Constellation Brands, Inc.

Greetings and welcome to the Constellation Brands Q3 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 in the question queue at any time by pressing star 1 on your telephone keypad, and we ask you to please ask. Greetings and welcome to the Constellation Brands Q3 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 in the question queue at any time by pressing star 1 on your telephone keypad, and we ask that you please ask one question and 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 turn the call over to Blair Venema, Vice President, Investor Relations. Please go ahead, Blair.

Thank you, Kevin. Good morning, all, and welcome to Constellation Brands Q3 Fiscal 26 Conference Call. I'm here this morning with Bill Newlands, our CEO, and Garth Hankinson, our CFO. We trust you have the opportunity to review the news release, CEO and CFO commentary, and accompanying quarterly slides made available in the Investors section of our company's website, www.cbrands.com. On that note, as a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this 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 orders, I would ask that you limit yourselves to one question per person, which will help us to end our call on time. Thanks in advance, and over to your questions.

Thank you. And I'll be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad. And as a reminder, we ask you please ask one question and return to the queue. You may press star 2 if you'd like to move your question from the queue. and a confirmation phone will let you know your call is in queue. Our first question today is coming from Bonnie Herzog from Goldman Sachs. Your line is now live.