The J.M. Smucker Company Barclays 19th Annual Global Consumer Conference

Thank you. Thank you, Andrew. It's great to be back. I think this might be my 10th or 11th. Honestly, just appreciate the opportunity to be here with all of you today. Tucker and I, as Andrew said, will provide some brief comments, and then we'll reserve the remainder of our time for questions. As always, please note that certain information provided today is forward-looking, based on current views and assumptions. Also, we use non-GAAP results for the purpose of evaluating performance internally. Details for both items can be found in the slides for today's presentation, available on our investor relations website. With that, let's get started. My commentary today will center on two key points. First, our focused strategy and differentiated portfolio continue to deliver results.

We remain focused on our strategic priorities of driving organic volume growth across our key platforms, improving profitability, and accelerating earnings growth for the company, and maintaining a disciplined approach to capital deployment. Second, while our portfolio is performing well today, we see even greater potential ahead. We have built a truly differentiated and complementary portfolio of leading and higher growth brands across attractive categories. Supported by our proven brand-building model and innovation capabilities, we are expanding into new occasions, reaching new consumers, and unlocking additional growth opportunities across our business. Our strong first quarter results reinforce both of these points and demonstrate progress across our strategic priorities. For example, each of our key growth platforms, Uncrustables, Café Bustelo, Meow Mix, and Milk-Bone, delivered volume growth.

Profitability improved, and we generated strong earnings growth, and our free cash flow increased more than $430 million compared to the prior year, and we paid down approximately $230 million of debt. Given these results and our expectations for the balance of the year, we raised our full year outlook for net sales, adjusted EPS, and free cash flow. The momentum across the business reflects the strength of our portfolio, the investments we have made in our brands, and the focused execution of our team. Let me share a few examples of how we are driving growth across the portfolio. Starting with the Uncrustables brand, which recently reached the milestone of $1 billion in annual net sales and achieved our long-standing ambition of becoming a top three brand in the total freezer aisle. Over the past year alone, the brand added over 2 million new households.

Importantly, the brand has significant runway ahead, supported by expanded capacity and our continued focus on brand building and consumer-led innovation, which we expect will drive further household penetration. We recently launched one of our most exciting innovations yet, fridge-friendly Uncrustables sandwiches. In addition to being stored in the freezer, all Uncrustables sandwiches can now stay fresh in the refrigerator for up to five days. This innovation creates even more convenience, flexibility, and everyday usage occasions for consumers. We are supporting the launch with a robust marketing campaign across social and digital channels, further strengthening the brand's cultural relevance and highlighting the unique attributes that differentiate Uncrustables sandwiches. Let's take a look at some recent content.

You ever seen somebody eat an Uncrustable in one bite?

Just like this. What is your favorite flavor?

Grape and strawberry. I get one of each when I play. The purple one is the best. It is not even grape anymore. It is just purple. 50 maybe, I could probably in the day. I am trading you an Uncrustable for this right now, okay? We have honey, raspberry, grape, hazelnut, and we have strawberry. You have all the flavors today. Thanks for selling. You are welcome.

We have also expanded the Uncrustables brand into the growing protein snack space with varieties that deliver 12 grams of protein. These offerings meet consumers' increasing demand for convenient protein-rich snacks while extending the brand's relevance across a broader range of eating occasions throughout the day. The platform has exceeded our expectations, delivering highly incremental growth for the brand. Building on that success, we have added two new flavors to the lineup, Beamin' Berry Blend and Burstin' Blueberry. We are incredibly excited about the future of the Uncrustables brand as we continue to strengthen our leadership in the frozen category. Turning to Café Bustelo, it is one of the fastest-growing brands in the at-home coffee category and is now the sixth largest. Over the past year alone, it has added more than 3 million new households, demonstrating our ability to attract consumers and expand the brand's reach.