ConAgra Brands, Inc. (CAG) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the ConAgra Brands Q1 Fiscal Year 2026 Earnings Q&A Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two. Please note today's event is being recorded. At this time, I'd like to turn the floor over to Matthew Nysas, Head of Investor Relations. Please go ahead. Good morning, everyone, and thank you for joining us. Once again, I'm joined this morning by Sean Connolly, our CEO, and Dave Marburger, our CFO. We may be making some forward-looking statements and discussing non-GAAP financial measures during this session. Please see our earnings release, prepare your marks, presentation materials, and filings with the SEC, which can be found in the investor relations section of our website for more information, including descriptions of our risk factors, GAAP to non-GAAP reconciliations, and information on our comparability items. I'll now ask the operator to introduce the first question. And, ladies and gentlemen, at this time, once again, if you would like to ask a question, please press star and 1. Our first question today comes from Andrew Lazar from Barclays. Please go ahead with your question. Great. Thanks so much. Sean, ConAgra expects to return to positive organic sales growth in the fiscal second half, but also mentioned recent consumption trends in pointing to a low single-digit decline expected in the second quarter. What's driving the fiscal second half inflection, or is it really just easy year-ago comps? And do recent consump...