Welcome to the 2026 Bath & Body Works Annual Meeting of Shareholders. I am pleased to introduce Sarah Nash, Chair of the Board of Bath & Body Works. Good morning. It is my pleasure to welcome you all to our 2026 Annual Meeting of Shareholders. The meeting is formally called to order. Joining me today are the members of your board of directors who are standing for election at today's meeting, each of whom is in attendance. Alessandro Foglia, Lucy Brady, Francis Hondal, Danielle Lee, Juan Rajlin, Steve Steinour, J.K. Symancyk, and Steve Voskuil. Daniel Heaf, our Chief Executive Officer, as well as other members of our executive leadership team, are also in attendance. I'll now review the agenda for this morning. First, our Assistant Corporate Secretary, Amanda Digas-Barry, will address a few procedural matters. I will cover the matters described in our proxy statement. I will provide a brief overview of the board's activities throughout the past year. Daniel will give an update on the company's transformation strategy, the Consumer First Formula. As time permits, we will answer questions that are in accordance with our rules of conduct. Depending upon time, nature of the questions, we may address them directly with the asking shareholder after the meeting. I now turn the meeting over to Amanda, Secretary of this meeting. Thank you, Sarah. As a reminder, some of the comments today may include forward-looking statements related to future events and expectations. We caution that any forward-looking statements involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Information regarding these factors can be found in the risk factors of our most recent annual report on Form 10-K and our subsequent filings. Some of the comments today may also include certain non-GAAP financial measures. Reconciliations for such non-GAAP measures to the most comparable GAAP measures can be found in materials posted on our investor relations page, including the proxy statement for this meeting. We ask that everyone observe the rules of conduct, a copy of which can be found posted beneath the webcast. Shareholders of record at the close of business on April 14th, 2026, the record date, are entitled to vote and ask questions. Shareholders may submit questions electronically at any time during the meeting by following the directions on the web portal. As outlined in the rules of conduct, please limit yourself to one question and keep your question as brief as possible. Only questions that are germane to the meeting agenda will be addressed. Cheryl Chan of Davis Polk & Wardwell LLP has been appointed to serve as the Inspector of Elections, and a representative from our auditors, Ernst & Young, is also in attendance. Based on the number of shareholders in attendance and by proxy, a quorum is present. With that, I would like to turn this meeting back over to our Chair, Sarah. Thank you, Amanda. The proposals that have been submitted by the company for your consideration are, first, to elect the 10 nominees proposed by the board of directors. Second, to ratify the appointment of our independent registered public accounting firm, Ernst & Young. Third, to hold an advisory vote to approve fiscal 2025 named executive officer compensation. The polls are open, and they will close following the adjournment of the meeting. Most shareholders have already voted by proxy, and the proxy vote has been tallied. You may also vote during the meeting by using the Vote Now button found below this webcast if you have not yet voted or if you want to change the vote you previously cast. If you have already voted, you do not need to take any further action at this time. Based on the proxies voted, sufficient votes have already been cast to definitively approve the election of the 10 nominees to ratify the appointment of Ernst & Young and to approve the fiscal 2025 named executive officer compensation. The exact vote totals will be certified by the Inspector of Elections, and we will report the final vote results on a Form 8-K and incorporate in the minutes of today's meeting. The formal meeting is now adjourned. I'll now provide an overview of the board's key activities in 2025. 2025 can be best summarized as a year of transition. The board successfully fulfilled one of its greatest responsibilities, guiding a planned CEO transition. After a thoughtful, thorough, and strategic search process, the board determined that Daniel is the right person to reignite Bath & Body Works' growth through attraction of new consumers and retention of our valuable and loyal customers. Under Daniel's new leadership, the board is fully engaged in overseeing the execution of the company's comprehensive multi-year strategy to drive sustainable, profitable growth, the Consumer First Formula, which Daniel will speak to in more detail. In 2025, the board also maintained a strong focus on disciplined financial stewardship, investing in the new strategy while returning cash to our shareholders. We were pleased to pay $167 million in dividends and repurchase approximately 15 million shares of common stock for $400 million. We remain disciplined in our capital allocation, prioritizing investment in the business, maintaining a strong balance sheet and preserving flexibility. In January of this year, the board approved the prepayment of our January 2027 notes, and we remain committed to our gross debt leverage target of 2.5 times. Our multi-year Fuel for Growth program targets $250 million in cost savings over two years. We expect $175 million in savings in 2026. These savings will accelerate and fund our strategic investments. We believe that our significantly refreshed board of directors has the optimal structure and composition with the right mix of expertise, backgrounds, and tenures to steward the company through this strategic transition while remaining grounded in strong corporate governance to support the creation of long-term value for our shareholders. Maintaining a robust shareholder dialogue remains a priority. Through our engagement program, we've had thoughtful conversations with many of you over the past year. Your insights continue to inform our policies, practices, and long-term planning. On behalf of the entire board, I want to express our sincere appreciation to our shareholders, associates, and loyal customers for their continued support. With that, I'll turn it over to Daniel. Thank you, Sarah. Good morning to everyone joining us today. When I first joined the company a little over a year ago, it was clear to me that this brand had significant untapped potential. Over the past year, that conviction has only grown stronger. Bath & Body Works holds a unique and meaningful place in consumers' lives. We have a real opportunity to unlock new growth by evolving from a specialty retailer to a global brand. Over the past year, we've moved from strategy to execution. From execution to early proof points. Today, we are operating with clearer priorities, stronger focus, and sharper execution across the business. I am more confident than ever in our ability to return the company to sustainable, consistent growth. In the third quarter of 2025, we introduced the Consumer First Formula, our multi-year comprehensive plan, which places the consumer at the center. Prioritizes our four largest areas of opportunity: to create disruptive and innovative products, to reignite the brand, to win in the marketplace, to operate with speed and efficiency, all supported by building winning teams and culture. With new leaders with the background and expertise required to deliver on our plan. Since launching, we have invested in new talent, adding new members to our executive team, including Samantha Charleston, Chief Human Resources Officer, Maly Bernstein, Chief Commercial Officer, and Véronique Gabai-Pinsky, Chief Brand and Product Officer, as well as other senior leaders with the right experience to execute on the Consumer First Formula. We have also initiated a comprehensive search process supported by a leading executive search firm to identify our next chief financial officer. The teams remain focused on execution. Across the organizations, teams are motivated, aligned, and moving with pace. While we are still early in this transformation, we are seeing encouraging early proof points. Our moisturizing and revitalizing hand soaps are a good example. Better benefits, upgraded packaging, sharper marketing. Consumers responded with double-digit increases in AUR and SKU productivity. White Barn Neutrals also experienced double-digit growth, showing what can happen when we bring together beautiful product, elevated storytelling, and creator-led amplification. Our launch on Amazon is already helping us reach new and younger consumers. These are encouraging proof points and support the logic of the strategy. Reinforce our conviction that the path we are on is the right one. We still have significant work ahead. The consumer and the financial impact will build over time, particularly as we move more innovation to the market in the back half of the year and through 2027. We are moving with pace and discipline to transform Bath & Body Works from a specialty retailer to a global brand and return the company to sustainable long-term growth. To our shareholders, thank you for your investment, continued support, and confidence as we work through this transformation. I'll now turn it back to Sarah. Thank you, Daniel. We have a few minutes for questions. Depending on the question, I may ask other executives, our inspector of elections, or our Ernst & Young representative to join me in responding to you. We will pause for a few moments to review questions. In the interest of efficiency, we may summarize the questions we have received or group together questions received from multiple shareholders on the same topic. I turn the meeting over to Amanda. Thank you, Sarah. Sarah, there are no questions. Thank you, Amanda. On behalf of the entire board, thank you for your continued investment in and support of Bath & Body Works. This concludes our 2026 annual meeting.