Mama's Creations, Inc.

Greetings and welcome to the Mamas Creations fourth 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 form of presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Luke Zimmerman of Invest Relations with Mamas Creations. Thank you, and you may begin.

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creation's fourth quarter and fiscal year 2026 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, April 14, 2026, 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 O. Michaels, and CFO, Anthony Gruber. Before we get started, I'd like to note that some of the statements in this call will be forward-looking statements that reflect management's current expectations about future operating and financial results. Although management believes their expectations and assumptions are reasonable, they remain subject to significant risks and uncertainties. Actual results for future periods may differ materially from what is stated or implied during today's call. For more information, please refer to the forward-looking statement section in today's press release and the risk factors disclosed in the company's most recent Form 10-K and any subsequent reports it files with the SEC. Please also note that today's call will include a discussion of adjusted EBITDA, which is a non-GAAP financial measure. Important information. including required disclosures containing a reconciliation to the most directly comparable gap measure, is also detailed in today's press release. 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 fourth quarter and fiscal year 26 financial results conference call. Fiscal 26 was, without question, the most transformational year in the history of Mama's Creations. We grew revenue 39% to $171.7 million, expanded adjusted EBITDA over 50% to $15.4 million, completed a transformative acquisition that nearly doubled our manufacturing footprint, and capped the year with a record fourth quarter that saw revenue grow 61% to $54 million. But what excites me most is not the numbers. It is the foundation we have built, the team we've assembled, and the strategic position we now hold. This organization entered fiscal 26 as a high-growth deli-prepared foods company with ambition. We exit fiscal 26 as a scaled platform with the capabilities, capital, and conviction to become the leading one-stop-shop deli solution in the country. As always, let us start with the macro trends. I learned early in my career that it is much easier and cheaper to ride a wave versus creating your own. And the deli prepared space is a tsunami. On the consumer front, the generational shift towards deli prepared foods continues to accelerate. Fresh format grocers saw the largest bump in food traffic in 2025 with double digit year over year increases. Grocery stores are also capturing a growing share of short midday visits from quick service restaurants as consumers replace restaurant meals with more cost-conscious and healthier options. Per the supermarket news retailer expectation survey, 55% of retail respondents said deli and food service is the category they expect to have the most success with in 2026. And two-thirds of retailers plan to introduce more grab-and-go or prepackaged prepared foods this year. Meanwhile, Meat sales hit a record high of $112 billion in 2025, with 77% of shoppers agreeing that meat and poultry are part of a healthy diet, up more than 20% since 2020. We continue to be in the right place at the right time with the right product portfolio. Now, we have the platform to capture far more than our fair share. While we have made substantial progress over the past three and a half years and built a rock-solid foundation from which to build a market-leading platform in the deli category, our fundamental 4C strategy has not changed. Cost remains our first C, and the Bayshore integration personifies the work Skip and his team are doing to deliver quarterly improvements in our gross margins. The integration of Crown One's Bayshore facility has exceeded our expectations. What started as a 42,000 square foot acquisition with room for improvement last summer has become a well-integrated third pillar of our manufacturing network. Procurement and logistics are 100% centralized. Production has been rebalanced across all three facilities to optimize capacity, reduce overtime, and improve absorption. The team at Bayshore has embraced the MAMAS culture. MAMAS has learned from the Bayshore team and their premium product capabilities are opening doors to customers we could not previously access. And the results speak for themselves. Bayshore's gross margin has improved meaningfully since the acquisition, and we remain on track to bring that facility in line with our mid to high 20s gross margin corporate target. The cross-selling opportunity between our legacy customer base and Crown One's premium accounts is just beginning to materialize, and we expect this to be a meaningful growth driver in the coming fiscal year. But Bayshore is not our only location that is shedding costs and strengthening capabilities. As you see in our Q4 numbers, our favorable chicken costing in Farmingdale, coupled with fixed asset absorption in our Costco rotation in East Rutherford, improved our gross margins and delivered superior bottom line results. Controls is our second C, and while my wife taught me that I should not have favorites, this C is a little dearer to my heart, because without controls, we can't have the other Cs. And I can tell you that Q4 did not disappoint. With food safety top of mind in our industry, I am proud to report that not one, not two, but all three of our facilities achieved a third-party SQF score of 98 recently, or excellent. the highest results category. What makes this even more impressive is that two of the three audits this year were unannounced, meaning while you might wake up on a particular day to a fresh cup of coffee, Mario, Julia, and Eric woke up to a third-party inspector for a two-day inquisition, and all three blew it out of the water. Congratulations to the entire team who show us every day what mama's quality really means. I'm also excited to share that we continue to add more analytical capabilities for our teams because what gets measured gets improved. Q4 saw the introduction of our Power BI platform, as well as further expansion of our planning and procurement capabilities. Thank you, John, for leading our technology infrastructure and Alberto for guiding our forecasting capabilities. Controls is not a tagline or a word on a page at Mama's. It's how we run our business every day. to ensure we execute with excellence. If costs and controls get us to the party, it is our third C, culture, that keeps us there. The Bayshore acquisition brought tremendous management talent to our Mamas family and allowed us to build our first ever enterprise-wide shared services model. In January, Abby led the design, communication, and rollout of a new model for Mamas, increasing responsibilities for leaders, recognizing standouts with new promotions across all three sites, and driving an overall empowerment culture, solidifying our one plant, three locations mantra. To improve communications and culture, we implemented a new employee one-stop shop portal to share messages across the organization and build community for our nearly 600 associates. Last month, Mama's Pantry, our first intranet site, opened for business. reinforcing our physical community with a digital extension available 24-7, 365. We are even more excited to share next quarter the work we've been doing around learning and development at Mamas University. As my mother, who was a teacher for over 25 years in the public school system, taught me, you are truly never too old to go back to school. Our catapult strategy, our fourth and final C, delivered extraordinarily strong results this quarter and throughout fiscal 26. Let me speak to the Costco journey, which exemplifies our progress. Just three years ago, we had approximately half a million dollars in Costco sales, limited to one product in one region. By fiscal 25, thanks to Scott and the team, we have grown that to $10 million in annualized sales, with active promotions across multiple regions of the country. In Q1 of fiscal 26, we launched our first digital MVM, which essentially matched all of the fiscal 25's full year Costco business in a single quarter. We continued ramping throughout the year with strong rotations across multiple items, culminating in Q4 with our first ever national print MVM, a true milestone that set the tone for the types of volumes we can achieve. This was the trophy achievement for volume movement at Costco. Based on this success, capturing new customers and accelerating item velocities, earlier this year, we were informed that we achieved everyday item status in the Northeast, the very region where our Costco journey began. This is a landmark milestone that positions us for steady state, repeatable, and planable business. And we expect our everyday success in the Northeast will lead to even more rotations and new item introductions across all eight of Costco's regions. Our operations team executed flawlessly throughout this growth, delivering on meaningful quarterly builds without a hitch, which solidifies tremendous trust with our retail partners. Beyond Costco, Chris and his team are ensuring our catapult strategy is delivering across the entire retail landscape. At Walmart, we added another item in Q4 following the breakout success of our four-count chicken item and are launching seven new SKUs in up to 2,000 stores, all branded, which represents exceptional penetration. At Target, we're approved for two branded SKUs, one already on shelf, launching in 750 stores with plans to ramp up to approximately 2,000 stores. And at Food Lion, We've already expanded to roughly 1,200 stores across the Southeast and Mid-Atlantic with five branded SKUs. These placements represent a significant validation of our product innovation, quality, and operational excellence. We are growing at five times the category growth rate, a category that has recently been growing units ahead of dollars, which is rare in food and reflects strong consumer demand and trials. A key driver of our Catapult success is our commitment to quality. Our NAE, no antibiotics ever, chicken initiative is a significant quality differentiator that resonates with today's consumers. We're also leveraging our Bayshore acquisition to cross-sell capabilities and new products into both our legacy accounts and our Crown One customer base. Another catapult strength in Q4 was the work Lauren and her team are doing on the marketing front, which accelerated velocities and introduced new customers to Mamas. Our Instacart programming made Costco's MVM the most successful campaign in Mamas history. And unheard of, 65% of consumers were new to brand, which creates a flywheel effect that turns trial into repeat. December, the peak of our Costco MVM, saw our best month ever on Instacart, and the partnership Lauren and Chris built made Mama's the number one meatball on Instacart for all of Q4. The team's work delivered continued double-digit ROAS with Walmart, and Q4 saw new effective brand partnerships and collaborations with Brooklyn Bread and Mike's Hot Honey, all with the intention of driving trial awareness, and deepening relationships with our consumers. This commitment to quality and visibility is being recognized, most recently in Progressive Grocers' 2026 Editor's Picks list for the best new products, where our cheese stuffed chicken meatballs received worthy recognition. Looking to fiscal 27, we're planning to meaningfully increase our branded sales across our retail footprint. through new introductions, like at Walmart and Target, and by transitioning legacy private label items to branded, like at BJ's and Publix. And we have set a strategic goal of adding net plus two SKUs, or items, in each of our top 10 accounts. Our trade and marketing investments are delivering strong returns, with digital and in-store programming generating measurable lifts in consumer awareness and retail velocities. As I look to fiscal 27, I see a business that is fundamentally different from where we were even 12 months ago. We have a scaled manufacturing network, a diversified and growing customer base, a strengthened balance sheet with significant M&A capacity, and a team that has proven it can integrate with excellence. Our path towards $1 billion in revenue is clearer than ever. and I am confident in our ability to deliver sustained, profitable growth for years to come. I'd now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some key financial details for the fourth quarter and fiscal 26. Anthony?