Ampco-Pittsburgh Corporation

Welcome to the AMCO Pittsburgh Corporation fourth quarter 2025 earnings results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star and then two. Please note this event is being recorded. I'd now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead, ma'am.

Thank you, Nick, and good morning to everyone joining us on today's fourth quarter 2025 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer, and David Anderson, Vice President, Chief Financial Officer, and President of Air and Liquid Systems Corporation. Also joining us on the call today is Sam Lyon, President of Union Electric Steel Corporation. Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties, many of which are outside the corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors. including those discussed in the corporation's most recently filed Form 10-K and in subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the Investors section of our website at amcopgh.com. With that, I'd like to turn the call over to Brett McBrayer, Amco Pittsburgh CEO. Brett?

Thank you, Kim. Good morning, and thank you for joining our call. The fourth quarter was a busy quarter for Amco Pittsburgh, where we initiated and completed the removal of significant underperforming assets from our portfolio. As we emerge from the slowdown in the steel market, we expect these actions to improve adjusted EBITDA by $7 to $8 million annually. As reported in our press release, consolidated adjusted EBITDA for the fourth quarter was $3.2 million, down from $6 million the prior year. This anticipated dip in performance was driven by the pause in customer orders in our forging cash segment after the announcement of new global tariffs. Consolidated adjusted EBITDA for the full year was $29.2 million, This performance is an improvement from the prior year despite the revenue impact FCEP experienced during the second half of 2025. With strong demand continuing in our air and liquid processing segment, AOP achieved record revenue and income for 2025. As we shared in a recent press release, bookings for both operating segments have accelerated in the first two months of this year. I'm now going to turn the call over to David Anderson, Chief Financial Officer and President of our Air and Liquid segment for further comments on this quarter's results for Air and Liquid.