Constellation Brands, Inc.

Greetings, and welcome to the Constellation Brands Q1 Fiscal Year 2026 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into the question queue at any time by pressing star 1 on your telephone keypad, and we ask you to please limit yourselves to one question, then return to the queue. If anyone should require operator assistance, please press star 0. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Joseph Suarez, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Kevin. Good morning, all, and welcome to Constellation Brands Q1 Fiscal 26 Conference Call. I'm here this morning with Bill Newlands, our CEO, Garth Hankinson, our CFO, and Blair Venema, our new Vice President of Investor Relations, who will assume leadership of the function after today. Blair brings great expertise to the role. He began his career as a buy-side equity analyst, and has worked across our corporate development, treasury, and beer commercial finance teams for the last 10 years. I will work closely with Blair over the coming weeks to ensure a seamless transition of the function. We trust you had the opportunity to review the news release, CEO and CFO commentary, accompanying quarterly slides, and our recently updated annual brand appendix slides made available in the investor section of our company's website, www.cbrands.com. On that note, as a reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on today's call are included in the news release and website. And we encourage you to also refer to the news release and Constellations SEC filings for risk factors that may impact forward-looking statements made on this call. Before turning the call over to Bill and Garth, please keep in mind that as usual, Answers provided today will be referencing comparable results, unless otherwise specified. Lastly, in line with prior quarters, I would ask that you limit yourselves to one question per person, which will help us end our call on time. Thanks in advance, and over to you for questions.

Thank you. We'll now be conducting a question and answer session. If you'd like to be placed into question queue, please press star one on your telephone keypad. As a reminder, please limit yourselves to one question then return to the queue. Our first question today is coming from Dara Moshinian from Morgan Stanley. Your line is now live.