Loar Holdings Inc.

Ladies and gentlemen, thank you for your interest in Laura Holdings' conference call. Please continue to stand by. The presentation will begin momentarily. Thank you. Thank you. . . . Greetings, and welcome to the Lore Holdings Q1 2026 Earnings Call. At this time, all participants are in a listen-only mode. Question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ian McKillop, Director of Investor Relations. You may begin.

Thank you, Brock. Good morning, everyone, and welcome to the Lohr Holdings Q1 2026 Earnings Conference Call. Presenting on the call this morning are Lohr's Chief Executive Officer and Executive Co-Chairman, Dirksen Charles, Executive Co-Chairman, Brett Milgram, Treasurer and Chief Financial Officer, Glenn D'Alessandro, as well as myself, Ian McKillop, the Director of Investor Relations. Please visit our website at loregroup.com to obtain a slide deck and call replay information. But before we begin, we'd like to remind you that statements made during this call, which are not historical, in fact, are forward-looking statements. For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, please refer to our website and latest filings with the SEC, available through the investor relations section of our website or at sec.gov. We'd also like to advise you that during the call, we will be referring to adjusted EBITDA margin, adjusted net income, and adjusted earnings per share, each of which is a non-GAAP financial measure. Please see the tables and related footnotes in the earnings presentation for the most directly comparable GAAP measures and applicable reconciliations. To begin today, I'll now turn the call over to Dirksen.

Thanks, Ian. Good morning, everyone. I'm Dirksen, founder, CEO, and executive co-chairman of Law. As you all know, Law was founded with the mission and vision to build an aerospace industrial cash compounder wrapped in a culture that all our mates can be proud of. Thirteen weeks ago, I shared with all of you how excited I was about what we would accomplish in 2026. I stated that we planned on achieving record financial results through consistent and resilient performance. The results for Q1 of 2026 are all quarterly records for sales, adjusted EBITDA, and adjusted EBITDA margins. More importantly, our cash conversion coverage to net income was 230%. Our strong Q1 provides a resilient foundation for 2026, positioning us to break all our annual records, strengthen orders from our customers, resulting in a book bill ratio of greater than 1 for 2 times, The tremendous progress we have made towards launching new business and continuing to successfully execute on our value drivers also strengthens our confidence in achieving a record-breaking 2026. But first, let's take a moment to check two of the boxes we shared with you during our IPO process two years ago. We said in a short period of time, we would achieve 40% adjusted EBITDA margins. In a word, check. We also stated that we had a balanced and resilient portfolio of products, platforms, and end markets, which would allow us to perform in spite of most headwinds in the industry. Again, check. During the first quarter, we had reduced sales in our defense end market, which we have always said can fluctuate unexpectedly. The year-over-year decline reflects a deviation from our customers' normal ordering pattern for the F-18 brakes and RC-135 auto trottles. These proprietary products supplied exclusively by us are shipped at the discretion of our customers and are significantly sensitive to the ebb and flow of the defense end market. Q1 highlighted reduced demand for these proprietary products. However, if history provides any indication, we expect our customers to return to the habitual, albeit somewhat unpredictable, ordering patterns for the remainder of 2026. I will emphasize that despite the Q1 decline in sales, our book-to-bill ratio in the defense end market was the highest of our end markets during Q1 of 2026, and we ended the quarter with record backlog for our defense products. With that said, the Q1 defense sales results were more than offset by the strength in our commercial OE and aftermarket end markets. This quarter allows us to demonstrate what we always say. We realize financial success in all the end markets we support. We do not take a razor razor blade approach in our business model and take into account the totality of all the sectors we supply. So during a quarter when our highest growth end market was commercial OE, we achieved record adjusted EBITDA margins. Once again, I love it when the numbers prove what we say. In addition, I'm happy to say that collaboration across our business units continues to drive increasing opportunities for top-line growth. As a result, our new business pipeline is at a record high of approximately $700 million. Today, Ian will take you behind the curtain of our new business pipeline so you can get a greater appreciation for why we believe we will grow our new business sales organically at the higher end of our long-term goals. of one to 3% each year for the next few years. With that said, Law is a family of companies with a simple approach to creating shareholder value. First, we believe that providing our business units with an entrepreneurial and collaborative environment to advance their brands, we will generate above market growth rates. Since our inception in 2012 to the end of calendar year 2025, we have grown sales and adjusted EBITDA at a compound annual growth rate that's over 30% and 40% respectively. Second, we execute along four value streams. We identify pain points within the aerospace industry and look to solve those problems through organically launching new products. In calendar year 2026, we expect that new product growth will be the number one driver of our organic growth as we qualify new parts in the first half of the year, fueling increased sales starting the second half of 2026. We focus on optimizing the way we manufacture, go to market, and manage our companies to enhance productivity. Each year we identify initiatives that allow us to continually improve our performance. Historically, we focus on one or two major efforts that expect us to expand margins. We continuously investigate ways to improve how we mine, collect, gather, and utilize data, enhancing our management, ERP, and other systems and processes which allows us to efficiently leverage such data and drive financial and operational efficiencies. Year over year, we achieve more price than our cost of inflation. Executing this strategy results in continuously improving margins on an annual basis, except for the occasional temporary dilution due to acquiring a business with diluted margins. Lastly, and more importantly than anything else, we are committed to developing and improving the talent of all our mates because our success is solely a result of their dedication and commitment. So thank you to all my mates. With that, let me turn it over to Brett to walk you through the key characteristics of our portfolio.