OneWater Marine Inc.

Good morning. My name is Angeline and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your touchstone phone. If you would like to withdraw your question, press the pound key. I would like to turn the conference over to Jack Ezell, Chief Executive Officer and Chief Operating Officer. Please go ahead.

Good morning and welcome to One Water Marines' fiscal fourth quarter and full year 2025 earnings conference call. I'm joined on the call today by Austin Singleton, Executive Chairman of the Board, and Anthony Askwith, Chief Executive Officer. Before we begin, I would like to remind you that certain statements made by management in this morning's conference call regarding One Water Marine and its operations may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect future results are discussed in the company's earnings release, which can be found in the investor relations section of the company's website and in its filings with the SEC. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. Please note that all comparisons of our fourth quarter or fiscal year 2025 results are made against the fourth quarter or fiscal year 2024, unless otherwise noted. With that, I'd like to turn the call over to Austin Singleton, who will begin with a few open remarks. Austin?

Good morning, everyone, and thank you for joining us today. We finished 2025 with solid results and meaningful progress on our strategic priorities. Industry conditions remain challenging as retail demand continued to normalize from pandemic highs, promotional activity increased, and Multiple hurricanes created disruption in key Florida markets. Against that backdrop, our team executed with discipline and focus. We delivered 6% same-store sales growth for the year, outperforming the broader industry in the categories where we compete. New boat sales were strong in the fourth quarter, and pre-owned sales remained a standout throughout the year, contributing to solid four-year results. This performance demonstrates our strength and resilience in our model and the depth of our retail network. We also took thoughtful cost actions and leveraged our flexible operating model to align expenses with demand and protect margins, finishing the year with positive momentum headed into 2026. Maintaining a disciplined approach to inventory has been a top priority, and our teams executed exceptionally well. We exited this year with the cleanest inventory levels we've seen in years, giving us a significant competitive advantage as we enter 2026. This enables us to respond quickly to shifting retail conditions and support a healthier balance between price and volume. We also completed our strategic exit from discontinued brands, allowing us to sharpen our focus on our core portfolio with high-performing brands. While this transition created some margin pain during the year, it laid the groundwork for meaningful long-term margin improvement as we move through 2026 and beyond. Looking ahead, we are encouraged by signs that channel inventories across the industry are returning to healthier levels and OEM production is beginning to normalize. We believe these factors, combined with our flexible operating model and strong customer relationships, position us well to capture demand and drive profitable growth as the industry stabilizes. Early boat show feedback has been positive, highlighting strong customer interest in innovative new features and fresh models from our manufacturing partners. At one of our largest events of the year, the Fort Lauderdale Boat Show, sales were up year over year. Unit sales were lower, reflecting the impact of the brands we exited in 2025, as well as the liquidation of excess inventory in the prior year. The good news is that we are beginning to see improvements in overall new boat gross margins. We are excited to build on this momentum through the winter boat show season. Finally, I want to thank our entire Windwater team for their hard work, resilience, and dedication to our customers throughout the year. I'm confident we have the right people, structure, and strategy in place to continue delivering long-term shareholder value. With that, I will turn it over to Anthony to discuss the business operations.