Herbalife Ltd.

Welcome and thank you for joining the first quarter 2026 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 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. Please go ahead.

Thank you, and welcome to everyone joining us. With us today are Stefan Graziani, our Chief Executive Officer, and John D. Simone, 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. We delivered a strong start to 2026, with first quarter net sales and adjusted EBITDA exceeding guidance as we continued to build momentum. Importantly, these results reflect the underlying stability of our business and reinforce our confidence in the strategy we are executing. We are building a more connected, personalized approach to health and wellness by bringing together innovation, science, and the strength of our distributor network to better serve customers around the world. On April 14th, as part of our debt refinancing, we released preliminary net sales growth expectations that exceeded the high end of our guidance on both a reported and constant currency basis. We also indicated that reported adjusted EBITDA was expected to be at or above the high end of our previously issued guidance. Our final reported results are in line with that release Let's review a few of the financial highlights from the quarter. We delivered net sales of $1.3 billion, up 7.8% year-over-year and up 5.4% on a constant currency basis, exceeding guidance on both measures. This was our third consecutive quarter of year-over-year net sales growth on both a reported and constant currency basis. India achieved record quarterly net sales for the second consecutive quarter, Adjusted EBITDA was $176 million and above guidance, and we generated $114 million of cash from operations in the quarter. In addition to our first quarter results, we successfully refinanced and strengthened our capital structure in April, which we expect will result in approximately $45 million in annual cash interest savings. We executed this transaction in a highly volatile market and geopolitical environment. We achieved our pricing objectives extended our maturity profile, and meaningfully reduced our borrowing costs, while also enhancing our financial flexibility. This outcome reflects the financial and operational results we've delivered over the past two years. As we build on this momentum, we remain focused on executing against our vision, with personalization at the center of our strategy. Personalization has always been a foundational strength of Herbalife, with our distributors delivering tailored recommendations through direct relationships and a deep understanding of individual goals. What's evolving is the level of precision we can now bring, which is enabled by enhanced data, insights, and technology. This evolution is especially important as consumer expectations continue to rise, driven by greater access to AI, wearables, and at-home diagnostics, which are increasing demand for guidance that is not only personalized but also more actionable and continuous. We are evolving from personally curated recommendations to an approach that combines both personally curated and formulated solutions, extending our ability to deliver individualized outcomes at scale through better tools, better data, and expanded manufacturing capabilities, all delivered through our distributors. This builds on four core actions that have long guided our business. What to measure, including key health metrics like weight and muscle mass. What to take. which is products from our expanding portfolio. What to do includes daily habits like hydration and exercise, and who to do it with is our distributors who provide guidance and support through a variety of DMOs, which is how they go to market. These actions have successfully built our business over the past 45 years. Our global network includes over 2 million distributors, more than 60,000 nutrition clubs, and millions of customers across 95 markets. This reaches our differentiator and superpower. Building on that foundation, our recent acquisitions are enabling a more connected, personalized, and data-driven approach that is enhancing these four core actions, making them more precise, scalable, and actionable. On March 26th, we announced an agreement to acquire substantially all of the assets of Bionic's core personalized nutrition business, which we completed at the end of April. Bionic is an established UK-based business with an existing supply chain. Its patented product personalization engine uses an individual's health background and a proprietary database of biomarker data to develop personalized nutritional supplement formulas. This acquisition further accelerates our pathway into personally formulated products. In late June, our distributors will begin offering Bionic's personalized nutritional supplements to customers across 11 European countries. The U.S. will follow in July, with additional markets later in 2026. I'd like to take a moment to explain how our recent acquisitions fit together to support the four core actions I mentioned earlier with protocol as a central operating system. Each acquisition plays a distinct role. And combined, they create greater value than any one capability alone. Let me walk you through how each contributes. Link Biosciences is a formulation and manufacturing engine. It translates insight into products by enabling us to manufacture personalized nutritional supplements in a powder format at scale, directly connecting data and recommendations to the finished product. Bionic accelerates our speed to market with a personally formulated vitamin and mineral complex in a granule format, while broadening availability through a more accessible price point. Pruvit provides the opportunity to expand our portfolio into the ketone category with a channel-exclusive offering aligned with growing consumer interest in performance, energy, and metabolic health. It's an exciting addition to the portfolio, and we'll have more to share this summer. And protocol brings it all together by providing the experience and intelligence layer. It digitizes and scales the four core actions I mentioned earlier, what to measure, what to take, what to do, and who to do it with. bringing greater precision to how distributors support and engage their customers through a more connected, data-informed experience. It translates consumer inputs and health data into actionable guidance that supports a more consistent behavior change over time. At the end of March, we expanded the protocol beta program to include select distributor leaders across 10 EMEA markets. That broader deployment is providing valuable feedback that is helping refine the roadmap, platform capabilities, and the digital experience. To enable integration of Bionic into protocol and incorporate feedback from the broader beta group, we are extending the beta program with the next release planned for the North America extravaganza in July. That release will include a new user experience, enhanced features, and additional capabilities that support our broader strategy. Part of that broader strategy is a multi-year rollout of new packaging across our global product portfolio. The rollout began in March, and we expect it to be substantially completed by the end of 2027. For context, slide eight highlights our packaging currently in market. And slide nine highlights our new modern packaging design. Grounded in consumer insights and analytics, the new packaging reinforces scientific credibility and trust at every touchpoint. At a portfolio level, a consistent science-led visual system simplifies navigation and helps distributors and customers confidently build personalized product combinations. The new labels also reinforce product purpose and efficacy, strengthening confidence and differentiation, which are foundational in a competitive global marketplace. In April, we kicked off our first extravaganza events of the year, which started in India, where we hosted three consecutive events across Delhi and Bengaluru with approximately 46,000 attendees. We saw firsthand the strong energy and engagement across the market. These events are a critical part of how we operate. It's where we communicate our vision, build skills, share best practices, and reinforce strategic priorities in ways that directly shape distributor execution. They also drive momentum at the local level, leading to stronger engagement, more consistent business activity, and improved retention. We look forward to that momentum continuing as we kick off our summer extravaganza events in China, Eurasia, South America, Asia Pacific, Europe, and North America. Before I turn it over to John to walk through the quarter in more detail, I want to take a step back and reflect on what we've accomplished over the past two years. Herbalife today is a fundamentally stronger company than it was two years ago. We have stabilized net sales and returned to growth, expanded adjusted EBITDA margins, strengthened our balance sheet by repaying nearly $540 million of debt since the beginning of 2024, reduced our total leverage ratio from 3.9 times at the end of 2023 to 2.7 times at the end of the first quarter, completed our debt refinancing, unlocking approximately $45 million in annual cash interest savings, and completed four strategic acquisitions. Importantly, we have done all of this with a disciplined approach, improving operational efficiency, while executing against our plan. We are about to reach a major milestone this summer with the launch of our next generation personalized nutritional supplements. This further strengthens our confidence in the path ahead. Our continued progress reflects strong momentum and clear direction as we advance towards our vision to become the world's premier health and wellness company, community, and platform. With that, I'll hand it over to John to walk through the financials in more detail. Over to you, John. Thank you, Stephan.