The Kraft Heinz Company

Greetings and welcome to the Kraft Heinz Company first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Anne Marie Magella, head of global investor relations.

Thank you. And hello, everyone. Welcome to the Q&A session for our first quarter 2025 business update. During today's call, we may make forward-looking statements regarding our expectations for the future, including items related to our business plans and expectations, strategy, efforts and investments, and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risk and uncertainties. Please see the cautionary statement and risk factors contained in today's earnings release, which accompanies this call, as well as our most recent 10-K, 10-Q, and 8-K filings for more information regarding these risks and uncertainties. Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earnings release and the non-GAAP information available on our website at ir.craftsciencecompany.com under News and Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures. I will now hand it over to our Chief Executive Officer, Carlos Abrams-Rivera, for opening comments. Carlos, over to you.

Thank you, Marie. And thank you everyone for joining us today. At Krupp Heinz, we are proud to be a trusted partner in kitchens everywhere, providing confident connections, particularly in these moments of uncertainty. Despite growing market pressure in the first quarter, we delivered top line results in line with our expectations, with strong cash flow performance and a healthy balance sheet. We are also encouraged by the progress we're making in improving brand superiority. While these advancements are not yet reflected in the financial results, they do give me confidence that we are putting in place the right building blocks. Our commitment to making the necessary investments to deliver quality and value offerings to our consumers' own wavering. At the same time, we are closely monitoring market tension and have adjusted our guidance accordingly. With that, I have Andrew joining me, so let's open the call for Q&A.