Core Insights - Kimberly-Clark Corporation presented at the 2026 CAGNY Conference, emphasizing its operational agility and capabilities to leverage growth trends and create generational value through the acquisition of Kenvue [1] Group 1: Growth Strategy - The company has launched the "Powering Care" transformation in 2024, resulting in solid volume-plus-mix led growth, with market share improvements in two-thirds of its country/category combinations over the past two years [1] - Kimberly-Clark's operating model focuses on cross-functional collaboration and productivity, achieving gross productivity improvements in the 6% range of cost of goods sold over the last two years [1] Group 2: Brand Development - The company aims to build brand loyalty through innovative marketing strategies and digital capabilities, enhancing user engagement and benefits across its product portfolio [1] - With the acquisition of Kenvue, Kimberly-Clark is positioned to capitalize on demographic trends in baby care, women's health, and active aging, which are expected to grow at mid-to-high single-digit rates [1] Group 3: Innovation and R&D - Kimberly-Clark's R&D organization has been restructured to deliver rapid and scalable innovations, contributing to over 75% of the company's volume-plus-mix led growth in 2025 [1] - The company’s innovation pipeline is reported to be the strongest in its history, aimed at driving incremental growth while maintaining cost efficiency over the next three years [1]

Financial Data and Key Metrics Changes - Order intake increased by 7% in Q4 2025, reflecting sustained improvement over the past year, with comparable sales growth also at 7% year-on-year [5][6] - Adjusted EBITDA margin improved by 160 basis points to 50.1% in Q4, and for the full year, it reached 12.3%, exceeding the outlook despite tariff impacts [5][6][21] - Net income for Q4 increased to EUR 397 million, with adjusted diluted earnings per share from continuing operations at EUR 0.60, a 20% year-on-year increase [24][25] Business Line Data and Key Metrics Changes - In Diagnosis and Treatment (D&T), comparable sales grew by 4% in Q4, with Image-Guided Therapy achieving double-digit growth [17] - Connected Care delivered 7% comparable sales growth in Q4, driven by strong demand in monitoring and enterprise informatics [18] - Personal Health saw a 14% growth in Q4, with significant contributions from grooming and beauty products [19][20] Market Data and Key Metrics Changes - North America remained the strongest growth driver, with double-digit growth in order intake across various segments [7][14] - In China, tender activity increased but faced challenges due to centralized procurement and longer processing times, leading to a cautious outlook [14][15] - Europe showed stable capital spending, while select international regions increased healthcare investments, particularly in Indonesia and India [15] Company Strategy and Development Direction - The company is transitioning to a focus on profitable growth acceleration, targeting mid-single-digit sales CAGR and mid-teens margins by 2028 [6][11] - Continued emphasis on innovation, particularly AI-enabled and patient-centric solutions, is expected to drive future growth [9][10] - The company aims to enhance patient impact and quality while simplifying operations and strengthening supply chain resilience [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong order intake momentum and a robust innovation pipeline [26][81] - The outlook for 2026 includes expected comparable sales growth of 3%-4.5%, with a focus on North America and international regions [16][26] - Management remains cautious about the near-term outlook for China while recognizing its long-term growth potential [14][66] Other Important Information - The company completed the sale of its emergency care business as part of its portfolio simplification strategy [19] - A new EUR 1.5 billion productivity program is set to launch for the 2026-2028 period, building on previous productivity initiatives [29] Q&A Session Summary Question: Inquiry about gross margin improvement and order intake by modality - Management confirmed ongoing gross margin improvement across the board, with expectations for continued strength in 2026 despite tariff impacts [33][34] - Order intake for D&T was 5%, with strong contributions from Image-Guided Therapy and ultrasound, indicating a positive outlook for 2026 [37][38] Question: Clarification on 2026 guidance and margin buffers - Management acknowledged the dynamic environment and emphasized the importance of productivity and innovation for margin improvement [40][41] Question: Performance of Precision Diagnosis and Q1 phasing - Management indicated that Precision Diagnosis returned to growth, with expectations for stronger performance in 2026 driven by new innovations [48][49] - Q1 is expected to start at the lower end of the growth range due to seasonality and tariff impacts [50][51] Question: Update on personal health performance and Section 232 investigation - Strong performance in personal health was attributed to market share gains and healthy sell-out trends, with inventory levels now aligned with market averages [56][57] - The Section 232 investigation remains ongoing, with potential implications for tariffs but no definitive outcomes yet [58][59] Question: Insights on the China market and personal health margins - Management expects stabilization in China, with cautious optimism for personal health sales, while remaining cautious about health system orders [64][66] - The strong margin in personal health was driven by innovation, commercial execution, and productivity improvements [67][68]

Core Viewpoint - SharkNinja's stock price has declined nearly 20% over the past month, despite strong business fundamentals and growth, raising questions about whether the drop is justified or a market overreaction [1][2]. Financial Performance - SharkNinja reported net sales growth of 15.7% year-over-year, reaching $1.44 billion, exceeding expectations by over $60 million [4]. - The company posted earnings per share (EPS) of 97 cents, significantly surpassing analyst consensus estimates of $0.78 [4]. Market Sentiment - The decline in SharkNinja's stock price is attributed to a broader market rotation away from consumer discretionary stocks, rather than poor company performance [3][5]. - Analysts maintain a positive outlook, with a consensus rating of "Buy" and a 12-month price target averaging $130.71, indicating a potential upside of 42.20% from the current price [10][11]. Innovation and Demand Generation - SharkNinja's strategy includes launching approximately 25 new products annually, supported by a portfolio of over 5,200 patents, which helps generate demand even in tight consumer spending environments [6][7]. - Recent product launches, such as the Ninja Fireside360 and Shark StainForce cordless cleaner, demonstrate the company's ability to expand its market presence and create new revenue streams [7]. International Expansion - SharkNinja is in the early stages of international expansion, with net sales growth in international markets exceeding 20%, and aims to generate 50% of total sales from these markets in the long term [8][9]. Investment Case - The investment case for SharkNinja is based on a disconnect between its strong financial health, with a forward P/E ratio of approximately 21 and a high return on equity of 28.78%, and its current market valuation [13][14]. - The company has a low debt-to-equity ratio of 0.32, providing financial flexibility for continued investment in innovation and growth [14].