• November 2025 Corporate Presentation (Nasdaq: VITL) Vital Farms, Inc. Reporting Disclaimer This presentation contains, in addition to historical information, certain "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), that are based on our current assumptions, expectations and projections about future performance and events and relate to, among other matters, our future financial per ...

Core Insights - The Kraft Heinz Company reported a decline in both top and bottom lines for Q3 2025, primarily due to weaker volumes in key categories, but management highlighted progress in productivity initiatives and brand investments [1][10] - The company is preparing for its planned separation into two standalone public companies, "Global Taste Elevation Co." and "North American Grocery Co." in the second half of 2026 [3][10] Financial Performance - Adjusted earnings were 61 cents per share, exceeding the Zacks Consensus Estimate of 57 cents, but fell 18.7% year over year due to lower adjusted operating income and increased taxes [4] - Net sales totaled $6,237 million, down 2.3% year over year, missing the Zacks Consensus Estimate of $6,247 million, with organic net sales declining 2.5% [5] - Adjusted gross profit was $2,015 million, down from $2,189 million in the prior year, with an adjusted gross margin contraction of 200 basis points to 32.3% [7] Segment Performance - North America: Net sales of $4,641 million declined 3.8% year over year, with organic sales also down 3.8% [9] - International Developed Markets: Net sales of $895 million increased 1.6% year over year, but organic sales fell 1.4% [9] - Emerging Markets: Net sales rose 3.8% year over year to $701 million, with organic sales growing 4.7% [11] Future Outlook - The company updated its full-year 2025 outlook, expecting organic net sales to decline by 3% to 3.5%, reflecting market softness [14] - Adjusted operating income is projected to fall by 10% to 12%, with an adjusted gross profit margin decline of approximately 100 basis points [15] - Adjusted EPS is forecasted in the range of $2.50 to $2.57, down from the previous outlook [15]

Fonterra, the world’s biggest dairy exporter, is increasing butter production at one of its New Zealand plants to tap what it sees as increasing global demand for more natural foods https://t.co/uXlPkeL69Z ...

Core Insights - The J.M. Smucker Company's coffee portfolio demonstrated strong performance in fiscal 2026, leading to an increase in net sales guidance from 2-4% to 3-5% growth [1] Coffee Segment Performance - U.S. Retail Coffee segment sales increased by 15% year over year to $717.2 million in Q1, with pricing contributing 18 percentage points to this growth, despite a 2% decline in volume due to higher prices and elevated green coffee tariffs [2][10] - Segment profit decreased by 22% to $134.2 million, impacted by higher commodity costs, unfavorable product mix, and increased marketing expenses [2][10] - Management raised full-year coffee expectations by approximately $100 million, anticipating pricing to remain in the mid-20 percent range for the remainder of fiscal 2026 [3][10] Cost and Tariff Challenges - The company is facing challenges from higher costs and tariffs, with expectations that tariffs exceeding 10% will reduce earnings per share by 50 cents this year [4] - Despite these challenges, management remains confident in the strength of its coffee brands and aims to provide good value to consumers [4] Future Outlook - J.M. Smucker expects the coffee business to continue as a significant growth driver, with anticipated sequential improvement throughout the year and the strongest coffee margins projected for Q4, reaching the mid-20 percent range [5][6] - The coffee segment is viewed as both a near-term cushion and a long-term growth driver for the company [6] Stock Performance - J.M. Smucker currently holds a Zacks Rank of 3 (Hold) and has seen its shares increase by 0.3% over the past three months, contrasting with a 5.1% decline in the industry [7]

Summary of Vital Farms Conference Call Company Overview - **Company**: Vital Farms (NasdaqGM: VITL) - **Industry**: Egg production, specifically pasture-raised eggs - **2025 Revenue Projection**: Expected growth of at least 27% to approximately $770 million with an EBITDA of at least $110 million [1][3][11] Industry Insights - **Current State of the Egg Industry**: - The U.S. laying flock population is currently around 290-300 million birds, down from the typical 330 million due to past avian flu outbreaks [5][6] - The industry is in the process of rebuilding, with no impact from avian flu since early 2024 [5][6] - Prices for eggs remain elevated but are lower than in the first quarter of the year [5][6] Company-Specific Initiatives - **Supply Chain and Farm Relationships**: - Vital Farms sources eggs from over 500 family farms, up from over 300 at the end of 2023, with a recruitment rate of about 30-35 farms per quarter [9][10] - The company has one processing facility in Springfield, Missouri, with plans to increase capacity to $1.2 billion with a third production line and a new facility in Seymour, Indiana, expected to be operational by early 2027 [10][11] - **Distribution Strategy**: - Currently in about 23,500 stores, with a potential market of 32,000 stores selling specialty eggs [12][13] - Focus on increasing SKUs in existing stores to enhance shelf velocity and consumer buy rates [15][16] - **Product Mix and Growth**: - Shift towards organic eggs, which now represent over a third of total volume, providing a price mix benefit [18] - Butter segment accounts for about 5% of revenue, with a focus on Irish butter to enhance product claims and supply certainty [20][21] Financial Performance and Challenges - **Tariff Exposure**: - Minimal impact on egg production, but some exposure due to imported packaging and feed [24] - Price increases implemented to offset tariff impacts, with healthy gross margins around 39% [25] - **Margin Management**: - Commodity costs are mixed, with conventional feed prices decreasing while organic feed remains high [26] - Promotions are being reintroduced to drive trial and increase brand awareness [27][28] Future Outlook - **2026 Expectations**: - Excitement about improved supply and production capacity, with a focus on harmonizing egg supply, processing capacity, and demand [35] - Concerns remain about balancing growth across these areas [35] Additional Insights - **Consumer Behavior**: - Vital Farms' consumers are perceived to be more recession-resistant, with strong demand continuing despite economic uncertainties [34] - **Accelerator Farms**: - The company is testing new farm configurations and technologies to improve efficiency and reduce costs, with long-term goals for better outcomes for partner farmers [30][31]

Core Insights - Costco Wholesale exceeded fourth-quarter revenue and profit expectations as consumers sought lower-priced essentials amid inflation and a weakening labor market [1][5] - The company's strategy of limited product categories and local sourcing has helped mitigate the impact of tariffs from the Trump administration's trade policies [2] - Strong sales of private-label brands and maintaining lower prices on key items contributed positively to Costco's performance [3] Financial Performance - Costco reported revenue of $86.16 billion, surpassing analysts' average estimate of $86.06 billion [5] - Same-store sales, excluding gas, increased by 6.4%, slightly below the estimated 6.44% [5] - Earnings per share, excluding items, were $5.87, exceeding the analysts' average estimate of $5.80 [5] Membership and Pricing Strategy - The company is reinvesting part of the increased membership fees into sharper pricing for members, benefiting both members and shareholders [4] - Earnings from membership fees rose by 14% to $1.72 billion for the quarter ended August 31 [4]

Core Insights - The industry is experiencing a surge in bookings and sales following a month-long slump, attributed to the implementation of GST rate cuts and pent-up consumer demand during the festive season [1][12] - Major companies, including Hyundai, Sony, and Haier, are preparing for significant sales increases, with Hyundai expected to bill over 10,000 vehicles to dealers on a single day [2][6] - Fast-moving consumer goods companies like Amul and Parle Products anticipate a 25-30% increase in primary sales as retailers replenish their stocks [7][11] Automotive Sector - Hyundai is projected to achieve a new high in single-day vehicle billing, with bookings increasing by over 50% following the announcement of new GST rates [5][12] - The total wholesale billing value for car manufacturers is estimated to be between Rs 4,500-5,000 crore on the upcoming Monday [6][12] - Honda Cars India reports strong growth in bookings, indicating a positive momentum in the automotive market [9][13] Electronics Sector - Companies like Sony and Haier are confirming high sales figures, with Haier expecting over Rs 250 crore in sales on the same day [6][12] - Sony anticipates a surge in consumer demand by over 20%, following a period of flat sales [9][13] - Television brands such as Thomson and Kodak are also experiencing peak sales, surpassing previous records set after the Covid lockdowns [6][12] Fast-Moving Consumer Goods (FMCG) - FMCG companies are expecting a significant increase in primary sales, with Parle Products indicating a dry trade pipeline that will lead to a surge of 25-30% in sales [7][12] - Dairy brand Amul notes that while basic necessities are being purchased, there is a shift towards higher-value items like ghee, which are now more affordable due to price adjustments [11][12] - Companies are preparing for increased stocking of large packs and premium items in response to consumer demand [10][13]

As America’s appetite for butter grew over the past few years, dairy farmers turned to cows that produce fatter milk and expanded facilities to meet the demand. They might have gone too far https://t.co/uJgKmLhJEb ...

Market Trends - Butter prices in the U S jumped to their highest levels in over a year [1] - Dairy prices are rebounding globally [1] Inflation Concerns - Underscores broader concerns about food inflation among consumers [1]

Market Trends - US butter prices surged to over a year high, signaling food inflation concerns [1] - Global dairy prices are rebounding, further highlighting food inflation [1]