Investor Feedback - Week Of June 26

Research evidence excerpt

Investor Feedback - Week Of June 26

TD SECURITIES (USA) LLC WEEKLY REPORT

June 29, 2026

■Alcoholic Beverages Investor Feedback - Week Of June 26

■Food: Food Producers

■Household & Personal Care

Robert Moskow THE TD COWEN INSIGHT

646 562 1474

MDLZ, CLX, HSY, and GIS accounted for most of our client interactions in the week ending

robert.moskow@tdsecurities.com

June 26. Our upgrade of Diageo and sector report on the alcohol industry received the most

Seamus Cassidy readership. We believe that the consumer downturn in alcohol demand is more cyclical

646 562 1319 than structural. We view consumer sentiment and the industry's alcohol purchasers index as

seamus.cassidy@tdsecurities.com

leading indicators for a rebound.

Sergio Matsumoto

646 562 1339

sergio.matsumoto@tdsecurities.com

Jacob Henry, CFA

646 562 1380

jacob.henry@tdsecurities.com

Victor Ma

646 562 1306

victor.ma2@tdsecurities.com

Source: TD Cowen

Investor Sentiment On Selected Stocks.

Mondelez: Investors net positive despite the risk to chocolate sales from hot weather in Europe

and private label competition. We tamped down FY26 for FX.

General Mills: Remains weak. Investors unsure what levers management can pull to improve

volume after price cuts proved less than successful. We lowered our FY27 EPS significantly.

McCormick: Remains rather sour. Investors puzzled about the root causes of the company's

market share losses in the U.S. and are frustrated with the reaction to the UL Foods acquisition

announcement.

Diageo: Feedback on our Diageo upgrade was surprisingly supportive, especially with the

potential for a positive reaction from the market to the upcoming investor day in August. That

said, they view visibility to recover in the U.S. trends as the most important driver.

A Contrarian Case For Clorox?