Atkore Inc.

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to ADCOR's fourth quarter fiscal year 2025 earnings conference call. All lines have been placed in a listen-only mode. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. As a reminder, this conference is being recorded. Thank you. I would now like to turn the conference over to your host, Matt Klein, Vice President of Treasury and Investor Relations. Thank you. You may begin.

Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO, John Deitzer, Chief Financial Officer, and John Fergentz, Chief Operating Officer and President of Electrical. We will take questions at the conclusion of the call. I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company. Such statements involve risks and uncertainties such that actual results may differ materially. Please refer to our SEC filings and today's press releases, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. In addition, any reference in our discussion today to EBITDA means adjusted EBITDA, and any reference to EPS or adjusted EPS means adjusted diluted earnings per share. Adjusted EBITDA and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of non-GAAP measures and a presentation of the most comparable gap measures are available in the appendix to today's presentation. With that, I'll turn it over to Bill.

Thanks, Matt, and good morning, everyone. Starting on slide three, today we will provide an update on strategic actions, discuss our fiscal 2025 fourth quarter, our full-year financial results, and our outlook for fiscal 2026. We will share our perspective on the end markets we serve and our long-term strategic focus. Turning to slide four. Before we discuss our results, I want to highlight the announcement we made this morning related to the strategic actions we are pursuing with the goal of maximizing shareholder value. Back in September, we announced that the Board of Directors and the Executive Leadership Team we're evaluating a broad range of alternatives to enhance focus on ACOR's core electrical infrastructure portfolio. These alternatives included a potential sale of our HDPE business and the decision to close three manufacturing facilities. The Board has now decided to expand the scope of the strategic alternatives to include a potential sale or merger of the whole company. As a result of the board's decision, I have agreed to stay at Accor as CEO through at least the conclusion of this strategic review. To date, Accor is identified and is executing upon a series of actions that we believe will improve the long-term financial returns of the company. The process of selling our HDP business is ongoing, and we have identified two other modest non-core assets that we anticipate being able to successfully divest in late Q1, 2026 or early in the second quarter. In addition, we plan to cease manufacturing operations at the three manufacturing facilities previously announced in the second quarter of fiscal 2026. By delivering on these actions and the planned divestitures, we expect to improve our financial profile of the company in return to year-over-year growth in adjusted EBITDA and FY27. Expanding our strategic alternatives also allows us to consider multiple scenarios with the intention of creating shareholder value while positioning ACOR to succeed for the years to come. Turning to our results on slide six. Organic volume was up 1.4% in the fourth quarter with contributions from both segments. Notably, we saw double-digit growth in our plastic pipe conduit infinites product category. This includes our PVC, fiberglass, and HDP products, which all delivered double-digit volume growth in the quarter. Overall, our net sales of $752 million in the quarter exceeded the outlook that we presented in August. Our adjusted EBITDA of $71 million in the quarter includes approximately $6 million of one-time inventory adjustments related to one of the sites that has been previously announced for closure as part of our planned strategic actions. This inventory adjustment impacted our safety and infrastructure segment. Our results also included approximately $5 million of additional non-routine items related to advisory and legal expenses. Excluding the impact of the inventory adjustment and the non-routine items in the quarter, our adjusted EBITDA would have been $82 million and within our expectations set forth in August. Reflecting on the totality of the year, volume was up approximately 1%. This marks three consecutive years of organic volume growth for our company. As we explained in the past, the breadth of our portfolio prevents overexposure to specific end markets. This is particularly important in years where certain end markets may be growing at a slower rate or even contracting. Our cash flow generation has been and continues to be a strength of our business. This year we returned $144 million to shareholders through share repurchases and dividend payments. We also preserve financial flexibility by refinancing our existing asset-based lending agreement, as well as our senior secure term loan, which moves out our maturity dates beyond fiscal 2030. Looking ahead, Our focus remains on creating shareholder value, which we believe will be accomplished with an emphasis on our core electrical infrastructure portfolio. We anticipate generating strong cash flows, which provide us with optionality on how to best deploy capital and create shareholder value. We are encouraged by the growth projected across several construction and markets in FY 2026, including data centers, healthcare, power utilities, and education, while remaining focused on Accor's ability to participate in long-term trends related to the adoption of renewable energy, grid hardening, digitization, and the increasing demand for electricity. I'd like to take a moment to recognize Accor's talented teams for their efforts and dedication to our company. Thank you. Now, I'll turn the call over to John Deisser to talk through the results from the fourth quarter and full year in more detail.