Good day, and welcome to the B&G Foods fourth quarter and fiscal 2025 earnings call. Today's call, which is being recorded, is scheduled to last about one hour, including remarks by B&G Foods management and a question and answer session. I would like to turn the call over to AJ Schwabe, Senior Associate, Corporate Strategy and Business Development for B&G Foods. AJ? Good afternoon. Thank you for joining us. With me today are Casey Keller, our Chief Executive Officer, and Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter and full year in the earnings release we issued today, which is available at the investor relations section of bgfoods.com. Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements. These statements are not guarantees of future performance. Therefore under reliance should not be placed upon them. We refer you to B&G Foods most recent annual report on Form 10-K and subsequent SEC filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. We will also be making references on today's call to the non-GAAP financial measures, adjusted EBITDA, segment adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted gross profit percentage, base business net sales, and segment adjusted expenses. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earnings release. Casey will begin the call with opening remarks and discuss various factors that affected our results, selected business highlights, and his thoughts concerning the outlook for fiscal 2026 and beyond. Bruce will then discuss our financial results for the Q4 in fiscal 2025 and our guidance for fiscal 2026. I would now like to turn the call over to Casey. Good afternoon. Thank you, AJ, and thank you all for joining us today for our Q4 2025 earnings call. Today, I will cover an update on our portfolio reshaping, including the recent divestiture and upcoming planned acquisition. An overview of Q4 performance, Bruce will cover more detailed financial results. Finally, the outlook for FY 2026. Portfolio reshaping. Yesterday, we announced the divestiture of the Green Giant U.S. Frozen business to Seneca Foods Corporation, a significant milestone in the reshaping and restructuring of the B&G Foods portfolio. This is the largest piece in our portfolio transformation that should result in stronger focus, simplification, greater synergies, and higher margins across the core shelf-stable business lines. The Green Giant Frozen business simply has not been the right fit for B&G Foods, with seasonal production, a different temperature state, geographic complexity, and higher working capital intensity. Previously, we announced the divestiture of our Canadian Green Giant business in canned and frozen vegetables. That divestiture requires Canadian regulatory approval and is currently under review. Subject to regulatory approval and other customary closing conditions, we expect to close during Q2 FY 26. Finally, we also recently announced the acquisition of the College Inn and Kitchen Basics broth and stock businesses from Del Monte Foods. That transaction is expected to close by the end of March. The broth and stock category is attractive, maintains good margins, and has grown low to mid-single digits over the past year. Like the spices and seasoning category, broths have been propelled by the growth in the fresh perimeter of the store as a critical component for the preparation and cooking of fresh meals and soups. The College Inn and Kitchen Basics brands have relevant, well-known equities, strong distribution presence, and high-quality products. The net result of these divestitures and acquisition, when completed, will deliver a more focused portfolio that is expected to generate positive adjusted EBITDA growth, stronger cash flows, lower working capital intensity, reduced leverage, and higher gross and adjusted EBITDA margins. Bruce will provide more details on each of these transactions later. Q4 results. The Q4 continued momentum from the Q3, with modest improvement in base business net sales trends. Q4 base business net sales, which excludes the impact of divestitures in the 53rd week, were down approximately 2.4% compared to down 2.7% in the Q3. Q4 adjusted EBITDA was $84.7 million, slightly down versus last year on a reported basis, driven by the impact of divestitures and tariff costs. Some of the key drivers. The divestiture of the Don Pepino and Sclafani businesses in May and the Le Sueur US canned peas brand in August removed approximately $16.4 million of net sales and $1 million in adjusted EBITDA from Q4. The Spices & Flavor Solutions business unit grew net sales +4.2% in Q4, benefiting from the growth in fresh food and proteins, as well as strength in our club and food service channels. Segment adjusted EBITDA was impacted by tariffs, which are now being recovered through pricing. Tariff costs were approximately $4.4 million in Q4 and $9.5 million throughout FY 2025. We announced pricing actions during Q3 to recover these costs beginning in Q4, although full pricing reflection with some customers took longer than expected within the quarter. The frozen and vegetables Business Unit delivered strong segment adjusted EBITDA recovery, +$2.8 million, as new crop pack costs came in favorable to last year's wheat crop and our Mexico facility achieved productivity gains. Q4 also benefited from the implementation of our back half cost savings initiative. Cost of goods sold, COGS, as a percentage of net sales improved approximately 120 basis points versus last year behind incremental productivity efforts. FY 2026 outlook. Our current outlook for FY 2026 reflects continued improvement in the core business trends and the impact of the Green Giant U.S. Frozen divestor. Lots of changes and more to come with the closing of the pending Green Giant Canada divestor and College Inn and Kitchen Basics acquisition. We are creating a stronger, focused, more profitable B&G Foods. Our current guidance range for FY 2026 is $1.655 billion-$1.695 billion in net sales and $265 million-$275 million in adjusted EBITDA. The key assumptions. We expect base business trends on the remaining core meals, Spices & Flavor Solutions and specialty businesses to improve +0.4% versus last year. Far, Q1 trends are off to a strong start with year-to-date base business net sales performance through February growing roughly 4%. The Green Giant U.S. Frozen divestor removes approximately $203 million in net sales year-over-year. That will be partially offset by approximately $80 million in revenue from March through year end from co-pack sales from our Mexico facility based on our arrangement with Seneca to retain manufacturing in Irapuato. The adjusted EBITDA impact of this divestor is expected to be at least neutral as we restructure costs to reflect the exit of the business. We have also reflected the impact of both the 53rd week and the divestitures of Don Pepino's Sclafani and Le Sueur US during FY 2025, representing approximately $38.4 million in net sales and $5.4 million in adjusted EBITDA. Further, the pending divestiture of Green Giant Canada and the pending acquisition of the College Inn and Kitchen Basics broth business have not been reflected in our guidance. We will update FY 2026 guidance after those transactions have closed, but expect Canada to be neutral from an adjusted EBITDA impact and the broth and stock acquisition to deliver incremental sales and adjusted EBITDA at healthy margins. Looking forward, FY 2026 is poised to be a transformational year with a more focused, higher margin and stable portfolio once divestitures and close-closing transaction services have been completed. We expect continued improvement in base business trends towards the long-term algorithm of 1%. Further, we will also become a less complex, more efficient and leaner company behind a simpler portfolio, restructuring operations to right size overheads and focus resources and investment behind the core categories and brands in spices and seasonings, meals, and baking staples. Thank you. I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for fiscal 2026. Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. Despite a challenging start to the year, we had strong momentum in our business throughout the year to finish fiscal 2025 on a positive note. For the Q4 of 2025, we generated $539.6 million in net sales, a net loss of $15.2 million or $0.19 per diluted share, adjusted net income of $22.8 million or $0.28 per adjusted diluted share, $84.7 million in adjusted EBITDA and adjusted EBITDA as a percentage of net sales of 15.7%. For fiscal 2025, we generated $1.829 billion in net sales, a net loss of $43.3 million or $0.54 per diluted share, adjusted net income of $41.3 million or $0.51 per adjusted diluted share, $272.2 million in adjusted EBITDA and 14.9% of adjusted EBITDA as a percentage of net sales. The company's net loss for the Q4 and fiscal 2025 were primarily attributable to pre-tax non-cash impairment charges to intangible assets and assets held for sale. During fiscal 2025, the company recorded pre-tax non-cash impairment charges of $34.8 million to related intangible trademark and customer relationship assets for the Green Giant brand in the Q4 and $26 million Related to indefinite life intangible trademark assets for the Victoria and McCann's brands during the Q3 of 2025. In addition, the company recorded a pre-tax non-cash impairment charge for assets held for sale for the pending Green Giant Canada divestiture of $27.8 million in the Q3 of 2025, and an additional $0.7 million in the Q4. Further details regarding the impairments are included in our earnings release and 10-K. As a reminder, we were very busy during fiscal 2025 from an M&A perspective, and we have already added to that activity in fiscal 2026. 2025 M&A activity includes the divestiture of Don Pepino and Sclafani brands during the Q2, the divestiture of Le Sueur U.S. brand during the Q3, and our entry into an agreement during the Q4 to divest Green Giant Canada, which, subject to regulatory approval in Canada and other customary closing conditions, is expected to close during the Q2 of 2026. 2026 M&A activity includes our previously announced entry into an agreement in January to acquire the College Inn and Kitchen Basics brands from Del Monte Foods. The acquisition has already received bankruptcy court approval and subject to customary closing conditions and the simultaneous closing of two other bankruptcy sales unrelated to B&G Foods or the broth and stock business by Del Monte Foods. It is expected to close before the end of March. We are very excited to add these two well known broth and stock brands to our portfolio. Just yesterday we signed, closed and announced an agreement to sell the Green Giant U.S. Frozen business to Seneca Foods. We received approximately $63.2 million in proceeds from the Green Giant U.S. Frozen business, which we will use together with the proceeds from the previously completed divestitures to fund the College Inn and Kitchen Basics acquisition. In effect, we are using the sale proceeds from a Green Giant U.S. Frozen business that recently was approximately break even at best on our P and L to partially fund the acquisition of the more profitable College Inn and Kitchen Basics business. The Green Giant U.S. Frozen sale included in our frozen vegetable manufacturing operations in Yuma, Arizona, but it did not include our frozen vegetable manufacturing operations in Irapuato, Mexico. In connection with the sale, we have entered into a co pack agreement with Seneca Foods, pursuant to which we will continue to produce certain Green Giant frozen products for sale by B& G Foods to Seneca Foods. We expect net sales under the co pack agreement of approximately $100 million per year, and we expect to make a modest profit on such co pack sales. As Casey said, we believe that Seneca is the right owner for the brand. Seneca is one of North America's leading providers of packaged vegetables, and it has the focus to best serve the millions of consumers that regularly enjoy Green Giant products. Seneca has also now reunited the Green Giant brand for both frozen and shelf stable products. As we review our Q4 and fiscal 2025 results, we will highlight the comparative differences that result from the divestitures of the Don Pepino, Sclafani and Le Sueur U.S. brands, which we owned for all of fiscal 2024, but only parts of fiscal 2025. As a reminder, the divestiture of Green Giant Canada and the acquisition of College Inn and Kitchen Basics have not yet closed. Additionally, the Green Giant U.S. Frozen brand closed yesterday. As a result, these three transactions did not impact our Q4 or our fiscal 2025 results. Net sales for the Q4 of 2025 decreased by $12 million, or 2.2% to $539.6 million from $551.6 million for the Q4 of 2024. The decrease was primarily attributable to the divestitures of the Don Pepino, Sclafani and Le Sueur U.S. brands, which collectively generated $16.4 million in the Q4 of 2024. Base business net sales for the Q4 of 2025 increased by $4.4 million, or 0.8% to $539.6 million as compared to $535.2 million for the Q4 of 2024. The increase in base business net sales was driven by an increase in net pricing and the impact of product mix of $2.8 million, or 0.5%, and an increase in volume of $1.9 million, 0.4% of base business net sales, which was offset in part by the negative impact of foreign currency of $0.3 million. Base business volumes were positively impacted by the 53rd week that occurred in our Q4 of 2025. Gross profit was $122.7 million for the Q4 of 2025, or 22.7% of net sales, and adjusted gross profit was $123.9 million, or 23% of net sales. Gross profit was $118.7 million for the Q4 of 2024, or 21.5% of net sales, and adjusted gross profit was $122.3 million, or 22.2% of net sales. Input cost inflation was largely benign in the Q4 of 2025, much as it was throughout the earlier portion of the year, with parts of our portfolio experiencing somewhat higher costs and other parts of the portfolio having somewhat lower costs. Across their manufacturing network, we had factories that experienced both positive and negative absorption variances throughout the year, while we once again drove efficiency and savings across our network through our continuous improvement efforts that helped offset declines in volumes. Tariffs negatively impacted our gross profit and adjusted gross profit by approximately $4.4 million during the Q4 of 2025 and $9.5 million for the year. Approximately half of the tariffs, or $2.3 million during the Q4 and $5.4 million for the year, impacted our Spices & Flavor Solutions business unit and the remainder spread across the other BUs. Selling, general and administrative expenses increased by $3.7 million, or 7.3% to $54 million for the Q4 of 2025 from $50.3 million for the Q4 of 2024. The increase was comprised of increases in general and administrative expenses of $2.3 million, acquisition divestiture-related and non-recurring expenses of $1.2 million, and selling expenses of $1.1 million, partially offset by decreases in consumer marketing expenses of $0.9 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.9 percentage points to 10% for the Q4 of 2025 compared to 9.1% for the Q4 of 2024. We generated $84.7 million in adjusted EBITDA, or 15.7% of net sales for the Q4 of 2025, compared to $86.1 million or 15.6% in the Q4 of 2024. The Le Sueur U.S., Don Pepino and Sclafani brands contributed approximately $1 million to adjusted EBITDA during the Q4 of 2024. As I mentioned previously, tariffs negatively impacted our Q4 2025 adjusted EBITDA by approximately $4.4 million. Net interest expense decreased by $0.8 million, or 2.1% to $38.8 million for the Q4 of 2025 from $39.6 million for the Q4 of 2024. Depreciation and amortization was $16.1 million for the Q4 of 2025, which is largely in line with the $16.9 million for the Q4 of 2024. We had adjusted net income of $22.8 million or $0.28 per diluted share in the Q4 of 2025. In the Q4 of 2024, we had adjusted net income of $24.6 million or $0.31 per adjusted diluted share. Adjustments to our EBITDA on net income are described further in our earnings release. I would now like to touch base on the results by business unit for the Q4. Net sales for Specialty decreased by $6.5 million or 3% in the Q4 of 2025 to $210.2 million from $216.7 million in the Q4 of 2024. The decrease was primarily due to the divestiture of Don Pepino and Sclafani brands, which generated $4 million in the Q4 of 2024, and by the impact of lower Crisco pricing. Specialty segment adjusted EBITDA decreased by $4.2 million or 7% in the Q4 of 2025 compared to the Q4 of 2024. The decrease was primarily due to the divestiture of the Don Pepino and Sclafani brands, as well as unfavorable cost comparisons in certain raw materials, manufacturing expenses, and the input impact of tariffs. Net sales for meals increased by $1.3 million, or 1.1% in the Q4 of 2025 to $124.2 million from $122.9 million in the Q4 of 2024. The increase was primarily due to the impact of higher net pricing and improved product mix, offset in part by modestly lower volumes across the meals business unit. Meals segment adjusted EBITDA increased by approximately $3.8 million, primarily driven by the impact of higher net pricing and improved product mix, favorable cost comparisons in certain raw materials and manufacturing expenses, which offset the impact of tariffs. Net sales for frozen and vegetables, excluding the impact of the Le Sueur U.S. Divestiture, were up by $1.3 million, or 1.4%. The Le Sueur U.S. brand generated $12.4 million in the Q4 of 2024. Frozen and vegetable segment adjusted EBITDA increased by $2.8 million in the Q4 of 2025. Compared to the Q4 of 2024, primarily driven by favorable raw material, manufacturing, and foreign currency comparisons. The impact of tariffs on the frozen and vegetable business unit were marginal in the Q4. Net sales for Spices and Flavor Solutions increased $4.3 million or 4.2% in the Q4 of 2025 to $106.1 million from $101.8 million in the Q4 of 2024. The increase was primarily due to higher volumes across the Spices and Flavor Solutions business unit, coupled with higher net pricing and product mix. Spices and Flavor Solutions segment adjusted EBITDA decreased by $2.9 million or 11.1% in the Q4 of 2025 compared to the Q4 of 2024. The decrease in segment adjusted EBITDA was largely driven by a combination of tariffs as well as by increases in raw material costs such as black pepper and garlic, and the impact of unfavorable absorption. These negative impacts were offset in part by the positive benefits of higher net pricing and improved product mix. I will spend a little time on our cash flows and balance sheet. Net cash provided by operating activities was strong in the Q4 of 2025, with $95.4 million in the Q4 of 2025 compared to $80.3 million in the Q4 of 2024. Further, net cash provided by operating activities in the Q4 and FY 2025 was negatively impacted by our $ eleven and a half million dollar deposit paid in connection with the pending College Inn and Kitchen Basics acquisition. Our balance sheet has also improved. We reduced our net debt to $1.912 billion at the end of the Q4 of 2025, compared to $1.994 billion at the end of Q4 of 2024, and $2.023 billion at the end of Q4 2023. We also reduced our net debt to pro forma covenant adjusted EBITDA to 6.57 at the end of the Q4 of 2025. Pro forma for the divesture of the Green Giant U.S. Frozen business, and if we include the $11.5 million cash deposit for the acquisition of the College Inn and Kitchen Basics brand, our net debt would have been approximately $1.835 billion, and our net debt to pro forma covenant adjusted EBITDA would have been a little bit less than 6.25 x. I am very pleased to report that we expect to remain on track to reduce our net debt to pro forma covenant adjusted EBITDA to nearly 6.0 x by the end or, excuse me, by the midpoint of this year. As a reminder, we continue to live in unpredictable times. Our 2026 guidance reflects what we know today and, for example, does not factor in significant changes in inflation, tariff policies, or the potential impact of escalation of the conflicts in Eastern Europe, the Middle East, or Latin America could have on our results. We are also only including the impacts of acquisitions and divestitures that have already closed in our guidance. Net sales and adjusted EBITDA for the Don Pepino, Sclafani, Le Sueur U.S., and Green Giant U.S. Frozen brands are excluded from our guidance from 2026 because we no longer own them, even though all of these brands were included in at least part of our fiscal 2025 results. Similarly, the pending divestiture of Green Giant Canada and the pending acquisition of the College Inn and Kitchen Basics brands are not factored into our 2026 guidance because these transactions have not yet closed. In addition, our guidance reflects that fiscal 2026 has one fewer week than fiscal 2025, which had a 53rd week. While we love the benefit of the 53rd week in our fiscal 25 results, we will lap that benefit or approximately $18 million in net sales during fiscal 2026. As a result, and as noted in our earnings release, we expect fiscal 2026 net sales in the range of $1.655 billion-$1.695 billion, adjusted EBITDA in the range of $265 million-$275 million, and adjusted EBITDA as a percentage of net sales in the range of approximately 16%-16.5%. Based on this guidance, we expect adjusted diluted earnings per share to be in a range of $0.55-$0.65. Now I will turn the call back over to Casey for further remarks. Thank you, Bruce. In closing, B&G Foods is making strong progress against our long-term goals. Improving the base business net sales trends of the core business towards the long-term objective of +1%. Reshaping the portfolio for future growth, stability, higher margins and cash flows. Finally, reducing leverage below 5.5x through divestitures and excess cash flow to facilitate strategic acquisitions. Net, I'm excited about the future of our portfolio and B&G Foods in FY 2026 and beyond. This concludes our remarks and now we would like to begin the Q&A portion of our call. Operator? Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. The first question will come from Scott Marks with Jefferies. Please go ahead. Hey, good afternoon, all. Thanks very much for taking our questions. You know, first thing I wanted to touch upon, if I heard you correctly, kind of in the pre-recorded remarks, I think I heard that base business net sales were down 2.4%, you know, excluding acquisitions in 53rd week, which, I believe is roughly in line with what you posted in the prior quarter. I think we've heard from some of your peers about maybe a more challenging consumer environment out there. Maybe if you can just help us understand what was it about the quarter that allowed you to kind of maintain, you know, the cadence of sales quarter-over-quarter and how you're thinking about that heading into this year. Yeah, I think we're expecting that our base business net sales will continue to improve. I mean, it was a slight or a modest improvement in Q4 versus Q3. We went in Q3 from -2.7% to -2.4% in Q4. You know, we've seen progress on some of our brands and businesses, you know, spices and seasonings, you know, in particular has been pretty resilient in posting some good numbers. We've had growth in our Canadian business. We've had growth in our food service business. We've had growth in, you know, the, you know, kind of concentrated private label business that we have. You know, part of what we're seeing is a gradual improvement in our kind of U.S. food retail consumption, and it's gradual, and then just some strength in our other parts of our business, which, you know, represent probably 35% of our portfolio in those non-measured channels. I mean, I'm expecting to have it get a little bit stronger in 2026. You know, long term, you know, our aspiration is get to a 1% growth, and I think we're moving towards that, but not there yet. We want to continue to track that, make sure that our plans and our key brands and core brands, you know, and post the Green Giant investor, make sure that our plans and those brands are strong enough to continue to drive progress. Appreciate the color there. Thank you for that. Next question would just be, you know, kind of along the same vein. I think we've heard from some of your packaged food peers about the need to kind of reinvest a little bit to support some of the brands, you know, at the shelf with the consumer. Just wondering if you can share maybe how you're thinking about, you know, brand support in 2026 relative to what you've been doing to this point. I think, you know, I think we've got, we will probably do, we'll probably spend a very similar amount in 2026 that we did in 2025. Obviously, we'll have a different portfolio, so we won't have the Green Giant business anymore. We have in our plans focused the spending more against some of our core big brands, so Ortega, Crisco, et cetera. I think what you're gonna see from us is probably an increase in spending on a few brands. Net overall, we're probably gonna have it be flat or maybe slightly up in our marketing spend. It's really brand by brand that we're looking at it. Where do we need to be more competitive? Where do we need to spend? Where do we need to up our game in innovation? Where do we need to do more against the consumer? Where do we need to do more on, you know, on a digital front? We're looking at it that way. You know, overall, I think, you know, we recognize in some of our categories it is a more competitive environment and we're gonna have to, you know, up our game and we're focusing the resources on places where we need to do it. Appreciate it. If I could just sneak in 1 more. I think I heard the comment on there that quarter- to- date base business trends were up 4%. Just wondering how much of that may have been driven by, you know, pantry loading ahead of some of the winter storms we've seen versus how much of it have you seen kind of sustained through the quarter? We were, you know, our sales were up in both January and February. I think there's really, you know, two factors. One is the weather. You know, a couple of winter storms, you know, colder temperatures throughout January, you know, late January and February. You know, our portfolio is all around baking staples and, you know, Crisco, Grandma's, Clabber Girl, dry soups, you know, Bear Creek. What we've seen is that, you know, that weather is, you know, causing consumption growth or purchasing growth in those baking staples business where people are baking more at home during a colder weather. That's one thing, and you definitely saw that during the winter storm periods. You see strength in our baking staples business as a result of that. I think the second thing is we lapped at the, you know, in the end of January last year, we lapped a pretty significant amount of trade inventory reduction, I think just like the rest of the CPG industry or the packaged foods industry. We're also lapping that as well. That's what's driving the 4%, obviously, you know, 4% on our core business trends, you know, gives me, you know, a lot of confidence that we're heading towards that base business number that we set about 4.4% for FY 2026. We're off to a fast start with 2 months. Appreciate the call. I'll pass it on. Thank you. The next question will come from Rob Moskow with TD Securities. Please go ahead. Hi, this is Victor Ma on for Rob Moskow. Thank you for the question. I just wanted to ask about the balance sheet. Where should we expect leverage to end up after you complete the Green Giant Canada sale? If you can give some color about where that kinda shakes up after you close College Inn. Those are the big drivers towards the approaching 6x net leverage by mid-summer that I referenced earlier. We're on our way to that 4.5x-5.5x long-term target. We still have some more work to do. As a reminder, with the Green Giant transactions, both U.S. and Canada, we're selling businesses that don't make any EBITDA for proceeds. We're effectively taking similar proceeds, turning around and funding the acquisition of the College Inn and Kitchen Basics business that generate pretty nice EBITDA as we described in the press release when we announced those. We're really excited to get those transactions done. Actually buying something, adding EBITDA and actually additive to our leverage from a going in the right direction. I mean, the net of all those acquisitions, I mean, those divestitures, the Green Giant divestitures, both in Canada and U.S., Frozen and the College Inn and Kitchen Basics acquisition, we're gonna reduce our leverage by about 50 basis points. That's what we're projecting. It seems that our questioner has disconnected. We're gonna move on to our next question, that will be from William Reuter with Bank of America. Please go ahead. Good afternoon. Hi. I wanna make sure I understand the business that's gonna be remaining, as part of the Green Giant U.S. transaction. I thought that Casey said there was gonna be $80 million of sales remaining, Bruce, I thought you said there'd be $100 million remaining. I guess, first, can you clarify that difference? Yeah. The difference is Casey is talking about effectively incremental in 2026, as we think about that, and that's the $83 million or so. The $100 million is a run rate annual basis. Just a difference in timing of, you know, it's a 10 months versus a full 12-month ongoing. Got it. Is it your expectation that you will continue to, you know, run these businesses, for the long term? I guess, do you want to continue to run those or is there a requirement for you to continue to supply Seneca for some period of time? With this manufacturing facility? Yeah. You know, TBD, we entered into a multiyear relationship with them as a co-packer. We've known them for a long time. We think we've got a great relationship with them, and they've been a great partner to us. We think we can create value here, both for us and for Seneca by running these facilities, but it's also possible that we monetize them at some point in the future, if it makes more sense for somebody else. Got it. I guess my last question is around the same topic. I feel like, you know, the Green Giant U.S. business has been one of the challenges here over the last several years. You know, you said you expect it will be modestly profitable. Is there any fear, that the agreement, as it's put in place, could result in losses? No, we're basically getting a tolling and management fee on the business. It's a cost plus. Yeah. We'll be fine. At the end of the day, Seneca is the right owner for this business. What was, you know, marginally profitable for us at best will be a profitable business for them. They're in this space. This is what they do. They're the right owners. Unfortunately for us, it just wasn't the right business for us. Great. All right, I'll pass to others. Thank you. The next question will come from Hale Holden with Barclays. Please go ahead. Hey, good afternoon. Just one follow-up on Bill's. Is your expectation on the Mexico plant to just supply Seneca, or would you go out and now try to come in for other people there? No, our expectation is to build that business, and have other customers as well. We think there's a real value creation opportunity here for us. Got it. Bruce, you had previously sort of implied that, maybe the dividend might be readdressed or thought about once all the transactions are completed. Is that still the timeline to think about? So mid-June, or would it be sooner? Yeah. I mean, look, our board approves or not a dividend every quarter. As you said, we haven't completed all of the transactions, I guess stay tuned. Great. Then my last question is, on the on the spices business, quarter- to -ate, have you sort of gotten all that pricing back with the elasticity that you expected? Like, sort of would we see that wash out in the Q1, or does it take longer? Yeah. Are you talking about, like, pricing around tariffs? Pricing around tariffs to recover the EBITDA loss in the Q4. Yep. We, we should be, we should be really by, like, December of 2025. So if you think about our Q4, tariffs started to hit us back in April, Liberation Day. And, and they were really elevated levels for a lot of things in the tariff, in the spice portfolio. That, that was the highest exposure we had as an organization. Those tariffs were in full effect in the Q4, some at lower levels than they were, but in full effect. But our pricing didn't go into effect really until kind of the middle of November. We, we should be covered on a go-forward basis, but we were not covered as you noted in the full Q4. You would have seen the pricing really implemented in, you know, different channels, you know, November, December. We're just now kind of reading actual elasticities, but we built in some expectation of elasticity with those pricing. It's pretty small. I mean the increases on spices and seasonings SKUs weren't really much more than low single to mid-single digits. We'll see some impact, but it won't be that big, and we've already kind of factored that into our projections. Thank you, Casey. I appreciate it. Your next question will come from Karru Martinson with Jefferies. Please go ahead. Good afternoon. Hey, Karru. How are you? Hey. I'm doing all right. Just on the broth business, that was kind of $18 million-$22 million of EBITDA. Is there a seasonality to that EBITDA contribution as it comes into our P&L? Probably skewed like a lot of the stuff we have towards that winter for different reasons. Soup season, I mean, it's a good solid throughout the year, but probably, you know, the bulk of the sales are in the winter months. Q4, Q1. Yeah. You know, it's a has a winter seasonality, baking seasonality, holiday seasonality, you know, trend to it. I mean, I think when we close it, we'll provide some color and guidance on the flow of the business. My apologies, you were breaking up just a little bit. On the tariff impact, is there any expectation that the changes in the tariff here will result in changes in pricing? Or is it thought that you keep the pricing that you have and see what happens down the road with all the other moving parts? I mean, we certainly have to see what happens with the tariffs before we do anything. Okay. Right now we're, you know, we're largely maintaining the pricing on things that could potentially change. Spices, you know, it's fairly well known because those have, you know, the sort of an exclusion around unavailable natural resources. You know, we are managing those pretty carefully. I, I mean, my expectation, to be honest with you from a planning standpoint, is there will be some volatility in this, but we need to expect that current tariff, you know, rates will stay in place roughly, you know, across our portfolio. Okay. Then just lastly, the kind of the big picture with the capital structure goes current in September, what are the plans there? I'd assume we have, you know, more debt pay down and some refinancing between now and sort of before maturity, certainly, you know. Thank you very much. Appreciate it. Yep. Again, if you have a question, please press star then one. Our next question will come from Eli Lapp with BMO Capital. Please go ahead. Thanks. I'm just trying to reconcile because I may have missed your numbers. I think you said that pro forma, you expect debt to be $1,840. Is that correct? I think I said $1,835. Okay. $1,835. Yeah, I'm rounding. Okay, no problem. The leverage would be 6.3. I guess that translates into, let's say, around $290 million of pro forma EBITDA. Is that correct? After the sales and the acquisition, that's the new nominal- Just a couple things. I was using round numbers. I said approximately six and a quarter. The one piece that you are missing, within our covenant-adjusted EBITDA is our EBITDA. It's also pro forma for acquisitions, divestitures, as well as non-cash compensation. There's a couple moving pieces between, if you think about the $272-$273 for 2025, and the $290 that your algebra is suggesting, there's a couple things to get there. We used it off of a trailing number. I-- would- Does that make sense? Would you be able to kind of massage that for us to, you know, the, the divestitures and the acquisition and the denominator that we should think about? Well, you're getting the right number. I'm not trying to be difficult. Oh, no. That's fine. We've got a public adjusted EBITDA, right? The different is various adjustments for some of the divestitures that we made last year, right? On a Green Giant U.S. Frozen, it's neutral to EBITDA, and we're not impacting yet for the Canada business, although that is also neutral in the broth business. Your math is right. Like I said, there's adjustments. Okay. You see it in our numbers. They're pretty consistent what they normally are. We add back non-cash comp, so do most companies, when thinking about leverage calculations. Okay. Okay. Thank you. Yep. Your next question will come from William Reuter with Bank of America. Please go ahead. Will, welcome back. Hi. Just two follow-ups. I think the first question that was asked was kind of how are you able to do so much better than the industry? I do think that that is something which we're, you know, you seem to be experiencing. Do you think that your innovation has been better than maybe if we were to just take the packaged branded consumer food companies have done over the last year? I think we got a lot of the same challenges that the industry have, we do have a slightly different portfolio mix, right? If you think about a lot of the portfolio shaping that KC has kinda pushed over the last couple years, we're eliminating things like Green Giant that's been a drag on our business. You know, we're focused very heavily on our spice business that has better trends, and access to some of the other channels that are growing. I don't know. I still think it's a tough world, don't get me wrong, but, you know, we're doing our best. I mean, the way I'd answer it is just, you know, look at our portfolio. You know, 65% in measured Nielsen data in the U.S. You know, we have a 35, maybe a little bit higher split in other businesses and other channels that aren't really measured, and that's where we're seeing a lot of growth. If I just, you know, kind of top-lined that for you, we're seeing the same challenges in the Nielsen grocery world, food world that I think everybody else is seeing. You know, we're getting better in some of our businesses, and we're making improvements, but it's still pretty challenging. I don't wanna kid you that it's not challenging. The strength in our business has been, you know, we have, you know, a couple of private label businesses in spices and seasonings, you know, in baking powder that have been very strong. You know, the trends on those have been very strong. They are profitable businesses for us. The trends have been really strong. We also have a food service business that has been growing, and that's a fairly significant chunk, you know, heavily weighted towards spices and seasonings, but, you know, we have other businesses in that. An industrial business behind, you know, baking powder, spices. Then we have Canada, which although doesn't make money, you know, has been growing. The Green Giant frozen vegetable business and canned vegetable business in Canada has been growing. That's kind of the math of why you're maybe seeing some, you know, better trends in our total portfolio because of channel development than maybe you'll hear from other, you know, purely branded, you know, food-focused manufacturers. If that helps. Yep, that does help. I guess, the outlook for input costs in FY 2026, what type of inflation are you seeing? Are there any areas that concern you? It's relatively modest across the portfolio. There'll be inflation, you know, we'll look to cover it as needed, whether it's a little bit of price and some productivity initiatives. This, so far, you know, there's nothing like that 2022, 2023 where we had, like, double-digit inflation. I would say the only area we're kind of watching closely is soybean oil. We've seen a little bit of increase in soybean oil. You know, we tend to try and recover that, but it has been increasing over the last couple of months. You know, I'm concerned about soybean oil and the disruption of any, you know, kind of conflict in the Middle East or anything. Last time, you know, we had a conflict in Ukraine in 2022, we saw soybean oil shoot up. I'm not concerned, I'm not overly concerned yet, but that's one we're really watching 'cause we have seen a little bit of creep up. Got it. All right. Very helpful. Thank you. That's all. Yep. Cool. Thanks. This will conclude our question and answer session as well as our conference call for today. 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