Max Gumport

“I just wanted to double click on the second half, specifically with regard to merchandising shipments. So your commentary included remarks about managing the timing of three key merchandising shipments.”

“On North America, your outlook for sales and EBITDA would suggest margins could be relatively flat for North America in 27. I understand you've got modest price mix investments combined with cost inflation, which are expected to be offset by volume growth and some ongoing cost savings initiatives.”

“So you're clearly prioritizing investments, but your prepared remarks suggest a bit of a pivot from a focus on stabilizing volumes to stabilizing margins. You discussed how past margin compression was partially driven by an emphasis on driving volume at the expense of margin, most notably in frozen.”

“I just wanted to return quickly to the commentary on 3Q profit. So after 1Q results, you had signaled that 3Q would be above the low end of your 26 percentage range, so at least 16% year-over-year.”

“First, I just wanted to talk about the spreads business. You called out, you know, there was weakness partly due to broader category dynamics and partly due to the decision not to repeat certain promotional activities.”