Perimeter Solutions Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Josh Spector - UBS - Analyst : Hey, good morning, guys, and congrats on a strong result. So, what I wanted to try to ask first was really what do you think is the normal, I guess, earnings power within the fire safety segment overall. So, understanding kind of the more aggressive tactics hold more gallons into a weaker fire season. If we think next year would be normal, which would maybe be a 30% to 40% increase in acres burned. Would you have any increase in your gallons as you go to that level, or are you tapped out in terms of capacity?

Question: Josh Spector - UBS - Analyst : Yeah, I guess I mean related to that is, I mean, did you benefit in terms of the amount that you were able to load because of maybe a more dispersed and less chaotic fire season in that if we have more unplanned fires it becomes harder, or has your ability to load increased enough where again if the activity is maybe slightly more unpredictable, you could load similar to more gallons.

Question: Josh Spector - UBS - Analyst : That makes sense. If I could ask just one more broad one, just, on the new USDA framework that you have for next year. I don't know if you can give a little bit more framing on on two components of it is to, I guess first between the price down and services up, how do you think about the net impact to your earnings potential 26 versus 25. And then second with that in terms of a split between services which would maybe be more of a fixed fee versus a $1 per gallon type charge, how is that transitioned in this contract and that does the makeup look materially different in 26 on versus what it's looked like over the last few years?

Question: Josh Spector - UBS - Analyst : Okay thanks I'll pass it on.

Question: Dan Kutz - Morgan Stanley Investment managers - Analyst : Hey, thanks a lot. Good morning and congrats on the results. So I wanted to talk about a, another, kind of government update that we got, a month and a half ago, and that was around, the plans to form the US Wildland Fire Service which would effectively Combined the USDA's, for service, and then all of the DOI wildfire agencies just wondering, I know it's early stages, but just any initial thoughts on the implications of this, I guess merger for lack of a better term, and two customers that I think just based on [acrestern] data they each kind of. Represent a third of the lower 48 market, so those two organizations coming together would love any thoughts on potential for the bottlenecking and, maybe more resources or efficiency which could lead to more robust firefighting efforts and increased retardant demand, and I guess the other question we've been getting on this merger is that. They mentioned in in the press release that one of the goals is joint contracting and procurement, so in getting questions around whether the contract that you guys think with the USDA could potentially extend to the DOI agencies as these organizations combine. Thank you.

Question: Dan Kutz - Morgan Stanley Investment managers - Analyst : Awesome thank you that's really helpful so maybe just a broad question on contracting in general because seems like across several of your product lines you have some large customers or customers that you know. Kind of represent a big portion of demand for your products. You have the USDA and it sounds like it's actually more broadly, the US wildfire agencies contract. You had the PFAST free US military contract for the presence business. The question is. In the same way that you have that you kind of target economic criteria and operational value drivers that inform your M&A and operational strategies, any general thoughts, or tactics or, items that you prioritize when you're negotiating big contracts with customers just kind of the puts and takes between stability and hedges and durability versus contract term and Cost passed through pricing or you know maybe there's some markets where a product lines or flexibility or spot pricing or cost exposure could make more sense yeah just wondering if you could kind of walk us through generally some of the puts and takes that you think through as you're negotiating of your contract. Thank you. Yeah. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 12:30PM, PRM.N - Q3 2025 Perimeter Solutions Inc Earnings Call

Question: Dan Kutz - Morgan Stanley Investment managers - Analyst : Great. Also, really helpful and then maybe if I could just sneak one more quick one in, so a couple of comments you guys had about the international (inaudible - microphone inaccessible) Retardants business being strong, I think it was a year-to-date comment, so just wondering if you could kind of Unpack the international business results a little bit this year just kind of relative strength year-to-date versus 3Q and just remind us what the markets are in the northern versus southern hemisphere and kind of the relative strength of those markets and premier results.

Question: Dan Kutz - Morgan Stanley Investment managers - Analyst : Great. Thank you very much. I will turn it back. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 12:30PM, PRM.N - Q3 2025 Perimeter Solutions Inc Earnings Call