Great. Good morning, everybody. Thanks for joining the call. We're just going to give it another 10 seconds to let audio connect. Hello to everybody on the webcast. Thanks for joining. Give it another 10 seconds. Great. Again, thanks everybody. Good morning. Thank you for joining us today. Pete Galbo. I run the U.S. Consumer Staples team here at BofA across food, packaged food, beverages, and household and personal care. We're really excited to be joined today by Jim Gray, the new-ish, we'll call him CFO for Lamb Weston, as well as Debbie Hancock from Investor Relations. Thanks guys for joining. We've got about 50 minutes to go through a list of questions. We've got a number of folks on the webcast, a number of folks live on the Zoom. If you would like to ask a question on the Zoom, if you want to use the raise hand function at any point, I'm happy to call on you. If you'd rather I ask a question on your behalf, feel free to hit me on Bloomberg or Chris Downing on my team, who's also here on Bloomberg, and we'll be happy to ask on your behalf. With that, we'll get started. Jim, I guess just to kick off, you reported 4Q earnings and issued fiscal 2027 guidance just a few weeks ago. Maybe before we get into the broader discussion, just any pressing questions or clarifications that you've all had in conversations with investors coming out of the quarter that we should touch on first here? Well, first, Peter, thanks for having us. We appreciate the opportunity to connect. I think maybe coming out of the Q4 year-end, it was important to understand how maybe solid the performance in North America was, and then also really update everyone on how the challenges with the Middle East and just changes in cost of oil and shipment disruption was impacting our EMEA business as part of international. Maybe just for modeling purposes, the only thing I would probably say is just remind everybody that fiscal year 2026 was 53 weeks. Then we were trying to be pretty diligent in giving you estimates of what 2026 would look like if it was restated on a 52-week basis, and then our guidance is from there. Right? As people come to know me at Lamb Weston, I tend to like kind of growth rates, and/or margin expansion type of guidance because I think it's more indicative of the underlying drivers of the business. Our guidance was really shaped on 52-week 2026 as a base. Great. Okay, cool. I guess, Jim, thinking about the leadership changes at Lamb Weston, there is a new slate of folks heading the company. Obviously yourself, Mike kind of being the constant, but then also the addition of Jan. Just what kind of excites you about the opportunity to come over from Ingredion? As you have kind of gotten under the hood, what are some of the biggest opportunities you have seen thus far? Yeah, I think initially just outside in, you are attracted to the business because of just the tremendous margin structure that exists across the entire food supply chain. What the consumer enjoys in terms of a French fry product versus what a food service operator or a restaurant earns in terms of margin, the simplicity of the product in terms of making it in the back room of the kitchen. Then, honestly, the arbitrage that the French fry processors make and then also the farmers, right? It is a relatively rewarding crop to grow. So that is initially you can kind of look at that and say, "Well, that is pretty exciting." What is really more here that I have learned as I have been here for the first 4 months was just really enduring customer relationships. Lamb really has demonstrated a lot of global leadership with some of the biggest and most challenging customers, and shown time and time again an ability to succeed both in delivering quality, just consistency of service, delivering innovation. We will talk a little bit more about those. I think the second piece is just a really resilient supply chain and a really pretty strong manufacturing cost position, especially in North America. Really have come to believe that given the setup in terms of the Columbia Basin in Idaho where the potatoes grow, the concentration of our manufacturing assets and the way that they have matured over time through really focused CapEx investment to get the utilization right, and then the ability to distribute frozen product throughout North America. Those three things come together and they really do lend to themselves to a strong cost position. Then maybe the piece that is also interesting is just I think there is some real breathing space around growth. Whether it is innovation in existing customers. Mike Smith has talked a lot about there is a whole bunch of restaurants that actually do not have fryers and do not have refrigeration, and yet there is some really interesting things that we can do in innovation when we think about air fryer penetration in households. So, how can we think about the product? Obviously, you always have to deliver it food safe, with some type of kill step in there, but the breathing space around growth is pretty cool. Whether that is, and I am talking North America, but also obviously internationally, and we are in the midst of that too. Those have been kind of the three, maybe more kind of positive surprises that after kind of getting your feet wet a little bit, that I have come to known about Lamb Weston. Jim, just to expand on that, on the challenges side, has there been anything that's kind of caught you, "Hey, we have to do more work here," or, "I need more time," as I, again, as I kind of dig in and see- Yeah. there's potentially opportunity? Well, I think the challenge is that, some of the folks on the call know, there's constant between, you have a product that Mother Nature gives you every year, and you're going to have variability in that. How can you reduce that variability? How can you mitigate some of that volatility to really get towards more of a consistent profit stream that you all of the people attending here love and kind of want to come and predict. I think that takes real agility. It takes some building some competencies across the management team and how we do stuff and how we look at the business. That's always going to be ongoing, whether you're in any type of food product that, whether it's dairy, ag, animal protein, et cetera. I think the other piece here that is, maybe, I think it was kind of a perceived challenge. I think it comes away as a negative sometimes when it's way overblown, but it's like we're constantly looking at SAP and our different systems and making sure that we're getting the most out of our applications. How are we using AI within those systems in order to just see our market space better, make the more informed decisions, and reduce costs as we go forward. I think Lamb Weston has a better toolkit than they're given credit for. But we got to continue to work that. Okay, great. I think the word of the day back on earnings, I don't have the exact count, but I was told that Mike used the word inflection point or the words inflection point probably seven or eight times in his script. We've gotten a lot of questions on that and I guess just what are the two or three kind of financial metrics you'd point people to as the clearest evidence that the inflection is real and durable as you kind of enter 2027 rather than just kind of a favorable, easy comparison type year? Yeah. Well, having I think time to reflect on that and really, let's sort of put ourselves in what has been the situation with a lot of food companies. You come out of COVID, you have this amazing consumer demand bounce back, 2021, 2022. Supply chains tightened up in a lot of places. There was a lot of demand. It wasn't just in the United States., it was really globally, right? It really taxed and honestly, I think one of the ways that companies that supply food products had to rationalize was through price. You did see a lot of price increase in 2023, 2024. I think that we've come back off of that. I think that the grocery basket got expensive for consumers. That's often a reference point. The cost of dining out really jumped up. You had both labor costs as well as food costs. You've had some really tough pressure on animal protein and its cost in the center of the plate. That obviously, I think that softens demand and in a soft demand environment in 2025 and part of 2026, you've seen this whole like, "Hey, people wrestle with price." I point to that and I look at our fiscal 2026 and we now break out on our top line price mix. We had almost $400 million of price mix pressure. If you actually look at North America's EBITDA, it was solid. To be able to endure that type of price change, be able to get and continue to win some volume with customers, but also manage your costs such that your margins are still healthy, that is probably one of the most challenging conditions that a food company can face. I would say Lamb endured that quite well. I think there is actually support when Mike says, "Hey, there is an inflection point." As we go forward, we still have some cost input inflation and maybe there is some room in a pricing environment as we go forward. I am not saying that is guaranteed, but it is not as tough as it was in, say 2024 when Walmart is throwing out mandates for everybody. I think that there may be, it is a really great starting point to be in. On top of that now, we got some international EMEA-specific issues, but I think they are, I am hoping they are temporal and we can work through them and we will just be more kind of accountable and transparent in terms of what the impact has been. But it should not persist in terms of where we are at with Iran and the U.S. and Israel. Great. Okay. Thanks for that. Before we get into some of the nitty-gritty, I think on the model, Jim, maybe we can step back and talk a little bit more about capacity first in North America and then internationally. It seems like the capacity utilization story in North America has really improved dramatically from the lows of calendar 2024, the fall/winter. Just kind of remind us where we stand today from a capacity utilization standpoint in North America. Also what has changed from a competitive dynamic. You have had some other industry participants that have pushed out capacity, maybe mothballed some capacity, but just where you see the health of capacity, not only for Lamb Weston, but kind of for the industry in North America. Yeah. I think maybe just to start on an industry comment, would be that whenever you are going to see the cost of the input is either flat or slightly down and some of the pricing into the food service industry is going to reflect that, you are going to stimulate demand. I still believe there is some elasticity here because of the margin that restaurant operators earn. Right? So why would not you be thinking about, like, "Well, maybe I will have an in and out offer on a French fry. Maybe I can actually, that is a way to generate some excitement with my consumer, and I am going to make some great margin on it, and I like the pricing of the product coming in." I reflect a little bit like maybe some of that is the demand sensitivity that exists, at least for our category. Utilization right now for us, we're in that kind of very high 80s, low 90s. We did close a facility in Connell, and we've kind of balanced our demand and our utilization there. I think we still have some room to go, and would like to be able to kind of absorb a bit more demand. But that's a pretty healthy place for us to be. On industry, I think the question that everybody had out there was looking at a number of different expansions or new capacity coming in. I don't know if necessarily the return is there on new capital. Really what's happened is this, I think post 2025, impact on immigration, maybe the infrastructure demand and construction for data centers. The cost of building new is really inflated. I've seen that maybe just in the last two years. I'm a stickler over my capital investment budget, and we really do pretty aggressive bids. Either in my prior experience or here, I'm still seeing capital infrastructure projects, particularly in the U.S., have gone up quite a bit in cost. That may always give pause to a CFO when they're looking at what's the ROI? What's my payback? How quickly? So you need to have some better industry economics to afford the cash flow generation to get you the return on that investment. Okay. Thanks for that, Jim. Maybe same question kind of goes for international, which has been a bit more challenged. You had the Kruiningen facility come online in the Netherlands. You had another facility whose name I am not even going to begin to try and pronounce. Bhv. Broekhuizenvorst. We'll abbreviate it for you. Bhv, is a much easier pronunciation. Maybe you can talk a little bit about the European dynamic from a capacity standpoint. Then obviously in Asia, that's probably been the sticking point for a lot of folks, particularly in China and India, as some of, I think the local players have ramped capacity. If you can touch on kind of those, international is a big geographic segment, but just kind of the different moving parts within it. Yeah. I think maybe, so for folks who know, and maybe some who don't, a lot of the capacity for frozen French fries was built in Europe. The U.K. has its own kind of market, but Europe out of the Netherlands, Germany, and then some of the other growing regions have a handful of players and a lot of capacity. Typically that potato crop has been attractive to the farmer to grow, and that capacity has served maybe, I don't know, 70% of that capacity was going towards Europe type of demand. Europe is traditionally exporting. Exporting whether it was into the Middle East or Southeast Asia, potentially into South America, sometimes into the U.S. Then the kind of the tectonic shift as we've seen is more potatoes growing in northern parts of China as well as in some northern parts of India, Nepal, that area. We've seen now frozen fry capacity come online, some from European players, some from us, and then also in some independents. Therefore the production and the shipping has gone not just China for China, which is still a very healthy, robust market for French fries at least, but also maybe China for rest of Asia or Northern Asia, Southeast Asia, India for Southeast Asia, India for the Middle East, et cetera. Where does that rebalance? Some of that rebalancing is going to happen, I think, in Europe. I can't necessarily speak for competitors. What we've done is we've elected to close one of our plants, Broekhuizenvorst. By doing so, I think there were two keys for us. One was, could we move our entire book of customer business and service it with our three other facilities and do that successfully? Then, can we then have the fixed costs avoided when we move into those facilities? That's underway. Pretty confident that move is going to work. That allows us to just kind of right-size our cost structure and our fixed cost capacity with the type of demand that we're seeing, that we used to service or still service within Europe, as well as what we export from Europe into other parts of the world. That's our game plan. I think what we are seeing is a bit of maybe a pause, just looking at demand and saying, "Hey, is the demand there?" I would say that the demand in China from multinationals is still pretty strong. That is still clearly that type of franchise, that type of McDonald's franchise, Yum! of the world really works as you have that urbanization continuing within China. It works as a theme. It works in some other countries as well. What we find is that how we would like to compete in those parts of the world is really through innovation. That is where I think that it is value add for our customers. It is value creating for us, and so that tends to be a good synergy. Great. Well, A-plus pronunciation, Jim, on Broekhuizenvorst, because again, I would have definitely butchered that. See? Thank you. Jim, a question that came in maybe on the back of that and what you mentioned about where the shifts happen. We all know French fries are, at the end of the day, a global market. I think there is a bit of a question, just the increase, I think, international competition, particularly in Asia, that historically has been a pretty big export destination for a lot of actually the North American capacity, right? If I think about Lamb Weston's export business out of the Pacific Northwest, going into Japan, going into Korea. I think there is a bit of a question of, does local competition there from China, from India, back up capacity back into the U.S., and then do we get into a mismatch again on capacity here because you have effectively repatriated a lot of the capacity? Maybe you can just touch on what is the compound effect of what it could mean for North America exports? Yeah. The premise of the question is that it is a kind of a global market for French fries. Maybe just add a couple nuances to that. So one, not all potatoes are created equal. There are certain species that grow in the Columbia River Basin in Idaho, where you get more of a white flesh potato that when fried has a lighter golden color to it. That is a spec that some multinational customers really demand versus more of a yellow flesh potato, which grows primarily in Europe. Then there is a kind of a frozen supply chain, which at the end of the day can get quite expensive and onerous to move product all over the world. I would not say that you would have a, what I am not saying is you can have a manufacturing footprint in the Pacific Northwest, and let us say we are going to call that a global production source. We are going to be economically limited by having to ship a frozen product. One, you got to handle it in the container, you got to put it on a ship, you got to unload it, you got to put it on a truck, in a warehouse, and eventually get it to a food service operator in Japan. If you are coming out of Northern China, you got to do the same thing. Right? Just kind of when we do the math on that, I still think the landed cost is what we really look at. And say, "Yeah, I think there are some places where you can have landed cost and quality combined coming still out of North America and be pretty effective in Northern Asia, Eastern Asia." And maybe if you think just going down through Central America and parts of South America. If you are coming out of Europe, you are going to hit maybe the eastern part of the U.S., you can hit South America, and you can hit kind of North Africa, and part of the Middle East, right? And if you are coming out of India, you clearly get the Middle East and Southeast Asia, China, really China for Southeast Asia, China for Northern Asia. I think is roughly how I would think the truly competitive markets, not country by country, we call them clusters, but those are some of our kind of cluster, high level, very high level of the clusters that we look at. And we have gone down deeper within some of those clusters, too. I do not know if I answered the question, but at least I am trying to frame it. No, you did. No. You know? I mean, gosh, if I think about four years ago, we were worried about the influx of European imports into the East Coast of the U.S., and there was a whole debate around yellow flesh potato and white flesh potatoes. I remember being down that path and my potato varietal knowledge was deeper at the time, I think. Yeah. But no, it is helpful. No, thank you. I think, Jim, where it might be helpful now would be to switch to some of the moving pieces on the model for 2027. I think that conversation probably starts and ends with price. Q4, I think was your sixth consecutive quarter of volume growth. Still had, and you alluded to this earlier, some negative price mix headwinds, at least in the quarter. I think you have implied for fiscal 2027 that we kind of continue to have maybe some headwinds, at least through the first half. Can you just give us an update on where pricing actions stand today, what we might expect over the cadence of the year, and how we should all think about that flowing through probably more for North America, but maybe at a total enterprise level? Yeah. Maybe I'll just keep it to the two main answers for North America. So one is to the extent that we have channels and we are winning some more volume in one channel versus another, that's going to impact what we report on our top line as price mix. We'll always try and give you at least a little bit of detail and say, "Oh, well, that was due to mix or channel mix." But if we're going to add customers and multinational chains because they're a larger customer, they actually have a lower cost to serve. That price point's going to be lower than necessarily if you're going out to individual food service operators and you're doing that through distributors with a field sales team. I'm going to have a slightly higher cost there than even if I'm going into retail packaging, where I'm adding a package, in a smaller package for the consumer to take home, put in their fridge, and then use in their oven. So just as we grow in multinational chain a little bit more so, because we've added some accounts and we've expanded the industry, we've expanded the market. That's going to have an impact on price mix. But necessarily still from a gross margin basis, gross profit dollar basis, that's actually growing gross profit dollars, which is, I think, where we should be focused. The second piece, though, is your question is, "Well, okay, well now what, Jim? What about price per pound or price per unit? Or what are the actual price pressures?" We had two things I think happening in North America. One, we had a pretty healthy potato crop, so contracting on prices was down a little bit. But everything else has had some inflation since the end of February. So edible oil, freight costs, some of our packaging costs are up. So we're taking more of an approach where like, "Wow, this is real input cost inflation." Our competitors are seeing this and our customers are also seeing it as well. So it provides a better basis for a conversation with customer procurement teams that says, "Well, you're facing this cost pressure, so am I. I have to cover it." It sort of sets, I think, a stronger base for price increases as we go forward. So we'll see what sticks as we go forward, but we're generally leaning into that. Remind us, Jim, just from a disclosure standpoint, you all had talked about a price increase, I believe that went back in the spring. Yeah, in March. Yeah. In the mom and pop channel. The food service channel. That's kind of what's the only thing that's been announced, at least at this point. You announce it, and by the way, there's always a little bit of a time lag in our business, because you've got to announce it and let people work it through their systems in terms of when they actually see the gross list price on the food service distributor menu changes, so to speak. That was fully effective end of May. June is when we're starting to see that impact. But right now, because of the continuing hostilities and kind of the volatility and the uncertainty around oil and how oil then works into things like polypropylene indices and soy oil futures, which do have a little bit of an impact on our business, either in terms of how we hedge or actually how we buy inputs. Those are real cost input and inflation that we anticipated some of that in our outlook, as we talked about Q1, and I think we indicated a bit more in the first half of our fiscal 2027. But right now, you have to be agile in the business, and so we're thinking about, well, what pricing would be needed now as we think about whether or not this input cost inflation is going to endure, and then getting that effective for the back half of this fiscal year. Jim, just remind us for fiscal 2027, potatoes roughly a third of your cost down low single digit. The rest of the bucket is up quite a bit. I think you would net it as to around 3% inflation. Yeah Kind of in the cost basket for the year? Yeah. Okay, great. Maybe I give my traditional CFO caveat that I got to change that if I need to. Fair enough. Right. Because I hope there's an MOU. I hope there's a cessation. Let's pray for peace. Right. But, yeah. Okay. Yeah. Okay. Maybe we can switch to the crop itself, Jim. Always super topical this time of year. I joked at one point that you could probably fill a 737 with buy-side analysts and fly to Idaho every summer and go pick potatoes out of the ground. But we're in the midst of the main crop in the basin. I know you gave a read on the initial crop has come through at the end of July. It seemed relatively positive, and all the checks have suggested that it's been good growing conditions. Just any updates on the main crop? Before this, there's been headlines about fires and smoke in Eastern Washington, just how we're viewing the main crop as it's coming through in real time. Yeah. I know that there's been some early pull up signs, and I think that we're seeing that we're normal, maybe ahead of normal, in terms of maturity of the crop within the PAC Northwest. I'd say maybe the Midwest is maybe a week or 2 behind in terms of its maturation, but nothing really to worry about. I think that overall it looks like we're going to be relatively balanced on the North America potato crop side. No, I'm not seeing necessarily any alarm bells. Yeah. Okay. And same goes for Europe, Jim. I think your expectation was for a relatively average crop, but that was with the asterisk of, I think, heat stress potentially weighing on yield. Just it stayed really hot in Europe. Any further updates as we've gotten into August? I know that was maybe the toggle on part of the inflation guide as well. Yeah. So overall, Europe, I would say that if I had to take the total potato crop, it is more challenged in terms of its maturation due to the heat. So you're getting an earlier maturity. Probably will have less yield coming off of the acreage. It's a little bit more impactful in the main southern part of Europe, so through France. And we were a little bit less impacted if your growing region is the Netherlands and Germany. Nonetheless, I think overall, you're going to see a tightening of the crop and probably a slightly less than normal average crop within Europe right now. I think that's what our read is as we look at it. So that should tighten up supply. I think that some of the cost of the potato input has gone up on the spot market, in terms of just looking at the index. We're mostly contracted for that. So I think we're in a pretty solid position as we look forward to the next year. Is there any potential, the offset, and again, there's always a timing lag. Maybe that means your European costs end up being a bit higher, but does that also help the pricing discussion where, again, things have been really competitive and maybe a bit less constructive than they've been in the U.S. Yeah. It's always tough to say what will competitors' pricing do, but clearly if all competitors are facing a higher raw material cost on the biggest portion of their COGS, then that has to be a consideration. For us, but yeah, I think that just seeing the demand for the old crop in terms of tightening and then what the new crop looks like in terms of potential output and yield. I just think the value of that potato, the cost of that potato has firmed up quite a bit. Okay. We had a question, Jim, that came in as it relates in light of what we talked about on inflation and crop. We had a question that came in about gross margins. In particular, you talked about inflation maybe being a bit more focused in the first half and maybe even more in the first quarter. I think based on some of the guidance that you all provided a few weeks ago, Q1 implied a, I'll call it a lower than normal kind of gross margin. Somewhere with a low 18% handle, I think, is where I saw consensus last. I guess the question is just kind of remind us of the puts and takes as we get into Q1. I know you just spoke a few weeks ago, but particularly around the gross margin side. Maybe there's some prudence that's baked into that. Maybe there's some real things that are coming at you, but just how we might think about that in light of the discussion we just had. Yeah. It's always challenging to be able to say, "Well, am I going to answer this quarter or am I going to answer what's the two to three quarter trend that we're in?" Because that's our business model. So really there's four drivers. What's our volume? Where's our pricing per pound relative to our potato cost and relative to our other than potato costs? What we had coming into Q1 is we had some pretty solid volume, and we've referenced sales volume, and some of that's due to contracts that we won that we're still continuing to lap. I think we've had some price carry-through, so we've indicated that we'll have some price mix challenges. I've talked about the channel mix, but I've also, just the pricing, particularly in EMEA, as that has been more of a competitive environment. The potato cost was helping us and now that'll look like that will firm up more as we go into Q2, three and four. Really it's the other than potato input cost inflation which we've referenced. If you have kind of higher other than potato input cost inflation, and I'm inheriting kind of a price trend, then on the volume that I'm going to sell, I'm going to kind of lead to a quarterly pressure on that gross margin, right? But as we go forward and we think about, "Well, wait a minute, we should be able to address the other than potato input cost inflation as we think about pricing actions." We're going to hold onto that volume, which really helps us with utilization, and then let's just track where potato costs are and be agile as we go forward, right? For us, I think it's really moving a bit. Maybe is it an inflection point? I don't know if it's an inflection point, but it's just simplifying what we really need to focus on in order to really work that gross profit margin. As the more successful we are in managing and expanding that gross profit margin, it's going to fall through the whole P&L and results. Great. Okay. Another question that came in, Jim, and this maybe speaks to more broadly the EBITDA guidance but ties to the gross margins as well is, your EBITDA improvement for this year on a, I'll call it on a 52-week basis, right, on a like for like, I think is driven almost entirely by international. I know you had some, we'll call them one-off type events in international in fiscal 2026. Maybe you can just kind of walk us through if North America EBITDA is going to be flattish this year, which we could talk about the level of prudence that's maybe embedded in that, but just what, kind of on the international side. What changes, what gets materially better that's driving total enterprise EBITDA to improve for this year? Yeah. Peter, can I ask like EBITDA dollar growth or EBITDA margin expansion? No, sorry, the dollar growth. Yeah, the EBITDA dollar growth that you outlined for this year. Okay. When we talk about the full year for international, if I can start there, right? This can also echo a little bit to pluses and what are some of the opportunities and what are some of the downsides that are in our guidance that at least I see at this point in time, right? For international we had a couple one-timers that we were going to overlap and we need to be really forthright on those, right? We don't expect a potato write-off, and we don't expect some of the transition costs that we had in Argentina from moving from one plant down to the Mar del Plata plant. On top of that, we still were expecting, and I'm not going to say recovery, I'm going to actually say growth in our regions other than EMEA, right? We were still very much looking at ramping our volume in LatAm and continuing with our growth in China. That is again against plants that are not fully utilized, right? If you have a plant that's in a 50%, 60%, 70%, 80% utilization, you get that next 10% of utilization, it allows your semi-variable and your fixed cost to be better amortized and that actually contributes to gross profit margin expansion, it contributes to EBITDA dollar growth, okay? That's just in the normal course of you put a really big asset in one, two, three years ago, you got to ramp on that. You should be able to get incremental profitability as you ramp up that volume. That was the heart of some of our international plan and beyond the one-timers we did expect some growth. We were still a little bit like really quite neutral on EMEA because we did see the input cost inflation. We have seen the Middle East volume disruption. It is not a big part of our shipped volume out of EMEA, but it is there, right? I do not know if we have any better clarity on that. We have a couple things happening. One, I think the continental Europe consumer on traffic is slightly healthier than it was 52 weeks ago. We have recently talked about the potato crop, so we will see how that firms up and then what does that imply in terms of pricing that we will see in Europe. So that is still kind of a bit of an unknown. If I shift gears to North America and I think about the already high level of profitability we run this business at, I think first and what I get more excited about is like we still have quite a bit of cost savings initiatives underway and very much had the benefit of those in 2026, and we have talked about the benefit of those into 2027 and even 2028, as we take actions to really optimize how we make and how we move our product. Then we will talk about the other aspects. So that helps us with volume and serving customers. Pricing, I think is relative to some of the other than potato input cost inflations, and we will watch potato. Maybe what we have not talked about is the power of innovation within either North America or the rest of the world. I really see that as particularly in North America, and in the U.S. market, when your restaurant operators are really competing for traffic, and in particular in the traffic areas we see, I think you can come in with some innovation, whether it is limited time offers, or stuff that expands the franchise value. This is a wonderful category to go get creative and have some fun in. It is a great way for us to add half a point, a point of growth, as we look forward. That is also then, I think margin expansive. Great. All right, Jim. So with the last few minutes, I am going to go rapid fire because I have got a bunch more questions coming in. So one is on the international margins over time, what do you see in terms of the new normalized margin for international? Yeah. Maybe this is something you are going to get into over time, but is this kind of a permanently impaired number, lower than historical, just given some of the changes? Where should we broadly think about the run rate, maybe out two, three years? Well, I hope that the run rate is higher. I think that is what we are all working towards. What I would like to see is two or three things happen. One, continue maturation of our top line with our utilization in China, continue to serve our business in Asia Pac and in LATAM. In EMEA, what I think is I would like to see is us complete some of the manufacturing network optimization actions, which will be more in our control and definitely have a bottom-line, positive impact. What I do not know is really, what is going to be that demand like for the consumer in Europe and what is the demand for shipments into the Middle East. I am hoping that those could be better, but you guys can see the numbers just as much as I can see the numbers as well, right? Just if you have less inflation overall impacting the consumer in Europe, that is going to be good for eating out, that is going to be good for our occasions, and our attachment rates, and our consumption. Great. Two more. One is maybe a step back question, Jim, and for zoom out, but just asking about fry demand in a world of health and wellness and GLP-1s. This was a huge topic at the 2023 Investor Day. That was like peak fear. The stock was down 15% on the day. We now have three more years worth of data. Just what all have you seen internally? What are your restaurant partners saying? I feel like I am still eating the same amount of French fries, but maybe I am the exception, not the rule. How you all have kind of framed that up internally. Yeah. Look, obviously, I think, each of us has a lot more familiarity with GLP-1s and what does it do to kind of eating occasions and eating habits. I will say that the one thing to maybe step back and just reset the baseline for us is that we weren't a big snack occasion. We didn't rely on snack occasion. To the extent that you had a main meal, so whether or not it's a, "Hey, I want to focus on breakfast. I'm going to get my breakfast sandwich. I want to focus on my protein. I'm going to have my main meal is breakfast in the day. That's where I'm going to get my calories." Then maybe because of my GLP-1, look, I may not be eating lunch, right? Then I'll do a dinner. But on the main occasions, so whether it's breakfast, lunch, or dinner, I think that's normally where you would see fry attachment. I don't think there's anything necessarily that's against french fries or potato. A potato as a carb is one of the better ones. From a natural point of view, we're very simple, right? Potato, sea salt, and some type of oil. So, there's not a lot of kind of UPF going on in our product. I think that we have a bit less exposure to that than maybe some might imply. Obviously, look, most of our business is in food service. To the extent that you have the wonderful thing I like to say is you have your own portion control. So the food service operator is not selling two different packs of french fries, right? At least not what we're seeing, right? They're still trying to hit a value price point. They're still giving the same portion. So whether or not you eat a third or half, or you actually consume the whole pouch, I still think you get the enjoyment of the eating occasion, right? Everybody loves a great fry. I think you get to kind of pace yourself, a bit more if you're on a GLP-1 versus not. Again, the vast majority of the market's not on GLP-1s, so food service operators still have to sell to that because that's the dollar occasion that they're actually trying to reach. Right. Okay. Last one and then a fun one, Jim. Any previewing you can do for us on the Investor Day that is potentially slated for early calendar 2027? I think we're all waiting with bated breath. Then the fun one is, where's the best french fry in Idaho so far? Where have you discovered? Let us know. Interesting. I think for Investor Day, I do not want to steal Jan and Mike's thunder, but I know that they are excited. Very much so I think they want to talk about the market opportunity and what could be the portfolio story. Then really, what are some of the insights behind those growth paths? Which I think is really cool. For me, I get excited because, I get the whole front of the business backing up, whether it is a three or four-year growth outlook. When we do investor days and they come together and they strategically and they economically make sense, then the numbers are out there, and then you all hold us to say we will go and deliver them. So I think for an Investor Day, I think that is really what we are excited about. On the french fry, I am not going to answer Idaho. I am going to answer Amsterdam. I had a, it was like a wave-cut potato. It was a french fry, maybe 2 millimeters thick, but super dippable. It was this piece of innovation that we are doing, and I just thought it was so creative, right? Because you could think of it was like you could scoop with it, but it was hot, and it had a great texture on it. I looked up at the team in Amsterdam and I am like, "Man, you guys need some chili with this." They had no idea what I was talking about. I am like, "Oh, okay, that one did not go over well." But yeah. But if you had some green chili, yeah, with those fries, it would have been, yeah, a really great experience. Debbie has the marching orders for the Investor Day, and we need to bring Amsterdam fries, and maybe a beer, Jim. Yeah. Well, I am there in three weeks. I am going back to Amsterdam in three weeks. I am bringing two jars of chile verde over. Well- Different- With that, we will wrap there. I want to thank Jim and Debbie again, and everybody on the call and on the webcast for joining. Jim, thanks again for a very informative discussion. Sure. We got a lot of great feedback. Thanks for spending the time with us. Everybody enjoy the last few weeks of summer here. Take care. Okay. Great. Thanks, Peter. Thanks, everyone. Cheers. Bye-bye.