Takže ako prvý rečník eh nedá mi eh vás nepozdraviť a privítať na tejto skvelej akcii. Eh vždy keď som začínal ako prvý, začnem tak mierne osobne, tak eh stal sa nejaký väčšinou prúser. Dúfam, dúfam, že to teraz takto nebude.Eh, ale zase má to výhodu, lebo keď už pôjde siedmy rečník, tak vlastne každý zabudne na toho prvého, že vôbec bol. Takže eh dúfam, že sa budú tieto vystúpenia páčiť. Je to naozaj krásny program.Ja som veľmi rád, že som jeho súčasťou a budem vám môcť porozprávať eh v takej skrátenej for ...

Core Viewpoint - Investors are increasingly favoring established companies like Coca-Cola for passive income amid market uncertainty, but Campbell's is presented as a more attractive investment option due to its valuation and dividend yield [1][2]. Coca-Cola - Coca-Cola has a strong history of increasing dividends for 64 consecutive years, currently offering a yield of 2.6% [1]. - The stock price of Coca-Cola increased by 12.3% in 2025 and is up 14.2% year-to-date, significantly outperforming the S&P 500's return of 0.9% [2]. - Coca-Cola's market cap stands at $347 billion, with a gross margin of 61.75% and a dividend yield of 2.53% [8][9]. - The company remains heavily reliant on its soft drink products, which accounted for 69% of its worldwide case volume in 2025, with its trademark cola making up 42% of U.S. unit case volume [6][7]. Campbell's - Campbell's is diversified beyond soup, owning various meal and snack brands, and is focusing on health-conscious products [4]. - The current market cap for Campbell's is $8.1 billion, with a gross margin of 29.84% and a dividend yield of 5.72% [5][6]. - Campbell's has a forward price-to-earnings ratio of 11.1, significantly lower than Coca-Cola's 24.7, indicating it is undervalued [9]. - The company has maintained or raised its dividend every year since 2002, currently yielding 5.8%, which is substantially higher than Coca-Cola's yield [13][14]. - Despite challenges in passing costs to consumers, Campbell's generates sufficient free cash flow to cover its dividend, with a payout ratio similar to Coca-Cola's [11].

Financial Data and Key Metrics Changes - Organic net sales decreased by 1%, primarily due to a 2% decline in consumption, with retailers building inventory ahead of promotions [6][8] - Adjusted EBIT declined by 11% year-over-year to $383 million, driven by lower adjusted gross profit [27] - Adjusted EPS decreased by 13% to $0.77, impacted by lower adjusted EBIT and a higher adjusted tax rate [29][32] Business Line Data and Key Metrics Changes - Meals and Beverages segment reported a 4% decrease in net sales, with organic net sales down 2% due to declines in U.S. soup and other products [30] - Snacks segment saw a 2% decrease in net sales, with organic net sales down 1%, primarily due to lower sales in Snyder's of Hanover pretzels and Cape Cod potato chips [31][32] - Leadership brands in meals and beverages held or grew share for the ninth consecutive quarter, while snacks leadership brands saw mixed performance [11][12] Market Data and Key Metrics Changes - Total in-market consumption for the company was down 2%, but leadership brands' consumption was only down 1%, maintaining market share [7][11] - Broth consumption grew for the ninth consecutive quarter, driven by increased household penetration and buy rates [13] - The overall soup portfolio lagged the category on share, with cooking varieties performing well while eating soups faced pressure [12][14] Company Strategy and Development Direction - The company is focused on mitigating cost pressures while maintaining marketing support for its brands, emphasizing consumer-led innovation and brand activations [9][10] - A strategic partnership with La Regina was announced to enhance Rao's brand growth and secure high-quality ingredient supply [17][18] - The company aims to reignite growth in its snacks portfolio, particularly focusing on Goldfish, through innovation and targeted marketing [24][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a dynamic operating environment and reiterated fiscal 2026 guidance, including expected tariff impacts [9][33] - The company is committed to crafting high-quality food at the right value while investing in omnichannel execution and brand activation [25][26] - Management expressed confidence in the strength of leadership brands and the ability to adapt to evolving consumer preferences [35][49] Other Important Information - The company achieved approximately $15 million in new cost savings, contributing to a total of $160 million towards its fiscal 2028 target of $375 million [28] - The gross impact of tariffs on Q1 adjusted EPS was $0.14, with a net impact of $0.04 [29] - The company has approximately $168 million in cash and cash equivalents and $1.4 billion available under its revolving credit facility [32] Q&A Session Summary Question: Details on the La Regina acquisition - The acquisition supports the growth of Rao's by securing high-quality ingredient supply and enhancing the partnership with the Romano family [36][38] - The first payment of $146 million is expected upon closing, with a second payment of $140 million one year later [39] Question: Stabilization of the snack segment - Management expects stabilization in the second half of the fiscal year, with ongoing focus on evolving consumer preferences [41][42] - The company is addressing performance issues in specific snack categories, particularly with Goldfish [44][60] Question: Impact of mega trends on salty snacks - Management is focused on consumer value and evolving preferences, particularly in premiumization and health and wellness [46][48] - The company is adapting its portfolio to align with these trends while maintaining competitive pricing [49] Question: Soup business pricing and value - Management is aware of the need to balance pricing actions with providing value, particularly in the eating soup category [50][53] - Selective pricing actions are being taken to remain competitive during the soup season [52][53] Question: Initial perspectives on opportunities for improvement - The new CFO sees potential in streamlining analysis and focusing on the right investments to drive growth and profitability [57][58] Question: Goldfish brand performance and marketing focus - Household penetration for Goldfish remains stable, but buy rates have declined, prompting a focus on innovation and clear messaging [60][61] - The company is prioritizing value and execution in the marketplace to support Goldfish's growth [62]

Core Viewpoint - Campbell Soup Company is facing a public relations crisis following allegations against an executive, Martin Bally, who reportedly made derogatory comments about the company and its customers, leading to an investigation and his leave of absence [1][5]. Group 1: Allegations and Investigation - Martin Bally, the vice president of information technology at Campbell, has been placed on leave while the company investigates claims made in a lawsuit regarding his inappropriate remarks [1]. - The lawsuit was filed by Robert Garza, a former cybersecurity analyst, who claims he was terminated after raising concerns about Bally's comments [1][2]. Group 2: Content of Allegations - The lawsuit includes a recorded meeting where Bally allegedly insulted his Indian colleagues and described Campbell's products as catering to "poor people" [2]. - In the recording, the individual reportedly criticized Campbell's food as "unhealthy" and referred to its chicken as "bioengineered" and "3D-printed" [3][4]. Group 3: Company Response - Campbell Soup Company has publicly denounced the remarks attributed to Bally, stating they are "patently absurd" and affirming that their chicken meat comes from trusted USDA-approved suppliers [4]. - The company emphasized that Bally's role in IT does not involve food production, distancing itself from his comments [4]. Group 4: Broader Implications - The controversy has attracted attention from Florida Attorney General James Uthmeier, who announced an investigation into the company, particularly concerning the legality of lab-grown meat in Florida [5]. - Bally also criticized the company's acquisition of Sovos Brands for $2.7 billion, suggesting it was an overpayment for a mere "recipe and a brand" without owning manufacturing capabilities [6].

Financial Performance - Q4 Fiscal Year 2025 - Net sales increased by 1% to $2321 million compared to Q4 FY24[19, 68] - Organic net sales decreased by 3% compared to Q4 FY24[19, 68] - Adjusted EBIT decreased by 2% compared to Q4 FY24, reaching $321 million[19, 68] - Adjusted EPS decreased by 2% compared to Q4 FY24, amounting to $062[19, 68] Financial Performance - Full Fiscal Year 2025 - Net sales increased by 6% to $10253 million compared to FY24[19, 71] - Organic net sales decreased by 1% compared to FY24[19, 71] - Adjusted EBIT increased by 2% compared to FY24, reaching $1487 million[19, 71] - Adjusted EPS decreased by 4% compared to FY24, amounting to $297[19, 71] Segment Performance - Meals & Beverages organic net sales decreased by 3% in Q4 FY25[35] - Snacks organic net sales decreased by 2% in Q4 FY25[51] Fiscal Year 2026 Guidance - The company expects net sales to decline by 2% to 0%[109] - Organic net sales are projected to range from -1% to +1%[109] - Adjusted EBIT is expected to decline by 13% to 9%[109] - Adjusted EPS is projected to be in the range of $240 to $255[109]