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Chairman & CEO A. Ryals McMullian stated that investments in mainstream brands will continue to be a mix of marketing and promotional support, consistent with past strategy. He noted that small loaves are a small but growing part of the portfolio, and the mix of differentiated products will continue to increase over time. Regarding retailers, he highlighted significant space gains for organics, benefiting Dave's Killer Bread, but observed few other major shelf reallocations yet, though he anticipates more changes to reflect consumer trends in the future.

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CEO A. Ryals McMullian explained that investment in mainstream brands will continue to be a mix of marketing and promotional support. He stated that the differentiated part of the portfolio will continue to grow and become a bigger focus. Regarding retailer actions, he noted significant space gains for organic products like Dave's Killer Bread, particularly in mass channels, which highlights the market's bifurcation. He anticipates retailers will further reallocate shelf space to reflect new consumer trends in the future.

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CEO Ryals McMullian explained that away-from-home weakness reflects a broader foodservice slowdown, though Flowers' profitability in the segment is improving. He attributed the private label decline to lost bid business but noted new contracts are being added. The bakery closure was part of a long-term supply chain optimization. McMullian stated that smaller loaf sizes are performing well, meeting consumer demand for value and smaller household portions.

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COO Jeff Zadoks explained that Post will use innovation to address new trends and take a pragmatic, tactical approach to reformulating ingredients over time, without major changes expected in fiscal 2026. Regarding the Kellogg deal, President and CEO Rob Vitale suggested the acquirer's scale could enhance the category but was hesitant to comment further until the transaction closes.

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COO Jeff Zadoks stated that cereal promotions are at normal levels and Post's strategy is to focus on programs that drive value, not just promotions for their own sake. Regarding PPI, he noted the integration ramp-up was slower than expected due to employee disruption but that the deal will fit well and has uncovered some longer-term synergies.

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CFO Thilo Wrede stated that they are continuing to build inventory, aiming for two to three weeks of egg supply to improve operational efficiency and prepare for the Q4 busy season. CEO Russell Diez-Canseco asserted that commodity egg pricing has a very limited impact on their business, as they operate in a different part of the market and appeal to a different set of consumer needs.

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CFO Ruben Baldew explained that SG&A savings were driven by overhead reductions, including bonus releases and a focus on indirect cost competitiveness, with these efforts continuing into 2026. CEO Stéfan Descheemaeker added that innovation and renovation are expected to nearly double their contribution from 2024's 10% level. He highlighted renovation's role in defending against private labels and new innovations in snacking, such as protein balls and fish strips, which will be scaled across countries.

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CFO Ruben Baldew explained that the destocking was broad-based across most of their European markets and product segments, but he believes the majority of the impact is now complete. CEO Stéfan Descheemaeker added that the frozen category remains healthy and that he expects Nomad to gain market share as the year progresses, driven by growth initiatives scheduled for later quarters, while noting the UK faces tougher comparisons.

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CFO Ruben Baldew explained that the destocking was broad-based, affecting 12 to 13 of the 15 countries they track, and was not concentrated in any specific segment. CEO Stéfan Descheemaeker added that the frozen category remains healthy, and while the company's top-line guidance was slightly reduced, they expect to grow market share in the upcoming quarters. He noted that Q1 was expected to be the softest quarter due to the timing of growth initiatives.

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CEO Dan Fachner explained that promotional efforts for frozen novelties were not as deep as needed but have been course-corrected. Regarding handhelds, he stated the fire-damaged plant will be closed as another facility has successfully increased its production capacity to meet future demand. CFO Shawn Munsell added that higher marketing costs were due to seasonal summer promotions for frozen beverages and Dippin' Dots, while distribution costs are trending down due to freight optimization and exiting third-party logistics facilities.

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Executive Daniel Fachner explained that while the overall pretzel category is down, the company is gaining share and reformulating its product to align with the growing Bavarian-style segment. He noted the convenience channel remains weak, down about 7% in the quarter. Regarding regulations, Fachner stated the team is proactive and has already removed red dye #3 from all products, staying ahead of legislative changes.

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CFO Bruce Wacha stated that the guidance reduction was almost entirely due to divestitures. CEO Casey Keller explained that while there will be a lag, the company expects to recover most tariff impacts through targeted pricing, particularly in the spices category, supplemented by productivity efforts.

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CEO Kenneth Keller responded that he believes the retailer inventory reduction is largely permanent as retailers seek greater operational efficiency. Regarding consumer behavior, he stated it will be a gradual process rather than a single event, but the company expects to lap the largest negative comps around the middle of the year, based on its own brand and category data.

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CFO Patrick O'Donnell attributed the Q3 volume outlook to consistent consumer trends combined with the impact of margin management actions. CEO Steven Oakland clarified the timing, noting that business exits impact Q3, while the significant benefit from the griddle recovery will primarily be seen in Q4. O'Donnell confirmed pricing actions are largest in coffee, with minor impacts from cocoa, oils, and tariffs.

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CFO Patrick O'Donnell acknowledged that some snacking categories faced difficult year-over-year comparisons but stated the consumer trend towards snacking remains intact. He explained that the expected second-half acceleration in volume is driven by normal business seasonality and, importantly, the full recovery of the frozen griddle facility. CEO Steven Oakland added that the griddle business recovery will create a favorable lap in the fourth quarter.

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CEO Jack Sinclair affirmed that protein is a key trend and Sprouts is well-positioned with an expanding assortment, aiming to be a leader. Regarding freshness, he detailed the strategy of locating stores near distribution centers, empowering local sourcing teams, and managing inventory to ensure quality, even for products shipped long distances.

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CEO Jack Sinclair and President/COO Nick Konat explained that differentiated categories with strong attributes—like dairy, frozen, grocery, and vitamins—are outperforming. They emphasized that innovative and attribute-forward products are winning across the board, with no categories seen as laggards. CFO Curtis Valentine quantified cannibalization at approximately 100-150 basis points, primarily in established markets, but noted the strong performance of new stores entering the comp base creates a slight net benefit currently.

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SVP & CFO Steve Voskuil noted positive signs in the cocoa market, including lower grinds and a potential surplus, with other origins outside West Africa playing a larger role. Chairman, President & CEO Michele Buck added that C-store retailers have responded strongly to initiatives like the 'gold standard planogram,' which has driven high single-digit category growth for them, creating momentum despite lower channel traffic.

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SVP & CFO Steve Voskuil noted positive signs in the cocoa market and stated that a larger surplus could be achieved through both better farming in West Africa and continued growth in new origins. Chairman, President & CEO Michele Buck added that convenience retailers have responded very strongly to initiatives like the 'gold standard planogram,' which has driven significant category growth for them.

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SVP & CFO Steve Voskuil noted positive signs in the cocoa market, including lower grinds and a potential surplus, driven by better farming practices and growth in origins outside West Africa. Chairman, President & CEO Michele Buck added that retailer response in the convenience channel has been very strong, with new planograms driving high single-digit category growth for partners, creating strong momentum for Hershey's business despite lower channel traffic.

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SVP and CFO Steve Voskuil said they would continue investing in brands and capabilities, which haven't been short-changed, and would also deploy cash to shareholders. CEO Michele Buck noted a continued consumer shift to value channels like club and dollar, with the take-home segment showing strong mid-single-digit growth.

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President & CEO Mike Smith stated that while he wouldn't speculate on specific projects, the industry has historically been rational. He noted that competitive intelligence suggests 1-1.5 billion pounds of capacity have already been canceled or delayed. CFO Bernadette Madarieta explained the FY26 CapEx of ~$500M reflects a shift from growth to maintenance (~3% of sales) and modernization (~2% of sales), plus ~$100M for environmental projects.

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Group President Dana McNabb highlighted that protein is a strong consumer trend and that new products like Cheerios Protein have exceeded expectations. Regarding pricing, she explained the strategy is to maintain the right value proposition year-round while also increasing investment and innovation around key seasons, noting a 50% increase in seasonal innovation is planned.

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Group President Dana McNabb highlighted that protein is a strong consumer trend and that new products like Cheerios Protein have exceeded expectations. Regarding pricing, she explained the strategy is to maintain the right value proposition year-round while also capitalizing on key seasons with a 50% increase in planned seasonal innovation, as consumers are often willing to spend more during those times.

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Chairman, President & CEO Brendan Foley stated that for Flavor Solutions, he expects H1 trends to be sustained in the Americas and APAC, with EMEA likely stabilizing as it laps weaker prior-year results. EVP & CFO Marcos Gabriel added that more surgical pricing will occur in the segment in H2. Foley described conversations with retailers as 'very positive and collaborative,' focused on mutual category growth, with recent distribution gains serving as proof of the strong partnership.

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CEO Brendan Foley expects Flavor Solutions trends in the Americas and APAC to be sustained, while EMEA should stabilize against weak prior-year comparisons. CFO Marcos Gabriel added that more pricing will occur in this segment in H2. Foley described retailer conversations as 'positive' and 'collaborative,' with their strong category performance, innovation, and brand support leading to productive discussions and distribution gains.

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Interim CEO & Chairman Ronald Sargent stated that there has been no significant change in strategy from CPG suppliers, with their pricing and promotional activities remaining steady. Regarding regulations, he acknowledged the trend toward eliminating artificial ingredients, which CPGs and Kroger are addressing through reformulation. However, he noted that the company is currently more focused on mitigating the potential impact of tariffs.

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Interim CEO & Chairman Ronald Sargent stated that the selling strategies of CPG suppliers have remained in a 'steady state' with no notable increase in promotional aggressiveness. Regarding regulations, he acknowledged the trend towards eliminating artificial ingredients, which both CPGs and Kroger are addressing through reformulation. However, he noted that the company is currently more focused on mitigating the potential impact of tariffs, which has been minimal so far.

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CFO Tucker Marshall quantified the pet inventory destocking impact at approximately $20 million in Q4 and stated it was believed to be retailer-specific, not consumer-driven. He explained that the confidence in FY27 stems from the belief that the significant headwinds of FY26 (coffee elasticity, tariffs, marketing investment) are not expected to recur.

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CEO Mark Smucker stated there has been no retailer pushback on sweet baked snacks and that the company is working closely with them on shelf sets and innovation. Regarding coffee, he described the high commodity costs as cyclical, driven by a supply deficit, and expressed confidence in long-term normalization due to industry-wide efforts in farming and crop science.

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CEO Mark Smucker stated there has been no retailer pushback on sweet baked snacks; on the contrary, the company is working closely with them on shelf sets and has a strong innovation pipeline. Regarding coffee, he characterized the high prices as a cyclical commodity issue driven by a supply deficit, expressing confidence that the market will normalize over time, aided by industry efforts to support farmers and develop climate-resistant crops.

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