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CEO Gavin Hattersley confirmed the guidance change was driven by unexpected macroeconomic pressures on consumer demand, which led to a U.S. industry decline of around 5% in Q1. He noted that while some headwinds like shipment timing and Fever-Tree costs were anticipated, the consumer environment was weaker than forecasted. The company's outlook assumes the industry will improve from this Q1 trend, supported by key commercial plans for brands like Peroni and Fever-Tree launching in Q2.

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CEO Gavin Hattersley positioned the partnership as a key pillar of their non-alcoholic strategy, noting Fever-Tree's premium status. He stated that Molson Coors brings its extensive distribution network, which services over 500,000 outlets, offering a massive increase in reach for Fever-Tree and helping Molson Coors build critical mass in the non-alc space alongside its ZOA brand.

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CFO Tracey Joubert stated that while full-year 2024 marketing investment will be up versus 2022, they do not expect to match the significant spend from the back half of 2023. She affirmed they will invest the 'right level' to support core brands and key innovations like Peroni and Madri, but do not anticipate 'significant step-ups' in spending.

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President and CEO Darcy Davenport stated they are not seeing cannibalization, attributing strong growth in food/drug/mass channels partly to lapping prior-year out-of-stocks. She explained that channel conflict is managed by offering different pack sizes in different channels. She did note a consumer trend of trading up to larger, better-value packs.

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President & CEO Stephane de la Faverie explained the transformation clarifies roles, with brands driving innovation and regions driving execution. Shifting P&L responsibility to regions in FY26 will increase accountability and ensure investments have the highest ROI. EVP & CFO Akhil Shrivastava reinforced that the priority is 'growth, margin, cash,' stating that cost savings from the PRGP will fuel investments and that margin expansion will accelerate as sales leverage returns.

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President and CEO Stephane de la Faverie explained the balance comes from clarifying roles under the 'Beauty Reimagined' plan, with brands driving innovation and regions driving execution. He emphasized that moving P&L responsibility to the regions will increase speed and accountability. EVP and CFO Akhil Shrivastava added that the company's value creation hierarchy is growth, margin, and cash, and that cost savings from the PRGP will be used to fuel investments with strong ROI to drive growth.

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CEO Stephane de la Faverie explained that the new, leaner organizational structure is designed for speed and focus, with realigned regions like integrating travel retail into the Asia cluster to improve execution. He stated that the company conducts regular, thorough portfolio reviews to accelerate what works, stop what doesn't, and ultimately drive maximum value from each brand.

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President and CEO Fabrizio Freda detailed the need for a strategic reset to rebalance the company's growth model and reduce overexposure to volatile markets. He stated the new leadership must be exceptional brand builders with a deep global understanding, capable of driving change with speed and agility. He endorsed the internal succession as a way to accelerate necessary changes while preserving the company's core strengths and values.

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Chairman and CEO James Quincey attributed Mexico's softness to several factors, including cycling a strong prior year, the timing of Easter, macro uncertainty, and geopolitical tensions affecting Hispanic consumer sentiment. He outlined that the company is taking swift action by focusing on affordability with refillable packaging, value packs, and reinforcing the localness of its Mexican operations.

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CFO John Murphy indicated that pricing from intense inflationary markets would be more pronounced in Q1 and moderate through the year, with Q2 presenting the most challenging comparison. CEO James Quincey added that the company aims to gain share, so its 5-6% growth target is based on the expectation of a more normalized industry growth rate, likely around 4-5%, consistent with long-term trends.

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Chairman and CEO James Quincey acknowledged some 'very marginal' softness but stated the overall U.S. beverage industry remains robust. He described a mixed consumer landscape, with some seeking value through deals and smaller packs, while others demonstrate strong purchasing power for premium brands like fairlife, leading to a resilient net result.

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Noel Wallace, CEO, and John Faucher, an executive, explained that the company expects to be fully out of the private label business by Q3 2025. John Faucher clarified that the private label exit had a 40 basis point drag on total company volume in Q1 and that this drag will be slightly greater on a quarterly basis through the rest of the year until the exit is complete. Noel Wallace emphasized focusing on the core branded business, which is what the company controls.

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CEO Noel Wallace stated that with underlying categories growing at 2-4%, the company's 3-5% guidance implies continued market share gains. CFO Stan Sutula addressed tariffs, confirming they are not included in guidance. He detailed a long-term strategy to mitigate risk through local manufacturing and supply chain flexibility, highlighting nearly $2 billion invested in the U.S. supply chain over the last five years, which increased U.S. facilities by over 40%.

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Noel Wallace, Chairman, President and CEO, and Stanley Sutula, CFO, clarified there was no strategic shift. They emphasized that both gross margin percentage and gross profit dollars are important. Sutula explained the composition of margin improvement will shift, with less benefit from pricing and more from volume and productivity. John Faucher, an executive, added that gross profit dollar growth is essential for driving the EPS dollar growth needed for top-tier TSR.

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Executive Andre Schulten noted that global category value growth has slowed from 3.5% to 2.5% but is expected to return to a 3-4% rate over the next 2-3 years. To manage near-term headwinds like tariffs, he identified productivity, innovation, and pricing as the primary levers. He emphasized a long-term "glide path" to deliver low-to-mid-single-digit revenue growth and mid-to-high-single-digit EPS growth.

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Andre Schulten, an executive, clarified that the China results were not heavily impacted by phasing and reflected real progress. Jon Moeller, Chairman, President and CEO, confirmed P&G intends to leverage the market changes, highlighting strategic shifts like altering distributor compensation to be category-specific and moving to an end-to-end operational model to drive market growth.

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Executive Andre Schulten clarified that productivity remains the primary driver of gross margin, contributing 170 basis points in the quarter. He noted that the decline in the high-margin SK-II brand is a significant headwind. The benefit from easing inflation is expected to materialize in the latter half of the fiscal year due to a 6-9 month lag from hedging policies.

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Chairman and CEO Ramon Laguarta agreed that the international business is a key long-term growth and profit driver and is now accretive to the company. However, he disagreed that the U.S. business cannot grow faster, citing tremendous opportunities in both beverages and foods through better execution, portfolio evolution, and leveraging a more integrated North American operating model. He sees both international and the U.S. as powerful growth components for the future.

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CEO Ramon Laguarta identified consumer value as the number one factor behind the slowdown. He outlined a three-pronged strategy to address this: 1) surgical pricing and sizing to offer value, 2) catering to increased health awareness via portion control and better-for-you innovations, and 3) capitalizing on the mini-meal trend with convenient, smaller-calorie solutions. He confirmed this applies to both food and beverages.

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Chairman and CEO Ramon Laguarta detailed a programmatic approach to productivity and cost transformation, citing platforms like supply chain automation, data digitalization, and global business services. He stated these initiatives provide the flexibility to invest for long-term growth while delivering on financial targets, noting confidence in hitting the high end of the long-term EPS target for the year.

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CFO Garth Hankinson clarified that about $100 million of the savings is linked to the wine business divestiture, with the remainder coming from a reset across corporate functions and the beer business. CEO William Newlands added that the company has a long-standing practice of reinvesting efficiency gains back into the business to fuel future growth, a strategy that will continue.

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CEO William Newlands acknowledged the beer category's weakness but emphasized Constellation's consistent outperformance. He pointed to significant growth runways for key brands like Modelo, Pacifico, and Victoria, driven by factors like awareness and distribution gains. He noted that the company has outpaced not just the beer category but the entire CPG sector for over a decade.

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CEO Damian Gammell attributed past success primarily to strong organic growth, supplemented by good M&A. To double the business again, he stressed the key is sustained quality top-line growth (volume and revenue). He sees future growth coming from organic drivers like innovation in ARTD and Energy, with M&A being opportunistic rather than the primary focus.

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CEO Damian Gammell emphasized that future growth will be driven by 'sustained quality volume and revenue growth' organically. He highlighted the strong innovation pipeline in ARTD, Energy, and Sports as key drivers. While open to accretive M&A, he stated the story is 'probably going to be a more organic story going forward,' with a focus on maximizing the value of existing assets.

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CEO William Cyr explained that the company's strategy is to build an insurmountable scale advantage in manufacturing, distribution, and retail presence. He drew parallels to other category creators who successfully captured the lion's share of the market and profits by establishing a significant head start, acknowledging that while competition is expected, their scale will be a formidable barrier.

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Executive William Cyr responded that the business is highly scale-driven, and Freshpet's strategy has been to build a significant head start and scale advantage. He compared the situation to other category creators who ultimately capture the lion's share of the market and profits, stating that while competition is expected, Freshpet is positioned to maintain its leadership.

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CFO Corey Baker explained that while the Vita Coco Spiked product was not a commercial success, the licensing deal was highly effective in marketing the usage occasion of mixing coconut water with alcohol. CEO Martin Roper and Corey Baker clarified that freight availability has improved significantly, but cost remains the key uncertainty for 2025. They plan to resume a normal promotional cadence and would likely use pricing to offset any potential future tariffs.

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