Scott Marks

Marks sought the Q3/Q4 top-line shape by segment; Voskuil guided to organic net sales growth in both quarters for NA confection but declined granular phasing. Partial.

Kirk credited Olympics campaign lift for Hershey brand and March Madness tentpole for Reese's. Strong demand creation translating to core brand growth.

Steve holds cautious long-term view but anticipates near-term surplus from supply diversification. Downside in cocoa could trigger upside to 2027-2028 outlook.

Kirk described world-class portfolio management: clear brand roles, deliberate investment across entire portfolio. Want small brands to become next billion-dollar brands. Leveraging nonworking media for new brands and occasions.

Steve confirmed cocoa slightly above 2025 but hedged above current spot. Some downside participation structures available in 2026. Placing hedges now for 2027 would mean deflation. Structured hedging policy to capture opportunities.

Kirk noted only 2% of SNAP dollars in CMG. Expected minimal impact in 2026. Depends on consumer behavior within SNAP program. Continuously monitoring.

Kirk acknowledged consumer pressure from macro headlines but noted CMG category remains resilient and running at historic levels. Confident in category dynamics despite challenged consumer.

Michele noted gold standard planograms driving significant high single-digit category growth for retailers. Innovation coming in H2 to further advance momentum. Growth despite continued trip declines.

Steve cited positive signs: grinds down high single digits, butter ratios off peak, modest current-crop surplus, strong next main crop. New origins growing double digits. Speculators reducing positions.

Steve noted brand investment, capabilities, technology, marketing and innovation haven't been curtailed. Would also deploy cash back to shareholders.

Michele noted value-driven channel migration to club, dollar, and online. Take-home segment strong with mid-single-digit growth. No significant change in channel trends beyond C-store.

Smucker declined to size the runway beyond $1B but expressed confidence in continued growth and household penetration.

Tucker gave a directional quarterly EPS cadence for fiscal 2027 while declining to provide formal quarterly guidance.

Tucker quantified a ~$0.15 Q4 over-delivery from volume, gross margin, and SD&A control across frozen handheld and pet.

Mark notes Uncrustables has broad distribution in traditional channels. Future growth driven by innovation (high-protein), household penetration gains, and Away From Home expansion.

Mark attributes rebound to humanization/premiumization trends. Innovation delivering against premiumization. Base biscuit value segment also performing. Strategy to win across segments.

Tucker declines specific FY27 guidance but frames building blocks: stable commodities, tariff-off, debt paydown, business momentum. Will provide outlook at Q4 earnings call.

Mark highlights portfolio breadth offering value at all price points. If coffee costs deflate, would pass savings to consumers. No plans for broad-based price cuts.

Mark declines to quantify specific sales impact, instead redirecting to the expected offset from Donettes (3x size of next brand) and core brand focus.

Tucker cautions that relief wouldn't fully reverse the $0.50 due to timing, costs already being realized. Would need to revise both FY26 and FY27 impact depending on timing.

Foley credited mayonnaise and share gains in herbs and spices and reiterated a strong long-term outlook, without quantifying Q4 or next year.

Brendan said deal is about long-term potential, not driven by near-term macro conditions. Emphasized structural flavor tailwinds and emerging growth opportunity as the underlying drivers. Both teams laser-focused on managing current businesses to deliver plans.

Brendan said no specific geopolitical dynamic changed deal thinking. Reiterated long-term strategic perspective as the driving framework.

Brendan provided full regional outlook: China expecting continued gradual growth with strength in retail, mid-China food service, and QSR (food service high-end soft). Australia and SE Asia growing well. EMEA consumer volume growth with pricing, flavor solutions expected to improve. Americas driven by innovation and distribution. Latin America/McCormick de Mexico expected to have a good year.

Brendan said Q3 impacted by austerity measures affecting high-end dining. Retail business showing strength with distribution expansion in smaller format stores. Lapping easier Q4 comparison. Year-to-date Asia Pacific up about 2%.

Brendan reframed as a timing question rather than magnitude. Said larger reformulation projects take time for validation, 2027 referenced as example timeline. Sees reformulation as continuation of industry innovation making brands more relevant.

Brendan described very positive, collaborative retailer conversations. Category management approach driving distribution growth as byproduct. Strength across innovation, revenue management, and high brand marketing support.

Brendan expects Americas trends to sustain with typical lumpiness. EMEA expected to stabilize from weak prior-year comparisons. Asia Pacific consistent with H1. Marcos added some pricing coming through in H2 Flavor Solutions.

Marks asked for a consumer update; Brase called the consumer muted and bifurcated by income but relatively stable, with C-store more pressured by gas prices.

Brase cited service levels of 98% to 98.5% and minimizing business interruptions as the cleanest markers, with inventory and working capital as additional indicators.

Sean acknowledged Q2→Q3 merchandising shift but emphasized 2-year shipments track consumption with no material gap. Hero of takeaway has been velocity driven by innovation strength, not just shelf recovery.

Sean confirmed both baked and fried chicken projects on track. Dave added baked project is complete with volume repatriation starting this year, becoming a full-year tailwind in FY2027. Fried investment will extend longer.

Dave explained the impairment was triggered by sustained stock price decline requiring goodwill/brand impairment testing. Driven by increased discount rate, not changed business forecasts. Guidance held, indicating fundamental outlook unchanged.

Sean highlighted baked chicken project complete, fried chicken capacity investment underway for Banquet Mega Filets. Dave confirmed transition on track and incorporated into FY2026 margin and profit forecast.

Within the $3 billion transformation, Dana said they recently signed an external partner to speed packaging innovation and e-commerce growth, but it's early days with little detail.

Dana noted NAR net sales and retail sales slightly off in Q3 but expected to revert in Q4; Pet had about three-point gap but current guidance assumes neutral Pet inventory in Q4 given historical unpredictability.

Kofi outlined Q4 range drivers: top line supported by ~200bps inventory reversal plus trade timing; profit range wider with supply chain cost recovery being the key variable, plus 53rd week as a mechanical tailwind.

Dana McNabb highlighted almost $100M of protein ideas with Cheerios Protein exceeding expectations; seasonal innovation up 50% in FY26 plan.

Gregory cited the our-brands portfolio, SmartWay expanding toward 1,000 items, Private Selection and Simple Truth, as the toolkit, and said he will not use inflation to drive sales.

Greg said SNAP cuts hit hardest in three states and high fuel prices drove some basket trade-down benefiting Our Brands, but gave no specific income-cohort figures and said share data shows Kroger is managing through.

Ron acknowledged dye-ban trend with CPGs reformulating products. KR addressing it for Own Brands. More focused on tariffs currently, minimal tariff impact seen, pushing back on supplier cost pass-throughs and discontinuing some items.

Ron said CPG partner strategies remain steady state with no increased aggression on pricing or promotion in response to Our Brands growth.