TMC the metals company Inc.

Good day, and thank you for standing by. Welcome to the fourth quarter and full year 2025 Allegiance 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 11 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 speaker today, Son Vinh, Vice President, Finance and Investor Relations. Please go ahead.

Thank you, Daniel, and good morning, everyone. Welcome to Legion's fourth quarter 2025 earnings call. With me today are Jeff Sproul, our Chief Executive Officer, Stephen Butts, Chief Financial Officer, and Steve Hansen, Chief Operating Officer. This morning, we issued a press release that covers our fourth quarter and full year 2025 results and posted a slide presentation that accompanies the earnings release. All materials can be found on the investor section of the company's website, weareallegiance.com. Before we begin, I want to remind you that comments made during this call contain certain forward-looking statements and are subject to risks and uncertainties, including those identified in our risk factors contained in our SEC filings. Our actual results could differ materially, and we undertake no obligations to update any such forward-looking statements. During this call, we will refer to certain non-GAAP financial measures which should not be considered in isolation from or as substitutes for measures prepared in accordance with generally accepted accounting principles. Please refer to our quarterly earnings presentation for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. With that, let me turn the call over to Jeff.

Thank you, Son, and thanks to everyone for joining today to discuss our fourth quarter performance and current outlook for the business. I'll also briefly cover a few other topics, including our integration efforts of the Bowers Group, the tuck-in acquisition we made earlier this month of Metrix, an engineering firm in the Seattle, Washington area, and provide an update on our growing craft labor force. First off, our fourth quarter results. Now, Stephen will go into greater detail, but at a high level, we delivered an incredibly strong fourth quarter, which was well ahead of our prior guidance. Total revenues grew by 35% to a quarterly record of $738 million, and most of our revenue growth was organic, with contributions from both segments. Adjusted EBITDA grew 53% as EBITDA margins expanded by approximately 140 basis points. For the year, revenues grew by 22% and adjusted EBITDA by 30%. Most impressively, total backlog in awards grew by 49% year-over-year and 20% from just the end of the third quarter 2025. Backlog growth was essentially all organic and came on top of the aforementioned record revenue quarter. This translated to a book-to-bill ratio for the three months ended December 2025 of 1.9 times, an acceleration from what was already a robust third quarter book-to-bill of 1.5. Both segments saw strong total backlog growth. Year over year, engineering and consulting backlog rose by 16%, driven by state and local governments, along with contributions from hospitals and data center clients. Our installation and maintenance segment grew by 66%, driven by data center and technology clients, in particular for fabrication demand of our direct liquid-to-chip technical cooling systems. Outside of what's already in our backlog, we expect strong installation and fabrication demand to continue well beyond 2026. Now, to give you a sense of our planning horizon, we're in discussions with certain data center clients for deliveries that extend into 2029. I should mention, this fabrication demand is on top of the day in, day out installation and retrofit work we do in existing data center facilities built over the past 20 plus years. Okay, shifting our attention to Bowers and how the integration process is going. As a reminder, Bowers is one of the premier mechanical contractors in the Northern Virginia DC metro area, home to the world's largest installed base of data center capacity. They're one of the key contractors that have contributed to the region's data center build out since their first data center project for Amazon way back in 1999. With Bowers, we're now able to expand our mechanical capabilities into this critical region, broaden our customer base, and add roughly 50% to our fabrication footprint. This is in addition to the cross-selling opportunities that are now available with our existing engineering and electrical contracting presence in the region. When we announced the acquisition last November, We thought it would take until mid-first quarter to clear regulatory approval. We're actually delighted that the approval came sooner than expected, which allowed us to close on January 2nd. Since closing, we've been focused on critical integration work streams to establish a secure, standardized operating base that aligns with our safety procedures, processes, controls, communications, and financial rigor. Our leadership team has also put in a lot of effort to build a solid foundation of trust with the roughly 2,000 employees of Bowers. We've been involved in several joint sessions to discuss operational alignment and opportunity reviews. I personally came away from those interactions with even greater conviction of what an incredible addition Bowers is for Legions and our shareholders. Our first quarter 2026 results will include a full quarters contribution from Bowers, as well as partial contribution from a really nice tuck-in acquisition of an engineering firm, Metrix, based near Seattle, Washington, that we closed on March 1st. Metrix is highly complementary with our existing engineering team in the area and has a solid base of clients that skew towards the education market and they operate with a really strong margin profile there's great cultural alignment with a very talented group of engineers led by a motivated leadership team that's excited to join legions i want to publicly welcome metrics to the allegiance organization and look forward to working together to better serve our clients one final point before handing the call over to stephen it's around our labor force specifically on the contracting side. At the end of 2025, we employed almost 4,500 unionized craftsmen and women. This is up from 3,800 at the end of September and 3,400 at the end of June. Now, with the addition of 1,700 union craftspeople from Bowers at the beginning of the year and growing our existing workforce throughout this year, We currently have approximately 6,600 skilled craftspeople. Now we recognize there are pockets of tightness in various labor markets from time to time and highly skilled labor will always be in demand. That said, as a company, we're fortunate in that we have not experienced any significant labor constraints that would impact our ability to execute on our commitments or cause us to pass on attractive new business opportunities. Our ability to add roughly 1,000 craftspeople to our workforce, almost a third of our base during the second half of last year, reflects the general availability of union labor in our markets. It also reflects who we are as a preferred and safety-first employer and how we attract and retain people. As a unionized organization on the contracting side, our retention rate is extremely high. Workers are attracted to Allegiance because we invest in our people with training and advanced tools to make them more safe and efficient. They also see our growing backlog with blue-chip customers and feel confident that there's a continuation of work after each project. As a result, we have great relations with the unions that we partner with, And Legions is typically one of the top union employers in the markets where we operate. Now, as someone who has run other companies that employ both non-union and union workers, there are clear benefits to being unionized and we're in a strong competitive position due to our skilled field workforce. With that, let me turn the call over to Steven.