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    Max Gumport • BNP Paribas

    Max Gumport's questions to Kraft Heinz Co (KHC) leadership

    Max Gumport's questions to Kraft Heinz Co (KHC) leadership • Q2 2025

    Question

    Max Gumport of BNP Paribas questioned if Kraft Heinz's reinvestment plans were sufficient compared to peers, given ongoing volume declines, and what provided confidence in the current level of investment.

    Answer

    EVP & Global CFO Andre Maciel defended their disciplined approach, emphasizing that they test investments before scaling them. He stated they feel the current plans are appropriate but will not hesitate to increase spending if opportunities show positive results, noting the expansion of the 'brand growth system' is driving current investment levels.

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    Max Gumport's questions to Hershey Co (HSY) leadership

    Max Gumport's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Max Gumport inquired about the path to $10+ adjusted EPS in 2026, considering the new pricing and tariffs, and asked about the need for incremental reinvestment to support the significant price increases.

    Answer

    SVP & CFO Steve Voskuil explained that while the new pricing is a material step toward margin recovery, it does not fully offset cocoa inflation to date. He noted that tariffs are a new headwind not contemplated in the original $10+ EPS scenario. However, he expressed optimism that if tariffs are relieved or cocoa prices revert, Hershey could achieve better than on-algorithm earnings in 2026. He also confirmed that brand reinvestment is factored into the pricing strategy.

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    Max Gumport's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Max Gumport of BNP Paribas inquired about the path to achieving $10+ adjusted EPS in 2026, considering the new pricing, tariffs, and current cocoa costs. He also asked about the potential need for incremental reinvestment to support the price increases.

    Answer

    SVP & CFO Steve Voskuil explained that while the new pricing is a material step towards margin recovery, it does not fully offset cocoa inflation to date. He noted that relief on tariffs or a reversion in cocoa prices could lead to better-than-algorithm earnings in 2026. He also confirmed that investments in brands, innovation, and customer events are factored into the pricing plan to support growth.

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    Max Gumport's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Max Gumport inquired about the path to achieving $10+ adjusted EPS in 2026, considering the new pricing actions and the added headwind of tariffs, and asked about the need for incremental reinvestment to support the price hikes.

    Answer

    SVP & CFO Steve Voskuil explained that while the new pricing is a significant step towards margin recovery, it does not fully offset cocoa inflation to date, and tariffs are a new headwind. He noted that if cocoa prices fall or tariff relief is granted, Hershey could achieve 'better than on algorithm' earnings in 2026. He also confirmed that brand investments and innovation funding are already factored into the pricing strategy.

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    Max Gumport's questions to Mondelez International Inc (MDLZ) leadership

    Max Gumport's questions to Mondelez International Inc (MDLZ) leadership • Q2 2025

    Question

    Max Gumport of BNP Paribas asked for more details on the retailer destocking observed in North America, including its primary drivers and the expected recovery timeline.

    Answer

    Chairman & CEO Dirk Van de Put attributed the destocking to retailers managing cash flow amid a broader consumption slowdown and potentially reallocating inventory ahead of tariffs. He noted that Mondelez is offsetting this by focusing on other channels like value and e-commerce. He expressed confidence that the destocking is now complete and expects Q3 to be 'clean' from an inventory perspective.

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    Max Gumport's questions to Mondelez International Inc (MDLZ) leadership • Q2 2025

    Question

    Max Gumport of BNP Paribas asked for more details on the drivers behind retailer destocking in North America and the expected timeline for recovery.

    Answer

    CEO Dirk Van de Put attributed the destocking to retailers managing cash flow amid a slowdown in overall consumption and potentially reallocating inventory ahead of tariffs on other goods. He noted that while some destocking in Q2 was a surprise, the company expects inventory levels to be 'clean' starting in Q3. He also mentioned that Mondelez is offsetting the impact by increasing focus on other channels like value and e-commerce.

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    Max Gumport's questions to Lamb Weston Holdings Inc (LW) leadership

    Max Gumport's questions to Lamb Weston Holdings Inc (LW) leadership • Q4 2025

    Question

    Max Gumport of BNP Paribas asked for Lamb Weston's plans for geographies where it lacks a competitive advantage, specifically mentioning Europe. He also questioned the rationale and timing for excluding non-cash stock-based compensation from adjusted EBITDA metrics.

    Answer

    President & CEO Mike Smith declined to provide specific details on geographic plans for competitive reasons but assured investors would be updated as decisions are made. CFO Bernadette Madarieta defended the accounting change, stating it removes volatility from non-cash items, is a common industry practice, and aligns with how management internally evaluates the business.

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    Max Gumport's questions to Conagra Brands Inc (CAG) leadership

    Max Gumport's questions to Conagra Brands Inc (CAG) leadership • Q4 2025

    Question

    Max Gumport asked how this inflation cycle differs from past ones and inquired about the path to margin recovery and the potential need to rationalize the manufacturing footprint.

    Answer

    President & CEO Sean Connolly described the current cycle as a mechanical lag but noted the strategic choice to invest in volume rather than take broad-based pricing. EVP & CFO David Marberger added that while the network is always under review, FY25 and FY26 face temporary absorption headwinds from supply chain investments. These headwinds are expected to become tailwinds in FY27 as production is brought back in-house, aiding margin recovery.

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    Max Gumport's questions to McCormick & Company Inc (MKC) leadership

    Max Gumport's questions to McCormick & Company Inc (MKC) leadership • Q2 2025

    Question

    Max Gumport asked for confirmation that the company's long-term financial targets remain intact despite the new tariff outlook and requested more detail on the observed uptick in innovation activity from large CPG customers.

    Answer

    Chairman, President & CEO Brendan Foley confirmed that the company remains confident in its long-term objectives. Regarding innovation, he described a 'net incremental' increase in activity from CPG customers, particularly in reformulation and matching driven by health and wellness trends. He noted that while McCormick's win rate is strong, the timing of when these benefits will materialize is variable.

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    Max Gumport's questions to McCormick & Company Inc (MKC) leadership • Q1 2025

    Question

    Max Gumport asked to what extent the observed softness in the snacking category is driven by consumer financial pressures versus changing preferences toward healthier eating.

    Answer

    Chairman, President and CEO Brendan Foley attributed the trend to a combination of both factors. He noted that while there is some softness, growth pockets exist in value-added and better-for-you snacks. More broadly, he described the consumer as resilient but cautious, continuing value-seeking behaviors like cooking from scratch, which they perceive as both cheaper and healthier. This dynamic ultimately benefits McCormick's core categories.

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    Max Gumport's questions to McCormick & Company Inc (MKC) leadership • Q4 2024

    Question

    Max Gumport highlighted the dichotomy between McCormick's strong U.S. consumer volumes and the soft volumes of its CPG customers in the Flavor Solutions segment. He also asked for more detail on the strategic inventory buys that impacted 2024 cash flow.

    Answer

    CEO Brendan Foley attributed their consumer outperformance to strong execution and competing in healthy, growing categories like spices and hot sauce. CFO Marcos Gabriel explained the inventory buys are 'business as usual' strategic decisions to secure supply and lock in favorable costs on commodities, noting it's a standard part of their procurement playbook.

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    Max Gumport's questions to McCormick & Company Inc (MKC) leadership • Q2 2025

    Question

    Max Gumport sought confirmation that long-term financial targets still stand despite the tariff outlook and asked for more detail on the innovation uptick from large CPG customers.

    Answer

    CEO Brendan Foley confirmed they remain 'confident and comfortable' with their long-term objectives from the last Investor Day. Regarding CPGs, he described a 'net incremental' increase in reformulation and matching activity on top of normal innovation, driven by health and wellness trends. He noted their win rate on these projects is strong, though the timing of benefits varies.

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    Max Gumport's questions to General Mills Inc (GIS) leadership

    Max Gumport's questions to General Mills Inc (GIS) leadership • Q4 2025

    Question

    Max Gumport noted that in areas of reinvestment, price declines are outpacing volume gains, hurting dollar sales. He asked for confidence in this relationship improving and requested a quantification of the investment in the fresh pet food launch.

    Answer

    CEO Jeffrey Harmening confirmed that volume share outpacing dollar share was expected and modeled for the first half of the year. He anticipates this will reverse in the second half as the company laps pricing actions and benefits from sustained marketing and innovation. He declined to quantify the fresh pet investment but stressed it would be significant to support a national launch and drive trial.

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    Max Gumport's questions to General Mills Inc (GIS) leadership • Q4 2025

    Question

    Max Gumport of BNP Paribas pointed to refrigerated dough, where volumes are up but dollar sales are down, and asked what provides confidence this relationship will improve. He also asked for the investment amount behind the fresh pet food launch.

    Answer

    Chairman & CEO Jeffrey Harmening stated that the volume/dollar share dynamic was expected and modeled. He anticipates that as the company laps pricing investments in the second half of the year, the impact of strong marketing and innovation will cause dollar shares to begin growing. He declined to quantify the fresh pet investment but confirmed it would be significant to drive trial for the national launch.

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    Max Gumport's questions to J M Smucker Co (SJM) leadership

    Max Gumport's questions to J M Smucker Co (SJM) leadership • Q4 2025

    Question

    Max Gumport asked about the drivers of the free cash flow miss in fiscal 2025, the reasons for the guided increase in fiscal 2026 despite lower expected EPS, and how the company plans to fund its debt paydown and dividend commitments.

    Answer

    CFO Tucker Marshall attributed the FY25 miss to higher inventory balances from green coffee inflation. He explained the FY26 improvement is driven by a $75 million reduction in capital expenditures to $325 million, plus continued working capital management. He confirmed that debt paydown will be funded by a combination of free cash flow after dividends and excess cash from the balance sheet.

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    Max Gumport's questions to Hormel Foods Corp (HRL) leadership

    Max Gumport's questions to Hormel Foods Corp (HRL) leadership • Q1 2025

    Question

    Max Gumport asked if the high end of the company's guidance range is now less likely, given that the previously mentioned tailwind from an improved turkey market appears to be unrealized. He also sought clarification on the T&M financial targets, asking how the FY25 savings goal of $100M-$150M contributes to the multi-year $200M+ EBIT income target.

    Answer

    CFO Jacinth Smiley maintained that the high end of the guidance range is still achievable. While acknowledging the turkey market dynamic, she emphasized that other drivers like volume, mix, the Planters recovery, and T&M performance are still in play to reach the target. CEO James Snee described the T&M benefits as an escalating 'growth flywheel' that continues to build, noting that the FY25 plan also includes significant reinvestment, but did not provide a specific breakdown of the multi-year target.

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    Max Gumport's questions to WK Kellogg Co (KLG) leadership

    Max Gumport's questions to WK Kellogg Co (KLG) leadership • Q4 2024

    Question

    Max Gumport sought clarification on the Q1 sales cadence and asked what will drive the expected improvement in underlying business trends from Q2 through Q4.

    Answer

    CFO David McKinstray clarified the Q1 headwind is relative to full-year guidance and expects Q2-Q4 to be uniform. CEO Gary Pilnick cited several drivers for improvement: a stable category, a more seasoned sales team, a robust commercial plan with broader innovation, and a focus on growth areas like natural/organic.

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    Max Gumport's questions to WK Kellogg Co (KLG) leadership • Q3 2024

    Question

    Max Gumport questioned why the cereal category is not seeing better performance, given its strong value proposition in an economic environment where consumers are actively seeking value.

    Answer

    Chairman and CEO Gary Pilnick acknowledged the logic but framed the category's modest decline as stable performance in a challenging environment. He suggested that WK Kellogg Co.'s own PPA strategy, which can impact reported volume, also affects the overall category numbers due to the company's significant market share. He affirmed that value-seeking behavior should be a tailwind for cereal.

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    Max Gumport's questions to Kellanova (K) leadership

    Max Gumport's questions to Kellanova (K) leadership • Q2 2024

    Question

    Max Gumport followed up on the competitive landscape, asking why Kellanova's management feels their business does not require more price investment or givebacks to the consumer, especially when competitors and retailers seem to be moving in that direction.

    Answer

    Steven Cahillane, Chairman, President and CEO, directly pointed to the company's performance as the answer. He stated that their strong second-quarter results and raised full-year guidance demonstrate the effectiveness of their current strategy. He expressed strong confidence in their innovation pipeline, brand-building returns, and geographic portfolio, concluding, "we don't feel like we're missing anything."

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