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CFO Jonathan Root indicated the HDFS transaction's financial impact would likely be split between Q3 and Q4 as different elements of the deal close. CEO Jochen Zeitz explained the new efficiency program will leverage technology, including AI, for substantial cost savings and productivity gains, with specific details to be outlined in future calls.

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LiveWire CEO Karim Donnez explained the launch is highly strategic as it leverages the existing S2 vehicle platform, avoiding the high cost of new platform development. He also noted it utilizes the expertise of shareholder Kymco and targets a growing EV Maxi scooter segment in Europe. CFO Jonathan Root reinforced that this approach allows LiveWire to reduce its operating loss and cash burn by focusing on line extensions rather than costly new platform investments.

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CEO Jochen Zeitz clarified that significant market share gains were specifically within the Touring segment, and that overall retail sales declined less than the industry. He assured that the operating profile is constantly evaluated based on a conservative outlook, with a focus on OpEx and cost productivity. CFO Jonathan Root reinforced this by highlighting the commitment to the $400M productivity plan as a key part of this optimization.

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CFO & COO Gina Goetter confirmed there is no update to the long-term digital margin outlook, noting that depreciation from new games like Exodus will be a future headwind. CEO Chris Cocks expressed confidence in a 2026 CP recovery, driven by a 'second to none' entertainment slate including Spider-Man, Star Wars, and Avengers. Goetter added that SKU rationalization is an ongoing process to manage complexity and respond to the tariff environment.

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CEO Chris Cocks noted that Hasbro entered the year with lean retail inventories. CFO & COO Gina Goetter clarified that the Consumer Products revenue beat was driven by licensing, while the core toy business performed as planned. Regarding value consumers, Cocks stated there were no major insights to share, as the toy category performed well in Q1 with consumers behaving normally.

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CFO and COO Gina Goetter stated that future savings will increasingly come from gross-to-net efficiencies, design-to-value initiatives, and managed expenses. CEO Chris Cocks introduced a new 'Growth, Optimize, Reinvent' brand framework, placing NERF in the 'Reinvent' category. He noted that while out-licensing is always an option, the company's bias is to be a net brand creator.

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CFO Bruce Beckman explained the guidance reduction was driven by a more cautious view of the retail market, which prompted a downward adjustment to production and shipment plans. On capital allocation, Beckman stated that while priorities remain, tactics will adapt to the market. Specifically, the pace of share repurchases will be modestly reduced in Q4, but buybacks will continue to be a part of their overall strategy to maximize shareholder value.

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CEO Steven Menneto attributed Cobalt's strong performance to market share gains, a robust dealer network, and exciting new models. Regarding lending, he noted that while consumer interest rates remain "stubbornly high," creating a headwind for the market, the company has not seen any indication of an increase in consumer loan defaults.

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CFO Bruce Beckman explained the optimism stems from the start of interest rate cuts, a healthy inventory position, and a strong new model lineup. He noted that input cost inflation is modest and expects future margin benefits to come from leveraging fixed costs on higher volumes rather than from input cost deflation.

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CFO Bruce Beckman explained that the historical 15% EBITDA margin target was based on a revenue level of roughly $1 billion, and the current guidance is based on a lower revenue figure. He also noted no significant change in the cash vs. finance purchase mix. CEO Steve Menneto stated he has not seen a recent pause in retail activity and has been pleased with summer performance.

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CFO Sebastien Martel explained that with plants running at a suboptimal 55% utilization in fiscal 2025, any incremental volume provides a significant, exponential benefit to margins. For capital allocation, he stated the top priority remains product innovation, followed by dividends. Share buybacks are also an option, but are on hold to preserve balance sheet flexibility amid current uncertainty.

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CFO Sebastien Martel stated that dealer financing rates are pegged to SOFR and have not yet moved down, but that a reduction would help dealers. CEO Jose Boisjoli said he lacked the latest data for Unchartered Society but had not heard of any drastic slowdown, reiterating its strategic importance for getting customers to experience BRP products.

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CFO Sebastien Martel confirmed that BRP is comfortable with its current production capacity and does not see a need for major capacity additions in the short-to-mid-term. He stated that the company will remain selective in its CapEx deployment, continuing to invest in technology and new products. He suggested that CapEx next year could be slightly higher than this year's reduced level, but not back to the peaks of recent years.

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CFO David Bernstein reaffirmed prior guidance that cost growth in Q2 and Q3 would be slightly higher than the full-year average, with Q4 being lower. He also confirmed that visibility is at a record high, with the company being approximately 80% booked for the rest of the year, which is above the top end of all historical ranges.

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CEO Josh Weinstein explained that promotions are a standard and healthy part of wave season and that the company is already seeing record booking activity for 2026. Regarding CapEx, both Weinstein and CFO David Bernstein noted that while projects like Celebration Key are significant investments with high expected returns, there is no fixed long-term run rate for such spending, though it will likely remain a priority. Future levels are expected to be similar to 2025 but are subject to change.

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CEO Josh Weinstein explained that China was never a significant market for Carnival and they are not pursuing it now, though other parts of Asia are performing well. He noted that while overall occupancy is back to historical norms, there is still some room for it to "drift a little higher," but the main focus is on price. He characterized the financial impact from the hurricane as insignificant, amounting to just a few million dollars.

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CFO Anthony DiSilvestro acknowledged consumer pressure and the importance of value, stating Mattel is well-positioned with a wide range of price points. He noted the cost savings program is on track, with more benefits still to come on the Cost of Goods Sold (COGS) side, as the program is expected to be 70% COGS-focused overall.

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