Operating profit increased by $10.5 million compared with the first half of fiscal 2024. Cawte said operating profit included a $4.1 million gain from the sale of a Boeing 777-300 aircraft, offset by an unrealized loss of $4.2 million from the revaluation of aircraft purchase rights and deposits paid. He noted that the 777 gain followed gains recognized on sales of two ATR aircraft in fiscal 2025, which he said provided evidence of strong aircraft market values.Chief Financial Officer Iain Cawte said total ...

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR was approximately $182, reflecting a nearly 1% year-over-year increase, or nearly 3% when excluding the Royal Palm [20] - For the full year, RevPAR declined 2% versus 2024, while hotel adjusted EBITDA margin was 26.5%, a reduction of 130 basis points from the prior year [21] - Core hotel adjusted EBITDA margin improved by 230 basis points to 30%, contrasting with a 280 basis point contraction to 10% in the non-core portfolio [20][21] Business Line Data and Key Metrics Changes - The core portfolio delivered a RevPAR increase of 6% to nearly $216, significantly outperforming the non-core portfolio by nearly 1,500 basis points [20] - Q4 group revenue for the core portfolio increased 13% year-over-year, with double-digit growth in banquet and catering revenues across key markets [11] - The Royal Palm renovation is expected to generate a 15%-20% return on invested capital, with projected EBITDA doubling from $14 million to nearly $28 million once stabilized [16] Market Data and Key Metrics Changes - Hawaii's RevPAR growth is expected to be on the higher end of the 2% range, with mid-single-digit EBITDA growth anticipated for the Hawaiian properties [37] - Orlando's Bonnet Creek complex achieved record Q4 RevPAR, up nearly 9% year-over-year, driven by a 15% increase in group revenues [13] - New York delivered its highest Q4 group revenue in hotel history, up over 8% year-over-year [14] Company Strategy and Development Direction - The company is focused on reshaping its portfolio by concentrating ownership in 21 core hotels with superior growth prospects and aggressively exiting non-core assets [6][7] - In 2025, the company executed over $120 million in non-core sales at a blended multiple of 21x, with a goal to materially reduce exposure to non-core properties by year-end [9] - The company plans to complete a comprehensive redevelopment of the Royal Palm and launch a full-scale renovation of the Ali'i Tower at Hilton Hawaiian Village [24] Management's Comments on Operating Environment and Future Outlook - The management remains optimistic about the U.S. economy's firm footing, with expectations of modest growth and easing inflation supporting consumer demand [16] - The company anticipates a multi-year recovery in Hawaii, with demand trends forecasted to improve as renovations are completed [12] - Guidance for 2026 includes a RevPAR growth range of flat to +2%, with cautious expectations due to potential geopolitical or macroeconomic volatility [28] Other Important Information - The company returned a total of $245 million of capital in 2025, including $200 million in dividends and $45 million in share repurchases [32] - As of year-end 2025, the company's liquidity was approximately $2 billion, including $200 million in cash [25] Q&A Session Summary Question: Earnings trajectory for Hawaii properties - Management indicated that Hawaii properties should see mid-single-digit EBITDA growth, with RevPAR growth expected to be around 2% [37] Question: Sequential change in Hilton Hawaiian Village performance - Management noted a 37% decrease in group pace for Q1, impacting expected performance [45] Question: Timeline for Miami's Royal Palm reopening and World Cup demand - Management expressed confidence in meeting the June reopening target and capturing World Cup demand, although they remain conservative in their estimates [50] Question: Non-core asset sales and potential for core hotel sales - Management emphasized the focus on non-core asset sales, noting that core hotels account for 90% of EBITDA and value, making them less likely to be sold [70] Question: Impact of New York labor contract negotiations - Management is optimistic about reaching an agreement without disruptions, especially with the upcoming World Cup [92]

Turnover was EUR 50.5 billion, down 3.8% year over year, driven by a 5.9% foreign exchange headwind. Excluding currency, turnover rose 2.3%, supported by underlying sales growth and partially offset by portfolio actions. Unilever cited a net impact from acquisitions and disposals of -1.2%, with acquisitions contributing 0.6% (including Minimalist, Wild, and Dr. Squatch) and disposals contributing -1.8% (including the prior-year exits of Unilever Russia and the China water purification business, along with 2 ...

Core Insights - PepsiCo, Inc. reported strong fourth-quarter 2025 results with revenues and earnings per share (EPS) exceeding expectations and showing year-over-year improvement [1][3] - The company experienced accelerated net revenue growth, demonstrating its ability to adapt in a challenging environment [1] Financial Performance - PepsiCo's fourth-quarter core EPS was $2.26, surpassing the Zacks Consensus Estimate of $2.24 and reflecting a 15.3% year-over-year increase [3] - Reported EPS was $1.85, marking a 68% year-over-year surge in the fourth quarter [3] - Net revenues reached $29.34 billion, a 5.6% increase year over year, slightly above the Zacks Consensus Estimate of $29 billion [7] - Organic revenue growth was 2.1% year over year, driven by a 4.5% increase in effective net pricing, despite a 2% decline in organic volume [7] Segment Performance - Revenue growth was observed across all segments, with notable increases in EMEA (12%), LatAm Foods (11%), and PBNA (4%) [12] - Organic revenues improved in most segments, except for PFNA, which saw a 1% decline [13] Operational Efficiency - Reported operating income rose 58% year over year to $3.6 billion, while core operating income increased 17.7% to $4.1 billion [10] - The operating margin expanded significantly to 12.1% from 8.1% in the previous year [10] Future Outlook - For 2026, PepsiCo anticipates organic revenue growth of 2-4%, with a focus on innovation and productivity to enhance competitiveness [20] - The company expects core constant-currency EPS to increase by 4-6%, with core EPS growth projected at 5-7% [21] - Capital spending is expected to remain below 5% of net revenues, with a target free cash flow conversion ratio of at least 80% [22] Shareholder Returns - PepsiCo announced a 4% increase in its annualized dividend to $5.92 per share, marking the 54th consecutive year of dividend growth [15] - The company plans to return a total of $8.9 billion to shareholders in 2026, including $7.9 billion in dividends and $1 billion in share repurchases [23]

Core Insights - Church & Dwight executives expressed optimism regarding the company's performance in 2025 and outlined strategic priorities for 2026, highlighting portfolio reshaping and growth in key brands despite a challenging market environment [3][6][24] Financial Performance - Q4 2025 sales increased by 3.9%, with organic growth at 0.7% and EPS of $0.86, reflecting a 12% year-over-year increase; full-year sales reached $6.2 billion with cash from operations at $1.2 billion [5][8] - For 2026, management anticipates organic sales growth of 3-4%, a gross margin improvement of approximately 100 basis points, and EPS growth of 5-8% [17][11] Strategic Initiatives - The company reduced its weighted-average private-label exposure from about 12% to 5% and maintained a leverage level of approximately 1.5x, supporting future acquisitions [1][6] - Key strategic priorities include scaling core brands like Arm & Hammer, TheraBreath, and Hero, expanding e-commerce from 2% to 24% of sales, and mitigating tariff exposure, which decreased from $190 million to around $25 million [4][9] Brand Performance - Hero and TheraBreath achieved double-digit growth in 2025, with Hero growing three times faster than its category and reaching a record 19% market share [2][16] - Arm & Hammer gained market share in laundry detergent and cat litter, reaching a record 14.5% and gaining 20 basis points in both categories [14][13] - TheraBreath became the second-largest mouthwash brand with a share just under 22%, with plans for distribution expansion and a new toothpaste launch [15][13] International and Digital Growth - International revenue was approximately $1.01 billion, with 5.5% organic growth in 2025; the company aims to expand Hero to over 100 countries by the end of 2026 [23][20] - E-commerce sales have significantly increased, now accounting for 24% of total sales, with ongoing digital growth initiatives including the use of AI tools for content creation [22][20]

Core Insights - Church & Dwight Co., Inc. (CHD) reported strong fourth-quarter 2025 results, with both revenue and earnings exceeding expectations and showing year-over-year growth [1][4]. Financial Performance - Adjusted earnings per share (EPS) reached 86 cents, surpassing the Zacks Consensus Estimate of 84 cents, marking an 11.7% increase year over year [4]. - Net sales totaled $1,644.2 million, reflecting a 3.9% year-over-year increase and exceeding the consensus mark of $1,638 million [4]. - Organic sales rose by 0.7%, impacted by weaker category growth and softness in the vitamin business [4]. Margin and Expenses - Adjusted gross margin improved by 90 basis points to 45.5%, driven by productivity initiatives and a favorable product mix, although inflation and tariffs posed challenges [5]. - Marketing expenses increased by $4.4 million year over year as the company invested in brand growth, while adjusted selling, general and administrative (SG&A) expenses rose to 15.4% of net sales [5]. Segment Performance - Consumer Domestic segment net sales increased by 3.7% to $1,271.2 million, with organic sales slightly declining by 0.1% due to lower volumes [6]. - Consumer International segment net sales rose by 5.2% to $299.8 million, with organic sales growing by 3.6% driven by volume gains [7]. - Specialty Products sales increased by 2.8% to $73.2 million, supported by higher volumes and improved pricing [7]. Financial Health - Church & Dwight ended the quarter with cash and cash equivalents of $409 million and long-term debt of approximately $2.2 billion [8]. - Operating cash flow for the full year 2025 reached $1.2 billion, allowing for continued shareholder returns and strategic flexibility [8]. - The company repurchased $900 million worth of shares in 2025 and announced a 4.2% increase in its quarterly dividend, marking the 30th consecutive annual dividend hike [9]. Future Outlook - For 2026, CHD anticipates volume-led organic sales growth in the range of 3–4%, supported by a focused brand portfolio and innovation [11]. - Reported sales are expected to decline by 0.5–1.5% due to the impact of divested businesses [11]. - Adjusted gross margin is projected to expand by approximately 100 basis points, driven by higher volumes and productivity initiatives [12]. - Marketing spend is expected to exceed 11% of sales, with SG&A as a percentage of revenue projected to increase year over year [12]. - Adjusted EPS growth for 2026 is projected at 5–8%, with earnings momentum expected to be stronger in the second half of the year [13]. Q1 2026 Outlook - For the first quarter of 2026, CHD expects organic sales growth of approximately 3%, while reported sales are projected to decline about 1% due to business exits in 2025 [14]. - Gross margin is expected to improve year over year, with increased marketing and SG&A spending anticipated [14].

Group 1 - TasFoods has received two indicative non-binding proposals for its Nichols poultry business as it reassesses the unit [1] - The company is engaging with the parties behind the proposals and is considering all options, including divestment, although the discussions are not at an advanced stage [1] - In August, TasFoods announced a review of its poultry operations and recorded a non-cash impairment of A$1.2 million in the poultry division [2] Group 2 - Sales revenue for continued operations, including poultry and cheese, fell 21% year-on-year to A$19.9 million due to poultry oversupply and discounted pricing [3] - The gross margin for the poultry division decreased to 22% from 23% in the previous year [3] - TasFoods has been reshaping its portfolio, including the sale of its Pyengana Dairy operation for A$2 million and the acquisition of Redbank Poultry for A$1.3 million [4][5]

Financial Data and Key Metrics Changes - Q3 2025 net sales were $439.3 million, a decrease of 4.7% compared to $461.1 million in Q3 2024. Base business net sales, excluding divestitures, were down 2.7% [6][16] - Adjusted EBITDA for Q3 2025 was $70.4 million, flat year-over-year, representing 16% of net sales [16][25] - Adjusted net income increased to $11.7 million, or $0.15 per adjusted diluted share, compared to $10.1 million or $0.13 per share in Q3 2024 [27] Business Line Data and Key Metrics Changes - The frozen and vegetables business unit saw a decline in net sales of 6.7% but an increase in adjusted EBITDA of $3 million due to favorable crop pack costs and productivity improvements [20] - The spices and seasonings business unit grew net sales by 2.1%, benefiting from fresh food and protein growth, although adjusted EBITDA was impacted by tariffs [7][18] - The meals business unit experienced a 1.4% decline in net sales, but adjusted EBITDA increased by approximately $0.6 million [19] Market Data and Key Metrics Changes - The divestiture of Don Pepino and Sclafani brands removed approximately $10.3 million of net sales and $3.2 million in adjusted EBITDA from Q3 [8][14] - The company expects the fourth quarter to show continued improvement, with net sales projected to be down approximately 2%-3% excluding the impact of the 53rd week [10][32] Company Strategy and Development Direction - B&G Foods is focused on reshaping its portfolio through divestitures to create a more focused and efficient company, aiming for adjusted EBITDA as a percentage of net sales to approach 20% [9][30] - The company plans to reduce its consolidated leverage ratio to six times within the next nine months through divestiture proceeds and improved cash flow generation [12][34] - Future growth is expected to come from a simplified portfolio and strategic acquisitions, with a long-term goal of achieving a leverage ratio between 4.5 and 5.5 [35][84] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging consumer environment impacting sales, but expressed optimism for stabilization in base business trends towards a long-term growth objective of 1% [12][35] - The company is closely monitoring inflation and input costs, with expectations of modest inflation in 2025 [22][106] - Management highlighted the importance of cost-saving initiatives and pricing strategies to offset tariff impacts and maintain profitability [10][33] Other Important Information - The consolidated leverage ratio was reported at 6.88 times, with expectations to reduce it to six times by mid-2026 [11][29] - The company has executed targeted pricing to recover incremental tariffs, which will take effect for most customers starting in November [11][18] Q&A Session Summary Question: What caused the shift in sales guidance for Q4? - Management narrowed the sales guidance range to reflect the impact of divestitures and consistent base business net sales trends observed in Q3 [39] Question: How is the pricing affecting volume elasticity in the spices segment? - Management noted that pricing changes were implemented recently, and while some elasticity is expected, it is projected to be minimal [43][46] Question: What are the trends in the food service and private label business? - The food service business has shown stable trends with modest growth, while the private label business has experienced mid-single-digit growth [56][58] Question: How does the divestiture of Green Giant impact leverage targets? - The divestiture is expected to contribute to a full turn of deleveraging, with stabilization of EBITDA and improved working capital management also playing a role [65] Question: Have there been any early signs of SNAP cutbacks impacting grocery sales? - Management indicated it is too early to determine the impact, but a temporary effect is expected if the situation persists [67][68] Question: What is the outlook for input cost inflation into 2026? - Management anticipates modest input cost inflation, with strategies in place to recover costs through pricing adjustments [106]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated volume was 4.3 billion gallons, down 4% year over year, and consolidated gross profit declined 7% to $250 million [14] - Operating expenses were $181 million, down 7% year over year, primarily due to lower variable costs [19] - Operating cash flow was $116 million, and free cash flow was $102 million, increasing year-to-date operating cash flow to $259 million and free cash flow to $215 million [21][25] Business Line Data and Key Metrics Changes - Aviation volume was 1.8 billion gallons, down 4% year over year, but gross profit increased by 11% to $143 million due to strong results in Europe and government sales [14][15] - Land volumes declined 8% year over year, with gross profit down 20% to $81 million, impacted by unfavorable market conditions and recent business exits [16][17] - Marine volumes increased 3% year over year, but gross profit decreased 32% due to lower profit contributions and market volatility [18] Market Data and Key Metrics Changes - The aviation segment showed resilience with growth in government and business aviation activities, while the land segment faced challenges from market exits and inefficiencies [10][17] - Marine performance was affected by low market volatility and bunker prices, but there are expectations for cash generation when market conditions improve [18][19] Company Strategy and Development Direction - The company is focusing on core businesses and has made leadership changes to enhance growth and returns, with a commitment to talent development [5][6] - A strategic acquisition of Universal Trip Support Services is expected to enhance service offerings and contribute to earnings growth [15][22] - The company is actively reshaping its portfolio by exiting non-core and underperforming businesses to concentrate on profitable activities [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leadership team and their ability to navigate challenges, including macroeconomic headwinds and market volatility [6][10] - The company anticipates continued growth in aviation gross profit and is focused on improving land segment performance through operational efficiencies [15][18] - There is optimism about future M&A opportunities as interest rates decline, with a sharper focus on strategic acquisitions [39][40] Other Important Information - The company generated strong operating cash flow, maintaining a net debt to adjusted EBITDA ratio of under one times, which supports a healthy liquidity profile [25] - The company has returned $214 million to shareholders through buybacks and dividends since the beginning of 2024, exceeding its target [26] Q&A Session Summary Question: What is needed to turn around unfavorable market conditions in the land segment? - Management is exploring strategies to improve transportation efficiencies and evaluating long-term viability of certain markets [31][34] Question: How will the earnings accretion from the latest acquisition flow in the first year? - The earnings accretion is expected to be ratable on a monthly basis, with potential increases from synergies in the second year [35][37] Question: How is the company balancing divestitures and potential M&A opportunities? - The company is focused on restructuring the land business while actively looking for M&A opportunities as interest rates decline [38][39] Question: What other areas are expected to see variable cost efficiencies? - Management is looking at various parts of the business for cost-effective operations, including a global finance transformation initiative [41][42]

Core Insights - PepsiCo is focusing on "portfolio reshaping" to achieve sequential growth in the third quarter, reversing the decline experienced in the same period last year [1][4] - The company announced the appointment of Steve Schmitt as the new CFO, who is expected to play a crucial role in accelerating growth [2][3] Financial Performance - PepsiCo reported a revenue growth of 2.6% in the third quarter, an improvement from 1% in the previous quarter and a recovery from a negative 0.6% in the same quarter last year [4] - Organic growth was recorded at 1.3%, matching the pace of the same quarter in fiscal 2024 but slowing from 2.1% in the second quarter [5] Volume Trends - Overall group volumes declined by an average of 1% across PepsiCo's food and beverage segments [5] - Specific declines included a 4% drop in PepsiCo Foods North America (PFNA) and a 3% decrease in North America Beverages (PBNA) [6] - The international franchise drinks business also saw a 1% drop, while volumes in Europe, Middle East, and Africa (EMEA) for convenient foods fell by 1% but increased by 1.5% for beverages [6] Strategic Focus - The company aims to accelerate growth and optimize its cost structure, with a strong pipeline of innovation and adjustments to its price-pack architecture [3][4] - Elliott Management, a significant investor, has suggested that PepsiCo consider refranchising its North American drinks bottling network and simplifying its beverage portfolio [7]