Gates Industrial Corporation Ltd. (GTES) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

SA Transcripts 162.21K Followers Follow Gates Industrial Corporation Ltd. ( GTES ) Morgan Stanley's 14th Annual Laguna Conference September 15, 2026 4:50 PM EDT Company Participants Ivo Jurek - CEO & Director Conference Call Participants Brandon Knutson - Morgan Stanley, Research Division Presentation Brandon Knutson Morgan Stanley, Research Division Good afternoon, everyone. My name is Brandon Knutson. I'm a part of the multi-industrial team here [ as ] the research team at Morgan Stanley. Today, I have a pleasure of speaking with Ivo Jurek, CEO of Gates. And before we get started, I need to read a quick disclaimer. For important disclosures, please see the Morgan Stanley research website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representative. All right. So to start off, Ivo, what do you think is the most underappreciated or misunderstood piece of the Gates story? Question-and-Answer Session Ivo Jurek CEO & Director I think it's a great question. We love the asset and the company that we have, and I think the company has performed reasonably well, particularly in a differentiated manner over the last 3 or 4 years where we have been operating in a pretty tough macro background with PMIs being negative for nearly 4 years, historical length of time. During that period of time, we continue to deliver growth, and we continue to nicely improve operating margins, EBITDA margins and gross margins through the cycle, which I think is giving us a great opportunity and a great setup into what I see is the present time of finally seeing the inversion of that industrial activity. Brandon Knutson Morgan Stanley, Research Division And what are you seeing today that gives you the most confidence that this is a real cyclical inflection rather than a few quarters of lapping easier comps? Ivo Jurek