Herbalife Ltd.

Welcome, and thank you for joining the fourth quarter and full year 2025 earnings conference call for Herbalife Limited. During the company's opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the call over to Aaron Banyas, Vice President and Head of Investor Relations, to begin today's call.

Thank you, and welcome to everyone joining us. With us today are Stefan Graziani, our Chief Executive Officer, and John DeSimone, our Chief Financial Officer. Before we begin today's call, I would like to direct you to the cautionary statement regarding forward-looking statements on page two of our presentation and in our earnings release issued earlier today, which are both available under the investor relations section of our website. The presentation and earnings release include a discussion of some of the more important factors that could cause results to differ from those expressed in any forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. As is customary, the content of today's call and presentation will be governed by this language. In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or non-recurring items that management believes impact the comparability of the period's reference. Please refer to our earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure. And with that, I will now turn the call over to our CEO, Stefan Graziani.

Thank you, Erin, and thank you all for joining us today. As we look back on 2025, I want to take a moment to reflect on what we have accomplished and, more importantly, discuss where Herbalife is headed and how we are positioning the company for long-term growth. Our vision is clear, to be the world's premier health and wellness company, community, and platform. And in 2025, we took deliberate steps to ensure our vision is supported by a strong and resilient financial foundation. We executed with discipline, reducing our total leverage ratio to 2.8 times. This meaningful step down from 3.9 times at the end of 2023 underscores the strength of our business and our strong, sustainable cash generation. We also sharpened how we operate, how we engage, and how we create value for our community, the company, and our shareholders. And we are advancing innovation, modernizing our digital ecosystem, and deepening engagement across our distributor network. With the momentum generated in 2025, we enter 2026 in a position of strength, advancing our strategy to build a more innovative and digitally-enabled Herbalife. Let's turn briefly to our fourth quarter and full-year financial performance. Q4 marked our second consecutive quarter of year-over-year net sales growth, with net sales of $1.3 billion up 6.3%. India delivered its highest quarterly net sales in Q4, And even without India's outperformance, our Q4 net sales would have still come in above the midpoint of our guidance range. Adjusted EBITDA for the quarter was 156 million. For the full year, net sales were up nearly 1% to just over 5 billion. And excluding FX, net sales were up 2.5% compared to 2024. Full year adjusted EBITDA was 658 million, with margin at 13.1%. marking our second consecutive year of adjusted EBITDA and margin expansion, and we exceeded guidance for both the fourth quarter and full year on each of these metrics. For the year, we generated $333 million in operating cash flows, and we continued strengthening the balance sheet, repaying $283 million of debt in 2025. It was a strong close to the year, and behind these positive financial outcomes, is a growing, engaged distributor network. Equipping them for success is one of our top priorities. This commitment is reflected in the continued strengthening of our distributor network. In Q4, North America delivered its second consecutive quarter of double-digit year-over-year growth in new distributors, up 19%. Latin America continued its positive trend, achieving its seventh consecutive quarter of year-over-year growth. And while new distributors joining worldwide was down 5% versus a very strong prior year, the two-year stack provides a more meaningful view. On a two-year basis, new distributors are up 16%, with four of our five regions reporting increases, reflecting sustained multi-year momentum. These results underscore the foundational work we have done to support our distributors with enhanced training, improved digital tools, and comprehensive resources, all tailored to to the needs of each region and designed to position them for success. We will continue to provide them with innovative products and effective tools and training to help them generate interest, drive stronger engagement, increase repeat purchases, and maximize long-term customer value. Innovative products are a key part to that equation. Providing our distributors with products that excite existing customers, attract new customers, and support increased sales remains central to our strategy. Driven by this commitment, 2025 was a strong year for product innovation as we continued to broaden and strengthen our portfolio across key categories. In July, we advanced our weight management offering with the successful launch of Multiburn. In September, we broadened our skincare portfolio with HL Skin Anemia, which is based on cutting-edge K-beauty formulations and supported by an AI-powered facial analysis tool. And in December, we expanded into the high-growth healthy lifespan category with Life.io baseline. Beyond these innovative launches, we continue to optimize our global product portfolio to align with the evolving consumer trends and preferences, while tailoring our offerings to resonate with local markets. In 2026, we are building on this momentum with exciting new product launches that further modernize and expand our portfolio, supported by new digital capabilities that enhance human connections. The human connection has always been at the heart of Herbalife. As a distributor-led nutrition company, our strength lies in the one-to-one relationships our distributors build with their customers. Our distributors take the time to understand a person's individual needs and support them throughout their health and wellness journey. These fundamentals remain unchanged. What is changing is how we deliver them, because we see a future of health and wellness that is even more personalized, data-driven, proactive, and accessible. We are modernizing the experience to make it more connected and more effective. We will continue to provide curated product recommendations while laying the groundwork to deliver personally formulated nutritional supplements. Over time, this personalization will leverage data and insights from multiple inputs, such as blood biomarkers and connected devices. Central to this strategy is protocol, our health and wellness operating system, Since acquiring the protocol technology in April of 2025, our focus has been on building a digital experience that supports the strength of our business, leveraging digital tools to enhance, not replace, the human connection at the core of our go-to-market strategy. We've implemented a strategic phased beta rollout designed to integrate in-market insights from distributors and customers, enabling us to enhance capabilities and introduce new features in a way that drives the greatest impact. In December, we advanced to the second phase of our beta program with the release of Protocol Beta 2.0, which included enhancements to the recently launched distributor marketing pages and coach dashboard. We believe our phase strategy is working. The beta group is engaged, providing feedback that is helping us refine the digital experience to ensure it integrates into distributors' daily methods of operation and meets real-world needs. We have expanded the availability of beta access to distributors and customers in the U.S., Canada, and Puerto Rico, and will begin extending it to select EMEA markets this year. Protocol is more than a digital tool. It's a key strategic component of our platform vision. It adds a connective, digital layer that enhances distributor engagement, supports customers in building sustainable nutrition and healthy lifestyle habits, and generates data that helps our distributors support customers more effectively. Over time, we believe this approach will broaden our reach, making Herbalife more attractive to a wider audience of future customers and distributors. By combining protocol's data and technology with our recently acquired proprietary manufacturing capabilities, we are set to deliver precision-made nutritional supplements tailored to an individual's needs and goals at scale. U.S. distributors in the initial protocol beta group will have first access to these personalized nutritional supplements by the end of the first half of 2026. Before I close, I want to highlight the exciting announcement we made earlier today. Global sports icon Cristiano Ronaldo has acquired a 10% equity stake in HBL protocol software, which is the Herbalife subsidiary that holds the protocol technology. Cristiano invested $7.5 million, along with a commitment to provide services and sponsorship rights to protocol. It reflects Cristiano's deep personal commitment to nutrition and performance and our shared vision to scale personalized nutrition and wellness around the world, bringing together science, data, AI, innovation, and community to improve the lives of millions. We believe Cristiano's involvement will elevate the visibility of Herbalife and protocol, expanding awareness and supporting broader engagement and adoption. After 12 years as Cristiano's global nutrition partner, we are thrilled to welcome him as a strategic investor and business partner. Over the past 45 years, we have built an incredible company with a strong foundation. As the largest publicly traded direct selling company with a global network of more than 2 million independent distributors across 95 markets and over 60,000 nutrition clubs worldwide, we are uniquely positioned to extend our leadership in global health and wellness in ways we believe no other company in the world can replicate. We will continue to build on this solid foundation while also forming strategic partnerships like the one we announced today with Cristiano Ronaldo. We will also continue to identify opportunities that bring differentiated products, services and capabilities that are aligned with our platform vision and add value to our customers, distributors, company and shareholders. As we move into 2026, we are carrying forward the momentum of 2025 with confidence in our strategy, our leadership team, our distributor community and our ability to execute with discipline. Now I'll turn it over to John DeSimone for a detailed review of our results.