Hello, welcome to the Annual Meeting of Shareholders of Lifeway Foods, Inc. Please note that today's meeting is being recorded. During the meeting, we'll have a question and answer session pertaining to the proposals being considered at today's meeting. You can submit questions or comments to be read out loud at any time by typing them into the text box located below the phrase "Ask a question," and then clicking Submit. Questions and comments will be read and answered directly after announcement of the proposal to which the question or comment pertains. It is now my pleasure to turn today's meeting over to Julie Smolyansky, Chief Executive Officer, President, and Secretary of Lifeway. Ms. Smolyansky, you may begin. Thank you so much. Good morning, ladies and gentlemen. It is now 11:01 A.M. Central on Wednesday, June 17, 2026. I call the meeting to order. My name is Julie Smolyansky, I am the Chief Executive Officer, President, and Secretary, and a member of the Board of Directors of Lifeway Foods. I am the Chairperson of the meeting. American Election Services, LLC, has reported to me that a quorum is present at the meeting in person or by proxy. I declare the meeting duly and lawfully convened. The meeting is now open and ready for business. Welcome to the 2026 Annual Meeting of Shareholders of Lifeway Foods. Joining me today are Eric Hanson, the company's Chief Financial and Accounting Officer, Jeff Pajauskas, Partner, Auditing Services at Grant Thornton, and Jim Ratts of American Election Services, LLC is here serving as Inspector of Elections. Also joining me are our other directors. Dorri McWhorter, our Independent Chairperson of the Board, is the President and Chief Executive Officer of The Executives' Club of Chicago. She serves as a member of our audit and corporate governance committee. Kirk Chartier is the Chief Strategy Officer of Enova International, Inc, which is traded on the New York Stock Exchange. He serves as a member of our compensation committee. JC Dalto is the Chief Executive Officer of Savencia Fromage & Dairy Americas. Rachel Drori founded Daily Harvest and is its Chief Executive Officer, consummated the sale of Daily Harvest to Chobani in 2025. Andee Harris is the Chief Executive Officer of Crisis Prevention Institute. She serves as a member of our audit and corporate governance committee. Susie Hultquist is the Chief Executive Officer of Spokin. She serves as a member of our compensation committee. Jason Scher is a principal at JAMP LLC, an angel investment fund. He serves as the chairperson of our audit and corporate governance committee and the chairperson of our compensation committee. As corporate secretary of the company, I will act as Secretary of the meeting. An agenda that outlines the order of business for the meeting has been made available in our proxy statement. The matters on which shareholders at the meeting are voting for are, number one, to elect seven of eight members of our Board of Directors. Two, to ratify Grant Thornton as our independent auditor for fiscal year 2026. Three, to approve by non-binding advisory vote executive compensation. Four, to elect the eight members of our Board of Directors. The meeting will take place as described in the agenda. If you would wish to address matters presented at the meeting, please submit a question or comment in the virtual platform by typing it into the text box located below the phrase "Ask a question," and then clicking Submit. Questions about the proposals to be voted on will be addressed at the time each proposal is introduced in the order in which questions were received, time permitting, and subject to the rules of conduct available by clicking on the rules of conduct link. We may not be able to answer every question submitted, and if not, we will address unanswered questions in due course. Broadridge Financial Solutions, Inc., has delivered an affidavit, which states that on April 30, 2026, the notice of the meeting, together with the related proxy materials and/or notice of the internet availability of proxy materials, was distributed to all shareholders of record as of the close of business on April 20, 2026, the record date for the meeting. This affidavit is available if any shareholder wishes to examine it and will be maintained with the minutes of this meeting. As of the April 20 record date, there were 15,281,888 shares of the company's common stock, no par valued, issued and outstanding and entitled to vote at this meeting. If you have previously returned your proxy and do not wish to change your vote, no further action is required on your part. Shareholders of record may vote or change their previously recorded vote during the meeting by clicking on the registered ballot icon. Choose your vote and enter your control number. An email will open. Send the email. This action will revoke all prior proxies given by you. Voting. The polls are now open. Proposal 1. It is now in order to consider the election of seven of eight individuals to serve on the Board of Directors until the 2027 Annual Meeting of Shareholders. The candidates for directors who have been nominated by the company's board to serve as directors are the current directors. One, Kirk Chartier. Two, Juan Carlos Dalto. Three, Rachel Drori. Four, Andee Harris. Five, Susie Hultquist. Six, Dorri McWhorter. Seven, Julie Smolyansky. All of the nominees have consented to being named as nominees and a willingness to serve if elected. In accordance with the bylaws and as set forth in the company's proxy statement, shareholders are required to provide advance notice of their intent to nominate candidates for directors. No such notice was received. I declare the nominations of directors closed. A motion to elect seven of eight directors is now in order. I move for a vote on this proposal. If you intend to vote virtually or change your vote, please do so now. If you have any questions about this proposal, please submit your questions now. I will now pause for two minutes for questions to be entered and responded, if there's any. Okay. The second item of business is to consider the ratification of Grant Thornton LLP as our independent auditor for fiscal year 2026. I move for a vote on this proposal. If you intend to vote virtually or change your vote, please do so now. If you have any questions about this proposal, please submit your questions now. I will pause for a minute for questions to be entered and responded to, if there is any. Proposal 3. The third item of business is to consider the non-binding advisory approval of the compensation of the company's named executive officers, which is discussed in the proxy statement that was made available to you. I move for a vote on this proposal. If you intend to vote virtually or change your vote, please do so now. I move for a vote on this proposal. If you intend to vote virtually or change your vote, please do so now. If you have any questions about this proposal, please submit your questions now. I will pause for a minute for questions. Proposal 4. The fourth item of business is to consider the election of the eighth individual to serve on the Board of Directors until the 2027 Annual Meeting of Shareholders. The candidate for director who has been nominated by the company's board to serve as director is Jason Scher. Mr. Scher has consented to being named as nominee and a willingness to serve if elected. A motion to elect the eighth director is now in order. I move for a vote on this proposal. If you intend to vote virtually or change your vote, please do so now. If you have any questions about this proposal, please submit your questions now. I will pause for a few minutes for questions and will respond if there are any questions. As there are no other official items of business on the agenda for the meeting, the polls are now closed. We will report on the preliminary results of the voting later in the meeting after tabulation has been completed. At this time, I would like to make some remarks about Lifeway and our business. We will move to the power presentation point of the last meeting, since the last meeting, and I will just go through some of the company highlights, some background on Lifeway for any new investors or shareholders, and we will ask the voting results after. Everyone should be able to see the slides. Let's see. Okay, here we are. Okay, here is our forward-looking statement. I hope everyone is able to see the slides and me moving and discussing the slides. Everyone, thank you for joining us for the official shareholder meeting, and we are so grateful to everyone on the team. As we celebrate Lifeway's 40th anniversary, I want to make sure that we begin by thanking all of our employees, our team members, our shareholders, all of our customers, our retail partners, and most importantly, all of our consumers for helping us reach this important milestone. 40 years ago, Lifeway introduced kefir to America, through my family. It started with a dream, a dream in the American dream, and a vision to bring something that was unknown, unheard of, to one of the largest marketplaces in the world, and to bring a 2,000-year-old ancient superfood to America and to the world. Today, we are the nation's leading kefir brand, a powerhouse, recognized leader in gut health, and a company benefiting from some of the most powerful trends in food, nutrition, and wellness. Our story has always been more than about dairy. It's about helping people live healthier lives through probiotics, cultured dairy, fermented dairy, nutrition, and innovation. As you'll see through today's presentation, we believe there is still an incredible opportunity ahead of us, and it's larger than ever. We are the leader in gut health. At Lifeway, our mission is simple. It's to provide nutritious, probiotic-rich food that supports and well-being while making a positive impact on people and on the planet. We're proud to be the number one kefir and the number one Farmer Cheese brand in the U.S. We've maintained category leadership in that for more than three decades. What began as a small family business has grown into a publicly traded company serving consumers nationwide and internationally. We continue to invest in our brand, in our category, in sustainability, renewable energy, packaging, manufacturing efficiencies, and responsible sourcing because we believe long-term growth and environmental stewardship go hand in hand. Today, Lifeway matters more than ever. The wellness trends that we see today are trends that Lifeway helped pioneer. Consumers increasingly are looking for foods that support gut health, digestive health, mental health, immune health, protein intake, functional nutrition, skin health, and so much more. Lifeway Kefir delivers all of these benefits. Our products contain billions of live probiotics, high-quality bioavailable protein, essential vitamins, minerals, bioactive compounds that support overall wellness. Significantly, importantly, more and more growing consumers' interest in probiotics is being supported by an expanding body of scientific research on the microbiome, digestive health, immune function, and metabolic wellness. Today, science is increasingly validating what we have believed for more than 40 years, what my ancestors have believed for 2,000 years, that better gut health can be the foundation for better overall health. We are really a brand that's meeting the moment. I'll pause that over somewhat. Sorry, I moved ahead into the science. That's the science slide there. Kefir is more powerful and probiotic than yogurt. In general, kefir is better for you than yogurt as it contains more strains of probiotics. Endless headlines like this all throughout nationwide, international science and health journals, which trickles down into layperson, mass media, social media, and gets all this information out to everyday consumers like our customers. We're sold in every single major grocery store across the U.S. We're sold through retail partners, some of the biggest brands in retail, including, obviously, Walmart, Kroger, Target, Publix, Whole Foods, Albertsons, and every small independent grocer in between, obviously Amazon and Costco, which we'll continue to increase our distribution in Costco. Building this kind of level of distribution takes decades. It provides a powerful platform for future growth. As awareness in probiotics continue and Lifeway's business continues to increase, more and more consumers can find Lifeway wherever they choose to shop. How will we continue to grow our household penetration and revenue growth? We have a strategic growth playbook that we laid out back when we announced Lifeway 2.0, now seven years ago. We are continuing to execute on that growth playbook while we expand it. Our strategy remains straightforward and a proven success. First, we're going to continue to expand our distribution. There are still lots of opportunity, a lot of items to get into the distribution channel. Second, we're going to invest in our product innovation, which we continue to do and have launched numerous new items in the space that really leverage a lot of new trends that are, microtrends that are happening. Third, we're going to increase our consumer awareness through marketing and promotions. Fourth, we're going to continue to bring in exceptional value. These four levers have driven our recent success and will continue to drive growth in the years ahead. We have lots of new products, as I mentioned, from a whole number of new trending flavors like Matcha Latte, Taro Ube Latte, Lychee, Passionfruit. Some of the hottest new flavor profiles that young people and our core consumers are really looking for. We recently launched a Collagen Kefir, really combining the need for skin health with a food in an easy format. No smoothie blenders required. We know that people are using our kefir and collagen powders. We made it simple. We've launched a series of whole milk conventional 32 oz kefirs, again, leveraging our dominance in the 32 oz size, bringing our knowledge in probiotics and kefir manufacturing in whole milk now that more and more consumers are kind of rediscovering real high quality, high premium dairy, less and less worried about fat content and more focused on that high quality bioavailable protein. Some other notes, which I'll get into later, new creatine kefir. Of course, our Farmer Cheese we've launched in organic to meet the demand of the growing consumers. We've launched our ProBugs in conventional format as well, and kefir with [audio distortion] ProBugs strong, and really, again, hitting the functional food profiles of the colostrum, collagen, creatine. It's very exciting to be expanding both our portfolio and the retail we secure distribution opportunities with[audio distortion] Walmart, BJ's and other additional convenience service channels. Like I said, we've launched new items and new formats that align with our growing consumer demand for gut health, protein, convenience, functional nutrition. Together, innovation and distribution is going to continue to fuel household penetration and growth. Okay. I am hearing that I'm getting some audio tech challenges. I'm going to try another. Okay. I'm going to try audio on this. Can somebody let me know if this audio is not working? I'm going to continue through the presentation and will assume that everyone can hear me unless I hear otherwise. Okay. Lifeway has strong household growth and repeat purchase and tremendous loyalty. Over the last several years, Lifeway has delivered exceptional growth. Like, incredible. We've added approximately $140 million in retail sales, and we're growing nearly 187% since 2019. This is just remarkable. This growth isn't the result of a one-time event or a temporary trend, but it is the result of more consumers discovering and incorporating Lifeway into their everyday wellness routines. As digestive health, gut health, protein, and functional nutrition become mainstream consumer priorities, Lifeway continues to benefit as a category leader. Nothing? Okay. Hold on. Okay. We're getting some audio difficulties. I'm switching back to the other audio. [audio distortion] Please pardon while we are correcting the audio. Okay. We're going to try this. Okay. Hopefully everyone heard the part about possible reasons for growth and penetration. Maybe I'll just repeat that part. Over the last several years, Lifeway has delivered exceptional growth. We've added approximately $140 million in retail sales, and we're growing about 187% since 2019. This represents roughly a 43% increase in household reach in just two years. This tells us that we're not just selling Lifeway to existing customers, but we're introducing Lifeway to millions of new consumers. For shareholders, increasing penetration expands our addressable consumer base and creates future opportunities for repeat purchases and additional product adoption. Equally important is what happens after consumers try Lifeway. Today, approximately 63% of purchasers come back and buy again, demonstrating our strong repeat purchase behavior. We maintain 63% loyalty, which means consumers are choosing Lifeway repeatedly within the category rather than simply experimenting. Lifeway becomes a ritual for families. These metrics are really meaningful because they indicate consumer satisfaction and product efficiencies. Consumer experience the benefits of Lifeway, and continuing purchasing and becoming part of the Lifeway community. When a brand combines growing penetration with strong loyalty, this creates a powerful flywheel for long-term growth. Despite selling primarily drinkable and cultured dairy products, Lifeway is now the number 12th yogurt brand in the United States. I thought this was a really interesting data point, because we don't sell yogurt, but this is where we are kind of in the competitive set with. If you look at this slide, you'll see, first of all, we're one of the only brands that are growing. We're growing exceptional, and we're up against the competitive set of the largest multinational brands in the world. We compete against these large food companies, including Chobani, Danone, Yoplait, and Fage. The category is increasingly digestive wellness and fermented products. [audio distortion] Audio is apologize for the choppy audio. [audio distortion] Ladies and gentlemen, one moment while we work out the technical difficulties. Thank you. [audio distortion] [crosstalk] Okay. We're going to try this. Let me try testing. Testing, one, two, three. How is the audio now? If somebody can send a message to let me know. Sorry about this audio technical. We're working off of multiple platforms here to make sure we get through all the parts of the meeting. Okay. It sounds like everyone can hear me now, so we're going to continue moving through the slides now. Again, the most important part here is that we are dominating in the drinkable dairy space, drinkable fermented dairy space, and obviously the kefir space. The category is increasingly benefiting from consumer demand of functional foods, protein-rich nutrition, and digestive wellness and fermented products. These are trends that align directly with our core strengths and our heritage. Okay. Somebody is telling me that there seems to be music. I'm not sure if that has resolved itself or if there is still. Okay. Is everyone able to hear me at this point? I was told to dial back in through the phone. The audio here does not seem to be working. We're going to try it this way now. [audio distortion] Okay, folks. Sorry for the audio technical difficulties, which definitely sometimes happens. The results speak for themselves, so we're not going to worry too much about some of these technical difficulties. What's really important is that we are increasing we have an incredible recent purchase that we have. Like I said, that despite selling primarily drinkable cultured dairy products, we are the number 12th yogurt brand in the United States, and we compete with some of the largest food companies in the world. I'll go back to that slide because it sounded like a lot of people didn't get this, but I think it's a really incredible set of data. Among the top brands, Lifeway delivered one of the strongest growth rates in the category, with dollar sales increasing 26% and unit sales increasing 28%. Our ACD distribution increased, indicating that retailers continue expanding shelf space for Lifeway's products. We dominate in the space. [audio distortion] Okay, we cannot go without the GLP-1 medications. Over 15% of Americans are currently using GLP-1s, but they're also experiencing digestive concerns, nutrition deficiencies, concerns about maintaining lean muscle mass, and nearly 60% of Gen Z consumers report following a high-protein diet. Okay. Since it sounds like the audio, we're not having success here with my audio, I'm going to move forward. This presentation will be available on our website. Some of this we've already shared in the past, but I'm just going to zip through this. I'm going to go to Eric to help with some of our financials. We'll flip to this slide here. I think it's probably the most important. Okay. I'm going to hand it to Eric, our CFO, to discuss the financials since my audio is just not successful today. Eric, I'm going to let you take over. Thanks, Julie. Please stop on the slide there. As Julie's alluded to today, and in the past, all of our great momentum over the last five years has resulted in our revenue growth, compounded over almost 16% since 2020. Every quarter, we continue to beat the prior year quarter, and we've done so for over five years. If you could flip to the next slide. As we've iterated in the past, the strong top-line growth is resulting also in gross profit enhancement and margin improvement. As we continue to scale, we are able to optimize our SG&A costs and get a lot of leverage out of our SG&A. We continue to invest in advertising and marketing to build brand awareness, obviously, which is the flywheel to revenue growth, and maintain our other costs in line. We continue to have a strong balance sheet. I think, as Julie mentioned briefly earlier, we're investing in our optimization in our Wisconsin facility to expand our manufacturing capacity and efficiency. Those are the highlights, and I'll turn it back to Julie. Okay. Hopefully, some of these, the rest of the audio is a little bit better here. I don't know if this is any better. I'm just trying to do some audio testing here. Can everyone hear me at this point? I'm not getting any messages here, I think we're in the clear for a minute. I have the preliminary results of the voting. Each of the seven nominees named in Proposal 1 received more than a majority of votes cast at the meeting and have been elected for Proposal 1. For Proposal 2, Grant Thornton has been ratified as our independent auditor for fiscal year 2026. Proposal 3, the non-binding advisory vote on executive compensation has been approved by shareholders. Proposal 4, Jason Scher received more than a majority of the votes cast at the meeting and has been elected. The final votes tally will be disclosed on a Form 8-K filed with the SEC by Lifeway. This completes the business to be conducted at this meeting. There are no other matters to validly come before the meeting, I now declare this meeting formally adjourned and all matters before it closed. I'd like to express my appreciation on behalf of all of the newly elected directors to the shareholders for your continued support. We appreciate your interest and courtesy, and thank you for coming. Again, apologies for the choppy audio. Sometimes things are out of our control, and we do the best we can as usual. This is the end of our meeting, and look forward to reporting future results and a remarkable end of the year. Thank you so much. This concludes the meeting. You may now disconnect. Have a great day.