Compass Minerals International Inc Q4 2025 Earnings Call Transcript

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

Question: David Begleiter - Deutsche Bank AG - Analyst : Could you address again the volume decline you're forecasting in highway deicing and whether that's a structural decline or maybe some sort of cyclical decline? Or how do you look at that number going forward?

Question: David Begleiter - Deutsche Bank AG - Analyst : Understood. In terms of the full year guidance range, what are the drivers do you think to get to the upper and lower end of that guidance, EBITDA band?

Question: Jeffrey Zekauskas - JPMorgan Chase & Co - Analyst : Given that you expect your volumes as a base case to be lower in both segments year-over-year, does that mean that your inventories are unlikely to grow next year?

Question: Jeffrey Zekauskas - JPMorgan Chase & Co - Analyst : To put it a different way, do you expect to use working capital in 2026 or not?

Question: Jeffrey Zekauskas - JPMorgan Chase & Co - Analyst : And then in Plant Nutrition, why were volumes pulled forward? And how much of your volumes do you think were pulled forward?

Question: Jeffrey Zekauskas - JPMorgan Chase & Co - Analyst : Were there onetime benefits in the fourth quarter in that your year-over-year, your projection for EBITDA next year is really no different than what you earned in '25, and you had obviously a very, very strong second half. Why are you making more in Plant Nutrition next year, as a base case?