Mama's Creations, Inc.

Greetings and welcome to the MAMAS Creation second quarter fiscal 2026 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 and telephone keypad. It is now my pleasure to introduce your host, Luke Zimmerman. Thank you. You may begin.

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to MAMAS Creation's second quarter fiscal 2026 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following this presentation, the conference will be open for questions. This conference is being recorded today, Monday, September 8, 2025, and the earnings press release accompanying this conference call was issued after the market closed today. On our call today is MAMAS Creations Chairman and CEO, Adam L. Michaels, and CFO, Anthony Gruber. Before we get started, I'll read you this disclaimer about forward-looking statements. The conference call may contain, in addition to historical information, forward-looking statements within the meaning of federal security flaws regarding MAMAS Creations. Forward-looking statements include, but are not limited to, Statements that express the company's intentions, beliefs, expectations, strategies, predictions, or any other statements relating to the future earnings, activities, events, or conditions. These statements are based on current expectations, estimates, and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in the company's 10-K and other documents which the company files with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to factors beyond the company's control. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of key management personnel, availability of capital, and any major litigation regarding the company. In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes provides helpful information to investors about the performance of the business on an ongoing basis. A reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measure is included in today's earnings release, which is available on the MAMAS Creations website under the Investors tab. And finally, this conference call contains time-sensitive information that reflects management's best analysis only as of the date and time of this conference call. The company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this conference call. At this time, I'd like to turn the call over to Chairman and CEO Adam L. Michaels. Adam, the floor is yours.

Thank you, Luke, and thank you to everyone for joining us today. I'd like to welcome you to our second quarter fiscal 26 financial results conference call. Our fiscal second quarter saw broad-based momentum. Revenue growth outpaced the category. We intelligently and judiciously leaned into high ROI trade investment and saw continued geographic balance with volume-led growth supported by new branded placements and incremental doors. We also worked collaboratively with our retail partners and implemented targeted pricing by early Q2, while operational work in chicken improved yields, increased throughput, and optimized labor, helping to manage commodity and inflationary headwinds. I'd also like to call out that we achieve these gains despite a continued challenging macroeconomic environment for our consumers, highlighting the resiliency, reliability, and relevance of our value-oriented, high-quality deli-prepared foods offerings across any macroeconomic environment. Most notably, we recently announced our acquisition of Crown One Enterprises from Cisco Corporation, a full-service manufacturer of value-added meats and ready-to-eat meals. As competitors, we had long admired their commitment to grandma-quality products, and I would like to personally welcome Andy and his entire team to the Mama's Creations family. Together, I know we can accomplish great things. Crown One was originally part of J. King's Food Service and was acquired by Cisco in 2019. It operates a recently upgraded and expanded 42,000 square foot USDA certified facility in Bayshore, New York, just 10 miles from our Farmingdale location, operating much of the same grilling equipment we do in Farmingdale. Its customer roster includes hard to break into retailers with huge cultural followings where we haven't penetrated. This $17.5 million all-cash opportunistic acquisition brings meaningful synergies to our core business, while bolting on an attractive business at 0.3 times their fiscal 25 revenue. Fully financed through a private placement with institutional investors and further supported by a long-term credit facility with our existing commercial banking partner, M&T Bank, which further supports future opportunities that may come our way. Strategically, Crown adds immediate, de-risked capacity on familiar grill platforms, nearly 200 experienced operators, and a culture of grandma quality offerings rivaling mama's. The plant combines automated and hand-cut portion-controlled proteins with modified atmospheric pressure packaging to extend shelf life, capabilities we can scale across our network. With about $56 million in revenue for the 12 months ending June 30th of this year, Crown One meaningfully advances our path to $1 billion of revenue. The deal is accretive this fiscal year, and we see substantial growth potential with their premium customers and cross-selling opportunities. Crown One adds significant scale and immediate production capacity, especially in chicken, to our operation, and we also gain an incredible team as well as management bench strength. We plan to expand SKU penetration across Crown One's customer base and bring their facility into our network quickly, leveraging our incredible Farmingdale operations team to drive integration given its proximity. Over time, we expect to evolve Crown One's margins closer to our current levels through operational efficiencies, improved throughput, joint chicken purchasing, and better coordination of machinery and logistics. Most importantly, the Crown One acquisition following the successful acquisition of Creative Salads in Olive Branch in 2022 and Chef Inspirational Foods in 23 proves, once again, that our one-stop-shop strategy is working. And with patient searching, prudent diligence, and a practical transition, our Mamas family can acquire and integrate businesses at attractive multiples to drive outsized value for our shareholders. Turning to market dynamics, During the first half of fiscal 25, we have seen growth for private label brands continue to outpace national brands. The Private Label Manufacturers Association reported that private brands outpaced national brands by 4x during the six months ending June 15th. Leading the charge was refrigerated products, which recorded the highest sales growth at 13% over the period. This reaffirms our strategy and remains a tailwind for MAMAS. Speaking of refrigerated foods, according to new research from the National Frozen and Refrigerated Foods Association, shoppers have a strong and growing connection to the refrigerated section, especially when it comes to healthy, quick meal solutions and everyday family basics. This study discovered that 77% of adults associate refrigerated products with high-quality ingredients, and that 70% believe these products support health or wellness goals, another feather in Mama's cap. In addition, protein remains the most sought-after nutrient in American consumers' diets, according to results from two recent consumer surveys from the International Food Information Council. This was the fifth straight year in a row that protein was the top nutrient that most Americans say they're trying to consume. Approximately 80% of consumers reported prioritizing protein intake during a daily meal. High restaurant prices continue to bring consumers back to the grocery store for both savings and variety. The July consumer price index highlighted these trends as away-from-home inflation increased from June to 3.9% over the past 52 weeks, while at-home was down from June to 2.2%, creating almost a 2x variance between away-from-home and at-home inflation over the last 12 months. These away-from-home price increases provide significant market potential for our deli-prepared foods to capture, particularly in recessionary environments where consumers eat out less. Operationally, we executed against our four Cs, cost, controls, culture, and catapult, and will run the same playbook at Crown. The first is cost. Skip and his team have done a tremendous job driving efficiency in our facilities. Freight continues to be a highlight, with greater freight line management, fuller trucks, and better planning driving down our costs another 60 basis points from last year and last quarter. We've created new centers of excellence, starting in logistics, procurement, and IT, which allows us to use our scale more effectively. We can't wait to add Crown's muscle to our growing frame. Crown will nearly double our raw chicken needs, and early conversations with our suppliers reflect they couldn't be more excited to partner with us for growth and sharing improved costing. One year ago, we only had two chicken grills in Farmingdale. Today, we have six, expertly maintained, skillfully run, and eagerly awaiting our sales team to fill them up. The second C is Controls. As promised last year, we have successfully implemented the start of our warehouse management system in East Rutherford. This has provided us unparalleled visibility into our inventories, allowing for reduced waste as well as more agility and higher service levels for our customers. We have also deployed new NetSuite upgrades throughout our network to alert users immediately if costs of raw materials or assembly builds change in cost above a certain threshold. As you hear me say often, what gets measured gets improved. This is just one more example of our strategy coming to life and not just sitting in a PowerPoint deck. While Crown is already successfully managing their business on an alternative ERP system, we're already planning to bring Crown onto our NetSuite instance early next year to ensure we're optimizing every aspect of our business across all three facilities. As our team knows, our operations mantra is one plant, now three locations. The third C is culture. Abby and her team recognize that our people are our most important ingredient and have been working to turn jobs into careers. Last month, we announced our first ever Heritage Mentorship inaugural class. This program is for high potential associates to match up with a leadership team member over a structured nine-month journey with themes, developmental activities, and enrichment experiences rooted in MAMA's core values of commit to craftsmanship, honor heritage, and nurture relationships to develop this leadership and EQ skills. The best part of being in a fast, profitably growing business is that there are always opportunities to step up and lead. This will become our breeding ground for the leaders of Mamas Tomorrow. While our team is always prepared for the next acquisition, the Crown deal allowed us to break out our M&A people playbook once again and use these repeatable tools to ensure on day one our Crown colleagues feel protected, provided for, with a sense of purpose in Grandma's house. Culture remains our secret weapon. The final C being Catapult speaks for itself. We saw another quarter of 20-plus percent growth, nearly 10x category growth. The capabilities that Chris is building are incredible, and part of me thinks we should change Catapult to Crush. Most importantly, the sales team is focused on the right things, accelerating the club channel this quarter with new non-protein items at BJ's, using the entire white meat chicken breast for paninis at Sam's, chicken meatballs at Costco. We have partnered with our biggest grocery partner to launch four new meals for one, leveraging our new map technology, adding shelf life and reducing labor for publics. We've also leveraged our map technology to launch new meals for one, offline in Amazon Fresh stores, as well as online. We're excited to share that we recently received confirmation that Costco would like to partner with us on our first ever national multi-vendor mailer in Q4, allowing the entire country to buy the meatballs that got this company started. This was not planned for in the budget, but Chris and Skip are ready for it. Our biggest surprise this year has been what we thought would be a quiet launch of a new panini line. Boy, was I wrong. Following our IDDBA event this summer, our paninis exploded and are now in over 2,000 doors, anchored by sheets, Sam's Club, and Publix, just to name a few. More importantly, they're beating all velocity expectations, and we're already being asked to expand the door count. All this excitement makes it that much more impressive that our sales team across Crown and Mamas are already talking about how to accelerate this amazing growth. As a reminder, Crown provides $56 million in revenue in retailers that are largely incremental to our base today, while providing meaningful new product cross-selling opportunities, both in their customers and ours. This provides us a baseline of nearly $200 million in run rate sales from which to grow, catapulting us to even closer to our $1 billion goal. I would be remiss and likely in trouble if I didn't share with my fellow shareholders the incredible work Lauren and her team are doing on the marketing front to capture wins today and strengthen our brand for tomorrow. The stronger our brand, the more we can help our retail partners drive more trips, larger baskets, and more profitable sales. Our success in club this quarter didn't come by chance. The Sam's Club Influencer Campaign drove awareness to the new Panini items we launched. The BJA's digital program drove trial, and more importantly, repeat levels above historic numbers. Our Walmart web partnership is seeing double-digit returns on advertising investment, and our Instacart partnership is adding fuel to our Costco beef meatball fire. As I hope you see, we do not leave much to chance, and we don't hope new items succeed. We develop in advance the plans, partnership, and promotion to allow our items to explode. Lastly, while organic growth and the Crown One integration remain our clear priority, we continue to keep our eyes open for our next potential M&A opportunity. As we made clear with Crown One, we are disciplined in our approach, seeking targets that enhance our category leadership, expand our capabilities, and further scale our operations at a fair price. With our robust balance sheet and operational infrastructure, We are confident in our ability to successfully integrate Crown over the next year, and thereafter, any opportunities that may arise. In closing, the strategic and operational improvements made in the quarter, paired with our acquisition of Crown One, have created a stronger, more agile, and efficient business platform. With significant new customer wins coming online in the second half of the year, successful product expansions, and continued operational improvements now realized, Mama's is exceptionally well positioned for profitable growth and market share gains throughout fiscal 26 and beyond. I remain incredibly proud of our team's execution, energy, and relentless commitment to excellence, and I look forward to sharing our continued progress in the quarters ahead. I now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some key financial details from the second quarter of fiscal 26. Anthony?