PepsiCo, Inc.

good morning and welcome to pepsi pepsico's fourth quarter and full year 2024 earnings question and answer session your lives have been placed on listen only till it's your turn to ask a question today's call is being recorded and will be archived at www.pepsico.com it is now my pleasure to introduce mr robbie pamnani senior vice president investor relations mr pamnani you may begin thank you kevin and good morning everyone i hope i hope everyone has had a chance this morning to review our press release and prepared remarks both of which are available on our website

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 4, 2025, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures which exclude certain items from reported results. Please refer to our fourth quarter 2024 earnings release and 2024 Form 10-K available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements. Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta, and PepsiCo's Executive Vice President and CFO, Jamie Caulfield. We ask that you please limit yourself to one question. And with that, I will turn it over to the operator for the first question.

Thank you. In order to ask a question or make a comment, please press star followed by 11 on your touchtone phone at any time. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Lauren Lieberman with Barclays. Your line is open.