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- **Revenue Growth Leader**: +7% YoY net sales to $969M, Refrigerants segment up 22% YoY.
- **Margin Resilience**: 24.3% EBITDA margin despite $10M transitory costs, 2026 margin expansion expected.
- **Strategic Growth**: $2.2B AES backlog (+12% QoQ), 454B HFO demand, and $365M-$415M CapEx in AI/semiconductors.
- **Liquidity Strength**: $450M cash + 1.5x net leverage, supporting nuclear conversion and semiconductor materials growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 net sales of $969M (+7% YoY), driven by 22% growth in Refrigerants & Applied Solutions segment.
- **Margin Resilience**: Adjusted stand-alone EBITDA of $235M (24.3% margin), despite $10M transitory costs from spin-off.
- **Strategic Investments**: Allocating capital to high-return areas like semiconductor materials (+4% YoY in Electronic Materials) and nuclear conversion (AES backlog +12% QoQ).

**【CFO Financial Commentary】**
- **Segment Breakdown**: 
  - Refrigerants & Applied Solutions: $687M (+9% YoY), 35.4% EBITDA margin
  - Electronic & Specialty Materials: $282M (+2% YoY), 16.7% EBITDA margin
- **Liquidity Strength**: $450M cash + $1B revolving credit facility, net leverage 1.5x, supporting growth projects.
- **2025 Guidance**: On track for $3.75B-$3.85B net sales, 25% EBITDA margin.

**【Q&A Highlights】**
- **AES Backlog Growth**: $2.2B backlog (+12% QoQ), driven by nuclear conversion orders.
- **Refrigerant Transition**: 454B HFO demand (+22% Refrigerants sales), with 2026 aftermarket growth potential.
- **Margin Recovery**: 2026 EBITDA margin expected to expand post-transitory costs, supported by $365M-$415M CapEx in high-return areas.
- **Supply Chain Resilience**: Full operational recovery from plant downtime, ensuring customer continuity.


Solstice Advanced Materials, Inc. (SOLS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SOLS

SOLS fundamentals

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