{
  "report_rows": [
    {
      "kpi": "Operating EPS (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.35 vs. cons $2.23",
      "confidence": "HIGH"
    },
    {
      "kpi": "Net sales (2Q26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$6.65B vs. cons $6.61B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating EBITDA (2Q26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.32B vs. cons $2.25B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Operating EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$3.55-3.75 (raised low end/midpoint) vs. cons $3.63 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Operating EBITDA guide",
      "prediction": "BETTER",
      "answer": "guide ~$4.10-4.25B vs. cons $4.13B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Separation / spin timing & framework",
      "prediction": "UNCHANGED",
      "answer": "reaffirm Q4 2026 spin vs. Sept 15 2026 Investor Day (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "Beat + modest FY raise is the base case, but the stock ran ~34% YTD and showed pre-earnings idiosyncratic strength (up while S&P fell into the print), so much is priced in. Out-period math limits upside: Q1 pulled seed volume forward (soft optical Q2/2H seed comps), CP pricing still negative, and a ~$40M 2H oil headwind plus LatAm/credit risk cap upward revisions. The raise mostly banks 1H beats rather than lifting 2H, so estimates don't rerate much and the initial pop gives back part of the gain \u2014 separation optionality (Sept 15 Investor Day) supports the floor but doesn't drive near-term numbers.",
  "day5_confidence": "LOW"
}