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- **Record Q3 Financials**: $268M revenue (+11.5% YoY), $44M adjusted net earnings (+19.1% YoY), and $71M EBITDA (+11% YoY).
- **Segment Strength**: Human Nutrition & Health up 14.3%, Specialty Products up 7.5%, driven by better-for-you trends and geographic expansion.
- **Strategic Initiatives**: New manufacturing plant to double encapsulation capacity; European antidumping duties on choline set to boost market share.
- **Growth Drivers**: 25+ quarters of EBITDA growth, strong free cash flow ($51M), and minimal leverage (0.3x net debt).

**【CEO Opening Remarks】**
- Reported record Q3 2025 revenue of $268M (+11.5% YoY), driven by growth in all three segments.
- Achieved 25 consecutive quarters of adjusted EBITDA growth, with Q3 EBITDA at $71M (+11% YoY).
- Highlighted strong demand in Human Nutrition & Health (HMH) segment (+14.3% YoY) and Specialty Products (+7.5% YoY).
- Announced completion of NIH-funded choline biomarker study, validating plasma choline as a dietary adequacy indicator.
- Expanded marketing reach through Real Science Exchange platform, including new companion animal sector content.

**【CFO Financial Commentary】**
- GAAP net income: $40M (+19.1% YoY), EPS: $1.24 (+20.4% YoY).
- Adjusted net earnings: $44M (+19.1% YoY), adjusted EPS: $1.35 (+19.5% YoY).
- Gross margin: $95M (+11.8% YoY), margin rate: 35.7% (flat YoY).
- Operating expenses: $41M (+10.8% YoY) due to higher professional services and compensation.
- Free cash flow: $51M, net debt: $89M (leverage ratio 0.3x).
- Segment performance:
  - HMH: $174M (+14.3% YoY), EBITDA: $44M (+13.2% YoY).
  - Animal Nutrition: $56M (+6.6% YoY), EBITDA: $4M (+5.2% YoY).
  - Specialty Products: $36M (+7.5% YoY), EBITDA: $13M (+8.8% YoY).

**【Q&A Highlights】**
- **Food Ingredients Growth**: Driven by better-for-you trends (high protein, low sugar) and new product formulations. 2026 outlook: sustained growth as trends accelerate.
- **Nutrient Penetration**: Choline, K2, MSM markets still <10% penetrated; long-term growth runway supported by scientific validation.
- **European Antidumping Duties**: Preliminary 95-120% duties on Chinese choline expected to become final by end-2025, boosting European market share.
- **New Manufacturing Facility**: $100M Orange County plant to double encapsulation capacity, set to begin production mid-2027.
- **Debt Repayment**: Maintain disciplined cash deployment, prioritizing debt reduction while monitoring M&A opportunities.
- **Specialty Products Expansion**: Plant Nutrition growing 13% YoY via Latin America and Asia-Pacific expansion; Performance Gases stable at 7% YoY growth.

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