Cummins Inc. (CMI) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Cummins Inc. ( CMI ) Morgan Stanley's 14th Annual Laguna Conference September 15, 2026 12:15 PM EDT Company Participants James Hopkins Nicholas Arens - Executive Director of Investor Relations and Business Analysis & Planning Conference Call Participants Angel Castillo Malpica - Morgan Stanley, Research Division Danny van Doesburg Presentation Angel Castillo Malpica Morgan Stanley, Research Division All right. Perfect. Thank you, everybody, for joining us. For those who don't know me, I'm Angel Castillo. I'm the Head of U.S. Machinery and Construction here at Morgan Stanley. And again, welcome to our 14th Laguna Conference here. So with me today, it's my pleasure to have James Hopkins, who was just recently named VP of Financial Planning, Capital Management and IR. So you've got a lot on your plate. James Hopkins Yes. I love that you abbreviate the title. Angel Castillo Malpica Morgan Stanley, Research Division Exactly. And then also Nick Arens, of course, with Investor Relations. So before we get started, just a quick disclaimer. For important disclosures, please see Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representative. And with that, again, gentlemen, thank you so much for joining us. Obviously, we've been getting a lot of questions about every aspect of your business, very topical in a lot of ways. Question-and-Answer Session Angel Castillo Malpica Morgan Stanley, Research Division But maybe just to start out with the 2027, 2026 dynamic around trucks, right? The North American cycle, there's a lot happening there. So maybe the -- maybe starting at a little bit of a higher level, what are the customers telling you? What are you hearing in terms of what the emissions enforcement changes that has, kind of, been implemented by the EPA or that they proposed? What does that all mean? And what are you hearing customers tell you about how they're planning to