Worthington Enterprises, Inc.

Good morning and welcome to the Worthington Enterprises second quarter fiscal 2026 earnings conference call.

All participants will be able to listen each other, our company, our customers, and our shareholders.

In the quarter, despite market conditions that continue to be mixed, we again delivered strong year-over-year growth in revenue, adjusted EBITDA, and earnings per share. Revenue in Q2 was up over 19% from last year. Excluding revenues from recently acquired Elgin, revenues increased by over 10% year-over-year. Our adjusted EBITDA grew by 8% year-over-year, and in the last 12 months, our adjusted EBITDA is now $284 million, up $49 million from where it was a year ago, despite a $15 million negative swing in our equity earnings from Clark Tetrick in that same period. In the last 12 months, our adjusted EBITDA margin is now almost 23% versus 20% a year ago. This strong performance gives us confidence that we are successfully navigating the current environment gaining share, and positioning ourselves for long-term outsized growth when end markets improve. Our strategy is to optimize our business by growing both organically and through strategic acquisitions while increasing our margins. We're making progress on each of these strategic pillars. We achieved 19% revenue growth in Q2, while our SG&A expenditures declined by 320 basis points as a percentage of sales, excluding Elgin, We grew revenues by 10% and held SG&A flat. Our EBITDA grew by $4.3 million as we continue driving value for our customers through innovative products and solutions. We continue to focus on acquiring companies in niche markets with sustainable competitive advantages. Yesterday, we announced our planned acquisition of LSI, a market leader in metal roofing components. LSI is a great company with an outstanding culture that we believe will enhance our position in engineered building systems, add resilient and retrofit-driven revenue, and create long-term value for shareholders. I'll share more details on LSI a bit later. As we optimize and grow Worthington, we will 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. We've generated a lot of momentum with new product launches and our reputation with customers continues to provide us opportunities to grow. For example, our innovation around large ASME water tanks that help cool data centers has led to increasing opportunities and several new orders. We're excited about the growth prospects we have in this space going forward. We also recently expanded our capabilities to include the refurbishment of large format propane tanks, an increasingly important service as our customers are using are utilizing a hybrid portfolio of new and refurbished tanks as part of their asset and cost management strategies. In addition, the innovation engine in our celebrations business continues to drive additional placement with retailers, and you'll soon be able to buy our Balloon Time products in Costco stores nationwide. Our teams continue to embrace AI in their work And our transformation mindset provides a framework for how we consider, conceptualize, and implement tools that help transform our business. The 80-20 initiative in our water business has had a positive impact on how we approach that business and our business globally. And we're making changes both commercially and operationally as a result. We've continued our integration of Elgin, which we acquired in June. Elgin's results in Q2 reflect our reset of those operations. Our focus on safety, the additions of new equipment, and attracting and retaining the best workforce possible temporarily limited our ability to shift to demand, which impacted Elgin's revenues and margins in the quarter and ultimately impacted our consolidated gross margins. We now have the team in place that we think will take that business to new heights and will believe that our efforts and investment for the long-term position Elgin exceptionally well to grow profitably moving forward. I mentioned how excited we are about our planned acquisition of LSI earlier, and we're happy to provide a few more details about what we think is a great business that will enhance our position in engineered building systems. LSI is a leading US manufacturer of standing seam metal roofing clips, components, and retrofit systems. It's a business we've known for some time, and it fully aligns with our strategy of adding leaders in niche markets with attractive margins, resilient demand profiles, and core manufacturing competencies that reflect our own. LSI's products are engineered into OEM-certified roof systems, creating meaningful requalification requirements and high switching costs. The business also benefits from longstanding customer relationships, its reputation for quality and reliability, and a domestic manufacturing footprint. We believe that LSI is a best-in-class operator in this category. The purchase price is approximately $205 million. LSI has a strong financial profile, and the last 12 months ended September the 30th. It reported adjusted EBITDA of approximately $22.4 million and net sales of $51.1 million. We expect LSI will be accretive to our adjusted EBITDA margins, adjusted EPS, and pre-cash flows. The transaction is expected to close in January of 2026, and we look forward to welcoming the LSI team to Worthington when it does. Cautious consumers, muted construction activity, and a sluggish housing market can create challenging market conditions. But our people, their talent, resilience, and creativity are enabling us to navigate the current environment very well and gain share as we grow organically and leverage our strengths to make strategic acquisitions. People are our most important asset, and we're pleased that our team continues to be recognized by others. For instance, this month, we were recognized by Computer World as one of the best places to work in IT for 2026. Newsweek again named us one of America's most responsible companies. And entering our country's America 250 celebration, we are honored to receive Victory Media's military-friendly designation with a gold rating the 11th consecutive year. We're very proud of our people and the work they continue to do, taking care of our customers and each other. We're executing well, and entering 2026, we're positioned to continue growing Worthington and creating meaningful value for all of our stakeholders. I will now turn it over to Colin, who will take you through some details related to our financial performance in the quarter.