Del Monte Corporation

Good day, everyone, and welcome to Fresh Del Monte Produce's first quarter 2025 earnings conference call. Today's conference call is being broadcast live over the internet and is also being recorded for playback purposes. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. For opening remarks and introductions, I would like to turn today's call over to the Vice President, Investor Relations, with Fresh Dough Monty Produce, Ms. Christine Cannella. Please go ahead, Ms. Cannella.

Thank you, Regina. Good afternoon, everyone, and thank you for joining our first quarter 2025 conference call. Joining me in today's discussion are Mr. Mohamed Abou Ghazali, Chairman and Chief Executive Officer, and Ms. Monica Vicente, Senior Vice President and Chief Financial Officer. I hope that you had a chance to review the press release that was issued earlier by a business wire. You may also visit the company's IR website at investorrelations.freshdelmonte.com to access today's earnings materials and to register for future distributions. This conference call is being webcast live on our website and will be available for replay after this call. Please note that our press release and our call today include non-GAAP measures. Reconciliation of these non-GAAP financial measures are set forth in the press release and earnings presentation, which is available on our website. I would like to remind you that much of the information we will be speaking to today, including the answers we give in response to your questions, may include forward-looking statements within the safe harbor provisions of the federal securities laws. In today's press release and in our SEC filings, we detail risks that may cause our future results to differ materially from these forward-looking statements. Our statements are as of today, April 30th, and we have no obligation to update any forward-looking statement we may make. During the call, we will provide a business update along with an overview of our first quarter 2025 financial results, followed by a question and answer session. With that, I will turn today's call over to Mr. Mohamed Abou Ghazali. Please go ahead.

Thank you, Christine. And thanks everybody on this call for joining us for our first quarter of 2025 earnings call. We began the year with continued momentum, building on the progress we made throughout 2024. Our results this quarter reflect a strong start driven by solid demand in key categories. A more optimized product mix And continued focus on operational efficiency. We saw meaningful year over year improvements in both gross profit and gross margin. Particularly within our fresh and value added segment. Affirming the effectiveness of our strategy and the discipline behind its execution. Pineapples continue to perform well, with demand once again exceeding supply, a clear reflection of our leadership in this corner store category. Leveraging that leadership, we are closely tracking global production conditions and actively managing the ongoing imbalance between supply and demand. As consumption continues to grow across markets, we have taken strategic steps to strengthen supply continuity and secure consistent availability for our customers, allowing us to stay ahead of the curve and better anticipate future demand. At the same time, we continue to see strong consumer interest in avocados and fresh-cut fruit, two categories that are central to our long-term growth strategy. These products play an increasingly important role in how consumers engage with fresh produce. And they are a critical part of our expansion plans, which we look forward to sharing in more detail in the months ahead. This quarter further demonstrated the operational resilience provided by our vertically integrated supply chain. particularly amidst persistent global shipping disruptions marked by container equipment scarcity, constrained vessel capacity, and escalating port congestions. To date, we have been able to move products with minimal to no delays, giving our customers a level of service continuity that few can match. On the topic of agility, it is important to address the current conversation around tariffs. The situation is evolving quickly and we are monitoring it closely. As of now, none of our major growing countries have been hit with additional tariffs beyond the existing 10% baseline. I would like to highlight a key strategic move from this past quarter. In March, we announced our acquisition of a majority stake in Abolio, one of Uganda's leading avocado oil producers. This is more than a supply chain investment. It is a clear example of our strategy in action. We believe that this investment will allow us to take avocados that may not meet fresh market standards and convert them into premium avocado oil. That means less waste, more value, and a stronger foothold in a fast growing higher margin category. This investment ties directly to our vision for 2025 through 2027. Maximizing fruit residues, creating value added solutions, and advancing sustainability across every part of our business. Now that we have closed out a strong first quarter, I think this is a good moment to share how we are thinking about the future and what we see as our North Star. As we look ahead through 2027, our vision is to lead the industry in fresh and value-added products anchored in our commitment to quality, innovation, and sustainability. It's about doing more with what we grow, turning waste into opportunity, and making sure every resource is used with purpose. Our mission is to deliver products our customers can trust through ethical farming, advanced operations, and sustainable practices. And at the core of it all is our strength in pineapples. which continues to set the standard for everything we do. To bring this vision to life, we have focused on five key positions. Innovating and diversifying our product portfolio. Using resources more efficiently and reducing waste. Driving operational excellence through automation and integration. Expanding globally while reducing reliance on any one market, and investing in our people and building lasting trust. That's the future we are building towards, focused, purpose-driven, and designed to create long-term value for everyone we serve, from our customers, consumers, and business partners to our shareholders and the environment we all depend on. With that, I will turn over to Monica to discuss our first quarter 25 results in detail. Thank you.