The Campbell's Company

Hello and welcome to the Campbell's Company Q4 Fiscal 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star 1 on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the call over to Joshua Levine, Chief Investor Relations Officer. Mr. Levine, you may begin.

Good morning and welcome to the Campbell's Company's fourth quarter fiscal 2026 earnings question and answer session. Earlier this morning, the company published its earnings press release and slide presentation, as well as both a written and audio recording of management's prepared remarks. All of these materials can be found on the investors section of our website. Shortly after the conclusion of today's live Q&A session, we will post a transcript and audio replay of this call. Joining me today are Mick Beekhuizen, President and Chief Executive Officer, and Todd Cunfer, our Chief Financial Officer. During today's discussion, management may make forward-looking statements that reflect our current expectations about future plans and performance. These statements rely on assumptions and estimates and are subject to risks and uncertainties. Please refer to slide 3 of our presentation or our SEC filings for a discussion of factors that could cause actual results to differ materially. Management may also use non-GAAP financial measures, which we believe provide useful information for investors. Non-GAAP financial measures are not intended to be considered in isolation from or as a substitute for the financial information presented in accordance with GAAP. Reconciliations to the most directly comparable GAAP measures are included in the appendix of our earnings presentation. Finally, please note that this is the first quarter following our acquisition of a 49% interest in La Regina, whose results are fully consolidated into Campbell's financial statements. The remaining 51% interest we do not own is reflected as earnings from non-controlling interest. Campbell's financial statements prepared in accordance with GAAP also include certain fair value adjustments associated with the acquisition including for the deferred payment of the second tranche due on May 4th, 2027 and for the option to acquire remaining interests at a future date. These fair value adjustments will be excluded from our adjusted earnings. We will now open the call for questions. Operator?

Thank you. Again, if you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Your first question comes from Tom Palmer with JP Morgan. Your line is open.