Kraft Heinz Company Conference Call Summary Company Overview - **Company**: The Kraft Heinz Company (NasdaqGS: KHC) - **Date**: February 19, 2026 - **Focus**: Significant investments to contemporize brands, enhance commercial execution, and deliver a balanced value equation [1] Key Points and Arguments Investment Strategy - Kraft Heinz plans to invest approximately **$600 million** in 2026 to drive volume-led, sustainable, and profitable growth [12][27] - The investment will focus on marketing, sales, R&D, and product superiority to improve competitiveness [33][36] Brand Modernization - The company recognizes the need to contemporize iconic brands to align with current consumer preferences [9][10] - Successful examples include: - **Heinz Beans**: Reversed a decade of market share loss through product optimization and targeted marketing, resulting in a **30% increase** in marketing support [19][18] - **Heinz Ketchup in China**: Achieved a **32% market share** through innovative marketing strategies and product positioning [22] Market Performance - Kraft Heinz has seen a **4% CAGR** in Canada over the past three years due to a simplified operating model and focused investments [11] - Emerging markets represent **11%** of total business, with significant growth potential as the Taste Elevation industry is expected to grow in double digits [20][19] U.S. Market Challenges - The U.S. market, which constitutes **67%** of total business, has faced consistent market share losses over the past decade [25] - Despite challenges, there are opportunities for recovery, particularly in the **Taste Elevation** categories, where over **70%** are gaining share [28] Innovation and Product Development - Kraft Heinz is focusing on three consumer-driven platforms: convenience, new occasions, and nutrition [30] - New product examples include **Kraft Mac and Cheese Power Mac**, which offers enhanced nutritional value [31] Operational Efficiency - The company aims to unlock efficiencies and productivity improvements, targeting **$2.5 billion** in gross efficiencies by the end of 2026 [39][40] - Investments in digital tools and automation are expected to enhance operational metrics and reduce costs [40] Capital Allocation - Priorities include stepping up investments in the business, maintaining net leverage around **3x**, and returning excess capital to shareholders [41][42] Additional Important Insights - The company acknowledges past operational leaness and is committed to improving execution capabilities [49][50] - The pause on potential asset sales allows Kraft Heinz to focus on fixing the business before considering strategic separations [55] This summary encapsulates the key points discussed during the Kraft Heinz conference call, highlighting the company's strategic focus on investment, brand modernization, market performance, and operational efficiency.

Core Insights - Kering's 2025 financial results show a significant decline in revenue and operating income, with a reported revenue of €14.7 billion, down 13% year-over-year, and a recurring operating income of €1.6 billion, down 33% from 2024 [2][7][8]. Financial Performance - Revenue for 2025 was €14,675 million, reflecting a 13% decrease as reported and a 10% decrease on a comparable basis [2][8]. - Recurring operating income was €1,631 million, representing a 33% decline from €2,440 million in 2024, with a recurring operating margin of 11.1% compared to 14.5% in 2024 [7][8][10]. - Recurring net income attributable to the Group was €532 million, down 56% from €1,206 million in 2024 [9][26]. - Free cash flow from operations was €4.4 billion, with a decrease of 35% to €2.3 billion when excluding real estate deals [27]. Segment Performance - Gucci's revenue was €5.99 billion, down 22% as reported and 19% on a comparable basis, with a recurring operating income of €966 million [11][13]. - Yves Saint Laurent generated €2.64 billion in revenue, down 8% as reported and 6% on a comparable basis, maintaining a recurring operating margin of 20% [14][16]. - Bottega Veneta's revenue was stable at €1.7 billion, up 3% on a comparable basis, with a recurring operating income of €267 million [17][19]. - Revenue from Other Houses was €2.9 billion, down 10% as reported and 6% on a comparable basis, with a recurring operating income of -€112 million [20][22]. - Kering Eyewear and Corporate segment revenue was €1.6 billion, up 1% as reported and 3% on a comparable basis, with a recurring operating income of €252 million [23][24]. Strategic Outlook - Kering aims to return to growth and improve margins in 2026, focusing on enhancing brand desirability and operational efficiency [4][30]. - A roadmap for this transformation will be presented during the Capital Markets Day on April 16, 2026 [4][30]. Dividend Proposal - The Board of Directors proposed an ordinary dividend of €3.00 per share and an exceptional dividend of €1.00 per share related to the sale of Kering Beauté [3][28].

Earnings Presentation Full Year 2025 & 4Q25 February 5 th, 2026 2 Economic & Banking Industry Overview Camino La Pólvora Domestic demand becomes the key driver of growth 1.6% 5.8% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 GDP Domestic Demand Exports and Gross Investment 2025: Once again delivering market leadership and financial outperformance Leader in Fin ...

Company Overview - Krispy Kreme operates in over 40 countries with approximately 2,100 shops[6] - The company sells over 1 billion doughnuts annually[6] - Doughnuts account for over 90% of sales[6] - Krispy Kreme has generated over 100 billion media impressions[8] U.S. Sales Channel - Retail accounts for 76% of U.S sales[8] - Fresh Delivery accounts for 24% of U.S sales[8] - Digital sales are part of the Retail channel[8] - U.S. household penetration is approximately 13%[8, 9] Turnaround Plan - The company expects approximately $65 million in proceeds from refranchising in Japan, which will be used for debt reduction[12] - U.S. network utilization is approximately 25%[17] - 54% of U.S. logistics have been outsourced[19]

Core Insights - The company has achieved significant growth, with an average revenue growth of 8% per year from fiscal year 2021 to fiscal year 2025, compared to 2% in the previous decade [1] - Profit margins have improved, with an average profit margin of 15% in the industrial business, up from 10%, and free cash flow margin increased to 13% from 7% [1] - Total shareholder return reached 151%, outperforming the DAX and other indices, indicating a successful performance trajectory [1] Recent Performance - In fiscal year 2025, the company recorded orders of EUR 88 billion, which is 6% higher than the previous year [2] - Revenue for the same period grew by 5%, totaling EUR 78.9 billion, with a book-to-bill ratio of 1.1 and a backlog of EUR 117 billion [2] - The industrial business achieved a record profit of EUR 11.8 billion, and free cash flow reached a historic high of EUR 10.8 billion, representing 14% of sales [2]

Core Insights - The company reported a strong Q3 2025 with a 15% growth in EBIT, attributed to solid margin expansion and commercial momentum across key categories [1][4] - Despite soft consumer sentiment in several markets, the company remains on track with its strategic plans, including reducing private-label production in Italy and phasing out low-margin businesses [1][4] - The growth framework now encompasses over 60% of Group revenue, positioning the company for sustainable and profitable growth that exceeds industry averages [1] Financial Performance - Volume increased to 4.9 million hectoliters in Q3 2025, up from 4.7 million hectoliters in Q3 2024, representing a 4.2% year-to-date growth [2] - Net revenue for Q3 2025 was DKK 4,301 million, a 5.3% increase from DKK 4,083 million in Q3 2024, with year-to-date net revenue growth of 4.2% [2] - EBIT reached DKK 777 million in Q3 2025, reflecting a 15.1% increase compared to DKK 675 million in Q3 2024, with a year-to-date EBIT growth of 12.6% [2] - The EBIT margin improved to 18.1% in Q3 2025 from 16.5% in Q3 2024 [2] - Free cash flow increased by 9.5% in Q3 2025, totaling DKK 515 million [2] Outlook - The company maintains its full-year EBIT growth guidance at the high end of the 8-12% range, supported by ongoing efficiency and margin expansion efforts [4][5] - Net revenue growth is expected to be in the range of 5-6% for the full year [5]

Peloton (PTON) 2025 Conference Summary Company Overview - **Company**: Peloton Interactive, Inc. (PTON) - **Date of Conference**: September 03, 2025 - **Key Speaker**: CFO Liz Coddington Key Points Strategic Direction and Management Changes - Peloton is undergoing a strategic roadmap aimed at sustainable and profitable growth, with a focus on aligning costs and improving unit economics [10][11] - The company has restructured its organization to shift from a high fixed cost model to a more variable cost structure, enabling positive free cash flow [11] - New management team members include a Chief Marketing Officer, Chief Communications Officer, Chief Operating Officer, and Chief Information Officer, all contributing to the company's strategic goals [15][18] Business Strategy and Market Trends - Peloton is focusing on a broader definition of wellness that includes strength training, mental well-being, sleep recovery, and nutrition [12][13] - The company aims to maximize human impact and improve member outcomes, with a goal of creating lifelong members [13] Product Development and Personalization - Peloton launched personalized plans in January, with 700,000 members utilizing this feature, leading to higher engagement [21] - Future plans include deeper personalization, integration with third-party fitness devices, and actionable insights for members [22] Member Engagement and Churn Rates - Peloton has approximately 2.8 million connected fitness subscriptions, with a churn rate of 1.8% in Q4, showing a year-over-year improvement of 10 basis points [38][39] - The average monthly workout time per subscription increased by 4% year-over-year, indicating higher engagement levels [39] Financial Performance and Cost Management - Peloton achieved $324 million in free cash flow in fiscal 2025, a $400 million improvement year-over-year, and aims for at least $200 million in fiscal 2026 [68][69] - The company has implemented a cost savings plan targeting an additional $100 million in fiscal 2026, focusing on operational efficiencies [64][66] Capital Allocation and Debt Management - Peloton is focused on reducing its leverage ratio, which improved to 1.1x, and is considering options for refinancing its debt to reduce interest rates and improve loan flexibility [70][71] - The company has excess cash on its balance sheet, allowing for potential investments in growth opportunities, stock buybacks, or debt repayment [71] Distribution Strategy - Peloton is expanding its physical presence through microstores, with plans to have 10 operational by the end of the year, which are expected to be more capital efficient than traditional showrooms [55][56] - The company launched Peloton Repowered, an online marketplace for used equipment, to enhance member experience and tap into the secondary market [57] Pricing Strategy - Peloton is considering a pricing change for its subscription model, emphasizing the importance of delivering significant value before any increase [60][61] - The last price increase occurred in June 2022, which initially caused a spike in churn that normalized afterward [60] Additional Insights - Peloton is prioritizing categories such as strength, mental well-being, sleep recovery, and nutrition based on market size, growth potential, and scientific backing [25][27] - The company is committed to optimizing its marketing spend to ensure profitability while growing its subscriber base [41][42] This summary encapsulates the key discussions and insights from the Peloton conference, highlighting the company's strategic direction, financial performance, and market positioning.

Core Insights - Pluxee reported solid financial performance in the first half of Fiscal 2025, achieving a total revenue of €635 million, representing a 10.8% organic growth and a 7.2% reported growth year-on-year [2][12] - The company has upgraded its Fiscal 2025 Recurring EBITDA margin objective to +150 basis points, reflecting strong execution and performance in the first semester [4][48] - The Group's strategic growth plan is on track, with significant progress in key initiatives, including M&A activities that have positively contributed to its market position [4][5] Financial Performance - Total Revenues reached €635 million in H1 Fiscal 2025, with organic growth of +10.8% and reported growth of +7.2% [2][12] - Recurring EBITDA was €225 million, up +22.5% organically, with a Recurring EBITDA margin of 35.4%, expanding by +151 basis points on a reported basis [2][22] - Net Profit attributable to the Group increased by +47.3% to €97 million, with Adjusted Net Profit at €107 million, reflecting a +10.5% year-on-year growth [27][32] Revenue Breakdown - Operating revenue amounted to €552 million, growing +10.1% organically, while Float revenue reached €83 million, up +16.2% organically [13][14] - Employee Benefits generated €464 million in Operating revenue, reflecting an organic growth of +11.8% [17] - Other Products and Services saw a return to growth with €88 million in Operating revenue, driven by trends in Reward & Recognition solutions [18] Regional Performance - Continental Europe reported Operating revenue of €248 million, growing +5.0% organically, while Latin America achieved €204 million, with a +12.3% organic growth [19][20] - The Rest of the World segment showed strong performance with €99 million in Operating revenue, reflecting +18.5% organic growth [21] Cash Flow and Financial Position - Recurring free cash flow stood at €171 million, with a Recurring cash conversion rate of 76% [33][36] - The net financial cash position was €1,045 million as of February 28, 2025, reflecting a strong cash generation capability [37][39] Strategic Initiatives - The acquisition of Cobee has strengthened Pluxee's position in the Spanish employee benefit market, enhancing its technology capabilities [46] - The Group also completed the acquisition of Benefício Fácil in Brazil, expanding its mobility benefit offerings [49][50] Sustainability and Recognition - Pluxee received multiple awards for its commitment to sustainability and was recognized for its strong employee engagement practices [41][44] - The company achieved a 'B' score from the Carbon Disclosure Project for its climate management efforts [42]