Financial Data and Key Metrics Changes - Net sales decreased by 5% to $4.2 billion, driven by lower organic sales and commodity deflation, partially offset by growth from acquisitions [20][21] - Gross profit was $1.3 billion, a decrease of 11% compared to the prior year, with a gross margin of 30.7%, down 20 basis points [23] - Adjusted EBITDA was $506 million, down 24%, with an adjusted EBITDA margin of 12%, down 300 basis points from the prior year [24] Business Line Data and Key Metrics Changes - Multifamily sales declined by 23%, while single-family sales decreased by 9%, attributed to lower starts activity and value per start [21] - Repair and remodel increased by 3%, driven by strength in the Mid Atlantic and South Central regions [21] - The company invested over $35 million in value-added solutions, including opening a new millwork location in Florida and upgrading plants in seven states [8][9] Market Data and Key Metrics Changes - Single-family starts are expected to decrease through year-end due to builders managing construction pace amid affordability concerns [10] - Multifamily remains muted due to higher input and financing costs, but it is still considered an appealing and profitable business [11] - The company anticipates a headwind to sales of $400 million to $500 million in multifamily and a headwind to EBITDA of less than $200 million [28] Company Strategy and Development Direction - The company focuses on three key areas: customer service, operational excellence, and disciplined capital allocation [6][7] - Investments in technology, including the implementation of a single ERP system, are expected to unlock growth and efficiency opportunities [7] - The company remains committed to pursuing higher return opportunities through acquisitions, despite a slower M&A environment [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging market environment but emphasizes the importance of operational discipline and customer service [5][10] - The company expects net sales for 2025 to be in the range of $14.8 billion to $15.6 billion, with adjusted EBITDA forecasted between $1.5 billion and $1.7 billion [28][29] - Management remains confident in the company's ability to drive long-term growth by executing its strategy and maintaining financial flexibility [29] Other Important Information - The company completed a $750 million offering of senior unsecured notes to pay down the balance on its ABL [26] - The company has a net debt to adjusted EBITDA ratio of approximately 2.3x and a fixed charge coverage ratio of roughly 6x [26] - The company has repurchased 3.3 million shares at an average price of $118.27 per share, with $500 million remaining on its share repurchase authorization [27] Q&A Session Summary Question: How is the company strengthening its competitive position in a disappointing starts environment? - Management highlighted improvements in on-time and in-full performance, aligning closely with builders to enhance affordability and efficiency through technology [34][35] Question: What drove the sequential improvement in gross margins in Q2? - Management noted better-than-expected performance in multifamily and repair and remodel sectors contributed to the margin outperformance [40][41] Question: Can you discuss the impact of Canadian lumber tariffs on your outlook? - Management has factored in the duties into their guidance, expecting minimal impact on financial results in 2025 due to lead times on existing orders [62][64] Question: How does the company plan to balance market share and margin? - Management emphasized maintaining a fair return while being prepared to walk away from business that does not meet margin expectations [91][92] Question: What is the status of the ERP rollout and associated costs? - The ERP project went live on July 1, with expected cash expenses of $140 million in 2025, but no changes to the projection at this time [108][110]

Financial Data and Key Metrics Changes - Revenues for the second quarter were $16.6 billion, a 5.8% increase compared to 2024 [6] - Net income was $2.1 billion, with adjusted net income at $1.6 billion or $5.94 per diluted share [6] - Adjusted net income return on equity was 28.6% over the trailing twelve months [7] Business Line Data and Key Metrics Changes - Total policies in force increased by 2.08 million, a 4.2% rise year-over-year, primarily driven by Allstate Protection Plans [6] - Personal Property Liability policies in force grew by 0.8% [6] - The Property Liability business generated nearly $1.3 billion in underwriting income, with a combined ratio of 91.1, a 10-point improvement from the prior year [15] - Auto insurance combined ratio improved to 86%, a 9.9-point improvement from 2024 [16] - Homeowners business had a combined ratio of 102% due to $1.6 billion in catastrophe losses, despite strong underlying margins [17] Market Data and Key Metrics Changes - Auto insurance policies in force increased by 2.4% compared to the prior year quarter, with growth in active brands [20] - Homeowners insurance policies in force grew by 2.3% relative to the prior year quarter [18] - The Protection Services segment generated $867 million in revenue for the quarter, reflecting a 16.6% increase year-over-year [12] Company Strategy and Development Direction - The company aims to increase personal property liability market share and expand customer protection [5] - The Transform and Grow strategy is in Phase four, focusing on new product offerings and enhanced distribution capabilities [8] - The company is leveraging advanced technology and pricing sophistication to improve competitiveness and customer access [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative growth strategy, indicating it is working effectively [32] - The company is optimistic about growth in New York and New Jersey, anticipating regulatory approvals for new products [34] - Management highlighted the importance of retention and customer interaction to sustain growth [82] Other Important Information - The company completed divestitures of the employee voluntary benefits and group health businesses for a combined $3.25 billion [25] - Shareholder returns included $1.1 billion in dividends and $445 million in share repurchases [26] Q&A Session Summary Question: Can you talk about potential tailwinds and headwinds for growth? - Management acknowledged the decline of inactive brands but expects the rate of decline to diminish over time, emphasizing commitment to growth in personal property liability [31][32] Question: How do you think about the lifetime profitability of the business? - Management stated that all written business is evaluated for lifetime value, ensuring a clean book and strong profitability across channels [35][36] Question: Can you discuss frequency trends and the impact of technology? - Management noted a downward trend in auto frequency, driven by advanced safety features in vehicles, while also highlighting the importance of telematics [44][42] Question: Can you provide insights on the reinsurance program changes? - The company increased its total catastrophe reinsurance limit to over $11 billion, with a 10% risk-adjusted decrease in cost [49][50] Question: How is the competitive environment affecting growth? - Management believes the company is well-positioned to grow and earn attractive returns, citing broad distribution and competitive pricing as key advantages [78][79] Question: What is the outlook for the Canadian business? - Management expressed confidence in the Canadian market, indicating a belief in the company's ability to succeed there [59] Question: How do you view the direct-to-consumer strategy? - Management expects the direct-to-consumer segment to grow, with advertising expenses aligned with customer acquisition strategies [90][92]

Financial Data and Key Metrics Changes - The company reported adjusted diluted EPS of $0.90, a 6% increase compared to the same period a year ago [30] - Adjusted revenue increased by 2% compared to the prior quarter and 9% compared to the prior year, primarily due to higher management fees on increased average AUM [25][30] - The adjusted operating margin for the second quarter was 33.5% [30] Business Line Data and Key Metrics Changes - The company achieved net inflows of $46.7 billion for the quarter, marking the fifth consecutive quarter of positive net flows [14][53] - Fixed income net inflows were $49.7 billion, significantly up from $5.6 billion in the prior quarter [21] - Equity flows were negative $2.6 billion, an improvement from $4.2 billion of net outflows in the prior quarter [21] Market Data and Key Metrics Changes - The U.S. market saw positive net flows for the eighth consecutive quarter, while EMEA, LatAm, and Asia Pacific experienced net outflows [17] - Institutional net inflows were $49 billion, compared to $800 million in the prior quarter, marking the third consecutive quarter of positive flows [19] - The company’s AUM increased by 23% to $457.3 billion, the highest quarterly AUM ever [8] Company Strategy and Development Direction - The company is focused on three strategic pillars: protect and grow core businesses, amplify strengths, and diversify where clients give the right to win [34] - The partnership with Guardian is expected to amplify the company’s insurance, institutional, and fixed income businesses [38] - The company aims to enhance client relationships by evolving from transactional to partnership-based interactions [40] Management's Comments on Operating Environment and Future Outlook - Management noted that business trends have stabilized despite market volatility, with strong alpha generation from investment teams [5] - The company is optimistic about its growth trajectory, particularly in the institutional channel, and is focused on broadening its reach [58] - Management emphasized the importance of delivering consistent investment performance to attract and retain clients [62] Other Important Information - The company completed a strategic partnership with Guardian, which includes a commitment of up to $400 million in seed capital for product innovation [7] - The company has reduced shares outstanding by over 22% since 2018 and continues to return capital to shareholders through dividends and share buybacks [32] Q&A Session Summary Question: What are the next priorities on the institutional side? - Management expressed satisfaction with the positive net flows in the institutional channel and indicated that they are broadening their reach among institutional players [56][58] Question: How does the company plan to address persistent outflows in retail equities? - Management remains confident in their equities franchise and is focused on delivering outstanding investment performance to regain market share [62] Question: Can you discuss the addressable market for the new product, JABS? - Management highlighted JABS as a client-led innovation aimed at meeting the demand for short-duration, high-quality fixed-rate securitized assets [71][73] Question: What is driving the strong improvement in investment performance? - Management noted that the improvement is largely due to US and global equity products that have rebounded above benchmarks [75][76] Question: What are the plans for the multi-asset segment? - Management indicated that there is growing interest in balanced funds and solutions, particularly in the U.S., Europe, and Asia [80][82]

Financial Data and Key Metrics Changes - Net revenue for Q2 2025 was $2.1 billion, a decrease of 3% in U.S. dollars and 4% in constant currency [24] - Adjusted diluted earnings per share were $2.45, flat year over year in U.S. dollars and down 1% in constant currency [27] - Gross margin was 21.1%, an increase of 10 basis points from the previous year [27] - Adjusted SG&A expenses declined by 3%, contributing to strong operating expense management [27] Business Line Data and Key Metrics Changes - Hardware revenue grew by 2%, marking the second consecutive quarter of growth, with North America hardware revenue increasing by 4% [8][25] - Insight core services revenue decreased by 2%, primarily due to delays in initiating new service projects with large enterprise clients [9][25] - Cloud gross profit was $123 million, a decrease of 5% due to partner program changes [26] Market Data and Key Metrics Changes - Revenue from commercial clients grew by 8%, representing the fifth consecutive quarter of growth [8] - The underlying SaaS and infrastructure as a service business grew in double digits, offset by partner program changes [8] - The public sector business showed momentum in services and hardware, despite overall revenue being down [82] Company Strategy and Development Direction - The company aims to become the leading AI-first solutions integrator, adapting its services portfolio to support clients in deploying AI solutions [10][19] - The strategy includes focusing on simplifying complex technology for clients and leveraging partnerships with major companies like NVIDIA, Google, and Microsoft [17][20] - The company is actively pursuing M&A opportunities to enhance capabilities in AI, data security, and cloud services [95] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, anticipating improved purchasing from corporate and large enterprise clients [20][31] - The company expects hardware demand to continue to build throughout the year, driven by device refresh needs and infrastructure spending [21] - Management acknowledged macroeconomic factors affecting client investment decisions, including tariffs and legislative policies [9] Other Important Information - The company repurchased approximately $76 million of shares in Q2, with $224 million remaining for the share repurchase program [28] - The adjusted return on invested capital for the trailing twelve months was 14.4%, down from 17% a year ago [29] - The company has ample liquidity with access to $1.8 billion under its ABL facility [29] Q&A Session Summary Question: Guidance on gross profit dollars for the second half - Management indicated that gross profit dollars are expected to improve in the second half, driven by hardware growth and cloud performance [50][51] Question: Trends in cost-cutting across the industry - Management noted that productivity improvements through AI are allowing the company to hold headcount flat while increasing service capabilities [62] Question: Drivers behind delays in services projects with large enterprises - Management attributed delays to macroeconomic uncertainty and clients focusing on AI investments, leading to a cautious approach in traditional spending [70][71] Question: Update on cloud growth excluding program changes - Management confirmed that underlying cloud growth remained around 17% year over year, with expectations for similar performance in the second half [74] Question: Labor strategy to meet AI opportunities - Management highlighted a dual approach of acquiring new talent and upskilling existing employees to meet the demands of AI integration [95][96]

Financial Data and Key Metrics Changes - Consolidated net sales were $311 million, down 6.2% from $332 million in the same quarter last year [19] - Adjusted EBITDA margin decreased to 16.7% from 19% in the prior year [9] - GAAP net income attributable to the company for the quarter was $9.2 million compared to $24.6 million last year [22] - Adjusted diluted EPS was $0.57 versus $0.89 in the same period last year [23] Business Line Data and Key Metrics Changes - Machine Clothing reported revenues of $181 million, a decrease of 6.5% year-over-year [20] - Engineered Composites segment revenues were $130 million, reflecting a sequential growth of 14% from the first quarter [13] - Machine Clothing gross profit decreased to $84 million from $89 million in the prior year, while gross margin improved by 40 basis points to 46.3% [20] - AEC gross profit decreased to $14 million from $24 million, primarily due to cumulative EAC adjustments [21] Market Data and Key Metrics Changes - North America experienced a slight decline in deliveries due to packaging machine production curtailments [11] - Europe showed solid signs of recovery with good deliveries and orders, offsetting weakening conditions in Asia, particularly in China [11] - The global MC order backlog remains healthy, indicating confidence for a stronger second half of the year [11] Company Strategy and Development Direction - The company is focused on optimizing its global production footprint and has commenced two additional facility closures [7] - Investments in operational excellence are aimed at transforming execution of current programs and driving process improvements [8] - Advanced air mobility is identified as a significant source of growth, with new long-term agreements and investments in capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovery despite second quarter results lagging expectations due to timing and operational issues [5] - The company expects global growth to continue as tariff environments become more predictable [6] - Full year guidance is reaffirmed, projecting stronger performance in the second half driven by ramping programs and operational efficiencies [25] Other Important Information - The company successfully completed its S4HANA upgrade, enhancing systems and operational efficiencies [17] - Will Station has been appointed as the new CFO, bringing extensive experience from McKesson and Boeing [18] Q&A Session Summary Question: Can you talk about overall build rates in aerospace? - Management noted that ramp-up is occurring as Boeing is destocking and material is being brought in, indicating momentum towards prior production levels [28] Question: What factors could affect revenue range in the second half? - Key factors include Machine Clothing synergies and increased commercial programs at AEC, which are expected to drive growth and profitability [29] Question: Can you provide updates on the CH-53K program? - The ramp-up is being approached carefully, with significant investments in team training and production capabilities [33] Question: Can you elaborate on AEC margins and investments in labor? - AEC is performing well, but challenges remain with the CH-53K program, requiring more resources and time for ramp-up [37] Question: What gives confidence to maintain guidance despite challenges? - Confidence stems from improved performance indicators, including reduced quality issues and better operational efficiency [45] Question: What new programs are ramping up in the second half? - Existing and new programs, including the Bell 525 and JASSM, are expected to contribute to growth in the second half [48] Question: Can you provide details on the 3D woven composite parts? - The company is focused on replacing titanium with 3D woven technology, with certification expected in the next 18 months [55]

Financial Data and Key Metrics Changes - The company reported 5% organic growth in Q2 2025, with adjusted EPS of $2.86, reflecting a 20% year-over-year increase [5][22] - Adjusted operating margin expanded by 150 basis points to 18.5%, with a 100 basis point improvement when excluding the impact of the TRANZACT divestiture [22][36] - Free cash flow for the first half of 2025 was $217 million, a decrease of $88 million from the prior year, primarily due to increased incentive costs and cash tax payments [39][63] Business Line Data and Key Metrics Changes - Health, Wealth, and Career (HWC) revenue grew by 4% year-over-year, with health business achieving 8% growth [23][25] - Wealth had a revenue growth of 3%, driven by the retirement business, while Career growth was 1% [27][29] - Risk and Broking (R&B) delivered 6% revenue growth, with corporate risk and broking growing 6% or 7% when excluding certain income [31][32] Market Data and Key Metrics Changes - The company noted strong demand for health care cost management solutions and pension derisking amidst rising global trade and inflation [8][9] - Growth in the Middle East was highlighted as a key opportunity, with significant client wins in the region [16][32] - The construction specialty business is experiencing strong results, particularly in data centers, which are forecasted for significant global growth [17] Company Strategy and Development Direction - The company is focused on accelerating performance, enhancing efficiency, and optimizing its portfolio, which are key drivers of its results [6][10] - A holistic approach to technology is being adopted to enhance growth and efficiency, including the rollout of a global broking platform and AI tools [11][12] - The inorganic growth strategy remains consistent, with a focus on enhancing broking and wealth presence in key markets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on 2025 guidance, including mid-single digit organic growth and adjusted operating margin expansion [20][41] - The macroeconomic environment remains dynamic, with clients increasingly seeking assistance in managing risks and costs [7][8] - There is optimism regarding the second half of the year, with expectations for strong demand in health and wealth sectors [26][30] Other Important Information - The company returned $591 million to shareholders through share repurchases and dividends, with plans for approximately $1.5 billion in share repurchases for 2025 [40] - The adjusted tax rate for the quarter was 18%, compared to 22.4% in the prior year, with expectations for consistency in the full year [38] Q&A Session Summary Question: HWC organic growth acceleration - Management indicated that HWC is expected to maintain mid-single digit organic revenue growth and margin expansion for the full year, driven by strong demand for global benefits management and outsourcing [43][44] Question: Risk and Broking growth contributions - Management confirmed that the 6% growth in R&B was attributed to the specialization strategy, talent investments, and strong client retention [55][56] Question: Free cash flow performance - Management explained that the decrease in free cash flow was due to increased compensation and cash tax payments, but expects improvement in the second half of the year [61][63] Question: Talent competition in insurance brokerage - Management acknowledged ongoing competition for talent but emphasized their strategic hiring approach to enhance capabilities [65][66] Question: Guidance on reinsurance joint venture costs - Management clarified that the revised cost estimate for the joint venture is based on better insights into expenses, with no expected changes at this time [70][72] Question: Drivers of margin expansion - Management highlighted operating leverage and efficiency improvements as key drivers for margin expansion, reaffirming their commitment to achieving 100 basis points of annual margin expansion over the next three years [73][78]

Financial Data and Key Metrics Changes - Service revenues grew by 5.4% year over year, with EBITDA increasing by 6.5%, resulting in a margin of 49.5% [4][5] - Operating cash flow expanded significantly, reflecting improved profitability and a commitment to shareholder distribution [4] Business Line Data and Key Metrics Changes - Total service revenue in Q2 grew by 5.1% year on year, with mobile services growing at a faster pace of 5.6% [6] - Postpaid services now account for nearly 70% of mobile service revenues, with a year-over-year growth of 12.2% in Q2 [7] - The company added over 450,000 new postpaid customers in the second quarter [6] Market Data and Key Metrics Changes - In state capitals, 5G accounts for 30% of data traffic, with São Paulo seeing an offload of 36% [16] - The number of 5G devices has grown fivefold since 2022, now representing 28% of total devices [15] Company Strategy and Development Direction - The company is focused on network modernization and expanding partnerships to develop new revenue opportunities [5][11] - A strategic initiative includes enhancing the B2B IoT strategy, particularly in agribusiness, utilities, and logistics [11][12] - The company aims to secure new partnerships in financial services and expand its digital ecosystem [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased global volatility but remains committed to executing strategic initiatives to meet 2025 targets [5][22] - The competitive landscape is viewed as rational, with a focus on quality rather than aggressive pricing strategies [58] Other Important Information - The company has been recognized as the most sustainable Brazilian company, leading the B3 Sustainability Index [5] - Significant strides have been made in ESG commitments, including renewable energy use and diversity policies [22] Q&A Session Summary Question: Outlook for lease lines in the remainder of the year - Management indicated that negotiations with partners are ongoing, with a focus on achieving lease increases in line with inflation [33][35] Question: Evolution on management's thoughts about the fixed business - Management stated there are no new updates on inorganic opportunities, focusing instead on optimizing existing operations [29][30] Question: CapEx and leasing efficiency measures outlook for the second semester - Management confirmed that CapEx efficiency is improving, particularly in network modernization efforts [40][41] Question: Sale and marketing expenses outlook - Management noted that marketing costs are being managed through increased efficiency and a shift towards e-commerce [43][44] Question: Growth in mobile revenue driven by roaming revenues - Management explained that growth is attributed to user-generated revenues and new roaming agreements, contributing positively to overall revenue [51][52] Question: Increase in network and interconnection costs - Management clarified that the increase is due to higher international roaming costs and a growing customer base, which is expected to maintain a positive margin [60][61] Question: Perspectives on the prepaid segment - Management indicated ongoing efforts to improve prepaid revenue dynamics, focusing on recharge frequency and customer migration strategies [66]

Financial Data and Key Metrics Changes - Total revenues reached approximately EUR 1.8 billion, a 4.4% growth year over year with flat deliveries [11] - EBITDA exceeded EUR 700 million, with an EBITDA margin of 39.7% and EBIT margin close to 31% [21] - Industrial cash flow was EUR 230 million, reflecting strong profitability [11][22] Business Line Data and Key Metrics Changes - Shipments were driven by the 296 GTS, Purosangue, and Roma Spider, while the Daytona SP3 saw lower shipments as it approaches the end of its life cycle [18] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and SF90XX family [20][42] Market Data and Key Metrics Changes - The geographic breakdown reflects different product cycles and the company's deliberate allocation strategy, with a strong order book entering 2027 [9][19] - Demand for the 296 Speciale family is significantly high, nearly reaching full coverage of its life cycle [9] Company Strategy and Development Direction - The company is on track with product development, particularly with the upcoming Ferrari Electrica [7] - Continued investment in client centricity, product excellence, and technology advancement is emphasized [9] - The company aims to attract new customers with the Ferrari Amalfi, which combines sportiness and comfort [12][65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic threats, including trade tensions and currency fluctuations [6] - The company anticipates a deliberate reduction in deliveries compared to 2024 to prioritize quality of revenues over volume [24] - Strong results are seen as a continuation of the growth path backed by a unique business model [26] Other Important Information - The company plans to resume its multi-year share repurchase program of EUR 2 billion by year-end [23] - Construction of a new truck dedicated to sports car testing is underway, enhancing product excellence [10] Q&A Session Summary Question: Comments on residual value developments in key markets - Management noted that there are positive trends in the UK market and actions are being taken to address pressures [30] Question: Details on why industrial costs in the second half are expected to be lower - Lower costs are attributed to an easier comparison with last year and reduced quality costs compared to previous expectations [31][32] Question: Clarification on R&D capitalization versus amortization - The change is due to the overlap of project developments and the pace of car development in racing [33] Question: Growth in cars and spare parts at 3% - The lower growth is linked to the product mix and ASP, with strong personalization trends continuing [37][42] Question: Impact of tariffs on pricing and customer behavior - Management indicated that there have been no significant cancellations or postponements due to tariffs, but some uncertainty exists [92] Question: Expectations for hybrid share in the next 6-12 months - The hybrid share is expected to fluctuate based on the models offered and their production volumes [75] Question: Clarification on CapEx and special projects - The company is on track with its CapEx commitments and will provide more details at the upcoming Capital Market Day [118] Question: Future electric vehicle launches - Management confirmed that the unveiling of the electric vehicle is on schedule for Q4 2025, with no delays [82]

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, compared to $0.08 in Q2 2024 [6] - Core earnings were $0.52 per share for the quarter, up from $0.51 in the same quarter last year, indicating a strong performance [7][22] - Year-to-date core earnings reached $1.19 per share, reflecting a 19% increase compared to 2024 [23] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [23] Business Line Data and Key Metrics Changes - The distribution and integrated businesses showed meaningful increases due to the execution of regulated strategies and higher customer demand [23] - Operating expenses were approximately 4% below plan, contributing to favorable financial performance [51] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [25] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [12] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [13] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [9][20] - Significant investments in Pennsylvania are planned, with $15 billion expected through 2029, including $4.3 billion in distribution and $5.5 billion in transmission capital investments [11] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [19] - The leadership team is focused on optimizing performance and financial strength, with a commitment to delivering stable growth [19][29] - Management highlighted the need for new dispatchable generation in West Virginia and is prepared to invest accordingly [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [29] - The company is committed to maintaining a strong balance sheet and investment-grade metrics, targeting a funds from operations to debt ratio of 14% plus through 2029 [28] Q&A Session Summary Question: Clarification on transmission CapEx upside - The company indicated that the 20% increase in CapEx is gross and includes approximately $2.3 billion to $4 billion identified for shareholders [34][35] Question: Balance sheet capacity and equity considerations - Management stated they are keeping all options open regarding balance sheet capacity and would consider equity if necessary, but are not currently concerned [36][37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [43] Question: Incremental generation needs in West Virginia - The company anticipates needing to add about 1,000 megawatts of dispatchable gas combined cycle generation over the next ten years [45] Question: Ohio regulatory strategy post-rate case - Future regulatory strategy will depend on the outcomes of the current rate case, with plans to file under the new framework as soon as practicable [91][92]

Pilgrim's Pride (PPC) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsAndrew Rojeski - Head - Strategy, IR & SustainabilityFabio Sandri - President & Global CEOMatthew Galvanoni - CFOBenjamin Theurer - Managing DirectorPooran Sharma - Managing DirectorHeather Jones - FounderPeter Galbo - Director - Head of US Consumer Staples Equity ResearchPriya Gupta - Assistant VPConference Call ParticipantsAndrew Strelzik - Restaurant AnalystGuilherme Palhares - Senior Equity Research AnalystOperator ...