Lamb Weston Holdings, Inc.

Good day and welcome to the Lamb Weston fourth quarter and full year fiscal 2026 earnings call. Today's call is being recorded. At this time, I'd like to turn the call over to Debbie Hancock. Please go ahead. Thank you.

Good morning and thank you for joining us for Lamb Weston's fourth quarter and full year fiscal 2026 earnings call. I'm Debbie Hancock, Lamb Weston's Vice President of Investor Relations. Earlier today, we issued our press release and posted slides that we will use for our discussion today. You will find both on our website at lambweston.com. Please note that during our remarks, we will make forward-looking statements about the company's expected performance that are based on our current expectations. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our SEC filings for more details on our forward-looking statements. Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. You can find the GAAP to non-GAAP reconciliations in our earnings release in the appendix to our presentation. Joining me today are Jan Craps, Executive Chair, Mike Smith, President and CEO, and Jim Gray, Chief Financial Officer. Each will provide prepared remarks and then will be available to take your questions. I will now turn the call over to Jan.

Thank you, Debbie, and good morning, everyone. I'm happy to be with you today for my first earnings call at Lamb Weston. I will start with observations for my first month as executive chair, then turn the call over to Mike and Jim for their review of our performance. I will come back at the end of our call with additional remarks about the roadmap ahead before we take your questions. In the next hour, we plan to spend about two-thirds of our time on prepared remarks, and leave about 20 minutes for questions. It's a real pleasure to work with this board, management team and partners. I joined Lemweston in early February after more than 20 years with ABI, most recently as a CEO and co-chair of Budweiser APEC and APEC CEO for ABI. Now let me share what attracted me to Lemweston. First, the company operates in an attractive and growing category. expanding volume, price, mix, and margins over time, largely serving food service customers on multi-year contracts. Second, Lam Weston is a skilled leader with an advantage plant network in this great category, with a strong and growing core North American profit pool, significant cash generation potential, and a meaningful turnaround opportunity and optionality across our international footprint. and third, Lem Weston has a seasoned board making swift and purposeful decisions to drive incremental value for shareholders. My role as executive chair has several key responsibilities. Chairing a deeply engaged board of directors to set a company's priorities and track its progress. Focusing on people through talent development and building a performance culture. leading the next leg of our strategy development, including where to play, how to win, inorganic moves like M&AM partnership or divestitures, and driving a clear growth algorithm. Mentoring Mike and the executive leadership team, providing insights on priority topics like embedding a cost culture, realizing tech and benchmarking opportunities, where my past experience complements the leadership team's expertise. and finally working with Mike as he continues to lead the daily operations of the organization as a CEO, translating our strategic plan into a robust operational plan and driving the execution of our strategy and our teams to deliver results. It's an exciting time to be part of LamBuston. Let me wrap up my opening remarks with observations and reflections from my global onboarding sprint so far. Over my first 100 days, I spent a significant amount of time meeting our teams and getting to know our people. They are passionate about our business. I've engaged with our colleagues at more than 15 plants in the US, in the UK, Europe, China, and Australia, so more than half of our facilities. I've visited farms, customers, and stores, and I've spoken with select analysts, bankers, investors, and industry players. I've been struck by the energy and ideas across our value chain and ecosystem. I'm encouraged that we are rebounding confidently from a period of uneven execution and disrupted market dynamics, controlling the controllables, including rebuilding North American volumes on a more resilient and efficient supply chain. And I see a leadership team that is embracing more strategic clarity and choices, A deeper performance culture and sharper focus on costs, cash flow, and consistency. While the Focus to Win strategy is in its first year, I view it as the right first steps for Lemweston, implemented with an essential customer-first mindset. I view execution of the first phase of Focus to Win as a key step of a broader program to improve performance and returns on capital at Lemweston. I'm encouraged by our team's progress and execution of this first phase. In parallel, we are driving initiatives to expand those efforts more broadly across the organization in subsequent phases of Focus to Win. I will discuss some of these efforts later in our call, and this will culminate in an investor day in early calendar 27. The key message I want you to take from me is that there is focus and alignment in driving this company to achieve its full potential. To that end, and in support of this opportunity, I have made a significant personal investment in Land Weston shares, and my compensation is tied to the stock price. I don't participate in the annual incentive plan. I am rewarded if you, our shareholders, are rewarded. With that, let me hand it over to Mike.