Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - Internationally, dollar share was held or grown in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on strengthening brand remarkability to restore organic sales growth, with investments in product innovation and brand building [3][4] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund these investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points year-over-year, primarily due to higher input costs [30] - The company plans to launch several new products in the second half of fiscal 2026, focusing on consumer trends such as better-for-you benefits and bold flavors [13][15] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and trade timing benefits in Q4 [33] Question: How is the company addressing the challenges in the North America retail segment? - The company is focused on delivering more value to consumers and amplifying elements of the remarkability framework to improve competitiveness [10] Question: What are the growth prospects for the North America pet segment? - The company is confident in its plans for the North America pet segment, expecting further acceleration in organic sales growth in the second half of fiscal 2026 [18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - The international business held or grew dollar share in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on investing to strengthen brand remarkability to restore organic sales growth [3] - Key priorities include returning North America Retail to volume growth, accelerating North America Pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers making more purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [30] - The adjusted effective tax rate was 23.3%, up from 20.1% a year ago, due to unfavorable earnings mix [31] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [32] Q&A Session Summary Question: What are the expectations for organic net sales in the second half? - The company expects improved organic net sales in the second half, driven by the expanded impact of remarkability investments [33] Question: How is the company addressing the challenges in the North America Retail segment? - The company is focused on returning North America Retail to volume growth by investing in remarkable experiences [5] Question: What are the plans for the North America Pet segment? - The company plans to strengthen the core Blue Buffalo business while driving growth through new product launches and expanded distribution [16][18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions [23] - Organic net sales decreased by 1%, while organic volume was flat, showing sequential improvement from Q1 [25] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [24][30] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [24] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [25] - North America Pet segment saw a net sales increase of 11%, with organic net sales up 1%, driven by favorable price mix [26] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [27] - International segment organic net sales increased by 4%, led by growth in Brazil, China, India, and North Asia [28] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories [8][25] - The North America Pet segment experienced mid-single-digit growth in cat feeding, while dog feeding results were mixed [16] - The international segment held or grew dollar share in 54% of priority businesses, with strong performance from Häagen-Dazs and Nature Valley [28] Company Strategy and Development Direction - The company is focused on enhancing the "Remarkability" of its brands to restore organic sales growth [3] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion [9] - The company remains confident in its strategy to deliver more value to consumers amid economic pressures [10] - Fiscal 2026 guidance was reaffirmed, with expectations for improved organic net sales in the second half [32][33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [29] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [31] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and favorable trade timing benefits in Q4 [32] Question: How is the company addressing the challenges in the North America Pet segment? - The company is focusing on strengthening the core Blue Buffalo business and driving growth through new product launches like Love Made Fresh [18] Question: What are the anticipated impacts of divestitures on future performance? - The divestitures are expected to continue to pose headwinds, but the company is managing these impacts through strategic investments and operational efficiencies [24][30]

Corporate Overview - Aldeyra Therapeutics focuses on developing innovative therapies for immune-mediated diseases by modulating protein systems rather than directly inhibiting single protein targets[7,8] - As of September 30, 2025, Aldeyra had $753 million in cash, cash equivalents, and marketable securities, expected to fund the company into the second half of 2027[10] RASP Modulation Platform - Aldeyra's approach involves modulating Reactive Aldehyde Species (RASP), which are formed by oxidation and bind to proteins, leading to pro-inflammatory signaling cascades[14] - RASP modulation allows for control of protein systems without completely turning single proteins on or off, potentially leading to broader activity with less toxicity[20,22] - ADX-629, an orally administered RASP modulator, has shown statistically significant changes in lipid profiles in multiple clinical trials, including a Phase 1 trial (P=0.005 for HDL), a Phase 2 psoriasis trial (P=0.036 for LDL/HDL ratio and P=0.0004 for FFA)[33] - ADX-248 binds to pro-inflammatory RASP HNE, leading to cytokine reduction in LPS-challenged mice and improved epidermal erosion scores in an oxazolone mouse model of atopic dermatitis (P=0.0093)[38] - ADX-248 increased brain dopamine and improved motor function in a preclinical Parkinson's disease model, with significant P values at different doses (P=0.05, P=0.001, P=0.004)[42] - ADX-246 binds to RASP retinaldehyde, reducing the toxic retinaldehyde metabolite A2E (P=0.04) in an Abcr knockout mouse model of dry AMD[44] Reproxalap - Reproxalap, a RASP modulator for dry eye disease, showed rapid activity in clinical trials and achieved the primary endpoint of ocular discomfort in a Phase 3 dry eye chamber trial (P=0.002)[48,53] - Aldeyra has an exclusive option agreement with AbbVie Inc for reproxalap, including a potential $100 million upfront payment, a $100 million milestone payment upon FDA approval in dry eye disease, and $200 million in additional regulatory and commercial milestones[61] - Phase 3 INVIGORATE allergen chamber trials for allergic conjunctivitis showed that reproxalap achieved the primary endpoint of patient-reported ocular itching with all P values < 0.0001[63] ADX-2191 - ADX-2191 has the potential to be the first approved drug for primary vitreoretinal lymphoma (PVRL), with approximately 200-600 new cases diagnosed in the United States per year[71]

Swedbank (OTCPK:SWDB.F) Update / Briefing December 17, 2025 04:30 AM ET Company ParticipantsMaria Caneman - Head of Investor RelationsMaria CanemanOf which Savings Banks' volumes on our balance sheet constitute 3.7 percentage points. Correspondingly, according to Statistics Sweden, the corporate lending in October grew by 2.2% year-on-year, while Swedbank's volumes grew by 3.9%. Swedbank's market share increased slightly to 15.1% at the end of October. Retail deposits in Sweden grew in October by 4.7% year- ...

Bunzl (OTCPK:BZLF.Y) Trading Update December 17, 2025 02:30 AM ET Company ParticipantsRichard Howes - CFOConference Call ParticipantsAnnelies Vermeulen - AnalystKarl Green - AnalystWill Kirkness - AnalystDavid Brockton - AnalystSimona Sarli - AnalystOperatorHello everyone, and welcome to today's Bunzl's Pre-Close Trading Statement call. My name is Seb, and I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, please press star 1 on your telephone keypad. If you'd ...

Robinhood Markets (NasdaqGS:HOOD) Update / Briefing December 16, 2025 09:00 PM ET Company ParticipantsOren Naim - VP of PlatformsVlad Tenev - Chairman and CEOSam Nordstrom - Group Product ManagerGrace Qi - Group Product ManagerGirish Gupta - Group Product ManagerAdam Hickerson - Senior DirectorVlad TenevWelcome to Skywalker Ranch. Can you believe that this is our fifth event this year? We've been busy. And although we've done a lot, there is one topic that we have yet to cover. Who here thinks we are not al ...

Summary of BofA December Global Fund Manager Survey Industry Overview - The survey reflects the sentiment of global fund managers regarding macroeconomic conditions, asset allocation, and investment strategies as of December 2025. Key Points Macro & Economic Outlook - **Macro Optimism**: The macro optimism is at its highest since August 2021, with 57% of respondents predicting a soft landing for the economy, 37% expecting no landing, and only 3% anticipating a hard landing [2][19] - **Profit Expectations**: Net profit expectations rose to 29%, the highest since August 2021, indicating a positive outlook on global profits [26] - **Liquidity Conditions**: Rated as the third best in the past 17 years, with 61% of investors rating liquidity conditions as positive, the highest since September 2021 [41][43] Asset Allocation Trends - **Cash Levels**: Cash levels dropped to a record low of 3.3%, down from 3.7%, indicating a strong shift towards risk assets [1][103] - **Equity and Commodity Allocation**: Allocation to equities rose to a net 42% overweight (OW), the highest since December 2024, while commodities reached a net 18% OW, the highest since September 2022 [16][55] - **Sector Rotation**: Significant rotation into US stocks, technology, and materials, while reducing exposure to bonds, healthcare, and staples [4][60] Investment Risks and Concerns - **AI Bubble**: Identified as the biggest tail risk by 38% of investors, with concerns about overinvestment in AI-related capital expenditures [31][29] - **Credit Event Sources**: 40% of investors believe private equity/private credit is the most likely source of a credit event, followed by AI hyperscaler capex at 29% [34][36] Crowded Trades - **Most Crowded Trades**: "Long Magnificent 7" remains the most crowded trade at 54%, followed by "Long Gold" at 29% [37][39] Future Expectations - **Bond Yield Expectations**: 38% of investors expect long-term interest rates to rise, the highest since April 2022 [45] - **Yield Curve Steepening**: 75% of investors anticipate a steepening yield curve in the next 12 months [48] Regional and Sector Allocations - **US Equities**: Net 6% overweight in US equities, the highest since February 2025 [145] - **Underweight Sectors**: Significant underweight positions in energy (26% UW) and consumer staples (20% UW) [56][172] Conclusion - The December survey indicates a strong bullish sentiment among fund managers, with significant shifts towards equities and commodities, while concerns about potential risks, particularly related to AI and credit events, remain prevalent. The overall outlook suggests a cautious optimism as investors navigate the current economic landscape.

Summary of Asia Fund Manager Survey Industry Overview - **Industry**: Asia Pacific Financial Markets - **Survey Period**: December 5 - December 11, 2025 - **Participants**: 238 fund managers with a total of $550 billion in assets under management (AUM) [11] Key Insights Economic Growth Expectations - Global growth expectations reached a four-year high, while Asia Pacific ex-Japan economic prospects are near one-year highs [1][14] - Japan's growth outlook is at a survey peak, indicating strong investor confidence [1] Market Sentiment - Investors maintain a positive market bias but have moderated return expectations due to high valuations [2] - Japan is the most favored market, consistently topping preference rankings since October 2023 [3][50] - China’s growth momentum has stalled, with investors awaiting signs of stimulative policy before increasing exposure [4][28] Sector Preferences - In Japan, banks and semiconductors are favored sectors, driven by rising long-term rates and AI themes [3][48] - In Asia Pacific ex-Japan, tech hardware, semiconductors, and software are the most preferred sectors, while real estate and energy are out of favor [53][54] Investment Themes - Popular investment themes in China include AI, semiconductors, and internet sectors, while green economy and travel have lost favor [55][56] - Korea's 'Corporate Value-Up Program' has garnered positive sentiment post-election [57] Corporate Profit Expectations - A net 41% of fund managers expect stronger corporate profits in the Asia Pacific ex-Japan region, the highest since October 2024 [20][27] - Consensus earnings estimates are not considered high, indicating potential for future upgrades [27] Valuation Concerns - There is a perception that Asia Pacific ex-Japan equities are moderately overvalued due to a significant rally year-to-date [23][25] - Investors are cautious about potential returns given the ~50% rally since April lows [3] China’s Economic Outlook - The outlook for China has stabilized, with a net 3% of investors expecting a stronger economy, a shift from 29% expecting a weaker economy last month [28] - Long-term prospects for China are improving, nearing a three-year high, with 45% of investors believing the equity market is in a structural de-rating process [30][31] Monetary Policy Expectations - There are calls for easing monetary policy in China as consumer and business confidence begins to improve [32][34] - 83% of fund managers expect easier monetary policy in China over the next 12 months [34] Additional Insights - Household risk appetite in China is waning, with a shift towards savings over investments, leading to underweight allocations [4][36] - Japan's economic outlook is overwhelmingly positive, with virtually no investors expecting a weaker economy in the next 12 months [38][39] - Key themes for Japan equities include earnings growth, corporate governance reforms, and Bank of Japan policy normalization [44][45] This summary encapsulates the key findings and insights from the Asia Fund Manager Survey, highlighting the current sentiment and expectations within the Asia Pacific financial markets.

Treasury Wine Estates (OTCPK:TSRY.Y) Update / Briefing December 16, 2025 06:00 PM ET Company ParticipantsStuart Boxer - CFOMark Southwell-Keely - Executive DirectorPhillip Kimber - Executive DirectorMichael Simotas - Head of Consumer Equity ResearchTom Kierath - Founding Principal and Head of Consumer ResearchSam Fischer - CEOShaun Cousins - Executive DirectorBen Gilbert - Head of Australian ResearchCaleb Wheatley - Head of Consumer Equity ResearchConference Call ParticipantsDavid Errington - AnalystSam Tee ...