Defining Elanco's New Era of Growth December 9, 2025 1 Introduction Tiffany Kanaga VP Investor Relations & ESG 2 Notices and Disclaimers Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning product launches and revenue from such products, our 2025 full year and fourth quarter guidance, long-term expectations, our expectations regarding debt levels, and expectations regarding o ...

Company Overview - The Andersons is a materially stronger company poised for continued profitable growth, with a balanced, diversified portfolio rooted in North American ag and renewables supply chains[11] - The company reported revenue of $116 billion and adjusted EBITDA of $317 million for the trailing twelve months ended September 30, 2025[20] - Adjusted EPS was $256 for the same period[20] - The company expects run-rate EPS to reach $700 by 2028[64] Agribusiness Segment - The Agribusiness segment's adjusted EBITDA was $195 million for the trailing twelve months ended September 30, 2025, representing 53% of the company's total adjusted EBITDA[20, 69] - The segment traded 33 million tonnes of commodities and sold 19 million tons of fertilizer[69] - The segment has 275 million bushels of grain storage capacity[69] Renewables Segment - The Renewables segment's adjusted EBITDA was $175 million for the trailing twelve months ended September 30, 2025, representing 47% of the company's total adjusted EBITDA[20, 103] - The segment produced 506 million gallons of ethanol at 4 facilities[103] - The segment merchandised 335 million gallons of 3rd-party ethanol[103] Financial Strategy - The company has a long-term debt to EBITDA target of less than 25x[197] - The company deployed approximately $11 billion in capital, with 45% allocated to capital expenditures and 45% to return cash to shareholders[200] - The company anticipates $30 million - $35 million annual impact from 45Z tax credit in 2025, increasing to $90 million - $100 million annually from 2026-2028, cumulating to $300 million+[210]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a 12.8% year-over-year growth in system sales, with food revenues increasing by 24.2% year-over-year [4][12] - Adjusted Corporate EBITDA improved by 10.4% year-over-year, while Adjusted Net Loss improved by 11.5% [5] - The average monthly transacting customers reached 3.85 million, a 16.7% increase from the same quarter in 2024 [12] - Company-owned and operated store revenues dropped by 5.5% year-over-year due to planned store closures [12][14] Business Line Data and Key Metrics Changes - Same-store sales growth for company-owned and operated stores was 3.3%, contributing to overall positive performance despite revenue drops [4][12] - Revenues from the franchise and retail business increased by 25.0% year-over-year, with the number of franchise stores rising from 382 to 479 [12][13] - Delivery revenues increased by 23.1% year-over-year, benefiting from promotional offers from delivery aggregators [4] Market Data and Key Metrics Changes - The largest loyalty club members reached 27.9 million, reflecting a 22.3% year-over-year growth [7] - The coffee sector faced intensified competition from rapidly expanding tea beverage categories, impacting market dynamics [8] Company Strategy and Development Direction - The company is focused on enhancing operational efficiencies, supply chain capabilities, and rigorous cost controls to support sustainable profit growth [17] - Strategic initiatives include expanding into special channel stores, such as high-speed train stations and airports, which have shown strong performance [29] - The company aims to improve gross margins through supply chain optimizations and new product launches [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the industry but emphasized resilience and continuous improvement in business execution [18] - The company expects to generate positive operating cash inflows and become more self-sustainable in supporting long-term growth [24][26] Other Important Information - The company successfully issued approximately $89.9 million in senior secured convertible notes and restructured existing convertible notes to focus on store network development [19] - The average payback period for sub-franchisees is two to three years, indicating attractive unit economics [6][18] Q&A Session Summary Question: Company's liquidity status and long-term financing plan - Management highlighted the successful issuance of $89.9 million in convertible notes and the extension of due dates for existing notes, allowing focus on daily operations and reducing leverage [22][23] Question: Pressure on store contribution margins and future margin profile - Management noted that lower margins were due to higher delivery revenue mix and aggressive subsidies from delivery platforms, expecting this to be temporary [26] - Plans to improve gross margins include supply chain optimizations and new product launches, aiming for double-digit store level margins next year [27] Question: Performance of strategic special channel stores - Special channel stores have performed well, generating mid- to high-teens EBITDA margins with a payback period of around two years [29]

The Campbell’s Company (NasdaqGS:CPB) Q1 2026 Earnings Call December 09, 2025 08:00 AM ET Speaker1Good morning and welcome to The Campbell's Company First Quarter Fiscal 2026 Earnings Conference Call. Today's conference is being recorded. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to turn the call over to Rebecca Gardy, Chie ...

Financial Performance & Targets - KeyCorp expects a record revenue year in 2025, with FY Adjusted Total Revenue (TE) growth up by 15%+ YoY[9] - The company anticipates Net Interest Income (TE) growth of 22%+ [9] - Adjusted Noninterest Income is projected to grow by 6.5%+ [9] - KeyCorp aims for a ROTCE target of 15%+ by 4Q27[10] Capital Allocation - KeyCorp's Common Equity Tier 1 ratio was 10.3% in 3Q25[9] - The company plans to repurchase ~$200 million in shares during 4Q25, with ~$800 million remaining on the existing authorization[9] - KeyCorp is not pursuing depository institution acquisitions[9] Non-GAAP Measures & Forward-Looking Statements - The presentation includes forward-looking statements subject to risks and uncertainties[4] - Annualized, pro forma, projected, and estimated numbers are for illustrative purposes only and may not reflect actual results[6] - The presentation may include non-GAAP measures, which are not alternatives to GAAP measures[7]

Summary of the Conference Call Company Overview - The conference call pertains to **PepsiCo**, a leading global food and beverage company. Key Points and Arguments 2026 Guidance and Strategic Focus - PepsiCo is set to deliver improved market pace and financial performance by 2026, with preliminary guidance provided earlier than usual to enhance accountability [1][2][3] - The company is focused on growth and transformation, with a strong emphasis on cost efficiencies and business relationships [2][18] Frito-Lay North America Performance - Frito-Lay North America is expected to be the primary driver of growth, moving from low single-digit growth to a higher level by the end of 2026 [6][12] - Key growth levers include investments in affordability, innovation, and improved commercial plans [6][7] - The company has seen sequential improvement in operating execution, particularly in the second half of 2025 [6][8] Innovation and Market Strategy - PepsiCo is focusing on a robust innovation pipeline, with new products already in the market and more to come [6][28] - The relaunch of major brands like Lay's and Tostitos is expected to drive consumer engagement and market share [13][28] - Early results from innovations, such as the Naked line, show promising consumer feedback [28] Capital Allocation and Financial Outlook - Capital expenditures (CapEx) are expected to moderate below 5% of net revenue, with a focus on growth investments [16] - Free cash flow conversion is projected to improve to over 90% by 2027, supported by a significant tax payment in 2026 [17] - The company aims to enhance shareholder value through dividends and potential buybacks as cash flows improve [16][17] International Market Strategy - PepsiCo plans to invest in affordability and brand recognition in international markets, particularly in emerging markets facing disposable income challenges [39][41] - The company is relaunching key brands globally, including Lay's and Doritos, to capture market share and drive growth [40][41] Urgency and Accountability - The leadership emphasizes a high sense of urgency in executing the growth strategy and achieving set targets [27][39] - The new CFO, Steve Schmidt, is expected to bring a disciplined financial approach and a focus on growth [22][18] Additional Important Insights - The company is confident in its ability to drive volume through strategic pricing and promotional efforts, supported by positive metrics from customer testing [26][27] - There is a strong focus on understanding consumer preferences, particularly in health-related trends such as fiber and protein [32] - The leadership acknowledges the need for high-level execution to achieve ambitious growth targets and maintain market competitiveness [45] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting PepsiCo's focus on growth, innovation, and financial discipline as it prepares for 2026.

Core & Main (NYSE:CNM) Q3 2026 Earnings Call December 09, 2025 07:30 AM ET Company ParticipantsRobyn Bradbury - CFOGlenn Floyd - Director of Investor RelationsNigel Coe - Managing DirectorSam Reid - Executive Director of Equity ResearchMark Witkowski - CEOMatt Johnson - Associate Director of Equity ResearchJoe Ritchie - Managing DirectorPatrick Baumann - Managing DirectorConference Call ParticipantsMatthew Bouley - Senior Equity Research AnalystBrian Biros - Equity AnalystDavid Manthey - Senior Research Ana ...

Summary of PepsiCo's Investor Q&A Session Company Overview - **Company**: PepsiCo - **Event**: Investor Question and Answer session - **Date**: December 8, 2025 Key Points Industry and Company Performance - PepsiCo is focused on improving marketplace performance and has taken actions to accelerate productivity and commercial plans throughout 2025, expecting benefits to materialize in 2026 [4][5][8] - The company is engaging with shareholders, including Elliott Management, to support plans for organic revenue growth and improved core operating margins [5][6] - PepsiCo Foods North America is critical for achieving long-term financial targets, with expectations for better performance in 2026 compared to 2025 [5][6] Financial Outlook - Preliminary guidance for 2026 was provided earlier than usual, indicating a proactive approach to accountability and performance expectations [10][11] - The company anticipates at least 100 basis points of core operating margin expansion over the next three fiscal years, with improved free cash flow conversion expected [6][26] - Capital expenditures (CapEx) are projected to moderate below 5% of net revenue, with a focus on maintaining a meaningful dividend and potential buyback programs as cash flows improve [26][27] Growth Drivers - Frito-Lay North America is expected to be a significant driver of revenue growth, with initiatives focused on affordability, innovation, and improved commercial plans [14][15][17] - Investments in brand communication and innovation are anticipated to enhance marketplace performance, with a strong pipeline of productivity initiatives in place [5][6][14] - The company is testing price investments and space gains with key customers, which are expected to drive volume growth [35][36] Innovation and Market Strategy - PepsiCo is focusing on innovation, including the relaunch of major brands like Lay's and Tostitos, which are expected to attract new consumers [22][37] - The company is also investing in affordability and entry price points in international markets to address consumer demand for value [49][50] - The strategy includes leveraging events like Formula One to promote products such as Doritos Loaded, aiming to increase brand penetration [49][50] Challenges and Considerations - There are concerns regarding the timing of guidance and the potential for market stabilization versus acceleration in the North America foods business [19][21] - The company acknowledges the need for disciplined execution and rigorous financial management to achieve ambitious growth targets [31][54] Conclusion - PepsiCo is positioned for improved financial performance in 2026, with a focus on innovation, productivity, and strategic investments to drive growth and shareholder value [8][54][55]

Financial Performance - The company's Annual Recurring Revenue (ARR) reached $1040 million, demonstrating a year-over-year growth of 28%[10] - SaaS ARR experienced even stronger growth, increasing by 38% year-over-year to $669 million[10] - Q3'26 total revenue was $282 million, a 20% increase compared to Q3'25[10] - The company maintains a strong customer retention rate, with a Net Retention Rate (NRR) of 114%[10] Customer Growth - The company has approximately 3,170 customers[10] - The number of customers with ARR greater than $250K increased by 28% year-over-year[66] - The number of customers with ARR greater than $1 million increased by 39% year-over-year[68] Profitability - The adjusted subscription gross profit margin for Q3'26 was 82.5%[10] - The adjusted operating margin for Q3'26 was 19.8%[10] Future Outlook - The company projects Q4'26 ARR to be between $1120 million and $1124 million, representing a 28% year-over-year growth[77] - The company projects total revenue for fiscal year 2026 to be between $1067 million and $1071 million, representing a 24% year-over-year growth[77]

Financial Performance - Net sales reached $8.2 billion, a 5.1% increase compared to 2024, driven by market outperformance with organic growth of 4.2% and acquisition growth of 1.0%[6] - Adjusted operating profit increased by 14.4% to $808 million, with an adjusted operating margin of 9.9%, up 80 bps[6] - Adjusted diluted EPS increased by 15.9% to $2.84[6] - Adjusted EBITDA increased by 14.4% to $867 million[13] Capital Allocation - Capital deployment totaled $511 million, including a quarterly dividend of $0.89 per share, a 7% increase year-over-year[6] - $372 million was returned to shareholders through share repurchases and dividends[6] - The company completed one acquisition during the quarter[6] - The company invested $118 million in capital expenditures[25] - The company has an outstanding balance of approximately $800 million in share repurchase program[26] Segment Performance (US) - US net sales increased by 5.3%[8] - Residential sales declined by 1%, while non-residential sales increased by 12%[8] - Waterworks customer group sales increased by 14%, while Commercial/Mechanical increased by 21%[10] Guidance - The company updated its calendar 2025 net sales growth guidance to approximately 5%[27] - The company updated its calendar 2025 adjusted operating margin guidance to 9.4%-9.6%[27]