Peter Galbo

Dave, maybe you could just help us unpack the 4% core inflation number for fiscal 2026. Obviously a lot of buckets within that.

with where the leverage is projected to go on this year, you know, the need to kind of shore up the supply chain with the capital spend, just like, your draws on cash are pretty significant, and so...

it shouldn't be that we expect really a meaningful rebound now that it's kind of behind you in the rest of the year

just around kind of the cyclical versus structural nature of convenience store kind of traffic declines

I was actually hoping to pivot back to APAC. You called it out in your prepared remarks as a source of strength

I know you called out maybe the acceleration in palm oil costs

as the private label kind of you exit that effective in July, right, that will still impact the P&L through, I guess, the first half of next year

I believe Q3 looks similar to Q2, and then you would see a normal step down in Q4 just to hit the $0.90 you need to deliver in the back half at midpoint. Do I have that math right?

I was hoping you could just maybe dive a little bit deeper into some of the puts and takes on the outlook for fiscal 2026, particularly just factors that may drive you kind of towards the upper or ...

what you think needs to happen from a category perspective in snacks to actually be able to see some improvement

Should we be viewing that as a full quarter impact? Presumably, you would have carried some inventory maybe into the quarter

anticipating the broth headwinds, kind of whether your expectations have changed at all in the back half from maybe more negative to maybe slightly less negative

just maybe you can unpack that a bit more, given your kind of an October quarter end with Thanksgiving later? And if you can just quantify at all

I'm just curious kind of what data you're looking at internally or what you're seeing that suggests that that's actually the case

Can you provide a few more details into the thinking to exit the market and what drove the decision this time?

Can you comment on what you are seeing in terms of driver tightness or anything that might be a potential hiccup on that side?

I just wanted to pick up on maybe some of your commentary just now in terms of the sustainability of the volume growth in North America Retail

is that a full reversal in Q1? I just want to kind of understand the magnitude there

how do you think about just you said maybe you can be nimble there. Is that part of how you plan for it as well?

it might be helpful to kind of bridge the upside relative to your expectations.

I'm hoping to get a little bit more color in terms of when you think you kind of get back to parity from a price versus cost perspective?

whether we should think about 4Q, that improvement really being probably the bigger contributor given when you ship whole bird? And in the context of Turkey, just the market has changed so dramatic...

just curious if there's any different in the thinking this time around with the board on being more aggressive in an external search

is the expectation in '25 that turkey on the full year basically ends up being a neutral

help us think about gross margin phasing over the back 3 quarters of the year

confection organic may actually dip negative in the second quarter, just given some of the timing aspects

the impetus kind of for why now, you know, why this, why now on both those brands, again, given it's been some time would be helpful

you had some pretty nice upside in the gross margin, I think, even relative to your own expectations to the tune of, like, 150 basis points plus

the translation of that dynamic happening in Europe, back to the U.S., is there kind of a future where the same thing happens

Just curious if you can give us an update there in terms of the discussions that you're having and kind of how you've maybe seen that evolve

there was a little bit of maybe a pull forward on shipments from Q3 into Q2. Just want to understand that dynamic

maybe you can just help us on the revenue phasing in the back half of the year

maybe there was a big internal debate as to whether to include the impact of tariff for full year in the guidance versus just for 2Q

I know you gave color on 1Q and 2Q in the prepared remarks, but I think there was a comment you just actually just made

it would just be helpful to sensitize or help us sensitize some of the exposures to things like aluminum and PET

just what's been happening through the start of the year on some of SNAP waiver adjustments in certain states

maybe you can just help us a little bit with the phasing and how you're thinking about the build of EPS over the rest of the year

I know the guidance is largely unchanged after what was probably a better than expected Q1. You called out some timing factors

Can you touch on the decision between the different categories and some of those changes, and then as a part b to that question, whether that signals anything in terms of how you are viewing potent...

just maybe help us understand a little bit more even what's happened in the last four weeks to kind of cause that change in terms of the thinking

there was a pretty sizable impairment that was taken in the quarter. And I was just hoping to get a little bit more detail

how are you thinking about the growth rates for each, ACCELERATE, PROTECT and BALANCE, within that organic sales guidance

I wanted to pivot to the Away-From-Home business a bit. I know that you've had maybe a more offensive minded effort there

I was hoping, just from your prepared remarks, to dig in on a couple of topics

volume was flat and improved sequentially for the second consecutive quarter

it seems like as we get into the back half, EMEA is probably gonna be, you know, driving the bus a bit from a unit case perspective

maybe you can give us a little bit more color like where are you still left to go?

given the strong start to Q1, the decision to only reaffirm EPS, a little bit more around the reinvestment

the North American market, where you stand on that debate, and, on the pricing front, kind of what the go forward actions might look like

talk us through a bit more the cost phasing on cocoa through 2026. And then maybe how we would think about the phasing on potential price investments

should we be expecting that on top line, you'd have some visibility to algorithm top line, even if it's at the low end

give us a similar walk around the U.S. in terms of the path forward maybe to getting back to growth

there's obviously been a lot of discussion around the move in cocoa and cocoa butter in particular, which I think has moved in a pretty favorable direction

one question we got on the North America destocking, just given that you do operate a DSD system in the US

if we had accounted for that, it would even imply that maybe elasticity was a bit better than you even planned for

will the transaction include India Foods or is that kind of excluded from current thinking

is it bringing more of the Unilever assets into front of house and foodservice

I want to make sure I understood you clearly that you're accelerating the spend

I didn't know if that meant full recovery of '25 into '26

the fourth quarter gross margin needs to step up closer to something like 41% to hit comparable for the year-on-year

You took the cost inflation guidance for the year up, even excluding the tariff in 2025. Maybe you can just unpack a bit of what actually accelerated

I was hoping maybe to get a little bit more detail if you can frame up kind of the gross tariff exposure of the $90 million

You kind of had a couple of headwinds and a couple of tailwinds in the quarter and maybe more on the go forward

whether there were any dynamics you saw from a carryover perspective on inventories out of Thanksgiving? Or any timing shift related to Easter

the price gap management -- the incremental price gap management in the first quarter was maybe seasonal or tied to a seasonal business

the less talked about outside of Americas consumer. Just your perspective, US Foodservice, it seems like maybe we're setting up for a bit better year in '25

is there any way to kind of frame what those -- once they become organic, kind of will be contributors to the full year

the decision of kind of using the in-house brands like Muscle Milk or Propel to address, you know, protein in a bigger way

is it possible that we see maybe a step back in that volume trend before it reaccelerates

where the incremental investments are really going in from a country product combination standpoint

returning to kinda the lower half of algorithm in the back half on the near term, maybe a bit of clarification there

maybe you can just give us a bit more detail on what you're seeing real time from a competitive standpoint

maybe the $1 billion tariff headwind had moved down by about $100 million after this past weekend with Europe

maybe you could put some guardrails around how you're thinking about that coffee deflation entering the P&L from a calendar '26 perspective

I noted in the profile on Bruce specifically, just his background in M&A. So just the thought process there of his experience, whether that could maybe accelerate a more portfolio reshaping

I just want to understand if that comment was really driven by just of the compares and some of the one-offs that happened in the second half of last year

elasticity, I think, that you've assumed now is about $0.20 better than you had at Q4. With the additional $0.25 on tariffs, so netting about $0.05 worse

March coffee prices seem to kind of make new highs every day, at least in the commodity markets. You know, you've taken two rounds of pricing at this point

Victoria actually being a nice bright spot for the portfolio. That's obviously a very Hispanic-dominant brand

I just -- I wanted to clarify whether that is a shipment comment, a depletion comment

I'm just wondering how much of that as well is maybe some favorability on the peso that you guys locked in kind of at a more favorable value

was just hoping to unpack that a bit more as we think about the second half and the year specifically, how we should think about the volume deleverage impact?

this business is contributing from an EBIT standpoint in the Chicken segment, even if it's in percentage terms today

how you see the balance of the year, particularly in prepared and around some of the input cost dynamics

historically, there's been a fair amount of seasonality in the Chicken business, particularly into the second quarter. Just does anything change regarding that

should we be viewing this as x the accounting changes were announced today, none of the segment dollar ranges really would have changed

whether the competitive activity out there in deli specifically has been, I guess, rational is probably the word I would use

maybe you could just help us a little bit with the phasing of profitability over the course of the year

just the elasticity that you're seeing so far as you put through some of the pricing on some of those items

in the context of heifer retention beginning, that's obviously a positive, but it was pretty notable, I think, the relatively large impairment taken in the quarter on the beef business

I actually wanted to start on the changes in the cold storage facilities that came out. I think you mentioned $200 million of annual savings, and that's maybe over a five-year period

in Prepared Foods specifically, I think, again, in the Q you called out kind of higher raw material costs. And so maybe you kind of got to the margin you did based on SG&A. I'm just curious kind of...

anything more you can provide, just how you see the moving pieces and there are quite a bit of them by protein across beef, pork and chicken

are you satisfied with kind of the state of the current portfolio, whether that's legacy brands or legacy categories