ITT Inc.

Welcome to ITT's 2025 third quarter conference call. Today is Wednesday, October 29th, 2025. Today's call is being recorded and will be available for replay beginning at 12 p.m. Eastern Time. At this time, all participants have been placed in listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star 1-1 on your touchtone phone. If at any point your question has been answered, you may remove yourself from the queue by pressing star 1-1. We ask that you please pick up your handset to allow optimal sound quality. It is now my pleasure to turn the floor over to Mark Macaluso, Vice President, Investor Relations and Global Communications. You may begin.

Thank you, Gigi, and good morning. Joining me in Stanford today are Luca Savi, ITD's Chief Executive Officer and President, and Emmanuel Capre, Chief Financial Officer. Today's call will cover ITD's financial results for the three-month period ended September 27, 2025. Please refer to slide two of the presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2024 Annual Report on Form 10-K, and other recent SEC filings. Except for otherwise noted, the third quarter results we present this morning will be compared to the third quarter of 2024 and include certain non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website. With that, it's now my pleasure to turn the call over to Luca, who will begin on slide three.

Thank you, Mark, and good morning. I'd like to begin today with a sincere thank you to our IT tiers, our teams around the world that deliver strong results for yet another quarter. For all your hard work, my heartfelt thanks, especially to our team in Brazil. After the plant was hit by a very destructive storm during the quarter, production was back up and running in less than 48 hours. To Rodrigo, the entire Salto team, and Nico, Thank you for your dedication and commitment to our customers and to ITT. Now to our results. ITT's third quarter was another step towards our 2030 target with organic growth and margin expansion compounded with M&A. Let me share some highlights. In Q3, we delivered nearly $1 billion of total orders for the third consecutive quarter, up 3%, both once again by the strong order intake from Archesaria and Svanio acquisitions. We grew revenue 13% total and 6% organic, with all segments contributing to $999 million. Rest assured we were on the phone after quarter end with the plan that left the million bucks on the shop floor. Operating income grew nearly twice the organic sales growth rate. and operating margin expanded over 100 basis points, excluding M&A. Adjusted EPS grew 21%, and we grew free cash flow 46% to $368 million year-to-date, and now expect to be at the high end of our previous range at $0.5 billion for the full year. Furthermore, free cash flow margin in the quarter was over 15%, surpassing the high end of our 2030 target communicated in May. We also continue to fund innovations like Vida, our game-changing industrial motor. Vida is installed with three large energy companies in North America, and now we have begun shipping goods pumps with Vida motors. As Stan, our global head of engineer, remarked, the best just got better. Now let's get into the details. On revenue, we saw broad-based organic growth in industrial process and connecting control as we continue to convert the robust backlog. IP grew 11% organically, mainly due to projects, which grew over 50%, including another strong top-line performance from Svanehoy, growing 34%. In August, I was with the Svanehoy team reviewing the testing of our new deep-well cargo and high-pressure fuel pumps. and they saw firsthand the shop floor full of beautiful, shiny new pumps ready to ship. CCT delivered 25% total growth bolstered by the Casari acquisition, or 6% organically, as defense momentum continues and aerospace demand ramps. And in MT, friction OE grew 4% organically, outperforming global auto production, once again led by an outstanding performance in China, where we keep on winning with BYD, Great Wall, Geely, and others. On profitability, we expanded margin 110 basis points excluding M&A. IP grew margin 70 basis points to nearly 22%, and Svanehoy also improved its profitability with EBITDA exceeding 20% this quarter. MT grew margin 210 basis points, driven by over 300 basis points of productivity savings, offsetting 120 basis points of inflation. NCCT grew margin 270 basis points, excluding Quesada dilution. The team continues to make progress on key customer price negotiations, which we expect to finalize now in Q4. On cash. a robust performance which allows us to pay down debt and lower our interest expense whilst funding investments for Vida and other game-changing innovations, including the GeoPad. The GeoPad is currently being tested on a dedicated platform with a large European OEM. More to come on this in the coming quarters. Given our strong performance to date, ramping contributions from acquisitions, and a lower effective tax rate, we are raising our full-year adjusted EPS output. Notably, the low end of our revised EPS guidance range is now above the previous high end. This represents 13% growth versus prior year, or 16% if we exclude the lost earnings from our 2024 Wolverine divestiture. This is a testament to our team's ability to deliver for our customers and our shareholders, day in and day out, no matter the environments. Emmanuel will talk more about our revised guidance shortly. Now, let's turn to slide four to talk about ITT's orders and revenue growth. As you recall from our Capital Markets Day in May, we demonstrated with numerous examples across all value centers how ITT's differentiation is driving our share gains. Let's spend a few moments to discuss this further, beginning with orders. Year-to-date, over the last three years, orders have grown 19% to over $3 billion, with strength across all segments and in attractive growing end markets, including defense and aero, rail, and energy transition. In motion technologies, the friction team once again continued to outperform in the market, and in Q3 alone, we won 10 high-performance platforms, and more than 40 electrified awards with leading OEMs in China, Europe, and North America. Our market share in China has grown from 31% last year to about 34% today. At the same time, KONI expanded its leadership position on global high-speed rail and defense platforms. In connect and control, orders were up 27% and 6% organic on the strength in aerospace and defense. and our acquisitions continue to perform ahead of expectations with strong orders growth in 2025 and a book-to-bill comfortably above one. Quesari grew orders 58% year-to-date with a book-to-bill of 1.2, thanks to awards on coveted defense platforms. This included content on a vertical launch system with a brand new customer. We work at Quesaria headquarters in Hudson, New Hampshire together with the ITT board earlier this month. We share with our board how built-in process quality drives Quesaria's differentiation. Thanks, Mike and team, for your accomplishments. I'm incredibly positive about the growth we will drive together in the years to come. On Svanehoi, Soren and team won orders of over $250 million year-to-date. This represents 59% growth versus the prior year and the book-to-bill of 1.6%. For the year, even with over 30% revenue growth, Svanoe expects to end 2025 with a book-to-bill of nearly 1.3%. This quarter, Svanoe secured a first-of-its-kind award to enter the U.S. land-based terminal market, which will involve the largest LPG pump in company history, capable also of handling ammonia. Notably, the Goose Pumps team, which has strong connections on terminals in the U.S., introduced Svane Oil to this customer. Well done, Johnny and team, for capturing this opportunity with a major U.S. EPC. Another strong year with ITT. All in, our year-to-date book-to-bill of 1.08 results in an ending backlog of nearly $2 billion, up 13% compared to prior year-end. For the full year, we continue to expect a book to build above one, which puts us in a strong position to grow again in 2026. Speaking of growth, a main driver of our revenue growth has been our flawless execution on pump projects. One example of this is our goods pumps team in Saudi. This team's performance secured another win rate of more than 95% in the last two years. In mid-November, I will be in demand with Bartek, Hamdi, and the local team to recognize this outstanding accomplishment and to join the ribbon-cutting of Phase 2 of our $24 million expansion to enhance our manufacturing and testing capabilities to meet our future growth. The last thing I would like to highlight on growth is that two-thirds of ITP's revenue growth since 2023 came from volume, and just one-third came from price. Clearly, we are gaining share. Now, let me turn the call over to Emmanuel to discuss our Q3 results in more detail.