Star Group L.P.

Good day and welcome to the STAR Group Fiscal 2025 Fourth Quarter Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the STAR key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press STAR then 1 on a touch-tone phone. To withdraw your question, please press STAR then 2. Please note this event is being recorded. I would now like to turn the conference over to Chris Witte, investor relations advisor. Please go ahead.

Thank you and good morning. With me on the call today are Jeff Woosman, President and Chief Executive Officer, and Rich Amberry, Chief Financial Officer. I would now like to provide a brief safe harbor statement. This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties and may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements of historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations are disclosed in this conference call, the company's annual report on Form 10-K for the fiscal year ended September 30, 2025, and the company's other filings with the SEC. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Unless otherwise required by law, the company undertakes an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this conference call. I'd now like to turn the call over to Jeff Woosnam. Jeff?

Thanks, Chris, and good morning, everyone. Thank you for joining our fourth quarter conference call. It's an exciting time for us as we conclude another fiscal year and begin a new heating season. As we close out 2025, it's a great opportunity to reflect on STAR's performance over the past 12 months. Most notably, temperatures were 8% warmer than normal this year, but 8% colder than in fiscal 2024. The lower temperatures, coupled with recent acquisitions, resulted in a 29 million gallon or 12% year-over-year increase in heating oil and propane volumes. At the same time, we kept overhead expenses largely unchecked, maintained disciplined margin management, and continued to invest in installation and service as a complementary service offering, which posted revenue growth of nearly 10% over fiscal 2024. The resulting bottom-line impact on these efforts, along with cooler temperatures, fueled a year-over-year increase in adjusted EBITDA of $24.8 million, or 22.2%. While net customer attrition rose modestly, we believe we are taking the necessary steps to manage through this with our ongoing focus on customer service across our operating footprint. Our internal customer satisfaction indicators and loss rates continue to improve, although we observed a lower level of overall real estate activity in the marketplace, which in part impacted new customer additions. Our acquisition program remains an important component of our overall business strategy, And in total, we completed four separate transactions during fiscal 2025, adding just under 12 million gallons of heating oil and propane volume annually. We continue to have many additional opportunities in various stages of review. In terms of overall capital allocation, in fiscal 2025, we invested approximately $81 million towards acquisitions and $16 million in unit repurchases and paid $26 million in distributions. We believe all of these activities serve to increase shareholder value. A recap of our results would not be complete without mentioning how proud I am of our talented team of employees who have not only supported but taken genuine ownership in effectively executing our strategy, a differentiating star from the competition through providing outstanding service and value to our customers. We are steadfast in our mission to grow and diversify the company by continuing to make both heating oil and propane acquisitions keeping net attrition as low as possible, and maximizing installation and service profitability over time. We look forward to taking advantage of further opportunities to improve the organization and its performance in fiscal 2026. So with that, I'll turn the call over to Rich to provide additional comments on the quarter and year-end results. Rich?