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Hilton Schlosberg, Vice Chairman & CEO, clarified the initiative is designed to enhance the successful Ultra line, not fundamentally change it. The goal is to give Ultra a more distinct identity with a silver claw logo and improve in-store merchandising through dedicated coolers and displays. He added that the company is capitalizing on a recent viral social media trend for Zero Ultra to market the line more effectively.

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CEO Amanda Baldwin addressed the question by highlighting positive trends, noting that year-to-date specialty retail sales were down only 3% with sequential improvement in sell-through. She stated that the brand has strong retail partnerships, new merchandising in key retailers like Sephora and Ulta, and that she and the Chief Revenue Officer are personally engaged in strengthening these relationships.

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CEO Amanda Baldwin agreed that effectively explaining the brand's science is the central challenge. She highlighted that the company has made material changes to its social media and content strategy to better translate its complex, patented technology for consumers. She also emphasized the importance of new innovation and positioning Olaplex as a comprehensive prestige hair care brand, not just a 'bond brand,' to drive daily use.

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CEO Damian Gammell expressed satisfaction with the ARTD progress, particularly in Great Britain. He highlighted that a key learning has been the effectiveness of a portfolio approach, including brands like Bacardi & Coke. CFO Ed Walker noted that momentum has accelerated in the last 6-12 months.

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CEO Damian Gammell expressed that he is 'really pleased' with the progress, particularly in Great Britain. A key learning has been the importance of a portfolio approach, combining brands like Jack and Coke with others like Bacardi and Coke. CFO Ed Walker added that momentum in the category has been accelerating in the last 6-12 months.

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CEO Damian Gammell highlighted the benefits of The Coca-Cola Company's evolved marketing model, which is more productive and efficient. He noted close alignment on portfolio strategy (e.g., sparkling flavors, sports drinks) and quick access to global innovation like ARTD. He also mentioned the evolving use of shared data and insights as a key area of collaboration.

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CEO Damian Gammell highlighted several benefits from the partnership, including a more productive marketing model, alignment on portfolio growth in sparkling and sports, and quick access to global innovation like ARTD. He noted that leveraging data insights between consumer, customer, and shopper is an evolving area of collaboration, and the incidence pricing model continues to drive aligned behaviors.

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President and CEO Gavin Hattersley responded that industry comps get tougher for the remainder of the year. He stated that Molson Coors has successfully held its significant shelf space gains and that exiting the Pabst contract brewing arrangement has been beneficial, reducing complexity and freeing up capacity for strategic brands like Peroni and the Yuengling partnership. He affirmed the company is pleased with its current brewery footprint.

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CEO Gavin Hattersley explained that the U.K. market saw a soft start to the year with high promotional intensity, where Molson Coors is pursuing a 'value over volume' strategy for its Carling brand. In Central and Eastern Europe, the beer industry remains sluggish due to declining consumer confidence and geopolitical tensions, resulting in increased promotional pressures. He affirmed the company remains optimistic and is investing behind its power brands and new launches like Madri.

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CEO Gavin Hattersley did not provide detailed financial projections for Fever-Tree but noted it is a high-revenue-per-barrel brand and that one-time integration costs would be in the 'tens of millions.' Regarding tariffs, he stressed that the vast majority of Molson Coors products are produced in the markets where they are sold, which significantly mitigates cross-border tariff risks for its major brands.

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CEO Gavin Hattersley clarified that their strategy for Peroni is not promotional; instead, they are leveraging onshoring to improve supply, add pack formats, and reinvest margin into marketing. He described the overall pricing environment as rational, at the high end of the 1-2% historical range, but noted some deeper discounting in the above-premium tier by competitors, which Molson Coors did not match.

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President and CEO Mark LaVigne explained that the acquisition, along with others in Indonesia and Belgium and Project Momentum, creates a dynamic global network for in-region production, cost optimization, and tariff mitigation. EVP and CFO John Drabik projected free cash flow at 10-12% of sales and CapEx near 2% of sales. LaVigne added that while debt reduction is a priority, the company pivoted to share repurchases due to equity value and will remain flexible.

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Executive John Drabik assessed that they are largely in a similar position to their main competitor. He noted that about half of the U.S. private label battery market (which is ~20% of the total category) is sourced from China. Executive Mark LaVigne confirmed they see a potential opportunity and are actively exploring how to leverage their value brands to augment retailer offerings, agreeing with the strategic line of questioning.

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Mark LaVigne, President and CEO, confirmed consumers have a 'new found muscle' for shifting channels to seek value. He described the distribution gains as broad-based across channels, geographies, and product lines. He attributed the success to the strategy of first restoring margins via Project Momentum, then focusing on five growth pillars (distribution, innovation, etc.) to drive consistent 1-2% annual top-line growth. John Drabik, EVP and CFO, quantified that distribution is expected to generate about 200 basis points of growth for the fiscal year.

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Mark LaVigne, President and CEO, confirmed 15% e-commerce growth in fiscal 2024 and stated he would be 'disappointed if we didn't double that growth rate next year.' He noted the channel is over 20% of the U.S. battery market and that investments funded by Project Momentum are fueling this growth. On profitability, he described the channel as 'more neutral' on balance.

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Chairman, CEO & President Noel Wallace reported that the Colgate Total relaunch is performing strongly, especially in Latin America, and is now in 75 markets with positive early results in Asia and Europe. He acknowledged consumer cautiousness in Latin America, with some deceleration in Brazil's categories, but confirmed that pricing actions taken in Q2 will benefit the second half of the year.

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Noel Wallace, Chairman, President and CEO, attributed Europe's success to strong volume growth on top of a tough prior-year comp, driven by market share gains in Oral Care from both Colgate and the elmex/meridol franchises. He explained the elmex strategy involves innovation, strong advertising, and professional endorsement. While the elmex model is being selectively applied in markets like Brazil and the Middle East, he stressed it's a long-term, 5-to-10-year play, not a short-term tactic.

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CEO Noel Wallace clarified that the heightened price competition was in India, not China, where the pricing environment is stable and the Colgate brand grew high single-digits. Regarding the Colgate Total relaunch, he described it as a meaningful formula upgrade focused on prevention and science. He reported that its Q4 launch in Latin America is already driving 'terrific' market share growth, and the global rollout will encompass toothpaste, toothbrushes, and mouthwash to encourage regimen usage.

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Noel Wallace, Chairman, President and CEO, attributed the success to consistent execution and building long-term capabilities in innovation, digital, and data analytics, funded by P&L flexibility gained from prior pricing actions. For China, he noted easy comps but highlighted strong performance from both the Colgate brand (driven by premiumization) and a recovering Hawley & Hazel business. He stated the company is rethinking its go-to-market approach in China to ensure sustained growth.

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CEO Michel Doukeris attributed the U.S. success to a consistent, long-term strategy of rebalancing the portfolio, which began in 2017. He highlighted the momentum of Michelob Ultra and Busch Light, fueled by intentional and meaningful innovations like Michelob Ultra Zero and Busch Light Apple. He emphasized that learnings around consistent investment in mega brands and category expansion levers are embedded in their global plans.

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CEO Michel Doukeris stated the U.S. business has reached an 'inflection point,' justifying increased investment to fuel momentum in key brands like Michelob Ultra and Busch Light. He described productivity as an 'always on' initiative and framed the investment as part of a long-term, multiyear program to capitalize on significant growth headroom.

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CEO Michel Doukeris provided a detailed response, framing the culture shift as moving to an organic-growth-led company. He explained their model combines local focus via 'mega brands' (top brands in each market) with global scale via 'mega platforms' (e.g., FIFA, Olympics). This is enabled by a data-driven, standardized marketing process that allows for global insights to be adapted into locally relevant products, such as different low-calorie options for different markets.

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CEO Michel Doukeris reported that the U.S. beer industry remains resilient, gaining share from wine and spirits. He noted the company's market share stabilized, with gains in May and June. The portfolio rebalancing is on track, with above-core brands now representing 45% of revenue, and he highlighted strong early July sales trends and ongoing productivity initiatives.

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Executive Chairman Michael Kirban explained the strategy involves pulling share from sports drinks, enhanced water, and juice, with a current marketing emphasis on the sports drink occasion. The target demographic is young, multicultural, urban consumers, though growth is broad. He noted the European strategy is very similar, with minor regional nuances. CEO Martin Roper added that a key difference in Europe is the need for more fundamental category-building and education, as the market is less developed than in the U.S.

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CEO Martin Roper stated that preliminary conversations with retailers about shelf space have been positive, noting a potential move to a higher-traffic set could be beneficial for the category. Regarding Powerlift, he confirmed the company is still exploring the protein beverage space but said the product is not expected to be material to the P&L in the upcoming year and that formal plans have not been announced.

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CEO Scott Huckins stated that confidence in pricing stems from brand strength and that price increases have been executed as planned. He noted that the overall promotional environment and brand vs. store-brand mix remain stable year-over-year. He also pointed to value-seeking behavior driving channel shifts to club and online, particularly among lower-income shoppers, which aligns with the company's initial outlook.

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President and CEO Scott Huckins stated that 97% of revenue is U.S.-based and 16 of 17 plants are in the U.S., minimizing direct tariff impact. CFO Nathan Lowe added that direct purchases from impacted regions are a single-digit percentage of costs. On adjacencies, Huckins mentioned the company could expand both organically, by leveraging brand strength, or through bolt-on M&A. He also noted that in the waste bag category, branded products took share from store brands in the past year.

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President and CEO Lance Mitchell asserted the waste bag business is performing well, achieving record quarterly revenue with share above 2022 levels, attributing conflicting scanner data to 'statistical anomalies.' CFO Scott Huckins stated that resin price changes typically flow through to the P&L in 3-4 months and that 'Reyvolution' cost savings are the primary tool to offset these headwinds.

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President, CEO & Chairman Jon Moeller agreed that affordability is a key concern, which P&G addresses through appropriate pack sizes and clear communication of performance and value. He emphasized that the company's strategy is to offer the best proposition in every price tier it competes in, not just at the premium end, by using pricing ladders to provide affordable options.

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Executive Andre Schulten explained that the skincare pricing in China is directly linked to significant innovation on Olay and the super-premium SK-II LXP line, which provides superior value and drives market growth. While declining to speak for retailers, he highlighted P&G's strategic advantage of having localized, integrated, and reliable supply chains, which is a key focus of their retail partnerships.

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Jon Moeller, Chairman, President and CEO, described the Chinese consumer as still challenged but showing signs of improvement, such as increased travel and growth in the premium SK-II brand. He expressed high confidence in the innovation pipeline, citing the strong performance of the Tide evo test market, but stated he could not provide a specific numerical quantification of its strength versus previous years.

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Executive Andre Schulten acknowledged significant structural shifts in China's retail channels, consumer preferences, and media consumption, confirming the team is actively adapting its go-to-market model. For SK-II, he said it was too early to declare 'green shoots,' but noted that 'the brown shoots are disappearing' as the company focuses on rebuilding brand equity with early positive signs.

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Founder & Chairman C. James Koch responded that while the company's innovation team is beginning to explore non-alcoholic opportunities, they have not yet found an attractive entry point, recognizing the intense competition. He dismissed the idea of major M&A, stating it was 'above my pay grade' and not currently in the company's plans.

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CFO Diego Reynoso clarified that while distribution opportunities exist, they are primarily for brand extensions like Twisted Tea Light and among specific demographics like Hispanic consumers. CEO Michael Spillane added that the high-ABV and light versions are 'really under distributed' and represent a key growth pillar. Both executives also pointed to macro headwinds, cannibalization from new products like Sun Cruiser, and the influx of smaller competitors last year as contributing factors to the slowdown.

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CFO Diego Reynoso addressed the data discrepancy by noting that scanner data from sources like Circana does not cover a significant portion of their business, making internal depletion data a more accurate measure. On Sun Cruiser, CEO Michael Spillane expressed high confidence, citing strong performance in New England and plans to triple its distribution points, while acknowledging that competitor Surfside had a significant head start.

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Founder and Chairman C. Koch noted that while year-to-date depletion trends through 42 weeks showed slight improvement, it was too soon to call a trend for Q4. Regarding Twisted Tea, he attributed the deceleration to growing off a much larger base and facing increased competition, but expressed confidence in regaining momentum in 2025.

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CFO Sudhanshu Priyadarshi confirmed positive net pricing was driven by CSDs. CEO Tim Cofer added that the consumer remains 'fairly resilient' but noted caution among lower-income households, who are shifting to value channels. Cofer asserted that KDP's portfolio is well-positioned due to the durable nature of its categories, the value it offers, and strong innovation.

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CEO Timothy Cofer expressed confidence in KDP's ability to execute, citing the smooth transitions of C4 and Electrolit as proof of the DSD system's resilience and recent infrastructure investments. He stated that KDP expects to begin transitioning GHOST distribution to its own network in mid-2025, following the required 6-month termination notice with the current distributor.

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Chairman and CEO James Quincey stated that the global consumer remains resilient overall, though the pace of market shifts has accelerated. While noting improvements in North America and Europe, he identified the ASEAN region (Thailand, Indonesia, Vietnam) as a source of 'surprising' weakness in Q2, separate from known issues in Mexico and India. He expressed confidence in second-half plans to improve the volume performance.

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Chairman and CEO James Quincey clarified that 'moderating growth' refers to the percentage rate due to the law of large numbers, while dollar growth remains robust. He stated that major new capacity will come online at the end of the year, which will be sufficient for several years. He sees a 'very substantial' long-term opportunity for the brand, driven by multiple product attributes beyond just its IP.

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CEO James Quincey viewed innovation and new brands in the beverage industry as great news, underscoring the sector's vibrancy and growth. He stated that as a total beverage company, Coca-Cola looks to compete wherever there is enduring consumer demand. He emphasized the company's strong track record of creating brands organically and scaling small M&A into billion-dollar brands, positioning it as a clear leader and winner in the industry.

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Chairman and CEO James Quincey attributed the growth to strong execution across the portfolio, noting that both Trademark Coke and other sparkling beverages grew volume in Q3. He highlighted double-digit growth for Coke Zero and credited the success to the company's marketing transformation combined with improved execution by the bottling system.

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Chairman and CEO Ramon Laguarta attributed international beverage success to three key platforms: no-sugar colas, energy drinks like Sting, and hydration with Gatorade, all supported by strong bottler partnerships. Regarding North America, he stated that the priority for the next three to four years is to capture the significant synergies from integrating the two large businesses.

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CEO Ramon Laguarta described Baja Blast as a key part of the strategy to grow the Mountain Dew franchise, noting it's a nearly $1 billion platform that is highly incremental and brings new Gen Z consumers. For overall beverage pricing, he emphasized a disciplined approach focused on price-pack architecture and channel mix to create value for retail partners and consumers.

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Chairman and CEO Ramon Laguarta gave a positive report on Gatorade, noting meaningfully improved service levels and sustainable market share gains. He also highlighted strong growth from Propel. He confirmed that go-to-market optimization is a key productivity lever for PBNA, expressing confidence in the business's trajectory toward its mid-teens operating margin target.

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CEO Sue Nabi explained the outlook is not due to worsening market conditions but rather a deliberate company action to "clean up the baseline" in the Prestige division ahead of a large innovation pipeline for fiscal '26. She noted continued pressure on Prestige cosmetics in Asia and a mid-single-digit decline in the global Consumer Beauty cosmetics category, stating the decline would be low-single-digit without the cleanup actions.

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CEO Sue Nabi identified challenges from drug store closures and a market imbalance favoring new indie brands over heritage brands. She argued that the category's health requires a combination of both, citing discussions with retailers to foster this balance and return the market to low single-digit growth.

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CFO Garth Hankinson reiterated that capital allocation priorities are unchanged: achieving 3x leverage, maintaining a ~30% dividend payout, and executing share repurchases. He emphasized the new $4 billion authorization reflects the belief that the stock is undervalued and will be acted upon with discipline and opportunistic flexibility. M&A remains the lowest priority, focused on smaller, plug-in opportunities.

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CEO William Newlands stated that inventory levels are fairly consistent with historical norms, though they are holding slightly more inventory on the U.S. side of the border as a prudent measure. He expects to continue gaining shelf space due to strong brand performance, though likely at a more normalized rate compared to the outsized gains of the past year.

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