ITT Inc.

Welcome to ITT's 2025 fourth quarter conference call. Today is Thursday, February 5th, 2026. 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 the 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 Carlene Salvage, Vice President, Investor Relations, and FP&A. You may begin.

Thank you, Gigi, and good morning. Joining me in Stanford today are Luke Asavi, ITT's Chief Executive Officer and President, and Emmanuel Capre, Chief Financial Officer. Today's call will cover ITT's financial results for the three and 12-month periods ended December 31, 2025, which we announced this morning. 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 where otherwise noted, the fourth quarter and full year results we present this morning will be compared to the fourth quarter and full year 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 is now my pleasure to turn the call over to Luca, who will begin on slide three.

Thank you, Caroline, and good morning. Before we begin, I want to introduce Caroline Salvage, our new Vice President of Investor Relations and Financial Planning and Analysis. Caroline brings extensive experience in financial and operational leadership and is returning to ITT, where she spent over nine years in roles of increasing responsibility and culminating in the position of Vice President and CFO of Industrial Process. In her new expanded role at ITT, Carleen will lead our global IR and FP&A organization, driving ITT's performance and continuing to provide compelling communication of our long-term value proposition. Welcome, Carleen. We're very happy to have you back. I would like to thank both our existing and new shareholders for participating in the equity raise we completed in December to fund the pending XPX Flow acquisition. We're grateful for your support, and we will work hard to make this acquisition a success. Finally, I'm also deeply grateful to our IT tiers for their contributions in 2025, a year that marked a milestone in the execution of our long-term strategy. I'm humbled by what you have accomplished. Now to the results. The dominant theme of the year was growth, and we delivered growth across every metric at line of capital markets today. Revenue, margin, cash, orders, and all these compounded with M&A. Let's get into 2025 financial highlights. We grew revenue 8% in total and 5% organically. We grew EPS 14%, or 18%, excluding the $0.16 impact from the Walgreens divestiture and the $0.03 dilutive impact from the equity offering related to the pendent fixed-flow acquisition. We grew operating income 11% and expanded margin by 40 basis points to 18.2%. In addition, our recent acquisitions, Zvanehoi and Caesarea, both expanded margins compared to prior years. The fourth quarter was equally strong. ICT hit a milestone with orders and revenue both exceeding $1 million for the very first time. Orders grew 15% or 9% organic. Specifically, CCT grew an outstanding 40% organic with equal contribution from our legacy business and from Kesaria. Revenue grew 13% or 9% organic. Of note, both IP and CCT grew more than 11% organically. Operating margin grew 90 basis points to 18.4% with all segments expanding versus prior year. EPS of $1.85 grew 23% and 26% excluded the dilutive input of the equity raised to fund the pending SPX flow acquisition. I would also like to take a moment to underscore our cash performance in 2025. We grew free cash flow to over $550 million, up 27%. Free cash flow margin of 14% was up 200 basis points. Cash conversion was well over 100. And during the year, we put this cash to work, investing in productivity, growth and innovation, as well as deploying $500 million to repurchase shares early in 2025. Now turning to drivers of future growth, we grew orders 10% to $4 billion, up 5% organically. Backlog ended at $1.9 billion, up 18% year-over-year. We continue to look for ways to elevate our commercial performance and win market share in all our businesses. Earlier this year, we held our first sales conference, S-WIN, where the ITT sales team spent two days together in the Middle East to review our performance, hear from our customers, learn from various speakers, and strategize to win and conquer in 2026 and beyond. Looking at our investments in new products, wider inflow and high performance inflection will continue to feed the growth in previously unaddressed markets. And the pending acquisition of SPX Flow, the largest in recent ITT history, will be a significant accelerator as we focus on a higher growth, higher margin flow business. On SPX Flow, we still expect to close the transaction in March. Let me share a few highlights on their performance for 2025. Total orders grew in the mid-teens for the full year, driven by strength in the nutrition and health segment and in mixers. Backlog was up in the high teens with a book to be comfortably above one. EBITDA margin was in line with our expectations with significant runway for expansion driven by volume growth, pricing, operational efficiencies, and synergies. On the integration front, our teams are preparing for day one readiness. We're identifying best practices to deploy and defining priorities and integration must-haves. We are currently defining the future organizational structure and aligning on performance measures to ensure clear and effective accountability and delivery. We are also very happy to have secured many key leaders from XPX Law ahead of closing who are fully engaged for the long-term success of this new platform. And from a synergy standpoint, expected savings related to G&A are on track. We continue to identify further procurement synergies and we're evaluating footprint and best cross-country opportunities to plan for seamless execution, leveraging SPX flow size in Poland and China. Let's return to ITT on slide four. I would like to talk about the incredible work our sales and engineering teams have done this past year to win in the marketplace and ensure we sustain the high single-digit growth ITT delivered over the past five years. As we discussed during Capital Markets Day, we're focused on delivering growth organically and through M&A. On the organic front, I want to elect three specific platforms for growth. Flow. What honestly started as an opportunistic award in decarbonization in Australia has grown into an approximately $50 million win for our Bornemann multi-phase pumps. Bornemann's technological superiority convince the customer to source us on the entire project, consisting of three expansion phases. We ship the first system in Q3 of 2025, and we deliver the follow-on system in 2026 and 2027. Great job, Jeroen and Boneman team. In Latin America, we are supporting Argentina's oil production ramp. And our BB3 pumps were chosen for one of the largest unconventional oil reserves outside of North America. This was thanks to the perseverance of Gabriela and Fernando, who executed the perfect commercial strategy for a project where we started as the underdog. Finally, we're working our way to supply 100% of the biopharma diaphragm valves for a leading GLP-1 drug maker for their U.S. and European expansion phases. Our patented Envision technology and the intimacy we developed with both the EPC and the end user made it happen. Moving to defense. Anodyne, a leading brand of rotorcraft energy absorption, is benefiting from defense modernization. Specifically in the U.S., we've been selected for the development of a FLARA energy absorption system by Bell. This is a platform that could be worth more than $60 million over 10 years, starting in 2028. Connectivity is another growing trend in defense that continues to benefit our connector business. In 2025, we grew orders by 27% as we secure several high-profile soldier-worn and drone applications. In land defense applications, Connie HydroRide is rapidly gaining shares in the U.S. and Europe, on marquee platforms that spending ramps up. Connie Defense Business is approaching $15 million in orders after growing more than 70% in 2025. Finally, on transportation. In Q4, we renewed a multi-year contract that will ensure aerospace controls supports Boeing growth plans. Great job, Yelena and aerospace team. In rail, Corning keeps on gaining market share as the only validated source of the CR450 high-speed train platform, thanks to the incredible work of Tim and Charles. And I could not talk about platforms for growth without mentioning our friction business, which has outperformed global OE production again for the 13th year in a row, whilst our team in Barge continues to make progress on the geopack. are a material that is now in trials with a major European OEM for a start to production in 2028. Amazing job, Umberto and Alessandro. As you can see, we have a long organic growth runway ahead of us at ITT. We are compounding it with M&A, as you have seen with Svaneoi in marine energy transition, with Caesarea in defense, and now with the SPX floor position, they will expect to close in March. Let me now turn the call over to Manuel to discuss Q4 results in detail.