Earnings call transcript: Kraft Heinz beats Q2 2025 expectations, stock rises

Kraft Heinz Co. reported its second-quarter 2025 earnings on July 30, surpassing Wall Street expectations with an earnings per share (EPS) of $0.69, compared to the forecasted $0.64, a 7.81% surprise. Revenue also topped estimates, reaching $6.35 billion against the anticipated $6.25 billion. Following the announcement, Kraft Heinz shares rose 0.46% in pre-market trading, reflecting investor optimism. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations, with the stock trading at an attractive P/E ratio of 13x. InvestingPro subscribers can access detailed valuation metrics and 5 additional expert insights about KHC’s investment potential.

Key Takeaways

• Kraft Heinz reported a $9.3 billion non-cash impairment charge despite strong earnings.
• Emerging markets showed an 8% top-line growth with improved margins.
• Innovation contributed 3% to sales, up from 1.6% previously.
• The company plans to increase marketing spend to 4.8% of net sales by 2025.

Company Performance

Kraft Heinz continues to demonstrate resilience in a challenging market environment. The company’s focus on emerging markets has paid off, with an 8% increase in top-line growth and record-high operating income margins. The North America Retail segment showed signs of gradual improvement, although it remains down 2.7% excluding cold cuts and bacon. The company is strategically investing in product innovation and marketing to drive future growth.

Financial Highlights

• Revenue: $6.35 billion, exceeding the forecast of $6.25 billion.
• Earnings per share: $0.69, surpassing expectations of $0.64.
• Operating income margin reached a record high in emerging markets.

Earnings vs. Forecast

Kraft Heinz’s actual EPS of $0.69 exceeded the forecasted $0.64, marking a 7.81% positive surprise. This performance reflects the company’s successful pricing strategies and operational efficiencies. The revenue surprise of 1.6% further underscores Kraft Heinz’s ability to outperform market expectations, continuing a trend of robust quarterly results.

Market Reaction

In response to the earnings announcement, Kraft Heinz’s stock rose 0.46% in pre-market trading, closing at $28.69. This movement aligns with a broader positive trend in the consumer goods sector, as the company approaches its 52-week high of $36.53. The market’s favorable reaction highlights investor confidence in Kraft Heinz’s strategic initiatives and growth prospects. InvestingPro data reveals the company maintains a "GOOD" overall financial health score, with particularly strong ratings in cash flow and relative value metrics. Get access to the comprehensive Pro Research Report, available for KHC and 1,400+ other top stocks, for deeper insights into the company’s financial strength.

Outlook & Guidance

Looking ahead, Kraft Heinz remains optimistic about its growth trajectory. The company targets double-digit growth in emerging markets and plans to increase its marketing budget to 4.8% of net sales by 2025. Despite inflationary pressures, Kraft Heinz expects commodity inflation to ease by the fourth quarter, potentially boosting margins.

Executive Commentary

CEO Carlos Abrams-Rivera stated, "We are pricing well below inflation. In fact, we expect the inflation to be about five to 7% this year, and we’re only passing about around 1% of the pricing." This approach underscores Kraft Heinz’s commitment to maintaining competitive pricing while managing costs. CFO Andre highlighted the company’s strategic investments, noting, "We have built into the initial plan about $300,000,000 of investments."

Risks and Challenges

• Inflation: Expected to be 5-7% for the year, potentially impacting consumer purchasing power.
• Tariffs: Anticipated to affect margins by approximately 100 basis points.
• Supply Chain: Continued disruptions could pose challenges to operational efficiency.
• Market Saturation: Increased competition in the North American market may limit growth.
• Commodity Prices: Fluctuations could impact cost structures and profitability.

Q&A

During the earnings call, analysts inquired about potential strategic transactions and the impact of the $9.3 billion impairment charge. Executives also addressed pricing and promotion strategies, emphasizing their focus on innovation and growth initiatives. These discussions highlighted Kraft Heinz’s proactive approach to navigating current market challenges while positioning for long-term success.

Full transcript - Kraft Heinz Co (KHC) Q2 2025:

Conference Operator: Greetings, and welcome to the Kraft Heinz Company Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ann Marie Miguela, Global Head of IR.

Ann Marie Miguela, Global Head of IR, Kraft Heinz: Thank you, and hello, everyone. Welcome to the Q and A session for our second quarter twenty twenty five business update. During today’s call, we may make forward looking statements regarding our expectations for the future, including items related to our business plans and expectations, strategy, efforts and 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 risk and uncertainties. Please see the cautionary statements and risk factors contained in today’s earnings release, which accompanies this call, as well as our most recent 10 ks, 10 Q and eight ks filings for more information regarding these risks and uncertainties.

Additionally, we may 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 available on our website at ir.krafthimescompany.com under News and Events for a discussion of our non GAAP financial measures and reconciliations to the comparable GAAP financial measures. I will now hand it over to our Chief Executive Officer, Carlos Abrams Rivera, for opening comments.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Well, you, Marie, and thank you everyone for joining us today. Listen, I’m pleased to report that our second quarter results came in line with our expectations with an improvement in year over year top line performance. Our investments in product superiority, manufacturing capabilities, and key areas of our business are starting to pay off. It’s driving momentum and giving us confidence to reiterate our 2025 full year outlook. And while we do not have any new news to report today in our consideration for these transactions, I do want to assure you that we are actively progressing on our evaluation with a focus on unlocking long term shareholder value.

With that, I have Andrew joining me, so let’s open the call for the Q and A.

Conference Operator: We’ll now be conducting a question and answer Our first question is from Andrew Lazar with Barclays.

Andrew Lazar, Analyst, Barclays: Great. Thanks so much. Good morning. Carlos, during the quarter, Kraft Heinz put out a release that the company was considering, you know, various strategic transactions to create value. As there’s nothing specific from the company yet, perhaps maybe we can talk a little bit more in generalities.

And there was obviously a report from The Wall Street Journal about potential business separation. I know you can’t comment on specifics, but I guess, how would you respond to investors that would say, you know, such actions oftentimes can be, nothing more than financial engineering moves that, you know, come with higher costs and dissynergies, you know, rather than sort of unlocking value. I’m I’m really just trying to provide maybe a forum where you can talk a little bit about these sorts of things maybe more in general, as as Kraft looks at a lot of different, possibilities, right, to to try and unlock value.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Well, thank you, Andrew. Always great to hear from you. Yeah. You know, as I said, you know, our board is working with urgency on our evaluation of those strategic options to unlock, as you said, long term strategic value creation. And, you know, what I will say also is, and I’ll remind our investors, is that, you know, we will operate with the same financial discipline you have come to expect from us.

And so any actions, if any, will be consistent with that goal of unlocking that long term shareholder value. And that’s essentially all I can say at this time. But thank you for your question.

Andrew Lazar, Analyst, Barclays: Yep. Gave it a shot. Thank you.

Conference Operator: Our next question is from Peter Galbo with Bank of America.

Peter Galbo, Analyst, Bank of America: Hey, guys. Good morning. Thanks for taking the question. Maybe a bit more of a technical one, but but there was a pretty sizable, you know, impairment that was taken in in the quarter, and was just hoping to get a a little bit more detail. It it seemed like it was maybe more at the enterprise level, but I I didn’t know if that flowed down to any of the the brands in particular or if it’s at all tied to, you know, as you as you contemplate kind of strategic transactions and you think about, you know, moving moving different pieces like that the that the reporting change triggered the the impairment.

And, again, it’s it’s relatively sizable, so just hoping to get some more detail there. Thanks very much.

Andre, CFO, Kraft Heinz: Sure. Thanks for the question, Peter. So, look, we we recorded a $9,300,000,000 noncash impairment charge, And the trigger for that was, only the fact that we have a sustained decline in the stock price, and that has reduced the carrying value of our intangible assets. We have been monitoring this for some time. We disclosed in our previously filed 10 q the risk that this could happen.

So it’s it’s not really, nothing new and nothing beyond that. This does not change the view that the basic value of the company, including the confidence and direction we have in the strategy.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Okay. Thanks very much.

Conference Operator: Our next question is from David Palmer with Evercore ISI.

David Palmer, Analyst, Evercore ISI: I’m just wondering how you’re thinking about your pricing and promotion levels currently. Where do you see perhaps an opportunity to or a challenge, to, ramp up promotions or narrow price gaps? And where do you feel like, you know, you’ve taken the steps already that you you’re comfortable where you are versus your near in competition if even if that’s private label? And I have a follow-up.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you, David. Let me start and then I’ll hand it off to Andre if you wanna give additional commentary. But guess I would just say as context, you know, we are we’re certainly a consumer centric brand, first of all, which means that we are making sure that our brands are our brands are gonna continue to build for the long term. And what you see from us is that we continue to invest make investments across the board. And that some of that investment is actually in pricing.

We’re including about a 100 bps in pricing year over year. And we also are, on top of that, investing another 30 bps in marketing so that we can reach about 4.8% of marketing as a percent of net sales by 2025, by the end of 2025, which will be the highest level in nearly a decade. So and and in terms of pricing, just one clarification that I will make is that if you look at pricing in North America, when you exclude the cost inflation, it’s actually negative. So that gives you a sense that we’re also being thoughtful about how to think about pricing.

Andre, CFO, Kraft Heinz: Andre, anything else you would add? Well, as as we said before, we have built into the into the into our initial plan about $300,000,000 of investments. We have added a little more towards the second half. We have been concentrating the the investments mainly on the the key windows. You see more activity now in the third quarter, as we are now at the peak of the summer.

There there is some investments that you have saved for this moment as we have a lot of product renovations hitting the market and some core innovations hitting right now. So we concentrated efforts on that so we can have the new product, the extra marketing, and those investments all hitting at the same time to improve the the chance of success. So, I mean, beyond that, there is nothing to say. Carlos, I don’t wanna see.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Yeah. The the only thing I would add, David, here is is that it’s important to know that, you know, we are pricing well below inflation. In fact, we expect the inflation to be about five to 7% this year, and we’re only passing about around 1% of the pricing. So that we are, in fact, keeping the consumer in mind as we’re taking these actions on pricing. Sounds like you had another question, David?

David Palmer, Analyst, Evercore ISI: Yeah. No. Thank you for that. I just, you know, one thing I’m thinking about with regard to Kraft Heinz, particularly as you think about strategic actions and, you know, sort presumably, there’s there’s, parts of the business that might, garner a higher multiple than the others, is this this problem that we see across food right now where legacy parts of businesses that might be growthier are not doing as well as they might have done over the long term. And I’m wondering how you’re thinking about that with regard to, you know, whether it’s accelerate, protect, or balance.

We’re seeing, know, on average declines continuing in those in those businesses. You know, what what is your prospects, I guess, to make your growth parts growthy, you know, in the near term, particularly if you wanna shine a a good light on those parts of the business as you as think about strategic actions. Thanks.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you. I gotta let me go back to the our strategy that we have been consistent following for the last eighteen months or so, which is we are making investments to make sure that we’re growing across an emerging markets, North America retail and away from home. And in fact, we are continuing to make investment to drive that growth and return capital to our shareholder. And when you look at our pillars, in fact, you know, in emerging markets, you saw we grew our top line by around 8% to both price and volume, at the same time expanding margins substantially. In fact, we now in emerging market have our highest OI margin ever.

If you look at North America retail and accelerate platforms, we actually investing also to power powered by the brand growth system, and we are executing through agile ways of working. And let me just say that if you look at the at the Nielsen data, IRI data over the last four weeks, in fact, when you exclude cold cuts and bacon that drove about 40% of the decline, the rest of the portfolio in total North America retail actually is improving substantially. In fact, in the latest four week, ex cold cuts and bacon, we are down 2.7%. Year to date, we’re down 4%. So you are seeing that the actions we’re taking in North America retail are also helping us drive the kind of improvements that we wanted to have seen in the business.

And finally, in away from home, we’re also expanding into footprints for distribution and driving new innovation into the marketplace. The last thing I will say is that we’re not done. We’re gonna continue to invest in the business because we are confident in the strategy. We’re making sure we spend continue to invest in marketing, like I said earlier. We continue to step our investment in ecommerce, which is helping us also drive our improvements in North America.

And, frankly, we also have a solid balance sheet that allows to and a strong cash flow that allows us to continue to make these investments. So we feel very good that when you look deeply into our growth pillars, all those actions and investment we’re making are, in fact, taking shape in order for us to be able to continue to drive the company towards long term success.

Andre, CFO, Kraft Heinz: I think beyond that, we have, as we said before, have a lot of product renovation hitting the market right now behind mac and cheese, lunchables, mayo, just to name those three. We have, 20% market increase year over year expected to the second half. So the vast majority of all the the the meat increases are all happening now in in the second semester. We have, as we said, the step ups, some investments, on price, towards the the the key window that are still to come. So there is a lot more happening that we should con and we should continue to see it accelerate part of the portfolio in North America improving gradually throughout the remaining quarters.

Thank you, David.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you.

Conference Operator: Our next question is from Leah Jordan with Goldman Sachs.

Leah Jordan, Analyst, Goldman Sachs: Thank you. Good morning. Just seeing if you could provide more detail on your sales trends across emerging markets. I I know there’s a big opportunity for distribution gains in away from home in the region. So it’s just curious how those gains have tracked versus your expectations so far this year, and how should we think about the pace of those gains in the back half versus the front half?

And and, really, what’s giving you the confidence in that double digit exit rate for this year?

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Great question. Thank you, Leah. Listen. I mean, I mentioned that we, in fact, were very pleased to see that the top line now grew about 8%. I think what behind those numbers, though, is the fact that the growth coming from both volume and price.

And the fact that we are doing that while actually increasing our our margins at the same time give us quite a bit of confidence that as we look at the end of this year, we should be able to be hitting a long term algorithm of double digit growth. And for us, we continue to see, you know, investment in our business, and it’s not gonna stop. You know, today already, it represent about 2 and a half billion dollar business of our of our business overall. And I think one other thing that it gives me confidence is the fact that when you look at step backs and you look at emerging market, it’s really a more simple portfolio. It is focused on taste elevation, in particular in our Heinz brand, and we have a strong go to market model.

So when you look at the double click of Heinz in emerging markets, you know, it actually grew about 18% year over year. So it is building on the strengths of our key brand in a simple in a business that we know how to operate with a model that we now have been able to replicate across markets. So it’s something that now we have been building on the success that we have in the past historically, and now we’re expanding to make sure that we’re growing in LatAm, growing in our Middle East Asia, and Middle East Africa and Asia. And I think for us, we continue to believe that this is a place where we have tremendous opportunity for now and for the long term. Thank you, Leah.

Leah Jordan, Analyst, Goldman Sachs: Thank you. And I all inflation and promotions that were pushed into the third quarter. You know, any color on the magnitude of that impact and how, what drove the timing shift and and how you view kind of those cost pressures around inflation today?

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Sorry, Liet. You got cut off at the beginning of the question. If you can repeat it.

Leah Jordan, Analyst, Goldman Sachs: Oh, sure. You had called out incremental inflation and promotions that were pushed from two q into three q. Just any color on the magnitude of that impact we should think about on a quarterly cadence basis? And then what was the driver of that timing shift for those two items, and how are you thinking about inflationary cost pressures today?

Andre, CFO, Kraft Heinz: Look. Magnitudes is in the range of thirty, forty bps. Yeah. Thirty, forty bps. We it’s it’s it’s not nothing special.

It’s mostly the recognition, like, on the based on the inventory positions and the throughput, that’s how this inventories got recognized in the p and l. So that’s why it shifted q two, q three. So but nothing really beyond that.

Ann Marie Miguela, Global Head of IR, Kraft Heinz: Great.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you, Adam. Our

Conference Operator: next question is from Megan Klaab with Morgan Stanley.

Megan Klaab, Analyst, Morgan Stanley: Hi, good morning. Thanks so much. I wanted maybe a follow-up just on the organic sales growth in North America Retail. There was a comment in the prepared remarks that you expect gradual long term improvement in top line trends. And and clearly, it seems like just based on your comment around exit rate on emerging markets and and foodservice that the gating factor here continues to be North America Retail.

So maybe, you know, you can just update us on how you’re thinking about timing of of getting back to just maybe stabilization first and foremost in North America Retail. Thank you.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you. You know, for me, what I would say is and if you go back to kind of the strategy was fueling our growth in in and that improvements in North America performance, it is all the fact that we have now invested in through our brand growth system back in our products. So we’re investing in our product superiority. We’re investing in better marketing. We’re praying investing in better tool with ecommerce investments that we have made over the last six months, and that is giving us the company that we continue to see that now play into the marketplace.

We ended last year with brand growth system impacting about 10% of our business. By the end of this year, will be about 40% of our business, disproportionately focused in North America accelerate platforms. And you can see how when we are applying them that methodology, that actually is driving our improvement in performance. In fact, let me give an example of Capri Sun, which is a business that we renovated. We invested back in the business.

We improved the marketing. We improved the products. We make sure that we highlighted the benefit that it could have with parents and kids that has no artificial flavors, that we have superior taste, that we have better qualities in terms of things that kids love to have, that we have better promotions partnering with places like Nintendo, that we bring in new ideas into marketplace like Capri Sun under with new promotional during promotional limited edition products, whether that is we bring in new begin to new channels, whether it’s club, whether it’s convenient. So you see how when we apply the brand growth system or a brand like Capri Sun, that is comprehensive investments we make, the improvement that it yields in our business. So that along with the fact that we continue to step up our marketing, as I mentioned earlier, about 30 bps to get us above 4.8% by the end of the year, You know, that that combination of the way we are investing, the fact that we’re investing more, and that we’re using agile way to work into them, take those learnings and apply it to the portfolio is a combination that we believe is the right the right tools in order to drive complete continued pro improvements in our North America retail business.

Max Gumport, Analyst, BNP Paribas: Okay. Thanks for that, Thank for your question.

Megan Klaab, Analyst, Morgan Stanley: Thank you. And then and maybe just a quick follow-up for Andre on on the gross margin outlook. Inflation, I think, overall looks to be unchanged for the year at that 5% to 7%, obviously, a wide range. But would you be able to just update us on what base input cost inflation is versus tariffs if if that’s changed at all? And then how should we be thinking about, you know, what what carries into 2026?

Just what looks to be a given a kind of lower exit rate on on gross margin in in the back half relative to the first half? Thank you.

Andre, CFO, Kraft Heinz: Yeah. So in terms of inflation before tariffs, we have the peak of the commodities hitting in q two, but some of that, in terms of P and L recognition, got pushed into q three, and we should ex I should expect that some sort of relief started in q four, so it should start to reach the inflection point. We still have pockets of high commodity inflation, particularly on the heat and coffee. Regarding the tariffs, the current expectation based on on the latest is an impact of approximately a 100 bps this year linked to to the tariffs. And if the tariffs remain as they are right now, it will create a a full year annualized impact of approximately a 180 bps.

So there will be some carryover, into that affecting 2,026. As I said before, there are a lot of actions in place for procurement teams and also for commercial teams to mitigate as much as we can, being mindful about their their current consumer situation. But but, some pricing is is required, and and that’s what we are doing.

Megan Klaab, Analyst, Morgan Stanley: Okay. Great. Thank you.

Andre, CFO, Kraft Heinz: Thank you.

Conference Operator: Our next question is from Max Gumport with BNP Paribas.

Max Gumport, Analyst, BNP Paribas: Hey. Thanks for the question. Sensors to our peers that have recently established their their off calendar FY ’26 outlooks have embedded some pretty meaningful margin pressure over the coming quarters from substantial reinvestment. I recognize, you know, with your marketing going to at least 4.8% of sales and media spending going up at least 20% year over year, you are also reinvesting, but it it still feels a bit less sizable than what we are seeing from some of these peers. So particularly in light of the continued volume declines, just wanna get a better sense for what’s giving you the confidence that your investment plans for this year are appropriate.

Thanks.

Andre, CFO, Kraft Heinz: Thanks for the question. Look. We as everything we do, we are always very disciplined in our investments, and we like to test investments before scaling them up. So we feel good about the actions that we are doing for this year. I think those are the right ones, and the magnitude are appropriate as well.

And as we said in the last earnings, if we we see the the results expect from them, we will not hesitate to step up. Keep in mind as well that we act we are actively expanding the the brand growth system to more brands as we speak. So it’s part of the reason as well where we decided to step up investments a little more beyond what we initially said last quarter. And as opportunities, show up as part of this assessment, we will we will continue to step up investments. You know?

At at this point, we’re really trying to grow the business in a way that we think is is the healthy, like, not through price, but through really stronger products and stronger attributes, stronger marketing, which takes more time, but that’s the right thing to do. But we we are going to step up investments if if it is if we deem appropriate. That’s for sure.

Max Gumport, Analyst, BNP Paribas: Thank you. Okay. I’ll I’ll leave it there. Thanks very much.

Ann Marie Miguela, Global Head of IR, Kraft Heinz: Operator, we have time for one more question.

Conference Operator: Our last question is from Alexia Howard with Bernstein Research.

Ann Marie Miguela, Global Head of IR, Kraft Heinz: Good morning, everyone.

Ann Marie Miguela, Global Head of IR, Kraft Heinz0: Morning. Can I can I ask about the the pace of innovation? If I remember correctly, you were pretty low on the innovation front for much of the pandemic and the global supply chain disruptions, but it sounded as though you exited 2024 at a somewhat higher rate, but probably still quite a lot lower than peers. Can you talk about where you’re at today, as a percentage of sales, where you’d like to get get to over time, and how quickly, you could get there, just so we can get a sense for how quickly that might be ramping up? Thank you, I’ll pass it on.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz: Thank you, Alexa, for your question. Let me I guess, let me just give you a little bit of context, which is, you know, for us, it’s important that when we define innovation, we’re also thinking through what are the places that we can, in fact, renovate many of our key products. So when we talk about our brand growth system, when the fact that allows us to focus on us making sure we bring the attributes to consumers they care about in our core business, that is actually a key part of also thinking through how do we maintain innovation within our business. And I I have to say, as you pointed out, I think that if we go back to 2022, I think the number on innovation was around 1.6% of our of our sales. By the end of the last year, it was about 3% of our sales.

So we’re gonna continue to drive from that investment and innovation to contribute a larger part of our business as we go forward. But I would say, it also is already paying off. So if you think about, you know, the innovation that we have brought in, like, the experience of bringing the Taco Bell restaurant experience to home, it is now the second year in which we’re growing that business double digit, and now we’re expanding to Canada. I mentioned earlier Caprisome bottle that we are now bringing into club. We’re bringing into single serve, and now it’s achieving, you know, high levels of velocities too, whatever we have taken that that product outside of the pouch.

And we’re also making sure that we continue to drive innovation in our Heinz business. I mean, whether that is looking at how do we take it into pasta sauce, which is happening across many of our business across both Europe and Latin America, but it’s also making sure that we continue to expand on our of the importance of our Heinz Mayo business across our international portfolio and continue to expand into new countries as we go into ’20 into 2026. So well, you’re right that we continue to see opportunities for innovation. Our focus continues to be making sure we have the right core products with the right renovation in those businesses, and at the same time, being thoughtful about how do we actually are bringing innovation to market market that has the long term opportunity to be here for many, many years. And I’m I’m pleased to what I’m seeing.

I also think that there’s more for us to do. The last thing I will say is it’s important to recognize. And when we talk about the brand growth system, it also creates and highlights opportunity for us to go after new innovation. So you’re gonna continue to see us go to marketplace, whether that is with the kind of focus on not only line extension and new exciting flavors, but ways in which we can actually continue to make sure our brands are relevant for now and for the future. More to come.

Thank you, Alexia.

Ann Marie Miguela, Global Head of IR, Kraft Heinz0: Thank you.

Conference Operator: Thank you. This concludes today’s conference call. We thank you for your participation. You may now disconnect your lines.

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