Allegion plc

Good day, everyone. My name's Stefan, and I'll be your conference operator today. At this time, I'd like to welcome you to the Allegiant fourth quarter and full year earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you would like to ask a question during this time, and if you've joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. At this time, I'd like to turn the call over to Josh Pokowinski, Vice President of Investor Relations.

Thank you, Stephan. Good morning, everyone, and thank you for joining us for Allegiant's fourth quarter 2025 earnings call. With me today are John Stone, President and Chief Executive Officer, and Mike Wideness, Senior Vice President and Chief Financial Officer of Allegiant. Our earnings release, which was issued earlier this morning, and the presentation, which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website. Please go to slide two. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Please see our most recent SEC filings for a description of some of the factors that may cause actual results to differ materially from our projections. The company assumes no obligation to update these forward-looking statements. Today's presentation and commentary include non-GAAP financial measures. Please refer to the reconciliation in the financial tables of our press release for further details. Please go to slide three, and I'll turn the call over to John.

Thanks, Josh. Good morning, everyone. Thanks for joining the call. Allegiant delivered a strong year marked by high single-digit enterprise revenue growth, more than $600 million of accretive M&A, and solid execution in a dynamic and inflationary environment. I'm proud of the Allegiant team's performance in 2025. I see our results as a testament to the talent and dedication of our people, the strength of our brands and channel partnerships, and our sound strategy as we deliver on our commitments to shareholders. As we enter 2026, our broad-end market exposure supports continued growth led by America's non-residential. U.S. residential markets were softer than expected in the fourth quarter, and our outlook contemplates that residential remains soft in 2026. However, our team has a proven track record of execution across a variety of macro conditions. We're initiating fiscal year 2026 adjusted EPS guidance of $8.70 to $8.90 per share. I'll provide more detail on our outlook later in the call. Please go to slide four. Let's take a look at capital allocation for 2025, starting with our investments for organic growth. A core element of Allegiant's portfolio strength is our brand's legacy of innovation. Brands like Schlage, Von Duprin, and LCN invented their product categories 100 years ago and are known as pioneers in our industry. Allegiant has built on that legacy by expanding our offerings of mid-tier commercial product lines. Last September, we launched our Schlage Performance Series locks, providing more ways to win in the non-residential aftermarket, alongside the mid-price point Von Duprin 70 Series exit devices that were released in 2024. These are complemented by our mid-tier offerings with LC enclosures, where we now have a full suite of commercial-grade offering from the industry's leading brands at more price points to meet customers' needs. As you know, 2025 was an active year for acquisitions for the company with approximately $630 million of capital deployed. These acquisitions aligned to the strategy we outlined at our May Investor Day, including additions to our core mechanical portfolio, as well as electronics and complementary software solutions that meet end-user needs for safety and convenience. As we enter 2026, the pipeline is active, and we will remain disciplined to drive returns and continue positioning Allegiant as a leading pure play in security and access. Allegiant continues to be a dividend-paying stock. In 2025, we paid $175 million in dividends to shareholders. Looking ahead to 2026, we've also just announced our 12th consecutive annual increase in dividends. While we did not repurchase shares in the fourth quarter, share repurchase was part of our capital allocation in 2025, totaling $80 million. At a minimum, we intend to offset the creep from share-based compensation. You can expect Allegiant to be balanced, consistent, and disciplined with capital deployment over time, with a clear priority of investing for growth. Mike will now walk you through the fourth quarter financial results.