Phibro Animal Health Corporation

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Fibro Animal Health Corporation fourth quarter and fiscal year 2025 results webcast and 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 then the number one on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the conference over to Glen David, Chief Financial Officer. Please go ahead.

Thank you, Regina. Good day, and welcome to the Fibro Animal Health Corporation earnings call for our fiscal fourth quarter and full year ending June 30th, 2025. My name is Glen David, and I am the Chief Financial Officer of Fibro Animal Health Corporation. I am joined on today's call by Jack Bentime, Fibro's Chairman President and Chief Executive Officer, Donnie Bentime, Director and Executive Vice President of Corporate Strategy, and Larry Miller, Chief Operating Officer. Today, we will cover financial performance for our fourth quarter and full year 2025 and provide financial guidance for our fiscal year ending June 30th, 2026. At the conclusion of our remarks, we will open the line for your questions. I would like to remind you that we are providing a simultaneous webcast of this call on our website, pahc.com. Also, on the investor section of our website, you will find copies of the earnings press release and annual Form 10-K, as well as the transcript and slides discussed and presented on this call. Our remarks today will include forward-looking statements, and actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statement section in our earnings press release. Our remark includes references to certain financial measures which were not prepared in accordance with generally accepted accounting principles or US GAAP. I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures. Reconciliations of these non-GAAP financial measures for the most directly comparable U.S. GAAP measures are included in the financial tables that accompany the earnings press release. We present our results on a GAAP basis and on an adjusted basis. Our adjusted results exclude acquisition-related items, unusual non-operational or non-recurring items, including stock-based compensation, other income expense as separately reported in the Consolidated Statement of Operations, including foreign currency losses, gains, net, and income taxes related to pre-tax income adjustments and unusual or non-recurring income tax items. Now, let me introduce our Chairman, President, and Chief Executive Officer, Jack Bentine, to share his opening remarks.

Jack? Thanks, Glenn, and good morning, everyone. I'm pleased to report another strong quarter and a standout finish to fiscal 2025 for Fargo Animal Health, Our results this quarter reflected continued momentum across the business, led once again by animal health, where we saw a 53% sales growth and a 47% increase in adjusted EBITDA. Within animal health, our MFA and other portfolio, bolstered by the ZOAS MFA integration, grew 77% in the fourth quarter. Nutritional specialties and vaccines also delivered solid gains of 11% and 21% respectively. These results underscore the strength of our diversified portfolio and the value we're delivering to customers across geographies and species. Looking at the full year, animal health sales rose 36% with adjusted EBITDA up 53%. MFA's and others grew 54% while nutritional specialties and vaccines increased 9% and 13% respectively. Our legacy animal health business contributed meaningfully with a 7% growth for the year. once again outpacing the growth of the underlying industry. Beyond animal health, we saw continued growth in mineral nutrition and performance products, both in the quarter and for the full year. Consolidated sales were up 39% in the fourth quarter and 27% for the year, while adjusted EBITDA rose 49% and 65% respectively, highlighting the operating leverages we're achieving through disciplined execution. According to guidance of fiscal year 2026, outlook reflects continued confidence and non-trajectory. We're projecting net sales between $1,425,000,000 and $1,475,000,000, adjusted EBITDA of $225 to $235,000,000, and adjusted EPS of $2.52 and $2.70. These targets are grounded in the strength of our portfolio and the momentum we've built. They also reflect the tangible impact of our FibroForward strategy. We've made deliberate investments in scaling operations, strengthening our global footprint, and enhancing our innovation pipeline. While it's a long-term initiative, we're already seeing benefits in how we operate and deliver value. I'll now turn it back to Glenn for more detail on our performance and guidance, and I look forward to your questions at the end.