Good morning. This is Jeff Siemon, Vice President of Investor Relations and Corporate Finance. Thank you for listening to General Mills’ prepared remarks for our Fiscal 2025 Second Quarter Earnings. Later this morning we will hold a separate, live question-and-answer session on today’s results, which you can hear via webcast on our investor relations website. Joining me for this morning’s presentation are Jeff Harmening, our Chairman and CEO, and Kofi Bruce, our CFO. Before I hand things over to them, let me first touch on a few housekeeping items. First, on our website, you will find our press release that posted this morning, along with a copy of the presentation and a transcript of these remarks. Please note that today’s remarks include forward-looking statements that are based on management’s current views and assumptions. The second slide in today’s presentation lists several factors that could cause our future results to be different than our current estimates. And with that, I will turn it over to Jeff.

Thank you, Jeff, and good morning, everyone. Entering fiscal 2025, our top priority was to accelerate our organic net sales growth, and specifically our volume growth, by delivering remarkable experiences to consumers across our leading food brands. As we look at the first half of the year, we made encouraging progress accelerating our volume growth and market share trends, including returning our North America Pet business to growth. General Mills’ first-half organic volume growth was 4 points better than our fiscal 2024 result, and we drove a significant increase in the proportion of our business growing share. Our pound share has improved most notably, with dollar share improving at a slower rate, as we expected, given our investments to increase value for consumers. These results are due to our continued focus on delivering Remarkable Experiences to consumers across the total product offering. We are investing to bring consumers superior products and benefits, at the right value, supported with remarkable brand building and omnichannel visibility. This work drove improved performance on many important businesses such as pet food, cereal, fruit snacks, and our Foodservice product lines. At the same time, we have more work to do in other places, with Refrigerated Dough offering the biggest opportunity for improvement, and challenging consumer trends in China continuing to present a headwind in that market. To achieve and build on our broad-based improvements in volume and share, we’ve stepped up our investment to bring greater value to consumers, which results in a lower outlook on operating profit and EPS in fiscal 2025. Amidst a dynamic and uncertain macroeconomic backdrop for consumers, we believe this is the right choice to further strengthen the remarkability of our offerings, which will better position General Mills for sustainable growth in fiscal 2026 and beyond. Our Q2 results are…

Thanks, Jeff. And hello everyone. Our second-quarter financial results are summarized on Slide 19. Reported net sales of $5.2 billion were up 2%, and organic net sales were up 1%. Adjusted operating profit of $1.1 billion was up 7% in constant currency, driven by HMM cost savings and higher volume, partially offset by input cost inflation, unfavorable price/mix, and higher SG&A expenses. Adjusted diluted earnings per share totaled $1.40 in the quarter and were up 12% in constant currency, driven by higher adjusted operating profit and a lower share count. As Jeff mentioned, our Q2 results were impacted by certain favorable timing items, including an increase in retailer inventory in NAR due in part to the Thanksgiving holiday shifting from the final week of Q2 last year to the first week of Q3 this year, as well as favorable trade and other expense timing. These items represented approximately a 1.5 point benefit to net sales and a 6 point benefit to operating profit and EPS in the quarter. We expect these timing items to reverse in the second half, with most of the impact in Q3. Slide 20 summarizes the components of total company net sales growth. Organic net sales increased 1% in the quarter, driven by higher organic pound volume, partially offset by lower price/mix. Foreign exchange and the net impact of acquisitions and divestitures were not material to net sales in Q2. Shifting to segment results, second-quarter organic net sales for North America Retail were up 1%. Our organic net sales outpaced Nielsen-measured U.S. retail sales by roughly two points, driven by an increase in retailer inventory due in part to the impact of the later Thanksgiving timing. We expect this retailer inventory build to reverse in the third quarter. Organic net sales in Q2 also benefitted from…

Thanks, Kofi. I’ll close out with a few thoughts. We’re encouraged by the progress we’ve made to accelerate our volume growth and improve our market share trends, driven by our continued focus on delivering remarkable experiences to consumers across the total product offering. To deliver those gains and build on them going forward, we’ve made incremental investments to bring consumers greater value amid a challenging macroeconomic backdrop. I’m confident in our teams, who are operating with agility and doing what’s right for our consumers. And I’m confident that the actions we’re taking will better position General Mills for sustained growth in fiscal 2026 and beyond. End of Q&A: