power generation and distribution markets, expected to be accretive to adjusted EPS in 2026 [14][15] - The company is focusing on operational excellence and enhancing its semiconductor business, with a new leader appointed to drive growth in this area [11][12] - A realignment of the sales structure has been implemented to better serve customers and leverage the full technology portfolio [9][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for solid revenue and earnings growth in the first quarter of 2026, supported by a 20% increase in bookings compared to the third quarter of 2024 [5] - The company anticipates typical seasonality in the fourth quarter, with guidance for sales between $570 million and $590 million, reflecting a 5% organic growth at the midpoint [20][21] Other Important Information - The company ended the quarter with $815 million in cash and a net debt to EBITDA leverage of 0.9x, indicating a strong balance sheet [16] - The company returned $19 million to shareholders via cash dividends during the quarter [16] Q&A Session Summary Question: Update on Power Semiconductor Outlook - Management acknowledged sequential improvement in the power semiconductor business, despite year-over-year softness, and emphasized the strategic importance of this segment [24][26] Question: Impact of Stock Compensation - The $0.40 impact from stock compensation is primarily due to variable compensation resetting to target levels, with expectations for normalization in 2026 [27][29] Question: Data Center Opportunities - Management highlighted significant momentum in the data center market, with design wins doubling year-to-date and ongoing engagement with hyperscalers and cloud companies [30][32] Question: Industrial Segment Growth - The industrial segment has shown solid year-to-date growth of 12%, driven by strong demand in energy storage and renewables, despite softer HVAC and construction markets [42][44] Question: Transportation Segment Performance - The core passenger vehicle business performed reasonably well, while sensor products continue to face challenges, indicating a realignment strategy in progress [59]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted EPS of $0.50, exceeding previous expectations, and increased the full-year adjusted EPS forecast to at least $2 from $1.75 [5][28] - Premium and service revenue for the quarter was $44.9 billion, with a GAAP loss per share of $13.50 due to a $6.7 billion non-cash goodwill impairment charge [28][35] - The adjusted effective tax rate was temporarily low, contributing approximately $0.10 to adjusted EPS, with an expected full-year tax rate of 20% to 21% [28][11] Business Line Data and Key Metrics Changes - Medicaid segment reported a Q3 HBR of 93.4%, showing sequential improvement aided by a $150 million positive revenue adjustment from Florida's Children's Medical Services [11][28] - The Medicare segment, including Medicare Advantage and PDP, performed in line with expectations, with a reported HBR of 94.3% [20][28] - Marketplace membership ended the quarter at approximately 5.8 million, slightly better than expectations, despite experiencing medical cost pressure [16][28] Market Data and Key Metrics Changes - The company anticipates a 2025 Medicaid composite rate adjustment of roughly 5.5%, up from earlier estimates [9] - The Marketplace segment is preparing for potential market contraction in the high teens to mid-30s range due to the expiration of EAPTCs [54][56] - The Medicare Advantage segment is on track for break-even by 2027, with continued focus on improving STAR ratings [22][23] Company Strategy and Development Direction - The company is focused on margin recovery over membership growth, particularly in the Marketplace segment for 2026 [56] - Continued advocacy for improved Medicaid rates and clinical management strategies are key components of the company's strategy to enhance profitability [12][15] - The company plans to provide detailed 2026 guidance in early February, emphasizing operational improvements and margin expansion [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall performance of the business despite challenges in the operating environment, particularly in Medicaid and Marketplace segments [11][12] - The company is closely monitoring trends in Medicaid and Marketplace utilization, with proactive measures in place to address potential cost pressures [14][40] - Management highlighted the importance of maintaining quality care while being responsible stewards of taxpayer dollars [26][15] Other Important Information - The company experienced a strong cash flow of $1.4 billion in Q3, with unregulated cash on hand at $357 million [36] - The company is prepared for potential changes in the policy landscape, particularly regarding EAPTCs and Medicaid work requirements [51][52] - The company is committed to enhancing member experience through improved digital tools and resources [21][22] Q&A Session Summary Question: How does the company ensure stability in the Marketplace amid competitor exits? - Management noted a slight uptick in utilization in September and emphasized the importance of data-driven decisions for 2026 pricing, which accounts for various risk factors [39][41] Question: What strategies are in place to re-engage members during open enrollment? - The company is prepared to mobilize marketing efforts and broker relationships to recapture members who may not initially re-engage [46][48] Question: What is the outlook for Medicaid profitability given potential work requirements? - Management indicated that while there may be some membership attrition, they do not expect significant impacts on overall margin profiles for 2026 [52][53] Question: How does the company view competitive positioning for 2026? - Management expects to maintain a competitive edge with a focus on margin recovery, despite potential market contraction [54][56] Question: What are the expectations for the Medicare segment in 2026? - The company anticipates continued progress towards break-even in Medicare Advantage and is focused on enhancing PDP positioning [56][57]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with a cash balance exceeding $560 million, allowing for funding of the Thompson Creek Restart project and returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance ranges for both Mount Milligan and Öksüt in 2025 [17][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3, with all-in sustaining costs increasing to $1,461 per ounce, 14% higher than the previous quarter [12][13] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, 16% lower than the previous quarter, reaffirming production guidance for 2025 [13][14] - The Molybdenum Business Unit sold approximately 3.1 million pounds of molybdenum at an average price of $24.42 per pound [17] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound in Q3, reflecting the impact of existing streaming arrangements [16] - The company holds a strong financial position with total liquidity exceeding $960 million, including $85 million in equity investments [19] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, advancing projects like the Mount Milligan Pre-Feasibility Study and the Goldfield Project, which are expected to enhance long-term production capabilities [5][20] - Key investments include $114 million for a second tailings storage facility and $36 million for upgrades to increase process plant throughput [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the remainder of 2025 and highlighted the potential for strong production in Q1 2026 due to higher grades at Öksüt [28] - The company is monitoring the favorable environment for U.S.-based mining and the potential for strategic deals related to molybdenum, a critical mineral [31][32] Other Important Information - The Mount Milligan PFS extended the mine life to 2045, with significant increases in proven and probable reserves to 4.4 million ounces of gold and 1.7 billion pounds of copper [7][9] - Sustainability initiatives include a renewable diesel pilot project aimed at reducing greenhouse gas emissions and community support programs for First Nations [10][11] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite than modeled, impacting Q3 performance, but expects to meet guidance by adjusting material processing [23][24] Question: Future production expectations at Öksüt - Management is confident in strong production going into 2026, supported by a life-of-mine optimization study to exploit accumulated inventories in heap leaching [28][29] Question: Potential for strategic deals with the U.S. government regarding molybdenum - Management noted the favorable environment for U.S. mining and is monitoring potential strategic opportunities, although no immediate funding needs exist [31][32] Question: Impact of optimization study on permitting for Öksüt - Management indicated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without requiring extensive new permitting [38] Question: Recovery improvements in later mine life - Management expects to enhance recovery rates through better solution management and potential modifications to permitting, with low capital requirements for significant returns [47][48]

Financial Data and Key Metrics Changes - The company reported $14 million year-to-date and ended the quarter with $21 million of net debt, indicating a healthy leverage position of just under half a turn on a trailing twelve-month EBITDA basis [1] - The company added approximately $160 million in new awards and change orders during the quarter, resulting in a backlog of $679 million at quarter-end [1] Segment Results and Key Metrics Changes - Marine revenues increased by approximately 2% year-over-year and 6% sequentially to $143 million, with adjusted EBITDA growing over 50% to $18 million, representing a 12% margin compared to 7% in the same quarter of the previous year [2] - Concrete revenues decreased by 5% year-over-year but increased by 17% sequentially to $82 million, with adjusted EBITDA showing a loss of $4 million compared to a profit of $4 million in the previous year [2][3] Market Data and Key Metrics Changes - The company has a robust pipeline with over $1 billion in awards or projects awaiting decisions, which has remained consistent around $1.2 billion throughout the year [8] - Data centers represent about 27% of the concrete business revenue for the quarter, indicating steady activity in this segment [10] Company Strategy and Development Direction - The company is focused on expanding its bonding capacity to bid on larger projects, facilitating growth opportunities in the coming years [35] - The management emphasized that the business is multifaceted, with ongoing projects outside of the Pacific region, including significant work in Texas and South Carolina [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to finish the year strong and highlighted the potential for growth in 2026 and beyond [4] - There have been no significant policy-related shifts affecting the company, although some private sector project movements have occurred due to uncertainties [16][17] Other Important Information - The company expects to use proceeds from the East West Jones property sale, which generated over $22 million, to pay down debt and for general corporate purposes [1] - Full-year 2025 guidance has been updated, with revenue expectations increased to $825 million to $860 million and adjusted EBITDA guidance raised to $44 million to $46 million [3] Q&A Session Summary Question: Can you discuss the pipeline and opportunity size? - Management noted that the pipeline has been consistent, with a strong outlook for next year and significant opportunities for 2026 [7][8] Question: Update on the Deschutes Estuary project? - The project is awarded but not yet booked, expected to start about a year from now [9] Question: Details on the data center opportunity? - Data centers account for 27% of the concrete revenue for the quarter, with ongoing bidding activity [10] Question: Anticipated profitability mix in the backlog? - Management expects concrete to remain profitable, despite previous year comparisons being less favorable [15] Question: Impact of policy changes on major projects? - No significant movements related to policy changes have been observed, although some private sector projects have been affected [16] Question: Thoughts on elevated SG&A expenses? - The increase is attributed to investments in business expansion and some lumpiness in employee costs [25] Question: Expectations for cash flow in the fourth quarter? - The company anticipates good cash flow from the East West Jones sale and has not seen a slowdown in cash collection [26][27] Question: Present value of the dredged spoils agreement? - Details on the agreement will be kept confidential for competitive reasons [34] Question: Increase in project size for data centers? - There has been a notable increase in the size of project opportunities for data centers compared to two or three years ago [36] Question: Long-term vision and demand for marine services? - Management remains confident in the long-term vision and growth opportunities, despite some delays in larger contract opportunities [44][45]

Financial Data and Key Metrics Changes - Year-to-date net debt is $21 million, representing just under half a turn of leverage on a trailing twelve-month EBITDA basis, indicating a healthy financial position for the company [1] - The company closed the sale of the East West Jones property, resulting in over $22 million in cash after commissions and taxes, which will be used to pay down debt and for corporate purposes [1] - The backlog at the end of the quarter stood at $679 million, with approximately $160 million in new awards and change orders added during the quarter [1] Segment Results and Key Metrics Changes - Marine revenues increased by approximately 2% year-over-year and 6% sequentially to $143 million, with adjusted EBITDA growing over 50% to $18 million, reflecting a 12% margin compared to 7% in Q3 2024 [2] - Concrete revenues decreased by 5% year-over-year but increased by 17% sequentially to $82 million, with adjusted EBITDA showing a loss of $4 million compared to a profit of $4 million in Q3 2024 [2][3] - Weather issues impacted chargeability in the Concrete business, resulting in a contribution EBITDA margin of 2% for the quarter [3] Company Strategy and Development Direction - The company is optimistic about finishing the year strong and is excited about growth opportunities in 2026 and beyond, emphasizing the importance of shareholder confidence and employee performance [4] - The company has a robust pipeline with over $1 billion in projects awaiting award decisions, which has remained consistent throughout the year [7] - The company is focusing on expanding its bonding capacity to bid on larger projects, facilitating growth in the coming years [32] Management Comments on Operating Environment and Future Outlook - Management has not observed any significant movement on major projects due to policy changes, indicating stability in the operating environment [13][14] - The deregulation and tax benefits are expected to positively impact commercial clients, enhancing the outlook for the company [15] - Management remains confident in the profitability of the Concrete business despite recent losses, anticipating a more favorable mix in the backlog moving into the fourth quarter [12] Other Important Information - The company has increased its full-year 2025 guidance for revenue to $825 million to $860 million, adjusted EBITDA to $44 million to $46 million, and adjusted EPS to $0.18 to $0.22 [3] - The East West Jones property sale will contribute $23 million in cash, which has already been received, enhancing the company's cash position [22][23] Q&A Session Summary Question: Can you discuss the pipeline and opportunity size? - Management noted that the pipeline has been consistent, with a strong outlook for 2026 and ongoing opportunities for the current year [6][7] Question: Is the Deschutes Estuary project included in the pipeline? - The Deschutes Estuary project is not included in the pipeline as it is in a limbo status until a contract is finalized [8] Question: What is the current status of the data center opportunities? - Data centers represent about 27% of the concrete business revenue for Q3, with steady bidding activity [9] Question: Will there be a more profitable mix in the backlog for concrete? - Management expects concrete to remain in a good place, with confidence in profitability despite recent challenges [12] Question: Have there been any impacts from policy changes? - No significant impacts have been observed from policy changes, with some movement in the private sector due to uncertainties [13][14] Question: What is the outlook for cash flow in the fourth quarter? - The company anticipates good cash flow from the East West Jones sale and has not seen a slowdown in cash collection activities [22][23] Question: How has the size of data center projects changed? - There has been an increase in the size of data center project opportunities compared to two or three years ago, with larger projects now in the mix [33]

Financial Data and Key Metrics Changes - Total revenue for Q3 increased to $1.55 billion, reflecting growth in environmental services and a diversified customer base [20][21] - Adjusted EBITDA rose 6% to $320 million, with a consolidated adjusted EBITDA margin expanding to 20.7%, driven by pricing initiatives and cost reduction efforts [20][21] - Net income grew modestly year over year, delivering earnings per share of $2.21 [23] Business Line Data and Key Metrics Changes - Environmental Services (ES) segment revenue increased by 3%, with adjusted EBITDA margin growing for the 14th consecutive quarter [5][6] - Technical services within ES saw a 12% revenue growth, while Safety-Kleen Environmental services rose 8% [8][20] - Field services revenue declined by 11% due to the absence of medium to large response projects [8][9] Market Data and Key Metrics Changes - Incineration utilization was high at 92%, with landfill volumes up 40% from a year ago [7][20] - PFAS-related sales are expected to generate $100 to $120 million in revenue this year, up 20% to 25% from the previous year [10][11] - The company anticipates that spending constraints in industrial services will loosen as economic conditions improve [18] Company Strategy and Development Direction - The company is focused on margin growth and productivity enhancements, with plans for significant internal investments exceeding $500 million over the next several years [16][17] - A new state-of-the-art processing plant (SDA unit) is planned, expected to generate annual EBITDA of $30 million to $40 million upon completion [15] - The company remains active in evaluating M&A opportunities while maintaining a disciplined approach to capital allocation [16][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong momentum in waste collection and disposal assets despite current macroeconomic challenges [5][18] - The company expects to navigate current economic turbulence and anticipates a recovery in industrial services and field services in the coming quarters [29] - Management highlighted the importance of ongoing cost management and operational efficiency to mitigate rising healthcare costs [33][40] Other Important Information - The company reported a record level of free cash flow in Q3, with cash and short-term marketable securities totaling $850 million [24][25] - SG&A expenses as a percentage of revenue increased to 12.2%, reflecting higher healthcare costs and professional fees [22] - The company has raised its full-year adjusted free cash flow guidance to a midpoint of $475 million, representing over 30% growth from 2024 [28] Q&A Session Summary Question: What were the main factors behind the $15 million guidance reduction? - The reduction was primarily due to shortfalls in industrial services ($7 million) and field services ($4 million), along with elevated healthcare costs impacting the overall company by about $6 million [33][34] Question: What is the outlook for EBITDA growth in 2026? - Management expects to target a 5% EBITDA growth based on cost-cutting initiatives and volume growth in waste businesses, despite not anticipating a rebound in industrial turnarounds until spring [41][42] Question: What is the company's M&A outlook? - The company is actively looking at both larger and smaller deals, maintaining a disciplined approach to ensure good returns on shareholder investments [44][80] Question: What is the expected range for SKSS EBITDA this year? - Management expressed high confidence in achieving the $140 million EBITDA mark for SKSS, with a potential range of a few million on either side [72][73] Question: How does the SDA unit investment relate to M&A strategy? - The SDA unit investment does not reflect a change in M&A appetite; it has been a planned investment for years, and the company remains open to various capital allocation opportunities [79][80]

CTO Realty Growth (NYSE:CTO) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker6Ladies and gentlemen, thank you for standing by. Welcome to CTO Realty Growth's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw yo ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first nine months of 2025 grew by 9%, reaching $165 million, despite challenges from rising oil chemical raw material prices and higher startup costs related to the new Pasadena facility [3][4] - Third quarter adjusted EBITDA was $56 million, a 6% increase year-on-year [4][8] - Adjusted net income for the third quarter was $10.9 million, down 54% from $23.7 million in the prior year, primarily due to a higher effective tax rate and increased depreciation [5][7] Business Line Data and Key Metrics Changes - Specialty Products adjusted EBITDA increased significantly, driven by favorable order timing within the pharmaceutical business, with net sales rising 68% year-on-year [4][12] - Polymers net sales decreased by 4% to $143.9 million, although sales volume increased by 8% [11][12] - Surfactants net sales were $422.4 million, a 10% increase, but adjusted EBITDA decreased by 14% due to higher startup costs and raw material price inflation [10][11] Market Data and Key Metrics Changes - North America rigid polyol and commodity PA volumes both grew by double digits, while European rigid polyol volumes were impacted by macroeconomic uncertainties [5][11] - The company experienced double-digit volume growth in the crop productivity business and mid-single-digit growth in the oil field end market, but faced lower demand in global commodity consumer products [4][5] Company Strategy and Development Direction - The company remains focused on gradually recovering margins while balancing volumes and margins [4][16] - The new Pasadena facility is fully operational and expected to contribute fully by 2026, enhancing production capabilities [15][16] - The company is analyzing opportunities to optimize its global footprint and asset base, including the planned sale of its site in the Philippines [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about delivering full-year adjusted EBITDA growth and positive free cash flow in 2025 despite ongoing market uncertainties [16] - The company aims to maintain a competitive balance between volumes and margins, particularly in the surfactants business [22][24] Other Important Information - Free cash flow was positive at $40 million during the quarter, driven by reduced working capital and disciplined capital spending [5][12] - The Board declared a quarterly cash dividend of $0.395 per share, marking a 2.6% increase [6] Q&A Session Summary Question: Recovery of oil chemicals cost in surfactants - Management noted that coconut oil prices have increased by 70% compared to 2024, but prices are now coming down, and they aim to recover margins by 2026 [21] Question: Pricing challenges with lower raw material costs - Management emphasized the importance of balancing volumes and margins and stated they will remain competitive in the market [22] Question: Long-term margin goals for surfactants - Management believes that surfactants can achieve healthy double-digit EBITDA margins as they grow in functional markets [24] Question: Pent-up demand in commercial roofing and insulation - Management acknowledged pent-up demand for renovations in the construction sector and noted that lower interest rates could stimulate activity [25][26] Question: Margin recovery expectations in polymers - Management indicated that while margins are currently down, they expect improvements as demand recovers [28] Question: Future asset optimization actions - Management committed to a balanced approach between top-line growth and asset rationalization, with potential future announcements regarding asset sales [30]

Dana (NYSE:DAN) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker0Good morning and welcome to Dana Incorporated's third quarter 2025 financial webcast and conference call. My name is Regina and I will be your conference facilitator. Please be advised that our meeting today, both the speaker's remarks and Q&A session, will be recorded for replay purposes. For those participants who would like to access the call from the webcast, please reference the URL on our website and sign in as a guest. There w ...