Gerald Pascarelli

Pascarelli asked about LTO cadence; Fieldly framed LTOs as driving trial with optionality to convert winners like Cherry Bomb and Lime Slush into permanent SKUs.

Jarrod said the Alani load-in was an opportunistic move enabled by Pepsi's fast ACV expansion, not a pull-forward, pointing to sustained triple-digit growth into early 2026 and Cherry Bomb depleting in record time.

Jarrod confirmed the lower base but attributed the delta to mix, promo and timing rather than quantifying it; scanner cited as the health barometer.

Pascarelli wanted the specific Costco revenue; management declined the exact figure but noted the portfolio was up ~17% at that club driven by the MVM coupon, partial.

Fieldly expressed strong conviction, pointing to easier comps from June, improving velocity, and portfolio/infrastructure leverage.

Management reaffirmed confidence in the core portfolio and framed Alani Nu as an opportunistic, incremental fit rather than a reaction to the slowdown.

Babeau declined to comment on July but attributed Q2 combustible strength to markets with limited smoke-free presence (Turkey, India, Egypt, Indonesia) and confirmed the improved full-year cigarette volume outlook.

CEO speculated that consumer migration to higher nicotine and fruit flavors may be driving category dynamics, but acknowledged lacking definitive data. Noted ZYN currently has nothing above 6mg.

Olczak pushed back on the proposal as counterproductive to public health objectives, noting US state-level actions don't necessarily translate across states, but declined to speculate on competitive or promotional impact.

Emmanuel explained Swiss franc surge created both direct cost exposure and intercompany transactional losses that largely offset the euro benefit, accounting for ~4 cent miss vs consensus.

Rahul excited about World Cup creating occasions in multiple cities like a Super Bowl for each host market. Plans include media buys, local activation, podcasts and influencer partnerships. On-premise strength positions company well. Highlighted the Miller Lite campaign as resonating with consumers in fun ways.

Rahul confirmed M&A capital deployment will lean more toward beyond beer than beer, though attractive beer ideas not excluded. Tracey said Midwest Premium hit all-time high in October with potential for more increases; hedging is difficult and expensive with limited liquidity but extensive program operates within guardrails.

Gavin reaffirmed string of pearls M&A approach, noting Fever-Tree as a bigger pearl than considered 5 years ago (well north of $100M total including working capital and distribution). Proud of balance sheet strength enabling larger deals. Declined to comment on specific M&A beyond current strategy.

Tracey noted EPS guide includes 10b5-1 plan as minimum, with tax rate reduced to 22-24% and FX as factors. Actual pace could vary based on capital commitments like Fever-Tree.

Bill noted Christmas week was particularly strong, reflecting brand health when consumers do come out. World Cup represents a beer moment opportunity. But volatility remains too high to predict inflection point.

Garth said $41M impact spreads throughout FY26, $55M of the $100M wine savings achieved in FY26 with full run rate in FY27-28.

Billy emphasized equity reinforcement and RGM tools for efficient trial generation without oversubsidizing loyal consumers. Cautioned to look at share over longer periods.