The Greenbrier Companies, Inc.

Hello, and welcome to the Greenbrier Company's fourth quarter 2025 earnings conference call. Following today's presentation, we will conduct a question and answer session. Until that time, all lines will be in a listen-only mode. At the request of the Greenbrier Company, this conference call is being recorded for instant replay purposes. At this time, I would like to turn the conference over to Mr. Justin Roberts, Vice President of Financial Operations, The Americas. Mr. Roberts, you may begin.

Thank you, Megan. Good afternoon and evening, everyone, and welcome to our fourth quarter and fiscal 2025 conference call. Today, I am joined by Lori Decorius, Greenbrier's CEO and President, Brian Comstock, Executive Vice President and President of the Americas, and Michael Donfress, Senior Vice President and CFO. Following our update on Greenbrier's record-setting 2025 performance and our outlook for fiscal 26, we will open up the call for questions. Our earnings release and supplemental slide presentation can be found on the IR section of our website. Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2026 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of Greenbrier. We will refer to recurring revenue throughout our comments today. Recurring revenue is defined as leasing and fleet management revenue excluding the impact of syndication activity. Finally, Greenbrier will be participating in the following conferences over the next few months. The Stevens Annual Investment Conference on November 19th, the Goldman Sachs Industrials and Materials Conference on December 4th, and the Susquehanna Virtual Freight Forum on December 10th. And with that, I hand the call over to Lori.

Thank you, Justin, and good afternoon, everyone. I appreciate you joining us today. A strong finish in the fourth quarter made fiscal 2025 Greenberg's best year yet. We achieved record full-year diluted earnings per share and delivered record core EBITDA supported by disciplined execution across our business. Our aggregate gross margin was nearly 19%, and Greenberg generated more than $265 million in operating cash flow. We also achieved a return on invested capital of nearly 11%, within our long-term target range. These results reflect our team's resilience and the strength of disciplined execution paired with efficient operations. We're seeing the tangible results of the transformation we set in motion nearly three years ago with key long-term performance goals being realized. Greenberg today is a stronger, more agile organization A business better positioned to deliver performance across market conditions has proven by our record financial results for 2025 on 2,000 fewer deliveries than in fiscal 2024. Strong operating performance in manufacturing led to healthy margins, and our network is operating with greater efficiency, precision, and alignment than ever before. Process improvements, balanced production lines, and disciplined cost control have driven sustained expansion in manufacturing margins. Our flexible manufacturing capacity allows us to rapidly respond to changes in demand and maximize operating efficiency. Our insourcing capacity expansion in Mexico is effectively complete, and the full value of the initiative will be realized as production scales through fiscal 2026 and beyond. Likewise, we continue to drive overhead efficiencies throughout our global manufacturing network. This agility and responsiveness are a competitive advantage for Greenbrier. In Europe, we continue to unlock efficiencies through ongoing footprint rationalization, driving cost savings, and developing a more competitive and responsive platform for the region. As we announced today, we're proceeding with the closure of two additional facilities Combined with our previously announced actions, we expect annualized savings of $20 million from this footprint rationalization. I should note that these actions and savings will not impact our European production capacity. Rather, they position Greenberg to sustain higher margins in varying demand environments. The steady growth of our leasing and fleet management business has been an important contributor to our performance. Our lease lead continues to perform exceptionally well with high utilization rates and strong renewals. We've maintained a disciplined approach to growth and are on track to meet our goals of doubling recurring revenues by fiscal 2028. Our capital allocation framework remains focused and disciplined. We deploy capital where returns are strongest while maintaining balance sheet strength and liquidity. This prudent approach and a strong liquidity position support our ability to fund strategic priorities while delivering attractive returns to shareholders. The growth of our recurring earnings combined with our strong manufacturing provide a durable through cycle foundation for Greenbrier. Integration is a defining feature of our model. Manufacturing generates efficiencies and scale and leasing provides stability. And together, they create an earning space that differentiates Greenbrier. The operational progress and recurring earnings we've built into our business means that Greenbrier now operates at a structurally higher level of resilience. Our results this year clearly demonstrate that our efficiency and least fleet growth initiatives have raised the baseline of our performance and positioned us to achieve what I describe as higher lows. Today, we're well positioned to continue generating cash flow, financial performance, and shareholder value for years to come. Our fiscal 2026 guidance reflects this improved foundation. Our model is designed to perform with durable returns and the flexibility to respond to market demand. Looking ahead, we remain committed to operational excellence, innovation, and responsible growth. In closing, I want to recognize our employees, customers, and shareholders for their trust and partnership. Fiscal 2025 was a milestone year for Greenbrier, setting the stage for continued momentum into the year ahead and beyond. And with that, I'll turn the call over to Brian.