Great Lakes Dredge & Dock Corporation

Good day and thank you for standing by. Welcome to the Q3 2025 Great Lakes Dredge and Dot Corp. Earnings Conference 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 the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question,

please press star 11 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 eric burge vice president of investor relations please go ahead thank you ari good day and thank you everyone for joining us welcome to great lakes dredgen docs third quarter 2025 financial results conference call before we begin please note that certain statements made during this call are forward-looking in nature and are subject to various risks, uncertainties, and assumptions. These factors may cause actual results to differ materially from those anticipated. For a detailed discussion of these risks, please refer to our filings with the Securities and Exchange Commission. We will also be discussing certain non-GAAP financial measures, including adjusted EBITDA. Reconciliations of these measures to the most direct comparable GAAP measure can be found on our earnings release or on our investor relations section of our website at investors.gldd.com, along with other supplemental operating information. Joining me on today's call are Lhasa Patterson, our President and Chief Executive Officer, and Scott Kornblau, our Senior Vice President and Chief Financial Officer. Lhasa will begin with a review of our quarterly key developments, followed by Scott, who will provide a detailed overview of our financial performance. Lhasa will then conclude with commentary on the business outlook and market trends. With that, I will now turn the call over to Lasse.

Thanks, Erik. Following strong financial results in the first half of the year, the momentum continued into third quarter with high utilization and strong product performance through the execution of complex port deepening and coastal restoration projects, leveraging the capabilities of our team and our fleet. We ended the quarter with revenues of 195.2 million and adjusted EBITDA of 39.3 million. Our dredging backlog remains strong at 935 million with 84% in capital and coastal protection projects, plus an additional 194 million in awards and options pending. During the third quarter, we were awarded new projects totaling 136 million. A successful bid strategy from last year resulted in a large number of projects wins, which resulted in a high quality backlog, which will support full utilization and revenues for the remainder of 2025, as well as providing a good base and revenue visibility for 2026. Our current backlog includes three major port deepening LNG projects. The Port Arthur LNG Phase 1 project, the Brunswell Ship Channel project, part of next decade's corporations Rio Grande LNG initiative, and Woodside Louisiana LNG, which is expected to commence dredging early 2026. We have seen no interruption to our business during the current government shutdown. Our operations remain unaffected, and we continue to conduct business as usual, maintaining full schedules both in bidding, awards, and we received payments on time. Our support to the Corps would proceed without disruption, and our backlog of projects are fully funded. During the third quarter, our offshore energy team commenced rock placement operations on Equinox South Brooklyn Marine Terminal. And during the fourth quarter, installation of Armor Rock commenced on Empire Wind 1. utilizing a chartered vessel until delivery of the Arcadia in Q1 of next year. At the end of October, we completed the refinancing and upsizing of our revolver credit facility, increasing capacity to $430 million and extending the maturity to 2030. With the increased capacity, we elected to repay our $100 million second lean term loan. Scott will provide more details later on. Moving on to our new build program, in the third quarter we took delivery of our sixth hopper dredge, the Amelia Island, marking a significant milestone in our dredging new build program, which is now complete, leaving us with the largest and most advanced hopper dredge fleet in the United States. Upon delivery of the shipyard, the Amelia Island was straight to work and is performing extremely well. The Amelia Island and her sister ship, the Galveston Island, have been specially designed for shallow and narrow waters in the United States coastlines and are effective tools for us to work on coastal protection projects such as beach restoration, wetlands improvements, and barrier island construction. The final vessel in a new build program, the Acadia, the first U.S. flag Jones Set compliant subsea rock installation vessel, is also currently under construction and hit a key milestone with a launch from the dry dock in July. Delivery is expected in the first quarter of 2026, at which time she will go straight to work on Empire Wind 1. The target markets for the Acadia include domestic and international offshore work, protecting critical subsea infrastructure, such as oil and gas pipelines, power and telecommunication cables, and offshore wind installations. I now turn the call over to Scott to further discuss the results of the quarter, and then I'll provide some commentary around the market and our business.