MUELLER WATER PRODUCTS

Welcome and thank you for standing by. Your lines have been placed on the listen-only mode until the question and answer session. At that time, if you would like to ask a question, you may press star one. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now I'll turn the call over to Whit Kincaid. You may begin.

Good morning, everyone. Thank you for joining us for Muir Water Products' Third Quarter Conference Call. Yesterday afternoon, we issued our press release reporting results of operations for the quarter ended June 30th, 2025. A copy of the press release is available on our website, muirwaterproducts.com. I'm joined this morning by Marty Zakus, our Chief Executive Officer, Paul McAndrew, our President and Chief Operating Officer, and Melissa Rasmussen, our Chief Financial Officer. Following our prepared remarks, we will address questions related to the information covered on the call. As a reminder, please keep the one question in a follow-up and then return to the queue. This morning's call is being recorded and webcast live on the internet. We have also posted slides on our website to accompany today's discussion. They also address forward-looking statements and our non-GAP disclosure requirements. At this time, please refer to slide two. This slide identifies non-GAP financial measures referenced in our press release on our slides and on this call. It discloses the reasons why we believe that these measures provide useful information to investors. Reconciliations between non-GAP and GAP financial measures are included in the supplemental information within our press release and on our website. Slide three addresses forward-looking statements made on this call. This slide includes cautionary information identifying important factors that could cause actual results to differ materially from those included in forward-looking statements. Please review slides two and three in their entirety. During this call, all references to a specific year or quarter and less specified otherwise refer to our fiscal year, which ends the 30th of September. A replay of this morning's call will be available for 30 days at -470-4775. The archived webcast and corresponding slides will be available for at least 90 days on the investor relations section of our website. I'll now turn the call over to Marnie.

Thanks, Witt. Good morning, everyone. Thank you for joining our third quarter earnings call. I'll start with a brief overview of our performance and then turn it over to Paul. We achieved an impressive third quarter, setting new records for consolidated net sales, gross margin, and adjusted EBITDA, even amidst heightened macroeconomic and geopolitical uncertainty. Net sales increased .6% in the quarter, supported by resilient end markets and strong performance for repair products. Our gross margin exceeded 38% this quarter, reflecting a significant sequential improvement of 320 basis points. Our teams executed well, capitalizing on higher than expected order levels and driving manufacturing efficiencies despite the challenges posed by the recently enacted tariffs. We are pleased with the expected positive impact of closing our legacy brass foundry, which has contributed to our overall success. Adjusted EBITDA and net income per diluted share both achieved third quarter records. During the quarter, we generated $56 million of free cash flow after investing approximately $12 million in capital expenditures. We continued our balanced approach to cash allocation, returning approximately $20 million to shareholders through our quarterly dividend and share repurchases. We are on track for record annual results for the second consecutive year and are pleased to be raising our annual guidance for 2025 net sales and adjusted EBITDA. Our teams are skillfully navigating the challenging external operating environment while maintaining an unwavering commitment to exceptional customer service. Their successful execution of commercial supply chain and operational initiatives is effectively mitigating the impact of the enacted tariffs and enhancing our manufacturing efficiencies. Our updated annual guidance points to a strong finish for the year, supported by net sales growth and margin improvement. We recently published our annual ESG report, sharing our ongoing progress to becoming a more sustainable, innovative and impactful organization. The report provides a lens into many aspects of our business, including our products, operations, culture and employees. Throughout our history, we have been working to support and enhance our sustainability efforts while creating innovative solutions that help solve real world problems for our customers, communities and industries. What started as a small machine shop in Decatur, Illinois in 1857 has turned into a trusted name, iconic brand and leader in water distribution. Some of the notable achievements from 2024 include ushering in a new era of production with the opening of our brass foundry using a new silicon-based lead-free brass alloy for valves and fittings. We achieved our leak detection target early, successfully identifying an estimated 7.7 billion gallons of water loss savings for clients through our Ecosure leak detection technology since 2020. We have increased the target to help clients identify a total of 18 billion gallons of water loss by 2029, using 2020 as the baseline. These two accomplishments represent only a small selection of the significant milestones achieved throughout Mueller's extensive and impressive history. Our vision is to be the leader in water infrastructure solutions, solving challenges, enriching lives and safeguarding the future. Looking ahead, we aim to drive continuing progress through our innovative solutions that help solve real world problems for our customers, communities and industries alike. We recognize the significant challenges ahead, but with our rich history, spirit of innovation and dedicated employees, we have shown that we are more than capable of addressing them. The hard work and dedication of our employees have been and will continue to be the driving force behind our success. I couldn't be more grateful for their Tyler's energy and passion in serving our stakeholders. With that, I'll turn it over to Paul.