ConAgra Brands, Inc.

Good morning and welcome to the ConAgra Brands fourth quarter fiscal 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. 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 Matthew Nises, Senior Director of Investor Relations for ConAgra Brands. Please go ahead.

Good morning, everyone, and thank you for joining us. Once again, I'm joined this morning by Sean Connolly, our CEO, and Dave Marburger, our CFO. We may be making some forward-looking statements and discussing non-GAAP financial measures during this session. Please see our earnings release, prepared remarks, presentation materials, and filings with the SEC, which can be found in the investor relations section of our website for more information, including descriptions of our risk factors, GAAP to non-GAAP reconciliations, and information on our comparability items. I'll now ask the operator to introduce the first question.

Certainly. We will now begin the question and answer session. To ask a question, you may press star, the one, or your telephone keypad. If you're using a speakerphone, Please pick up your handset before pressing the keys. And if at any time your question has been addressed and you'd like to withdraw your question, please press star, then two. And we ask that you limit yourselves to one question and one follow-up. And the first question comes from Andrew Lazar with Barclays. Please go ahead.