Del Monte Corporation

Good day, everyone, and welcome to Fresh Del Monte Produce's second 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 this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. For opening remarks and introductions, I would like to turn today's call over to the Vice President, Investor Relations with Fresh Del Monte Produce, Ms. Christine Cannella. Please go ahead, Ms. Cannella.

Thank you, Desiree. Good day, everyone, and thank you for joining our second 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 via 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 distribution. 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. Reconciliations 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, July 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 second 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 thank you for joining us for our second quarter 2025 earning call. The second quarter of 2025 delivered another period of strong performance for Fresh Del Monte, continuing the momentum we have built through consistent execution and strategic discipline. This quarter, historically our strongest of the year, saw growth across key financial metrics. Net sales increased by 4%, gross profit rose 6% compared with the prior year period, and gross margin expanded to 10.2% from 9.9% compared with the same period last year. This quarter's positive results reflect the power of consistency and continuous improvement across our fresh-cut business and ongoing demand for our pineapple portfolio. Much of this growth reflects a long-term shift in the pineapple category. one we helped lead. In the 1970s, Americans consumed less than a pound of pineapple per day, per person. Today, that number is nearly eight times higher, according to the USDA. This transformation began with our 1996 launch of Del Monte Gold, the first widely available sweet pineapple, and continues through the strength of our proprietary offerings and value-added formats. We know that consumers are engaging more with pineapples. According to Cantor World Panel, a leading provider of real household purchase insights, consumer spend on tropical fruit has risen 58% since 2017. Outpacing overall produce growth and signaling the rising relevance of the category itself. As a pioneer in this space, we are well positioned to lead. Demand for our pineapple portfolio remains strong and continues to outpace supply driven by trusted brands like honey glow and pink glow. Which is the result of decades of agronomic leadership and targeted investments. We're managing global supply carefully, strengthening continuity, and taking steps to ensure consistent availability for our customers. We also launched Pinglo in the United Arab Emirates during the quarter, marking our first sustained market entry for a variety in the Middle East. While still early in scale, it reflects a strategic step in expanding our high-value portfolio into new international markets where brand distinction and long-term potential align. We also know that when it comes to pineapples, convenience matters. Demand accelerates when the product is fresh-cut, prepared, and ready to enjoy. As more consumers around the world prioritize health, flavor, and ease, our ability to meet that demand with the right product mix and the operation agility to deliver it is driving meaningful growth across our fresh-cut business. We are also continuing to advance our efforts in high-margin, value-added business ventures. particularly those focused on residues and specialty ingredients. These projects are still in their early stages, but we believe they represent real long-term opportunities. Like many in the industry, we are managing disruptions at the port of Caldera in Costa Rica. Unusually strong ocean swells, The worst that we have seen in decades have severely limited vessel access. With minimal structural protection, the port has become a choke point, leading to wait times of three to five days and increased congestion. The result is higher costs and broader logistical impact across the industry. While the situation remains difficult, our teams are responding with urgency adjusting schedules, reallocating shipments and doing everything possible to maintain continuity for our customers. Before I go, I believe it's important to discuss an industry-wide situation regarding bananas, one that I have been predicting a warning about for years. There is a global shortage in banana production. The causes are clear. Shifting climate patterns, particularly warmer temperatures combined with humidity, are accelerating the spread of disease in key growing regions. Primarily, Black Cicatoga, on top of that, the continuous spread of Acerium well, known as Tropical Race 4, is adding further pressure. These diseases are having a direct impact on supply. Black Cicatoga is affecting crops across Central America, while other countries are facing the compounded impact of both diseases. As we have shared previously, our R&D teams have been working to address the global threat posed by Fusarium wilt, and we are pleased to report that field testing of TR4-resistant gene-edited banana lines is expected to begin in the coming months. a meaningful step toward long-term category resilience. Meanwhile, global demand for bananas remains strong as they continue to be one of the most affordable and accessible fruits in the grocery aisle. We're already seeing a clear imbalance between supply and demand, and we anticipate this will remain a key industry dynamic in the quarters ahead. With that, I will hand it over to Monica to discuss our second quarter 2025 results in detail. Monica?