AirBoss of America Corp.

Hello and welcome to the fourth quarter 2025 conference call for Airbus of America. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. And if you would like to ask a question, please press star one on your telephone keypad. I would now like to turn the conference over to Gren Shock. Please go ahead.

Thank you, operator. Good morning, everybody. And thank you for joining us for the Airbus fourth quarter quarter and annual 25 results conference call. My name is Grant Schoch. I'm the chairman and co-CEO of Airbus. With me today are Chris Pitsakakis, our president and co-CEO, Frank Gentile, our CFO, Chris Figuel, our EVP and general counsel. Our agenda today will start with a review of the operational highlights for the quarter and year, followed by a discussion of our financial results before we open the conference line to questions. Before we begin, I'd like to remind listeners that our remarks today contain forward-looking statements, including our estimates of future developments. We invite listeners to review risk factors related to our business in our annual information forum, our financial reports, and our MD&A, all of which are available on CDAR Plus and our corporate website. We may also discuss certain non-GAAP measures. Reconciliation of these measures are available in our MD&A. Finally, please note that our reporting currency is in U.S. dollars. Therefore, references today will be in U.S. dollars unless otherwise indicated. With that, I will now turn the call over to Chris Bitsakakis for the operational review.

Thank you, Glenn, and good morning, everyone. 2025 represented a marked improvement for Airbus compared to 2024, despite pronounced economic and geopolitical headwinds that affected each segment to varying degrees. Compared to 2024, 2025 concluded with a $23 million increase in consolidated revenue, a $12 million increase in adjusted EBITDA, and a free cash flow of $37 million, which helped drop our net debt to $67.6 million from $98.9 million at the end of 2024. This improved our net debt to trailing 12-month adjusted EBITDA to 1.99 times compared to 4.51 times at the end of Q4 2024. Despite the strong consolidated performance, Airbus Rubber Solutions, or ARS in particular, experienced significant market softness as key U.S. customers worked to establish new, more terra-friendly supply chains while working with pre-existing U.S. raw material inventory. Airbus Manufactured Products, or AMP, however, had strong performance across both its defense and rubber-molded products businesses, supported by deliveries under previously announced contracts and footprint optimization initiatives. Management at both segments continued implementing risk mitigation strategies in response to these challenges, including cost controls and continuous improvement initiatives that helped drive the concerted effort to improve profitability and strengthen the balance sheet. The company navigated ongoing uncertainty related to economic conditions, geopolitical developments, tariffs, inflationary pressures, and supply chain disruption while maintaining focus on executing its long-term strategic plan. Given the cross-border nature of its operations, a significant portion of products manufactured in Canada are sold into the United States and may be subject to existing or future tariffs. While most products currently qualify under USMCA or CUSMA, the company continues to evaluate and implement contingency plans to mitigate potential impacts under existing agreements and, more particularly, in advance of any future trade negotiations or agreement renegotiations. Despite this environment of continued economic uncertainty, management remains focused on converting key opportunities to support sustainable long-term growth. The company currently expects volume recovery at ARS to commence midway through 2026, although the timing and magnitude of recovery could be affected by additional tariffs duties or evolving trade restrictions or market conditions. ARS experience continued and pronounced softness in Q4 2025 compared to Q4 2024, with revenue contraction and reduced margins driven by overall softness in most customer sectors. This was primarily attributable to tariff-related market conditions as customers continued to manage potential exposure through the sale of preexisting inventories. As a segment, ARS continued to invest in research and development to support enhanced collaboration with customers and remains committed to executing its strategy focused on specialized products, expanded production of a broader array of specialty compounds, and enhanced flexibility in attracting and fulfilling new business opportunities. A&P experienced overall volume improvement in Q4 2025 compared to Q4 2024, primarily driven by its defense products business and improvements in the rubber-molded products business. The defense business had improvements in both revenue and gross profit, mainly driven by deliveries under recently announced awards. The rubber molded products had improved volumes despite continued volatility related to the original equipment manufacturers or OEMs, periodically shuttering production to rebalance vehicle inventory levels throughout 2025. During the quarter, the company substantially completed its relocation of its operations in Jessup, Maryland, to Auburn Hills, Michigan, to optimize its footprint. The business continued its focus on cost management, operational efficiencies, automation, and diversification into adjacent product sectors. Management also continued its focus on operational improvements and working with key customers to leverage opportunities aligned with its growth initiatives. The company's long-term priorities consist of the following. Firstly, to grow the core rubber solution segment by emphasizing rubber compounding as the core driver for sustainable growth and productivity, focusing on innovation in custom rubber compounding while aiming to expand market share through organic and inorganic means. while striving to achieve enhanced diversification by broadening of product breadth through technological advancements and investments in specialty compound niches. And secondly, to focus manufacturer products growth strategy on diversifying and expanding its range of rubber molded products while positioning current and future core defense products to take advantage of new growth opportunities within NATO and other partner customers around the world as many nations around the world set more aggressive defense spending goals. Airbus continues to focus on these long-term priorities while investing in core areas of the business to expand a solid foundation that will support long-term growth. I will now pass the call over to Frank for the financial review.