Itron, Inc.

Good day and thank you for standing by. Welcome to ITRON's Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After this 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. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host for today, Paul Vincent, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to ITRON's fourth quarter 2025 earnings conference call. Tom Dietrich, ITRON's President and Chief Executive Officer, and Joan Hooper, Senior Vice President and Chief Financial Officer, will review ITRON's fourth quarter results and provide a general business update and outlook. Earlier today, the company issued a press release announcing its results. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the investor relations tab. Following prepared remarks, the call will open for questions using the process the operator described. Before Tom begins, a reminder that our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance. Reconciliations of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our investor relations website. We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors that were presented in today's earnings release and comments made during this conference call, as well as those presented in the risk factors section of our Form 10-K and other reports and filings with the Securities and Exchange Commission. All company comments, estimates, or forward-looking statements are made in a good-faith attempt to provide appropriate insight to our current and future operating financial environment. Materials discussed today, February 17th, 2026, may materially change, and we do not undertake any duty to update any of our forward-looking statements. Now, please turn to page four of our presentation as our CEO, Tom Dietrich, begins his remarks.

Thank you, Paul. Good morning, and thank you for joining our call. ITRON delivered another quarter of record earnings and profitability, underscoring the durability of our model and accelerating demand for grid edge intelligence. Highlights on slide four include revenue of $572 million, adjusted EBITDA of $99 million, non-GAAP earnings per share of $2.46, and free cash flow of $112 million. These financial results reflect strong execution as our customers modernize the grid and rely more heavily on ITRON solutions. Modern civilization depends on energy and water systems that cannot fail, and increasingly, those systems depend on intelligence. ITRON is the provider of intelligent infrastructure that underpins reliability, resilience, and safety. Our value has grown significantly as demonstrated by increased adoption of grid edge intelligence, outcomes growth, record financial results, surging annual recurring revenue, and the expansion of our offerings through strategic acquisitions. Turning to slide six, our fourth quarter bookings were $737 million, with a total backlog at quarter end of $4.5 billion. Continued momentum in grid edge intelligence demand resulted in a record backlog for our outcomes segment. Our fourth quarter bookings were driven by numerous grid edge solutions supporting grid modernization and reliability of infrastructure. These include the expansion of a longstanding relationship with Exelon through a new multi-year, multi-application agreement. This extension underscores the business benefits, technical flexibility, and proven value of our solutions, including security, consumer privacy, and operations optimization. Another meaningful fourth quarter win involves collaboration with a large early adopter AMI customer to responsibly address operational continuity, business risk, and affordability. Aging legacy systems and readiness for next generation technologies are often misaligned, and our customers turn to us to help them bridge this gap. ITRON's Utility IQ solution reinforces our commitment to open ecosystems and customer flexibility. is designed around interoperability across technologies. Our product and service offerings provide a clear path forward to simultaneously maintain an aging system while smoothly transitioning to more capable and consumer-oriented services. Additionally, we are expanding our partnership with a large Canadian utility by providing additional grid edge capabilities focused on distributed intelligence, enabling real-time grid visibility, analytics, and control. As an expansion to our commitment to utility resiliency, we announced during the quarter the acquisition of Urbant, a provider of AI-enhanced solutions for emergency preparedness and response, damage prevention, and worker safety. We also announced the acquisition of LocustView, a provider of solutions for digital construction management, which automates the process from planning to closeout. deploying field-based capture of as-built infrastructure to enhance the speed and integrity of grid build-out. With those acquisitions now closed, we are introducing a new reporting segment named Resiliency Solutions. We are thrilled to welcome these teams to ITRON. Resiliency Solutions expands our reach, allowing ITRON to support our customers through every step of the asset lifecycle, from planning to build-out to operations to maintenance and protection. Iteron is a longstanding industry anchor in the operation space, providing grid edge technology. Additionally, our leading energy forecasting products are used by 90% of the independent system operators and over 70% of the electricity operators in North America. Over the past years, we have added power flow analysis and planning software solutions to support detailed grid planning and interconnect analysis. The addition of Urban's emergency preparedness and response worker safety and damage prevention solution augments our planning, maintenance, and protection offerings. Most recently, LocustView provides leading digital construction management solutions. In total, iTron supports our customers through the asset lifecycle. Proactive resiliency is a top priority for our customers, which aligns well with our strategic investments and drives higher margins and recurring revenue growth in 2026 and beyond. I will now pass on to Joan to cover the financial results for the company.