Q2 2026 CCL Industries Inc Earnings Call

August 13, 2026

Speaker #1: Good morning, and welcome to CCL Industries' 2026 Second Quarter Investor Update. Please note that there will be a question-and-answer session after the call. The moderator for today is Mr. Geoffrey Martin, President and Chief Executive Officer, and joining him is Mr. Sean Washchuk, Senior Vice President and Chief Financial Officer.

Operator 2: Good morning, and welcome to CCL Industries 2026 second quarter investor update. Please note that there will be a question and answer session after the call. The moderator for today is Mr. Geoff Martin, President and Chief Executive Officer, and joining him is Mr. Sean Washchuk, Senior Vice President and Chief Financial Officer. Please go ahead, gentlemen.

Operator: Good morning, and welcome to CCL Industries 2026 second quarter investor update. Please note that there will be a question and answer session after the call. The moderator for today is Mr. Geoff Martin, President and Chief Executive Officer, and joining him is Mr. Sean Washchuk, Senior Vice President and Chief Financial Officer. Please go ahead, gentlemen.

Speaker #1: Please go ahead, gentlemen.

Speaker #2: Thank you, Holly. Good morning, everyone. I'll draw everyone's attention to the second page of this presentation. I'll remind everyone that our business faces known and unknown risks and opportunities.

Sean Washchuk: Thank you, Holly. Good morning, everyone. I will draw everyone's attention to our second page of this presentation. I will remind everyone that our business faces known and unknown risks and opportunities. For further details of these key risks, please take a look at our 2026 second quarter report and our 2025 annual report under the section Risks and Uncertainties. Our annual and quarterly reports can be found online at the company's website, cclind.com, or on sedarplus.ca. Moving to slide 3, our summary of financial results. For the second quarter of 2026, sales increased 9.1%, with 5% organic growth, 1.8% acquisition-related growth, and 2.3% positive impact from foreign currency translation, resulting in sales of CAD 2.11 billion, compared to approximately CAD 1.93 billion in the second quarter of 2025.

Speaker #2: For further details of these key risks, please take a look at our 2026 second quarter report and our 2025 annual report under the section "Risks and Uncertainties."

Speaker #2: Our annual and quarterly reports can be found online at the company's website, cclind.com, or on CedarPlus.ca. Moving to slide 3, our summary of financial results.

Speaker #2: For the second quarter of 2026, sales increased 9.1%, with 5% organic growth, 1.8% acquisition-related growth, and a 2.3% positive impact from foreign currency translation. This resulted in sales of $2.11 billion, compared to approximately $1.93 billion in the second quarter of 2025.

Speaker #2: Operating income was $350.6 million for the second quarter of 2026, compared to $322.1 million for the second quarter of 2025, an improvement of approximately 7%, excluding currency translation.

Sean Washchuk: Operating income was CAD 350.6 million for the 2026 second quarter, compared to CAD 322.1 million for the second quarter of 2025, an improvement of approximately 7%, excluding currency translation. This, however, did not include CAD 1.7 million of non-cash acquisition accounting-related adjustments to fair value in the inventory from the Sleever transaction. Excluding these non-cash adjustments, operating income, excluding foreign exchanges, increased more than 7%. Geoff will expand on the segmented operating results of our CCL, Avery, Checkpoint, and Innovia segments momentarily. Corporate expenses were up for the 2026 second quarter compared to the prior year's second quarter due to higher variable compensation expenses and other general costs. Consolidated EBITDA for the 2026 second quarter, excluding the impact of foreign currency translation, increased 6% compared to the same period in 2025.

Speaker #2: This, however, did not include $1.7 million of non-cash acquisition accounting-related adjustments to fair value in the inventory from this lever transaction. Excluding these non-cash adjustments, operating income excluding foreign exchange increased more than 7%.

Speaker #2: Geoffrey will expand on the segmented operating results of our CCL, Avery, Checkpoint, and Innovia segments momentarily. Corporate expenses were up for the second quarter of 2026, compared to the prior year's second quarter, due to higher variable compensation expenses and other general costs.

Speaker #2: Consolidated EBITDA for the second quarter of 2026, excluding the impact of foreign currency translation, increased 6% compared to the same period in 2025. Net finance expense was $18.7 million for the second quarter of 2026, higher than the $17.3 million for the second quarter of 2025.

Sean Washchuk: Net finance expense was CAD 18.7 million for Q2 2026, higher than the CAD 17.3 million for Q2 2025. The increase is due to higher finance costs on the company's drawn debt and a reduction of finance income on the company's cash and cash equivalents. The overall effective tax rate for Q2 2026 was 26%, compared to an effective tax rate of 25.3% recorded for Q2 2025. This is due to an increase in taxable income earned in higher tax jurisdictions. The effective tax rate may change in future periods depending on the proportion of taxable income earned in different tax jurisdictions with different rates. Net earnings for Q2 2026 was CAD 223.8 million compared to CAD 213.1 million for Q2 2025.

Speaker #2: The increase is due to higher finance costs on the company’s drawn debt and a reduction of finance income on the company’s cash and cash equivalents.

Speaker #2: The overall effective tax rate for the second quarter of 2026 was 26%, compared to an effective tax rate of 25.3% recorded for the second quarter of 2025.

Speaker #2: This is due to an increase in taxable income earned in higher tax jurisdictions. The effective tax rate may change in future periods depending on the proportion of taxable income earned in different tax jurisdictions with different rates.

Speaker #2: Net earnings for the 2026 second quarter were $223.8 million, compared to $213.1 million for the 2025 second quarter. For the six-month period, sales, operating income, and net income increased 5%, 3%, and 1%, respectively, excluding currency translation.

Sean Washchuk: For the six-month period, sales, operating income, and net income increased 5%, 3%, and 1%, excluding currency translation, respectively, compared to the same six-month period in 2025. 2026 included results from four acquisitions completed since 1 January 2025, delivering acquisition-related sales growth for the period of 1.1%. Organic growth of 3.5%, and foreign currency translation was a tailwind of 1.4% to sales. Moving to our next slide, earnings per share. Basic and adjusted basic earnings per Class B share were CAD 1.31 and CAD 1.35 respectively for Q2 2026, compared to CAD 1.21 and CAD 1.22 basic and adjusted basic earnings per Class B share for Q2 2025. Adjusted earnings per Class B share increased 10.7% compared to Q2 2025.

Speaker #2: Compared to the same six-month period in 2025, 2026 included results from four acquisitions completed since January 1, 2025. These acquisitions delivered acquisition-related sales growth for the period of 1.1%, organic growth of 3.5%, and foreign currency translation was a tailwind of 1.4% to sales.

Speaker #2: Moving to our next slide, earnings per share. Basic and adjusted basic earnings per Class B share were $1.31 and $1.35, respectively, for the 2026 second quarter, compared to $1.21 and $1.22 basic and adjusted basic earnings per Class B share for the 2025 second quarter.

Speaker #2: Adjusted earnings per Class B share increased 10.7% compared to the second quarter of 2025. This 13-cent increase in adjusted basic earnings per share was primarily driven by improved operating income accounting for 11 cents, our share count reduction accounting for 3 cents, and another 3 cents of positive foreign currency translation.

Sean Washchuk: This 13-cent increase in adjusted basic earnings per share was primarily driven by improved operating income accounting for 11 cents, our share count reduction accounting for three cents, and another three cents of positive foreign currency translation, partially offset by higher income tax rate, reduced joint venture earnings, increased net finance costs, and higher corporate expenses summing to four cents. Moving to our next slide. Free cash flow from operations. For Q2 2026, free cash flow from operations was an inflow of CAD 189.2 million, compared to an inflow of CAD 226 million posted for Q2 2025. This decrease is principally due to an increase in net working capital, slightly higher net CapEx, partly offset by lower taxes paid for Q2 2026 compared to the prior year second quarter.

Speaker #2: Partially offset by higher income tax rate, produced joint venture earnings, increased net finance costs, and higher corporate expenses, summing to 4 cents. Moving to our next slide, free cash flow from operations.

Speaker #2: For the second quarter of 2026, free cash flow from operations was an inflow of $189.2 million, compared to an inflow of $226 million posted for the second quarter of 2025.

Speaker #2: This decrease is principally due to an increase in net working capital and slightly higher net capex, partly offset by lower taxes paid for the second quarter of 2026, compared to the prior year's second quarter.

Speaker #2: For the trailing 12 months, our free cash flow from operations remains near record levels. Moving to the next slide, returns to shareholders. During the first six months of 2026, the company moved from a discretionary share buyback plan to an automatic share repurchase plan, that commenced on March 2 of this year.

Sean Washchuk: For the trailing 12 months, our free cash flow from operations remains near record levels. Moving to the next slide, returns to shareholders. During the first six months of 2026, the company moved from a discretionary share buyback plan to an automatic share repurchase plan that commenced on 2 March of this year. Year-to-date, 30 June 2026, the company repurchased 3.8 million shares for CAD 331.6 million. In addition, during the blackout period, 1 July to 12 August, the company also repurchased an additional 700,000 shares for CAD 66.3 million. Including the 12.5% increase in the 2026 annual dividend announced in February of this year, dividends paid year-to-date amounted to CAD 123.5 million, for a total of CAD 455.1 million returned to shareholders, including the buyback.

Speaker #2: Year-to-date June 30, 2026, the company repurchased 3.8 million shares for $331.6 million. In addition, during the blackout period from July 1 to August 12, the company also repurchased an additional 700,000 shares for $66.3 million.

Speaker #2: Including the 12.5% increase in the 2026 annual dividend announced in February of this year, dividends paid year-to-date amounted to $123.5 million, for a total of $455.1 million returned to shareholders, including the buyback.

Speaker #2: It is the company's expectation that more will be returned to our shareholders in 2026, as the automatic share repurchase plan is active in the market daily, including blackout periods when the company was not permitted to make share purchases in 2025.

Sean Washchuk: It is the company's expectation that more will be returned to our shareholders in 2026, as the automatic share repurchase plan is active in the market daily, including blackout periods when the company was not permitted to make share purchases. In 2025, our board of directors has authorized management, commencing 2 March of this year, to spend up to CAD 1.2 billion over the next 12 months on share repurchase. Next slide, our cash and debt summary. Net debt as at 30 June 2026 was CAD 1.74 billion, an increase of CAD 479.6 million compared to 31 December 2025. This increase is principally a result of higher total debt outstanding due to capital expenditures, business acquisitions, and our share buyback. Despite the increase, the company's net debt on the balance sheet closed the quarter in a strong position.

Speaker #2: Our board of directors has authorized management, commencing March 2 of this year, to spend up to $1.2 billion over the next 12 months on share repurchase.

Speaker #2: Next slide. Our cash and debt summary. Net debt as of June 30, 2026, was $1.74 billion, an increase of $479.6 million compared to December 31, 2025.

Speaker #2: This increase is principally a result of higher total debt outstanding due to capital expenditures, business acquisitions, and our share buyback. Despite the increase, the company's net debt on the balance sheet closed the quarter in a strong position.

Speaker #2: Our balance sheet leverage ratio was approximately 1.0 times at June 30, 2026, up from 0.78 times reported at December 31, 2025. Early in July, subsequent to the quarter end, the Company signed a delayed draw syndicated term loan agreement for $500 million.

Sean Washchuk: Our balance sheet leverage ratio was approximately 1.0 times at 30 June 2026, up from 0.78 times reported at 31 December 2025. Early in July, subsequent to the quarter end, the company signed a delayed draw syndicated term loan agreement for US$500 million. Therefore, the company's current liquidity position is robust. Including this new term loan and the legacy syndicated revolving facility, there is approximately US$1.25 billion undrawn debt capacity and cash on hand of CAD 975.6 million. The company's overall finance rate was approximately 2.6% at 30 June 2026, up from 2.5% at 31 December 2025, reflecting an increase in the company's variably drawn debt. The company's balance sheet continues to be well-positioned as we move through 2026. Geoff, over to you.

Speaker #2: Therefore, the company's current liquidity position is robust. Including this new term loan and the legacy syndicated revolving facility, there's approximately US$1.25 billion of undrawn debt capacity and cash on hand of $975.6 million.

Speaker #2: The company's overall finance rate was approximately 2.6% at June 30, 2026, up from 2.5% at December 31, 2025, reflecting an increase in the company's variably drawn debt.

Speaker #2: The company's balance sheet continued to be well-positioned as we move through 2026. Geoff, over to you.

Speaker #3: Thank you, Sean. Good morning, everybody. I'm on slide number 8, highlights of capital spending for the year. We spent $200 million in the first half, so slightly behind the eight ball.

Geoff Martin: Thank you, Sean. Good morning, everybody. I am on slide number 8, highlights of capital spending for the year. We spent CAD 200 million in the H1, so slightly behind the eight ball. Still planning to spend around CAD 470 million for the full year of 2026. Slide 9, highlights for CCL. Another solid quarter of organic growth, 3.7%, up mid-single digits in North America and Asia. Up low single digits in Europe and Latin America. Good profitability gains at HPC and food and beverage. Solid results in healthcare and specialty, and CCL Secure. But CCL Design fell slightly, excluding foreign exchange on slowing automotive markets and the impact of tight memory chip supply for customers' electronic device production rates, which I am sure you have all read about in the media. Moving to slide 9, highlights for Avery. Much better quarter than this time last year.

Speaker #3: Still planning to spend around $470 million for the full year of 2026. Slide 9 highlights for CCL: another solid quarter of organic growth, 3.7%, up mid-single digits in North America and Asia, low single digit in Europe and Latin America.

Speaker #3: Good profitability gains at HPC and Food & Beverage, solid results in Healthcare and Specialty, and CCL Secure. But CCL Design fell slightly, excluding foreign exchange, on slowing automotive markets and the impact of tight memory chip supply for customers' electronic device production rates, which I'm sure you've all read about in the media.

Speaker #3: Moving to slide 9, highlights for Avery. It was a much better quarter than this time last year. We didn't have any of the chaos relating to the back-to-school load-in, which was very good to see, and we benefited from some promotions we did for the World Cup in our FID wristband and card business.

Geoff Martin: Didn't have any of the chaos relating to the back-to-school load in, which was very good to see, and we benefit from some promotions we did for the FIFA World Cup in our RFID wristband and card business. Stable quarter in the horticultural business. Checkpoint. We had a pretty difficult quarter in the MAS business in the United States, and I will give some more color on that in the Q&A. It was steady in the rest of the world, but it was below a very strong prior year period, where we had a number of very large technology rollouts. The apparel labeling results improved as retail supply chain costs, which we have had for several quarters now, eased, and RFID growth continues with new business wins. Innovia, very strong growth, 25%, about 15% of that coming from volume. The other 10% coming from price.

Speaker #3: Stable quarter in the horticultural business. Checkpoint. We had a pretty difficult quarter in the MAS business in the United States, and I'll give some more color on that in the Q&A.

Speaker #3: It was steady in the rest of the world, but it was below a very strong prior-year period, where we had a number of very large technology rollouts.

Speaker #3: The parallel labeling results improved as the retail supply chain issues, which we've had for several quarters now, eased, and our RFID growth continues with new business wins.

Speaker #3: Innovia: Very strong growth, 25%, with about 15% of that coming from volume, 5 to 6% from other factors. We had 10% coming from price, and we had very good results in Poland on eco-float shrink films growth. Continuing robust performance in the Americas was really driven by volume and internal productivity initiatives.

Geoff Martin: We had very good results in Poland on EcoFloat shrink films growth. Continuing robust performance in the Americas, really driven by volume and internal productivity initiatives. The downside, our other plants in Europe and the one in Australia were held by very significant, and at times rampant, raw material effects, resin and energy inflation, but aided somewhat by price increases, label industry stock building, and much reduced losses, I should say, at the new German plant. Outlook comments on slide 13 for the coming quarter. CCL segment orders remain solid. We are watching the situation with memory chips effect on CCL Design closely. We do expect Avery's direct-to-consumer growth and the stronger back-to-school season to continue to play out in this quarter.

Speaker #3: The downside is that other plants in Europe and the one in Australia were hit by very significant, at times rampant, inflation in resin and energy costs from Iran, but aided somewhat by price increases, label industry stock building, and much reduced losses.

Speaker #3: I should say at the new German plant. Outlook comments on slide 13 for the coming quarter: CCL segment orders remain solid. We are watching the situation with the memory chips' effect on CCL design closely.

Speaker #3: We do expect Avery’s direct-to-consumer growth and the stronger back-to-school season to continue to play out in this quarter. We do think Checkpoint will have a sequentially better second half than it does in the first half, but our comps remain difficult because that technology rollout I referred to earlier continued for much of the second half of last year.

Geoff Martin: We do think Checkpoint will have sequentially better H2 than it does in the H1, but our comps remain difficult because that technology rollout I referred to earlier continued for much of the H2 of last year and will not repeat this year. Innovia could see some inflation reversal and unwinding of the recent label industry inventory build, especially in Europe, and we expect foreign exchange to be a modest plus. With that, operator, we would like to open up the call for questions.

Speaker #3: And will not repeat this year. Innovia could see some inflation reversal and unwinding of the recent label industry inventory build, especially in Europe. We expect foreign exchange to be a modest plus.

Speaker #3: So, with that, operator, we'd like to open up the call for questions.

Speaker #1: Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

Operator 2: Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Your first question for today is from Ahmed Abdullah with National Bank of Canada.

Operator: Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Your first question for today is from Ahmed Abdullah with National Bank of Canada.

Speaker #1: A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.

Speaker #1: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

Speaker #1: Your first question for today is from Ahmed Abdullah with National Bank of Canada.

Speaker #2: Yes, hi. Good morning, and thank you for taking my question. On the Checkpoint MAS—acknowledging the large tech rollouts that made comps difficult—but looking more specifically at your consumable business there, would you note any change in volume trends, or replenishment cycles that you used to see in prior quarters?

Ahmed Abdullah: Yes, hi, good morning, and thank you for taking my question. On the Checkpoint MAS, acknowledging the large tech rollouts that made comps difficult, but looking more specifically at your consumable business there, would you note any change in volume trends there or replenishment cycles that you used to see in prior quarters?

Speaker #3: It was really a phenomenon driven by our hard tech business. So, hard tags are the things you see being pulled off when you buy an item of merchandise, for example, in a clothing store.

Geoff Martin: It was really a phenomenon driven by our hard tag business. Hard tags are the things you see being pulled off when you buy an item of merchandise, for example, in a clothing store. Those hard tags are all manufactured in China and were all subject to tariffs last year. We saw quite a bit of change of behavior with retailers, and we went out with price increases. Some retailers elected to stop using them. Some have since reversed that decision because of the amount of shrinkage loss they had. But at the time, they decided not to swallow the price increases and just stopped using the tags.

Speaker #3: So those hard tags are all manufactured in China, and were all subject to tariffs last year. So, we saw quite a bit of change in behavior from retailers when we went out with price increases.

Speaker #3: Some retailers elected to stop using them. Some have since reversed that decision because of the amount of shrinkage loss they had, but at the time, they decided not to swallow the price increases.

Speaker #3: And just stop using the tags. There's been some migration from hard tags to soft tags, and we had our largest soft tag customer for EAS labels find a whole bunch of inventory and stop ordering from us, really, for the whole of the first half of this year.

Geoff Martin: There has been some migration from hard tags to soft tags, and we had our largest soft tag customer for PAS labels, found a whole bunch of inventory and stopped ordering from us really for the whole of the H1 of this year. They were the main drivers. It is somewhat situational around tariffs, some situations with key customers, migration of hard tags to soft tags, and one very large customer, just excess inventory.

Speaker #3: So they were the main drivers. Somewhat situational around tariffs, some situations with key customers, migration of hard tags to soft tags, and one very large customer with just excess inventory.

Speaker #2: Thanks, that's helpful. And when you talk about these migrations to a soft tag, is it still with the same hardware installations that you have done, or does this require another?

Ahmed Abdullah: Thanks. That is helpful. When you talk about these migrations to a soft tag, is it still with the same hardware installations that you have done, or does this require another-

Geoff Martin: No. No hardware change.

Speaker #3: No, no hardware change.

Speaker #2: No hardware change. Okay, thanks. And just looking down the pipeline past the second half of 2026, are there any rollouts or mass MAS deployments that you have in the pipeline that could improve 2027 comparisons versus 2026?

Ahmed Abdullah: No hardware change. Okay, thanks. Just looking down the pipeline past the H2 2026, are there any rollouts or MAS deployments that you have in the pipeline that could improve 2027 comparisons versus 2026?

Geoff Martin: Well, when we get to 2027, we will have 2026 being the comparator, so that is going to ease things considerably. So it is definitely a situation driven by the tariff chaos, so that was the biggest driver. I would say the second biggest driver is the move from hard tags to soft tags, that we will eventually benefit from that as also a producer of soft tags. So I think it is somewhat situational around a few customers, and it will eventually wash itself out.

Speaker #3: Well, when we get to '27, we'll have '26 being the comparator, so that's going to ease things considerably. So, it's definitely a situation driven by the tariff chaos.

Speaker #3: So that was the biggest driver. I'd say the second biggest driver is the move from hard tags to soft tags that we will eventually benefit from, as a producer of soft tags.

Speaker #3: And so I think it's somewhat situational around a few customers, and it'll eventually wash itself out.

Speaker #2: Okay, that's fair. And just one last one from me. The RFID new business wins that you've mentioned—are those in apparel or non-apparel? In apparel.

Ahmed Abdullah: Okay. That is fair. Just one last one for me. The RFID new business wins that you have mentioned, are those in apparel or non-apparel?

Geoff Martin: In apparel.

Speaker #2: Okay, that's it. I'll pass the line. Thank you.

Ahmed Abdullah: Okay. That's it. I'll pass the line. Thank you.

Speaker #1: Your next question is from Sean Stewart with TD Cowen.

Operator 2: Your next question is from Sean Steuart with TD Cowen.

Operator: Your next question is from Sean Steuart with TD Cowen.

Speaker #4: Thanks. Good morning. Jeff, on Innovia, can you give us perspective on how much of the top-line growth there was pulled forward of orders? I guess in advance of price hikes, and the margins there held up really well despite inflationary pressure.

Sean Steuart: Thanks. Good morning.

Geoff Martin: Good morning.

Sean Steuart: Jeff, on Innovia, can you give us perspective on how much of the top-line growth there was pull forward of orders, I guess, in advance of price hikes? The margins there held up really well despite inflationary pressure, and I appreciate German starter costs are falling, but can you reconcile that? Is there room for margin expansion through the back half of the year as price hikes roll through?

Speaker #4: And I appreciate German startup costs are falling, but can you reconcile that, and is there room for margin expansion through the back half of the year as price hikes roll through?

Geoff Martin: I don't think there's much room for margin expansion from today's level. There are a lot of levers being pulled in Q2. In Europe, at some periods after the Iran war started, inflation in our resin grades hit 80% at its peak. It was a pretty big swallow. We passed it on immediately to some customers. Other customers, we had a lag. We've got those price increases coming through now in H2. But, of course, our inventory position in resin reflects those price increases, so we're not really gaining a whole lot. That's why I don't think there will be much margin expansion. It was about 15% volume. We know we gained share in the Americas. I don't think we gained share in Europe, but in the Americas, we most certainly did. There's some share gain there.

Speaker #3: I don't think there's much room for margin expansion from today's level, but there are a lot of levers being pulled in the second quarter.

Speaker #3: So in Europe, at times, at some periods after the Iran war started, inflation in our resin grades hit 80%—but at its peak. So it was a pretty big swallow.

Speaker #3: We passed it on immediately to some customers. For other customers, there was a lag. So we've got those price increases coming through now in the second half.

Speaker #3: But of course, our inventory position in resin reflects those price increases, so we're not really gaining a whole lot. That's why I don't think there'd be much margin expansion.

Speaker #3: It was about 15% volume, so we know we gained share in the Americas. I don't think we gained share in Europe or in the Americas.

Speaker #3: We most certainly did. So there's some share gain there. And there's also the gains in EcoFloat, which aren't share gain. It's really a new application.

Geoff Martin: There's also the gains in EcoFloat, which isn't share gain, it's really a new application. EcoFloat grew pretty strongly, so that was also a factor. I think there will be some rollback once this inventory starts to be consumed by the label converter channel and will soften demand in the label materials channel, and that will subsequently soften demand to Innovia. But the flip side of that, we'll have the upscale in Germany, ongoing growth of EcoFloat, and the benefit of price increases coming through, which we weren't able to get through in Q2. Lots of moving levers all happening at one time. But I think the team did an outstanding job this past quarter managing their way through it.

Speaker #3: So, EcoFloat grew pretty strongly, so that was also a factor. I think there will be some rollback. Once this inventory gets consumed and starts to be used by the label converter channel, that will soften demand in the label materials channel.

Speaker #3: And that will subsequently soften demand to Innovia. But the flip side of that will be the upscaling in Germany, ongoing growth of EcoFloat, and the benefit of price increases coming through, which we weren't able to get through in Q2.

Speaker #3: So, lots of moving levers all happening at one time. But I think the team did an outstanding job this past quarter, managing their way through it.

Speaker #4: Yeah, it was an impressive result. You've qualified the CCL segment Q3 order activity as solid. Can you give us perspective on which subsegments or regions are driving that trend?

Sean Steuart: Yeah, it was an impressive result. You've qualified the CCL segment, Q3 order activity is solid. Can you give us perspective on which sub-segments or regions are driving that trend? It sounds like CCL Design isn't necessarily, but across the rest of it, where are you seeing particularly strong order activity?

Speaker #4: It sounds like CCL Design isn't necessarily, but across the rest of it, where are you seeing particularly strong order activity?

Speaker #3: Well, the two strongest businesses in the first half, or the second quarter, were Food & Beverage and Home & Personal Care, and that's continuing.

Geoff Martin: Well, the two strongest businesses in H1, well, particularly Q2, were food and beverage and home and personal care. That is continuing in H2. We think we will also see strong volume gains in H2 in CCL Secure. The healthcare is just steady eddy. The business, we have some concerns about the CCL Design relative to that memory shortage, but that is also moving at fairly rapid speed. So there are two problems we face there. There is the availability of chips affecting demand, and it has also pushed the customers we have in that space into very heavy cost-saving mode because they are looking to mitigate whatever they can from the rising cost of chips.

Speaker #3: In the second half, we think we'll also see strong volume gains in the second half in CCL Secure. Healthcare is just steady Eddie.

Speaker #3: And the business we've got some concerns about is CCL Design relative to that memory shortage, but that's also moving at a fairly rapid speed. So, there are two problems we face there.

Speaker #3: There's the availability of chips affecting demand, and also, it's pushed the customers we have in that space into a very heavy cost-saving mode, because they're looking to mitigate whatever they can from the rising cost of chips.

Speaker #4: Okay, thanks for that detail. I'll get back in the queue.

Sean Steuart: Okay. Thanks for that detail. I will get back in the queue.

Speaker #3: No problem.

Geoff Martin: No problem.

Speaker #1: Your next question for today is from Hamir Patel with CIBC Capital Markets.

Operator 2: Your next question for today is from Hamir Patel with CIBC Capital Markets.

Operator: Your next question for today is from Hamir Patel with CIBC Capital Markets.

Speaker #5: Hi, good morning. Jeff, the 3.7% organic growth that you delivered in the core CCL segment—how much of that was price versus volume? And how meaningful would you expect pricing gains to be in driving the comps in the second half?

Hamir Patel: Hi. Good morning. Geoff, the 3.7% organic growth that you delivered in the core CCL segment, how much of that was price versus volume? How meaningful would you expect pricing gains to drive the comps in the H2?

Speaker #3: Well, that's really impossible for us to measure, because we have millions of different transactions over so many designs. It's just not possible to break that out.

Geoff Martin: Well, that's really impossible for us to measure because we have millions of different transactions over so many designs. It's just not possible to break that out. All we can really do in that space is report the organic revenue growth. For sure, there's some inflation in there, not a whole lot. So I think it's really more volume than it is price. That's about all I could really tell you.

Speaker #3: So, all we can really do in that space is report the organic revenue growth. For sure, there's some inflation in there—not a whole lot.

Speaker #3: So I think it's really more volume than it is price. That's about all I could really tell you.

Speaker #5: Okay, fair enough. And if you did see the label inventory build in Europe unwind somewhat in the second half, do you think you can still sustain the sort of consolidated mid-single-digit organic growth that you delivered in Q2, in Q3?

Hamir Patel: Okay, fair enough. If you did see the label inventory build in Europe unwind somewhat in the H2, do you think you can still sustain the consolidated mid-single-digit organic growth you delivered in Q2 in Q3?

Geoff Martin: Well, the European inventory thing really only affects Innovia. So it has no effect on the CCL segment, because that's where they're dealing with the CPGs and all the rest of it. So I think we're more dependent there on CPG volume trends. They are a bit mixed. Some companies doing quite well, some companies struggling. So I'd describe the volume environment in that space as mixed, but we don't see it being any worse in the H2 than it was in the H1.

Speaker #3: The European inventory thing really only affects Innovia, so it has no effect on the CCL segment, because that's where they're dealing with the CPGs and all the rest of it.

Speaker #3: So, I think we're more dependent there on CPG volume trends. They are a bit mixed—some companies are doing quite well, some companies are struggling. So I would describe the volume environment in that space as mixed.

Speaker #3: But we don't see it being any worse in the second half than it was in the first half.

Speaker #5: Okay, fair enough. And just the last question I had: one of your competitors recently pointed to RFID growth in the U.S. grocery category as a major rollout begins in the back half.

Hamir Patel: Okay. Fair enough then. Just the last question I had, one of your competitors recently pointed to RFID growth in the US grocery category, as a major rollout begins in the H2. I believe you've been supporting that retailer with general merchandising. But are you seeing any opportunities on the grocery side?

Speaker #5: I believe you've been supporting that retailer with general merchandising, but are you seeing any opportunities on the grocery side?

Hamir Patel: We're also working with the same customers.

Speaker #3: Also, working with the same customers.

Speaker #5: Okay, fair enough. Thanks. That's all I had. I'll turn it over.

Hamir Patel: Okay. Fair enough. Thanks. That's all I had. I'll turn it over.

Speaker #1: Your next question is from Steven McCloud with BMO.

Operator 2: Your next question is from Stephen MacLeod with BMO.

Operator: Your next question is from Stephen MacLeod with BMO.

Speaker #2: Thank you. Good morning, Jeff. Good morning, Sean.

Stephen MacLeod: Thank you. Good morning, Geoff. Morning, Sean.

Speaker #3: Yes, Steve.

Geoff Martin: Steve.

Speaker #2: Just wanted to ask about the CCL segment. Margin's very strong—almost 17%. I'm just curious if you can talk about some of the drivers there.

Stephen MacLeod: Just wanted to ask about the CCL segment. Margins very strong, almost 17%. I am just curious if you can talk about some of the drivers there. Is it mostly mix? Then I guess separately from that, how do you expect that to evolve in the H2 of the year with the inflationary backdrop?

Speaker #2: Is it mostly mix? And then, I guess, separately from that, how do you expect that to evolve in the back half of the year with the inflationary backdrop?

Speaker #3: I'm not too concerned about the inflationary backdrop, because we're starting to see it ease pretty significantly. So, I'm not concerned about that. I don't see a lot of difference in the second half to what happened in the first half.

Geoff Martin: Well, I am not too concerned about the inflationary backdrop because we are starting to see it ease pretty significantly. I am not concerned about that. I do not see a lot of difference in the H2 to what happened in the H1. We did have the events around the aluminum can business, aerosol can and bottle business in the H1. We had the issue with a piece of equipment in one of our plants that went down. We had rampant inflation in aluminum, which has since eased off. We will certainly have a better H2 in that business than we had H1. I do not see a lot to comment on that is different except for the issue I have raised about CCL Design and memory chips.

Speaker #3: We did have the events around the aluminum can business, aerosol can and bottle business in the first half. We had the issue with the piece of equipment in one of our plants that went down.

Speaker #3: We had rampant inflation in aluminum, which has since eased off. So we'll certainly have a better second half in that business than we had in the first half.

Speaker #3: But I don't see a lot to comment on. It's different, except for the issue I've raised about CCL design and memory chips.

Speaker #2: Okay, that's great. Thanks, Jeff. And then, in one of the previous questions, you suggested or talked about demand beginning to soften in the Innovia business in the back half of the year.

Stephen MacLeod: Okay. That is great. Thanks, Geoff. Then in one of your previous questions, you suggested or talked about demand beginning to soften in the Innovia business in the H2 of the year. I was just wondering if you could give a little bit more color on that commentary.

Speaker #2: I was just wondering if you could give a little bit more color on that commentary.

Speaker #3: Well, that's to do with what happened during the inflation period. The big producers of label materials all announced that, due to the resin inflation, there were going to be very dramatic price increases.

Geoff Martin: Well, that's to do with what happened in the inflation period. The big producers of label materials all announced due to the resin inflation, there are going to be very dramatic price increases. That prompted all of the label converters in their channel to start ordering like crazy. That prompts companies like Avery Dennison and UPM, the public companies in that channel, and all the private companies, to start ordering materials from Innovia. At some point, that will go back to normal. I do not think we had some circumstances in our quarter that were separate from that. The new plant in Germany, EcoFloat, film gains, share gain in the US. That was a pretty significant offset to that. So I do not think we will suffer that much, but there will definitely be some reversal in the H2. Very difficult to quantify.

Speaker #3: So, that prompted all of the label converters in their channel to start ordering like crazy. And that prompted companies like Avery Dennison and UPM, the public companies in that channel, and all the private companies to start ordering materials from Innovia.

Speaker #3: So, at some point, that will go back to normal. I don't think we had some circumstances in our course that were separate from that.

Speaker #3: New plant in Germany, EcoFloat film gains share in the US. So that was a pretty significant offset to that. So I don't think we will suffer that much, but there will definitely be some reversal in the second half.

Speaker #3: Very difficult to quantify.

Speaker #2: Right. Okay. Yeah, fair. I just wanted to make sure it wasn't anything on the consumer side. It was more just a reversal of the pre-buying.

Stephen MacLeod: Right. Okay. Yeah, fair. I just wanted to make sure it was not anything on the consumer side. It was more just a.

Geoff Martin: No

Stephen MacLeod: reversal of the pre-buying. Yeah.

Speaker #2: Yeah, okay. And then, just with the new facility that you entered into—the delayed draw term loan—I'm just curious if you can give a little bit of color.

Geoff Martin: Yeah.

Stephen MacLeod: Okay. Then just with the new facility that you entered into, the delayed draw term loan. I am just curious if you can give a little bit color, maybe this one's for Sean Washchuk, just about how you are thinking about capital allocation and the backdrop behind the new loan facility. Then how you are thinking about M&A in the H2 of the year.

Speaker #2: Maybe this one is for Sean. Just about how you're thinking about capital allocation and the backdrop behind the new loan facility. And then, how you're thinking about M&A in the back half of the year.

Speaker #4: Well, we put the facility in place as a backup plan, or a cushion, for our upcoming bonds that fall due on the first of October.

Sean Washchuk: Well, we put the facility in place as a backup plan or a cushion to our upcoming bonds that fall due on 1 October. Given the choppy environment and CCL being a small issuer in the bond market, we thought it would be prudent to have this facility available if we didn't like where the market was when our bonds come due. We have secured this undrawn facility at a very attractive spread, less than 100 basis points, and that gives us an attractive all-in interest rate, should we not access the bond market. That's the plan.

Speaker #4: So, given the kind of choppy environment and CCL being a small issuer in the bond market, we thought it would be prudent to have this facility available.

Speaker #4: If we didn't like where the market was when our bonds come due, we have secured this undrawn facility at a very attractive spread—less than 100 basis points.

Speaker #4: And that gives us an attractive all-in interest rate, should we not access the bond market. That's the plan.

Speaker #2: Right. Okay. Thanks, Sean. And then maybe just on the M&A backdrop—

Stephen MacLeod: Right. Okay. Thanks, Sean. Then maybe just on the M&A backdrop.

Geoff Martin: No change, Stephen. I think our focus is still very much on bolt-ons.

Speaker #3: No change, Steve. And I think our focus is still very much on bolt-ons, so we have a number of things we're working on in that space, but no change.

Stephen MacLeod: Yeah

Geoff Martin: We have a number of things we're working on in that space, but no change.

Speaker #2: Great. Thanks, Jeff. Thanks, Sean. Appreciate it.

Stephen MacLeod: Great. Thanks, Geoff. Thanks, Sean. Appreciate it.

Speaker #1: Your next question for today is from Michael Glenn with Raymond James.

Operator 2: Your next question for today is from Michael Glen with Raymond James.

Operator: Your next question for today is from Michael Glen with Raymond James.

Speaker #5: Hey, good morning. Jeff, maybe just to start, can you discuss what you're seeing across your CPG customer base generally? Are we seeing an improved volume picture emerging, or does it remain kind of low single-digit growth overall?

Michael Glen: Hey, good morning. Geoff, maybe just to start, can you just discuss what you're seeing across your CPG customer base generally, are we seeing an improved volume picture emerging, or it remains low single-digit growth overall?

Speaker #3: Yeah, I'd characterize it as mixed. We've seen some sectors doing better than others, and I think the World Cup certainly helped in the food and beverage space this year.

Geoff Martin: Well, I characterize it as mixed. So we've seen some sectors doing better than others, and I think the World Cup certainly helped in the food and beverage space this year. So there won't be a World Cup in the H2, so we'll see what happens in the mass beer category, particularly, spirits, particularly, which have been soft for much of 2025 and the first part of 2026. And in HPC, some of our customers are doing quite well in that space. Some have got more struggles. So I wouldn't say it's good or bad. I think mixed is the right word to use on the volume side.

Speaker #3: So there won't be a World Cup in the second half, so we'll see what happens in mass beer category particularly. Spirits particularly. Which have been soft for much of 2025 in the first part of 2026.

Speaker #3: And in HPC, some of our customers are doing quite well in that space; some have got more struggles. So I wouldn't say it's good or bad.

Speaker #3: I think "mixed" is the right word to use on the volume side.

Speaker #5: And you didn't really—you didn't call out World Cup for the label segment, but was there a bit of a World Cup bump embedded in that organic number?

Michael Glen: You didn't call out World Cup for the label segment, but was there a bit of a World Cup bump embedded in that organic number?

Geoff Martin: Only in food and beverage and only in a couple of their product lines. It's really promotional activity, special promotions, soccer player stickers and things like that. But we definitely saw some impact from that.

Speaker #3: Only in food and beverage and only in a couple of their product lines. It's really promotional activity. Special promotions, soccer player stickers and things like that.

Speaker #3: But we definitely saw some impact from that.

Speaker #5: Okay. And.

Michael Glen: Okay, on

Geoff Martin: It wasn't as big as the impact we saw at Avery.

Speaker #3: It wasn't as big as it wasn't as big as the impact we saw at Avery.

Speaker #5: Okay. And on working capital, there has been a bit of an AR build in the front half of the year. I'm just wondering if that's expected to come back to CCL in the back half of the year.

Michael Glen: Okay. On working capital, there has been a bit of an AR build in the H1 of the year. I am just wondering if that is expected to come back to CCL in the H2 of the year.

Speaker #3: Yeah, it's not AR. It's more an inventory than AR.

Geoff Martin: Yeah. It is not AR, it is more in inventory than AR.

Speaker #5: Okay. And would you be—and I think you explained some of that—but would you expect that to reverse in the back half, then?

Michael Glen: Okay. I think you explained some of that, but would you expect that to reverse in the H2 then?

Geoff Martin: It is inflation driven. If you have 80% inflation in resin, it can drive some working capital issues.

Speaker #3: It's inflation-driven. So if you have 80% inflation, in resin, it can drive some working capital issues. So I would expect that to eventually wash out in the second back end of the second half.

Michael Glen: Okay.

Geoff Martin: I would expect that to eventually wash out in the back end of H2.

Speaker #5: Okay. And then just the outlook for corporate expense line.

Michael Glen: Okay, and then just the outlook for corporate expense line.

Sean Washchuk: I think it is going to be in the neighborhood of what it has been running this year. Probably take H1 and double it for H2.

Speaker #4: I think it's going to be in the neighborhood of what it's been running in the first half, and then double it for the second half.

Speaker #5: Okay. Thank you.

Michael Glen: Okay. Thank you.

Speaker #1: Your next question for today is from David McFadden with ATB Capital Markets.

Operator 2: Your next question for today is from David McFadgen with ATB Capital Markets.

Operator: Your next question for today is from David McFadgen with ATB Capital Markets.

Speaker #5: Oh, yeah. Hi, guys. So, a couple of questions. Just on Innovia, it seems like the primary growth driver from the result in Q2 was just this pre-build of inventory.

David McFadgen: Hi guys. A couple of questions. Just on Innovia, it seems like the primary growth driver from the result in Q2 was just this pre-build of inventory ahead of price increases, right? What do you think the organic growth is?

Speaker #5: Had a price increases, right? I mean, so what do you think the organic growth was?

Geoff Martin: No, not really, David.

Speaker #3: No. Not really, David. So there was 15% volume growth, and there were three components in the volume growth. Share gain in the Americas, echo float, sales growth out of Poland, and the pre-build.

David McFadgen: Oh, okay.

Geoff Martin: There was 15% volume growth, and there were three components in the volume growth. Share gain in the Americas, EcoFloat sales growth out of Poland, and the pre-build. There are the three buckets. Do not ask me what the ratios of the three, because I am not sure we fully understand that. But we know for sure they were the three drivers. It was not all pre-buy.

Speaker #3: So there were three buckets. Don't ask me what the ratios of the three are because I'm not sure we fully understand that. But we know for sure they were the three drivers.

Speaker #3: So, it wasn't all pre-buy. Pre-buy was one of the main factors.

David McFadgen: Okay.

Geoff Martin: Pre-buy was definitely one of the main factors.

Speaker #5: Okay. So that's excellent. So then we should see at least two of those factors continuing into Q3 and beyond, right?

David McFadgen: Okay, that is excellent. Then we should see at least two of those factors continuing into Q3 and beyond, right?

Speaker #3: I think we'll definitely see that continue in Echo Float. Whether we'll have the same degree of share gain continuing remains to be seen.

Geoff Martin: I think we will definitely see that continuing EcoFloat. Whether we will have the same degree of share gain continuing remains to be seen.

Speaker #5: Okay. All right. But as far as the pre-build goes, do you expect some of that to continue in Q3 as well, probably, right?

David McFadgen: Okay. All right. But as far as the pre-build goes, do you expect some of that to continue in Q3 as well, probably, right?

Speaker #3: Yeah, I think the pre-build will reverse because the reasons for it have largely evaporated. Of course, all could change on geopolitical events versus more trouble in the Gulf.

Geoff Martin: Yeah, I think the pre-build will reverse because the reasons for it have largely evaporated.

David McFadgen: Okay.

Geoff Martin: It could, of course, all change on geopolitical events. If there's more trouble in the Gulf that generates more resin price increase activity, then obviously that could happen again. But at the moment, it's going in the opposite direction. Resins are dropping, even despite the news not being that great, the resins are dropping.

Speaker #3: That generates more resin price increase activity than obviously that could happen again. But at the moment, it's going in the opposite direction. Resins are dropping.

Speaker #3: Even despite the news not being that great, the resins are dropping.

Speaker #5: Okay. So when I look at the revenue growth of the business, obviously it's a very good quarter and the revenue growth is strong. And then I look at the EBITDA margins, kind of the same.

David McFadgen: Okay. When I look at the revenue growth of the business, obviously, it's a very good quarter, and the revenue growth was strong. Then I look at the EBITDA margin, it's kind of the same. Just wondering, does this business lend itself to operating leverage or not really?

Speaker #5: So just wondering, does this business lend itself to operating leverage or not really?

Speaker #3: So it has operating leverage. So we had a lot of levers being pulled. So German plant startup costs reversing. 80% inflation in some months during the quarter.

Geoff Martin: It has operating leverage, but we had a lot of levers being pulled. German plant start-up costs reversing, 80% inflation in some months during the quarter. So 80, not 8. 80. A lot of things going on.

Speaker #3: So, 8.0, not 8—8.0. So, a lot of things going on.

Speaker #5: Okay. All right. So then, just moving to Checkpoint, you talked about RFID—there was growth in the quarter. Can you quantify that? Was it in the single-digit range, or was it...?

David McFadgen: Okay. All right. Then just maybe to check for you talked about RFID, there was growth in the quarter. Can you quantify that? Was it in the single-digit range or was it-

Geoff Martin: No.

Speaker #3: Yeah. So RFID inlaid business, that's the technology science behind those labels. So last year, we were running at a sub-3 billion unit flip. This year, we're running at about a 3.5 billion flip.

David McFadgen: No?

Geoff Martin: Our RFID inlay business, that is the technology science behind those labels. Last year, we were running at a sub-3 billion unit clip. This year, we are running at about a 3.5 billion clip, just to give you a frame of reference. That is the one thing we can accurately measure.

Speaker #3: Just to give you a frame of reference, that's the one thing we can accurately measure.

Speaker #5: Okay. And the pricing is probably consistent?

David McFadgen: Okay. And the pricing is probably consistent year-over-year?

Speaker #3: Well, pricing comes down as volume builds. But it wasn't a huge factor.

Geoff Martin: Well, that pricing comes down as volume builds.

David McFadgen: Okay.

Geoff Martin: It wasn't a huge factor.

Speaker #5: Okay, all right. And then just on MES, we saw it was a bit weak in the US. Is that to be expected in Q3?

David McFadgen: Okay. All right. On MAS, we saw it was a bit weak in the US. Is that to be expected in Q3?

Speaker #3: I think we'll improve sequentially in Q3 and Q4. We'll probably still struggle comparatively because last the second half of last year, we had these very large technology rollouts, which are definitely not there this year.

Geoff Martin: I think we'll improve sequentially in Q3 and Q4. We'll probably still struggle comparatively because the H2 of last year, we had these very large technology rollouts, which are definitely not there this year. We have some, but they're not at the scale of the ones we had in the H2 of last year.

Speaker #3: We have some, but they're not at the scale of the ones we had in the second half of last year.

Speaker #5: Okay. All right. Okay. Thank you.

David McFadgen: Okay. All right. Okay. Thank you.

Speaker #1: Your next question is from Jonathan Goldman with Scotiabank.

Operator 2: Your next question is from Jonathan Goldman with Scotiabank.

Operator: Your next question is from Jonathan Goldman with Scotiabank.

Speaker #5: Hey, good morning, team. Thanks for taking my questions. Most of them have been asked already, but Jeff, could you talk about the trends that you're seeing in your GLP-1 business, maybe what you've seen in recent quarters past and what you expect going forward?

Jonathan Goldman: Hey, good morning, team. Thanks for taking my questions. Most of them have been asked already, but Geoff, could you talk about the trends that you are seeing in your GLP-1 business, maybe what you have seen in recent quarters past and what you expect going forward?

Speaker #3: Oh, it's growing rapidly, but in terms of labels, it's lost in the roundings. It's an important customer for us. We do very well with them.

Geoff Martin: Well, it is growing rapidly, but in terms of labels, it is lost in the roundings. It is an important customer for us. We do very well with them. But if we had all the business for every label we use, it would be low tens of millions. It would not be a huge number.

Speaker #3: But if we had all the business for every label we use, it would be in the low tens of millions—it wouldn't be a huge number.

Speaker #5: But end-market demand is still strong?

Jonathan Goldman: But end market demand is still strong?

Speaker #3: Sorry?

Geoff Martin: Pardon?

Speaker #5: End-market demand, customer demand—is it still strong?

Jonathan Goldman: End market demand, customer demand is still strong?

Speaker #3: Absolutely.

Geoff Martin: Oh, yeah. Absolutely.

Speaker #5: And on RFID, is that business still growing at double digits?

Jonathan Goldman: Okay.

Geoff Martin: Absolutely.

Jonathan Goldman: And on RFID, is that business still growing at double digits?

Speaker #3: Well, I've just gave some color on that. So last year, RFID inlay business was sub-3 billion. This year, it's running at a 3.5 billion unit flip.

Geoff Martin: Well, I just gave some color on that. Last year, our RFID inlay business was sub 3 billion. This year, it is running at a 3.5 billion unit.

Speaker #3: So that's unit volume picture.

Jonathan Goldman: Okay

Geoff Martin: That is unit volume picture.

Speaker #5: Okay. Thanks for that.

Jonathan Goldman: Okay. Thanks for that.

Speaker #1: Once again, if there are any questions, please press star one. We have reached the end of the question-and-answer session, and I will now turn the call over to Jeff for closing remarks.

Operator 2: Once again, if there are any questions, please press star one. We have reached the end of the question and answer session, and I will now turn the call over to Geoff Martin for closing remarks.

Operator: Once again, if there are any questions, please press star one. We have reached the end of the question and answer session, and I will now turn the call over to Geoff Martin for closing remarks.

Speaker #3: Okay, thanks very much for joining us, everybody. We look forward to seeing you next quarter.

Geoff Martin: Okay. Thanks very much for joining us, everybody, and we will look forward to seeing you next quarter.

Operator 2: This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Operator: This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

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