Adjusted free cash flow productivity improved from 87% to 100%, consistent with the reason's emphasis on cash conversion near or above 100% of earnings.
before · MD&A · 2025-06-30 → 2026-06-30
“Adjusted free cash flow productivity, defined as the ratio of adjusted free cash flow to net earnings excluding the non-cash charge for accumulated foreign currency translation losses due to the divestiture of operations in Argentina, was 87% in 2025.”
→ after
“Adjusted free cash flow productivity, defined as the ratio of adjusted free cash flow to net earnings excluding the gain from the dissolution of the Glad joint venture business, was 100% in 2026.”