The Campbell's Company Common Stock Barclays 19th Annual Global Consumer Staples Conference

Thanks for being here. Thank you for having us.

Yeah. So maybe kind of stepping back, first of all, with where we're at right now, and when you look at how do we get here. The consumer really evolved over the past years. And you see that play out across our portfolio. If I look, for instance, on the snack side, you see we are operating in categories that are maybe growing currently about a percentage point or so. They were growing close to 4 or 5 percentage points in the past. Consumer has not only increased their focus on the value side, but has also become very intentional with their purchases, and that's what you really see play out on the snacking side.

So on the meals and beverage side, there is a little bit like a contrary trend going on where, again, back to that focus on value, intentionality, and with that, at-home cooking is a continuous trend. You heard us talk about it on the earnings call as well. That is a trend where actually the meals and beverage portfolio is benefiting from. We obviously on the one hand have that with brands that are within the broth category, but at the same time, also Rao's continues to benefit from that. We refer to that more broadly as semi-scratch cooking, and semi-scratch cooking is a trend that is working. What does that mean for me and how does that really influence our, call it like broader strategic choices? First of all, we need to make sure that we are very close to the consumer.

Really think about or really look at what does the consumer want, what does the consumer need, and making sure that we pull that through in each of our brands. When we are activating or when we are supporting our brands, that we obviously connect that consumer need. But at the same time, also when we are doing that with innovation, and I am sure we will talk more about that aspect. That goes back to snacks. A good example of that is Goldfish. The core household with families is what we need to focus on. That is an area where Goldfish needs to win, and that is also where Goldfish has a right to win. That means with brand activation, like the snack that smiles back, as well as with some of the innovation that we are currently working on with Better For You or gluten-free Goldfish, plays right within that space.

At the same time, on the meals and beverage side, what else can we do with semi-scratch cooking as the consumer continues to focus on that? What does that mean for us from an innovation perspective? Or even how can we further accentuate other parts of our portfolio, not only during the holiday period, but also during everyday cooking? I would say so lessons learned, it is really back to focus on the consumer. There is no silver bullet. We need to make sure that we are focused on everyday great execution, and we need to support our brands with marketing as well as innovation in the area where the consumer really wants to be.