OUTLOOK For fiscal 2026, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) will increase approximately 1% compared to fiscal 2025 levels. The following is a summary of the updated outlook for each of our segments, as well as an outlook for corporate expenses and amortization, revenue, capital expenditures, net interest expense, liquidity, free cash flow and tax rate for fiscal 2026. As our accounting cycle results in a 53-week year in fiscal 2026 as compared to a 52-week year in fiscal 2025, the fiscal 2026 outlook is based on a comparable 52-week year. Certain of the outlook numbers include adjusted operating income (loss) and segment operating income (loss), as adjusted which are non-GAAP metrics. The Company is not able to reconcile its full-year fiscal 2026 projected adjusted results to its fiscal 2026 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Adjusted operating income (loss) and segment operating income (loss), as adjusted should not be considered substitutes for operating income (loss) or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company's GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Beef USDA projects domestic production will decrease approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating loss, as adjusted, of $(500) million to $(350) million in fiscal 2026. Pork USDA projects domestic production will increase approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating income, as adjusted, of $250 million to $300 million in fiscal 2026. Chicken USDA projects chicken production will increase approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating income, as adjusted, of $1.9 billion to $2.05 billion in fiscal 2026. Prepared Foods We anticipate segment operating income, as adjusted, of $1.25 billion to $1.35 billion in fiscal 2026. International We anticipate segment operating income, as adjusted, of $150 million to $200 million in fiscal 2026. Corporate Expenses and Amortization We anticipate corporate expenses and amortization, as adjusted, of $950 million to $975 million in fiscal 2026. Total Company We anticipate total company adjusted operating income of $2.2 billion to $2.4 billion for fiscal 2026. Revenue We expect sales to be up 2% to 4% in fiscal 2026 as compared to fiscal 2025. Capital Expenditures We expect capital expenditures of $0.7 billion to $1.0 billion in fiscal 2026. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair. Net Interest Expense We expect net interest expense to approximate $365 million in fiscal 2026. Liquidity We expect total liquidity, which was $3.7 billion as of March 28, 2026, to remain above our minimum liquidity target of $1.0 billion. Free Cash Flow We expect free cash flow to be between $1.2 billion and $1.8 billion for fiscal 2026. Tax Rate We currently expect our adjusted effective tax rate to approximate 25% in fiscal 2026.