Summary of Celsius Holdings Conference Call Company Overview - **Company**: Celsius Holdings - **Industry**: Beverages, specifically energy drinks Key Points and Arguments Q3 Performance - Celsius reported a strong Q3 with **$200 million in EBITDA** and a **13% year-over-year growth rate** as per Circana data [2][4] - Alani Nu brand is projected to reach a **$1.2 billion run rate** by the end of Q3, capturing over **20% market share** in its category [4][34] Marketing and Promotions - The company emphasized the success of the **Live Fit Go campaign**, which has been a significant driver of growth since its launch in June [2][4] - Promotional activities included participation in **Amazon Prime Day** and various promotions at **Costco**, which contributed to revenue recognition timing discrepancies between Q2 and Q3 [3][4] Transition to PepsiCo - The transition of Alani Nu into the Pepsi system is underway, with expectations for a smooth integration [5][6] - Management indicated that the transition may not result in the typical large inventory fill due to cash management practices at large CPG companies [6][7] Market Dynamics - The energy drink category is experiencing healthy growth, with Celsius and Alani Nu attracting new consumers, particularly among females and those seeking sugar-free options [13][14][17] - The company anticipates continued growth in the energy drink sector, albeit at a more sustainable rate than the mid-teens growth seen recently [14] Competitive Landscape - Celsius is positioned as a leader in the female and sugar-free segments, with a strong brand identity that takes time to build [27][28] - The company acknowledges increased competition, particularly from Monster, which is launching a female-focused product [27][28] Future Outlook - The management is optimistic about Q4 and 2026, expecting improvements in gross margins and EBITDA as integration with Pepsi progresses [48][49] - The company plans to continue investing in marketing, with **23%-25% of revenue** allocated to sales and marketing in Q4 [50] Capital Allocation and M&A Strategy - Celsius announced a buyback program to address perceived undervaluation and is open to future M&A opportunities, particularly in vertical integration [54][55] - The company is also focusing on enhancing its manufacturing capabilities to drive efficiencies [56] Protein Product Opportunities - While the primary focus of the Alani Nu acquisition was energy drinks, there is potential for growth in the protein category, although no immediate plans are in place [57][59] International Expansion - Celsius aims to expand its international footprint, currently at about **5% international sales**, with plans to evaluate new markets [63][64] - The company is building a robust international team to support this growth [65] Conclusion - Celsius Holdings is positioned for continued growth in the energy drink market, with strong brand identities, a successful transition to Pepsi, and a focus on marketing and international expansion. The management remains optimistic about future performance despite current market challenges and competition.

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][31] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Direct-to-Consumer (D2C) channel net sales reached CHF 314.7 million, increasing by 27.6% year over year on a reported basis and 37.5% at constant currency [17] - Wholesale channel net sales were CHF 479.6 million, increasing by 23.3% year over year on a reported basis and 32.5% at constant currency [18] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency [23] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [20] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa saw net sales of CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [19] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [11][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][47] - The company plans to continue investing in innovation and technology to drive long-term growth and maintain premium pricing [31][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite market challenges [19][70] - The company raised its 2025 guidance, expecting constant currency net sales to grow by 34% year over year, up from a previous estimate of at least 31% [30][31] - Management highlighted the importance of maintaining a full-price strategy during the holiday season to build long-term brand value [80] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [12][18] - The successful launch of new products, including the Cloud Surfer Max and collaborations with celebrities, has enhanced brand visibility and appeal [8][9] Q&A Session Summary Question: Can you discuss the traction in apparel and its performance in different channels? - Management reported strong traction in apparel, accounting for about 8% of total business, with a goal to reach double digits [40][43] - The apparel business is performing well in both D2C and wholesale channels, with a focus on showcasing products in flagship stores [43][47] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of maintaining a premium business model, which requires disciplined inventory management to protect full-price sales [49][50] - The company has achieved a sustainable gross profit margin through pricing power and operational improvements [51][52] Question: What is the outlook for growth in the U.S. market? - Management indicated that the U.S. market is expected to continue strong growth, supported by brand awareness and premium positioning [67][70] - The company is committed to a full-price strategy and is not chasing growth through discounts [70] Question: Can you elaborate on the growth opportunities in Asia Pacific? - Management noted that Asia Pacific is experiencing significant same-store sales growth, with a disciplined approach to opening new stores [78][79] - The company is focused on building brand awareness and credibility in the region, which has high demand for premium sportswear [79]

Financial Data and Key Metrics Changes - Net revenue reached $198.9 million, a record for any quarter, up 37.2% year-over-year, driven by increased egg supply [6][10] - Gross margin was 37.7%, above the long-term target of 35%, with gross profit rising to $75.0 million from $53.5 million [6][10] - Adjusted EBITDA increased by 81.3% to $27.4 million, representing 13.8% of net revenue [7][12] - Net income surged 121% to $16.4 million, or $0.36 per diluted share, compared to $7.4 million, or $0.16 per diluted share, in the prior year [11] Business Line Data and Key Metrics Changes - The company added approximately 75 new family farms, bringing the total to 575, with over 10 million hens under contract [7][8] - The third production line at Egg Central Station came online in October, increasing annual egg revenue capacity to about $1.2 billion [7][8] Market Data and Key Metrics Changes - Aided brand awareness increased by two percentage points to 33%, up eight percentage points since the same quarter last year [8] - The company launched limited edition dog treats, generating over 550 million impressions across various media [9] Company Strategy and Development Direction - The company aims to become America's most trusted food company, focusing on sustainable growth and operational excellence [8][20] - Investments in capacity and digital transformation are expected to support long-term growth [8][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory into 2026, citing strong fundamentals and a resilient supply chain [19] - The company anticipates continued healthy volume growth, with less margin pressure expected in the second half of the year [15][19] Other Important Information - The company is raising full-year 2025 net revenue guidance to at least $775 million, representing growth of at least 28% versus 2024 [13][14] - Capital expenditures for fiscal 2025 are projected to be between $80 million and $100 million, reflecting ongoing investments in growth [15][16] Q&A Session Summary Question: Volume growth sustainability - Management indicated that the 19% volume growth is sustainable and driven by demand rather than inventory filling [23][24] Question: Farmer additions - The increase in farmer additions is attributed to the company's strong reputation and capacity to vet new farmers, not just serendipity [29][30] Question: Distribution growth and retail resets - Management noted that distribution growth is a result of increased supply and strong partnerships with retail partners [32][33] Question: Fourth quarter volume expectations - The company expects underlying volume acceleration due to better supply and strong consumer demand [38][39] Question: Impact of price gaps on consumer behavior - Management stated that consumer loyalty is driven more by brand values than price gaps, despite some widening [42][70] Question: CapEx timing and future plans - The reduction in CapEx guidance is due to timing shifts, with no change in the overall two-year plan for 2025 and 2026 [78][80]

Core Insights - Zepp Health Corporation has experienced a significant turnaround, with its stock price increasing over 1,900% in 2025, primarily driven by the growth of its Amazfit brand [1][5] - The company's strategic shift from reliance on Xiaomi to focusing on its own Amazfit line has been pivotal in this recovery [3][4] Company Performance - Zepp Health reported revenue of $59 million in Q2 2025, marking a 46% year-over-year increase and its first revenue growth since 2021, with all growth attributed to Amazfit products [5] - The company has been building a roster of elite athletes as brand ambassadors, including notable figures like Derrick Henry [5] Strategic Shift - Originally known as Huami, the company transitioned to Zepp Health in 2021, moving away from the Xiaomi brand and focusing on developing its Amazfit line [3][4] - This strategic rebranding was initially risky, as the company faced consistent declines in share price and revenue prior to the recent growth [4]

Core Insights - Shake Shack has appointed Michael Fanuele as the chief brand officer to enhance its marketing strategy and brand positioning [1][4] - The company aims to expand its presence from approximately 400 domestic locations to 1,500 restaurants nationwide [5] - Shake Shack reported a 1.8% increase in same-store sales for the most recent quarter, marking the 18th consecutive quarter of comparable sales growth [6] Company Strategy - Fanuele will collaborate with the chief growth officer and chief communications officer to oversee advertising, paid media, insights, and analytics [2] - The company is focused on connecting with more guests through bold marketing efforts, leveraging Fanuele's creativity and experience [4] Background of New Chief Brand Officer - Michael Fanuele has a strong background in branding and media strategies, having worked with notable brands such as Dos Equis, Arby's, and Cadillac [3] - He previously held significant roles including chief strategy officer at Fallon and Havas, and chief creative officer at General Mills [3] Future Plans - Shake Shack plans to open 13-16 company-owned restaurants and 7-9 licensed locations in the current quarter [6] - The company is committed to optimizing media investments and strengthening its brand for long-term growth [4]

Prestige Consumer Healthcare Conference Summary Company Overview - Prestige Consumer Healthcare Inc. (NYSE: PBH) is a consumer healthcare company focused on over-the-counter medicines, helping consumers care for themselves daily [2][3] Key Business Segments - The company has a diversified portfolio of brands, including: - Monistat (50%+ market share in vaginal antifungal treatment) - Summer's Eve (40%+ market share in feminine hygiene) - Dramamine (60% market share in motion sickness) [4][5][10] Financial Performance - Over the last five years, total revenue grew by approximately 3.5%, with organic revenue growth in the range of 2% to 3% [9] - Adjusted earnings increased by about 9% annually, exceeding the long-term target of 6% to 8% [9] - The company maintains best-in-class EBITDA margins in the low 30s, contributing to strong free cash flow generation [7][22] Growth Strategy - The growth strategy is built on three pillars: 1. Investing in brand building to achieve 2% to 3% organic growth [6] 2. Maintaining a strong financial profile with an asset-light model and high free cash flow [7] 3. Reinvesting free cash flow into capital allocation for further growth and potential acquisitions [8][22] E-commerce Growth - E-commerce sales have increased from less than 1% to over 16% of total sales in the last five years, driven by investments in content and marketing [15][16] - The company aims to be channel-agnostic, ensuring products are available across various platforms [40] Innovation and Brand Building - The company introduces 3 to 5 new products annually, focusing on incremental innovations rather than large-scale launches [17] - Recent innovations include expanding the Dramamine brand to include non-drowsy options and nausea relief products [11][12] - The introduction of a maintain subline for Monistat allows for broader usage beyond acute treatment [19] International Expansion - The international segment accounts for about 16% of sales, with expected growth rates exceeding 5% [20] - Key brands include Hydralyte, a leading rehydration product in Australia, with plans for geographic expansion [20][21] Capital Allocation Strategy - The company prioritizes: 1. Investing in current brands for organic growth 2. M&A opportunities to consolidate consumer healthcare brands 3. Strategic share repurchases to offset dilution [23][24] - The company has a long-term leverage target of less than 3 times, currently at 2.4x [22] Challenges and Future Outlook - The Clear Eyes brand faced supply chain challenges, leading to a shortfall in revenue. The company is acquiring a critical supplier to enhance production capacity [26][32] - The long-term outlook remains positive, with expectations for continued free cash flow generation and strategic capital allocation to enhance shareholder value [26][27] Conclusion - Prestige Consumer Healthcare is well-positioned for sustainable growth through a diversified brand portfolio, strong financial management, and a focus on innovation and market expansion [27]

Financial Data and Key Metrics Changes - The company reported first half net sales of approximately $203 million, which is flat year over year, with strong adjusted EBITDA margins of 24.7% despite significant investments in marketing and personnel [74][76] - The company ended the second quarter with approximately $289 million in cash and $352 million in debt, having generated $18 million in cash from operations year to date [75][76] - Inventory was approximately $78.3 million, down from $100.2 million at the end of the previous year [75] Business Line Data and Key Metrics Changes - The company launched three new innovations in 2025 compared to only one in 2024, including a scalp longevity treatment and a wash care system tailored for fine hair [56][58] - The new product launches have been well received, with Olaplex's five Bond Maintenance Conditioner and four Bond Maintenance Shampoo being the top-selling prestige hair launches in 2025 [59] Market Data and Key Metrics Changes - The premium haircare market is forecasted to grow at a 6% to 7% CAGR from 2024 to 2028, with premium haircare representing only 20% of the overall hair care market in 2024 [10][11] - The company is well-positioned to benefit from the ongoing premiumization trend in the hair care category [11][12] Company Strategy and Development Direction - The company’s strategy is built on three pillars: moving beyond damage repair, empowering professionals, and adding emotional resonance to the brand [13][26] - The company aims to broaden its addressable market by shifting product development and messaging to position Olaplex as a solution for everyday foundational hair health [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's transformation progress and solid first-half results, while acknowledging that more work is needed to balance immediate improvements with long-term positioning [78] - The company maintained its fiscal year guidance, expecting net sales to range from a decline of 3% to an increase of 2% compared to fiscal year 2024 [76] Other Important Information - The company announced the acquisition of Bioscience, marking its first acquisition since its launch over ten years ago, which aims to develop transformative, bio-inspired technologies [62] - The company has implemented an AI-supported demand planning tool and enhanced data science capabilities to improve internal processes [68][69] Q&A Session Summary Question: What are the expectations for financial results in the second half of the year? - The company expects second half net sales to be more weighted towards the fourth quarter, with third quarter net sales anticipated to decline by high single digits year over year, offset by strong high single digit growth in the fourth quarter [76][77] Question: How is the company addressing its international market strategy? - The company has categorized its international markets into partner-led, direct investment, and lighter touch markets to focus investments where growth potential is highest [71][73] Question: What is the company's approach to innovation moving forward? - The company plans to leverage its R&D capabilities to launch two to three strategic products annually, supported by consumer education and stylist engagement [55][56]

The forward-looking statements in this presentation reflect the Company's current expectations and projections about future events and financial trends that management believes may affect the Company's business, financial condition and results of operation. These statements are predictions based upon assumptions that may such statements taken from third party industry and market reports. BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 2, 2025 DISCLAIMER of any such state or jurisdiction. Forward Looki ...

Financial Data and Key Metrics Changes - The company's revenue for Q2 2025 reached RMB 3,331,900,000, an increase of 10.2% year over year [19] - Gross merchandise volume (GMV) was RMB 8,100,000,000, reflecting a year-over-year increase of 15.5% [19] - Non-GAAP net income was RMB 629,800,000, up by 0.1% year over year, while total non-GAAP net income for 2025 rose by 6.8% year over year to RMB 1,300,000,000 [20][31] - The total membership exceeded 200 million, increasing by 14.5 million from Q1 and 42.7% year over year [20] Business Line Data and Key Metrics Changes - Revenue from franchisee tea houses grew by 6.1% to RMB 3,020,700,000, accounting for 90.7% of total revenue [23] - Revenue from company-owned tea houses surged by 77.3% to RMB 311,200,000, representing 9.3% of total revenue [23] - Average monthly GMV per tea house in Greater China was RMB 404,352, showing a year-over-year decline due to a high base from the previous year [24] Market Data and Key Metrics Changes - Overseas markets experienced significant growth, with GMV increasing by 77.4% year over year and 31.8% quarter over quarter [24] - The company opened a net of 52 stores overseas, bringing the total to 208 stores as of June 30, 2025 [25] - In Singapore, daily sales remained strong, averaging above 1,500 cups per store [57] Company Strategy and Development Direction - The company is focused on maintaining a premium brand positioning and avoiding price wars, emphasizing product quality and customer experience [40][41] - A new North American leadership team has been established to accelerate market expansion [6][8] - The company plans to invest strategically in overseas markets and enhance its global talent pipeline [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged intensified competition from delivery platforms in China, which has impacted profitability [22] - The company remains committed to its long-term growth strategy, focusing on quality and operational efficiency [32][33] - Management expressed confidence in the overseas operations gaining traction and building a foundation for long-term growth [32] Other Important Information - The gross profit margin improved to 53.9%, up from 48.4% year over year, driven by economies of scale and lower purchasing costs [26] - Operating expenses increased significantly due to share-based compensation related to IPO success [27][30] - The company achieved its tenth consecutive quarter of profitability with a net income of RMB 77,200,000 [31] Q&A Session Summary Question: Impact of delivery platform subsidy program on operations - Management noted that reliance on subsidies is unsustainable and emphasized a focus on high-quality products and services without engaging in price wars [38][40] Question: Update on overseas expansion plans - Management provided details on the expansion, highlighting strong performance in Singapore and Malaysia, and plans to enter new markets like the Philippines and Vietnam [56][60] Question: Same store sales performance in Q2 - Management acknowledged softening same store GMV due to high base comparisons and competitive pressures but remains focused on product quality and customer experience [64][65]

Core Points - The "Jilin Sika Deer" public brand was officially launched at the 24th China Changchun International Agricultural and Food Expo on August 15, marking a new chapter in the brand development of Jilin Sika Deer [4][5] - The event attracted over 100 representatives from livestock departments and research institutions from regions such as Jiangsu, Zhejiang, Shanghai, Guangdong, Hong Kong, and Macau, with more than 40,000 online viewers [14] Group 1 - The "Jilin Sika Deer" public brand was unveiled during a promotional event that combined live presentations and online streaming, drawing significant attention [11] - The exhibition area featured high-quality livestock products, including Sika deer, beef cattle, pigs, and dairy products, attracting many buyers and consumers [8][9] - The event included specialized presentations on local public brands of Sika deer from Dongfeng County and Shuangyang District [21] Group 2 - The president of the Jilin Provincial Animal Husbandry Association introduced and interpreted the "Jilin Sika Deer" public brand logo, awarding certificates to the first batch of authorized enterprises [24][25] - Authorized representatives promoted Jilin Sika Deer products, aiming to enhance the brand's visibility and market reach [30]