CECO Environmental Corp.

Good day and thank you for standing by. Welcome to the SECO Environmental Corp Q4 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Marcio Pinto. Please go ahead.

Thank you, Tanya, and thank you for joining us on the CEQA Environmental Fourth Quarter 2025 Earnings Call. On the call with me today is Todd Gleason, Chief Executive Officer, and Peter Johansen, Chief Financial Officer. In today's call, we are covering SECO environmental fourth quarter earnings results, as well as a transaction that will combine SECO with Thermon, a publicly traded global leader, an end-to-end solution provider to process heat, temperature management, and asset protection with strong aftermarket presence. As a reminder, this quarter's webcast, earnings release, and presentation, which include relevant disclosures and non-gap reconciliations, are available on our website. Today's discussion includes forward-looking statements that are subject to risks and uncertainties, including the ones described in our SEC filings, as we have also noted in our presentation legal disclosures. As always, we will leave time at the end of the call for analyst questions. And with that, I'll turn the call over to Todd.

Thanks, Marcio, and welcome, everyone. It is a pleasure to speak about two highlights today. We delivered strong, quarter and year and full year results with many financial records. Importantly, we are also announcing a transformational transaction between SECO and Thermon. Please turn to slide number four and let's discuss each at a high level. On the left side of the slide, we outline the SECO-Thermon transaction. This is truly a combination of two proud and winning organizations. Each company is clicking on so many of the right cylinders. Together, we expect the union will create an even stronger global leader with enhanced financial agility and expanded strategic capabilities. When we close the transaction, we will continue to trade as Seco Environmental, and I am excited and very much looking forward to leading the future combined company and working closely with the outstanding leadership and employees at Thermon. More on this transaction in just a minute. Now, turning to the right side of the slide, we delivered another strong quarter for Seco Environmental with full-year results for revenue and adjusted EBITDA largely in line with our final expectations. And we are raising our full-year 2026 guidance, not inclusive of Thurmond, as we have tremendous visibility given our record backlog and growing sales pipeline. Now, please turn to slide number six. Six, and let's review the financials in a little more detail. This executive summary slide captures the main points from today's financial earnings release. Q4 delivered numerous new records. Our backlog is the highest level ever, approaching $800 million and up almost 50% year over year. Revenue growth of 35% and adjusted EBITDA growth of 57% speak to our high performance results. In the quarter, we booked our largest ever project, valued at approximately $135 million for a large-scale natural gas power generation facility based in Texas. For the full year, 2025 orders surpassed $1 billion for the first time, which we signal we would likely accomplish in our December 15, 2025 press release. And as we shared in today's press release, we are raising our 2026 full-year guidance to reflect our tremendous visibility and backlog and that record sales pipeline I just mentioned. Our increased 2026 guidance reflects strong full-year orders growth as well as year-long excuse me, as well as full-year revenue outlook of between $925 to $975 million, which is up from our previous outlook of $850 to $950 million. Our full-year 2026 adjusted EBITDA outlook is now between $115 million to $135 million. So again, we feel we are clicking on many of the right cylinders. Now, before I hand it over to Peter, let's move to slide number seven. We continue to enjoy a strong market backdrop in the power generation, industrial reshoring, industrial water, and natural gas infrastructure customer segments. In each of the past five quarters, we have booked orders and critical infrastructure projects to support domestic power generation and energy delivery investments, and our pipeline indicates we have the opportunity to maintain that pace in 2026. In fact, we have already secured two large natural gas power generation orders exceeding $175 million in aggregate value at this point in Q1. And we have numerous similarly sized and larger opportunities in our pipeline. We remain bullish on the industrial water and wastewater treatment sector, and in particular, the international water infrastructure projects, where we now have our most active and largest pipeline of opportunities associated with water reuse and recycling applications. Industrial air will continue to benefit from industrial reshoring programs, semiconductor investments, and our international expansion activities. As the slide shows, quarter to date to February 24th, which is today, We have booked a little over $270 million in orders, so we are well on pace for another record quarter and obviously a great start to 2026. I will now hand it over to Peter, who will go into more detail on our financial results. Peter.