Nik Modi

Fink said Labor Day timing was offset by an extra sell day, cited non-timing September acceleration, and said only a trend reversal would bring the low end into play.

Bill confirmed Q4 depletions turned positive after 3 negative quarters. March better than plan with increasing momentum. But visibility remains low and volatility high, justifying the wide guidance range.

Bill cited monthly consumer research showing 80% of all consumers concerned about socioeconomic environment, 70% specifically about personal finances. Loyalty increasing for both Modelo (Hispanic) and Corona (general market), Gen Z share twice industry average.

Bill acknowledged difficulty predicting recovery timing, emphasized loyalty strength, alcohol's constant share of shrinking consumer basket, high single-digit shelf gains, Sunbrew ahead of plan, and controlling the controllables.

Bill emphasized brand health remains best-in-class with 10%+ shelf gains, but uncertainty around Hispanic consumer recovery timing drove the conservative reset. Garth cited significant increases in aided awareness for Modelo, Corona, and Pacifico.

Bill noted Corona overweighted to East Coast which had challenging conditions, said 4-week trend better than 12-week and 26-week.

Russ and Mike addressed the China diaper disruption directly, citing third-party safety testing and no sequential sellout deterioration, while conceding recovery will take time.

Torres confirmed partial loss of diapers and pull-ups in club channel starting Q1 2026, ~60bps headwind incorporated in outlook. Hsu noted Kenvue shareholder vote >90% in favor, close expected H2 2026.

Urdaneta confirmed organic growth in line with 2% category growth for full year. Hsu noted Brazilian eucalyptus tariff exclusion as important positive factor for pulp costs.

Hsu explained categories are essential with low substitution. Innovation driving 85% of organic sales. Volume growth from meeting consumers at every tier of good, better, best.

Hsu confirmed revision is primarily tariff-driven, not mix. Categories still exhibiting resilient demand at 1.5% to 2%. Affordability strategy cascading innovation from premium tiers.

Brase confirmed no portfolio shaping is in the guide and cited a volume-margin imbalance, underinvestment in brands and supply chain, and complexity as the core structural issues.

Dave detailed double-digit beef and sweetener inflation driving the 20bps increase, with supply issues from lack of herd expansion and drought.

Sean described value-seeking trade-downs from restaurants to grocery, with Foodservice managed for margin protection even at cost of top line.

Andre framed agentic commerce as opportunity; said consumer understanding, data infrastructure and retailer collaboration position P&G well.

Andre said destock is broad-based, fastest-turn categories hit first. Jon cited cost reduction plus higher employee value proposition as pilot learnings.

Andre confirmed no major store closures assumed and said Olay Melts and Tide evo are progressing at/above expectations, with evo industrialization on track.

CFO confirmed China is only about 10% of annualized foreign sourcing. CEO noted in-region-for-region supply chain structure provides resilience and potential competitive opportunity.

CEO confirmed compensation includes FX impact with no dispensation. Company has hedging programs for predictability and will cut non-value-added costs rather than reduce brand investment.

Lawson deflected the August-specific demand question as too short-term; on Woodford denied any price-down strategy and reaffirmed strong support with international upside.