Group 1 - Nutri-Grain is launching the Nutri-Grain Lounge to support teachers, who face high levels of job-related stress, with 62% of K–12 educators reporting frequent stress and over half feeling burned out [1][4] - The Nutri-Grain Lounge will offer a relaxing environment with high-quality espresso drinks, cozy recliners, foot massagers, ambient lighting, and Nutri-Grain bars containing 10 grams of whole grains and essential vitamins [3] - The initiative includes a contest where students and parents can nominate their local high school for a chance to win a Nutri-Grain Lounge experience, with nominations open until August 22 [2][5] Group 2 - Kellanova, the parent company of Nutri-Grain, reported net sales of approximately $13 billion for 2024 and aims to become a leading snacks-led powerhouse [7] - The company is committed to creating better days and ensuring equitable food access, with a goal to positively impact 4 billion people by 2030 [8][9]

Core Viewpoint - Kinross Gold Corporation has amended its share purchase agreement with Asante Gold Corporation, which includes a cash payment of US$55 million and the acquisition of shares and a convertible debenture, potentially increasing Kinross's ownership in Asante to a maximum of 18% on a partially diluted basis [1][2][3]. Group 1: Transaction Details - The transaction involves Kinross acquiring 36,927,650 common shares of Asante at a price of C$1.45 per share and a convertible debenture convertible into shares at a price of C$1.81 per share for a period of five years [8]. - Kinross currently holds approximately 6.0% of Asante's issued shares on a non-diluted basis and 6.9% on a partially diluted basis, which will increase to approximately 9.5% on a non-diluted basis and up to 18% on a partially diluted basis post-transaction [3][4]. - If the transaction were to close immediately, Kinross would own approximately 17.3% of Asante's outstanding shares on a partially diluted basis [4]. Group 2: Regulatory and Advisory Information - Kinross has acquired beneficial ownership of more than 10% of Asante's outstanding shares, necessitating the issuance of a press release and an early warning report as per Canadian securities laws [5]. - INFOR Financial Inc. acted as the financial advisor and Osler, Hoskin & Harcourt LLP served as the legal advisor to Kinross regarding the purchase agreement and related negotiations [9]. Group 3: Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada, focusing on responsible mining and operational excellence [10].

Core Viewpoint - Kellogg's (K.US) MSCI ESG rating has been downgraded from AAA to AA as of August 6, 2025, according to the ESG Rating Center of Sina Finance [1] Group 1 - The downgrade indicates a potential shift in Kellogg's environmental, social, and governance performance metrics [1]

Core Insights - Kellanova reported Q2 2025 organic net sales of $3,202 million, slightly exceeding analyst expectations of $3,188 million, reflecting a year-over-year increase of 0.3% [1][2] - Adjusted earnings per share (EPS) were $0.94, falling short of the expected $0.99 and representing a 6.9% decline from the previous year [1][2] - The company is focusing on growth in emerging markets and maintaining cost discipline, although it faces challenges in North America and Europe [1][4] Financial Performance - Revenue (GAAP) for Q2 2025 was $3.20 billion, a 0.3% increase from $3.19 billion in Q2 2024 [2] - Adjusted operating profit (Non-GAAP) decreased by 5.0% to $477 million from $502 million in the prior year [2][5] - Free cash flow for the year-to-date period turned negative at ($39 million), compared to $443 million generated in the same period last year [2][8] Regional Performance - North America saw organic net sales and sales volumes decline by 3.8% year over year, with adjusted operating profit down 5.6% [6] - Europe experienced a 5.1% drop in organic net sales and a 9.3% decrease in adjusted operating profit, attributed to order disruptions [6] - The AMEA region reported a significant 18.7% increase in organic net sales, driven by strong demand for noodles, particularly in Africa [7] Strategic Focus - Kellanova has completed the separation of its North America cereal business, allowing a shift in focus to global snacks and convenience foods [4] - The company is planning a merger with Mars, Inc., which is expected to influence its strategic direction [4][9] - Management emphasizes the importance of brand strength, international expansion, and efficient supply chain operations to navigate ongoing industry pressures [4][9]

Company Performance - Kellanova reported quarterly earnings of $0.94 per share, missing the Zacks Consensus Estimate of $0.99 per share, and down from $1.01 per share a year ago, representing an earnings surprise of -5.05% [1] - The company posted revenues of $3.2 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.80%, but slightly down from year-ago revenues of $3.19 billion [2] - Over the last four quarters, Kellanova has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Outlook - Kellanova shares have lost about 1.5% since the beginning of the year, while the S&P 500 has gained 8.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.89 on revenues of $3.26 billion, and for the current fiscal year, it is $3.75 on revenues of $12.77 billion [7] Industry Context - The Consumer Products - Discretionary industry, to which Kellanova belongs, is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Kellanova's stock performance [5] - The Zacks Rank for Kellanova is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Summarizes the pending acquisition by Mars, Inc. and Kellanova's better-than-expected Q2 earnings despite market softness [Pending Transaction](index=1&type=section&id=Pending%20Transaction) Kellanova's definitive agreement with Mars, Inc. for an $83.50 cash per share acquisition, approved by shareholders and expected to close by end of 2025 - Mars, Incorporated will acquire Kellanova for **$83.50 per share in cash**[3](index=3&type=chunk) - Shareholders approved the proposed transaction on **November 1, 2024**[3](index=3&type=chunk) - The transaction is expected to close by the **end of 2025**, subject to customary closing conditions including regulatory approvals[3](index=3&type=chunk) [Quarterly Highlights](index=1&type=section&id=Quarterly%20Highlights) Kellanova's Q2 earnings surpassed expectations due to innovation and emerging market growth, maintaining organic net sales despite market softness - Company's **Q2 earnings exceeded expectations** despite broad market demand softness, driven by innovation, commercial and operational execution, and growth in emerging markets (especially the African noodles business)[5](index=5&type=chunk) - Net sales were impacted by broad market softness, but the company maintained **organic growth**, primarily driven by emerging markets[6](index=6&type=chunk) - Adjusted operating profit and EPS declines were **less than anticipated**, despite negative mark-to-market impacts and rising costs[6](index=6&type=chunk) - Kellanova will not provide forward-looking guidance due to the pending merger transaction with Mars, Incorporated[6](index=6&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) Presents Kellanova's Q2 and YTD 2025 consolidated financial performance, highlighting net sales, operating profit, EPS, and cash flow [Financial Summary (Table)](index=3&type=section&id=Financial%20Summary%20%28Table%29) Provides a concise overview of Kellanova's key reported and adjusted financial metrics for Q2 and YTD 2025 versus 2024 Kellanova Financial Summary (millions, except per share) | Metric (millions, except per share) | Q2 2025 | Q2 2024 | % Change | YTD 2025 | YTD 2024 | % Change | | :---------------------------------- | :------ | :------ | :------- | :------- | :------- | :------- | | Reported Net Sales | $3,203 | $3,192 | 0.3% | $6,286 | $6,392 | (1.7)% | | Organic Net Sales * | $3,202 | $3,192 | 0.3% | $6,423 | $6,392 | 0.5% | | Reported Operating Profit | $438 | $493 | (11.2)% | $868 | $886 | (2.1)% | | Adjusted Operating Profit * | $477 | $502 | (5.0)% | $918 | $1,009 | (9.1)% | | Reported Diluted Earnings Per Share | $0.85 | $1.00 | (15.0)% | $1.72 | $1.78 | (3.4)% | | Adjusted Diluted Earnings Per Share * | $0.94 | $1.01 | (6.9)% | $1.85 | $2.02 | (8.4)% | [Second Quarter Consolidated Performance](index=3&type=section&id=Second%20Quarter%20Consolidated%20Performance) Kellanova's Q2 2025 reported net sales slightly increased, driven by African noodles, while reported operating profit and EPS declined due to mark-to-market impacts - **Reported net sales slightly increased year-over-year** in Q2 2025, with volume growth in the African noodles business offsetting market softness in other regions and business portfolio changes; organic net sales growth rate was identical[10](index=10&type=chunk) - **Reported operating profit decreased by 11% year-over-year** in Q2, primarily due to negative mark-to-market impacts and the profit impact of lower net sales outside Africa; adjusted operating profit decreased by **5%**[12](index=12&type=chunk) - **Reported diluted EPS decreased by 15% year-over-year** in Q2, reflecting negative mark-to-market impacts, the profit impact of lower net sales outside Africa, and reduced other income; adjusted diluted EPS decreased by **7%**[14](index=14&type=chunk) [Year-to-Date Consolidated Performance](index=3&type=section&id=Year-to-Date%20Consolidated%20Performance) Kellanova's YTD 2025 reported net sales decreased due to currency, with declines in operating profit and EPS, and negative free cash flow - **Reported net sales decreased by 2% year-to-date**, with negative foreign currency translation only partially offset by volume growth in the African noodles business; organic net sales slightly increased[11](index=11&type=chunk) - **Reported operating profit decreased by 2% year-to-date**, primarily due to negative mark-to-market impacts, negative foreign currency translation, and the profit impact of lower net sales outside Africa; adjusted operating profit decreased by **9%**[13](index=13&type=chunk) - **Reported diluted EPS decreased by 3% year-to-date**, primarily due to negative mark-to-market impacts, negative foreign currency translation, the profit impact of lower net sales outside Africa, and reduced other income; adjusted EPS decreased by **8%**[15](index=15&type=chunk) Year-to-Date Cash Flow (million USD) | Metric | YTD 2025 | YTD 2024 | Change | | :-------------------------------------- | :------- | :------- | :----- | | Net cash provided by operating activities | $285 | $740 | $(455) | | Capital expenditure | $324 | $297 | $27 |\ | Free cash flow | $(39) | $443 | $(482) | [Segment Performance](index=4&type=section&id=Segment%20Performance) Details Kellanova's Q2 and YTD 2025 financial performance across its North America, Europe, Latin America, and AMEA segments [North America](index=4&type=section&id=North%20America) North America experienced Q2 and YTD net sales and operating profit declines due to softness in snacks and frozen foods, partially offset by restructuring cost reductions North America Net Sales and Operating Profit Performance | Metric | Q2 2025 % Change | YTD 2025 % Change | | :----------------------------------- | :--------------- | :---------------- | | Reported Net Sales | (4)% | (4)% | | Organic Net Sales | (4)% | (4)% | | Reported Operating Profit | (1)% | (5)% | | Adjusted Operating Profit (Currency-Neutral) | (6)% | (12)% | - Volume declines attributed to **ongoing softness in snacks and frozen foods**[19](index=19&type=chunk) - Operating profit decline partially offset by **reduced upfront costs for network optimization and other restructuring**[19](index=19&type=chunk) [Europe](index=4&type=section&id=Europe) Europe's Q2 reported net sales grew due to currency and price/mix, despite volume declines, while operating profit decreased due to network optimization costs Europe Net Sales and Operating Profit Performance | Metric | Q2 2025 % Change | YTD 2025 % Change | | :----------------------------------- | :--------------- | :---------------- | | Reported Net Sales | 2% | (1)% | | Organic Net Sales | (5)% | (4)% | | Reported Operating Profit | (17)% | 32% | | Adjusted Operating Profit (Currency-Neutral) | (16)% | (8)% | - Q2 volume declines linked to **continued softness in snacks and cereal categories** and **specific large customer order disruptions**[21](index=21&type=chunk) - Year-to-date reported operating profit growth benefited from **reduced upfront network optimization costs**[22](index=22&type=chunk) [Latin America](index=4&type=section&id=Latin%20America) Latin America saw Q2 and YTD net sales and operating profit declines, primarily from negative currency translation, mark-to-market impacts, and volume softness Latin America Net Sales and Operating Profit Performance | Metric | Q2 2025 % Change | YTD 2025 % Change | | :----------------------------------- | :--------------- | :---------------- | | Reported Net Sales | (7)% | (11)% | | Organic Net Sales | (1)% | (1)% | | Reported Operating Profit | (21)% | (25)% | | Adjusted Operating Profit (Currency-Neutral) | (4)% | Slightly Increased | - Volume declines related to **soft categories, particularly Mexican cereal**[23](index=23&type=chunk) - Operating profit impacted by **significant negative foreign currency translation** and **negative mark-to-market impacts**[23](index=23&type=chunk)[24](index=24&type=chunk) [Asia Pacific, Middle East and Africa (AMEA)](index=4&type=section&id=Asia%20Pacific%2C%20Middle%20East%20and%20Africa%20%28AMEA%29) AMEA reported strong Q2 and YTD net sales growth, driven by African noodles and cereal, with operating profit growth partially offset by currency AMEA Net Sales and Operating Profit Performance | Metric | Q2 2025 % Change | YTD 2025 % Change | | :----------------------------------- | :--------------- | :---------------- | | Reported Net Sales | 15% | 9% | | Organic Net Sales | 19% | 18% | | Reported Operating Profit | 5% | 1% | | Adjusted Operating Profit (Currency-Neutral) | 8% | 9% | - Growth primarily driven by **volume growth in the African noodles business**, **price increases from last year's currency impacts**, and **broad-based cereal net sales growth** in the region[25](index=25&type=chunk) - Operating profit growth partially offset by **negative foreign currency translation**[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Company Overview](index=5&type=section&id=Company%20Overview) Presents Kellanova as a global leader in snacks and cereals, outlining its 2024 net sales and long-term vision [About Kellanova](index=5&type=section&id=About%20Kellanova) Kellanova is a global leader in snacks, international cereals, and frozen foods, with $13 billion in 2024 net sales and a vision for sustainable food access - Kellanova is a **global leader in snacks, international cereals and noodles, and North American frozen foods**[29](index=29&type=chunk) - **Net sales of approximately $13 billion in 2024**[29](index=29&type=chunk) - Company's vision is to be the **world's best performing snacks-led enterprise**[29](index=29&type=chunk) - Committed to advancing **sustainable and equitable food access** through its trusted food brands, aiming to create better days for **4 billion people by the end of 2030**[30](index=30&type=chunk) [Financial Statements](index=10&type=section&id=Financial%20Statements) Presents Kellanova's consolidated income statement, cash flow statement, and balance sheet for Q2 and YTD 2025 [Consolidated Statement of Income](index=10&type=section&id=Consolidated%20Statement%20of%20Income) Details Kellanova's income, expenses, and net profit for Q2 and YTD 2025 and 2024, offering a view of profitability Kellanova Consolidated Statement of Income (millions, except per share) | Metric (millions, except per share) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------------------- | :------ | :------ | :------- | :------- | | Net sales | $3,203 | $3,192 | $6,286 | $6,392 | | Cost of goods sold | $2,113 | $2,031 | $4,137 | $4,200 | | Operating profit | $438 | $493 | $868 | $886 | | Net income (loss) attributable to Kellanova | $299 | $344 | $603 | $611 | | Diluted earnings per share | $0.85 | $1.00 | $1.72 | $1.78 | [Consolidated Statement of Cash Flows](index=11&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Outlines Kellanova's cash flows from operating, investing, and financing activities for YTD 2025 and 2024, including free cash flow Kellanova Consolidated Statement of Cash Flows (million USD) | Metric | YTD 2025 | YTD 2024 | | :-------------------------------------- | :------- | :------- | | Net cash provided by (used in) operating activities | $285 | $740 | | Net cash provided by (used in) investing activities | $(322) | $(454) |\ | Net cash provided by (used in) financing activities | $(281) | $(290) |\ | Increase (decrease) in cash and cash equivalents | $(340) | $(2) |\ | Cash and cash equivalents at end of period | $354 | $272 |\ | Free cash flow | $(39) | $443 | [Consolidated Balance Sheet](index=12&type=section&id=Consolidated%20Balance%20Sheet) Displays Kellanova's assets, liabilities, and equity as of June 28, 2025, and December 28, 2024, providing a financial position snapshot Kellanova Consolidated Balance Sheet (million USD) | Metric | June 28, 2025 | December 28, 2024 | | :-------------------------- | :------------ | :---------------- | | Total current assets | $3,673 | $3,754 | | Total assets | $15,871 | $15,628 | | Total current liabilities | $5,384 | $4,660 | | Long-term debt | $4,341 | $4,998 | | Total liabilities and equity | $15,871 | $15,628 | | Total Kellanova equity | $4,109 | $3,775 | [Non-GAAP Financial Measures & Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) Explains Kellanova's non-GAAP financial measures and provides detailed reconciliations for key metrics [Non-GAAP Financial Measures Explanation](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) Kellanova uses non-GAAP metrics like organic net sales and adjusted profit to provide transparent operational analysis, excluding non-recurring items - Non-GAAP metrics are used by management and investors to **evaluate business results, make decisions, allocate resources, and for incentive compensation**[32](index=32&type=chunk) - Currency-neutral results are determined by **dividing or multiplying current period local currency operating results by the comparable prior-year period's exchange rates** used to translate financial statements[33](index=33&type=chunk) - **Organic net sales exclude the impact of foreign currency, acquisitions, and dispositions** to show underlying net sales performance trends[33](index=33&type=chunk) - **Adjusted profitability metrics (gross profit, operating profit, EPS) exclude restructuring programs, separation transaction costs, mark-to-market adjustments, and other costs impacting comparability**[36](index=36&type=chunk) - **Free cash flow is defined as net cash provided by operating activities less capital expenditures**, used to assess cash available for debt repayment, dividends, acquisitions, and share repurchases[40](index=40&type=chunk) - **Net debt is defined as the sum of long-term debt, current portion of long-term debt, and notes payable, less cash and cash equivalents**, used to assess the company's capital structure and credit quality[40](index=40&type=chunk) [Significant Items Impacting Comparability](index=24&type=section&id=Significant%20Items%20Impacting%20Comparability) This section details specific pre-tax expenses and adjustments impacting the comparability of reported financial results, including mark-to-market adjustments, separation costs, network optimization, proposed merger costs, and business and portfolio realignment Pre-Tax Charges/Benefits Impacting Comparability (million USD) | Item | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------- | :------ | :------- | :------ | :------- | | Mark-to-market | $(21) | $(17) | $10 | $22 | | Separation costs | $(3) | $(9) | $(6) | $(19) | | Network optimization | $(8) | $(15) | $(9) | $(109) | | Proposed merger costs | $(7) | $(12) | $0 | $0 | | Business & portfolio realignment | $0 | $0 | $(4) | $(4) | - **Mark-to-market adjustments include gains/losses on pension and postretirement benefit plans, commodity contracts, certain foreign currency contracts, and certain equity investments**[82](index=82&type=chunk) - **Separation costs are related to the company's successful separation transaction completed on October 2, 2023**[83](index=83&type=chunk) - **Network optimization costs are primarily related to restructuring to improve productivity and efficiency in the company's supply chain**, including severance and asset impairments[84](index=84&type=chunk) - **Proposed merger costs are primarily legal and advisory fees related to the definitive agreement for Mars to acquire Kellanova**[85](index=85&type=chunk) [Reconciliation Tables](index=13&type=section&id=Reconciliation%20Tables) Provides detailed reconciliation tables for non-GAAP financial measures, adjusting reported results to currency-neutral and adjusted figures [Net Sales Reconciliation](index=15&type=section&id=Net%20Sales%20Reconciliation) Reconciles reported net sales growth to currency-neutral and organic growth, detailing volume and pricing/mix impacts Consolidated Net Sales Growth Reconciliation (Q2 2025 vs 2024) | Metric | % Change | | :---------------------- | :------- | | Reported growth | 0.3% | | Foreign currency impact | 0% | | Currency-neutral growth | 0.3% | | Organic growth | 0.3% | | Volume (tonnage) | 3.2% | | Pricing/mix | (2.9)% | Consolidated Net Sales Growth Reconciliation (YTD 2025 vs 2024) | Metric | % Change | | :---------------------- | :------- | | Reported growth | (1.7)% | | Foreign currency impact | (2.2)% | | Currency-neutral growth | 0.5% | | Organic growth | 0.5% | | Volume (tonnage) | 0.3% | | Pricing/mix | 0.2% | - **Organic net sales for AMEA noodles and other businesses grew by 64.1% in Q2 and 57.7% year-to-date**[77](index=77&type=chunk)[79](index=79&type=chunk) [Gross Profit & Margin Reconciliation](index=17&type=section&id=Gross%20Profit%20%26%20Margin%20Reconciliation) Reconciles reported gross profit and margin to adjusted and currency-neutral adjusted figures Gross Profit Reconciliation (million USD) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported gross profit | $1,090 | $1,161 | $2,149 | $2,192 | | Adjusted gross profit | $1,114 | $1,164 | $2,190 | $2,307 | | Currency-neutral adjusted gross profit | $1,110 | $1,164 | $2,221 | $2,307 | Gross Margin Reconciliation | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported gross margin | 34.0% | 36.4% | 34.2% | 34.3% | | Adjusted gross margin | 34.8% | 36.5% | 34.8% | 36.1% | | Currency-neutral adjusted gross margin | 34.7% | 36.5% | 34.6% | 36.1% | [Operating Profit & Margin Reconciliation](index=18&type=section&id=Operating%20Profit%20%26%20Margin%20Reconciliation) Reconciles reported operating profit and margin to adjusted and currency-neutral adjusted figures Consolidated Operating Profit Reconciliation (million USD) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported operating profit | $438 | $493 | $868 | $886 | | Adjusted operating profit | $477 | $502 | $918 | $1,009 | | Currency-neutral adjusted operating profit | $473 | $502 | $928 | $1,009 | Consolidated Operating Profit Growth (2025 vs 2024) | Metric | Q2 % Change | YTD % Change | | :------------------------------ | :---------- | :----------- | | Reported growth | (11.2)% | (2.1)% | | Adjusted growth | (5.0)% | (9.1)% | | Currency-neutral adjusted growth | (5.7)% | (8.1)% | Consolidated Operating Margin Reconciliation | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported operating margin | 13.7% | 15.4% | 13.8% | 13.9% | | Adjusted operating margin | 14.9% | 15.7% | 14.6% | 15.8% | | Currency-neutral adjusted operating margin | 14.8% | 15.7% | 14.4% | 15.8% | [Other Income (Expense) Reconciliation](index=20&type=section&id=Other%20Income%20%28Expense%29%20Reconciliation) Reconciles reported other income (expense) to adjusted figures Other Income (Expense) Reconciliation (million USD) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported other income (expense) | $9 | $33 | $20 | $76 | | Adjusted other income (expense) | $10 | $33 | $23 | $63 | [Income Taxes & Effective Tax Rate Reconciliation](index=21&type=section&id=Income%20Taxes%20%26%20Effective%20Tax%20Rate%20Reconciliation) Reconciles reported income taxes and effective tax rates to adjusted figures Income Taxes Reconciliation (million USD) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------- | :------ | :------ | :------- | :------- | | Reported income taxes | $83 | $97 | $156 | $179 | | Adjusted income taxes | $91 | $101 | $165 | $204 | Effective Tax Rate Reconciliation | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported effective tax rate | 21.7% | 21.9% | 20.5% | 22.5% | | Adjusted effective tax rate | 21.4% | 22.4% | 20.2% | 22.5% | [Diluted EPS Reconciliation](index=21&type=section&id=Diluted%20EPS%20Reconciliation) Reconciles reported diluted EPS to adjusted and currency-neutral adjusted figures Diluted EPS Reconciliation | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------ | :------ | :------ | :------- | :------- | | Reported EPS | $0.85 | $1.00 | $1.72 | $1.78 | | Adjusted EPS | $0.94 | $1.01 | $1.85 | $2.02 | | Currency-neutral adjusted EPS | $0.93 | $1.01 | $1.86 | $2.02 | | Currency-neutral adjusted EPS growth | (7.9)% | | (7.9)% | | [Net Debt Reconciliation](index=23&type=section&id=Net%20Debt%20Reconciliation) Reconciles total debt liabilities to net debt by subtracting cash and cash equivalents Net Debt Reconciliation (million USD) | Metric | June 28, 2025 | December 28, 2024 | | :-------------------------- | :------------ | :---------------- | | Total debt liabilities | $5,879 | $5,743 | | Less: Cash and cash equivalents | $354 | $694 | | Net debt | $5,525 | $5,049 | [Forward-Looking Statements Disclosure](index=8&type=section&id=Forward-Looking%20Statements%20Disclosure) Provides standard disclosures on forward-looking statements, outlining risks and uncertainties related to the proposed Mars acquisition [Forward-Looking Statements Disclosure](index=8&type=section&id=Forward-Looking%20Statements%20Disclosure) Standard disclosure on forward-looking statements, detailing risks and uncertainties related to the proposed Mars acquisition and regulatory approvals - The press release contains **forward-looking statements regarding the proposed acquisition of Kellanova by Mars, Incorporated**, including expectations for regulatory approvals and transaction timing[38](index=38&type=chunk) - Highlights **risks and uncertainties** such as transaction timing, satisfaction of conditions, regulatory approvals, potential litigation, and impacts on company operations and personnel[38](index=38&type=chunk) - The company **does not undertake any obligation to publicly update forward-looking statements**[39](index=39&type=chunk)

Group 1 - Kellanova reported its 2025 second quarter earnings results, which are available on the company's website and filed with the U.S. Securities and Exchange Commission [1] - The company is a leader in global snacking, international cereal and noodles, and North America frozen foods, with a legacy of over 100 years [2] - Kellanova's net sales for 2024 were approximately $13 billion, indicating a strong market presence [2] Group 2 - The company's purpose is to create better days and ensure equitable food access, aiming to impact 4 billion people by the end of 2030 [3] - Kellanova is committed to sustainability and addressing issues related to hunger, wellbeing, and diversity [3]

Robust margins drive record free cash flow of over $600 millionOn track for $650 million in return of capital to shareholders in 2025Development projects advancing on plan TORONTO, July 30, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2025.This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to ...

Core Insights - Investors in the Consumer Products - Discretionary sector should consider Sendas Distribuidora S.A. Sponsored ADR (ASAIY) and Kellanova (K) for potential value opportunities [1] Group 1: Zacks Rank and Analyst Outlook - ASAIY has a Zacks Rank of 1 (Strong Buy), indicating a more favorable earnings estimate revision trend compared to Kellanova, which has a Zacks Rank of 4 (Sell) [3] - The stronger earnings estimate revision activity for ASAIY suggests an improving analyst outlook, making it a more attractive option for investors [3][7] Group 2: Valuation Metrics - ASAIY has a forward P/E ratio of 16.26, while Kellanova has a higher forward P/E of 21.36, indicating ASAIY may be undervalued [5] - The PEG ratio for ASAIY is 0.45, significantly lower than Kellanova's PEG ratio of 4.26, suggesting ASAIY offers better value relative to its expected earnings growth [5] - ASAIY's P/B ratio is 2.55, compared to Kellanova's P/B of 6.91, further supporting the notion that ASAIY is more attractively valued [6] Group 3: Overall Value Assessment - Based on the combination of stronger estimate revision activity and more favorable valuation metrics, ASAIY is concluded to be the superior investment option for value investors at this time [7]

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights. Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong associatio ...