Post Holdings, Inc.

Please stand by, your meeting is about to begin. Welcome to the Post Holdings First Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. so that others can hear your questions clearly, we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star zero. I'd now like to turn the call over to Daniel O'Rourke, Investor Relations for Post. Please go ahead.

Good morning. Thank you for joining us today for Post's first quarter fiscal 2026 earnings question and answer session. This call is being recorded and an audio replay will be available on our website at postholdings.com. During today's call, we may make forward-looking statements which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call and management undertakes no obligation to update these statements. The press release that supports today's call is posted on both the quarterly results and the SEC filing section of our website under the investor section and is available on the SEC's website. This call will discuss certain non-GAAP measures. For reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website. I'm joined this morning by Rob Vitale, our President and CEO, Nico Cattoggio, our COO, and Matt Maynor, our CFO and Treasurer. We're doing things a little differently this quarter as we posted management remarks last night in the investor section of our website. Our rationale for this change is to give you additional time to digest our commentary in advance of this call. In addition, given our M&A activity, our convertible debt structure, and the magnitude of recent share repurchases, we wanted to bridge our enterprise value calculation, which is furnished as an appendix to our posted remarks. I hope you've had a chance to review this document. The key highlights are that fiscal 26 is off to a great start as we delivered Q1 adjusted EBITDA well above expectations. This operating performance coupled with an update to our food service normalized run rate allowed us to significantly increase our guidance. We have continued aggressive share repurchases so far this year, And our strong operating performance, along with our Q1 sale of the 8th Avenue pasta business, has allowed us to hold net leverage flat. And from this position, we continue to maintain significant flexibility for opportunistic capital allocation. With that, I'll turn the call back over to the operator to open up Q&A.

The floor is now open for your questions. At this time, if you have a question or comment, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. Again, we ask that you pick up your handset when posting your question to provide optimal sound quality. Thank you. Our first question will come from Andrew Lazard with Barclays. Please go ahead.