Good morning, this is Crystal Beiting, Vice President, Investor Relations and Financial Planning and Analysis for The J.M. Smucker Company. Thank you for listening to our prepared remarks on our fiscal 2025 fourth quarter earnings.

After this brief introduction, Mark Smucker, Chief Executive Officer and Chair of the Board, will provide a business and strategy update. Tucker Marshall, Chief Financial Officer, will then provide a detailed analysis of the financial results and our fiscal 2026 outlook. Later this morning, we will hold a separate, live question-and-answer webcast.

During today’s discussion, we will make forward-looking statements that reflect our current expectations about future plans and performance. These statements rely on assumptions and estimates, and actual results may differ materially due to risks and uncertainties.

Additionally, please note we will refer to non-GAAP financial measures management uses to evaluate performance internally. I encourage you to read the full disclosure concerning forward-looking statements and details on our non-GAAP measures in this morning's press release.

Today's press release, a supplementary slide deck, management's prepared remarks, and the Q&A webcast can all be accessed on our Investor Relations website at jmsmucker.com.

We invite all interested parties to join us at 9:00 am Eastern Time today for a live question-and-answer session with management to further discuss our fourth quarter results and next year's outlook for fiscal year 2026. I will now turn the discussion over to Mark Smucker..

First, accelerate organic growth by investing in our key platforms while also enabling the delivery of brands that meaningfully support total company profitability. This includes working to stabilize and refocus the Sweet Baked Snacks segment for sustainable growth and margin expansion.

And in each of our businesses, we are focusing on being where the consumer is shopping and growing share with our strategic customers.

Second, embed transformation in our everyday mindset through a continued focus on safety, quality, reliability and cost, integrating savings to drive investment in our brands and aspiring to generate over $1 billion in free cash flow annually while executing on our capital deployment strategy.

And third, we will remain true to our basic beliefs by fostering a ‘Be Bold’ mindset, accelerating our pace of change to grow our competitive edge while enabling greater speed and agility across the organization. This includes continuing to evolve our brands and embed them into today's culture, while ensuring we meet the needs of the consumer.

As we execute these priorities and position the company for long-term growth, we acknowledge that we continue to operate in a dynamic environment including evolving macroeconomic factors, record-high green coffee costs, implications from tariffs, regulatory and policy changes and consumers that continue to seek value.

Given these factors, we are being cautious in our fiscal year 2026 guidance and are providing a wider range. Net sales are expected to increase 2% to 4%. Comparable net sales are expected to increase 4.5% at the mid-point of the guidance range. The increase in net sales will be supported by growth in each of our U.S.

Retail segments, when excluding reduced contract manufacturing sales related to the divested pet food brands, and in International and Away From Home.

This reflects higher net price realization for the total company and ongoing brand momentum for our key growth platforms, including anticipated volume/mix growth for the Uncrustables, Café Bustelo, Meow Mix, and Milk-Bone brands.

We anticipate total company volume/mix to decline, largely driven by our price elasticity of demand assumptions for coffee and a decline in our Sweet Baked Snacks segment. Adjusted earnings per share is expected to be in the range of $8.50 to $9.50.

This reflects the impact from our coffee price elasticity of demand assumptions, increased marketing investments for our key growth platforms, headwinds in the Sweet Baked Snacks segment, and tariffs, partially offset by the positive tailwinds benefiting the business.

Embedded in our guidance range are our assumptions related to the impact from tariffs in the current environment. As a domestic food producer, we are relatively less exposed to tariffs compared to other industries. That said, the current U.S.

tariff impact on green coffee is our largest exposure that we will manage on top of navigating record-high costs for the commodity. Green coffee is an unavailable natural resource that cannot be grown in the continental U.S. due to its reliance on a tropical climate.

We currently purchase approximately 500 million pounds of green coffee annually, with the majority coming from Brazil and Vietnam, the 2 largest coffee producing countries. Outside of coffee, the vast majority of our U.S. production is sourced domestically.

However, there is some sourcing of finished goods and ingredients that are subject to tariffs as things stand today. This has been factored into our outlook, and we are working to mitigate these cost increases through a combination of alternative sourcing strategies, supply chain optimization, and responsible pricing.

In closing, while we expect the external environment will continue to be dynamic, we remain confident in our strategy. We operate in attractive categories with leading brands and offerings ranging from value to premium.

And as we look ahead, we remain focused on investing in our key growth platforms and executing on our strategic priorities, which will enable us to deliver long-term growth and increase shareholder value.

Before I close, I would like to extend my appreciation to all of our employees for their unwavering focus, dedication, and outstanding contributions. With that, I'll turn it over to Tucker for additional insight on our financials and our fiscal 2026 outlook..

depreciation expense of approximately $350 million, amortization expense of approximately $200 million, share-based compensation expense of $35 million, and other non-cash charges of $110 million.

In the first quarter of the fiscal year, net sales are anticipated to decline low-single-digits, which incorporates an impact of $53 million related to the divested Voortman business and certain Sweet Baked Snacks value brands.

Comparable net sales are anticipated to be flat, reflecting a mid-single-digit increase in net price realization offset by unfavorable volume/mix. Net sales also reflects a decline of $10 million of contract manufacturing sales related to the divested pet food brands.

Adjusted earnings per share are expected to decline approximately 25%, primarily driven by a decrease in adjusted gross profit in our U.S. Retail Coffee and Sweet Baked Snacks segments. We anticipate adjusted earnings per share will improve sequentially throughout the fiscal year.

Overall, in fiscal year 2026, we are committed to maintaining a disciplined and responsible financial approach while strategically investing in our key platforms and executing on our strategic priorities to deliver long-term growth and increase shareholder value.

This includes fiscal year 2027, which we anticipate will be an algorithm year for adjusted earnings per share growth, absent any significant changes in the green coffee market and consumer or regulatory environment, inclusive of trade policy. In closing, I would like to thank our employees.

They have demonstrated their commitment to executing with excellence, and their passion for our company positions us for continued success. Thank you..