A：The company has made forward-looking statements about its expectations for the future, including items related to business plans and strategy efforts. It has updated its 2025 outlook reflecting progress and challenges in the current operating environment.

A：The company is facing challenges with worsening consumer sentiment and ongoing inflation that are influencing buying behavior worldwide. These factors have affected the company's performance and profit expectations.

A：The company remains on track to separate into two independent companies in the second half of 2026. Post-separation, the priority will be to derive performance and position each business for long-term success.

A：In response to weaker consumer sentiment and cost pressures, the company has made incremental investments, increased promotional investment by $300 million in the US, and focused on areas like media, modern trade, and headcount in commercial functions to stimulate growth.

A：The company is open to adding more marketing in the future as it continues to go deeper in its brand assessments. However, at this point, they believe that the focus should be on long-term brand building rather than additional investment.

A：The company has not detailed any specific pivots or reconsiderations of the initial plans for the spin, but has mentioned that they have received feedback from investors and are considering it. They are not detailing the steps or potential changes at this stage.

A：The strategy for unlocking shareholder value involves focusing on creating stronger, more focused companies. The progress in the global taste elevation is evidenced by the application of a playbook that has been successful in improving dollar sales and market share, particularly in the US television business in Q3.

A：The approach to allocating resources and support between the two companies involves determining the right amount of experience, capabilities, and technical resources needed to ensure growth and the implementation of the right operating model. This will be further detailed in management team announcements and will continue to be a focus area as the year progresses.

A：The company is considering making adjustments to the perimeter based on the growth history and potential of different brands, their margin profile, and potential synergies. The work being done is to ensure these adjustments would create more value for shareholders. The balance sheet adjustments are targeted to maintain a competitive investment grade status, with a commitment to keeping net debt at or close to three times, even after organic investments.

A：Indonesia's consumer sentiment has meaningfully declined, leading to reduced sell-out growth expectations and challenges in the market. The company is addressing these challenges by rightsizing inventory, transitioning to a new distributor, and continuing to invest in marketing and brand equity. The largest brand, ABC, is believed to drive superiority in brand equity and continue to penetrate the market. The company expects recovery in Indonesia to happen in the second half of the next year.

A：The decline in consumer sentiment has led to a softer demand side and a meaningful decline in sell-out growth in Indonesia. This has impacted the company's revenue from Indonesia, leading to adjustments in inventory and a transition to a new distributor. Despite this, the company remains committed to investing in the brand to ensure the brand's continued growth and market penetration.

A：The company's recovery efforts in Indonesia are focused on the second half of the next year, with adjustments in the first quarter affected by the Hamadan event in Q1. The recovery is expected to start in Q3. In the past two years, significant investment has been made in the AC brand, which is the leading brand in several categories, to ensure its market share position. However, these adjustments are now being made to ensure the right distribution network to support the brand's continued success.

A：The expected performance trajectory for the global taste innovation is in the very low single-digit territory and is anticipated to continue improving naturally in the fourth quarter. The priority is to ensure growth for both companies post-separation, a strategy that has been effective for the past 15 years.

A：The main priority for the North American grocery company is to ensure stable cash flows heading into the holiday season. The company is working to maintain prospects for future growth in the single digits and is committed to being disciplined with cash usage and making the right investments to set both companies up for success.

A：Post-separation, the company plans to create two more focused companies by directing the appropriate level of attention and resources to allow both companies to fit and fulfill their true potential. It intends to maintain the same level of efficiency and drive for both companies post-separation.

A：The company expects sales in the fourth quarter to be worse than Q3, with a revenue decrease of about 110 to 200 basis points, primarily due to inventory phasing and lower consumption. Despite this, it anticipates market share to continue to improve, albeit with the industry getting worse. The company is managing consumption and inventory to mitigate the impact on sales.

A：The company has concentrated promotional investments around key holidays, historically times when market share spikes due to events like Thanksgiving and Christmas. The investments are part of joint business plans with retailers to secure incremental distribution and are made intentionally to expand distribution and drive repeat purchases in the future. The focus on driving unit sales to increase household penetrations is anticipated to translate into future sales growth.

A：The company is experiencing challenges in Europe, particularly in the UK, due to a struggling consumer. However, it's also facing challenges in the US as consumers are responding to poor sentiment by pulling back on inventory. On the other hand, there's strong growth in emerging markets like Brazil, recovery in Mexico, stability in China, and a hold back in Indonesia which is preventing double-digit growth.

A：Customers are pulling back on inventory in response to the very poor consumer sentiment they're experiencing, which is especially evident during the holiday season.

A：The company is adapting its promotional approach by taking key learnings from successful strategies, such as those applied during the back to school period, and applying them to improve execution and levels of investment across the brand portfolio. They are focusing on improving store display, increasing marketing and promotional investments, and enhancing cross-selling.

A：The company has found success with their promotions during back to school, where they implemented an executional approach that improved cross-selling and base velocity. They are applying these learnings to the holiday season and other key moments to bolster brand performance.

A：The company is running tests to assess different promotional approaches, including cross merchandising and changing the depth of discounting. They are focusing on higher frequency discounts and trying to spread resources more evenly throughout the year, rather than focusing heavily on key holidays.

A：The company is preparing for the future by continuing to invest behind their brands to ensure a stronger consumer experience and portfolio in the long term. They are focused on not being just a reactive victim of the moment but building a stronger company to emerge from the current era of consumer down sentiment.

A：The question raised by the speaker is whether the brand growth system has been implemented in the problematic commoditized categories such as coffee, meat, and cheese, and if it is harder to apply in these categories compared to others.