Smithfield Foods, Inc.

Good day and welcome to Smithfield Foods' third quarter 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Julie MacMedan, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Smithfield's third quarter 2026 earnings call. Earlier this morning, we announced our results. A copy of the release, along with today's presentation is available on our investor relations website. Today's presentation contains projections and other forward-looking statements that are being provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions, or beliefs about future events or performance that do not relate solely to historical periods. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to the factors identified in the release in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Please refer to our legal disclaimer on slide two of the presentation for additional information. Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted operating profit and margin, adjusted net income, adjusted earnings per share, and adjusted EBITDA. For reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our slide presentation on our website. Finally, all references to retail volume and market share are based on CERCONA MULO Plus data. With me this morning are Shane Smith, President and CEO, Mark Hall, CFO, Steve France, President of Packaged Meats, and Donovan Owens, President of North America Pork. During today's call, Shane will begin with high-level opening remarks. Mark will then review our third quarter financial results and full year outlook, and Shane will return to discuss our growth strategies. Following our prepared remarks, All four executives will be available for the Q&A session. I will now turn the discussion over to Shane. Shane?

Thank you, Julie. Good morning, everyone. Today we reported total company third quarter adjusted operating profit of $145 million, which is within the range we provided in September, but down from $310 million in the prior year quarter. The decrease in the year-over-year performance was driven by a sharp decline in the port value chain due to softer domestic demand and the global oversupply of pork. U.S. consumers remain pressured due to persistent inflation and high gas prices, as well as reduced SNAP benefits, which has negatively impacted consumption levels. At the same time, there has been an erosion of export opportunities due to increasing pork supply in key markets such as Mexico and China, as well as ongoing tariffs. This has resulted in a rapid deterioration in the pork value chain. Additionally, transportation costs remain high due to carrier supply constraints, while diesel and resin costs have been elevated since the Iran conflict began and even accelerated during the third quarter. While these commodity market-driven challenges primarily impacted our upstream fresh pork and hog production segments, which reset our four-year outlook, Our package meat segment demonstrated its resilience with year-over-year volume, profit, and margin expansion. In the face of these market challenges, I want to highlight progress on multiple strategies as well as our strong financial position. First, we increased volume and operating profit in package meats, and this segment is on track to deliver its fifth consecutive year of above $1 billion in operating profit. Second, we completed the acquisition of Nathan's Famous, bolstering our Package Meats portfolio, expanding our opportunities to grow this brand domestically and internationally. Third, while our upstream segments remained challenged, we entered into a new long-term supply agreement with an existing joint venture partner, which will reduce the number of hogs that we produce internally by roughly 900,000 per year. Fourth, we have a strong balance sheet and financial position that provides significant financial flexibility to support growth and create shareholder value. And fifth, we are on track to return value to shareholders through an anticipated annual dividend of $1.25 in fiscal 2026. With that, I will turn it over to Mark to review our financials in more detail. Mark?