Summary of Kimberly-Clark Conference Call Company Overview - **Company**: Kimberly-Clark - **Industry**: Consumer Packaged Goods (CPG) - **Key Leadership**: Mike Hsu (Chairman and CEO), Russ Torres (President and COO), Craig Slavtcheff (Chief R&D Officer), Patricia Corsi (Chief Growth Officer), Nelson Urdaneta (Chief Financial Officer) [1][2] Core Points and Arguments Corporate Transformation and Strategy - Kimberly-Clark is undergoing a significant transformation, aiming to become a global leader in branded personal care through its "Powering Care" strategy [1] - The company has achieved positive volume-driven organic growth while expanding profit margins through strong productivity [1][8] - The acquisition of Kenvue is expected to close in the second half of 2026, presenting a generational opportunity for growth [1][54] Financial Performance - The company has delivered two consecutive years of volume plus mix growth, with a growth rate of 2.6% in 2025 [8][43] - Over 75% of this growth was attributed to innovation, with new products contributing significantly to margins [21] - The pipeline for FY 2026 to FY 2028 is 160% the size of the pipeline in 2020, indicating strong future growth potential [21] Innovation and Product Development - Kimberly-Clark's innovation strategy focuses on consumer intimacy, connecting short, medium, and long-term innovation efforts, and embracing agile design methodologies [15][16] - The company has made significant advancements in product technology, such as the Kotex Gravity technology, which improves comfort and cleanliness [24][25] - The innovation pipeline is expected to deliver category-shaping performance, with a focus on premiumization and addressing consumer needs [10][20] Marketing and Brand Love - The company emphasizes building brand love through emotional storytelling and consumer engagement [4][6] - Successful marketing campaigns have led to significant market share gains, such as a 300 basis point increase in the baby care segment [32] - Digital transformation strategies, particularly in China, have resulted in strong market share growth and lower costs per view in advertising [39][41] Operational Efficiency - Kimberly-Clark is focused on being the lowest cost producer while maintaining product quality, achieving 6% productivity gains over the past two years [43][44] - The company is on track to deliver $3 billion in productivity commitments, with a new mega plant in Warren, Ohio, enhancing throughput and reducing costs [44][45] - The operational model is designed to facilitate local agility while leveraging global capabilities, enhancing competitive advantage [48][49] Additional Important Insights - The integration of Kenvue is seen as a unique opportunity to enhance distribution and leverage existing capabilities for accelerated growth [54][55] - The company has established a global integration management office to ensure a smooth transition post-acquisition [52] - Kimberly-Clark's commitment to innovation and consumer care is framed as a long-term strategy to enhance shareholder value and brand loyalty [57] This summary encapsulates the key points discussed during the conference call, highlighting Kimberly-Clark's strategic direction, financial performance, innovation efforts, marketing strategies, and operational efficiencies.

Financial Data and Key Metrics Changes - In Q4 2025, Kimberly-Clark achieved an eighth consecutive quarter of solid volume-plus-mix performance, with a volume mix increase of 1.7% in Q4 and 2.1% for the full year in North America [17][19] - The company expects organic sales growth to be in line or ahead of the category in 2026, with a category outlook around ±2% globally [19][51] Business Line Data and Key Metrics Changes - The company is pivoting its portfolio towards higher growth, higher-margin personal care categories, which is expected to drive future growth [7][8] - In the diaper category, Kimberly-Clark grew share by 100 basis points in Q4, marking two consecutive years of share growth [34] Market Data and Key Metrics Changes - In international markets, share gains were noted, with significant increases in China (up 270 basis points), Korea (up 60 basis points), and Brazil (up 40 basis points) [34][94] - The company anticipates that the distribution loss in the North America club channel will be a headwind of around 60 basis points for the full year [38] Company Strategy and Development Direction - Kimberly-Clark's "Powering Care" initiative aims to unlock the next chapter of growth, focusing on consumer-directed innovation and cost discipline [5][7] - The acquisition of Kenvue is seen as a transformative step that will compound the company's momentum and position it as a global health and wellness leader [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing pressure on consumers and emphasizes the importance of delivering superior value propositions across all product tiers [12][13] - The company is optimistic about its innovation pipeline for 2026, expecting it to be one of the best years for new product launches [18][51] Other Important Information - The company is focused on maintaining pricing discipline while growing volume and mix profitably, with a strong emphasis on innovation [28][82] - Management indicated that gross margin expansion is expected in 2026, driven by flat input costs and strong productivity [52][78] Q&A Session Summary Question: State of the consumer and growth expectations - Management noted that they are growing volumes despite a challenging environment by focusing on delivering superior propositions across all price tiers [12][13] Question: Pricing and mix dynamics in North America - Management explained that promotional dynamics and consumer channel shifts have impacted pricing, but they remain focused on maintaining pricing discipline while growing volume [25][27] Question: U.S. diaper category dynamics - Management highlighted that they are growing share through innovation and brand building, despite the competitive landscape [33][34] Question: Visibility on achieving margin targets - Management expressed confidence in achieving margin targets, citing strong productivity and a robust innovation pipeline [52][72] Question: International business and margin opportunities - Management acknowledged that international margins present a significant opportunity and are focused on improving them through premiumization and productivity [91][94]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved an eighth consecutive quarter of solid volume-plus-mix performance, indicating strong execution of its growth model [5] - The volume mix in North America was up 1.7% in Q4, and on a two-year stack basis, it was up 3.6% [17] - For the full year in North America, the volume mix was up 2.1% in Q4, and on a two-year stack basis, it was up 4.1% [17] Business Line Data and Key Metrics Changes - The company is pivoting its portfolio towards higher growth, higher-margin personal care categories, which is expected to drive future growth [7] - The company reported industry-leading productivity for the second consecutive year, with Q4 being the strongest of the year [5] Market Data and Key Metrics Changes - The company gained share in key international markets, including a 210 basis point increase in China, 30 basis points in Korea, 50 basis points in Brazil, and 230 basis points in Indonesia [33] - In North America, the company grew share by about 100 basis points in Q4, marking two consecutive years of share growth in diapers [34] Company Strategy and Development Direction - The company launched the "Powering Care" initiative to unlock growth and has made significant progress in executing this strategy [5] - The acquisition of Kenvue is seen as a transformative step that will compound the company's momentum and position it as a global health and wellness leader [8] - The company is focused on delivering superior propositions across all price tiers to meet consumer demand [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pressure on consumers and emphasized the importance of providing strong value propositions [12] - The company expects category growth to be around ±2% globally in 2026, with a focus on maintaining resilience in demand [19] - Management expressed confidence in their strategy and the potential for significant value creation through the Kenvue acquisition [39] Other Important Information - The company expects to maintain pricing discipline while growing volume and mix profitably, driven by innovation and category development [28] - The company anticipates a headwind of around 60 basis points for the full year due to the loss of distribution in the North America club channel [38] Q&A Session Summary Question: State of the consumer and growth expectations - Management noted that they are growing volumes despite a challenging environment by focusing on delivering superior propositions across all price tiers [12][13] Question: Pricing and mix dynamics - Management explained that promotional dynamics and consumer channel shifts have impacted pricing and mix, but they remain focused on maintaining pricing discipline while growing volume [25][27] Question: U.S. diaper category dynamics - Management acknowledged the competitive landscape, particularly with Procter entering the market, but emphasized their strategy of driving innovation and brand building [32][34] Question: Visibility on achieving margin targets - Management expressed strong visibility into their plans for productivity and margin expansion, aiming for at least 40% gross margin before the end of the decade [52][54] Question: International business and margin opportunities - Management highlighted the potential for margin improvement in international markets, driven by premiumization and productivity initiatives [91][93]

Financial Data and Key Metrics Changes - In Q4 2025, Kimberly-Clark achieved an eighth consecutive quarter of solid volume-plus-mix performance, marking a strong year-end [4] - The company reported a volume mix increase of 1.7% in Q4, with a two-year stack increase of 3.6% [13] - For the full year, North America saw a volume mix increase of 2.1% in Q4, with a two-year stack increase of 4.1% [13] Business Line Data and Key Metrics Changes - The company is pivoting its portfolio towards higher growth, higher-margin personal care categories, which is expected to drive future growth [5] - The innovation pipeline for 2026 is anticipated to be the strongest in several years, with significant new product launches planned [41] Market Data and Key Metrics Changes - In Q4, Kimberly-Clark gained share in key markets, including a 210 basis point increase in China, 30 basis points in Korea, 50 basis points in Brazil, and 230 basis points in Indonesia [28] - The company expects the U.S. diaper category to face challenges due to increased competition, particularly with Procter & Gamble entering the market [29][30] Company Strategy and Development Direction - The "Powering Care" initiative is driving growth and innovation, focusing on consumer-directed, science-based products [4][5] - The acquisition of Kenvue is seen as a transformative step that will enhance growth and create a global health and wellness leader [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing pressure on consumers and emphasizes the importance of delivering superior value propositions across all product tiers [10][12] - The company expects organic sales growth to align with or exceed category growth in 2026, despite a challenging environment [15] Other Important Information - The company anticipates a headwind of around 60 basis points for the full year due to the loss of distribution in the North American club channel [32] - Management is confident in achieving a gross margin of at least 40% before the end of the decade, with strong productivity expected to continue [46][66] Q&A Session Summary Question: State of the consumer and growth expectations - Management noted that they are growing volumes despite a challenging environment by focusing on delivering superior propositions across all price tiers [10][12] Question: Pricing and mix dynamics in North America - Management explained that promotional dynamics and consumer channel shifts have impacted pricing, but they are focused on maintaining pricing discipline while growing volume [20][22] Question: U.S. diaper category dynamics with new competition - Management confirmed that they are focused on providing differentiated value propositions and are prepared for the competitive landscape changes [29][30] Question: Visibility on achieving future margin targets - Management expressed confidence in their path to achieving 40% gross margins and 18%-20% operating profit margins by 2030, driven by strong productivity and innovation [66][67] Question: International business and margin opportunities - Management highlighted that international margins present significant opportunities, particularly in developing premium segments and leveraging global scale [86][87]

Financial Data and Key Metrics Changes - In 2025, the company achieved approximately 2% organic growth, supported by 3% volume plus mix growth, despite a slowdown in global weighted average category growth to roughly 60 basis points in Q4 [38][39] - Adjusted Free Cash Flow for the year was $1.9 billion, consistent with previous estimates, indicating strong cash generation capabilities [39] - The company reported industry-leading gross productivity at 6.2% of Adjusted COGS for the year, peaking at 7.2% in Q4, exceeding expectations [15] Business Line Data and Key Metrics Changes - The Personal Care business led the way in productivity improvements, with significant progress in delivering high-performing products at lower costs [16] - Innovations in the Personal Care segment, such as Huggies' new products, contributed to strong volume-led organic growth, particularly in key markets like China and Brazil [22][24] - The company exited a large private label diaper contract in North America, which impacted the overall performance but was part of a strategic realignment [38] Market Data and Key Metrics Changes - In the international Personal Care business, the company gained over 900 basis points of share in diapers over the past five years, while local competitors have struggled [20] - The company saw broad-based share gains in international focus markets, with all focus markets delivering volume-led organic growth in Q4 [22] - In North America, the company achieved a volume plus mix growth of 1.8% in Q4, with Personal Care growing value share by 20 basis points for the year [28] Company Strategy and Development Direction - The company is focused on transforming into a pure-play Personal Care company, pivoting its portfolio towards higher growth and higher margin categories [4] - The acquisition of Kenvue is seen as a strategic move to enhance growth and create a consumer-centric health and wellness leader [5][7] - The company aims to leverage its operating momentum to create significant value for shareholders and improve care standards for consumers globally [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging environment, citing strong execution of the Powering Care strategy as a key driver of success [19] - The outlook for 2026 includes expectations for mid- to high-single-digit constant currency growth in Adjusted Operating Profit, supported by a robust pipeline of initiatives [46][47] - Management acknowledged ongoing consumer pressure and a focus on value, indicating that these factors will persist in the near term [11] Other Important Information - The company has made significant investments in its North American manufacturing footprint, including a $2 billion investment to enhance its capabilities [16] - The integration of Kenvue is being led by a dedicated team, with strong progress reported in the early stages [18] - The company has achieved a strong cash conversion cycle improvement, going from 6 days in 2021 to around negative 10 days at the close of 2025 [43] Q&A Session Summary Question: What are the expectations for the Kenvue acquisition? - Management expects the Kenvue acquisition to create significant value and enhance growth, with a target of generating $2.1 billion in annual synergies net of reinvestment [7][51] Question: How is the company addressing competitive pressures? - The company is focused on out-innovating and out-marketing competitors, maintaining a disciplined approach to brand investments and consumer engagement [19][27] Question: What is the outlook for Adjusted EPS growth? - The company anticipates double-digit growth in Adjusted EPS from continuing operations on a constant currency basis, driven by the Kenvue acquisition and ongoing operational improvements [47][48]

Financial Data and Key Metrics Changes - In 2025, the company achieved approximately 2% volume-led organic growth, with a strong performance in the fourth quarter, delivering 3% volume plus mix growth despite a slowdown in global weighted average category growth to roughly 60 basis points [38][39] - Adjusted free cash flow for the year was $1.9 billion, consistent with previous estimates, indicating the company's ability to maintain performance across quarters [39][45] - The company reported industry-leading gross productivity at 6.2% of Adjusted COGS, peaking at 7.2% in the fourth quarter, exceeding expectations [15] Business Line Data and Key Metrics Changes - The personal care business led the way in productivity improvements, with significant progress in categories like baby and childcare, which are highly competitive [16] - The company pivoted its portfolio towards higher growth, higher margin personal care categories, including the sale of its Brazilian tissue operations and PPE business, and exiting approximately $650 million of private label business [4][5] - Innovations in the personal care segment, such as Huggies' new products, contributed to strong volume growth and market share gains in various regions [24][28] Market Data and Key Metrics Changes - In international personal care markets, the company gained over 900 basis points of share in diapers over the past five years, while local competitors shifted focus away from China [20] - The company saw broad-based share gains in international personal care focus markets, with all focus markets delivering volume-led organic growth in Q4 [21][22] - In North America, the company achieved a third consecutive year of positive volume mix-led growth, with personal care growing value share by 20 basis points [27][28] Company Strategy and Development Direction - The company is focused on its "Powering Care" strategy, which emphasizes innovation, cost discipline, and a pivot towards higher margin categories [3][4] - The acquisition of Kenvue is seen as a significant step in the company's transformation, expected to enhance growth and create a scaled health and wellness leader [5][6] - The company aims to build a consumer-centric care model with a portfolio of ten iconic billion-dollar brands across critical life stages [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging environment, citing strong execution and a focus on innovation-led growth [19][39] - The outlook for 2026 includes expectations for mid- to high-single-digit constant currency adjusted EPS growth, driven by the Kenvue acquisition and ongoing operational improvements [47][48] - The company anticipates continued pressure on consumers and a focus on value, but remains committed to supporting its brands and driving growth initiatives [11][47] Other Important Information - The company has made significant investments in its North American manufacturing footprint, including a $2 billion investment to build an advanced manufacturing facility and an automated distribution center [16] - The company has improved its cash conversion cycle from 6 days in 2021 to around negative 10 days at the close of 2025, reflecting better working capital discipline [43] - The company has achieved a strong overhead leverage, expanding adjusted operating profit margins by 100 basis points over the past two years [42] Q&A Session Summary Question: What are the expectations for the Kenvue acquisition? - Management expects the Kenvue acquisition to be quickly accretive to earnings and value-enhancing for shareholders, with a focus on achieving significant synergies [37][53] Question: How is the company addressing competitive pressures? - The company is maintaining a disciplined approach to innovation and marketing, focusing on delivering superior consumer value propositions to navigate competitive pressures [19][27] Question: What is the outlook for 2026? - The company projects mid- to high-single-digit constant currency adjusted EPS growth for 2026, supported by the Kenvue acquisition and ongoing operational improvements [47][48]

Financial Data and Key Metrics Changes - The third quarter organic net sales increased by 2.5%, driven by a 2.4% volume growth, with Baby and Child Care showing volume growth across multiple regions [40] - Adjusted operating profit dollars for Q3 were flat compared to the prior year and down 3.2% for the first nine months of the year [40][41] - Year-to-date adjusted operating profit margin was 17%, consistent with the prior year despite tariff headwinds [41][42] Business Line Data and Key Metrics Changes - North America achieved a volume plus mix growth of 2.1% in Q3, with strong performance in adult and feminine care, and baby and child care [19][20] - International Personal Care segment reported a volume plus mix growth of 3.6% in Q3, with significant gains in China, Korea, Australia, and Indonesia [29] - The diaper business in North America grew volume by 7% and gained 90 basis points of market share year-to-date [27] Market Data and Key Metrics Changes - In North America, the company gained 30 basis points of share in the first half of the year, with overall market share improvements in Personal Care [21][24] - Internationally, the company saw share gains in diapers across several markets, including China (270 basis points), South Korea (230 basis points), Brazil (90 basis points), and Indonesia (150 basis points) [29][38] - The weighted average private label share in personal care categories has consistently declined for the past five quarters [21] Company Strategy and Development Direction - The company is focused on its "Powering Care" strategy, which emphasizes innovation, brand building, and operational efficiency to drive growth [4][16] - Recent portfolio moves are aimed at sharpening focus on higher margin, higher growth personal care categories [10][11] - The company plans to leverage its global scale to deliver the best products across the good, better, best spectrum in various markets [28] Management's Comments on Operating Environment and Future Outlook - Management noted that despite persistent macro challenges, the "Powering Care" strategy is creating momentum and energy across the organization [16] - The company remains confident in its ability to unlock long-term potential and drive shareholder value [51] - The outlook for net sales and operating profit growth reflects a disciplined approach to leading market growth over time [43] Other Important Information - The company announced a commitment of $29 million to menstrual care and maternal and infant care across seven major markets [6] - Year-to-date adjusted free cash flow was approximately $1.3 billion, with expectations to deliver around $2 billion for the full year [42] Q&A Session Summary Question: What are the expectations for net sales growth in 2025? - The company expects to grow broadly in line with market growth where it competes in 2025, while maintaining the intent to lead market growth over time [43] Question: How is the company addressing tariff impacts? - The company projects a net tariff impact of approximately $50 million for the year, with efforts to mitigate some of the headwinds through productivity gains [45][46] Question: What is the outlook for adjusted earnings per share? - The company continues to expect low to mid single-digit growth versus the prior year on a constant currency basis, despite various headwinds [48]

Financial Data and Key Metrics Changes - The company reported a 4% compound annual growth rate (CAGR) in net sales since 2021, with consistent volume and mix growth observed over the last couple of years [10] - Operating margin improved by 300 basis points over the past two years, while marketing spending increased by 33% [10] Business Line Data and Key Metrics Changes - The North American diaper business saw a significant shift towards premium products, with the premium segment increasing from 40% to over 70% [13] - E-commerce now accounts for more than 25% of consumer sales, with a strong performance in digital channels [9] Market Data and Key Metrics Changes - The global category growth rate in the second quarter was around 2%, with expectations to outpace this through innovation and premiumization [16] - The company is gaining or holding market share in seven of its eight consumer categories, particularly in personal care [10] Company Strategy and Development Direction - The company is transforming into a pure-play personal care and wellness company, focusing on higher growth and higher margin categories [5][42] - A new leadership appointment was made to accelerate transformation, with a focus on leveraging global expertise and proprietary technologies [6][11] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are under pressure, but the company is well-positioned to meet their needs through innovation and product performance [16] - The company expects to continue investing in innovation and marketing to drive growth, despite current economic challenges [16][39] Other Important Information - The company plans to increase capital expenditures to around 6% of net sales in the coming years to support supply chain transformation [28] - The advertising spend has doubled since 2018, with a current run rate of about 7% of sales, which management believes is appropriate for long-term growth [39] Q&A Session Summary Question: What is driving the positive volume mix growth? - Management indicated that consumers are willing to trade up for better-performing products, leading to significant premiumization in categories like diapers [13][15] Question: What are the key focus areas for the COO in the next year? - The COO emphasized the importance of performing while transforming, focusing on executing current strategies while laying the groundwork for future growth [40] Question: How does the company plan to manage productivity targets in light of recent changes? - The CFO confirmed that the company remains committed to its long-term productivity targets and is tracking ahead of its $3 billion gross productivity program [54]

Financial Data and Key Metrics Changes - The company reported a 4% compound annual growth rate (CAGR) in net sales since 2021, with consistent volume and mix growth observed over the last couple of years [10] - Operating margin improved by 300 basis points over the past two years while marketing spending increased by 33% [10] Business Line Data and Key Metrics Changes - The North American diaper business saw a significant shift towards premium products, with the premium segment increasing from 40% to over 70% [13] - E-commerce now accounts for more than 25% of consumer sales, with a strong share index compared to national averages [9] Market Data and Key Metrics Changes - The global category growth rate in the second quarter was around 2%, with expectations to outpace this through innovation and premiumization [16][18] - In China, the premium segment of the diaper market grew from 6% in 2019 to 42% [13] Company Strategy and Development Direction - The company is transforming into a pure-play personal care and wellness company, focusing on high-growth, high-margin categories [5][42] - A new leadership appointment aims to enhance the company's operational capabilities and drive growth [11] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are under pressure, but the company is well-positioned to meet their needs across all price tiers [16] - The company expects to continue investing in innovation and marketing to drive growth, despite a challenging consumer environment [16][39] Other Important Information - The company plans to increase capital expenditures to around 6% of net sales in the coming years to support supply chain transformation [28] - The joint venture with Suzano is expected to reduce earnings volatility related to fiber costs significantly [43] Q&A Session Summary Question: What is driving the positive volume mix growth? - Management highlighted that consumers are willing to trade up for better-performing products, leading to a significant shift towards premium offerings [12][13] Question: What are the key drivers of the current 2% category growth? - The focus on driving new benefits, innovation, and premiumization across all price tiers is essential for growth [18] Question: How is the company approaching innovation? - The company plans to accelerate the pace of innovation, focusing on both incremental and category-changing advancements [20] Question: What are the priorities for the new COO? - The COO emphasized the importance of performing while transforming, ensuring the company executes effectively while laying the groundwork for future growth [40] Question: How does the company view its advertising investment? - The company has doubled its advertising spend since 2018 and is focused on creating brand love through effective storytelling [39] Question: What is the outlook for earnings growth into 2026 and 2027? - The company expects ongoing operations to grow in line with its long-term algorithm, with specific adjustments for the joint venture's impact [56]

Financial Data and Key Metrics Changes - The company reported a 4% compound annual growth rate (CAGR) in net sales since 2021, with consistent volume and mix growth observed over the last couple of years [10] - Operating margin improved by 300 basis points over the past two years while marketing spending increased by 33% [10] Business Line Data and Key Metrics Changes - The North American diaper business saw a significant shift towards premium products, with the premium segment increasing from 40% to over 70% [13] - E-commerce now accounts for more than 25% of consumer sales, with a strong share index compared to national averages [9] Market Data and Key Metrics Changes - The company experienced a 2% weighted average category growth rate globally in the second quarter [16] - In developed markets, there is a notable shift towards premiumization, with significant growth in premium segments in various regions, including China [13] Company Strategy and Development Direction - The company is transforming into a pure-play personal care and wellness company, focusing on high-growth, high-margin categories [5] - A multi-year pipeline of proprietary innovation is being developed to expand categories and meet consumer needs [5] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are under pressure, and there is no immediate catalyst for change in the near term [16] - The strategy of cascading innovation across all tiers is driving growth, with a focus on meeting consumer needs at every price point [15] Other Important Information - The company plans to increase capital expenditures to around 6% of net sales in the coming years to support supply chain transformation [28] - The advertising spend has doubled since 2018, with a projected ongoing run rate of about 7% of sales [39] Q&A Session Summary Question: What is driving the positive volume mix growth? - Management highlighted that consumers are willing to trade up for better-performing products, leading to significant shifts towards premium offerings [12][13] Question: What are the drivers of the current 2% category growth? - The focus on driving new benefits, innovation, and premiumization across all price tiers is essential for growth [18] Question: How is the company approaching innovation? - The company is committed to both an accelerated pace of innovation and significant improvements in product performance [20][21] Question: What are the top priorities for the new COO? - The focus is on performing while transforming, ensuring the organization is set up for future success while executing current strategies [40] Question: How does the company view its portfolio changes? - The company aims to focus on higher growth, higher margin categories and reduce earnings volatility associated with fiber costs [42][43] Question: What is the outlook for advertising investment? - The company has increased advertising investment significantly and plans to continue this trend to enhance brand storytelling and consumer connection [30][39]