Valmont Industries, Inc.

Greetings and welcome to the Belmont Industries Incorporated fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. We ask that you please limit yourself to one question and one brief follow up question and return to the queue. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Renee Campbell, Senior Vice President, Capital Markets and Risk. Ms. Campbell, you may begin.

Good morning, everyone, and thank you for joining us. With me today are Abner Applebaum, President and Chief Executive Officer, Tom Liguori, Executive Vice President and Chief Financial Officer, and Eric Johnson, Chief Accounting Officer. Earlier this morning, we issued a press release announcing our fourth quarter and full year 2025 results. Both the release and the presentation for today's webcast are available on the investor's page of our website at valmont.com. A replay of the webcast will be available later this morning. To stay updated with Valmont's latest news releases and information, please sign up for email alerts on our investor site. We'll begin today's call with prepared remarks and then open it up for questions. Please note that this call is subject to our disclosure on forward-looking statements, which is outlined on slide two of the presentation and will be read in full after Q&A. With that, I'd now like to turn the call over to Avner.

Thank you, Renee. Good morning, everyone, and thank you for joining us. I'd like to start with the full year highlights and key messages summarized on slide four. 2025 was a solid year for Valmont. Our team delivered strong performance as they continue to navigate a mixed demand environment, delivering unique, value-added solutions for our customers. We strengthen our core to support future value creation. Our track record of success is grounded in a clear understanding of our customers' need and our core strength in serving them. They're managing multiple demand drivers, including load growth, aging infrastructure, and increasing complexity. In this environment, reliability, quality, and on-time delivery are critical to their financial and operational performance. Delivering consistently at scale requires discipline execution, and that discipline guided our actions throughout the year. We simplified the business, sharpened our priorities, and aligned capital and resources where execution drives the greatest positive impact. As a result, Valmont is more resilient, more aligned, and better positioned to support our customers. I want to thank our nearly 11,000 employees around the world for their dedication and efforts throughout the year. Their work has strengthened the foundation of the business and positioned Valmont well for what we expect to be strong growth in 2026 and beyond. Turning to slide five, I want to highlight how our actions in 2025 are providing us with momentum as we move into 2026. In utility, customer demand for large-scale projects to support grid expansion and rising electricity load remains strong. This past year, we increased capacity to serve that demand through targeted investments in equipment, layout optimization, and workflow redesign. We also began deploying AI-enabled scheduling and planning tools to improve throughput. Together, these actions position us to support continued growth in 2026 and beyond. In agriculture, we made progress this year on structural programs that improve profitability. In a challenging market, our customers are looking to their partners to help them do more with fewer resources. We'll continue to drive value through disciplined cost management and improving the customer experience with better parts availability and easier e-commerce ordering. We'll also advance integrated tech and innovation that improves efficiency for growers. Altogether, these efforts are positioning the business to emerge stronger when markets recover. Across the company, disciplined resource allocation, an unwavering commitment to safety, and continuous improvement remain foundational to our performance. Now turning to slide six for an infrastructure market update, starting with utility. Utilities are planning multi-year increases in capital spending to support load growth, grid expansion, and resiliency. Data centers and AI-related infrastructure are contributing to that demand. Customers trust Valmont for complex transmission, distribution, and substation projects where execution and reliability are critical. We entered 2026 with $1.5 billion in backlog, up 22% from a year ago, largely driven by utilities. As our incremental capacity comes online, we expect to convert that demand and support continued profitable growth. We remain a trusted partner of choice across the full project lifecycle due to our market expertise, engineering capabilities, and scale manufacturing. Our lighting and transportation business enters 2026 with a positive and improving outlook. Transportation markets are supported by ongoing DOT programs and infrastructure funding. In North America, lighting demand is stabilizing. International markets are also contributing to growth. Our focus remains on discipline execution. We are enhancing service level and operating performance as demand strengthens. Codings is also positioned for growth in 2026. Demand is supported by infrastructure investment and expanding data center activity. This business remains a critical part of our value proposition. It protects steel structures, extends asset life, and supports the reliable long-term infrastructure performance. In telecommunications, carrier capital spending has normalized. Our components business continues to benefit from alignment with carrier programs and a high service operating model. During the fourth quarter, we acquired the remaining 40% of Concealfab. Full ownership of Concealfab adds control of differentiated technology and an innovative product pipeline to our portfolio. It strengthens our ability to support customers investing in 5G, broadband expansion, and next-generation wireless deployment. Overall, infrastructure enters 2026 from a position of strength. Demand trends are durable. Capacity investments are translating into better execution and improved throughput. Our focus on the right growth areas support continued momentum. Turning to slide seven, looking at the demand outlook for agriculture in 2026, we see North America as stable. International is likely to be down compared to the first half of 2025, but broadly in line with the second half. USDA forecasts suggest a cautious grower environment. Thus, we are not assuming a near-term recovery in North American equipment demand, and our outlook reflects a disciplined view of market fundamentals. At the same time, profitability is supported by pricing and cost discipline. Targeted investments in technology and our aftermarket platform are helping mitigate the impact of lower equipment volumes, even in a softer market. In Brazil, tight credit availability, and delays in government-backed financing continue to weigh on near-term demand. Over the longer term, Brazil remains an attractive growth market. Strong agronomic conditions, multiple crop cycles, and a compelling ROI for irrigation equipment support future investment. In the Middle East and Africa, project activity is driven by food security priorities. government-led investment continued to support large-scale irrigation projects. We continue to advance our strategic priorities in technology, aftermarket, and international markets. These actions position agriculture to emerge stronger through the cycle. In January 2026, we acquired the remaining 80% of Rational Mines, a Canada-based engineering firm with expertise in advanced irrigation controls, communication, and connectivity. This acquisition strengthens the engineering capabilities of our valley irrigation platform and advances our technology roadmap, enhancing our digital capabilities that support our products, systems, and our global dealer network. Turning to slide eight. As we look to 2026, Valmont is positioned for a strong year of growth with the capabilities and scale to execute and create long-term value. This year, we will celebrate our 80th anniversary. While the company has evolved significantly since its founding in 1946, the core values established at the beginning, passion, integrity, continuous improvement, and delivering results, remain central to who we are. Guided by those values, we continue to invest in our people, capabilities, and products to deliver more for our customers. Finally, I'm pleased to announce that we plan to host an Investor Day on Tuesday, June 16th in New York City. We look forward to sharing a deeper view of our strategy and long-term financial targets. More details will follow, and we hope you'll join us. I'll now turn the call over to Tom to review our financial results and 2026 outlook. Thank you, Avner.