Campbell's Co at Barclays Global Consumer Staples Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Lazar - Barclays Services Corp - Analyst : Thank you for that. Campbell reported fiscal fourth-quarter earnings just yesterday, provided its initial outlook for the coming fiscal year. I guess broadly, one of the key couple of takeaways that you want investors to come away with. And after that, we'll talk with Carrie a little bit about getting into some more of the details around guidance, but just more broadly, Mick.

Question: Andrew Lazar - Barclays Services Corp - Analyst : Right. And then, Carrie, I guess, maybe I was hoping we could dive a bit deeper on some of the key puts and takes on the outlook for fiscal '26. And maybe any detail on phasing, particularly as it relates to the fiscal first quarter.

Question: Andrew Lazar - Barclays Services Corp - Analyst : Yeah. Thank you for that. Very helpful color. Maybe we can drill down to the segment level a little bit. Campbell's, as you mentioned, looking for continued momentum in Meals & Beverages. I guess what are the key drivers of the organic sales performance in this segment in fiscal '26? Would you expect to be able for this segment to deliver positive year-over-year growth for the year? And I guess, based on some prior year comparisons and some shifts, obviously, you talked about some of the lumpiness that obviously we'll keep in mind as well.

Question: Andrew Lazar - Barclays Services Corp - Analyst : Perfect. Maybe for soup on the one hand, tariffs on tinplate and steel has led to the need for some pricing actions and other mitigating actions. On the other hand, the consumer obviously remains incredibly sensitive around value. And soup plays an important role certainly in supporting the consumer at times like these. I guess how do you balance these two dynamics? And what are you seeing in soup specifically in the competitive landscape at this point?

Question: Andrew Lazar - Barclays Services Corp - Analyst : And then thinking longer term, getting soup right has always been critical to the success of Campbell. And although soup has removed from the name, right, its importance remains. I guess, where do things stand on soup if we're thinking more broadly? Is it now in the kind of place where you want it to be? Now it's just managing it? Or is there still more work to be done to sort of set up the foundation so that it can ultimately continue to deliver more consistently?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Got it. Great. Maybe I guess, how do you view the runway for growth for the Rao's brand? What are the biggest areas of opportunity? And are there still distribution opportunities available?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Rao's delivered, I think, pro forma revenue growth up high single digit in fiscal '25. And you've spoken about sort of the business being more of a mid- to high single-digit grower over time. I guess for fiscal '26, would you anticipate Rao's still remaining at that high single-digit level? Or is it likely to be more in the long-term range?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Maybe shifting gears a little bit to snacks. I guess you're looking for the business to sort of stabilize in the back half of the year. Maybe first off, does that mean snacks will stabilize at some point in the second half? Or could snacks be sort of flat in the second half? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 12:15PM, CPB.OQ - Campbell's Co at Barclays Global Consumer Staples Conference And then just more, what gives you the confidence that you can stabilize snacks that will ultimately come to fruition? I guess, how much of the improvement is sort of easier comparisons versus, let's say, fundamental improvements? And how much maybe is category related versus better competitiveness as you've talked about?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Right. That's helpful.

Question: Andrew Lazar - Barclays Services Corp - Analyst : Maybe what are you seeing from the -- specifically the salty snack category at this point? And what's the plan to sort of better compete in this current environment?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Yeah. Campbell's targeting marketing spend to be in the 9% to 10% of net sales range. I guess, where would you expect to be in this range in '26? And I guess, what gives you the confidence that that level of marketing is sort of sufficient to drive the desired top-line outcome?

Question: Andrew Lazar - Barclays Services Corp - Analyst : And Carrie, I know you touched on this on the call, but how are you thinking about the need for sort of -- broadly for the corporate level, the need for price investments in fiscal '26?

Question: Andrew Lazar - Barclays Services Corp - Analyst : And I know Campbell increased its cost savings program from $250 million to $375 million. I guess what's enabled the company to further this program? And where are the incremental savings coming from?

Question: Andrew Lazar - Barclays Services Corp - Analyst : Great. Mick, maybe with our sort of remaining moments, thinking about the long-term algorithm for a minute. This time last year, right, Campbell hosted an Investor Day, laid out its three-year strategy and provided some financial targets. A lot's changed in that year. And the operating environment obviously has remained challenged for longer than most would expected. You're now CEO of the company rather than leading Meals & Beverages. I guess based on where we are today, right, how is Campbell viewing its strategic plan and growth targets? What, if anything, has changed? And maybe what's not changed for Campbell in terms of sort of strategy and financial targets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 12:15PM, CPB.OQ - Campbell's Co at Barclays Global Consumer Staples Conference

Question: Andrew Lazar - Barclays Services Corp - Analyst : Yeah. Makes sense. Good. All right. I think that about does it. We're out of time here. Thank you for being here. Please join me in thanking Mick and Carrie for being here.