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CFO Laurent Mercier confirmed the math, stating that while H1 EBITDA is pressured by tariffs, productivity actions and savings from the 'all in to win' plan will be at full speed in H2, providing confidence in exceeding $1 billion for the full year. CEO Sue Nabi addressed the strategy question by affirming that while scenting is the primary focus, skincare remains a key part of the company's future. She noted investments in skincare will be more radical and careful, leveraging the brands' small size for natural growth without diverting essential resources from the core fragrance business.

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EVP and CFO Akhil Shrivastava stated that inventory was significantly reduced in fiscal 2025 across travel retail, China, and the U.S., and he expects the gap between retail and net sales to narrow going forward. He noted that in North America, the strategic shift to different channels creates some mix dynamics. President and CEO Stéphane de La Faverie added that the company's fiscal 2026 plan includes gradual net sales improvement as retail and net sales become more aligned, with the most significant inventory reduction work in Travel Retail having been completed in fiscal 2025.

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Chairman & CEO A. Ryals McMullian described the competitive environment as elevated but stable, with pressure from new lower-priced entrants affecting the traditional loaf segment. He attributed weakness in the 'other' category to lost private label business and soft foodservice demand. CFO R. Steve Kinsey clarified that the lower tariff outlook is a structural update, not a delay. Regarding the dividend, Kinsey noted the board reviews it quarterly based on performance and cash flow, and there is no stated target payout ratio. McMullian added that the payout ratio appears more favorable on a cash basis due to high D&A.

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CEO A. Ryals McMullian acknowledged an elevated but stable promotional environment, with new value products pressuring the traditional loaf segment. He attributed weakness in the 'other' category to lost private label business and softness in foodservice. CFO R. Steve Kinsey clarified that the lower tariff outlook is a structural update, not a delay. Regarding capital allocation, Kinsey stated the board reviews the dividend quarterly and has no stated target payout ratio, while McMullian added that the payout ratio is lower on a cash basis due to high D&A.

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Hilton Schlosberg, Vice Chairman & CEO, confirmed the analyst's assessment. He explained the lower price per case was a result of several mix shifts, including a record 41% of sales coming from international markets, significant growth in lower-priced 'affordable brands' abroad, and faster growth in the Strategic Brands segment relative to the core Monster Energy Drinks segment.

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CFO David Hass reaffirmed the 25% long-term EBITDA margin target, noting that significant levers like price harmonization have not yet been pulled. He explained the confidence in a 'snap back' is based on the strong underlying demand seen in other business segments (exchange, refill), robust Q1 growth pre-disruption, and an acceleration in digital customer acquisition, indicating the problem is fulfillment, not demand.

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CFO Amit Banati stated it was premature to specify the impacts while the strategic review is ongoing, but noted the long tail of SKUs could be addressed 'fairly quickly.' He pivoted to cash flow, highlighting that first-half performance was strong and the full-year outlook for cash remains in the same neighborhood as the prior year, despite lower earnings guidance.

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CFO Amit Banati responded that it was premature to comment on specifics while the broad strategic review is underway. He noted that addressing the long tail of SKUs is a near-term opportunity. Banati stated that the outcome of the strategic review will inform any future decisions regarding restructuring and associated costs, while also highlighting that cash flow in the first half of the year was ahead of the prior year.

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Executive Thibaut Mongon stated unequivocally, 'We are focused on returning the segment to growth and expect to do that in 2025.' He explained the strategy involves fueling growth in EMEA and countering U.S. category deceleration through better execution of the company's playbook, including improved innovation and marketing campaigns, rather than relying on a recovery in Asian consumer sentiment.

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Senior VP & CFO Mandy Fields acknowledged the positive offsets but reiterated a balanced approach due to the flow-through of higher-cost inventory and ongoing tariff uncertainty. CEO & Chairman Tarang Amin confirmed the logic that the price increase could offset the estimated $50 million annualized tariff impact, but emphasized the company is modeling consumer elasticity conservatively until the actual market response is observed.

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CFO Ruben Baldew confirmed the 2.5% favorable ERP comparator for Q3 but cautioned that July started weak due to weather. He detailed that the full-year inflation forecast has risen from 4% to 4.5%, primarily due to poor pea crop yields from the hot, dry weather. Baldew stated that while some pricing will be taken, most of the inflation recovery will be addressed in 2026 negotiations, balanced against the need to remain cost-competitive.

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CEO Darcy Horn Davenport reiterated that minor puts and takes influenced the outlook, with a short-term pallet gain in Q4 being offset by assumptions of increased competitive pressure. She clarified that while 10%+ growth is the company's long-term algorithm and goal, they are still in the planning process and cannot commit to a specific number for fiscal 2026 at this time.

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CEO Billy Cyr outlined three key drivers for the second half: a new advertising message, expanded distribution including a significant club store test, and new product innovation. COO Nikki Beatty added that the new marketing creative will emphasize health credentials and that they will increase focus on targeted social and digital channels to reach both the general dog population and specific MVP consumers.

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CEO Billy Cyr outlined a multi-pronged approach for the second half, including new advertising messaging, significant distribution expansion in the club channel, and new value-oriented product innovation. COO Nikki Beatty added that the new marketing campaign will emphasize health credentials and will be supported by increased spending in targeted channels like social and digital to complement broad awareness efforts.

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President and CEO Rick Dierker explained that the vitamin business is fairly compartmentalized with separate manufacturing and dedicated functional teams, though some corporate costs would need to be addressed in a sale. Regarding spending, Dierker emphasized the company's 'pay as you go' philosophy, preferring to embed long-term investments into its evergreen model rather than pursuing large, one-off restructuring programs.

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Chairman, CEO & President Noel Wallace clarified that the new strategic focus is on enhancing H2 (breakthrough) and H3 (transformational) innovation, which requires longer development times and more resources for incubation. He also noted a need to improve the agility of H1 (incremental) innovation in a few specific geographies where the company needs to be quicker.

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Chairman and CEO Mike Hsu stated the company's philosophy is to drive volume and mix while maintaining discipline on pricing net of commodity costs (PNOC), aiming for it to be zero or positive. He clarified that promotions are used tactically for innovation trials, not for base growth, and that promotional intensity remains below pre-COVID levels. He affirmed confidence in their ability to use pricing to offset commodity inflation where necessary.

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CFO Luc Bellet confirmed that adding the ERP impact back to the midpoint of the guidance range is the correct way to approximate the normalized EPS base. CEO Linda Rendle stated she does not see a structural destocking risk, as the ERP implementation primarily enhances Clorox's internal efficiency and cost structure, rather than fundamentally altering retailer inventory management processes.

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President, CEO & Chairman Jon Moeller highlighted Shailesh Jujurukar's extensive leadership experience across P&G's largest businesses and markets. Moeller explained that the new restructuring program is a primary example of creating tailwinds by generating financial headroom to reinvest in innovation and commercialization to accelerate growth in a challenging environment.

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President & CEO Mike Smith confirmed the momentum includes both the carryover from strong Q4 volume and ongoing efforts to secure new business. CFO Bernadette Madarieta addressed tariffs, explaining that as a global business supplying locally, the main impact is on costs for oil and ingredients. She quantified the potential impact of the August 1 tariffs at approximately $25 million.

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Chairman and CEO James Quincey expressed confidence in a rebound for Mexico, citing an easier comparison and strong marketing plans. For India, he remains bullish long-term, pointing to new campaigns and a refranchising deal to boost execution. He confirmed that second-half reinvestment is partly due to productivity savings being realized early and is intended to drive momentum for the rest of 2025 and into 2026.

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Chairman and CEO Ramon Laguarta outlined key priorities, including stabilizing the food category through value investments, improving competitiveness in subsegments like tortilla chips, and relaunching major brands like Lay's and Tostitos. For beverages, the focus is on no-sugar colas and sports drinks. Laguarta defined success as achieving sequential top-line improvement to return to the low end of the company's long-term growth algorithm in the coming quarters.

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Chairman, President & CEO Brendan Foley clarified that the outlook change reflects productivity gains from CCI, not a reduction in investment intensity, and that A&P spending will still be up significantly year-over-year in the second half. He confirmed that the benefits from innovation and distribution are expected to be evenly contributed across Q3 and Q4, while any surgical pricing would be more weighted to Q4.

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CEO Brendan Foley clarified the change reflects CCI productivity in media buying, not a pullback in investment, which will still increase year-over-year in H2. He noted they constantly reinvest savings, citing hot sauce in Q2. He expects new item and distribution gains to be evenly spread across Q3 and Q4, while any surgical pricing would likely be more weighted to Q4.

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CEO & Chair of the Board Mark Smucker expressed confidence in Meow Mix due to a growing cat population and brand building, and in Milk-Bone due to its broad portfolio and innovation. CFO Tucker Marshall added that Milk-Bone is lapping a plant shutdown and retailer destocking. He confirmed that with Café Bustelo's strong momentum, the implied elasticity on other coffee brands is higher to reach the 0.5 portfolio average.

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Steven Cahillane, Chairman, President and CEO, avoided a specific forecast but stressed the return to volume growth is the key focus. He reiterated that the competitive environment is rational and returning to pre-pandemic norms, not becoming overly aggressive. He expressed confidence that investing in strong brands, innovation, and quality merchandising will continue to drive the business effectively in this environment.

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