Dara Mohsenian

Laguarta called international strength structural and broad-based rather than weather-driven, and said NA snacks volume turned positive while beverages lag.

Schmitt tied the EPS cut to margins (input costs, mix) with sales holding and investment sustained, but declined to frame 2027 until February.

Laguarta rejected the need for an earnings reset, citing record H1 productivity to fund affordability, portfolio transformation, and away-from-home investment; U.S. can grow ~3% longer term.

Steve provided a comprehensive answer covering supply chain resilience, hedging programs (6-12 month), and a three-pronged inflation mitigation strategy.

Ramon stated clearly that international demand continues to accelerate with no conflict impact, and PepsiCo has better supply chain than competitors in some markets.

Ramon confirmed tests at scale showed good ROI but didn't quantify specific volume/price payback ratio; emphasized post-rightsizing operating leverage on incremental volume.

Ramon gave extensive roadmap: brilliant at basics, big brand relaunches (Lay's/Tostitos/Gatorade), away-from-home acceleration, permissible snacks, functional hydration, protein innovation, and M&A platforms (Poppi, Alani Nu). Expects algorithm return during 2026.

Jamie expressed high confidence in H2 productivity ramp with actions already identified and some executed. Ramon detailed reinvestment in technology, surgical value investments, away-from-home, and maintaining A&M levels.

Jamie emphasized protecting long-term franchise health and driving productivity to fund investments; Ramon detailed three equally important pillars and highlighted SAP implementation now behind them.

Ramon gave extensive detail on beverage margin path to mid-teens, Frito innovation in zero-sugar/functional/permissible, and international as the primary growth engine.

Jejurikar walked through China, Latin America and AMA recovery evidence and said U.S. interventions land in the front half, but gave no timing commitment for category outperformance.

Andre confirmed outperformance is the goal and was achieved in Q3 but could not promise it every quarter. Said the mass of interventions is reaching a point of sustained momentum.

Andre said it is too early to assess but expressed confidence based on historical resilience. Noted competitors with long or heavily contract-manufactured supply chains tend to struggle more.

Shailesh cited three changes: new media landscape brand-building, stronger core/bigger more innovation mix, and deliberate consumer value strengthening without price changes.

Andre said execution is on track across portfolio, supply chain and organization, with smaller digitally-enabled brand teams as the end state.

Jon framed the CEO change as timed to the fiscal year lap and described organization redesign as breaking functional silos with digital tools.

Andre highlighted vertical value portfolio, innovation across tiers (Tide/Gain, Swaddlers/Luvs), private label continuing to decline.

Andre quantified the split: 85% core at ~4%, 15% improved led by China going from -15% to -3%.

Andre put US market growth at 3-4% and pointed to household-penetration and consumer-group growth opportunities.

Fink said beer remains the core, RTD moves will be selective, and SpikedAde was chosen as a differentiated first mover with a wide-open distribution runway.

Fink stressed the core portfolio as the top value driver, with occasion-based insight and disciplined white-space participation.

Garth detailed hedging: fuel ~100%, aluminum ~90%, natural gas ~80%, corn ~75%, currencies ~80%. Volume is key margin upside driver. Wine margins depressed by category decline, Canada ban, distributor inventory rebalancing, and cost deleverage timing.

Bill noted Modelo has 20% fewer PODs than domestic competitors despite being #1 by dollars, continued opportunity. 75% of Hispanic consumers still very concerned about socioeconomic environment.

Bill dismissed GLP-1 impact, acknowledged cannabis could grow as a factor, cited Sunbrew's success targeting younger consumers. Emphasized spending more on marketing than ever, gaining share even in tough environment.

Bill noted Q1 lapped the strongest prior-year quarter, sequential improvement needed but not predicated on significant consumer change. Garth quantified incremental tariff at ~$20M (~20bps margin hit), still expects full-year margins in line with April guidance.

Bill acknowledged the tension between 'non-structural' messaging and large guidance cuts, pointed to Pacifico up 16% and innovation pipeline as evidence of brand strength, said uncertainty on consumer sentiment timing drove the reset.

Bill acknowledged near-term headwinds lasted longer than expected but firmly dismissed structural concerns, noting alcohol's share of consumer basket remains consistent.

Bill attributed softness to Hispanic unemployment and election uncertainty, noted buy rate up mid-single digits on 52-week basis.

Noel addressed category softness and Hill's share directly, citing ex-private-label growth of 4% well above a roughly flat category.

Acknowledged NA will take time. Cited brand interventions, accelerated innovation, better RGM, and improved retailer execution. Noted shelf resets and new products shipped late but improvement seen exiting Q1.

Noel attributed EM volume strength to sustained high ad investment, brand strength, and improved execution at Hawley & Hazel. Noted broad-based growth across all divisions and categories.

Wallace gave clear framework: low end if categories worsen, middle if stable, high end if strengthen. Categories stabilized at 1.5-2.5%. Sutula noted FX low single-digit top-line benefit focused on H1, used as P&L flexibility.

Wallace detailed month-to-month volatility with surprising swings. 2030 strategy changes being made from position of strength. North America improving ex-skin. Hill's 2.5% organic ex-PL with broad-based growth.

Wallace positioned program as catalyst for 2030 strategy covering innovation, AI, omnichannel. Sutula outlined $200-300M over 3 years. On US, cautious consumer with June step-back after April-May rebound.

Wallace reported very strong LatAm market shares, Africa/Middle East growing. China Colgate brand up mid-single-digit organic. Hawley and Hazel and India urban remain soft.

Wallace cited P&L flexibility, balance sheet strength, strong brand health, and market share gains as underpinning confidence. Addressed Q4 organic as 5% ex-private label.

Stephane outlined 500bps expansion from 8% to potential 13% by FY2027 year-end. Gross margin up 140bps in Q3, nonconsumer-facing down 4% consistently. New operating model with Accenture, Shopify, WPP built for leverage. Margin recovery described as a milestone not a sprint. At mid-to-high end of FY2027 view, would be gaining market share which creates additional operating leverage.

Stephane confirmed department stores now 30% or less of North America business. 12 brands on Amazon US. MAC entering Sephora US within weeks. Freestanding stores and DTC growing. Luxury fragrance stores expanding. The Ordinary in high double-digit growth driving volume share gains entirely through high-growth channels. Brand positioning from La Mer to The Ordinary captures full prestige spectrum.

Stephane explained front-half/back-half dynamics: H1 benefits from lapping weak China and Travel Retail comps, H2 faces tougher comparisons as recovery began last year. Trade policy volatility and subdued Western consumer sentiment warrant caution. Akhil confirmed Q2 expected to see similar strengths with strong holiday plans. Golden Week in China was strong with share gains.

Stephane confirmed new leadership team nearly complete with R&D head announcement imminent. Seven regions collapsed into four new geographic clusters effective July 1. P&L responsibility shifted from brands to regions. Compensation restructured around Beauty Reimagined execution. Described it as the biggest organizational transformation in company history.

Stéphane detailed U.S. position: Clinique #1 and M·A·C #2 in makeup; Clinique #1 and The Ordinary #2 in skincare. In China, 8+ brands gaining share. Intent to take U.S./China/Japan learnings to U.K. and emerging markets.

Stéphane committed to building agility through culture change. Acknowledged need for external partners in transformation execution. Akhil emphasized three cultural pillars: ownership, consumer-centricity, and value creation.

Tracey confirmed additional cost savings being identified. Fabrizio added focus on improving investment quality through precision marketing and winning channels.

Confirmed the ramp is on plan and that main SKUs come before innovation while capacity is added.

Henrique confirmed balanced 3/2 or 2/3 volume-to-price/mix algorithm expected through the year, with pricing embedded in RGM architecture.

James urged 4-quarter view on mix. Underlying pricing was 4% with negative mix effects evening out over time. Expects more balanced volume/price split in 2026 as inflation moderates.

Henrique noted Brazil, Colombia and Chile grew while Mexico progressing but not yet recovered. Macroeconomic issues persist with plans in place requiring more time.

James confirmed New York facility online early 2026 with ramp through the year. Capacity bottleneck narrowing to H2 2025/early 2026. Santa Clara strong in Mexico as value-added dairy.

John cited early-year prudence and EM currency volatility as reasons for not flowing through FX improvement. Emphasized full-year view over quarterly dynamics.

Management detailed expectation of 2-3% each for volume and price, noted 2025 will be slightly more price-weighted than typical.