Total Revenue (Q4 2025)

Increased from $1,611.9 million to $1,675.8 million " "

Total revenue grew by approximately $63.9 million, reflecting modest overall improvement. This increase was driven by strong gains in international sales that helped offset near-flat performance in North America, suggesting that previous operational challenges—such as ERP-related disruptions—are being resolved while global market initiatives begin to bear fruit. " "

North America Revenue (Q4 2025)

Nearly flat at $1,103.1 million, down slightly from $1,113.2 million " " "

North America revenue remained essentially unchanged, declining by about $10.1 million. This stability indicates that while previous ERP system issues and soft restaurant traffic trends had weighed on past performance, corrective measures and customer volume recovery have stabilized the segment, though lingering pricing and channel challenges continue to limit growth. " " "

International Revenue (Q4 2025)

Increased by approximately 15% from $498.7 million to $572.7 million " " "

International revenue saw a robust 15% increase, adding around $73.9 million. This strong performance is attributed to solid volume growth driven by new contract wins and strategic exits from lower-margin lines in earlier periods, coupled with regaining momentum after previous ERP transition-induced disruptions, which collectively yielded significant sales growth in international markets. " " "

Revenue

FY 2026

$6.35B–$6.45B "

$6.35B–$6.55B "

raised

Adjusted EBITDA

FY 2026

$1.17B–$1.21B "

$1.00B–$1.20B "

lowered

Adjusted Gross Profit

FY 2026

no prior guidance [N/A]

Expected to be down due to carryover pricing, cost support for customers, low single‐digit inflation, and higher fixed factory burden "

no prior guidance

Adjusted SG&A

FY 2026

$665M–$675M "

Expected to increase compared with the prior year due to an incremental $40M headwind and approximately $10M of incremental investments "

raised

Cost Savings Program

FY 2026

no prior guidance [N/A]

Targeting approximately $200M of full savings by end fiscal 2027, with about half on a run rate basis in fiscal 2026 "

no prior guidance

Effective Tax Rate

FY 2026

28% "

Approximately 26% for fiscal 2026, excluding the impact of comparability items "

lowered

Capital Expenditures

FY 2026

$750M "

Approximately $500M, with around $400M for maintenance/modernization and $100M for environmental projects "

lowered

Potato Crop Costs

FY 2026

no prior guidance [N/A]

In North America, a mid-single-digit decrease in contract prices; in Europe, expected to be flat to slightly lower than prior year’s fixed price contracts "

no prior guidance

Customer Engagement

In Q1, efforts focused on recapturing customer share using a direct sales force and winning new chain business. " " In Q2, the company worked on rebuilding trust and exploring nontraditional opportunities. " " " In Q3, there was strong emphasis on improved customer relations through CEO engagement and strategic contract reshaping. " " "

In Q4, the CEO emphasized customer centricity, expanding partnerships and providing pricing support to customers. " " " "

Consistent focus with increased emphasis on strategic customer partnerships and proactive engagement. " " " "

Volume Growth

Q1 saw challenges with volume declining 3% amid a voluntary product withdrawal and lost share. " " In Q2, recovery was driven by lapping ERP‐related impacts and incremental customer wins. " " " Q3 reported robust volume growth (9% overall; 8% in North America and 12% internationally) due to replacement of lost volume and contract wins. " "

Q4 delivered an 8% increase, driven by new contract wins across channels and improved inventory management. " " " "

Steady recovery from past declines with consistent growth despite mixed global trends. " " " "

Cost Management and Margin Performance

Q1 highlighted restructuring actions such as facility closures, production curtailments, and headcount reductions that pressured margins. " " " " In Q2, cost adjustments were made amid challenging manufacturing efficiencies and revised EBITDA guidance. " " " " Q3 focused on restructuring plan savings, reduced SG&A, and operational adjustments to manage fixed costs. " " " "

Q4 featured a comprehensive cost savings program targeting $250 million annualized savings, zero‐based budgeting, yet margin pressure persisted due to pricing and production curtailments. " " " " " "

Ongoing cost reduction efforts continue while margin pressures persist; initiatives are maturing but challenges remain. " " " " " "

Pricing Strategies and Price/Mix Dynamics

In Q1, the environment was described as competitive with a modest 2% price/mix increase, though future negative mix was expected. " " " " " Q2 saw a decline in price/mix (2%-3%) across segments due to competitive pressures. " " " Q3 reported further declines (4% in North America and 7% in international, on a constant currency basis) resulting from planned pricing investments. " "

Q4 saw a 4% overall decline in price mix with strategic pricing actions undertaken to support customers in a competitive environment. " " " " "

Consistent competitive pricing measures with increasing investments; the outlook for price mix remains pressured. " " " " "

Competitive Landscape and Capacity Management

Q1 centered on restructuring with facility closures and curtailments to manage capacity. " " " In Q2, competitive pressures led to incremental customer share losses internationally while efforts were made to improve utilization. " " " " " Q3 highlighted competitor capacity announcements, contract adjustments, and temporary production curtailments to optimize inventory. " " " " " "

Q4 discussed an evolving global market with strong demand in emerging markets and proactive capacity management through reduced acreage and enhanced planning capabilities. " " "

Continuous capacity adjustments in response to evolving competitive dynamics, with an increased focus on aligning production with market demand. " " "

Working Capital and Inventory Management

Q1 emphasized addressing very high inventory levels via production curtailments and working capital improvements. " " " Q2 noted seasonal peaks in inventories being worked down, contributing nearly $430 million in cash from operations. " " Q3 continued a strong focus on reducing excess inventory and achieving target inventory days through data-driven production adjustments. " "

Q4 achieved significant working capital improvement of $349 million with inventory days reduced by eight days and investments in integrated planning. " "

Consistent focus on inventory reduction and working capital efficiency, with notable gains realized in Q4. " "

Legacy ERP Transition Recovery

Q1 addressed challenges from the ERP transition with efforts to recapture lost volume and a pause on further ERP releases. " " Q2 improvements included recovering canceled shipments and incremental volume gains from past ERP issues. " " Q3 saw full replacement of lost volume and cost benefits from lapping higher ERP expenses. " "

Q4 recognized benefits from lapping ERP transition expenses, contributing to lower adjusted SG&A, signaling continued recovery. " "

Progressive recovery from legacy ERP disruptions; benefits are increasingly evident in cost structure. " " " "

Share Repurchase and Capital Allocation Initiatives

Q1 reported returning over $133 million in cash (with $82 million used for repurchases). " Q2 saw an increased share repurchase authorization of $250 million along with dividend increases and a disciplined capital allocation approach. " " Q3 continued with opportunistic repurchases ($100 million) and additional dividend returns while managing leverage ratios. " "

Q4 continued with a $100 million share repurchase in the quarter, reporting $282 million repurchased year‐to‐date and a committed capital allocation strategy. " "

Steady, opportunistic approach with increasing authorizations and balanced shareholder returns maintained throughout. " " " "

Governance and Activist Investor Concerns

Q1 had no notable discussion on governance or activist concerns. Q2 included an analyst raising activist investor concerns with management deferring comment. " Q3 did not mention governance topics [N/A].

Q4 saw proactive governance actions with significant board changes, a new Chairman, and board compensation aligned in equity to reinforce long-term value. "

Emerging focus in Q4 to strengthen governance; while activist concerns were sporadic, recent board changes signal a strategic commitment to alignment with shareholders. " "

Environmental Compliance and Capital Expenditure Pressures

Q1 mentioned environmental capital projects with planned investments around $150 million and a long‐term outlook of $500 million over five years. " " " " Q2 reported heightened capex pressures with total spending near $750 million, and emphasized future capex reductions with separate allocations for environmental investments. " Q3 detailed environmental investments for fiscal 2026 and breakdowns of maintenance versus environmental spending. " "

Q4 incorporated environmental compliance within a broader disciplined capex plan and cost savings program, with less detailed figures but continuity of spending priorities. " "

Continued pressure from environmental compliance remains, with a gradual shift toward maintenance and environmental spending as capex is more tightly managed. " " "

Financial Leverage and Flexibility

Q1 reported a net debt position with a leverage ratio of about 3x, emphasizing comfort with the level and the option to deploy additional flexibility. " " Q2 maintained a target leverage of 3.5x with increased share repurchase authorizations and focus on free cash flow generation. " " " Q3 showed stable liquidity with net debt around $4.2 billion and a 3.4x leverage ratio. "

Q4 ended with strong liquidity of $1.24 billion, a net debt of $4.1 billion, and an improved leverage ratio of 3.3x as well as robust operating cash flow. "

Stable and improving financial flexibility through disciplined capital management and strong liquidity generation over the periods. " " " "