“Our objective is to grow organic sales modestly ahead of the underlying growth of these markets.”

In context

“and shareowners. And we're taking steps to drive better execution and more investment in the strategy to grow markets and improve our ability to achieve our growth and value-creation objectives. With that, I'll hand it back to Andre to outline our guidance for the new year. Andre Schulten: Thanks, Jon. As we enter fiscal '26, we continue to expect the environment around us to remain volatile and challenging from cost to currencies, to consumer, competitor, retailer and geopolitical dynamics. We believe our going-in guidance for fiscal '26 prudently reflects these market realities. On the top line, we currently expect the markets in which we compete to deliver local currency value growth in the range of flat to 3% for the year with the current run rate roughly in the middle of this range. Our objective is to grow organic sales modestly ahead of the underlying growth of these markets. However, our guidance includes a 30 to 50 basis point headwind from brand and product form discontinuations as part of our 2-year restructuring program. Taken together, our guidance range for organic sales growth is in line to up 4% versus prior year. The low end of this range protects for additional softness in underlying market growth rates. The high end would require acceleration in underlying market growth and market shares. On the bottom line, we are guiding for core EPS growth in line to plus 4% versus fiscal year '25, core EPS of $6.83. This guidance equates to a range of $6.83 to $7.09 per share, $6.96 or up 2% at the center of the range. This outlook includes a commodity cost headwind of approximately $200 million after tax and a foreign exchange tailwind of approximately $300 mi”