Worthington Enterprises, Inc.

and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information on these risks and uncertainties, please refer to our earnings release issued yesterday after the market closed, which is available on the investor relations section of our website. Additionally, our remarks today will include references to non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures can also be found in the earnings release. With that, I'll turn the call over to Joe for opening remarks.

Thank you, Marcus, and good morning, everyone. Welcome to Williamson Enterprises' Fiscal 2025 Fourth Career Learnings Call. It's been a great fiscal 2025 for us on several fronts. We're exceptionally proud of and grateful for our people who continue to work safely, taking care of each other and our customers. We're a people-first company, and our culture powers our success. So to all of my colleagues, thank you. In the quarter, we delivered year-over-year and sequential growth in revenue, adjusted EBITDA, and earnings per share. Driven by great work across our teams in building products and consumer products, our revenue in Q4 was up 14% from last year, excluding the deconsolidation of SCS, and was up 8% excluding both SCS and revenues after GASCO. Growth margin was 29.3%, versus 24.8%, and adjusted EBITDA margin in the quarter was 26.8% versus 19.8% in Q4 a year ago. Our results in Q4 reflect our strategy and action. We're delivering on the commitments we make to each other and to our customers every day as we optimize our current businesses and grow Worthington. And we continue to leverage the Worthington business system and its three growth drivers, innovation, transformation, and M&A to maximize both our near and long-term success. On the innovation front, we've made great strides this year. The success of our new Balloon Time Mini has created opportunities for us in new channels, and we recently began partnering with CBS. You'll soon be able to buy our suite of Balloon Time products in their stores nationwide. Halo's riddles continue to receive accolades from various publications, and in Q4, Men's Journal and CNET both named Halo as among the best riddles of 2025. Finally, Our power core cylinder was part of a solution 3M leveraged to develop their 3M fast bond water-based adhesives, which in April won the Adhesives and Sealants Council's 2025 Innovation Award. Our teams continue to focus on productivity improvements across our network by leveraging transformation. These efficiency gains, driven by automation and technology, continue to contribute to our success. Our team in the water business has made good progress as they embrace 80-20 as a way of thinking differently. While it's early, we're confident that 80-20 will have a positive impact on that business and eventually across more of our value streams. Strategic M&A that leverages our core capabilities is the third vital leg of the Worthington business system that powers our growth. Last week, we were in New Jersey with our new colleagues at LG Manufacturing announcing that acquisition. Elgin is a leader in HVAC components and structural framing for commercial buildings and is a strong strategic and cultural fit that complements our existing building products business. It's a great example of how we apply our investment criteria to identify and acquire companies with leading positions in niche markets that we believe will be accretive to our margins and cash flows. The Elgin team has much to be proud of. Above and beyond their over $115 million in LTM revenue and $13 million in adjusted EBITDA, they're positioned for growth. And we think we can help them accelerate that growth. LTM forms coiled steel, something with which we have deep experience. Their processes, go-to-market strategies, and end markets mirror ours, creating meaningful opportunities for synergies and growth. We are thrilled to welcome their 250 employees to Worthington and look forward to their contribution to our collective success. For seven years, we have championed the idea that people are our most important asset. That conviction makes it particularly gratifying for us in Q4 to have been named the top workplace in Central Ohio for the 13th consecutive year and in our first year as Worthington Enterprises. In the quarter, we also announced the U.S. Army Partnership for Your Success at our facility in Wisconsin, We're very proud to be part of this unique program partnering with the U.S. Army as they integrate veterans into the workforce after their service to our country. A powerful people-first performance-based culture continues to serve us exceptionally well, and we leverage that strength every day as we focus on both the near term, executing our strategies and managing tariff and economic uncertainty, and on our long-term growth aspirations and performance. While we're happy to be here today discussing our Q4 results, we are constantly thinking about and investing in our future. Leveraging our culture, the Worthington business system, and our strong balance sheet, we believe we are very well positioned going forward. Our focus is on our people, our customers, our value propositions, and the opportunities we have to continue to improve everyday life by elevating spaces and experiences, which will ultimately enable us to create long-term value for shareholders. We'll now turn the call over to Collins, who will take you through some details related to our financial performance in the quarter.

Thank you, Joe, and good morning, everyone. We delivered strong financial results in Q4 to close out our fiscal year, even with a few unique items impacting comparability. On a gap basis, we reported earnings from continuing operations of $0.08 per share compared to a loss of $0.64 per share in the prior year quarter. Our quarterly results included the following unique items. A negative impact from net pre-tax restructuring impairment and other one-time charges of $61 million or 98 cents per share. These charges were primarily related to a non-cash impairment associated with our General Tools and Instruments business for GTI and consumer products, along with a non-cash impairment charge related to our equity investment in the Sustainable Energy Solutions joint venture and related investments. Both GTI and SES represent relatively small portions of our overall business, and these actions reflect updated long-term assumptions for these assets, inclusive of the changing tariff landscape. The prior year quarter included pre-tax charges of $74 million, or $1.38 per share, primarily related to the deconsolidation of SES. Excluding these items, adjusted earnings from continuing operations was $1.06 per share, marking another strong quarter for us as Worthington Enterprises. This compares to adjusted earnings from continuing operations of 74 cents per share in the prior year quarter. Consolidated net sales for the quarter were $318 million, essentially flat compared to the prior year period. This reflects the deconsolidation of our former sustainable energy solution segment, which contributed $40 million in sales last year. Excluding SES in both periods, net sales grew nearly 14%, driven by higher overall volumes and contributions from the Regasco acquisition. Gross profit increased significantly to $93 million, up from $79 million in the prior year quarter, reflecting an approximately 450 basis point expansion in gross margin to 29.3%, consistent with the levels we reported in Q3. Adjusted EBITDA for the quarter was $85 million, up from $63 million in Q4 of last year, and sequentially higher from $74 million in Q3. Adjusted EBITDA margin was 26.8%, up from 19.8% last year. For the full fiscal year, adjusted EBITDA was $263 million, with a TTM adjusted EBITDA margin of 22.8%. The second half of our fiscal year tends to be seasonally stronger, and this year followed that pattern, suggesting a return to normalized seasonal trends. We've been adding capacity in our heating, cooling, construction, and celebrations product lines in response to our customers, who have in some cases seen significant increases in demand and value as domestic manufacturing partners. Turning to our cash flow and capital allocation, we continue to invest in our operations while maintaining a disciplined and balanced approach. During the quarter, we invested $13 million in capital expenditures, including $8 million related to our facility modernization projects. We also returned capital to shareholders paying $8 million in dividends and repurchasing 200,000 shares of our common stock for $10 million at an average price of $49.16 per share. Our joint venture has generated $41 million in dividends during the quarter, representing a 95% cash conversion rate on equity income. For the full fiscal year, we invested approximately $51 million in CapEx, including $25 million related to our facility modernization projects. We have approximately $40 million remaining to spend on these projects, and we expect the majority of this to be spent over fiscal year 26 with completion anticipated in early fiscal year 27. Cash flow from operations for the quarter was $62 million, and free cash flow was $49 million. For the full fiscal year, free cash flow totaled $159 million, representing a 103% free cash flow conversion rate relative to our adjusted net earnings. Turning to our balance sheet and liquidity, we closed the quarter with $303 million in long-term funded debt, carrying an average interest rate of 3.6%, along with $250 million in cash. Subsequent to quarter end, in mid-June, we used approximately $93 million of that cash to complete the recently announced acquisition of Elgin Manufacturing, Our leverage remains extremely low with ample liquidity supported by a $500 million undrawn bank credit facility. Net debt at quarter end was $53 million, resulting in a net debt to trailing adjusted EBITDA leverage ratio of less than a quarter term. Yesterday, our Board of Directors declared quarterly dividends of $0.19 per share, an increase of $0.02 or 12% relative to the dividend paid last quarter, payable in September 2025. We are very pleased to continue rewarding shareholders as we deliver strong earnings while prioritizing and investing in long-term growth. I will now briefly walk through our segment performance where both businesses delivered excellent results to close out the fiscal year. In consumer products, Q4 net sales were $126 million, essentially flat compared to the prior year quarter, with a slight increase in volume. Adjusted EBITDA was $21 million with a 16.6% margin, up from $17 million and 13.6% in Q4 last year. The improvement was driven by lower SG&A expenses and a more favorable product mix. the consumer team continues to execute well in Q4, delivering higher profitability despite uncertainty in the broader consumer environment. As we have seen throughout the year, volumes remain closely tied to point-of-sale activity, and while consumers remain cautious, our market-leading brands and strong retail partnerships position us well. Our products remain highly relevant and valued by consumers as they elevate everyday experiences around outdoor living, celebrations, and home improvement. With a solid foundation in place, we believe we are poised for long-term growth as market conditions normalize and consumer confidence in repair and remodel activity improves. In building products, Q4 net sales grew 25% year-over-year to $192 million, up from $154 million in the prior year quarter. This growth was driven by higher overall volumes, along with the contributions from the Regasco acquisition completed in Q1. Q4 is typically our strongest seasonal quarter for building products, and this year was no exception, with volumes up 19% both sequentially and year-over-year. Adjusted EBITDA for the quarter was $71 million, 37% of sales, compared to $52 million and 33.6% in the prior year quarter. The year-over-year increase in adjusted EBITDA was driven by volume growth and a combined $6 million increase in equity income from Wave and Clark Beatrick. Wave delivered another solid performance, while Clark Beatrick continues to navigate a mixed demand environment and competitive pressures exceptionally well. overall the building products team had a strong finish to the fiscal year and continued to win with customers by providing reliable service product innovation and value-added solutions our portfolio of market leading products and solutions support critical building systems and components that elevate the spaces where people live work and gather As we look ahead, we remain confident in the long-term outlook for our building products business, and the recent addition of Elgin Manufacturing strengthens our offerings and further supports our growth strategy. At this point, we're happy to take any questions.