Reynolds Consumer Products Inc.

Welcome to Reynolds Consumer Products Incorporated's second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jim Koval. Thank you, Jill. You may begin.

Thank you, Operator, and good morning, everyone. Thank you for joining us for Reynolds Consumer Products' second quarter earnings conference call. Today's call is being webcast, and a replay will be available on the Investor Relations section of our corporate site at ReynoldsConsumerProducts.com. Our earnings press release and investor presentation are also available. Joining me on the call today are Scott Huckins, our President and Chief Executive Officer, and Nathan Lowe, our Chief Financial Officer. Following their prepared remarks, we will open the call for a brief question and answer session. Before we begin, I would like to remind you that this morning's discussion will include forward-looking statements which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those described today. please refer to the risk factors section of our SEC filings for more information. The company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after the call. In addition, we will reference certain non-GAAP or adjusted financial measures during today's call. Reconciliations of these GAAP to non-GAAP financial measures are available in our earnings press release investor presentation deck and Form 10-Q, which can be found on the Investor Relations section of our website. With that, I'd like to turn the call over to Scott.

Thank you, Jill, and good morning, everyone. We delivered a solid second quarter, executing our pricing actions as planned, holding or growing share across the majority of our categories, and driving earnings growth through numerous productivity initiatives. In a highly promotional environment where consumers remain under pressure, Our performance reflects the strength of our brands, the value consumers see in our products, and the quality of execution from our teams. A few highlights from the quarter. We are executing well against our previously stated priorities. Significant productivity is being achieved across our entire supply chain with a large portion coming from our manufacturing operations. This enables further investment in R&D Innovation and Growth, which we expect to continue in the back half. We deliver distribution wins across both Hefty Waste and Cleanup and Hefty Storage and Organization as evidenced by the volume and revenue performance in each segment. Each business is overcoming highly promotional environments in the private label losses we've previously communicated. On the e-commerce front, Hefty Ultra Strong Trash Bags ranked among the top five products sold across all categories on Amazon Prime Day, while our hefty food bags grew e-commerce sales approximately 30% from the year-ago period, meaningfully outpacing the category. These results validate our digital positioning and reflect growing brand visibility across digital channels. Turning to our business units. In Reynolds Cooking and Kitchen Essentials, we continue to execute our pricing strategy in order to recover higher commodity costs while delivering profitable growth through manufacturing and supply chain productivity. The FOIL category continues to absorb the impact of cumulative pricing actions taken over the past two years, and Reynolds Wrap performance has remained broadly in line with the category on a year-to-date basis. The share performance variability between Q1 and Q2 is largely a function of shifts in promotional timings. We attribute the resilience of our performance in the foil category to both our strategy of more frequent but smaller pricing changes and the fact that Reynolds Wrap consumers use foil for many applications across cooking, prep, storage, and portability, resulting in a lack of one-for-one product substitutability. At the same time, Reynolds parchment paper and several other products across the Reynolds kitchens portfolio deliver share gains. highlighted the strength of our broader cooking portfolio. Sales performance in our Hefti waste and cleanup business remain resilient despite ongoing competitive pressure. Hefti-branded growth and distribution gains offset the impact of previously communicated private label distribution losses resulting in stable retail volume performance. Importantly, the Hefti brand maintains share in a highly promotional environment supported by strong consumer loyalty Improved distribution and velocities across key retail partners and momentum in e-commerce. FT Home and Tableware delivered strong profitability in the quarter with adjusted EBITDA increasing despite continued volume pressure in foam. Ongoing manufacturing productivity and the disciplined execution of our RGM capabilities drove meaningful margin expansion and top-line growth in other areas of our portfolio. We continue to enjoy the strong performance of the Hefty brand with solid market share gains and party cups. DuPals delivered a strong consumer response during Amazon Prime Day, and our John Cena Strong Choice marketing campaign continues to reinforce Hefty's value proposition with consumers, carrying the message of strength and reliability across the broader portfolio. Our Hefty storage and organization business continue to build on its momentum Delivering record second quarter revenues and strong volume growth. Retail volumes increased 8%, driven by the strength of both our hefty and store brand food bag businesses, with hefty food bags gaining share during the quarter. To expand the distribution across key customers, we more than offset the impact of previously communicated private label distribution losses, which were the most pronounced in this business. Turning to the broader environment, the consumer backdrop remains largely consistent with what we described in April and at the beginning of the year with some incremental signs of strength. Employment remains relatively healthy, but consumers are navigating real spending pressure as evidenced by higher borrowing costs, rising credit card delinquencies, and meaningful tradeoffs across household budgets. What we're seeing across the marketplace is a consumer who is deliberate and value-oriented with purchasing behavior that varies by income level. Even consumers who are willing to spend are concentrating their purchases on products that deliver value through a clear combination of functionality, convenience, and affordability. We believe our portfolio is well positioned for this environment given the nature of our categories and the everyday value our products provide. The continuing deployment of our revenue growth management capabilities gives us the tools to respond to this environment while preserving strong value propositions for consumers and helping our retail partners drive traffic. During the second quarter, we supported our retail partners through a series of in-store and online activations and seasonal programs. These include our America 250 limited edition products in foil and tableware, as well as Reynolds Kitchen's countertop prep paper in-store demo campaigns. Together, these efforts increase the visibility of our brands, encourage trial, and help drive traffic in our categories. While value remains paramount, consumers continue to respond meaningfully to innovation. Funfoil and our color and scent platforms and waste are resonating with consumers seeking differentiated solutions. We are focused on winning the highest value occasions with our core and growth consumers, and we see real evolution in occasion-based purchasing behavior versus product-based purchasing behavior. This is likely linked to the ongoing increases in omni-channel and now agentic shopping. This is one factor leading to our expanded investment in our digital capabilities, with some strong early proof points in our results that I described earlier. Looking ahead, we expect the consumer and operating environment to remain pressured through the second half of the year. Commodity markets remain volatile, consumers continue to make deliberate value choices, and the promotional intensity remains elevated. What gives us confidence is the resilience of our categories, our brands, and the strength of our execution. Consumers continue to need the products we make, and when they look for value, both our Reynolds and Hefty brands along with the store brands we supply are positioned to meet these needs. Our strong retail partnerships, industry-leading service levels in the high 90s and continued investments in our brands and capabilities remain important points of differentiation. Our priorities for the back half of 2026 are straightforward. We're focused on capturing the growth opportunities in front of us, monitoring the pricing actions already in market, and continuing to drive productivity and operational improvements across the business. Given the combination of pricing actions for commodities and the state of the consumer, we remain nimble in our management of the business as demonstrated in the first half of the year. We remain focused on controlling what we can control, supporting our customers, investing in our brands, driving incremental productivity and executing our plans. These priorities have served us well for this dynamic environment, and they continue to position us to deliver profitable growth and long-term value creation. I will now turn the call over to Nathan to cover the financials in more detail. Nathan?