Saputo Inc.

Good morning and welcome everyone to the Saputo, Inc. first quarter 2025 financial results conference call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. At this time, I would like to turn the conference over to Nick Estrella. Please go ahead.

Thank you, Audra. Good morning. Welcome to our first quarter fiscal 2025 earnings call. Our speakers today will be Lionel Saputo, Executive Chair of the Board, Carl Kalitza, President and Chief Executive Officer, and Maxime Therrien, Chief Financial Officer and Secretary. Before we begin, I'd like to remind you that this webcast and conference call are being recorded, and the webcast will be posted on our website, along with the first quarter investor presentation. Please also note that some of the statements provided during this call are forward-looking. Such statements are based on assumptions that are subject to risks and uncertainties. We refer to our cautionary statements regarding forward-looking information in our annual report, press releases, and filings. Please treat any forward-looking information with caution as our actual results could differ materially. We do not accept any obligation to update this information except as required under securities legislation. I'll now hand it over to Lino.

Thank you, Nick, and good morning, everyone. The year is off to a good start. We delivered strong revenue and EBITDA growth and solid cash flow generation in the first quarter. More importantly, we are definitely seeing the benefits from the bold actions we've taken over the past few years. Capital projects in the U.S. are now completed and up and running, while other expansion and modernization efforts around the globe remain right on track. Our supply chain teams continue to drive productivity savings and our commercial teams have secured new business with several key customers and driving innovation across all channels. Initiatives to further differentiate our portfolio are also gaining traction. This focus is a driver behind the robust volume growth in the quarter. These collective efforts have been further supported by the optimization of our manufacturing network and streamlined processes. The dairy commodity environment also began to stabilize providing a more favorable backdrop for our business in Q1. However, we still expect some volatility in the near term, notably with a cheese and milk price spread. From a macro perspective, consumer demand remains stable. Overall, we're staying focused on what we can control, with an emphasis on execution, innovation, and close collaboration with our customers. We made progress on many fronts and saw sequential adjusted EBITDA margin improvement, notably in the U.S. and Canada. In addition, our solid cash flow generation drove further reduction in our net leverage ratio, putting us in a great position to support our growth and return capital to shareholders. As we enter the second quarter, our momentum, coupled with the expected ramp-up of strategic initiative benefits, support our confidence and our ability to achieve our operational goals and generate long-term value for shareholders. I will now turn the call over to Max for the financial review before providing my concluding remarks. Max?