Ferrellgas Partners, L.P.

Welcome to the Ferrell Gas Partners LP Q4 2025 earnings conference call. I would like to turn this call over to Michelle Magai. Go ahead, Michelle.

Thank you, Josh. Good morning, everyone. Thank you for joining us today for our fourth quarter earnings conference call. I'm Michelle Magai, Vice President, Corporate Affairs, the company's investor relations contact. With me today is Tamria Zertucci, our President and Chief Executive Officer at and Nick Hymer, Feral Gases Controller. Today's call includes prepared remarks where Tamria and Nick will go over our fourth quarter and full year results for fiscal 2025. Please note this call may contain forward-looking statements as determined by federal securities laws. For this purpose, any statement made during this call that are not statements of historical facts may be deemed forward-looking statements. These statements may be affected by important factors set forth in our filing with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in any forward-looking statement. We undertake no obligation to publicly update any forward-looking statement except to the extent required by law. Please refer to the 8K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. This morning's conference call is being webcast and is also available for replay via our website. With that, I will turn the call over to Tamria.

Thank you, Michelle. Welcome to our fourth quarter fiscal 2025 earnings call. Our vision is to be the propane logistics company most admired for its people, its partnerships, and its performance. We strive to achieve this by growing our business safely through operational excellence and consolidation. This vision is supported by our core values, which guides how we operate, how we grow our business, and how we show up for our customers, our communities, and each other. You see the results of our strategy in our financial performance our leadership team, and all of our employees, truly the best in the industry, continue to deliver consistent results, overcoming headwinds, and embracing opportunities. The results of our employee owners' unwavering attention to operational execution over the past few years has continued to produce overall benefit to the company. Adjusted EBITDA for the company increased $13.3 million compared to prior year reflecting improved route planning, disciplined cost control, and enhanced service efficiency. As we became more efficient, we also became more consistent, and that consistency helped increase customer retention. Fuel spend decreased by $4.5 million, thanks in part to our telematics technology, which continues to reduce idling and improve our fleet performance. Company volumes increased by more than 20 million gallons compared to prior year because of targeted growth strategies and delivery optimization. Year over year, our high-performing retail teams are executing exceptionally, focusing on controllable metrics like customer retention, margin expansion, and expense savings, all of which are driving sustainable growth. For the wholesale team, sales were up 41.6 million or 8% for the full year. This team has also worked diligently to design and implement a new commodity risk trading and management software. Blue Rhino continues to grow and win new customers while also improving fill rates, strengthening its capacity replenishment, and making smart infrastructure investments that will boost productivity in the future. We advanced our vending initiatives to make propane purchases faster and more convenient for consumers at over 2,000 Blue Rhino locations nationwide. This reduces the transaction time, and we use next-generation automated kiosks. Finally, extreme weather continues to offer Blue Rhino opportunities to serve our customers when other energy sources are limited or fail. Feral Gas's community impact is also growing. Our nationwide presence paired with our employee owners' expertise, we use our technology to give us the ability to rapidly assist communities across the country. We believe strongly in giving back to the communities that we serve. We do this through the Feral Gas Century Project Initiative. That's why we're proud to share that in FY25, We donated over 3,000 coats to children in need through our partnership with Operation Warm. We helped Operation Barbecue Relief serve more than 1.5 million meals to people who were impacted by natural disasters. We do this by donating the propane that powers OBR grills and smokers. We supported more than 200 local events, sponsorships, and charities across the country. And that local support, it did include ongoing Hurricane Chalene recovery efforts in North Carolina, as well as supporting veterans and first responders. Giving back, it's not just what we do. It's who we are. And it reflects the teamwork and ownership that defines FerroGas. FerroGas was recognized through one of its employees as Technology Leader of the Year. This was by Samsara. and part of their Connected Operations Awards. We were also recognized by the National Propane Gas Association's Annual Safety Awards through one of our safety leaders. Our employees are shining examples of the talent and dedication that truly fuels our success and delivers on our promise to our customers. Fiscal 25 performance reflects our team's continued focus on disciplined execution and operational excellence. We also have been successfully navigating external headwinds such as tariffs and supply chain challenges through our careful planning and proactive sourcing strategies. These achievements to date define who we are at Ferrell Gas, and I'm confident in future success. We are prepared and ready for fiscal 26. With that, let's turn to our fourth quarter and full year operational highlights. Nick?