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President and CEO Rob Vitale stated that while the M&A environment is challenged by uncertainty from tariffs and ingredient regulations, Post remains open to transactions of all sizes. He also highlighted that share buybacks are an attractive alternative given current market valuations. COO Jeff Zadoks clarified that the Foodservice run rate of $115 million is a current, point-in-time estimate and that the contribution from the shake business is still modest but represents a future tailwind.

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An executive clarified the $20 million in savings is a gross figure, which would be offset by any incremental volume deleveraging. CEO Rob Vitale added that FY'26 planning is in early stages. COO Jeff Zadoks explained that a consumer trade-down would generally favor their pet food portfolio, which is skewed toward lower price points, particularly in dry dog food.

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COO Jeff Zadoks identified the return of Post's egg supply and the timing of pricing actions as key to the Foodservice recovery. He explained that distribution gains are driven by converting customers to labor-saving liquid and precooked products. On ready-to-drink shakes, he noted progress has been slow and the business's contribution remains minimal.

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President and CEO Rob Vitale explained that network optimization for the pet business is ongoing, with the Perfection acquisition providing key access to Western manufacturing. Initial benefits are factored into FY25 guidance, with more significant gains expected in FY26. CFO Matt Mainer described the Weetabix margin recovery as a 'multi-year journey' back towards 30%, driven by cost-out initiatives, though the FY25 ERP conversion will create near-term pressure.

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CEO John Fieldly explained that the company's sales organization manages top-tier accounts directly to ensure a cohesive strategy, while leveraging the distinct strengths of each distribution network. He emphasized that significant synergies in back-office functions like finance, operations, and revenue management allow for a holistic portfolio approach, despite the separate distribution logistics.

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CFO Jarrod Langhans credited the margin strength to the company's scale and its 'orbit model' supply chain structure, stating they are in 'great shape' for the short term. While aluminum is not currently a significant concern, he noted uncertainty around future tariffs. He reiterated the full-year gross margin guidance of around 50% for the core business, citing unknowns in the back half of the year related to inflation and tariffs, but affirmed the supply chain is set up for long-term sustainability.

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CEO John Fieldly attributed the share pressure, particularly in Q3, to broad category challenges and a flurry of new sugar-free competition from top players that drove trial. He expressed confidence that Celsius's brand positioning, loyal consumer base, and a strong 2025 innovation plan will address these trends. He did not directly clarify the franchisee-optional nature of the Subway rollout.

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CEO John Fieldly expressed confidence in gaining shelf space in 2025, citing positive retailer feedback. He viewed the KDP/Ghost deal as a market opportunity. CFO Jarrod Langhans explained that while the Big Beverages acquisition was a unique, high-ROI opportunity, the company is not looking to become a co-packer and remains committed to its asset-light 'orbit model' for its supply chain.

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CFO Tracey Joubert identified several other factors influencing the EPS outlook. She pointed to the timing of marketing spend, which is expected to be higher in Q3, and noted that the EPS guidance is not on a constant currency basis, so foreign exchange rates have an impact. She also mentioned that the effective tax rate is another variable in the calculation.

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CEO Gavin Hattersley clarified that the one-time Fever-Tree distributor transition costs were recorded in the MG&A line, not as a reduction to net sales. He explained that the 4.8% increase in Americas net sales per hectoliter was primarily driven by favorable mix from exiting lower-margin contract brewing and adding the high-margin Fever-Tree brand. He stated that he expects these positive mix benefits to continue throughout the year.

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CEO Gavin Hattersley framed higher-ABV innovation as a net positive for the beer industry, enabling it to compete effectively with spirits-based RTDs. He highlighted new launches like Simply Spiked Bold and Blue Moon Extra that align with this trend. He also noted that a new Gen Z advisory panel was instrumental in developing 'Happy Thursday,' showcasing a targeted approach to innovation.

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CEO Gavin Hattersley highlighted ZOA's position in the growing 'better-for-you' energy subsegment and its strong performance in unmeasured channels, noting it is a top 10 brand on Amazon. He stated that taking a majority stake allows Molson Coors to take ownership of marketing and sales development, which will be a 'big plus' for driving future growth and scale.

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Group President Brady Stewart confirmed the lift was a combination of favorable channel and product mix, driven by strong retail brands, as well as pricing to cover raw material inflation. President & CEO Donnie King emphasized that consumers are prioritizing protein and praised the Prepared Foods team's execution on both operations and mix shift, stating there is more upside on their multi-year improvement journey.

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CFO Curt Calaway explained that beef demand is supported by the value offered in the grinds complex, allowing consumers to trade down from more expensive cuts. CEO Donnie King addressed SNAP by noting a broader trend of prioritizing protein in such programs, but did not provide specific financial exposure data, instead highlighting that overall U.S. meat sales are at an all-time high.

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Wes Morris, Group President of Poultry, credited the performance to foundational improvements and winning with customers, citing a record order fill rate of over 98% and a successful mix shift to value-added products. CEO Donnie King added that the improved fill rates stem from a strategic focus on supply and operations planning (S&OP), leading to better demand forecasting and scheduling.

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CEO Donnie King addressed the chicken supply question by explaining that industry-wide challenges in hatch and livability are preventing higher egg sets from fully translating into increased chicken production. He then quantified the fiscal 2024 plant start-up costs in Prepared Foods at approximately $20 million.

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CEO Billy Cyr framed new competition as a positive, stating that investment from major players like General Mills validates the category and helps grow overall consumer awareness, which ultimately benefits Freshpet. COO Nikki Beatty explained the advertising shift is a strategic move to build on their established emotional connection with pet owners by layering in a stronger message about the specific health benefits and superior ingredients of their products, a key interest area for their core MVP consumers.

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CEO Billy Cyr responded that new competition from major players like General Mills validates the fresh category and is expected to drive overall category growth, which will benefit Freshpet. COO Nikki Beatty explained the advertising shift was driven by the insight that consumers, particularly MVPs, were ready for the next layer of the brand story. The new ads will add strong health and ingredient credentials to the established emotional message of the pet-parent bond.

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President & Co-Founder Scott Morris responded that focusing on converting episodic, non-MVP users during uncertain economic times is a 'fool's errand' that would lead to discounting. Instead, the strategy is to build a strong core business with dedicated MVPs. Regarding Sam's Club, he described it as an encouraging test and part of a long-term trend where he expects Freshpet to eventually be available in nearly all retailers.

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CEO William Cyr confirmed that having two bag lines and two roll lines is a 'big unlock' for efficiency, allowing one line to handle high-volume SKUs while the other manages complexity. He cautioned that while benefits are materializing, the Ennis facility's overall performance will lag the more mature Bethlehem site due to ongoing construction and expansion activities.

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Executive William Cyr confirmed that having two bag lines and two roll lines is a 'big unlock' for efficiency, allowing one line to specialize in high-volume SKUs while the other handles more complexity. He noted that while Ennis is delivering these benefits, its overall efficiency will lag the mature Bethlehem site due to ongoing construction and new line startups.

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CFO Nelson Urdaneta bridged the outlook by highlighting business momentum, strong productivity, SG&A savings, and a lower net tariff impact. CEO Mike Hsu addressed the marketing question, attributing the success to building in-house capabilities, consolidating agencies, hiring top creative talent, and focusing on creating a stronger emotional connection with brands, which has improved both speed and creative quality.

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CEO Martin Roper explained that the company has minimal forward coverage on freight because they believe long-term rates will trend downward, and they are comfortable managing the short-term volatility of the spot market. Regarding convenience stores, Roper stated that while they are pleased with ACV gains, progress is methodical due to the channel's fragmented nature. He noted that strong velocities and successful placements, like the 1-liter SKU in 7-Eleven, are strengthening their selling story to other retailers.

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CEO Martin Roper and Executive Chairman Michael Kirban detailed their sourcing advantages, noting their strong presence in the Philippines and Brazil would be beneficial under proposed reciprocal tariffs. While adding new factory lines takes 12-24 months, they can reallocate supply between international and U.S. markets in 4-6 months. Regarding Walmart, Kirban expressed high confidence in restoring lost distribution and believes the retailer will become a growth engine again, citing improving sales trends and planned summer promotions.

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Executive Michael Kirban described the hydration focus as a return to the brand's roots, emphasizing communication through digital and social channels about coconut water's natural electrolytes. He stated no packaging changes are planned. Regarding tariffs, Kirban and CEO Martin Roper clarified that production from co-packers in Canada and Mexico represents a very small percentage of the total and that production could be moved long-term if necessary.

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CEO Martin Roper speculated that competitors started the period with higher inventory levels but are now beginning to show signs of strain. He explained the company is exploring firmer capacity commitments with carriers to improve supply chain resilience but finds current fixed-rate contracts too expensive. Management was reluctant to quantify the oil vs. water impact for a single customer but noted the bulk of the private label volume decline was driven by water.

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SVP & CFO Steve Voskuil noted that while Hershey's hedging policy is unchanged, the company is still expecting cocoa to be inflationary in 2026 based on current hedges. For tariff mitigation, he said the current focus is on supply chain optimization, leveraging manufacturing agility, cross-border opportunities, and insourcing/outsourcing decisions to manage exposure.

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SVP & CFO Steve Voskuil stated that while Hershey is following its hedging policy, it is still expecting inflationary cocoa costs in 2026 based on current information. For tariff mitigation, he said the current focus is on supply chain optimization, leveraging the company's agile network, cross-border opportunities, and manufacturing footprint to manage exposure before considering other levers like pricing.

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SVP & CFO Steve Voskuil declined to give specifics on 2026 coverage but confirmed they expect cocoa to remain inflationary next year. For tariff mitigation, he stated the current focus is on supply chain optimization, leveraging manufacturing and sourcing flexibility, rather than on pricing.

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CEO Michele Buck described demand shaping as focusing on portfolio mix (sweets, salty) and sourcing strategies as finding new ways to procure materials for price advantages. She reiterated the vision to be a 'snacking powerhouse,' using M&A like Lesser Evil to expand into on-trend white spaces and reach new consumers.

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Chairman and CEO James Quincey acknowledged that coffee is an attractive category but admitted the Costa acquisition has not met its original investment hypothesis. Growth in ready-to-drink, Express, and at-home coffee has been slower than hoped. He stated the company is currently 'reflecting on what we've learned' and exploring new ways to grow in the coffee category.

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President and CFO John Murphy explained that their approach is activity-driven rather than based on blunt cost-cutting. They focus on improving the efficiency of specific activities, such as optimizing the ratio of creative spend to media spend and using technology and sophisticated data for media planning to achieve the same or higher impact more efficiently.

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CEO James Quincey explained that the biggest factor in the Q4 Asia Pacific results was the cycling of the prior year's performance. He noted that the segment contains a mix of very developed and emerging markets, whose relative volume performances can create choppy price/mix results. He encouraged looking at the segment's price/mix over multiple quarters to get a clearer picture due to this base effect from 2023.

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Chairman and CEO Ramon Laguarta attributed the success to sustained investment in both food and beverages, which are seeing mid-single-digit growth. He highlighted strength in Latin America, Europe, and the Middle East, with double-digit growth in India, while noting softness in China. He emphasized that the international business is now margin-accretive for PepsiCo.

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EVP and CFO Jamie Caulfield confirmed that momentum in the international business is a key reason for reiterating the top-line guidance. He stated that the normalized Q1 growth rate is right in the middle of the low-single-digit guide. On tariffs, he affirmed the guidance is based on what is known today and that while various scenarios have been run, the company would not get into piecemeal analysis.

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An executive stated that A&M spending as a percentage of sales is expected to be 'pretty consistent' in 2025. CEO Ramon Laguarta elaborated that the infrastructure investments are focused on long-term portfolio evolution, specifically building out platforms for portion control, permissible snacks (e.g., with new ingredients like legumes), and the away-from-home channel, which requires upfront capital.

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CEO Jeffrey Harmening explained that the company pursues organic growth when it has the 'right to win' with its brand equity and capabilities, turning to M&A when it needs to enter a new category. Group President Dana McNabb addressed Salty Snacks, acknowledging a tough year but outlining a robust plan to improve performance through flavor renovations, spicy innovations like a Tabasco partnership, and new value-sized formats.

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Chairman & CEO Jeffrey Harmening explained their evaluation process, noting that for fresh pet, they believe they have the right to win organically with the Blue Buffalo brand and the right capabilities with their refrigerated network. Group President Dana McNabb addressed Salty Snacks, acknowledging a tough year but outlining a robust plan for fiscal 2026 focused on bold flavors, new spicy items, a Tabasco partnership, and new value-sized formats to improve performance.

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CEO Jeffrey Harmening clarified that the goal is to get pricing into the right 'zone' to allow marketing and innovation to be effective, not just to cut prices. He confirmed the formal valuation exercise is complete across the company but stressed that it is an 'always on' capability, as the competitive environment is dynamic and requires agility.

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CEO Jeffrey Harmening clarified that the goal is not a 'race to the bottom' on price but getting into the right 'zone' where marketing and innovation can be effective. He explained that the company uses a category-by-category analysis and has confidence based on successful execution with billion-dollar brands like Blue Buffalo, Totino's, and Pillsbury. He confirmed this evaluation is complete and is an 'always on' capability.

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CFO Jacinth Smiley attributed the expected margin expansion to benefits from Turkey pricing, Planters' performance, the value-added business, and accelerating Transform & Modernize (T&M) initiative savings. CEO Jim Snee explained that Foodservice is positioned to outperform the industry due to strong top-line momentum, an innovation pipeline, improvements in the Planters C-store business, and favorable year-over-year comparisons.

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CEO James Snee attributed the strong price/mix to the strength of the entire value-added portfolio, with the recovery of the accretive Planters brand being a key driver. EVP John Ghingo added that Q1 volumes were also impacted by lapping prior-year pricing in the center-store portfolio, an effect that will fade. Ghingo stated that despite pricing, Q1 retail volume was fairly flat, and the company expects to hold and grow both volume and sales going forward.

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CEO Jim Snee reiterated that T&M benefits will accelerate into 2026 and are not fully realized by the end of 2025. Regarding Planters, Snee acknowledged some minor distribution losses occurred after the prior call. EVP of Retail John Ghingo clarified that most of the recovery involves refilling shelf gaps without slotting fees, and while some longer-term efforts may require investment, it is not a major factor in their plan.

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CEO James Snee explained the 'commercial impact' refers to missed sales, confirming no distribution losses have occurred yet as they work to manage inventory and ramp up production. CFO Jacinth Smiley addressed the CapEx question, stating that a significant spend in Q4 is consistent with the company's typical annual sequencing and they remain comfortable with the full-year target of $280 million.

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CEO Kenneth Keller stated that while the company does not comment on ongoing M&A, the Green Giant business is USMCA compliant, mitigating risk from Mexico and Canada. He identified the spices business, with sourcing from China and Southeast Asia, as the area with the most significant tariff risk. CFO Bruce Wacha added that any tariff impact on spices would likely be an industry-wide phenomenon, as competitors source from the same regions.

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CEO Casey Keller stated that the company is monitoring when it will begin to lap the negative consumption trends from the prior year, which is key to determining when the top line might stabilize. Regarding potential tariffs, CFO Bruce Wacha and CEO Casey Keller explained that while they are modeling scenarios, a tariff's impact could be partially offset by a weakening of the Mexican peso. They noted it is too early to speculate, and the current guidance reflects the status quo.

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CFO Bruce Wacha clarified the currency pressure is transactional, stemming from the Mexican peso's impact on manufacturing costs, and declined to comment on tariffs. He explained the EPS guidance range directly reflects the high-to-low spread of the company's adjusted EBITDA guidance.

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Interim CEO Alison Lewis explained the goal is not to be stuck in a price tier but to create brand value through innovation and marketing that justifies a premium price. Regarding the 'right to win,' Lewis and CFO Lee Boyce pointed to Hain's presence in attractive 'better-for-you' categories. They emphasized the need to accelerate innovation, build on bright spots like international growth, and elevate brand messaging to give consumers clear reasons to buy.

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CEO Wendy Davidson clarified that the primary issue for snacks was weak on-shelf velocity, driven by ineffective marketing and promotion, rather than a lack of distribution. She expects social media impact to build over time, with promotions and distribution gains being the main near-term drivers. Regarding the new distribution center, she stated its main benefit is improved customer service and speed-to-shelf, with cost savings contributing to the overall Hain Reimagined margin goals.

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CEO Michael Spillane described the tariff situation as 'evolving' and stated that the company is considering all options, including internal efficiencies and potential pricing actions, making the final strategy to be determined. CFO Diego Reynoso added that most of Sun Cruiser's volume to date has been in un-tracked channels, but he expects its presence in measured channels to grow significantly by mid-summer as national chain distribution triples in the coming months.

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CEO Michael Spillane and Founder and Chairman C. Koch addressed cannabis, stating they haven't seen a major impact yet but are prepared with their Canadian brand, TeaPot. Koch elaborated that hemp-derived THC beverages sold outside of dispensaries present a more serious long-term challenge. Regarding aluminum, Koch explained that while they have a pass-through for costs, any potential tariffs would represent a very small part of their overall cost structure.

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Founder and Chairman C. Koch explained that Q4 is the company's smallest quarter, making it highly sensitive to volume shifts. He noted that the timing of new product launches for Hard Mountain Dew and Sun Cruiser, along with slightly elevated wholesaler inventory levels, contribute to the wider guidance range for the quarter.

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CFO Garth Hankinson explained that the brewery footprint strategy is optimized for size, production complexity, and logistics costs. He clarified that Veracruz will be a relatively small part of the total footprint and will be specialized for long production runs of high-volume SKUs to maximize efficiency and offset any incremental logistics costs.

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CEO William Newlands explained that the company has decided to deploy a significant amount of additional investment against its brands, including Corona, Modelo Chelada, and Pacifico, which has already started with a heavy presence during football broadcasts. He clarified this is possible due to cost and operational efficiency initiatives delivering results beyond initial expectations, allowing them to 'double down' on marketing at a time when competitors may be pulling back.

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Chairman and CEO Irwin Simon explained that consolidating the beer distribution network aims to create significant efficiencies in freight, sales, and marketing. Regarding cannabis capacity, he clarified that the revenue decline was a result of strategic, margin-focused decisions and timing, not a lack of demand. He stated that capacity is being increased to support internal brands, international growth, and profitable wholesale opportunities, reinforcing their vertically integrated strategy.

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CEO Irwin Simon explained that the multi-brand Delta-9 strategy leverages existing brand equity like '420' and 'Happy Flower' to create differentiation and meet strong distributor demand. Regarding beer integration, Simon detailed plans for SKU rationalization, focusing brands on key regional markets, and potentially consolidating facilities to optimize the manufacturing footprint and leverage increased buying power.

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CEO Irwin Simon identified large states like Texas, Florida, and Georgia as key opportunities for Delta-9 beverages, regardless of their adult-use status. He explained that while SKU rationalization will remove more sales, this was factored into planning and will be offset by the launch of new, higher-margin products during spring retail resets, though he acknowledged a potential lag.

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CEO Ethan Brown explained that the current price increases on the premium Beyond IV platform showed encouraging elasticity, a better outcome than prior price cuts which were clouded by market noise. He clarified the strategy is nuanced, not a wholesale shift to a niche brand. He also confirmed that major SKU rationalization is complete, though minor trimming will continue as they selectively expand the portfolio.

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CEO Mark Clouse stated that the guidance range of 0-2% organic growth is prudent and does not assume a rapid consumer recovery, noting the consumer remains 'fragile.' He asserted the portfolio is well-positioned for a tougher environment due to its value-oriented meal brands and historically resilient snacks. CFO Carrie Anderson and CEO Mark Clouse clarified that the 53rd week's benefit is excluded from the organic net sales growth guidance but is included in the guidance for reported net sales, adjusted EBIT, and adjusted EPS.

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Steven Cahillane, Chairman, President and CEO, noted that the high-teens volume decline against a 40%+ price increase was expected due to elasticity. Amit Banati, Vice Chairman and CFO, added that these elasticities actually came in better than anticipated for the quarter. While the company is maintaining a prudent forecast for the second half, they see potential for upside as the pricing lands, but acknowledge the Nigerian consumer remains under tremendous strain.

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Chairman, President and CEO Steven Cahillane asserted that caloric consumption remains stable, and volume will go to companies with the best brands and commercial activation, which is why Kellanova is stepping up investment. He noted that consumer behaviors like waste reduction are now in the base. Vice Chairman and CFO Amit Banati added that SKU rationalization in Latin America is now largely complete.

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