Financial Data and Key Metrics Changes - The company anticipates a non-algorithmic year for both top and bottom lines in 2026, with a focus on balanced growth across its portfolio [9][10] - Cocoa costs have moderated significantly, although the company still expects year-over-year inflation [9][10] - The long-term revenue growth algorithm is projected at 2%-4%, with EPS showing potential for upside [10][44] Business Line Data and Key Metrics Changes - The everyday CMG business has shown double-digit growth in the last four weeks, indicating strong performance [18][27] - Halloween sales have been disappointing, with a slow start attributed to weather and timing, but the company is analyzing consumer insights for future improvements [26][28] Market Data and Key Metrics Changes - The competitive landscape remains rational, with no significant price gaps causing concern [22][59] - The convenience store channel is performing well, with a 6% growth in CMG, and the company is focused on enhancing its presence in this segment [79][80] Company Strategy and Development Direction - The company is committed to investing in its brands while rebuilding margins over the long term [10][110] - Innovation is a key focus, with successful products like REESE'S OREO driving growth, and a robust pipeline planned for 2026 and beyond [35][36] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenging consumer environment but remains optimistic about the category's resilience [88][90] - There is cautious optimism regarding cocoa prices and potential tariff relief, with ongoing monitoring of consumer health and demand [44][90] Other Important Information - The company is experiencing a shift in tax rates due to various factors, including adjustments in reserves and procurement strategies [108][109] - The international segment is currently loss-making but is expected to grow share in core markets despite cocoa challenges [62] Q&A Session Summary Question: Insights on 2026 expectations and EPS growth - Management discussed the balanced growth strategy and the importance of defining success for 2026, emphasizing long-term investments [10][11] Question: Elasticity and pricing expectations - Management indicated that elasticity is a significant factor in planning for next year, with current pricing aligning with expectations [12][13] Question: Halloween sales performance - Management noted that Halloween sales have been soft, with a focus on learning from consumer insights for future seasons [26][28] Question: Competitive pricing environment - Management highlighted the rationality of the U.S. market compared to Europe, with no major price gaps causing concern [22][59] Question: Innovation pipeline for 2026 - Management confirmed a strong innovation pipeline, with successful products driving growth and plans for continued innovation [35][36] Question: Consumer health and SNAP program impacts - Management acknowledged the challenging consumer sentiment but noted minimal expected impact from SNAP changes on the business [88][90] Question: Cocoa cost outlook and pricing strategy - Management expressed cautious optimism about cocoa prices potentially turning deflationary, while maintaining a focus on balanced recovery [54][96]