Q3 2025 Kraft Heinz Co Earnings Call - Pre-Recorded

October 29, 2025

Business update.

Following remarks, we will make forward looking statements regarding our expectations for the future including related to our business plans and expectations strategy.

During the following remarks, we will make forward looking statements regarding our expectations for the future including related to our business plans and expectations strategy.

Speaker #2: We achieved this result despite growing challenges in Indonesia and continued promotional activity in the US . Cohort . The pressure seen in Indonesia is attributable to inventory destocking as well as route to market challenges , both fueled in part by a sharp economic slowdown that had led to a pullback in consumption .

Efforts in investments and related timing and expected impacts.

These statements are based on how we see things today and actual results may differ materially due to risks and uncertainties.

These statements are based on how we see things today.

And actual results may differ materially due to risks and uncertainties.

Speaker #2: I can assure you , we are addressing these issues directly and executing a comprehensive plan . This includes resetting inventory to optimal levels , stabilizing our distributor network , and continuing to build on investments .

Please see the cautionary statements and risk factors contained in today's earnings release, which accompany these remarks as well as our most recent 10-K 10-Q and 8-K filings for more information regarding these risks and uncertainties.

Carlos Abrams-Rivera: This includes resetting inventory to optimal levels, stabilizing our distributor network, and continuing to build on investments we have made to improve the equity of our ABC multipurpose peanut sauce brand. Given the scope of the challenges and complexity of these initiatives, we expect meaningful improvements in the second half of next year. In cold cuts, elevated promotional activity in the marketplace continued longer than we anticipated. We made the decision to invest in price in the back half of the third quarter and expect those investments to drive improved performance. Now, let's take a look at our results through the lens of our three strategic pillars. In North America retail accelerated platforms, they declined 4.2% versus the prior year. This reflects a year-over-year improvement of 100 basis points from the first half of down 5.2%, largely driven by Lunchables, Philadelphia Cream Cheese, and Primal Kitchen.

Carlos Abrams-Rivera: This includes resetting inventory to optimal levels, stabilizing our distributor network, and continuing to build on investments we have made to improve the equity of our ABC brand. Given the scope of the challenges and complexity of these initiatives, we expect meaningful improvements in the second half of next year. In COCOS, elevated promotional activity in the marketplace continued longer than we anticipated. We made the decision to invest in price in the back half of the third quarter and expect those investments to drive improved performance. Now, let's take a look at our results through the lens of our three strategic pillars. In North America Retail Accelerate platforms, they declined 4.2% versus the prior year. This reflects a year-over-year improvement of 100 basis points from the first half, down 5.2%, largely driven by Lunchables, Cream Cheese, and Primal Kitchen.

This includes resetting inventory to optimal levels, stabilizing our distributor network, and continuing to build on investments we have made to improve the equity of our ABC brand. Given the scope of the challenges and complexity of these initiatives, we expect meaningful improvements in the second half of next year. In COCOS, elevated promotional activity in the marketplace continued longer than we anticipated. We made the decision to invest in price in the back half of the third quarter and expect those investments to drive improved performance. Now, let's take a look at our results through the lens of our three strategic pillars. In North America Retail Accelerate platforms, they declined 4.2% versus the prior year. This reflects a year-over-year improvement of 100 basis points from the first half, down 5.2%, largely driven by Lunchables, Cream Cheese, and Primal Kitchen.

Speaker #2: We have made improvements to the equity of our ABC brand. Given the scope of the challenges and the complexity of these initiatives, we expect meaningful improvements in the second half of next year in Coldcut's elevated promotional activity in the marketplace to continue longer than we anticipated.

Additionally, we will refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP.

Please refer to today's earnings release, and the non-GAAP information that accompany these remarks, which are available on our website at IR Dot Kraft Heinz company Dot Com under news and events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

Speaker #2: We made the decision to invest in price in the back half of the third quarter and expect those investments to drive improved performance.

Speaker #2: Now, let's take a look at our results through the lens of our three strategic pillars in North America: Retail, Accelerate, and Platforms.

Today, our Chief Executive Officer, Carlos Abrams Rivera, who will provide an update on our overall business performance and Andre <unk>, Our Chief Global Financial Officer, who will provide a financial review of the third quarter results and will discuss our 2025 outlook.

Today, our Chief Executive Officer, Carlos Abrams Rivera Who'll provide an update on our overall business performance and Andre <unk>, Our Chief Global Financial Officer will provide a financial review of the third quarter results and will discuss our 2025 outlook.

Speaker #2: They declined 4.2% versus the prior year . This reflects a year over year improvement of 100 basis points from the first half of , down 5.2% , largely driven by Lunchables , cream cheese and Primal Kitchen .

We are also scheduled a separate live question and answer session with analysts.

We are also scheduled a separate live question and answer session with analysts you can access our question and answer session at IR Dot Kraft Heinz company Dot Com a replay will also be available following the event through the same website.

Speaker #2: And while we experienced improvements in this categories , the Q3 year over year decline in North America , retail accelerate was primarily driven by mac and cheese spoonable and processed snacks .

Carlos Abrams-Rivera: While we experienced improvements in these categories, the Q3 year-over-year decline in North America retail accelerated was primarily driven by Kraft Mac and Cheese, Spoonables, and Frozen Snacks. Global away from home organic net sales declined 2.4%. We delivered growth in international away from home for the 18th trade quarter, while the overall U.S. away from home industry continues to face pressure as traffic remains suppressed. We continue to expect growth in our international business in Q4, but we are not contemplating an improvement in the U.S. industry for the remainder of the year. Now, turning to emerging markets, organic net sales grew 4.7%. LatAm and Middle East and Africa regions delivered double-digit growth for the second quarter in a row, while the weakness I just mentioned in Indonesia created a sizable headwind. Going deeper into North America retail accelerated, I am encouraged to see share improvement across key categories.

You can access our question and answer session at IR Dot Kraft Heinz company Dot Com a replay will also be available following the event through the same website.

Carlos Abrams-Rivera: And while we experienced improvements in these categories, the Q3 year-over-year decline in North America Retail Accelerate was primarily driven by Mac and Cheese, Spoonables, and Frozen Snacks. Global away-from-home organic net sales declined 2.4%. We delivered growth in international away-from-home for the 18th straight quarter, while the overall US away-from-home industry continues to face pressure as traffic remains suppressed. We continue to expect growth in our international business in Q4, but we are not contemplating an improvement in the US industry for the remainder of the year. Now, turning to emerging markets, organic net sales grew 4.7%. LATAM, the Middle East, and Africa regions delivered double-digit growth for the second quarter in a row, while the weakness I just mentioned in Indonesia created a sizable headwind. Going deeper into North America Retail Accelerate, I am encouraged to see share improvement across key categories.

And while we experienced improvements in these categories, the Q3 year-over-year decline in North America Retail Accelerate was primarily driven by Mac and Cheese, Spoonables, and Frozen Snacks. Global away-from-home organic net sales declined 2.4%. We delivered growth in international away-from-home for the 18th straight quarter, while the overall US away-from-home industry continues to face pressure as traffic remains suppressed. We continue to expect growth in our international business in Q4, but we are not contemplating an improvement in the US industry for the remainder of the year. Now, turning to emerging markets, organic net sales grew 4.7%. LATAM, the Middle East, and Africa regions delivered double-digit growth for the second quarter in a row, while the weakness I just mentioned in Indonesia created a sizable headwind. Going deeper into North America Retail Accelerate, I am encouraged to see share improvement across key categories.

With that I will turn it over to Carlos.

Speaker #2: Global away from home organic net sales declined 2.4% . We delivered growth in international away from home for the eighth straight quarter , while the overall US away from home industry continues to face pressure as traffic remains suppressed .

With that I will turn it over to Carlos.

Thank you Anne Marie and thank you all for joining us.

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Recognized there is further work to be done to successfully navigate today's complex environment in the third quarter, we saw a modest year over year topline recovery versus the first half driven by targeted investments and sharper execution.

Recognize there is further work to be done to successfully navigating today's complex environment in the third quarter, we saw a modest year over year topline recovery versus the first half driven by targeted investments and sharper execution.

Speaker #2: We continue to expect growth in our international business in Q4, but we are not contemplating an improvement in the U.S. industry for the remainder of the year.

Our investments in marketing R&D and technology are fueling the recovery whether through brand grew system inputs that are improving performance the debris filling in lunchables or through advances in technology that continue to drive efficiencies across the value change.

Speaker #2: Now, turning to emerging markets. Organic net sales grew 4.7%. The Latin America and Middle East and Africa regions delivered double-digit growth for the second quarter in a row, while the weakness I just mentioned in Indonesia created a sizable headwind.

Our investments in marketing R&D and technology are fueling the recovery whether through brand grew system inserts that are improving performance the debris filling in lunchables or through advances in technology that continue to drive efficiencies across the value change.

We are continuing to generate attractive cash flow and remain committed to our net leverage target and have returned $1 $8 billion to shareholders year to date, while continuing to invest for growth.

Speaker #2: Going deeper into North America , retail accelerate , I am encouraged to see , share improvement across key categories in cream cheese , salad dressings , ketchup and mustard .

We are continuing to generate attractive cash flow remain committed to our net leverage target and have returned $1 8 billion to shareholders year to date, while continuing to invest for growth.

Carlos Abrams-Rivera: In Cream Cheese, salad dressings, ketchup, and mustard, we gained or held share in the quarter and drove even larger share gains in September. In fact, we gained share across 70% of our U.S. taste elevation portfolio in the month of September. We are seeing success across these categories as we continue to invest to drive superiority through innovation and renovation, consumer-driven price-back strategies, improved marketing, and strong sales execution. We will continue to deploy the successful playbook across the portfolio to accelerate improvement. Shifting our focus to our next strategic pillar, global away from home, while I'm encouraged by the growth we continue to see internationally, the industry remains pressured in the U.S., particularly in chains and restaurants. Outside of restaurants in areas such as hotels, stadiums, and entertainment, the non-commercial channels are attractive high-end margin channels where we continue to see growth.

Speaker #2: We gained our health share in the quarter and drove even larger share gains in September. In fact, we gained share across 70% of our U.S. taste elevation portfolio in the month of September.

Carlos Abrams-Rivera: In Cream Cheese, salad dressings, ketchup, and mustard, we gained our health share in the quarter and drove even larger share gains in September. In fact, we gained share across 70% of our US Taste Elevation portfolio in the month of September. We are seeing success across these categories as we continue to invest to drive superiority through innovation and renovation, consumer-driven price-back strategies, improved marketing, and strong sales execution. We will continue to deploy the successful playbook across the portfolio to accelerate improvement. Shifting our focus to our next strategic pillar, global away-from-home. While I'm encouraged by the growth we continue to see internationally, the industry remains pressured in the US, particularly in chains and restaurants. Outside of restaurants in areas such as hotels, stadiums, and entertainment, the non-commercial channels are an attractive higher-margin channel where we continue to see growth.

In Cream Cheese, salad dressings, ketchup, and mustard, we gained our health share in the quarter and drove even larger share gains in September. In fact, we gained share across 70% of our US Taste Elevation portfolio in the month of September. We are seeing success across these categories as we continue to invest to drive superiority through innovation and renovation, consumer-driven price-back strategies, improved marketing, and strong sales execution. We will continue to deploy the successful playbook across the portfolio to accelerate improvement. Shifting our focus to our next strategic pillar, global away-from-home. While I'm encouraged by the growth we continue to see internationally, the industry remains pressured in the US, particularly in chains and restaurants. Outside of restaurants in areas such as hotels, stadiums, and entertainment, the non-commercial channels are an attractive higher-margin channel where we continue to see growth.

Overall, the operating environment remains challenging with worsening consumer since dominion inflation shaping consumer behavior globally.

Overall, the operating environment remains challenging with worsening consumer sentiment and inflation shaping consumer behavior globally.

As a result, we are updating our 2025 outlook to reflect our third quarter performance and the anticipated continued macro trends Andrew will share more details shortly.

Speaker #2: We are seeing success across these categories as we continue to invest to drive superiority through innovation and renovation, consumer-driven price pack strategies, improved marketing, and strong sales execution.

As a result, we are updating our 2025 outlook to reflect our third quarter performance and anticipated continued macro trends Andrew will share more details shortly.

Finally, we remain on track to separate into two stronger more focused company.

Speaker #2: And we will continue to deploy the successful playbook across the portfolio to accelerate improvement, shifting our focus to our next pillar: global, away from home.

Each game by market leading brands.

Each input by market, leading brands global taste elevation company home to legacy iconic brands like Adelphia and graph Mac and cheese, and North America grocery company, consisting of North American Staples, including $3 billion brands, Oscar Mayer Kraft singles and Lunchables.

Global taste elevation company home to legacy iconic brands like Adelphia, and graph Mac and cheese, and North America grocery company, consisting of North American Staples, including $3 billion brands, Oscar Mayer Kraft singles and Lunchables.

Speaker #2: While I'm encouraged by the growth we continue to see internationally, the industry remains pressured in the U.S., particularly in chains and restaurants outside of restaurants, in areas such as hotels, stadiums, and entertainment.

This operation, which is expected to close in the second half of 2026, we will allow each business to more sharply focus resources improve execution reduce complexity and drive further efficiencies.

This operation, which is expected to close in the second half of 2026 would allow each business to more sharply focus resources improve execution reduce complexity and drive further efficiencies.

Speaker #2: The non-commercial channels and attractive, higher-margin channels where we continue to see growth over the past few years have been the focus of our growth initiatives. We are working to diversify our sales mix and reduce our dependency on QSR and restaurants.

Carlos Abrams-Rivera: Over the past few years, we have been focusing growth initiatives on these channels to diversify our sales mix and reduce our dependency on QSR and restaurants. As a result, their contribution to overall away from home sales in North America is up 8 percentage points from 2022. We also continue to expand beyond ketchup through both distribution and innovative offerings. For our new Heinz Chipotle Honey Mustard, we strategically launched it in away from home prior to bringing it to retail. The partnership delivered twice the initial expected volume, unlocking a relationship that has opened the door for incremental cross-channel revenue. In emerging markets away from home, we increased organic net sales by 9% in the third quarter, surpassing the 8% growth rate achieved in the first half of the year. This achievement underscores the success of our go-to-market model and the ongoing strength of the Heinz brand globally.

Carlos Abrams-Rivera: Over the past few years, we have been focusing growth initiatives on these channels to diversify our sales mix and reducing our dependency on QSR and restaurants. As a result, their contribution to overall away-from-home sales in North America is up 8 percentage points from 2022. We also continue to expand beyond ketchup through both distribution and innovative offerings. For our new Heinz Chipotle Honey Mustard, we strategically launched it in away-from-home prior to bringing it to retail. The partnership delivered twice the initial expected volume, unlocking a relationship that has opened the door for incremental cross-channel revenue. In emerging markets away from home, we increased organic net sales by 9% in Q3, surpassing the 8% growth rate achieved in H1 of the year. This achievement underscores the success of our go-to-market model and the ongoing strength of the Heinz brand globally.

Over the past few years, we have been focusing growth initiatives on these channels to diversify our sales mix and reducing our dependency on QSR and restaurants. As a result, their contribution to overall away-from-home sales in North America is up 8 percentage points from 2022. We also continue to expand beyond ketchup through both distribution and innovative offerings. For our new Heinz Chipotle Honey Mustard, we strategically launched it in away-from-home prior to bringing it to retail. The partnership delivered twice the initial expected volume, unlocking a relationship that has opened the door for incremental cross-channel revenue. In emerging markets away from home, we increased organic net sales by 9% in Q3, surpassing the 8% growth rate achieved in H1 of the year. This achievement underscores the success of our go-to-market model and the ongoing strength of the Heinz brand globally.

In the meantime, our priority is to drive improved performance and position both companies for long term success.

In the meantime, our priorities to drive improved performance and position both companies for long term success.

Speaker #2: As a result , there contribution to overall away from home sales in North America is up eight percentage points from 2022 . We also continue to expand beyond ketchup through both distribution and innovative offerings for a new high protein mustard .

Now moving into the details of our third quarter results.

We continued to make progress on the topline with year over year organic net sales down two 5% an improvement compared to the decline of three 3% in the first half of the year.

We continued to make progress on the topline with year over year organic net sales down two 5% an improvement compared to the decline of three 3% in the first half of the year. Our Q3 performance was slightly behind our expectations driven in large part by extended promotion activity in the Gulf Coast.

Our Q3 performance was slightly behind our expectations driven in large part by extended promotion activity in the <unk> category and slowdown in Indonesia that I will expand on shortly.

Speaker #2: We strategically launched in away from home prior to bringing it to retail . The partnership delivered twice the initial expected volume , unlocking a relationship that has opened the door for incremental cross-channel revenue in emerging markets away from home .

Category and slowdown in Indonesia that I will expand on shortly.

At the same time, our teams deliver meaningful cost and efficiency gains across the business, which helped to partially offset pressures from tariffs of inflation along with targeted investments in trade.

Speaker #2: We increased organic net sales by 9% in the third quarter, surpassing the 8% growth rate achieved in the first half of the year.

The net of which compressed gross margin versus last year.

Speaker #2: This achievement underscores the success of our go-to-market model and the ongoing strengths of the highest brand globally. Our Heinz Verify program supports U.S. restaurants with exclusive access to sweet benefits that unlock growth and boost traffic.

The net of which compressed gross margin versus last year.

This resource combined with an increasing investment and a more favorable tax rate led to constant currency adjusted operating income of $1 1 billion.

Carlos Abrams-Rivera: Our Heinz Verify program supports U.S. restaurants with exclusive access to a suite of benefits that unlock growth and boost traffic. Nearly 2,500 operators have joined, recognizing the value of serving Heinz in driving traffic and credibility. While we expect the U.S. industry to remain under pressure for the remainder of the year, success across key elements of our strategy should drive an improvement versus Q3. Our final strategic pillar, emerging markets, delivered yet another quarter of growth, increasing top line by nearly 5%, driven by a combination of price and volume mix. This performance was attributed to our Heinz brand, which grew an impressive 14% in the quarter, as well as a repeatable go-to-market model. Heinz is our global anchor with over $1 billion in sales in emerging markets alone.

Carlos Abrams-Rivera: Our Heinz Verified program supports US restaurants with exclusive access to suites of benefits that unlock growth and boost traffic. Nearly 2,500 operators have joined, recognizing the value of serving Heinz in driving traffic and credibility. So, while we expect the US industry to remain under pressure for the remainder of the year, success across key elements of our strategy should drive an improvement versus Q3. Our final strategic pillar, emerging markets, delivered yet another quarter of growth, increasing top line by nearly 5%, driven by a combination of price and volume mix. This performance was attributed to our Heinz brand, which grew an impressive 14% in the quarter, as well as a repeatable go-to-market model. Heinz is our global anchor, with over $1 billion in sales in emerging markets alone.

Our Heinz Verified program supports US restaurants with exclusive access to suites of benefits that unlock growth and boost traffic. Nearly 2,500 operators have joined, recognizing the value of serving Heinz in driving traffic and credibility. So, while we expect the US industry to remain under pressure for the remainder of the year, success across key elements of our strategy should drive an improvement versus Q3. Our final strategic pillar, emerging markets, delivered yet another quarter of growth, increasing top line by nearly 5%, driven by a combination of price and volume mix. This performance was attributed to our Heinz brand, which grew an impressive 14% in the quarter, as well as a repeatable go-to-market model. Heinz is our global anchor, with over $1 billion in sales in emerging markets alone.

And adjusted EPS of <unk> 61.

Speaker #2: Nearly 2500 operators have joined , recognizing the value of serving times in driving traffic and increasing the ability . So while we expect the US industry to remain under pressure for the remainder of the year , success across key elements of our strategy should drive an improvement versus Q3 our final strategic pillar , emerging markets delivered yet another quarter of growth , increasing top line by nearly 5% , driven by a combination of price and volume mix .

Our cash generation remains a clear strength year to date free cash flow was $2 5 billion.

Our cash generation remains a clear strengths year to date free cash flow was $2 5 billion.

Up over 20% from last year, reflecting disciplined working capital.

Over 20% from last year, reflecting disciplined working capital.

Importantly, the sequential recovery that we're seeing in year over year top line growth is coming primarily from improved volume mix in total organic net sales improved 80 basis points in the third quarter compared to the first half of the year with volume mix, improving 70 basis points over the same.

Speaker #2: This performance was attributed to our highest brand, which grew an impressive 14% in the quarter, as well as our repeatable go-to-market model.

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We achieved these results despite growing challenge of Indonesia, and continued promotional activity in the U S. Cope with category. The pressure, we're seeing in Indonesia is attributable to inventory destocking as well as route to market challenges both fueled in part by a sharp economic slowdown to have led to a pullback in consumption.

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We achieved these results despite growing challenge I think Indonesia and continued promotional activity in the U S. Corporate category the pressure Youre seeing in Indonesia is attributable to inventory destocking as well route to market challenges both fueled in part by a sharp economic slowdown to have led to a pullback in consumption.

Speaker #2: High is our global anchor , with over $1 billion in sales in emerging markets alone . In this markets . We have successfully been able to expand beyond Ketchup into mayonnaise , pathos and other fast growing categories .

Carlos Abrams-Rivera: In these markets, we have successfully been able to expand beyond ketchup into mayonnaise, pasta sauce, and other fast-growing categories. Our go-to-market model continues to drive steady growth in distribution with an increase of 60,000 distribution points in the third quarter versus last year. This brings our emerging market total to nearly 900,000 distribution points, and we still see so much opportunity for further expansion. The strength of our Heinz brand and our go-to-market model execution give me confidence that we are well positioned for sustainable long-term growth in our emerging markets. Now, turning to our continued investments across marketing, R&D, and technology, which are at the heart of our initial recovery. One key area of investment is our brand growth system. This is a systematic and repeatable data-driven methodology that is powered by forensic-like analysis to drive category growth through brand superiority.

Carlos Abrams-Rivera: In these markets, we have successfully been able to expand beyond ketchup into mayonnaise, pasta sauce, and other fast-growing categories. Our go-to-market model continues to drive steady growth in distribution, with an increase of 60,000 distribution points in the third quarter versus last year. This brings our emerging market total to nearly 900,000 distribution points, and we still see so much opportunity for further expansion. The strength of our Heinz brand and our go-to-market model execution gives me confidence that we are well-positioned for sustainable, long-term growth in our emerging markets. Now, turning to our continued investments across marketing, R&D, and technology, which are at the heart of our initial recovery. One key area of investment is our Brand Growth System. This is a systematic and repeatable data-driven methodology that is powered by forensic-like analysis to drive category growth through brand superiority.

In these markets, we have successfully been able to expand beyond ketchup into mayonnaise, pasta sauce, and other fast-growing categories. Our go-to-market model continues to drive steady growth in distribution, with an increase of 60,000 distribution points in the third quarter versus last year. This brings our emerging market total to nearly 900,000 distribution points, and we still see so much opportunity for further expansion. The strength of our Heinz brand and our go-to-market model execution gives me confidence that we are well-positioned for sustainable, long-term growth in our emerging markets. Now, turning to our continued investments across marketing, R&D, and technology, which are at the heart of our initial recovery. One key area of investment is our Brand Growth System. This is a systematic and repeatable data-driven methodology that is powered by forensic-like analysis to drive category growth through brand superiority.

I can assure you we are addressing this issue directly and executing a comprehensive plan.

Speaker #2: And our go-to-market model continues to drive steady growth in distribution, with an increase of 60,000 distribution points in the third quarter versus last year.

I can assure you we are addressing this issue of directly and executing a comprehensive plan.

This includes resetting inventory to optimal levels stabilizing our distributor network and continue to build on the investments we have made to improve the equity of our ABC brand.

This includes resetting inventory to optimal levels.

Speaker #2: This brings our emerging market total to nearly 900,000 distribution points , and we still see so much opportunity for further expansion . The strength of our brand and our go to market model execution gives me confidence that we are well positioned for sustainable , long term growth in our emerging markets .

Stabilizing our distributor network and continue to build on the investments we have made to improve the equity of our ABC brand.

Given the scope of the challenges and complexity of these initiatives, we expect meaningful improvements in the second half of next year.

In cold cuts elevated promotional activity in the marketplace continue longer than we anticipated we made the decision to invest in price in the back half of the third quarter and we expect those investments to drive improved performance.

In cold cuts elevated promotional activity in the marketplace continue longer than we anticipated we made the decision to invest in price in the back half of the third quarter and expect those investments to drive improved performance.

Speaker #2: Now, turning to our continued investments across marketing, R&D, and technology, which are at the heart of our initial recovery. One key area of investment is our Brand Growth System.

Now, let's take a look at our we sold through the lens of our three strategic pillars.

Speaker #2: This is a systematic and repeatable , data driven methodology that is powered by forensic analysis to drive category growth through brand superiority . It identifies opportunities across a broad competitive landscape to improve performance in four key areas brand resonance , product and package value , equation , and omnichannel execution .

In North America retail accelerate platforms, they've declined four 2% versus the prior year.

This reflects a year over year improvement of 100 basis points from the first half of down five 2% largely driven by Lunchables cream cheese and primal kitchen.

Carlos Abrams-Rivera: It identifies opportunities across a broad competitive landscape to improve performance in four key areas: brand resonance, product and package, value equation, and omnichannel execution. Let's start with brand resonance. Here, our goal is to drive category expansion and build an everlasting emotional connection with our consumers. Driven by insights gained through the brand growth system, our creative is now more product-focused. For example, in the UK, our Triggered the Taste campaign replaces the Heinz name with the food it is famously paired with to evoke taste memory and highlight the inseparable pairing. In product and package delivery, we have invested to deliver on superior quality, taste, and consumer experience. I am proud of the teams on what they have been able to accomplish in such a short amount of time. Lunchables' upgraded cookies and crackers now test superiority in all metrics.

Carlos Abrams-Rivera: It identifies opportunities across a broad competitive landscape to improve performance in four key areas: brand resonance, product and package, value equation, and omnichannel execution. Let's start with brand resonance. Here, our goal is to drive category expansion and build an everlasting emotional connection with our consumers. Driven by insights gained through the Brand Growth System, our creative is now more product-focused. For example, in the UK, our "Trigger the Taste" campaign replaces the Heinz name with the food it is famously paired with to evoke taste memory and highlight the inseparable pairing. In product and package delivery, we have invested to deliver on superior quality, taste, and consumer experience. I am proud of the teams and what they have been able to accomplish in such a short amount of time. Lunchables upgraded cookies and crackers now test superior in all metrics.

It identifies opportunities across a broad competitive landscape to improve performance in four key areas: brand resonance, product and package, value equation, and omnichannel execution. Let's start with brand resonance. Here, our goal is to drive category expansion and build an everlasting emotional connection with our consumers. Driven by insights gained through the Brand Growth System, our creative is now more product-focused. For example, in the UK, our "Trigger the Taste" campaign replaces the Heinz name with the food it is famously paired with to evoke taste memory and highlight the inseparable pairing. In product and package delivery, we have invested to deliver on superior quality, taste, and consumer experience. I am proud of the teams and what they have been able to accomplish in such a short amount of time. Lunchables upgraded cookies and crackers now test superior in all metrics.

While we experienced improvements in these categories.

Q3 year over year decline North America retail accelerates was primarily driven by Mac and cheese Spooner both in process next.

Speaker #2: Let's start with brand resonance. Our goal is to drive category expansion and build an everlasting emotional connection with our consumers, driven by insights gained through the brand growth system.

Q3 year over year decline in North America retail accelerate was primarily driven by Mac and cheese Spooner both in process next.

Global away from whom organic net sales declined two 4% we delivered growth in international away from home for the 18th straight quarter, while the overall U S away from home industry continues to face pressure as traffic remained suppressed.

Speaker #2: Our creative is now more product-focused. For example, in the UK, our "Trigger to Taste" campaign replaces the Heinz name with the food family, paired with elements to evoke taste and memory, and to highlight the inseparable pairing in product and package delivery.

We continue to expect growth in our international business in Q4, where we are not contemplating on improvements in the U S industry for the remainder of the year.

We continue to expect growth in our international business in Q4, where we are not contemplating an improvement in the U S industry for the remainder of the year.

Speaker #2: We have invested to deliver superior quality, taste, and consumer experience. I am proud of the teams for what they have been able to accomplish in such a short amount of time.

Now turning to emerging markets organic net sales grew four 7% Latam Middle East and Africa regions delivered double digit growth for the second quarter in a row, while the weakness I just mentioned the Indonesia created a sizable headwind.

Speaker #2: Lunchables , upgraded cookies and crackers now test superior in all metrics . We are also highlighting high protein content on packaging across several brands , including Lunchables , which has ten grams of protein .

Carlos Abrams-Rivera: We're also highlighting high protein content on packaging across several brands, including Lunchables, which has 10 grams of protein. In 2025, we invest in renovation and product superiority across nearly two-thirds of the U.S. portfolio, fueled by insights from our brand growth system. Delivering value remains a top priority, and we are committed to meeting the needs of all consumers, from families to single households. Let me give you an example in Mac and Cheese. This year, we introduced a new family-sized box of Kraft Mac and Cheese, offering 50% more than the standard blue box. Lastly, for omnichannel execution, we want to amplify brand and category reach through excellent execution across all channels. A key component of this is e-commerce, where we have generated high single-digit growth for the last three years.

Going deeper into North America retail accelerate.

Carlos Abrams-Rivera: We're also highlighting high protein content on packaging across several brands, including Lunchables, which has 10 grams of protein. In 2025, we invested in renovation and product superiority across nearly 2/3 of the US portfolio, fueled by insights from our brand growth system. Delivering value remains a top priority, and we are committed to meeting the needs of all consumers, from families to single households. Let me give you an example in mac and cheese. This year, we introduced a new family-sized box of Kraft Mac and Cheese, offering 50% more than the standard blue box. Lastly, for omnichannel execution, we want to amplify brand and category reach through excellent execution across all channels. A key component of this is e-commerce, where we have generated high single-digit growth for the last three years.

We're also highlighting high protein content on packaging across several brands, including Lunchables, which has 10 grams of protein. In 2025, we invested in renovation and product superiority across nearly 2/3 of the US portfolio, fueled by insights from our brand growth system. Delivering value remains a top priority, and we are committed to meeting the needs of all consumers, from families to single households. Let me give you an example in mac and cheese. This year, we introduced a new family-sized box of Kraft Mac and Cheese, offering 50% more than the standard blue box. Lastly, for omnichannel execution, we want to amplify brand and category reach through excellent execution across all channels. A key component of this is e-commerce, where we have generated high single-digit growth for the last three years.

Going deeper into North America retail accelerate.

We encouraged to see share improvement across key categories in cream cheese salad dressings, ketchup and mustard, we gain on sales share in the quarter and drove even the largest share gains in September in fact, we gained share at <unk>, 70% of our U S taste alteration portfolio in the most of September.

Speaker #2: In 2025 . We invest in renovation and product superiority across nearly two thirds of the US portfolio , fueled by insights from our brand growth system , delivering value remains a top priority , and we are committed to meeting the needs of all consumers from families to single households .

We encouraged to see share improvement across key categories in cream cheese salad dressings, ketchup and mustard, we gain on hell share in the quarter and drove even largest share gains in September in fact, we gained share across 70% of our U S taste alteration portfolio in the most of September.

We are seeing success across these categories as we continue to invest to drive superiority through innovation and renovation consumer driven price backed strategies improved marketing and strong sales execution.

Speaker #2: Let me give you an example . In mac and cheese this year , we introduced a new family sized box of Kraft mac and cheese , offering 50% more than the standard blue box .

Speaker #2: Lastly , for omnichannel execution , we want to amplify brand and category reach through excellent execution across all channels . A key component of this is e-commerce , where we have generated high single digit growth for the last three years .

We will continue to deploy the successful playbook across the portfolio to accelerate improvement.

Shifting our focus to our next strategic pillar global away from home.

While I'm encouraged by the growth we continue to see internationally the industry remains pressure in the U S, particularly changed in restaurants.

Speaker #2: We built for folio marketing to develop multi-brand media to shelf programs so we can win bigger in our must read moments where our brands are hyper relevant .

Carlos Abrams-Rivera: We built portfolio marketing to develop multi-brand media to shelf programs so we can win bigger in our must-win moments when our brands are hyper-relevant. For example, this summer, we won in displaying our feature across our multi-brand "Let's Grill Out for Dinner" campaign. We have made meaningful progress implementing our brand growth system. By year-end, we expect to reach 40% sales coverage, representing a 30 percentage point increase over last year. With a dedicated team, we will continue to scale faster and further expand coverage in 2026. Our brand growth system works hand in hand with our disruptive marketing and innovation efforts. By delivering superior products to meet our consumers' evolving needs through innovation, we continue to drive momentum globally.

While I'm encouraged by the growth we continue to see internationally the industry remains pressure in the U S, particularly changed in restaurants.

Carlos Abrams-Rivera: We built portfolio marketing to develop multi-brand media to shelf programs so we can win bigger in our must-win moments where our brands are hyper-relevant. For example, this summer, we won in display and feature across a multi-brand "Let's Grill Out for Dinner" campaign. We have made meaningful progress implementing our Brand Growth System. By year-end, we expect to reach 40% sales coverage, representing a 30 percentage point increase over last year. With a dedicated team, we will continue to scale faster and further expand coverage in 2026. Our Brand Growth System works hand in hand with our disruptive marketing and innovation efforts. By delivering superior products to meet our consumers' evolving needs through innovation, we continue to drive momentum globally.

We built portfolio marketing to develop multi-brand media to shelf programs so we can win bigger in our must-win moments where our brands are hyper-relevant. For example, this summer, we won in display and feature across a multi-brand "Let's Grill Out for Dinner" campaign. We have made meaningful progress implementing our Brand Growth System. By year-end, we expect to reach 40% sales coverage, representing a 30 percentage point increase over last year. With a dedicated team, we will continue to scale faster and further expand coverage in 2026. Our Brand Growth System works hand in hand with our disruptive marketing and innovation efforts. By delivering superior products to meet our consumers' evolving needs through innovation, we continue to drive momentum globally.

Outside of restaurants in areas, such as hotel stadiums and entertainment the noncommercial channels, an attractive higher margin channel, where we continue to see growth.

Outside of restaurants in areas, such as hotel steadier than entertainment, the noncommercial channels, an attractive higher margin channel, where we continue to see growth.

Speaker #2: For example , this summer we won in display a feature across a multi-brand , less drill out for dinner campaign . We have made meaningful progress implementing our brand growth system by year end .

Over the past few years, we have been focusing growth initiative on this channel to diversify our sales mix and reducing our dependency on <unk> and restaurants.

Speaker #2: We expect to reach 40% sales coverage , representing a 30 percentage point increase over last year . And with a dedicated team , we will continue to scale faster and further expand coverage in 2026 .

As a result their contribution to overall away from home sales in North America is up eight percentage points from 2022.

Speaker #2: Our brand growth system works hand in hand with our disruptive marketing and innovation efforts by delivering superior products to meet our consumers' evolving needs through innovation.

We also continue to expand beyond catch up through both distribution and innovative offerings for.

We also continue to expand beyond catch up through both distribution and innovative offerings for our new highs to broker honey mustard, we strategically launched in away from home prior to bring it to retail.

Our new highs to broker honey mustard, we strategically launched in away from home prior to bring it to retail.

Speaker #2: We continue to drive momentum globally, starting in Canada, where we turned up the flavor with the launch of new Heinz mayonnaise-style sauces now available at major retailers.

Carlos Abrams-Rivera: Starting in Canada, where we turned up the flavor with the launch of new Heinz mayonnaise-style sauces, now available at major retailers, these flavors are driving nearly three percentage points of share gains for the Heinz mayo versus the prior year. In fact, Heinz has now claimed five of the top 10 SKUs, representing 22% of the flavor mayo category. In addition to flavor exploration, we are making our beloved brands more accessible and relevant. Our single-serve Capri Sun bottles are proving to be a huge success. We have achieved top quartile performance across major retailers, with display execution driving significant lift. Our dual aisle placement, on shelf and in front of the store, is demonstrating incrementality, 60% to the brand and 50% to the category. The single-serve bottles are aging up our consumer base and over-indexing to lower-income households, giving it accessible entry price points.

The partnership delivered twice the mutual expected volume, while unlocking a relationship that has opened the door for incremental cross channel revenue.

The partnership delivered twice the initially expected volume while unlocking a relationship that has opened the door for incremental cross channel revenue.

Carlos Abrams-Rivera: Starting in Canada, where we turned up the flavor with the launch of new Heinz mayonnaise-style sauces, now available on major retailers, these flavors are driving nearly 3 percentage points of share gains for Heinz Mayo versus the prior year. In fact, Heinz has now claimed five of the top 10 SKUs, representing 22% of the flavored mayo category. In addition to flavor exploration, we are making our beloved brands more accessible and relevant. Our single-serve Capri Sun bottles are proving to be a huge success. We have achieved top quartile performance across major retailers, with display execution driving significant lift. Our dual aisle placement, on shelf, and in front of the store, is demonstrating incrementality: 60% to the brand, and 50% to the category. The single-serve bottles are aging up our consumer base and over-indexing to lower-income households, giving it accessible entry price points.

Starting in Canada, where we turned up the flavor with the launch of new Heinz mayonnaise-style sauces, now available on major retailers, these flavors are driving nearly 3 percentage points of share gains for Heinz Mayo versus the prior year. In fact, Heinz has now claimed five of the top 10 SKUs, representing 22% of the flavored mayo category. In addition to flavor exploration, we are making our beloved brands more accessible and relevant. Our single-serve Capri Sun bottles are proving to be a huge success. We have achieved top quartile performance across major retailers, with display execution driving significant lift. Our dual aisle placement, on shelf, and in front of the store, is demonstrating incrementality: 60% to the brand, and 50% to the category. The single-serve bottles are aging up our consumer base and over-indexing to lower-income households, giving it accessible entry price points.

Speaker #2: These flavors are driving nearly three percentage points of share gains from Heinz , Major versus the prior year . In fact , Heinz has now claimed five of the top ten SKUs , representing 22% of the flavor .

In emerging markets away from home, we increased organic net sales by 9% in the third quarter, surpassing the 8% growth rate achieved in the first half of the year.

In emerging markets away from home.

Creased organic net sales by 9% in the third quarter, surpassing the 8% growth rate achieved in the first half of the year.

Speaker #2: Major category . In addition to flavor exploration . We are making our beloved brands more accessible and relevant . Our single serve Capri-sun bottles are proving to be a huge success .

These achievements underscore the success of our go to market model and the ongoing strength of the Heinz brand globally.

Our Heinz verify program supports U S restaurants with exclusive access to suite the benefit that will unlock growth and booth traffic nearly 2500 operators have joined recognizing the value of serving size in driving traffic and improve the ability.

Our highest verify program supports U S restaurants with exclusive access to suite the benefit that a lot of growth and booth traffic nearly 2500 operators have joined recognizing the value of serving size in driving traffic and improve the ability.

Speaker #2: We have achieved top quartile performance across major retailers with display execution, driving significant lift. Our dual aisle placement on shelf and in front of the store is demonstrating incrementality of 60% to the brand and 50% to the category.

So while we expect the U S industry to remain under pressure for the remainder of the year.

Speaker #2: The single serve bottles are aging up . Our consumer base and overindexing to lower income households , giving it an entry price point .

Access across key element of our strategy should drive an improvement versus Q3.

Excess across key element of our strategy should drive an improvement versus Q3.

Our final strategic pillar emerging markets delivered yet another quarter of growth increasing topline by nearly 5% driven by a combination of price and volume mix.

Speaker #2: And we continue to deliver unique benefits, such as health and wellness. Our Heinz T0 with zero added sugar and salt is now available in over ten countries with its new formula, graphics, and campaign.

Carlos Abrams-Rivera: We continue to deliver unique benefits, such as health and wellness. Our Heinz TK Zero, with zero added sugar and salt, is now available in over 10 countries. With its new formula, graphics, and campaign, our renovated Heinz TK Zero has gained over one percentage point of share in Europe and driven incremental volume to the category. Our zero promise does not compromise on its iconic ketchup taste. Whether you choose zero, classic, or sweetened with honey, you can trust that it will always taste like Heinz. Finally, marketing. We have transformed our approach, starting with investing behind product-focused creative. As we move forward on our journey, we are amplifying human creativity with Tastemaker, our new AI-powered marketing and innovation platform that enables content creation at record speeds. What once took eight weeks now takes just eight hours. We're only scratching the surface of what's possible.

Our final strategic pillar emerging markets delivered yet another quarter of growth increasing top line by nearly 5% driven by a combination of price and volume mix.

Carlos Abrams-Rivera: And we continue to deliver unique benefits, such as health and wellness. Our Heinz TK0, with zero added sugar and salt, is now available in over 10 countries. With its new formula, graphics, and campaign, our renovated Heinz TK0 has gained over one percentage point of share in Europe and driven incremental volume to the category. Our zero promise does not compromise on its iconic ketchup taste. So whether you choose zero, classic, or sweetened with honey, you can trust that it will always taste like Heinz. And finally, marketing. We have transformed our approach, starting with investing behind product-focused creatives. As we move forward on our journey, we are amplifying human creativity with Tastemaker, our new AI marketing and innovation platform that enables content creation at record speeds. What once took eight weeks now takes just eight hours. And we are only scratching the surface of what's possible.

And we continue to deliver unique benefits, such as health and wellness. Our Heinz TK0, with zero added sugar and salt, is now available in over 10 countries. With its new formula, graphics, and campaign, our renovated Heinz TK0 has gained over one percentage point of share in Europe and driven incremental volume to the category. Our zero promise does not compromise on its iconic ketchup taste. So whether you choose zero, classic, or sweetened with honey, you can trust that it will always taste like Heinz. And finally, marketing. We have transformed our approach, starting with investing behind product-focused creatives. As we move forward on our journey, we are amplifying human creativity with Tastemaker, our new AI marketing and innovation platform that enables content creation at record speeds. What once took eight weeks now takes just eight hours. And we are only scratching the surface of what's possible.

This performance was attributed to our highest brand, which grew an impressive 14% in the quarter as well as repeatable go to market model.

Speaker #2: Are renovated . Heinz Tc0 has gained over one percentage point of share in Europe and driven incremental volume to the category . Our zero promise does not compromise on its iconic ketchup taste , so whether you choose zero , classic or sweetened with honey , you can trust that it will always taste like Heinz .

<unk> is a global anchor with over $1 billion in sales in emerging markets alone.

In this markets, we have successfully been able to expand beyond catch up into may and a path to source and motor fast growing categories.

In this markets, we have successfully been able to expand beyond ketchup into mayonnaise path to source and motor fast growing categories.

Speaker #2: And finally , marketing . We have transform our approach , starting with investing behind product focused creative . As we move forward in our journey , we are amplifying human creativity with tastemaker , our new AI marketing and innovation platform that enables content creation of record speeds .

And our go to market model continues to drive steady growth in distribution with an increase of 60000 distribution points in the third quarter versus last year.

This brings our emerging market total to nearly 900000 distribution points and we still see so much opportunity for further expansion.

This brings our emerging market total to nearly 900000 distribution points.

Speaker #2: While what once took eight weeks now takes just eight hours, and we're only scratching the surface of what's possible. We're also leaning into relevant moments in culture where our brands make sense.

We still see so much opportunity for further expansion.

The strength of our highest brand and our go to market model of execution gives me confidence that we are well positioned for sustainable long term growth in our emerging markets.

The strength of the Heinz brand in our go to market model of execution gives me confidence that we are well positioned for sustainable long term growth in our emerging markets.

Carlos Abrams-Rivera: We're also leaning into relevant moments in culture where our brands make sense. This past quarter, we announced our new Heinz Look Familiar Global campaign that reveals the striking similarity of French fry boxes and the iconic Heinz keystone. Live across eight global markets, including the U.S., the campaign demonstrates the unmistakable link between the universally loved duo. We are unlocking value at must-win consumer moments, most recently during Back to School. We increased media investment in core brands by 75% versus the prior year. With a full 360-degree campaign, we were able to reach 85% of parents at an average frequency of five times. As a result, we increased cross-shopping across participating brands by 60 bps compared to the prior year. On the next slide, you can clearly see that our investments across marketing, R&D, and technology are yielding results across all four focus categories in North America.

Carlos Abrams-Rivera: We're also leaning into relevant moments in culture where our brands make sense. This past quarter, we announced our new Heinz Look Familiar global campaign that reveals the striking similarity of French fries boxes and the iconic Heinz Keystone. Live across eight global markets, including the US, the campaign demonstrates the unmistakable link between the universally loved duo. And we are unlocking value at must-win consumer moments, most recently during Back to School. We increased media investment in core brands by 75% versus the prior year. And with a full 360-degree campaign, we were able to reach 85% of parents at an average frequency of five times. As a result, we increased cross-shopping across participating brands by 60 basis points compared to the prior year.

We're also leaning into relevant moments in culture where our brands make sense. This past quarter, we announced our new Heinz Look Familiar global campaign that reveals the striking similarity of French fries boxes and the iconic Heinz Keystone. Live across eight global markets, including the US, the campaign demonstrates the unmistakable link between the universally loved duo. And we are unlocking value at must-win consumer moments, most recently during Back to School. We increased media investment in core brands by 75% versus the prior year. And with a full 360-degree campaign, we were able to reach 85% of parents at an average frequency of five times. As a result, we increased cross-shopping across participating brands by 60 basis points compared to the prior year.

Speaker #2: This past quarter, we announced our new Heinz Look Familiar global campaign that reveals the striking similarity of French fry boxes and the iconic Heinz Keystone life across global markets, including the U.S.

Now turning to our continued investments across marketing R&D and technology, which are at the heart of our initial recovery.

One key area of investment is our brand growth system.

Speaker #2: The campaign demonstrates their own mistakable link between the universally loved duo and we unlock in value at most win consumer moments , most recently during Back to School , we increased media investment in core brands by 75% versus the prior year , and with a full 360 degree campaign , we were able to reach 85% of parents at an average frequency of five times .

This is a systematic and repeatable data driven methodology that is powered by forensic like analysis to drive category growth through brand superiority.

It identifies opportunities across a broad competitive landscape to improve performance in four key areas.

Brand residents product and package value equation and Omnichannel execution.

Brand residents telecom package value equation and Omnichannel is execution.

Let's start with brand residents here, our board, we should drive category expansion and build an ever lasting emotional connections with our consumers.

Speaker #2: As a result , we increased cross-shopping across participating brands by 60 basis points compared to the prior year . On the next slide , you can clearly see that our investments across marketing , R&D and technology are yielding results across all four focus categories in North America Lunchables and Capri-sun returned to positive consumption growth , and we are making progress in Mayonnaise and mac and cheese with renovated products in market and several initiatives either just hitting shelves or coming soon .

Let's start with brand residents here, our goal is to drive category expansion and build an ever lasting emotional connections with our consumers.

Driven by insights gained through the brand grow system are created is now more product focused for example in the UK our trigger to taste campaign replaces the highest need the authority family paired with to invoke taste memory and highlighting several parent.

Driven by insights gained through the brand Ro system are created is now more product focused for example in the UK our triggered it tastes campaign replaces the Heinz name with the <unk> family paired with to invoke tastes memory and highlighting several parent.

Carlos Abrams-Rivera: On the next slide, you can clearly see that our investments across marketing, R&D, and technology are yielding results across all four focus categories in North America. Lunchables and Capri Sun returned to positive consumption growth, and we are making progress in mayonnaise and mac and cheese. With renovated products in market and several initiatives either just hitting shelf or coming soon, I believe we can drive further improvements. This success gives me confidence in our ability to apply this framework across the rest of our brands to drive top-line growth. As a leader in the food industry, we are harnessing the power of technology to drive efficiencies across our value chain. Our AI-powered solutions are transforming the way we work, enabling us to streamline processes, enhance decision-making, and better enable reformulation.

On the next slide, you can clearly see that our investments across marketing, R&D, and technology are yielding results across all four focus categories in North America. Lunchables and Capri Sun returned to positive consumption growth, and we are making progress in mayonnaise and mac and cheese. With renovated products in market and several initiatives either just hitting shelf or coming soon, I believe we can drive further improvements. This success gives me confidence in our ability to apply this framework across the rest of our brands to drive top-line growth. As a leader in the food industry, we are harnessing the power of technology to drive efficiencies across our value chain. Our AI-powered solutions are transforming the way we work, enabling us to streamline processes, enhance decision-making, and better enable reformulation.

Carlos Abrams-Rivera: Lunchables and Capri Sun returned to positive consumption growth, and we are making progress in mayonnaise and mac and cheese. With renovated products in market and several initiatives either just hitting shelves or coming soon, I believe we can drive further improvements. This success gives me confidence in our ability to apply this framework across the rest of our brands to drive top-line growth. As a leader in the food industry, we are harnessing the power of technology to drive efficiencies across our value chain. Our AI-powered solutions are transforming the way we work, enabling us to streamline processes, enhance decision-making, and better enable reformulation. Our AI-powered tool, The Cookbook, provides employees access to 150 years of company knowledge on the production of ketchup and is leading to more efficient operations from farm to table.

In Pelican package delivery, we have invested to deliver superior quality taste and consumer experience.

Speaker #2: I believe we can drive further improvements. This success gives me confidence in our ability to apply this framework across the rest of our brands to drive top-line growth.

I'm proud of the teams or what they have been able to accomplish in such a short amount of time.

Lunchables upgraded cookies and crackers now test appears in all metrics were also highlighting high protein content on packaging across several brands, including Lunchables, which has 10 grams of protein.

Speaker #2: As a leader in the food industry , we are harnessing the power of technology to drive efficiencies across our value chain . Our AI powered solutions are transforming the way we work , enabling us to streamline processes , enhance decision making and better enable reformulation .

In 2025, we invested in renovation and processor priority across nearly two third of the U S portfolio fueled by insights from our brand growth system.

In 2025, we invested in renovation and processor priority across nearly two third of the U S portfolio fueled by insights from our brand Ro system.

Speaker #2: Our power tool. The cookbook provides employees access to 150 years of company knowledge on the production of ketchup and is leading to more efficient operations from farm to table.

Delivering value remains a top priority and we are committed to meeting the needs of all consumers from families to single households.

Carlos Abrams-Rivera: Our AI-powered tool, the Cookbook, provides employees access to 150 years of company knowledge on the production of ketchup and is leading to more efficient operations from farm to table. The tool went from idea to prototype in less than three months, thanks to our partnership with Microsoft. We are planning to scale this technology to other brands, products, and businesses and explore additional use cases to further leverage its potential. In operations, our AI-powered platform, Planchat, is enhancing real-time decision-making on the factory floor. By gathering real-time analytics and insights, our employees can make informed decisions, improving quality and throughput across our supply chain. Planchat is one component of our broader connected AI ecosystem across operations that has led to a meaningful reduction in waste, increased forecast accuracy, and improved yield. In R&D, our product AI model, Leonardo, is enabling faster and more cost-effective reformulation for nutritional advancements.

Our AI-powered tool, the Cookbook, provides employees access to 150 years of company knowledge on the production of ketchup and is leading to more efficient operations from farm to table. The tool went from idea to prototype in less than three months, thanks to our partnership with Microsoft. We are planning to scale this technology to other brands, products, and businesses and explore additional use cases to further leverage its potential. In operations, our AI-powered platform, Planchat, is enhancing real-time decision-making on the factory floor. By gathering real-time analytics and insights, our employees can make informed decisions, improving quality and throughput across our supply chain. Planchat is one component of our broader connected AI ecosystem across operations that has led to a meaningful reduction in waste, increased forecast accuracy, and improved yield. In R&D, our product AI model, Leonardo, is enabling faster and more cost-effective reformulation for nutritional advancements.

Let me give you an example, and Mac and cheese. This year, we introduced a new family size buffer for Mac and cheese offering 50% more than the standard blue box.

Let me give you an example, and Mac and cheese. This year, we introduced a new family size buffer fastnet in cheese offering 50% more than the standard blue box.

Speaker #2: The tool went from idea to prototype in less than three months, thanks to our partnership with Microsoft. We are planning to scale this technology to other brands, products, and businesses and explore additional use cases to further leverage its potential in operations.

Carlos Abrams-Rivera: The tool went from idea to prototype in less than three months, thanks to our partnership with Microsoft. We are planning to scale this technology to other brands, products, and businesses and explore additional use cases to further leverage its potential. In operations, our AI-powered platform, Planchat, is enhancing real-time decision-making on the factory floor. By gathering real-time analytics and insights, our employees can make informed decisions, improving quality and throughput across our supply chain. Planchat is one component of our broader connected AI ecosystem across operations that has led to a meaningful reduction in waste, increased forecast accuracy, and improved yield. In R&D, our product AI model, Leonardo, is enabling faster and more cost-effective reformulation for nutritional advancements. Leonardo makes recommendations that replicate the exact taste and experience profile, allowing us to create healthier products without compromising on taste.

Lastly for Omnichannel execution, we want to amplify brand and category reach through excellent execution across all channels and a key component of this is e-commerce, where we have generated high single digit growth for the last three years, we built for Prolia marketing to develop multi brand meal.

Speaker #2: Our AI powered platform , planchette , is enhancing real time decision making on the factory floor by gathering real time analytics and insights .

Built for petroleum marketing to develop multi brand media to shelf program. So we can win bigger must with moments, where our brands are hyper relevant for example, this summer we want in display on Fisher across a multi brand less drill out for dinner company.

Speaker #2: Our employees can make informed decisions , improving quality and throughput across our supply chain . Planchette is one component of our broader connected AI ecosystem across operations that has led to a meaningful reduction in waste , increased forecast accuracy , and improved yield .

Leah to shelf program. So we can win bigger.

With moments, where our brands are hyper relevant for example, this summer we want in display on Fisher across a multi brand less do allow for dinner campaign.

We have made meaningful progress implementing our brand growth system by year end, we expect to reach 40% of sales coverage, representing a 30 percentage point increase over last year.

We have made meaningful progress implementing our brand growth system by year end, we expect to reach 40% of sales coverage, representing a 30 percentage point increase over last year and with a dedicated team. We will continue to scale faster and further expand coverage in 2020.

Speaker #2: And in R&D , our product AI model , Leonardo is enabling faster and more cost effective reformulation for nutritional advancements . Leonardo makes recommendations that replicate the exact taste and experience profile , allowing us to create healthier products without compromising on taste .

And with a dedicated team we will continue to scale faster and further expand coverage in 2026.

Carlos Abrams-Rivera: Leonardo makes recommendations that replicate the exact taste and experience profile, allowing us to create healthier products without compromising on taste. In our first pilot in Brazil, we used Leonardo to reduce added sugars and sodium by over 30% in Heinz tomato ketchup while preserving the iconic Heinz taste. As part of our overall innovation and renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options. Our AI-powered solutions will be key tools in helping us achieve this goal, as well as drive continued progress on our commitment to eliminate artificial dyes by 2027. Before I hand it off to Andre, I would like to quickly touch on the separation. Work is well underway, and we will continue to keep you informed of our progress.

Leonardo makes recommendations that replicate the exact taste and experience profile, allowing us to create healthier products without compromising on taste. In our first pilot in Brazil, we used Leonardo to reduce added sugars and sodium by over 30% in Heinz tomato ketchup while preserving the iconic Heinz taste. As part of our overall innovation and renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options. Our AI-powered solutions will be key tools in helping us achieve this goal, as well as drive continued progress on our commitment to eliminate artificial dyes by 2027. Before I hand it off to Andre, I would like to quickly touch on the separation. Work is well underway, and we will continue to keep you informed of our progress.

Our brand growth system works hand in hand, with our disruptive marketing innovation efforts by delivering superior products to meet our consumers' evolving needs through innovation, we continue to drive momentum globally.

Six.

Speaker #2: In our first pilot in Brazil, we used Leonardo to reduce added sugars and sodium by over 30% in Heinz Tomato Ketchup, while preserving the iconic Heinz taste.

Carlos Abrams-Rivera: In our first pilot in Brazil, we used Leonardo to reduce added sugars and sodium by over 30% in Heinz Ketchup while preserving the iconic Heinz taste. As part of our overall innovation and renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options. Our AI-powered solutions will be key tools in helping us achieve this goal, as well as drive continued progress on our commitment to eliminate artificial dyes by 2027. Before I hand it off to Andre, I would like to quickly touch on the separation. Work is well underway, and we will continue to keep you informed of our progress. We remain on track to close in the second half of 2026, and I can assure you that in the meantime, we are laser-focused on execution and improving the performance of the business.

Starting in Canada, where we turn up the flavor with the launch of new Heinz Mayonnaise style sauces.

Starting in Canada, where we turn up the flavor with the launch of new Heinz Mayonnaise style sauces now available in major retailers display, which are driving nearly three percentage points of share gains for <unk> major versus the prior year. In fact, hi have now claimed five of the top 10 skus.

Speaker #2: As part of our innovation renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options.

Now available in major retailers display, which are driving nearly three percentage points of share gains for nine's major versus the prior year. In fact, <unk> has now playing five of the top 10, skus, representing 22% of the flavor major category.

Speaker #2: Our AI-powered solutions will be key tools in helping us achieve this goal, as well as driving continued progress on our commitment to eliminate artificial dyes by 2027.

Representing 22% of the flavor major category.

Speaker #2: Before I hand it off to Andre, I would like to quickly touch on the separation work. It is well underway, and we will continue to keep you informed of our progress.

In addition to flavor exploration, we are making our beloved brands more accessible and relevant our single serve coffee. Some borrowers are proving to be a huge success we.

In addition to flavor exploration, we are making our beloved brands more accessible and relevant our single serve Capri Sun bottles are proving to be a huge success we.

Speaker #2: We remain on track to close in the second half of 2026, and I can assure you that in the meantime, we are laser-focused on execution and improving the performance of the business.

We have achieved top quartile performance across major retailers with display execution driving significant list our dual aisle placement on shelf in the store, it's demonstrating instrumentality, 60% of the brand and 50% to the category. The single serve bottles are aging up our.

We have achieved top quartile performance across major retailers with display execution driving significant list our dual aisle placement on shelf in the store, if demonstrating instrumentality, 60% of the brand and 50% of the category. The single serve bottles are aging up our.

Carlos Abrams-Rivera: We remain on track to close in H2 2026, and I can assure you that in the meantime, we are laser-focused on execution and improving the performance of the business. With that, Andre will provide more details on our financial results and discuss our 2025 outlook. Thank you, Carlos. In Q3, organic net sales declined 2.5% for total Kraft Heinz, with price up 1 percentage point and volume mixed down 3.5 percentage points. As Carlos mentioned, this is a modest year-over-year top-line improvement of 80 basis points from down 3.3% in the first half of the year. In North America, organic net sales declined 3.8%, as growth in Canada was more than offset by declines in the US, led by cold cuts and away from home.

We remain on track to close in H2 2026, and I can assure you that in the meantime, we are laser-focused on execution and improving the performance of the business. With that, Andre will provide more details on our financial results and discuss our 2025 outlook.

Speaker #2: With that, Andre will provide more details on our financial results and discuss our 2025 outlook.

Carlos Abrams-Rivera: With that, Andre will provide more details on our financial results and discuss our 2025 outlook.

Speaker #3: Thank you . Carlos . In the third quarter , organic net sales declined 2.5% for total Kraft Heinz , with price up one percentage point and volume mix down 3.5 percentage points as Carlos mentioned , this is a modest year over year top line improvement of 80 basis points from down 3.3% in the first half of the year .

Andre Maciel: Thank you, Carlos. In the third quarter, organic net sales declined 2.5% for total Kraft Heinz, with price up 1 percentage point and volume mix down 3.5 percentage points. As Carlos mentioned, this is a modest year-over-year top-line improvement of 80 basis points from down 3.3% in the first half of the year. In North America, organic net sales declined 3.8% as growth in Canada was more than offset by declines in the U.S., led by cold cuts and away from home. This was a 100 basis point improvement from the first half of the year of down 4.8%, largely driven by meaningful progress in both Capri Sun and Lunchables. In our international developed markets, organic net sales declined 1.4%. In the quarter, we saw growth in taste elevation across key markets and priority channels, including away from home and discounters.

Andre Maciel: Thank you, Carlos. In Q3, organic net sales declined 2.5% for total Kraft Heinz, with price up 1 percentage point and volume mixed down 3.5 percentage points. As Carlos mentioned, this is a modest year-over-year top-line improvement of 80 basis points from down 3.3% in the first half of the year. In North America, organic net sales declined 3.8%, as growth in Canada was more than offset by declines in the US, led by cold cuts and away from home.

Tumor base and novel indexing to lower income households, giving is accessible entry price point and.

<unk> base and over indexing to lower income households, giving is accessible entry price point.

And we continue to deliver unique benefits such as health and wellness.

Our Heinz TK zero with few other sugar and Salt is now available in over 10 countries.

With its new Formula graphics income team our renovated Heinz TK zero has gained over one percentage point of share in Europe, and driven incremental volume for the category.

With its new Formula graphics income team our renovated Heinz TK zero has gained over one percentage point of share in Europe, and driven incremental volume for the category are zero promise does not compromise on with iconic catch up taste.

Speaker #3: In North America , organic net sales declined 3.8% as growth in Canada was more than offset by declines in the US , led by cold cuts and away from home .

Zero promise does not compromise on with iconic catch up taste.

So whether you choose zero classic or sweetened with Honey you can trust that it will always tastes like highs.

So whether you choose zero class for sweetened with Honey you can trust that it will always tastes like hives.

Speaker #3: This was a 100 basis point improvement from the first half of the year, down 4.8%, largely driven by meaningful progress in both Capri Sun and Lunchables.

Carlos Abrams-Rivera: This was a 100 basis point improvement from the first half of the year of down 4.8%, largely driven by meaningful progress in both Capri Sun and Lunchables. In our international developed markets, organic net sales declined 1.4%. In the quarter, we saw growth in taste elevation across key markets and priority channels, including away from home, and discounters. This growth was more than offset by industry softness in UK meals, particularly in beans and soups, despite us holding the share. In fact, we grew or maintained share versus the prior year across 75% of our international developed markets portfolio in the third quarter. The year-over-year decline in the third quarter is a 60 basis point improvement from down 2% in the first half, largely driven by performance in the Benelux region and France. In emerging markets, organic net sales were up 4.7%, driven by both price and volume growth.

This was a 100 basis point improvement from the first half of the year of down 4.8%, largely driven by meaningful progress in both Capri Sun and Lunchables. In our international developed markets, organic net sales declined 1.4%. In the quarter, we saw growth in taste elevation across key markets and priority channels, including away from home, and discounters. This growth was more than offset by industry softness in UK meals, particularly in beans and soups, despite us holding the share. In fact, we grew or maintained share versus the prior year across 75% of our international developed markets portfolio in the third quarter. The year-over-year decline in the third quarter is a 60 basis point improvement from down 2% in the first half, largely driven by performance in the Benelux region and France. In emerging markets, organic net sales were up 4.7%, driven by both price and volume growth.

And then finally marketing we have to inform our approach starting with investing behind product focused creative.

And then finally marketing we have termed form our approach starting with investing behind product focused creative.

Speaker #3: In our international developed markets, organic net sales declined 1.4% in the quarter. We saw growth in taste elevation across key markets and priority channels, including away from home and discounters.

As we move forward in our journey, we are amplifying human creativity with tastemaker, our new AI marketing and innovation platform that enables content creation of record speeds. While 128 weeks now it takes just eight hours and we are only scratching the surface of what's possible.

As we move forward in our journey, we are amplifying human creativity with tastemaker, our new AI marketing and innovation platform that enables content creation the record speeds. While once took a weeks now it takes just eight hours and we are only scratching the surface of what's possible.

Speaker #3: This growth was more than offset by industry softness in UK mills, particularly in beans and soups. Despite the US holding its share, we actually grew our share versus the prior year across 75% of our international developed markets portfolio.

Andre Maciel: This growth was more than offset by industry softness in U.K. meals, particularly in beans and soups, despite us holding the share. In fact, we grew or maintained share versus the prior year across 75% of our international developed markets portfolio in the third quarter. The year-over-year decline in the third quarter is a 60 basis point improvement from down 2% in the first half, largely driven by performance in the Benelux region and France. In emerging markets, organic net sales were up 4.7%, driven by both price and volume growth. It was a result of continued double-digit growth in LatAm and Middle East and Africa regions, partially offset by a 460 basis points impact from the decline in Indonesia. Indonesia was the reason our year-over-year top line decelerated in emerging markets compared to the first half.

We're also leaning into relevant moment and culture, where our brands makes sense. This past quarter, we announced our new highs look familiar global campaign that reveals the striking similarity of French Fry buses and the iconic Heinz Keystone.

We're also leaning into relevant moments and culture, where our brands makes sense. This past quarter, we announced a new highs look familiar global campaign that reveals the striking similarity of French Fry buses and the iconic Heinz Keystone.

Speaker #3: In the third quarter , the year over year decline in the third quarter is a 60 basis point improvement from down 2% in the first half , largely driven by performance in the Benelux region and France .

Live across a global markets, including the U S. The campaign demonstrates the unmistakable link between their new virtually love duo.

Live across a global markets, including the U S. The campaign demonstrates the unmistakable link between the new virtually love duo.

And we don't lock in value at must win consumer moments most recently during back to school.

Speaker #3: Emerging markets: Organic net sales were up 4.7%, driven by both price and volume growth. This was a result of continued double-digit growth in the Latin America and Middle East and Africa regions, partially offset by a 460 basis points impact from the decline in Indonesia.

We increased media investment in core brands by 75% versus the prior year and with a full 360 degree campaign, we were able to reach 85% of parents and an average frequency of five time as a result, we increase cross shopping across participating brands by 60 basis points compare.

We increased media investment in core brands by 75% versus the prior year and with a full 360 degree campaign, we were able to reach 85% of parents and an average frequency of five time as a result, we increased cross shopping across participating brands by 60 basis points compare.

Carlos Abrams-Rivera: This was a result of continued double-digit growth in LATAM, Middle East, and Africa regions, partially offset by a 460 basis point impact from the decline in Indonesia. Indonesia was the reason our year-over-year top-line decelerated in emerging markets compared to the first half. Turning to the next slide, total Kraft Heinz adjusted operating income declined 16.9%, and our adjusted operating income margin decreased 310 basis points. In North America, adjusted operating income declined 17.8% versus the prior year. This was primarily driven by commodity inflation, mostly meats and coffee, as well as volume declines, which were partially offset by our productivity initiatives. In international developed markets, adjusted operating income decreased 3.5%, as gains from efficiencies and revenue management initiatives were more than offset by lower volume mix, as well as increased variable compensation and R&D expense. In emerging markets, adjusted operating income declined 6.5%.

This was a result of continued double-digit growth in LATAM, Middle East, and Africa regions, partially offset by a 460 basis point impact from the decline in Indonesia. Indonesia was the reason our year-over-year top-line decelerated in emerging markets compared to the first half. Turning to the next slide, total Kraft Heinz adjusted operating income declined 16.9%, and our adjusted operating income margin decreased 310 basis points. In North America, adjusted operating income declined 17.8% versus the prior year. This was primarily driven by commodity inflation, mostly meats and coffee, as well as volume declines, which were partially offset by our productivity initiatives. In international developed markets, adjusted operating income decreased 3.5%, as gains from efficiencies and revenue management initiatives were more than offset by lower volume mix, as well as increased variable compensation and R&D expense. In emerging markets, adjusted operating income declined 6.5%.

Speaker #3: Indonesia was the reason our year-over-year top line decelerated in emerging markets compared to the first half. Turning to the next slide.

Third to the prior year.

<unk> to the prior year.

On the next slide you can clearly see that our investments across marketing R&D and technology are yielding results across all four focus categories in North America.

Andre Maciel: Turning to the next slide, total Kraft Heinz adjusted operating income declined 16.9%, and our adjusted operating income margin decreased 310 basis points. In North America, adjusted operating income declined 17.8% versus the prior year. This was primarily driven by commodity inflation, mostly meats and coffee, as well as volume declines, which were partially offset by our productivity initiatives. In international developed markets, adjusted operating income decreased 3.5% as gains from efficiencies and revenue management initiatives were more than offset by a lower volume mix, as well as increased variable compensation and R&D expense. In emerging markets, adjusted operating income declined 6.5%. Declines in Indonesia more than offset strong growth and margin expansion in the rest of the business. Outside of Indonesia, the growth was driven by a combination of continued recovery in Brazil, a mixed benefit as Heinz growth remains strong across the region, and productivity savings.

Speaker #3: Total Kraft Heinz adjusted operating income declined 16.9%, and our adjusted operating income margin decreased 310 basis points in North America. Adjusted operating income declined 17.8% versus the prior year.

Loan tables, and Capri Sun returned to positive consumption growth and we are making progress mayonnaise and Mac and cheese.

Lunchables and Capri Sun returned to positive consumption growth and we are making progress mayonnaise and Mac and cheese.

With renovated product in market and several initiatives, either just hitting shelves or coming soon I believe we can drive further improvements.

Speaker #3: This was primarily driven by commodity inflation, mostly meats and coffee, as well as volume declines, which were partially offset by our productivity initiatives in international developed markets.

This success gives me confidence in our ability to apply this framework across the rest of our brands to drive topline growth.

This success gives me confidence in our ability to apply this framework across the rest of our brands to drive top line growth.

As a leader in the food industry, we are harnessing the power of technology to drive efficiencies across our value chain.

Speaker #3: Adjusted operating income decreased 3.5%, as gains from efficiencies and revenue management initiatives were more than offset by lower volume mix, as well as increased variable compensation and R&D expense in emerging markets.

Our AI powered solutions are transforming the way, we work, enabling us to streamline processes enhanced decision, making and better enabled with formulation.

Speaker #3: Adjusted operating income declined 6.5% . Declines in Indonesia . Modern offset strong growth and margin expansion in the rest of the business . Outside of Indonesia .

Our a power tool the cookbook provides employees access to 150 years, our company knowledge on the production with ketchup and is leading to more efficient operation from farm to table.

Our AI powered tools. The cookbook provides employees access to 150 years, our company knowledge on the production will catch up and has lead to more efficient operation from farm to table.

Carlos Abrams-Rivera: Declines in Indonesia more than offset strong growth and margin expansion in the rest of the business. Outside of Indonesia, the growth was driven by a combination of continued recovery in Brazil, a mixed benefit as Heinz growth remained strong across the region, and productivity savings. Moving to adjusted gross profit margin, in the quarter, we saw a decline of 200 basis points versus the prior year. Efficiencies were more than offset by rising inflation from higher commodity costs in meats, coffee, and tariffs, some of which we decided not to price given the competitive environment. In terms of adjusted EPS, we declined 18.7% or $0.14 versus Q3 2024. This was driven by results of operations, a higher effective tax rate, and higher interest expense, partially offset by favorable impacts from other financial income and share repurchase.

Declines in Indonesia more than offset strong growth and margin expansion in the rest of the business. Outside of Indonesia, the growth was driven by a combination of continued recovery in Brazil, a mixed benefit as Heinz growth remained strong across the region, and productivity savings. Moving to adjusted gross profit margin, in the quarter, we saw a decline of 200 basis points versus the prior year. Efficiencies were more than offset by rising inflation from higher commodity costs in meats, coffee, and tariffs, some of which we decided not to price given the competitive environment. In terms of adjusted EPS, we declined 18.7% or $0.14 versus Q3 2024. This was driven by results of operations, a higher effective tax rate, and higher interest expense, partially offset by favorable impacts from other financial income and share repurchase.

Speaker #3: The growth was driven by a combination of continued recovery in Brazil, a mixed benefit at Heinz, growth that remains strong across the region, and productivity savings.

The two women from idea to prototyping less than three months, thanks to our partnership with Microsoft.

The two went from idea to prototype in less than three months, thanks to our partnership with Microsoft.

We are planning to scale this technology to other brands products and businesses and explore additional use cases to further leverage and potential <unk>.

Speaker #3: Moving to adjusted gross profit margin in the quarter , we saw a decline of 200 basis points versus the prior year . Efficiencies were more than offset by rising inflation from higher commodity costs in meats and coffee , and tariffs , some of which we decided not to price .

Andre Maciel: Moving to adjusted gross profit margin, in the quarter, we saw a decline of 200 basis points versus the prior year. Efficiencies were more than offset by rising inflation from higher commodity costs in meats and coffee and tariffs, some of which we decided not to price given the competitive environment. In terms of adjusted EPS, we declined 18.7% or $0.14 versus the third quarter of 2024. This was driven by results of operations, a higher effective tax rate, and higher interest expense, partially offset by favorable impacts from other financial income and share repurchase. We are committed to prioritizing investments in the business for the long-term growth. Altogether, we have invested nearly $350 million year to date across trade, media, and R&D versus the prior year. Our year-to-date media increase is highly concentrated in the third quarter, and we expect this to increase further into the fourth quarter.

In operations, our AI powered platform Planchette is enhancing real time decision, making on the factory floor.

In operations, our AI powered platform Planchette is enhancing real time decision, making on the factory floor back.

By gathering real time analytics and insights.

By gathering real time analytics and insights our employees can make informed decisions improving quality and throughput across our supply chain.

Employees can make informed decisions improving quality and throughput across our supply chain.

Speaker #3: Given the competitive environment in terms of adjusted EPs . We declined 18.7% , or $0.14 , versus the third quarter of 2020 for this was driven by results of operations , a higher effective tax rate and higher interest expense , partially offset by favorable impact from other financial income and share repurchases .

Planchette is one component of a broader connected AI ecosystem across operations that has led to a meaningful reduction waste increased forecast accuracy and improve yield.

Planchette is one component of a brother connected AI ecosystem across operations that has led to a meaningful reduction waste increased forecast accuracy and improved yield.

And in R&D.

Product AI model, Leonardo is enabling faster and most cost effectively formulation for <unk>.

In R&D, our product AI model, Leonardo is enabling faster and most cost effective with formulation full nutritional advancements <unk> recommendation that replicates, the exact taste and experience profile, allowing us to create healthier products without compromising on taste.

Traditional advancements.

Now don't makes recommendation that replicate the exact taste and experience profile, allowing us to create healthier products without compromising on taste.

Speaker #3: Are committed to prioritize investments in the business for the long term growth . Altogether , we have invested nearly $350 million year to date across trade , media and R&D versus the prior year .

Carlos Abrams-Rivera: We are committed to prioritizing investments in the business for the long-term growth. Altogether, we have invested nearly $350 million year-to-date across trade, media, and R&D versus the prior year. Our year-to-date media increase is highly concentrated in Q3, and we expect this to increase further into Q4. These investments are helping to drive recovery across key areas of business and position as well for 2026 and beyond. The investments I just discussed are partially being funded by best-in-class levels of productivity, as we are on track to deliver savings above 4% of COGS for the third year in a row. Year-to-date, we have generated 4.3% of gross efficiencies, far exceeding the 3.5% goal we have for the year.

We are committed to prioritizing investments in the business for the long-term growth. Altogether, we have invested nearly $350 million year-to-date across trade, media, and R&D versus the prior year. Our year-to-date media increase is highly concentrated in Q3, and we expect this to increase further into Q4. These investments are helping to drive recovery across key areas of business and position as well for 2026 and beyond. The investments I just discussed are partially being funded by best-in-class levels of productivity, as we are on track to deliver savings above 4% of COGS for the third year in a row. Year-to-date, we have generated 4.3% of gross efficiencies, far exceeding the 3.5% goal we have for the year.

In our first pilot in Brazil, we use Leonardo to reduce added sugars and sodium by over 30% in Heinz tomato ketchup, while preserving the iconic Hines taste.

Speaker #3: Our year-to-date media increase is highly concentrated in the third quarter, and we expect this to increase further into the fourth quarter.

As part of overall innovation renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options. Our AI powered solutions will be key tools in helping us achieve this goal as well as drive continued progress on our commitment to eliminate artificial dyes.

As part of overall innovation renovation strategy across health and wellness, we are committed to offering a balanced portfolio with an array of options.

Speaker #3: These investments are helping to drive recovery across key areas of business and position us well for 2026 and beyond. The investments I just discussed are partially being funded by best-in-class levels of productivity.

Andre Maciel: These investments are helping to drive recovery across key areas of business and position as well for 2026 and beyond. The investments I just discussed are partially being funded by best-in-class levels of productivity, as we are on track to deliver savings above 4% of COGS for the third year in a row. Year to date, we have generated 4.3% of gross efficiencies, far exceeding the 3.5% goal we have for the year. We have now unlocked $1.8 billion out of our $2.5 billion goal that we set to achieve by 2027, further solidifying our position as a leader in operational excellence. Through advancements we have made in our supply chain, we are driving end-to-end improvements across manufacturing, logistics, and procurement. One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations.

Our AI powered solutions will be key tools in helping us achieve this goal as well as drive continued progress on our commitment to eliminate artificial died by 2027.

By 2027.

Before I hand, it off to Andrew I would like to quickly touch on the separation.

Speaker #3: As we are on track to deliver savings above 4% of Cogs for the third year in a row . Year to date , we have generated 4.3% of gross efficiencies , far exceeding the 3.5% goal we have for the year .

Before I hand, it off to Andrew I would like to quickly touch on the separation.

Work is well underway and we will continue to keep you informed of our progress we remain on track to close in the second half of 2026.

Work is well underway and we will continue to keep you informed of our progress we remain on track to close in the second half of 2026 and I can assure you that in the meantime, we are laser focused on execution and improving the performance of the business with that and they will provide more details on our financial result, and this.

I can assure you that in the meantime, we are laser focused on execution and improving the performance of the business with that and they will provide more details on our financial results and discuss our 2025 outlook.

Speaker #3: We have now unlocked $1.8 billion out of our $2.5 billion goal that we set to achieve by 2027, further solidifying our position as a leader in operational excellence and the advancements we have made in our supply chain.

Carlos Abrams-Rivera: We have now unlocked $1.8 billion out of our $2.5 billion goal that we set to achieve by 2027, further solidifying our position as a leader in operational excellence. Through advancements we have made in our supply chain, we are driving end-to-end improvements across manufacturing, logistics, and procurement. One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations. In addition, we have made strides in demand planning, refining our approach to reduce excess inventory and optimize our resource allocation. We also enhanced our digital capabilities, automating processes and improving yield. Finally, our logistics optimization efforts have led to a reduction in fuel use, and emissions. Our ability to generate attractive cash flow continues to be a bright spot, with year-to-date free cash flow reaching $2.5 billion.

We have now unlocked $1.8 billion out of our $2.5 billion goal that we set to achieve by 2027, further solidifying our position as a leader in operational excellence. Through advancements we have made in our supply chain, we are driving end-to-end improvements across manufacturing, logistics, and procurement. One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations. In addition, we have made strides in demand planning, refining our approach to reduce excess inventory and optimize our resource allocation. We also enhanced our digital capabilities, automating processes and improving yield. Finally, our logistics optimization efforts have led to a reduction in fuel use, and emissions. Our ability to generate attractive cash flow continues to be a bright spot, with year-to-date free cash flow reaching $2.5 billion.

Our 2025 outlook.

Thank you Carlos and the third quarter organic net sales declined two 5% for total Kraft Heinz.

Thank you Carlos.

The third quarter organic net sales declined two 5% for total Kraft Heinz with price up one percentage point and volume mix down three five percentage points.

With price up one percentage point and volume mix down three five percentage points.

Speaker #3: We are driving end to end improvements across manufacturing , logistics and procurement . One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations .

As Carlos mentioned this is a modest year over year top line improvement of 80 basis points from down three 3% in the first half of the year.

Speaker #3: In addition, we have made strides in movement planning, refining our approach to reduce excess inventory and optimize our resource allocation.

Andre Maciel: In addition, we have made strides in demand planning, refining our approach to reduce excess inventory and optimize our resource allocation. We also enhanced our digital capabilities, automating processes and improving yield. Finally, our logistics optimization efforts have led to a reduction in fuel use and emissions. Our ability to generate attractive cash flow continues to be a bright spot, with year to date free cash flow reaching $2.5 billion. Our year-to-date free cash flow conversion was 109%, up over 30 percentage points versus the prior year. This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in base inventory outstanding, as well as lower CapEx spend. These improvements in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least 100%, up from previous expectations of about 95%.

North America organic net sales declined three 8% as growth in Canada was more than offset by declines in the U S.

Speaker #3: We also enhanced our digital capabilities, automating processes and improving yield. Finally, our logistics optimization efforts have led to a reduction in fuel use and emissions.

That's by cold cuts and away from home.

As far as 100 basis point improvement from the first half of the year of down four 8%.

As far as the 100 basis point improvement from the first half of the year of down four 8% largely driven by meaningful progress in both Capri Sun Electricals.

Largely driven by meaningful progress in both Capri Sun and <unk>.

In our international developed markets organic net sales declined one 4%.

Speaker #3: Ability to generate attractive cash flow continues to be a bright spot , with year to date free cash flow reaching $2.5 billion . Our year to date free cash flow conversion was 109% , up over 30 percentage points versus the prior year .

In our international developed markets organic net sales declined one 4%.

In the quarter, we saw growth in based on innovation across key markets and priority channels, including our front haul and accomplish.

In the quarter, we saw growth in based on innovation across key markets and priority channels, including our <unk> front haul and accomplish.

Carlos Abrams-Rivera: Our year-to-date free cash flow conversion was 109%, up over 30 percentage points versus the prior year. This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in base inventory outstanding, as well as lower CapEx. These improvements in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least 100%, up from previous expectations of about 95%. Through continued operational discipline, we are well positioned to provide consistent cash generation, invest in growth opportunities, and drive long-term value creation. We continue to be excellent stewards of capital. Our capital allocation priorities remain unchanged. First is to invest in the organic business, as we have done in 2025. Second is to maintain net leverage around three times. Third is to actively manage our portfolio. Fourth is to return excess capital to shareholders.

Our year-to-date free cash flow conversion was 109%, up over 30 percentage points versus the prior year. This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in base inventory outstanding, as well as lower CapEx. These improvements in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least 100%, up from previous expectations of about 95%. Through continued operational discipline, we are well positioned to provide consistent cash generation, invest in growth opportunities, and drive long-term value creation. We continue to be excellent stewards of capital. Our capital allocation priorities remain unchanged. First is to invest in the organic business, as we have done in 2025. Second is to maintain net leverage around three times. Third is to actively manage our portfolio. Fourth is to return excess capital to shareholders.

This growth was more than offset by industry softness U K news, particularly in <unk> suits.

This growth was more than offset by industry softness U K news, particularly in <unk> have suits.

Speaker #3: This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in days inventory outstanding, as well as lower CapEx spend.

Spike is holding the share.

Despite us holding the share.

In fact, we grew or maintained share versus the prior year across 75% of our international developed markets portfolio in the third quarter.

Speaker #3: This improvement in working capital is driving an increase in our full-year 2025 estimated free cash flow conversion to at least 100%, up from previous expectations of about 95%.

The year over year decline in the third quarter is a 60 basis point improvement from down 2% in the first half.

Largely driven by performance in the Panamax region in France.

Largely driven by performance in the Benelux region in France.

Speaker #3: To continued operational discipline . We are well positioned to provide consistent cash generation , invest in growth opportunities and drive long term value creation .

Andre Maciel: Through continued operational discipline, we are well positioned to provide consistent cash generation, invest in growth opportunities, and drive long-term value creation. We continue to be excellent stewards of capital. Our capital allocation priorities remain unchanged. First is to invest in the organic business as we have done in 2025. Second is to maintain net leverage around three times. Third is to actively manage our portfolio. Fourth is to return excess capital to shareholders. Given the planned separation and our commitment to set up the two companies for success, we will focus on continued investments while ensuring net leverage stays near three times. To maintain this targeted net leverage, we will actively consider the deployment of excess cash to pay down debt before the completion of the separation.

Emerging markets organic net sales were up four 7%.

Driven by both price and volume growth.

This was a result of continued double digit growth in Latam and middle East and Africa regions.

Speaker #3: And we continue to be excellent stewards of capital. Our capital allocation priorities remain unchanged. First is to invest in the organic business, as we have done in 2025.

Shelley offset by a 460 basis points impact from the decline in Indonesia.

Partially offset by a 460 basis points.

<unk> from the decline in Indonesia.

Indonesia was the reason our year over year top line decelerated in the emerging markets compared to the first half.

Speaker #3: Second, we aim to maintain net leverage around three times. Third, we actively manage our portfolio. And fourth, we focus on returning excess capital to shareholders.

Turning to the next slide.

Total Kraft highest adjusted operating income declined 16, 9% and our adjusted operating income margin decreased 310 basis points.

Total Kraft Heinz adjusted operating income declined 16, 9% and our adjusted operating income margin decreased 310 basis points.

Speaker #3: Given the planned separation and our commitment to set up the two companies for success, we will focus on continued investments while ensuring net leverage stays near three times.

Carlos Abrams-Rivera: Given the planned separation and our commitment to set up the two companies for success, we will focus on continued investments while ensuring net leverage stays near 3x. To maintain this targeted net leverage, we will actively consider the deployment of excess cash to pay down debt before completion of the separation. In 2025, we are planning to invest about $160 million above our original expectations that we set at the beginning of the year. We are on track to close the divestiture of our infant and specialty food business in Italy by Q1 2026. We have returned nearly $1.8 billion in capital to stockholders through dividends and share repurchases.

Given the planned separation and our commitment to set up the two companies for success, we will focus on continued investments while ensuring net leverage stays near 3x. To maintain this targeted net leverage, we will actively consider the deployment of excess cash to pay down debt before completion of the separation. In 2025, we are planning to invest about $160 million above our original expectations that we set at the beginning of the year. We are on track to close the divestiture of our infant and specialty food business in Italy by Q1 2026. We have returned nearly $1.8 billion in capital to stockholders through dividends and share repurchases.

North America, adjusted operating income declined 17, 8% versus the prior year.

Speaker #3: To maintain this targeted net leverage, we will actively consider the deployment of excess cash to pay down debt before completion of the separation.

This was primarily driven by commodity inflation, mostly meats and coffee as well as volume declines.

Were partially offset by our productivity initiatives.

Speaker #3: 2025. We are planning to invest about $160 million above our original expectations that we set at the beginning of the year. We are on track to close the divestiture of our infant and specialty food business in Italy.

Andre Maciel: In 2025, we are planning to invest about $160 million above our original expectations that we set at the beginning of the year. We are on track to close the divestiture of our infant and specialty food business in Italy by the first quarter of 2026. We have returned nearly $1.8 billion in capital to stockholders through dividends and share repurchases. For both companies, as we complete the separation, we are targeting capital structures that maintain investment-grade ratings, commit to maintain the current dividend level in aggregate, and aim to provide balance sheet optionality as well as certain levels of excess cash flow. We return capital to stockholders while maintaining a strong balance sheet, significantly reducing our net leverage ratio from 4.4 times in 2019 to approximately 3 times.

International developed markets adjusted operating income decreased three 5%.

As gains from efficiencies and revenue management initiatives were more than offset by lower volume mix as well as increased variable compensation and R&D expense.

Gains from efficiencies and revenue management initiatives were more than offset by lower volume mix as well as increased variable compensation and R&D expense.

Speaker #3: By the first quarter of 2026, we have returned nearly $1.8 billion in capital to stockholders through dividends and share repurchases for both companies.

In emerging markets adjusted operating income declined six 5%.

Declines in Indonesia, more than offset strong growth and margin expansion in the rest of the business.

Speaker #3: As you complete the separation , we are targeting capital structures that maintain investment grade ratings , committed to maintain the current dividend level in aggregate , and aim to provide balance sheet optionality as well as certain levels of excess cash flow .

Carlos Abrams-Rivera: For both companies, as we complete the separation, we are targeting capital structures that maintain investment-grade ratings, committed to maintain the current dividend level in aggregate, and aim to provide balance sheet optionality as well as certain levels of excess cash flow. We return capital to stockholders while maintaining a strong balance sheet, significantly reducing our net leverage ratio from 4.4 times in 2019 to approximately 3 times. Of the $1.8 billion returned to stockholders to date, nearly $1.4 billion was through our competitive dividend and approximately $400 million through our share repurchase program. Now, turning to our full year 2025 outlook, we are updating our guidance for the year. We now expect organic net sales to be down 3% to down 3.5% at the low end of our previous guidance range.

For both companies, as we complete the separation, we are targeting capital structures that maintain investment-grade ratings, committed to maintain the current dividend level in aggregate, and aim to provide balance sheet optionality as well as certain levels of excess cash flow. We return capital to stockholders while maintaining a strong balance sheet, significantly reducing our net leverage ratio from 4.4 times in 2019 to approximately 3 times. Of the $1.8 billion returned to stockholders to date, nearly $1.4 billion was through our competitive dividend and approximately $400 million through our share repurchase program. Now, turning to our full year 2025 outlook, we are updating our guidance for the year. We now expect organic net sales to be down 3% to down 3.5% at the low end of our previous guidance range.

Outside of Indonesia, the growth was driven by a combination of continued recovery in Brazil.

A mix benefit as highest growth remained strong across the region.

Mix benefit as highest growth remained strong across the region.

And productivity savings.

Moving to adjusted gross profit margin.

In the quarter, we saw a decline of 200 basis points versus the prior year.

Speaker #3: Return capital to stockholders while maintaining a strong balance sheet, significantly reducing our net leverage ratio from 4.4 times in 2019 to approximately three times. Of the $1.8 billion returned to stockholders to date, nearly $1.4 billion was through our competitive dividend and approximately $400 million to our share repurchase program.

In the quarter, we saw a decline of 200 basis points versus the prior year.

Efficiencies were more than offset by rising inflation from higher commodity costs in meats and coffee and tariffs.

Efficiencies were more than offset by rising inflation from higher commodity costs, you meet some coffee and tariffs.

Some of which we decided not to price given the competitive environment.

Andre Maciel: Of the $1.8 billion returned to stockholders to date, nearly $1.4 billion was through our competitive dividend and approximately $400 million through our share repurchase program. Now, turning to our full year 2025 outlook, we are updating our guidance for the year. We now expect organic net sales to be down 3% to down 3.5% at the low end of our previous guidance range. This contemplates lower growth in emerging markets driven by continued declines in Indonesia as we stabilize our distributor network, reset inventory levels, and reduce price instability. Emerging markets' growth is now expected to be at mid-single-digit pace in Q4. It also reflects continued pressure in U.S. retail, as observed in recent consumption trends, both for the industry and Kraft Heinz.

In terms of adjusted EPS declined 18, 7% are <unk>.

In terms of adjusted EPS declined 18, 7% or 14.

Versus the third quarter of 2024.

This was driven by results of operations, a higher effective tax rate and higher interest expense.

Speaker #3: Now , turning to our full year 2025 outlook . We are updating our guidance for the year . We now expect organic net sales to be down three to down 3.5% at the low end of our previous guidance range .

This was driven by results of operations, a higher effective tax rate and higher interest expense.

Partially offset by favorable impact from other financial income and share repurchase.

Partially offset by favorable impacts from other financial income and share repurchase.

We are committed to prioritizing investments in the business for the long term growth.

Speaker #3: We contemplate slower growth in emerging markets, written by continued declines in Indonesia. As we stabilize our distributor network with set inventory levels and reduced price stability.

Altogether, we have invested nearly $350 million year to date across trade media and R&D versus the prior year.

Altogether, we have invested nearly $350 million year to date across strained media and R&D versus the prior year.

Carlos Abrams-Rivera: This contemplates lower growth in emerging markets driven by continued declines in Indonesia, as we stabilize our distributor network, reset inventory levels, and reduce price instability. Emerging markets growth is now expected to be at mid-single-digit pace in Q4. It also reflects continued pressure in US retail, as observed in recent consumption trends, both for the industry and Kraft Heinz. Our outlook now contemplates full-year adjusted gross profit margin down approximately 100 basis points year-over-year, reflecting incremental inflation in meats and coffee, a negative mixed impact, and one-time costs we incurred in the third quarter. We now expect constant currency adjusted operating income in the range of down 10% to down 12% compared to our previous outlook of down 5% to down 10%. This reflects our revised top-line expectations, as well as a lower adjusted gross profit margin outlook.

This contemplates lower growth in emerging markets driven by continued declines in Indonesia, as we stabilize our distributor network, reset inventory levels, and reduce price instability. Emerging markets growth is now expected to be at mid-single-digit pace in Q4. It also reflects continued pressure in US retail, as observed in recent consumption trends, both for the industry and Kraft Heinz. Our outlook now contemplates full-year adjusted gross profit margin down approximately 100 basis points year-over-year, reflecting incremental inflation in meats and coffee, a negative mixed impact, and one-time costs we incurred in the third quarter. We now expect constant currency adjusted operating income in the range of down 10% to down 12% compared to our previous outlook of down 5% to down 10%. This reflects our revised top-line expectations, as well as a lower adjusted gross profit margin outlook.

Our year to date and media inquiries is highly concentrated in the third quarter and.

Speaker #3: Emerging markets growth is now expected to be at a mid-single-digit pace in Q4. It also reflects continued pressure in U.S. retail as observed in recent consumption trends, both for the industry and Kraft Heinz.

Our year to date and media inquiries is highly concentrated in the third quarter and.

And we expect these to increase further into the fourth quarter.

And we expect that this should increase further into the fourth quarter.

These investments are helping to drive recovery across key areas of business and.

These investments are helping to drive recovery across key areas of the business and.

And position us well for 2026 and beyond.

Speaker #3: Our outlook now contemplates full year adjusted gross profit margin down approximately 100 basis points year over year , reflecting incremental inflation . Meats and coffee a negative mix impact and one time costs .

Andre Maciel: Our outlook now contemplates full-year adjusted gross profit margin down approximately 100 basis points year over year, reflecting incremental inflation in meats and coffee, a negative mix impact, and one-time costs we incurred in the third quarter. We now expect constant currency adjusted operating income in the range of down 10% to down 12% compared to our previous outlook of down 5% to down 10%. This reflects our revised top-line expectations, as well as a lower adjusted gross profit margin outlook. We now expect adjusted EPS to be in the range of $2.50 to $2.57 compared to our previous outlook of $2.51 to $2.67. Our adjusted EPS expectation contemplates an effective tax rate of approximately 26%, which is a $0.23 headwind on adjusted EPS year over year. We now expect free cash flow conversion of at least 100%, up from our previous expectation of 95%.

And position us well for 2026 and beyond.

The investments I just discussed are partially being funded by best in class levels of productivity.

The investments I just discussed are partially being funded by best in class levels of productivity as we are on track to deliver savings above 4% of Cogs for the third year in a row.

We are on track to deliver savings above 4% of Cogs.

Speaker #3: We incurred a loss in the third quarter. We now expect constant currency-adjusted operating income in the range of down 10% to down 12%, compared to our previous outlook of down 5% to down 10%.

And the third year in a row.

Year to date, we have generated four 3% of gross efficiencies far exceeding the three 5% goal we have for the year.

We have now unlocked eight.

We have now unlocked.

Speaker #3: This reflects our revised top-line expectations, as well as our lower adjusted gross profit margin outlook. We now expect adjusted EPS to be in the range of $2.50 to $2.57, compared to our previous outlook of $2.51 to $2.67.

$8 billion out of our $2 $5 billion goal that we set to achieve by 2027.

Further solidifying our position as a leader in operational excellence.

Carlos Abrams-Rivera: We now expect Adjusted EPS to be in the range of $2.50 to $2.57 compared to our previous outlook of $2.51 to $2.67. Our Adjusted EPS expectation contemplates an effective tax rate of approximately 26%, which is a 23% headwind on Adjusted EPS year-over-year. We now expect Free Cash Flow conversion of at least 100%, up from our previous expectation of 95%. With that, I will pass it back to Carlos for some closing comments. Thank you, Andre. I would like to share some thoughts based on where the consumer is today and what that means for the food industry as we look to 2026. The consumer continues to navigate a tough environment with sentiment worsening, costs continuing to rise, and SNAP-related headwinds expected to intensify. We see these pressures as persisting beyond the fourth quarter, leading to a longer path to consumer recovery.

We now expect Adjusted EPS to be in the range of $2.50 to $2.57 compared to our previous outlook of $2.51 to $2.67. Our Adjusted EPS expectation contemplates an effective tax rate of approximately 26%, which is a 23% headwind on Adjusted EPS year-over-year. We now expect Free Cash Flow conversion of at least 100%, up from our previous expectation of 95%. With that, I will pass it back to Carlos for some closing comments.

The advancements we have made in our supply chain.

But the vast months, we have made in our supply chain.

Driving end to end improvements across manufacturing logistics and procurement.

<unk> end to end improvements across manufacturing logistics and procurement.

Speaker #3: Our adjusted EPS expectation contemplates an effective tax rate of approximately 26%, which is a $0.23 headwind on adjusted EPS year over year.

When key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations.

One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations.

In addition.

We have made strides in demand planning refining our approach to reduce excess inventory and optimize our resource allocation.

Speaker #3: We now expect free cash flow conversion of at least 100%, up from our previous expectation of 95%. With that, I will pass it back to Carlos for some closing comments.

Strides in demand planning.

Finally, our approach to reduce excess inventory and optimize our resource allocation.

We also enhanced our digital capabilities automating processes and improving yield.

Andre Maciel: With that, I will pass it back to Carlos for some closing comments.

We also enhanced our digital capabilities automating processes and improving yield.

Speaker #2: Thank you, Andrew. I would like to share some thoughts based on where the consumer is today and what that means for the food industry.

Carlos Abrams-Rivera: Thank you, Andre. I would like to share some thoughts based on where the consumer is today and what that means for the food industry as we look to 2026. The consumer continues to navigate a tough environment, with sentiment worsening, costs continuing to rise, and SNAP-related headwinds expected to intensify. We see these pressures as persistent beyond the fourth quarter, leading to a longer path to consumer recovery. That said, I am encouraged by the progress we at Kraft Heinz are making. We continue to deliver best-in-class productivity levels and strong cash flow, reflecting discipline, efficiency, and execution. We intentionally chose the path forward that prioritizes long-term sustainable growth and continue to make targeted brand investments enabled by a brand growth system, better positioning us for 2026. Next year will be a pivotal year for us as we prepare for the separation.

Finally, our logistics optimization efforts have led to a reduction in fuel usage.

Finally, our logistics optimization efforts have led to a reduction in fuel.

Speaker #2: As we look to 2026 . The consumer continues to navigate a tough environment . We sentiment worsening , cough continuing to rise and snap related headwinds expected to intensify .

And emissions.

Our ability to generate attractive cash flow continues to be a bright spot with year to date free cash flow, reaching $2 5 billion.

Speaker #2: We see these pressures as persisting beyond the fourth quarter, leading to a longer path to consumer recovery. That said, I am encouraged by the progress we at Kraft Heinz are making.

Our year to date free cash flow conversion was 109%.

Over 30 percentage points versus the prior year.

This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in days inventory outstanding.

Carlos Abrams-Rivera: That said, I am encouraged by the progress we at Kraft Heinz are making. We continue to deliver best-in-class productivity levels and strong cash flow, reflecting discipline, efficiency, and execution. We intentionally chose a path forward that prioritizes long-term sustainable growth and are continuing to make targeted brand investments enabled by a Brand Growth System, better positioning us for 2026. Next year will be a pivotal year for us as we prepare for the separation. We are committed to investing in the long term and are taking deliberate actions now to position both companies for success post-separation. Thank you for your time and interest in Kraft Heinz.

That said, I am encouraged by the progress we at Kraft Heinz are making. We continue to deliver best-in-class productivity levels and strong cash flow, reflecting discipline, efficiency, and execution. We intentionally chose a path forward that prioritizes long-term sustainable growth and are continuing to make targeted brand investments enabled by a Brand Growth System, better positioning us for 2026. Next year will be a pivotal year for us as we prepare for the separation. We are committed to investing in the long term and are taking deliberate actions now to position both companies for success post-separation. Thank you for your time and interest in Kraft Heinz.

Speaker #2: We continue to deliver best in class productivity levels and strong cash flow , reflecting disciplined efficiency and execution . We intentionally chose the path forward that prioritizes long term , sustainable growth and are continuing to make targeted brand investments enabled by our brand growth system .

This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in days inventory outstanding as well as lower Capex spend.

As well as lower Capex spend.

These improvements in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least a 100%.

The improvement in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least 100%.

Speaker #2: Better positioning us for 2026, next year will be a pivotal year for us as we prepare for the separation. We are committed to investing in the long term and are taking deliberate actions now to position both companies for success post-separation.

Up from previous expectations of about 95%.

Carlos Abrams-Rivera: We are committed to investing in the long term and are taking deliberate actions now to position both companies for success post-separation. Thank you for your time and interest in Kraft Heinz.

Through continued operational discipline, we are well position to provide consistent cash generation.

Through continued operational discipline, we are well positioned to provide consistent cash generation.

<unk> growth opportunities.

<unk> growth opportunities and drive long term value creation.

And drive long term value creation.

And we continue to be excellent stewards of capital.

Our capital allocation priorities remain unchanged.

First is to invest in the organic business as we have done in 2025.

Second is to maintain net leverage around three times.

Third is to actively manage our portfolio.

And fourth is to return excess capital to shareholders.

Given the planned separation and our commitment to set up the two companies for success.

We're focused on continued investments while I was sharing net leverage stays near three times.

We're focused on continued investments why are we sharing net leverage stays near three times.

To maintain this targeted net leverage we will actively consider the deployment of excess cash to pay down debt before completion of the separation.

2025, we are planning to invest about $160 million above our original expectations that we set at the beginning of the year.

2025, we are planning to invest about $160 million above our original expectations that we set at the beginning update here.

We are on track to close the divestiture of our infant and specialty food business in Italy by the first quarter of 2026.

And we have returned nearly $1 $8 billion in capital to stockholders through dividends and share repurchase.

And we have returned nearly one $8 billion in capital to stockholders through dividends and share repurchase.

Our both companies as we complete the separation.

We are targeting capital structures that maintaining investment grade ratings.

We are targeting capital structures that maintain investment grade ratings.

To maintain our current dividend level in aggregate.

And aim to provide balance sheet optionality as well as certain levels of excess cash flow.

And aimed to provide balance sheet optionality as well as certain levels of excess cash flow.

We returned capital to stockholders, while maintaining a strong balance sheet.

Significantly reducing our net leverage ratio from four four times in 2019 trough approximately three times.

Of the one $8 billion return to stockholders to date.

Of the $1 $8 billion return to stockholders to date.

Nearly one $4 billion loss through our competitive dividend and approximately $400 million through our share repurchase program.

Now turning to our full year 2025 outlook.

We are updating our guidance for the year.

We now expect organic net sales should be down three to down three 5% at the low end of our previous guidance range.

We now expect organic net sales should be down three to down three 5% and.

The low end of our previous guidance range.

This contemplates a smaller growth in emerging markets driven by continued declines in Indonesia, as we stabilize our distributor network reset inventory levels and reduced pricing stability.

Emerging markets vault is now expected to be at mid single digit pace in Q4.

Emerging markets vault is now expected to be at the mid single digit pace in Q4.

It also reflects continued pressure in retail as observed in recent consumption trends, both for the industry and craft highs.

It also reflects continued pressure in U S retail as observed in recent consumption trends, both for the industry and Kraft Heinz.

Our outlook now contemplates full year adjusted gross profit margin dollars, approximately 100 basis points year over year.

Our outlook now contemplates full year adjusted gross profit margin down approximately 100 basis points year over year.

Select the incremental inflation meats and coffee and.

Reflecting incremental inflation meats and coffee.

Negative mix impact and onetime costs, we incurred in the third quarter.

A negative mix impact and onetime costs, we incurred in the third quarter.

We now expect constant currency adjusted operating income in the range of downturn, two down 12% compared to our previous outlook of down 5% down 10%.

This reflects our revised topline expectations as well as a lower adjusted gross profit margin outlook.

We now expect adjusted EPS should be in the range of $2 50 to $2 57.

Compared to our previous outlook of $2 51 to $2 67.

Compared to our previous outlook of $2 51 to $2 six to seven.

Our adjusted EPS expectation contemplates an effective tax rate of approximately 26%.

Which is up 23% headwind on.

Which is up 23% headwind on <unk>.

On adjusted EPS year over year.

Adjusted EPS year over year.

We now expect free cash flow conversion of at least 100%.

From our previous expectation of 95%.

Up from our previous expectation of 95%.

With that.

Back to Carlos for some closing comments.

I'll pass it back to Carlos for some closing comments.

Thank you Andrea.

I would like to share some thoughts based on where the consumer is today and what that means for the food industry as we move to 2026.

The consumer continues to navigate a tough environment with sentiment worsening cost continue to rise the snap related headwinds expected to intensify.

We see these pressures as persistent beyond the fourth quarter, leading to a longer path to consumer recovery.

I said I am encouraged by the progress we have craft lines are making we continue to deliver best in class productivity levels, and strong cash flow, reflecting disciplined efficiency and execution.

That said I am encouraged by the progress we have craft lines are making we continue to deliver best in class productivity levels, and strong cash flow, reflecting disciplined efficiency and execution.

We intentionally chose the path forward that prioritizes long term sustainable growth and they'll continue to make targeted brand investments enabled by our brand grow system better positioning us for 2026.

Tension, we chose the path forward that prioritizes long term sustainable growth and they'll continue to make targeted brand investments enabled by our <unk> system better positioning us for 2026.

Next year will be a pivotal year for us as we prepare for the separation we're committed to investing in the long term and are taking deliberate actions now to position both companies for success post separation.

<unk> for your time and interest in Kraft Heinz.

Thank you for your time and interest in Kraft Heinz.

Investor Relations at the Kraft Heinz Company I'd like to welcome you to our third quarter 2025 business update.

During the following remarks, we will make forward looking statements regarding our expectations for the future including related to our business plans and expectations strategy.

Efforts in investments and related timing and expected impacts.

These statements are based on how we see things today and actual results may differ materially due to risks and uncertainties.

Additionally, we will refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP.

We are also scheduled a separate live question and answer session with analysts.

You can access our question and answer session at IR Dot Kraft Heinz company Dot Com a replay will also be available following the event through the same website.

With that I will turn it over to Carlos.

Thank you Anne Marie and thank you all for joining us.

Coors by our progress.

We are continuing to generate attractive cash flow remain committed to our net leverage target and have returned $1 8 billion to shareholders year to date, while continuing to invest for growth.

Overall, the operating environment remains challenging with worsening consumer sentiment and inflation shaping consumer behavior globally.

As a result, we are updating our 2025 outlook to reflect our third quarter performance and anticipated continued macro trends Andrew will share more details shortly.

Finally, we remain on track to separate into two stronger more focused company.

This operation, which is expected to close in the second half of 2026 will allow each business to more sharply focus resources improve execution reduce complexity and drive further efficiencies.

In the meantime, our priorities to drive improved performance and position both companies for long term success.

Now moving into the details of our third quarter results.

Revenue in large part by extended promotional activity in the cold category and slowdown in Indonesia that I will expand on shortly.

The net of which compressed gross margin versus last year.

This resource combined with an increasing investment and a more favorable tax rate led to constant currency adjusted operating income of $1 1 billion.

And adjusted EPS of <unk> 61.

Our cash generation remains a clear strength year to date free cash flow was $2 5 billion.

Over 20% from last year, reflecting disciplined working capital.

<unk> period.

We achieved these results despite growing challenge I think Indonesia and continued promotional activity in the U S. Corporate category. The pressure, we're seeing in Indonesia is attributable to inventory destocking as well as route to market challenges both fueled in part by a sharp economic slowdown to have led to a pullback in consumption.

I can assure you we are addressing this issue of directly and executing a comprehensive plan.

This includes resetting inventory to optimal levels.

Stabilizing our distributor network and continue to build on the investments we have made to improve the equity of our ABC brand.

Given the scope of the challenges and complexity of these initiatives, we expect meaningful improvements in the second half of next year.

Now, let's take a look at our we sold through the lens of our three strategic pillars.

In North America retail accelerate platforms, they've declined four 2% versus the prior year.

This reflects a year over year improvement of 100 basis points from the first half of down five 2% largely driven by Lunchables cream cheese and primal kitchen.

While we experienced improvements in these categories.

Q3 year over year decline in North America retail accelerate was primarily driven by Mac and cheese Spooner both in process next.

We continue to expect growth in our international business in Q4, where we are not contemplating an improvement in the U S industry for the remainder of the year.

Going deeper into North America retail accelerate.

We encourage to see share improvement across key categories in cream cheese salad dressings, ketchup and mustard, we gain on hell share in the quarter and drove even the largest share gains in September in fact, we gained share across 70% of our U S taste elevation portfolio in the most of September.

We will continue to deploy the successful playbook across the portfolio to accelerate improvement.

Shifting our focus to our next strategic pillar global away from home.

While I'm encouraged by the growth we continue to see internationally the industry remains pressure in the U S, particularly changed in restaurants.

Outside of restaurants in areas, such as hotel steadier than entertainment, the noncommercial channels, an attractive higher margin channel, where we continue to see growth.

Over the past few years, we have been focusing growth initiative on this channel to diversify our sales mix and reducing our dependency on <unk> and restaurants.

As a result their contribution to overall away from home sales in North America is up eight percentage points from 2022.

We also continue to expand beyond catch up through both distribution and innovative offerings for.

For our new highs to block the honey mustard, we strategically launched in away from home prior to bring it to retail.

The partnership delivered twice the initial expected volume unlocking a relationship that has opened the door for incremental cross channel revenue.

In emerging markets away from home, we increased organic net sales by 9% in the third quarter, surpassing the 8% growth rate achieved in the first half of the year.

These achievements underscore the success of our go to market model and the ongoing strength of the Heinz brand globally.

Our highest verify program supports U S restaurants with exclusive access to suite the benefit that will unlock growth and booth traffic nearly 2500 operators have joined recognizing the value of serving size in driving traffic and improve the ability.

So we expect the U S industry to remain under pressure for the remainder of the year.

Excess across key element of our strategy should drive an improvement versus Q3.

Our final strategic pillar emerging markets delivered yet another quarter of growth increasing topline by nearly 5% driven by a combination of price and volume mix.

This performance was attributed to our highest brand, which grew an impressive 14% in the quarter as well a repeatable go to market model.

<unk> is a global anchor with over $1 billion in sales in emerging markets alone.

In this markets, we have successfully been able to expand beyond catch up into mayonnaise path to source and motor fast growing categories.

And our go to market model continues to drive steady growth in distribution with an increase of 60000 distribution points in the third quarter versus last year.

This brings our emerging market total to nearly 900000 distribution points.

We still see so much opportunity for further expansion.

The strength of the Heinz brand in our go to market model of execution gives me confidence that we are well positioned for sustainable long term growth in our emerging markets.

Now turning to our continued investments across marketing R&D and technology, which are at the heart of our initial recovery.

One key area of investment is our brand growth system.

This is a systematic and repeatable data driven methodology that is powered by forensic like analysis to drive category growth through brand superiority.

It identifies opportunities across a broad competitive landscape to improve performance in four key areas.

Brand residents product and package value equation and Omnichannel is execution.

Let's start with brand residents here, our board, we should drive category expansion and build an ever lasting emotional connections with our consumers.

Driven by insights gained through the brand grow system are created is now more product focused for example in the UK our triggered it taste campaign replaces the Heinz mean, they're truly the family paired with to invoke taste memory and highlighting several period.

In Pelican package delivery, we have invested to deliver superior quality taste and consumer experience.

I'm proud of the teams or what they have been able to accomplish in such a short amount of time.

In 2025, we invested in renovation and processor priority across nearly two third of the U S portfolio fueled by insights from our brand Ro system.

Delivering value remains a top priority and we are committed to meeting the needs of all consumers from families to single households.

Let me give you an example, and Mac and cheese. This year, we introduced a new family size buffer Mac and cheese offering 50% more than the standard blue box.

Lastly for Omnichannel execution, we want to amplify brand and category reach through excellent execution across all channels are.

A key component of this is e-commerce, where we have generated high single digit growth for the last three years, we built for Prolia marketing to develop multi brand media to shelf program. So we can win bigger must with moments, where our brands are hyper relevant for example, this summer we want.

In display on Fisher across a multi brand less drill out for dinner campaign.

We have made meaningful progress implementing our brand growth system by year end, we expect to reach 40% of sales coverage, representing a 30 percentage point increase over last year.

And with a dedicated team we will continue to scale faster and further expand coverage in 2026.

Starting in Canada, where we turn up the flavor with the launch of new Heinz Mayonnaise style sauces.

Now available in major retailers display, which are driving nearly three percentage points of share gains for <unk> major versus the prior year. In fact, hi have now claimed five of the top 10, skus, representing 22% of the flavor major category.

In addition to flavor exploration, we are making our beloved brands more accessible and relevant our single serve Capri. Some borrowers are proving to be a huge success we.

We have achieved top quartile performance across major retailers with display execution driving significant list, our dual aisle placement on shelf and you throw the store, it's demonstrating instrumentality, 60% of the brand and 50% of the category. The single serve bottles are aging up our.

<unk> base and mobile indexing to lower income households, giving is accessible entry price point and.

And we continue to deliver unique benefits such as health and wellness.

Our highest teekay zero with few other sugar and Salt is now available in over 10 countries.

With its new Formula graphics income team our renovated Heinz TK zero has gained over one percentage point of share in Europe, and driven incremental volume for the category.

Zero promise does not compromise on with iconic ketchup taste.

So whether you choose zero classic or sweetened with Honey you can trust that it will always tastes like highs.

And then finally marketing we have to inform our approach starting with investing behind product focused creative.

We're also leaning into relevant moments and culture, where our brands makes sense. This past.

Quarter, we announced a new height look familiar global campaign that reveals the striking similarity of French Fry buses and the iconic Heinz Keystone.

Life across a global markets, including the U S. The campaign demonstrates their own Mistakable link between the new virtually love duo.

And we are unlocking value at must win consumer moments. Most recently during back to school, we increased media investment in core brands by 75% versus the prior year and with a full 360 degree <unk>, we were able to reach 85% of parents and an average frequency of five time.

As a result, we increase cross shopping across participating brands by 60 basis points compared to the prior year.

On the next slide you can clearly see that our investments across marketing R&D and technology are yielding results across all four focus categories in North America, Lunchables and Capri Sun returned to positive consumption growth and we are making progress mayonnaise and Mac and cheese.

With renovated product in market and several initiatives, either just hitting shelves or coming soon I believe we can drive further improvements. This success gives me confidence in our ability to apply this framework across the rest of our brands to drive topline growth.

As a leader in the food industry, we are harnessing the power of technology to drive efficiencies across our value chain.

Our AI powered solutions are transforming the way, we work, enabling us to streamline processes enhance decision, making and better enabled with formulation.

Our AI powered tools. The cookbook provides employees access to 150 years of company knowledge on the production will catch up and is leading to more efficient operation from farm to table.

The two women from idea to prototyping less than three months, thanks to our partnership with Microsoft.

We are planning to scale this technology to other brands products and businesses and explore additional use cases to further leverage and potential <unk>.

In operations, our AI powered platform Planchette is enhancing real time decision, making on the factory floor back.

By gathering real time analytics and insights are in.

<unk> can make informed decisions improving quality and throughput across our supply chain.

Planchette is one component of a broader connected AI ecosystem across operations that has led to a meaningful reduction waste increased forecast accuracy and improve yield.

Adding R&D.

<unk> AI model, Leonardo is enabling faster and most cost effective with formulation for nutritional advancements Leonardo makes recommendation that replicate the exact date and experience profile, allowing us to create healthier products without compromising on taste in.

In our first pilot in Brazil, we use Leonardo to reduce added sugars and sodium by over 30% in Heinz tomato ketchup, while preserving the iconic Hines taste.

By 2027.

Before I hand, it off to Andrew I would like to quickly touch on the separation.

Work is well underway and we will continue to keep you informed of our progress we remain on track to close in the second half of 2026.

I can assure you that in the meantime, we are laser focused on execution and improving the performance of the business with that Andrew will provide more details on our financial results and discuss our 2025 outlook.

Thank you Carlos and the third quarter organic net sales declined two 5% for total Kraft Heinz.

With price up one percentage point and volume mix down three five percentage points.

As Carlos mentioned this is a modest year over year top line improvement of 80 basis points from down three 3% in the first half of the year.

North America organic net sales declined three 8% as growth in Canada was more than offset by declines in the U S.

That's by cold cuts and away from home.

As far as 100 basis point improvement from the first half of the year of down four 8%.

Largely driven by meaningful progress in both Capri Sun Electricals.

In our international developed markets organic net sales declined one 4%.

In the quarter, we saw growth in based on innovation across key markets and priority channels, including our front haul and accomplish.

This growth was more than offset by industry softness U K news, particularly in <unk> suits, despite us holding the share.

In fact, we grew or maintained share versus the prior year across 75% of our international developed markets portfolio in the third quarter.

The year over year decline in the third quarter is a 60 basis point improvement from down 2% in the first half.

Largely driven by performance in the Benelux region in France.

Emerging markets organic net sales were up four 7%.

Driven by both price and volume growth.

This was a result of continued double digit growth in Latam and middle East and Africa regions.

Sally offset by a 460 basis points impact from the decline in Indonesia.

Indonesia was the reason our year over year top line decelerated in emerging markets compared to the first half.

Turning to the next slide.

Total Kraft highest adjusted operating income declined 16, 9% and our adjusted operating income margin decreased 310 basis points.

North America, adjusted operating income declined 17, 8% versus the prior year.

This was primarily driven by commodity inflation, mostly meats and coffee as well as volume declines.

Were partially offset by our productivity initiatives.

International developed markets adjusted operating income decreased three 5%.

As gains from efficiencies and revenue management initiatives were more than offset by lower volume mix as well as increased variable compensation and R&D expense.

In emerging markets adjusted operating income declined six 5%.

Declines in Indonesia, more than offset strong growth and margin expansion in the rest of the business.

Outside of Indonesia, the growth was driven by a combination of continued recovery in Brazil.

A mix benefit as highest growth remained strong across the region.

And productivity savings.

Moving to adjusted gross profit margin.

In the quarter, we saw a decline of 200 basis points versus the prior year.

Efficiencies were more than offset by rising inflation from higher commodity costs in meats and coffee and tariffs.

Some of which we decided not to price given the competitive environment.

In terms of adjusted EPS declined 18, 7% are <unk>.

Versus the third quarter of 2024.

This was driven by results of operations, a higher effective tax rate and higher interest expense.

Partially offset by favorable impact from other financial income and share repurchase.

We are committed to prioritizing investments in the business for the long term growth.

Altogether, we have invested nearly $350 million year to date across strength media and R&D versus the prior year.

Our year to date and media inquiries is highly concentrated in the third quarter and.

And we expect that this should increase further into the fourth quarter.

These investments are helping to drive recovery across key areas of business and.

And position us well for 2026 and beyond.

The investments I just discussed are partially being funded by best in class levels of productivity as we are on track to deliver savings above 4% of Cogs.

The third year in a row.

Year to date, we have generated four 3% of gross efficiencies far exceeding the three 5% goal we have for the year.

We have now unlocked.

$8 billion out of our $2 $5 billion goal that we set to achieve by 2027.

Further solidifying our position as a leader in operational excellence.

But the vast amounts we have made in our supply chain.

Driving end to end improvements across manufacturing logistics and procurement.

One key area of focus has been leveraging technology to better anticipate and mitigate disruptions before they impact our operations.

In addition.

It made strides in demand planning.

Finally, our approach to reduce excess inventory and optimize our resource allocation.

We also enhanced our digital capabilities automating processes and improving yield.

Finally, our logistics optimization efforts have led to a reduction in fuel.

Bruce and emissions.

Our ability to generate attractive cash flow continues to be a bright spot with year to date free cash flow, reaching $2 5 billion.

Our year to date free cash flow conversion was 109%.

Over 30 percentage points versus the prior year.

This improvement is largely attributed to our successful inventory management initiatives, which have driven reductions in days inventory outstanding as well as lower Capex spend.

The improvement in working capital are driving an increase in our full year 2025 estimated free cash flow conversion to at least 100%.

Up from previous expectations of about 95%.

Through continued operational discipline, we are well position to provide consistent cash generation.

<unk> growth opportunities.

And drive long term value creation.

And we continue to be excellent stewards of capital.

Our capital allocation priorities remain unchanged.

First is to invest in the organic business as we have done in 2025.

Second is to maintain net leverage around three times.

Third is to actively manage our portfolio.

And fourth is to return excess capital to shareholders.

Given the planned separation and our commitment to set up the two companies for success.

We're focused on continued investments why are we sharing net leverage stays near three times.

To maintain this target that net leverage we will actively consider the deployment of excess cash to pay down debt before completion of the separation.

2025, we are planning to invest about $160 million above our original expectations that we set at the beginning of the year.

We are on track to close the divestiture of our infant and specialty food business in Italy by the first quarter of 2026.

And we have returned nearly $1 $8 billion in capital to stockholders through dividends and share repurchase.

Our both companies as we complete the separation.

We are targeting capital structures that maintaining investment grade ratings.

To maintain our current dividend level in aggregate.

And aim to provide balance sheet optionality as well as certain levels of excess cash flow.

We returned capital to stockholders, while maintaining a strong balance sheet.

Significantly reducing our net leverage ratio from four four times in 2019 trough approximately three times.

Of the $1 $8 billion of return to stockholders to date.

Nearly one 4 billion loss through our competitive dividend and approximately $400 million through our share repurchase program.

Now turning to our full year 2025 outlook.

We are updating our guidance for the year.

We now expect organic net sales should be down three to down three 5% at.

The low end of our previous guidance range.

This contemplates is lower growth in emerging markets driven by continued declines in Indonesia, as we stabilize our distributor network reset inventory levels and reduced pricing stability.

A bunch of markets vault is now expected to be at mid single digit pace in Q4.

It also reflects continued pressure in U S retail as observed in recent consumption trends, both for the industry and Kraft Heinz.

Our outlook now contemplates full year adjusted gross profit margin dollars, approximately 100 basis points year over year.

Reflecting incremental inflation meats and coffee.

A negative mix impact and onetime costs, we incurred in the third quarter.

We now expect constant currency adjusted operating income in the range of downturn, two down 12% compared to our previous outlook of down 5% down 10%.

This reflects our revised top line expectations as well as a lower adjusted gross profit margin outlook.

We now expect adjusted EPS should be in the range of $2 50 to $2 57.

Compared to our previous outlook of $2 51 to $2 67.

Our adjusted EPS expectation contemplates an effective tax rate of approximately 26%.

Which is up 23% headwind on <unk>.

Adjusted EPS year over year.

We now expect free cash flow conversion of at least 100%.

Up from our previous expectation of 95%.

With that.

I'll pass it back to Carlos for some closing comments.

Thank you Andrea.

I would like to share some thoughts based on where the consumer is today and what that means for the food industry as we move to 2026.

The consumer continues to navigate a tough environment with sentiment worsening cost continue to rise the snap related headwinds expected to intensify.

We see these pressures as persistent beyond the fourth quarter, leading to a longer path to consumer recovery.

Tension, we chose the path forward that prioritizes long term sustainable growth and continue to make targeted brand investments enabled by our brand grow system better positioning us for 2026.

Next year will be a pivotal year for us as we prepare for the separation we're committed to investing in the long term.

<unk> deliberate actions now to position both companies for success post separation.

Thank you for your time and interest in Kraft Heinz.

Q3 2025 Kraft Heinz Co Earnings Call - Pre-Recorded

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