Saputo Inc.

and the webcast will be posted on our website along with the fourth 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 Carl. Thank you, Nick, and good morning, everyone.

As I approach the end of my first year into my role as president and CEO, I am incredibly proud of what the team has accomplished in fiscal year 25. Over this time, we have reinforced our executive leadership team across the globe, enhanced operational efficiency, We refined our capital allocation plan and executed on a clear strategy to advance our goal of delivering sustainable value to our shareholders. Despite a volatile macroeconomic landscape, we stayed focused and delivered consistent operating and financial performance. The strength of our balance sheet allowed us to accelerate share buybacks with approximately $150 million in shares repurchased under our NCIB program in fiscal year 25. Over the past four years, we have solidified our asset base, anchored in strengthening our foundation, and optimizing our diversified portfolio. In fiscal year 25, we continued that momentum through strong contributions from capital investments, progress across strategic initiatives, and disciplined cost control. And there is more we can do. Despite the efforts we have made in stabilizing our performance and improving how we operate the business, we know there are more opportunities ahead. We are confident that these efforts are paving the way for a more sustainable and competitive future. In the fourth quarter, we reported an adjusted EBITDA of $365 million on revenue of nearly $4.8 billion. Our Canada, USA, and Europe sectors all generated year-over-year growth. We saw encouraging improvement in Australia. However, overall performance in the international sector was tempered by the negative impact in Argentina from currency devaluation and hyperinflation. Amid persistent commodity volatility, we maintained stable margins as a result of our disciplined cost containment efforts and contributions from our strategic initiatives. Notably, we were happy with the performance of our focus brands in a highly competitive environment. This underscores the enduring strength and relevance our brands in consumers' everyday lives. Building on that momentum, we're advancing on our key commercial strategies, strengthening our customer value proposition, enhancing returns through focused revenue growth management, and accelerating market entries in new priority regions that drive long-term growth. As a natural next step, our accelerated commitment to putting the consumer first will be further strengthened by our strategic adoption of digital technologies. From automating routine workflows to leveraging data-driven insights for faster, smarter decisions, these initiatives are expected to not only reduce costs, but also position us ahead of the curve and delivering value to our customers and shareholders. These dynamics will support top-line performance, and we remain focused on expanding adjusted EBITDA margins through disciplined operational execution. A notable example of this discipline is our ongoing SG&A optimization program, which included a restructuring of several administrative functions in the fourth quarter, Our now leaner and more agile organizational structure better aligns our resources with the needs of the business following our network optimization initiatives. This is already positively impacting our first quarter performance and will help us deliver our fiscal 2026 outlook. We continue to generate healthy cash flow from operations. Since the beginning of fiscal year 26, we have continued to opportunistically repurchase shares taking advantage of attractive market conditions. Our capital investment program is also delivering strong and sustainable productivity improvements. For example, in the USA sector, we achieved approximately $27 million in cost savings and benefits during the quarter and reached our $100 million milestone for the year. This is a direct result of the infrastructure investments and systems enhancement we have made to optimize our cost base and support long-term competitiveness. That said, we did observe some softening in the consumer demand, particularly in the food service channel, which was more pronounced during the fourth quarter. In response, we are supporting our customers through value-added initiatives focused on operational efficiency, menu optimization, and profitability. Nevertheless, the food service market channel has recently shown signs of recovery and our volumes so far in the first quarter have been solid. We are also investing meaningfully in our brands to deliver compelling consumer value at a time when it is critical to consumers. As a result, our innovation pipeline remains robust with a sharpened focus on value-conscious consumers across all market segments. Even against the challenging macroeconomic backdrop, it is evident that demand for protein-rich products remains strong. We view this as a positive, durable trend that reinforces the relevance of our product offerings, and we are well positioned to capitalize on this demand. On the matter of trade-related tariffs, we continue to anticipate limited and manageable direct impacts. Our diversified supply chain and cross-border operations, which span food service and retail, continues to support our resilience and ability to pivot as needed. We continue to monitor external developments closely while leveraging our strong balance sheet and healthy cash flows to ensure financial stability and agility. We are encouraged by our progress and we remain committed to sustained growth in fiscal year 26 and beyond. I will now turn the call over to Max for the financial review before providing concluding remarks.