Good morning. This is Melissa Napier from Conagra Brands' Investor Relations. Thank you for listening to our prepared remarks for the Conagra Brands second quarter and first half fiscal 2025 earnings. At 9:30 eastern time this morning, we will hold a separate live question-and-answer session on today's results, which you can access via webcast on our Investor Relations website. Our press release, presentation materials, and a transcript of these prepared remarks are also available there. I'm joined this morning by Sean Connolly, our CEO; Dave Marberger, our CFO; and Matthew Neisius, Senior Director, Investor Relations. We will be making some forward-looking statements today. And while we are making those statements in good faith based on current information, we do not have any guarantee about the results we will achieve. Descriptions of our risk factors are included in our filings with the SEC. We will also be discussing some non-GAAP financial measures. Please see the earnings release and the slides for GAAP to non-GAAP reconciliations and information on our comparability items, which can be found in the Investor Relations section of our website. I'll now turn the call over to Sean.

Thanks, Melissa, and good morning, everyone. Thank you for joining our second quarter fiscal 2025 earnings call. Let's begin on Slide 4. Our second quarter results reflect the fact that we continue to win with consumers despite ongoing economic pressures. We saw a return to growth in Q2 as we drove volume improvement, an organic net sales increase, and market share gains, demonstrating the continued strength of our innovation and strong execution by our team. These results highlight the enduring power of our brands and the effectiveness of our focused investments, which have reinforced our leadership in large important categories. While we expect our top-line momentum to continue in the second half, our profitability will be pressured by higher inflation and unfavorable foreign exchange rates. Accordingly, we are updating our financial guidance for the remainder of the year. Our revised guidance reflects both our prioritization of continued momentum with the consumer and our expectation that the inflation relief we previously expected in the second half of fiscal '25 is still forthcoming, but in fiscal '26. As I noted, economic pressures continue to shape consumer purchasing decisions. We're still seeing value seeking behaviors, with consumers prioritizing affordability and maximizing value. Across the industry, manufacturers are deploying a similar playbook to address these challenges, increasing investments in advertising, promotions, trade initiatives, and innovation. These measures are designed to appeal to increasingly stretched consumers and drive growth, but the consumer response to these investments has varied significantly by category and by company. On Slide 6, you can see Conagra's investments have driven a strong response. In Q2 of last fiscal year, I stated our commitment to invest more to put the inflation-driven volume declines in the rearview mirror, with the goal of returning our portfolio to growth. Since then, we have seen our…

Thanks, Sean, and good morning, everyone. Slide 20 shows our financial results for key metrics in the quarter. As Sean mentioned, Conagra returned to volume and organic net sales growth in Q2, driven by volume growth in our domestic retail business. Organic net sales were $3.2 billion in the quarter, up 30 basis points over prior year. Adjusted gross margin of 26.4% and adjusted operating margin of 15.3% were down 52 and 57 basis points, respectively, over the prior year, but adjusted operating margin was up 110 basis points in Q2 versus Q1. Adjusted earnings per share were $0.70, down $0.01 from Q2 a year ago. Slide 21 shows the composition of net sales by segment. Total Conagra organic net sales increased 30 basis points over the previous year, with volumes up 40 basis points and price/mix down 10 basis points. In Grocery and Snacks, we delivered net sales of $1.3 billion, representing 1.2% organic growth versus last year's second quarter, driven by increased volumes and favorable price/mix. Our Refrigerated and Frozen segment also delivered $1.3 billion in net sales, flat to prior year. Increased volumes were offset by negative price/mix, primarily due to our continued strategic trade investments. In our International segment, organic net sales declined 0.7% versus the prior year, driven by volume declines of 2.4%, partially offset by a 1.7% increase in price/mix. Organic net sales in our Foodservice business declined 1% over prior year, as volume declines of 3.9% were partially offset by favorable price/mix of 2.9%. While Q2 volume trends improved significantly from the first quarter, we still saw some ongoing softness in restaurant traffic, as we discussed last quarter. Slide 22 shows our second quarter net sales bridge. Our 40 basis point volume improvement was partially offset by 10 basis points of negative price/mix.…