Flowers Foods, Inc.

Good morning and thank you for standing by. Welcome to the Flowers Foods fourth quarter and full year 2025 results conference call. Please be advised that today's event is being recorded. I would now like to hand the conference over to your opening speaker today, J.T. Rick, Executive Vice President of Finance and Investor Relations. Please go ahead.

Thank you, Tonya, and good morning, everyone. I hope everyone had the opportunity to review our earnings release, listen to our prepared remarks, and view the slide presentation that were all posted earlier on our investor relations website. After today's Q&A session, we will also post an audio replay of this call. Please note that in this Q&A session, we may make forward-looking statements about the company's performance. Although we believe these statements to be reasonable, they are subject to risks and uncertainties, that could cause actual results to differ materially. In addition to what you hear in these remarks, important factors relating to Flowers Foods business are fully detailed in our SEC filings. We also provide non-GAAP financial measures for which disclosure and reconciliations are provided in the earnings release and at the end of the slide presentation on our website. Joining me today are Riles McMullen, Chairman and CEO, and Anthony Scaglione, our CFO. Riles, I'll turn it over to you. Okay. Thanks, JT. Good morning, everybody. Welcome to the fourth quarter call. I'm pleased with the progress that we're making to transform our business. Led by the strong performance of our leading brands and disciplined execution of efficiency initiatives, we produce results at the high end of our 2025 guidance range. Now, as we look to 2026, our guidance does reflect ongoing category challenges, one fee a week, inflationary pressures, but also additional investments in our leading brands. In response to the headwinds that we are facing, we're conducting a comprehensive review of our operations. including our brand portfolio, supply chain, and financial strategy, to strengthen execution and position our business to reignite top-line growth and expand margins over time. I want to thank our dedicated Flowers team for their hard work and resilience during this period of change, and our shareholders for their ongoing support. We remain focused on navigating near-term challenges while also laying the foundation for sustainable long-term growth. And with that, Tanya, we are ready for questions.

Certainly. As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by while we compile our Q&A roster. And our first question will be coming from the line of Steve Powers of Deutsche Bank. Your line is open.