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President and CEO Stéphane de La Faverie explained that the new leadership team is nearly complete with a Head of R&D to be named shortly. He confirmed the seven global regions have been consolidated into four. De La Faverie emphasized that as of July 1, P&L responsibility shifted to the regions, fostering better collaboration and speed, which has already resulted in market share gains in the U.S., China, and Japan. He expressed satisfaction with the pace of change and the organization's adoption of a culture centered on ambition and accountability.

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President and CEO Stephane de la Faverie detailed significant market share gains in the U.S. and China, driven by key brands like Clinique, Estee Lauder, and La Mer. He acknowledged that work is needed in the U.K. and some emerging markets but plans to apply learnings from successful regions. He also noted that the company is moving quickly into new channels like Amazon and TikTok Shop to recapture share and that a new leadership team is focused on driving retail sales in Travel Retail.

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President & CEO Stephane de la Faverie detailed strong share gains in the U.S. and China, driven by brands like Clinique, La Mer, and The Ordinary. He explained they are applying learnings from successes in Japan and Korea to other markets. While acknowledging weakness in the U.K., he noted they are laser-focused on a turnaround. He also highlighted the strategic expansion into new channels like Amazon and TikTok as a key driver for recapturing market share.

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CEO Stephane de la Faverie stressed that cultural change towards speed and agility is critical and that the company is bringing in external partners to help execute the PRGP transformation. CFO Akhil Shrivastava added that the new culture is being built on three pillars: employee ownership and accountability, consumer-centricity in all functions, and a focus on long-term value creation.

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EVP and CFO Tracey Travis confirmed that management is evaluating additional cost-saving actions beyond the PRGP to offset volume pressures. She noted that investments in consumer-facing areas were protected in Q1 and will be again in Q2. President and CEO Fabrizio Freda added that the focus is also on improving the quality and ROI of investments through precision marketing and accelerating expansion into high-growth channels.

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Hilton Schlosberg, Vice Chairman & CEO, acknowledged that while the company is focused on gross margins, modest pressure from tariffs is expected in Q3. He stated the planned Q4 price increase, which will be selective by package and channel, is expected to mitigate some of that pressure. Schlosberg also noted the company's hedging strategy partially insulates it from aluminum price volatility, though less so for the Midwest premium affected by tariffs.

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CEO Rodney Sacks emphasized that consumer demand, reflected in Nielsen data and depletions, is a more accurate health indicator and remains strong, making the company optimistic for the year. Executive Hilton Schlosberg supported this by citing strong energy sales growth from bottlers like CCP (up 12%) and Hellenic (up 26%), indicating robust underlying trends despite shipment timing issues.

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Executives Hilton Schlosberg and Rodney Sacks responded. Schlosberg confirmed low single-digit shelf space gains and noted that while the U.S. category is massive, positive trends persist. Sacks highlighted that 2025 innovation, including Ultra Blue Hawaiian and a new Bang Energy product, had a strong start and is expected to be a positive driver for the year.

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Senior VP & CFO Mandy Fields confirmed the Rhode acquisition contributes to the first-half growth forecast but did not provide an ex-Rhode figure, emphasizing the underlying e.l.f. business remains strong with continued market share gains. She reiterated that the Rhode acquisition is expected to be accretive for the full year, even with planned investments to support its growth, such as the successful launch of its 'lemon teenie' lip peptide.

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SVP & CFO Mandy Fields noted that while Q1 consumption is strong, tariff impacts will begin to affect profitability during the quarter. Chairman and CEO Tarang Amin detailed that e.l.f. will provide Rhode with retail expansion expertise, marketing investment to boost awareness, and team-building support. In return, e.l.f. acquires a high-growth brand and deepens its strategic relationship with Sephora.

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Chairman and CEO Tarang Amin responded that the company is not making a big strategic shift, but rather tweaking its approach to better balance marketing support between new innovation and core franchises, like the 'eyes, lips, face fandom' campaign. He noted that many new items build on existing successful franchises like Power Grip and Halo Glow. Amin added that the company decided against increasing marketing spend, feeling the current ROIs are strong and that it wasn't prudent in a more cautious consumer environment.

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CEO Tarang Amin explained the Dollar General partnership was planned over a year in advance and that the brand's elasticity allows it to play in both value channels and prestige retailers like Sephora Mexico simultaneously. He remains bullish on the long-term category growth, noting past cycles of slowdowns and rebounds, and stated that guidance is built on market share gains and pipeline, not category assumptions.

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CEO Oran Holtzman described Brand 3 as a telehealth platform starting with dermatology, offering medical-grade OTC and Rx products. The experience includes a mobile app for coaching and compliance to address a key category issue. He noted that while three months is a short testing cycle, the company has made substantial progress over the past year in matching the right patient with the right customized treatment, which is critical for user satisfaction.

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CEO Oran Holtzman stated the international strategy involves both scaling existing markets (like the U.K. and Germany) and leveraging large-scale tests in new markets (like France, Italy, and Spain). Regarding M&A, he said the focus is on acquiring capabilities ODDITY doesn't have, particularly in biotech and AI, rather than just buying brands they could build themselves. Global CFO Lindsay Drucker Mann added that this diversification across markets and brands provides flexibility.

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CEO Oran Holtzman stated that Brand 3 will initially target conditions like eczema and hyperpigmentation, with extensive trials showing superior product performance. Regarding Oddity Labs, he noted that while it's still early, new molecules from the lab will be incorporated into Brand 3 and Brand 4 products. The labs are actively working on over 10 long-term programs and are scaling the team toward 100 scientists.

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Global CFO Lindsay Drucker Mann confirmed Q4's strong start continues Q3's momentum, with record cohort performance, high repeat rates, and increased Average Order Value (AOV). Co-Founder and CEO Oran Holtzman stated Brands 3 and 4 are on track for a H2 2025 launch, leveraging the existing user base. He detailed progress on Brand 3's telehealth infrastructure and vision technology. Lindsay Drucker Mann reiterated that while these new brands will incur material costs in 2025, they are not expected to contribute materially to revenue next year.

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President and CEO Mark LaVigne confirmed the credits enhance the ability to invest but noted this builds on the $200 million in savings from Project Momentum, which already funded growth initiatives. EVP and CFO John Drabik clarified that the FY25 outlook should be viewed as a new earnings base, and the company expects to grow algorithmically off that higher level in FY26 after offsetting tariff impacts.

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President and CEO Rick Dierker characterized 2025 as an 'aberration' due to unusual category volatility and expressed high confidence in returning to the evergreen model long-term, aided by recent portfolio optimization. For Batiste, he cited multiple factors for the slowdown, including resolved supply issues and a competitor's price increase, but expressed confidence in a return to share gains by ensuring the brand has offerings at all key price points.

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Executive Richard Dierker pushed back on the premise of losing share, stating he fully expects the company's portfolio and strategy to drive share gains, attributing any short-term softness to promotional timing. On capital allocation, he and CFO Lee McChesney strongly reiterated that M&A is the clear number one priority, and while buybacks could be considered after a long period without a deal, the focus is on maintaining firepower for acquisitions.

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CEO Matthew Farrell explained that the strong October consumption was likely an anomaly driven by temporary factors like a hurricane and port strike, hence the continued caution. He considers the underlying 3% category growth to be healthy. Regarding international expansion, he confirmed HERO is now registered in 40 countries and both brands are traveling well, but deferred providing specific sales mix data until a future Analyst Day.

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Matthew Farrell (executive) highlighted THERABREATH's continued success, noting its strong performance even on Amazon's Prime Day without promotion, and sees long-term growth from its antiseptic line. Regarding VMS, he stated a turnaround is not expected this year and will likely take another 6 to 12 months, as progress has been slower than planned.

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Chairman, CEO & President Noel Wallace explained the productivity initiative is designed to accelerate the company's 2030 strategic plan by investing in capabilities like innovation, omnichannel demand generation, and AI. CFO Stanley Sutula added that the program involves a $200-$300 million charge over three years with a savings profile similar to past initiatives. Regarding the U.S., Noel Wallace attributed the slowdown to a 'persistently cautious consumer' but expects categories to normalize over time.

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Noel Wallace, Chairman, President and CEO, noted that while emerging markets felt the global uncertainty, they have seen a faster comeback than North America. He highlighted very strong volume and value share in Latin America and Africa, Middle East. He conceded that China remains a challenge, particularly the Holly and Hazel business, but the Colgate brand itself performed well with mid-single-digit organic growth. He also mentioned continued softness in India's urban markets.

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CEO Noel Wallace expressed confidence, citing the company's well-positioned strategy for consistent dollar earnings growth, flexibility built into the P&L, and a focus on balanced volume and price growth. He highlighted that Q4 organic growth was nearly 5% when excluding the private label pet business, which he considers a strong result in the current environment. He also noted that new pricing actions in Q1 2025 are intended to offset foreign exchange headwinds.

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Noel Wallace, Chairman, President and CEO, explained that North America's performance was largely expected, with some volume softness due to shipment timing and skin health impacts. He affirmed the Hill's business is performing exceptionally well with strong volume and margin, allowing for reinvestment to drive category growth and market share gains, particularly in the wet segment.

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President, CEO & Chairman Jon Moeller stated the CEO transition timing is appropriate given the company's strategic and executional strength. He explained the restructuring aims to enhance capabilities by breaking down functional silos, leveraging technology for seamless data access, and empowering smaller, integrated teams to improve decision speed and employee value.

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Executive Andre Schulten asserted that P&G is well-positioned due to its broad portfolio across all value tiers and price points, citing innovation in both premium (Tide, Swaddlers) and value (Gain, Luvs) brands. He noted that private label shares continue to trend down in both the U.S. and Europe, indicating that P&G's superior performance proposition remains valuable to consumers even in uncertain times.

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Andre Schulten, an executive, stated that the core 85% of the business continues to grow around 4%, while the lagging 15% has improved, driven by a significant recovery in Greater China (from -15% in Q1 to -3% in Q2). He noted the base case is for continued strength in the core business and ongoing recovery in the lagging markets, which could lead to the midpoint of guidance, though weakening in core markets or a reversal in China would push results to the lower end.

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Executive Andre Schulten projected sustained U.S. market growth of 3-4%, driven by volume, and highlighted a $5 billion opportunity from serving diverse consumer groups and increasing penetration in categories like fabric enhancers. For the lagging 15%, he stated the base assumption is simply annualizing the negative effects, which will aid stabilization, while emphasizing proactive operational improvements.

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CEO Tim Cofer explained that the marketing transformation is centered on data, technology, and digital to enable more precise targeting and effective content. He expects the impact to become visible in H2 2025, citing the upcoming Dr Pepper 'Fansville' campaign as an example of more personalized digital engagement. The ultimate goal, he stated, is to achieve higher ROIs and more impactful marketing spend.

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Chief Financial Officer Sudhanshu Priyadarshi affirmed the company's high single-digit constant currency EPS growth guidance, noting that offsets like cost savings, potential pricing actions, and Q1's overperformance provide flexibility against tariff and coffee segment pressures. Chief Executive Officer Timothy Cofer added that U.S. Refreshment Beverage growth is robust, driven by strong performance and innovation in CSDs like Dr Pepper, energy drinks like GHOST, and hydration with Electrolit, with growth primarily coming from volume and mix.

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CEO Timothy Cofer acknowledged the sluggish at-home coffee category but noted that KDP is outperforming within the single-serve sub-segment and is planning prudently for 2025. CFO Sudhanshu Priyadarshi added that for 2025, the company will manage for operating profit dollar growth, not margin percentage, by offsetting inflation with pricing and productivity, with a multiyear goal to rebuild segment margins.

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Chairman and CEO James Quincey confirmed Fairlife's strong double-digit volume growth in Q2 and stated the new capacity coming online in 2026 will steadily alleviate constraints. He highlighted the success of the Santa Clara dairy brand in Mexico as an example of international progress and noted that while the U.S. dairy structure is unique, the company is actively exploring opportunities to bring Fairlife's benefits to other global markets.

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President and CFO John Murphy stated that it is still early in the year and that currency volatility, particularly in emerging markets, warrants a prudent approach to guidance. Regarding volume, he acknowledged the strong start but noted that Q2 faces a tougher comparison and that actions to address market challenges will take time to show results, reaffirming confidence in the full-year outlook.

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CEO James Quincey explained that for 2025, the company targets the high end of its 5-6% long-term algorithm. He anticipates growth will be slightly more weighted to price than volume, but with continued solid volume momentum. He noted that about half of 2024's 10% price/mix was from high-inflation countries, which is expected to largely drop out in 2025, leading to a moderation in overall pricing.

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Chairman and CEO James Quincey explained the 3% mix had two components. The first, an enduring piece, is driven by the strategic focus on both affordability options and premiumization, such as with the fairlife brand. The second, a more temporary factor, resulted from slower growth in lower-priced emerging markets relative to developed markets, which he expects to normalize.

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EVP and CFO Jamie Caulfield expressed high confidence in hitting second-half productivity targets, noting that actions have been identified and are being executed. Chairman and CEO Ramon Laguarta detailed reinvestment areas, including technology, surgical value offerings, and expanding away-from-home capabilities, while maintaining that current high levels of advertising and marketing (A&M) are sufficient.

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EVP and CFO Jamie Caulfield stated that while they are providing value to consumers, they will not damage the long-term health of the franchise. He emphasized driving productivity to fund investments and aggressively managing costs. CEO Ramon Laguarta added that the focus is on intelligent reinvestment for the best return, portfolio transformation into new subsegments, and improving operational excellence, which he views as equally critical pillars for driving performance.

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CEO Ramon Laguarta outlined a dual strategy for North America. For beverages, the focus is on accelerating top-line growth via innovation in zero-sugar and functional drinks while continuing to expand margins. For snacks, the priority is stabilizing the category through better price-pack execution, innovation in 'positive choices,' and a significant strategic push into the Away-From-Home channel, leveraging recent acquisitions.

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Chairman and CEO Ramon Laguarta outlined a multi-pronged strategy, noting positive returns from summer investments in Lay's. He detailed plans to extend value-focused activities, such as bonus packs offering 20% more product, to Tostitos and Doritos for the football season. He also highlighted long-term portfolio evolution through permissible and multicultural brands and expansion into new channels.

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President & CEO Bill Newlands affirmed that Q1 was in line with expectations and that achieving guidance requires sequential improvement against easier comps, not a major consumer shift. EVP & CFO Garth Hankinson added that while new tariffs create a ~$20 million headwind, the company can still deliver margins consistent with its prior guidance.

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CEO Bill Newlands stated the quarter performed as expected against a strong prior-year comparison and that upcoming comps are easier. CFO Garth Hankinson affirmed guidance, noting that while a new $20 million tariff impact is a headwind, the company can still deliver on its annual margin targets.

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CEO William Newlands attributed the revision primarily to a near-term issue with consumer sentiment, the duration of which is difficult to predict. He stressed that it is not a brand health issue, citing Pacifico's 16% growth as a sign of underlying strength. The guidance reflects conservatism due to the uncertainty of how long socioeconomic challenges will persist.

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CEO William Newlands stated that the company views the current softness as a result of prolonged near-term macroeconomic pressures, such as unemployment and value-seeking behavior, rather than structural or long-term issues. He emphasized that beverage alcohol's share of the consumer's total spending basket has remained consistent, suggesting a cyclical rather than structural headwind.

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CEO William Newlands attributed the Q2 softness to a higher unemployment rate in the Hispanic market and a typical consumer pullback during a close federal election cycle. He emphasized that consumer demand and buy rates remain strong and characterized the issue as near-term, not a long-term structural change. Newlands expressed optimism for the second half, citing recent improvements in scanner data and potential economic stimulus from Fed rate cuts.

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CEO Linda Rendle explained that while categories were in line with expectations through mid-February, a subsequent weakening in U.S. consumer sentiment led to shifts in shopping behavior. She noted consumers are prioritizing food, conserving cash, and changing spending habits due to macroeconomic and geopolitical uncertainty. Rendle emphasized that core at-home behaviors, like using Clorox products, haven't changed, and there's no significant trade-down to private label. She anticipates categories will remain down low-single-digits in Q4 but expressed confidence in their long-term resilience.

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CFO Kevin Jacobsen expressed confidence in continuing margin expansion, targeting 25-50 bps of EBIT margin growth annually starting in FY26, driven by productivity, the upcoming ERP conversion, and expanded margin transformation efforts. CEO Linda Rendle explained the Glad JV change was a mutual decision timed with the contract's expiration and stated there is no change to the company's M&A priorities or uses of cash.

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CEO Linda Rendle confirmed that Clorox has fully restored its market share to pre-cyber attack levels and expects to continue growing share, although at a more moderate and potentially 'lumpy' pace. She noted that the promotional environment has largely returned to pre-COVID levels, with the exception of the Litter category, where Clorox is intentionally increasing promotions to win back consumers.

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CEO Michael Hsu asserted that the company's agility has improved and framed the tariffs as a discrete, near-term issue. CFO Nelson Urdaneta broke down the $300M gross impact: ~67% from U.S. tariffs on China, 10% from U.S. reciprocal tariffs, and ~25% from retaliatory tariffs by other countries. He stated they plan to mitigate about one-third of the impact this year through supply chain re-optimization.

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CEO Michael Hsu expressed confidence in the company's long-term strategy, citing durable category growth drivers. He noted 2025 category growth is expected to be around 2%. CFO Nelson Urdaneta added that 2025 pricing will be largely flat, with growth primarily driven by volume and mix, a shift from the significant, but tapering, hyperinflationary pricing seen in 2024.

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COO Daniel Sullivan explained that 2025 pricing is focused on international markets where Edgewell has leadership, while the U.S. focus is on revenue management amidst a highly promotional environment, especially in Fem Care. For Sun Care, President and CEO Rod Little expressed strong confidence, citing solid distribution, robust innovation like Banana Boat 360, and positive leisure travel trends. Sullivan added that international Sun Care performance is strong, with recent share gains in Australia and Mexico.

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CEO Carla Vernon addressed consumption sustainability by pointing to strong fundamentals, including a 5% increase in unit growth, a 4% price/mix benefit, and rising repeat purchase rates. CFO David Loretta confirmed the gross margin improvements are structural and sustainable, driven by lasting product cost and supply chain savings. He added that future expansion will be supported by continued cost initiatives, scale benefits, and a favorable mix shift to higher-margin products.

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