We came away incrementally more constructive on our top pick for 2026 based on management’s assessments of the long-term sales opportunity, differentiated capability set (value proposition, innovation, marketing), broad-based brand momentum, and global white-space opportunities. Included in this note are takeaways we found pertinent. Blair | Building | 150 North Riverside Plaza | Chicago, IL 60606 | +1 312 236 1600 | www.williamblair.com This is not in any sense a solicitation or offer of the purchase or sale of securities. The factual statements herein have been taken from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise. Opinions expressed are our own unless otherwise stated. Prices shown are approximate.