MUELLER WATER PRODUCTS

It is now my pleasure to turn the call over to Whit Kincaid. Thank you, sir. You may begin.

Whit Kincaid Good morning, everyone. Thank you for joining us for Muir Water Products' fourth quarter and fiscal 2025 conference call. Yesterday afternoon, we issued our press release reporting results of operations for the quarter and year ended September 30th, 2025. A copy of the press release is available on our website, newerwaterproducts.com. I am joined this morning by Marty Zakis, 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 to one question and 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-GAAP disclosure requirements. At this time, please refer to slide two. This slide identifies non-GAAP 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-GAAP and GAAP financial measures are included in the supplemental information within our press release and on our website. Slide 3 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 2 and 3 in their entirety. During this call, all references to a specific year or quarter, unless specified otherwise, refer to our fiscal year, which ends on the 30th of September. A replay of this morning's call will be available for 30 days at 1-866-388-5360. 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 Marty.

Thanks, Whit, and good morning, everyone. Thank you for joining our fourth quarter and fiscal 2025 earnings call. Before we discuss our results, I would like to briefly address the announcement made yesterday. After almost two decades at Mueller, I will be retiring as chief executive officer and a member of the board of directors effective February 9th, 2026. It has been the highlight of my career to lead this talented team and company with such a rich legacy and heritage. Since joining Mueller in 2006, we've driven growth, delivered innovative and sustainable solutions, and strengthened our commitment to customers and the communities we serve. Paul has played an important role in these achievements. His deep understanding of our industry, portfolio of products and solutions, operations, and customer relationships combined with his leadership positions Mueller for continued success. The transition will be effective February 9th, 2026, and I will serve as a special advisor through the end of calendar 2026 to ensure a smooth handover. With that, I'll recap our fourth quarter and full year performance and then turn it over to Paul. We closed the year on an exceptional note, delivering another record-breaking performance with our fourth quarter net sales and adjusted EBITDA exceeding the high end of our expectations. Net sales growth of 9.4% in the quarter reflected strong volume gains and improved price realization, demonstrating enhanced commercial execution and resilient end market demand. Our team's unwavering commitment and relentless focus on operational excellence and customer service enabled consolidated gross margin expansion of 500 basis points in the fourth quarter. Record results set new benchmarks for quarterly adjusted EBITDA and adjusted EBITDA margin, with adjusted EBITDA margin exceeding 24%. Adjusted net income per share grew 73% year-over-year to 38 cents per share, which exceeded the record level from last quarter. I am incredibly proud of how our organization continues to execute our strategy and deliver value for all our stakeholders. In 2025, even as we navigated a complex external operating environment, we achieved record levels for net sales, gross margin, adjusted EBITDA, and adjusted net income per diluted share. Our annual performance significantly exceeded the initial annual expectations for net sales and adjusted EBITDA, which we provided a year ago. This year was marked by exceptional achievements and continued progress. We increased net sales by 8.7% to over $1.4 billion, reflecting strong demand and effective execution. Adjusted EBITDA grew 14.6% year-over-year to a record $326 million, with our adjusted EBITDA margin expanding 110 basis points year-over-year to 22.8%. For the year, we delivered record adjusted net income per share of $1.31, an increase of approximately 37% year over year. We generated $172 million of free cash flow and returned $57 million to shareholders through dividends and common stock repurchases. We recently increased our quarterly dividend for the 11th time since 2014, underscoring our commitment to delivering long-term value. Our transformation over the past two years has delivered remarkable results, including expanding our gross margin by more than 600 basis points. We are energized by the progress we've made and the opportunities ahead as we continue to invest across all aspects of our business. Our performance over the past few years reinforces our team's commitment to driving further improvements and leveraging favorable market trends in infrastructure spending. Looking ahead, we expect to deliver continued net sales growth and margin expansion in 2026, which Melissa will describe later in the call. I'll now turn it over to Paul to address some of our commercial and operational insights and highlights.