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    Drew Levine • JPMorgan Chase & Co.

    Drew Levine's questions to Primo Brands Corp (PRMB) leadership

    Drew Levine's questions to Primo Brands Corp (PRMB) leadership • Q4 2024

    Question

    Drew Levine, on for Andrea Teixeira, asked for a breakdown of the Q4 5.5% combined revenue growth between the retail and Home & Office Delivery (HOD) channels, and sought more detail on the 2025 growth outlook by business segment.

    Answer

    CEO Robbert Rietbroek responded by emphasizing the company's strategic shift to viewing the business as one integrated, end-to-end go-to-market system rather than distinct channels. CFO David Hass reiterated the 2025 outlook of 3-5% growth balanced between volume and price/mix, and noted synergy capture would ramp up after Q1.

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    Drew Levine's questions to Primo Brands Corp (PRMB) leadership • Q4 2024

    Question

    Drew Levine, on behalf of Andrea Teixeira, requested a breakdown of Q4 revenue growth by channel and more detail on the growth outlook by business segment for 2025. He also asked about the potential for synergies beyond the updated $300 million target.

    Answer

    CEO Robbert Rietbroek emphasized the company's shift to a single, integrated go-to-market system, moving away from separate channel reporting. CFO David Hass reiterated the 2025 growth outlook is balanced between volume and price/mix across the unified portfolio. Regarding synergies, Rietbroek stated the current $300 million target is firm, achieved through operations, procurement, and SG&A, and the company will provide updates if there are future changes.

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    Drew Levine's questions to Molson Coors Beverage Co (TAP) leadership

    Drew Levine's questions to Molson Coors Beverage Co (TAP) leadership • Q4 2024

    Question

    Drew Levine of JPMorgan, on behalf of Andrea Teixeira, asked for more color on the 3% decline in U.S. brand volume, seeking insights into underlying consumer behavior and channel performance.

    Answer

    CEO Gavin Hattersley explained that performance was aided by an extra trading day in the quarter. From a consumer perspective, he noted a shift back into the convenience store channel after a move away from it during the summer, and also mentioned that the on-premise channel continued to show slight outperformance.

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    Drew Levine's questions to Molson Coors Beverage Co (TAP) leadership • Q3 2024

    Question

    Drew Levine, on for Andrea Teixeira, asked for more detail on the U.S. beer industry backdrop, questioning what drove the recent performance improvement in September and October after a summer of value-seeking behavior.

    Answer

    CEO Gavin Hattersley attributed the summer softness to economic pressures accelerating channel and pack shifting, a trend that eased in September and October. He stated that overall consumer behavior has not meaningfully changed from previous trends but noted that recent improvements in consumer confidence are encouraging.

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    Drew Levine's questions to PepsiCo Inc (PEP) leadership

    Drew Levine's questions to PepsiCo Inc (PEP) leadership • Q4 2024

    Question

    Drew Levine from JPMorgan Chase & Co. pointed out that energy drinks were not mentioned in the prepared remarks, a departure from recent quarters. He asked if this signaled a change in the company's view of the category or its growth plans.

    Answer

    CEO Ramon Laguarta stated there was 'nothing special to mention,' which is why it was omitted. He reaffirmed that energy remains a fundamental part of PepsiCo's U.S. beverage growth strategy and that the company is well-positioned with a comprehensive portfolio to serve both consumers and customers.

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