General Mills, Inc.

Good morning and welcome to General Mills' fourth quarter fiscal 2025 earnings conference call. All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question and answer session. To ask a question at this time, you will need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Jeff Seaman, Vice President of Investor Relations and Corporate Finance. Thank you. Please go ahead.

Thank you, Julianne, and good morning to everyone. Thanks for joining us today for our Q&A session on our fourth quarter fiscal 25 results. I hope everyone had time to review our press release, listen to our prepared remarks, and view our presentation materials, which we made available this morning on our investor relations website. Please note that in this morning's Q&A session, we may make forward-looking statements that are based on management's current views and assumptions. Please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call. I'm here today with Jeff Harmoning, our Chairman and CEO, Kofi Bruce, our CFO, and Dana McNabb, Group President of North America Retail and North America Pet. Before we open for questions, I'm going to hand it over to Jeff Harmoning for a few opening remarks.

Yeah, thanks, Jeff. And I thought I'd start this morning. There's a lot going on up and down our P&L within our business, and then certainly a lot going on in the broader world. So I thought I'd just take a couple minutes to summarize what we're trying to accomplish. The first and most important thing is really returning to volume growth. specifically in NAR. And we're really encouraged by what we've seen. We started to invest in value in Q3 of last year with Pillsbury and Totino's, topped by really good advertising. And we liked the results of that so much that we decided that we'd expand the value investments we made in soup and cereal and fruit snacks in the fourth quarter. And we saw the results there that we expected. And so as we go into this year, we're kind of just continuing the formula we had in the fourth quarter, which is which is to expand some of the value investments on targeted businesses that we saw. But also, really importantly, backing that up by significant consumer news. In fact, I think our new product news and our core renovation news is the best that I have seen since I've been the CEO. And we use our remarkable experience framework. We talked a lot about these in our prepared remarks. Certainly, our launch into fresh pet food, all the protein innovation we've seen in our portfolio, renovating Haagen-Dazs stick bars and so forth. It gives us confidence that we can get our business back to the kind of growth we're looking for. Even importantly, as we're doing all this work in NARA, we did see share growth in our international businesses this past year, as well as food service and health share and pet. And so, you know, that gives us a lot of confidence. We're backing up all of this investment with record levels of holistic margin management and also productivity initiatives. So we're not sitting still on that front. But we know that it's an investment year, but we're very confident that these investments will pass. given what we've seen over the last couple of quarters. So with that, let's open the floor to questions.