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Hello, everyone. Thank you for joining us, and welcome to Myers Industries 2026 1st quarter results conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the call over to Meghan Beringer, Senior Director of Investor Relations. Megan, please go ahead.

Thank you. Good morning, everyone, and welcome to Myers' first quarter 2026 earnings review. Joining me today are Aaron Schapper, President and Chief Executive Officer, and Samantha Rutty, Executive Vice President and Chief Financial Officer. After the prepared remarks, we will host a question and answer session. Earlier this morning, we issued a press release outlining our first quarter financial results. In addition, a presentation to accompany today prepared remarks has been posted. This documents are available in the investor relations section of our website at myersindustries.com. This call is being webcast live on our website and will be archived along with the transcript of the call shortly after this event. Please turn to slide 3 of the presentation for our safe harbor disclosures. I would like to remind you that we may make some forward-looking statements during this call.

These comments are pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve risks, uncertainties, and other factors which may cause results to differ materially from those expressed or implied in these statements. Further, information concerning these risks, uncertainties, and other factors are set forth in the company's periodic SEC filings. Also, please be advised that certain non-GAAP financial measures, such as adjusted gross profit, adjusted operating income, adjusted EBITDA, and adjusted earnings per share may be discussed on this call. Finally, all results presented and discussed in today's call are from continuing operations. Now, please turn to slide 4 of our presentation as I turn the call over to Aaron.

Thank you, Megan. Good morning, everyone, thank you for joining us. I will begin today's call with a review of our first quarter, followed by an update on our focused transformation program. Sam will then provide a detailed review of the first quarter financials and our outlooks for the year. Turning to slide 5. We began 2026 on a positive trajectory, building on the momentum we created in 2025. The team performed well, delivering revenue growth, improved earnings, and strong cash flow. We are continuing to see benefit from our focused transformation initiatives to improve margins, increase operating efficiency, and instill a culture of continuous improvement across the organization. First quarter adjusted EPS improved 57.1% year over year, and adjusted EBITDA increased 27%. Free cash flow improved to $23.9 million, providing additional financial strength and flexibility to fund our growth platforms.

It was a strong quarter to begin the year, and I am proud of the performance of our entire team. I would now like to review the 3 strategic priorities for 2026 of our focus transformation, as shown on slide 6. Our first priority is to focus on our core markets and customer value we deliver. Our decision to sell MTS is a significant step forward in achieving this objective. When complete, this step will simplify our portfolio and streamline our path to market by eliminating a fragmented customer base that has limited overlap with other parts of our business. This step will enhance our ability to deliver customer excellence by focusing our value proposition on areas where we offer differentiated solutions.

Beyond the sale of MTS, we continue to take steps to strengthen our end market position by adding new products and customers while strengthening long-standing customer relationships. Last quarter, new customers accounted for 24% of Infrastructure's revenue. This provides a larger, diverse customer base for business vitality and future growth. Signature's turf protection will be featured throughout the FIFA World Cup at multiple events this summer. The majority of the 11 venues either already own or will rent our products throughout the event. We are proud to help protect the critical infrastructure supporting the athletes and their fans from around the world. Our second priority is to drive a culture of high performance by instilling operational excellence and cost leadership across the organization. We have consistently and proactively taken steps to improve efficiencies, reduce costs, and expand margins. One example is increasing our use of recycled materials.

We are installing additional regrind equipment that will enable us to bring more of this process in-house in the second half of the year. This reduce costs, secures our supply chain, and decreases waste. Our third priority is a focus on investments that maximize profitable growth. Our continued free cash flow generation enables us to invest in attractive growth platforms such as composite matting and military applications that align with our competitive advantages. We can accomplish this through capital investments in organic growth as well as more efficient use of our current operating footprint. We are currently in the process of moving a portion of our infrastructure production to optimize our manufacturing footprint, including all stadium products. This will simplify manufacturing workflows and maximize the output of each facility. It also enables operating efficiencies as the local team can focus their resources on a simplified product portfolio.

This improves output with minimal capital investment and enhances our ability to serve our customers. These strategic priorities are guiding us as we make progress on our focused transformation. Our core values provide a solid and unifying foundation, empowering our employees to work together as a team to accomplish our goals. By focusing on these activities, we are creating a company that consistently and reliably delivers profitable growth. We have already demonstrated our ability to achieve milestones, and I'm confident we will continue to move forward along the positive trajectory we are on. At this time, I'll turn the call over to Sam for a review of our financial results.

Thank you, Aaron, and good morning, everyone. Before I begin my review, I would like to discuss changes in our reporting framework. NPS is now being reported as discontinued operations, and all results we are presenting today are continuing operations only. For assistance in modeling and comparison with previous periods, we have included a slide in the appendix of our earnings deck that shows our income statements for the last five quarters adjusted for this reporting change. In addition to the reporting of discontinued operations, we have made changes to our reporting of revenue by end market, most notably the removal of automotive aftermarket. Discontinued operations includes most, but not all, of our previous distribution segments. The remaining business is now reported across the vehicle, industrial, and infrastructure end markets.

We are also enhancing our financial disclosures in response to investor feedback, with a focus on improving transparency and comparability with our peers. While we plan to report enhanced disclosures throughout the year, this quarter we are introducing two of these improvements. First, we have reclassified approximately $5 million per quarter of shipping and handling costs from SG&A into cost of sales. This reclassification has no impact on operating income. Second, we are updating our non-GAAP EPS to exclude intangible asset amortization expense to better reflect our current operating performance. Now please turn to slide 8 for a review of our first quarter results. Net sales increased 1.8% year-over-year. Excluding the impact of our decision in the fourth quarter of 2025 to exit low margin products with the idling of 2 rotational molding facilities, net sales would have increased 5% year-over-year.

Strong infrastructure, military, and consumer growth was partially offset by soft vehicle and food and beverage demand. Adjusted gross margin increased to 34.7% due to favorable mix, lower material costs, and lower manufacturing costs. Adjusted operating margin improved to 15.7%, and adjusted EBITDA margin improved to 21.3%, up 420 basis points over last year, as we made significant progress towards improving our cost structure and reaping the benefits from our focused transformation. Adjusted EPS was $0.44, up 57.1% year-over-year. Please turn to slide 9. We ended the quarter with a cash balance of $44.6 million and total liquidity of $289.3 million, providing us with ample flexibility to support our capital allocation priorities.

We reduced net debt by $18.3 million during the first quarter, resulting in net leverage ratio of 2.2x within our target ratio of 1.5x-2.5x. We plan to further reduce debt in 2026 as we continue to fortify our balance sheet. First quarter operating cash flow was $26.7 million, and CapEx was $2.8 million, resulting in free cash flow of $23.9 million, significantly higher than last year and up 28.5% compared to the fourth quarter. Working capital as a % of trailing twelve-month sales was down sequentially and year-over-year, primarily due to the timing of receivables. We continue to prioritize working capital management to improve both metrics. Please turn to slide 10. Our capital allocation framework balances investing in growth with returning cash to shareholders.

CapEx was $2.8 million in the first quarter, approximately 1.7% of sales. For the full year, we expect CapEx spend to be 3.5% of sales, with plans to invest in organic growth, productivity, and infrastructure projects. Our 2026 projects include capacity expansion and infrastructure, new automation to support consumer end market, molds and press replacements to sustain our core operations. Turning to slide 11. We are reaffirming the 2026 outlook that we provided on March 5. As a reminder, our market outlook excludes the impact from exiting low margin products and idling two rotational molding facilities in Alliance, Ohio, that occurred in Q4 2025. This represents approximately $5 million in revenue per quarter, primarily industrial and consumer markets with favorable impact to earnings.

For industrial, we expect moderate growth as we are seeing modest recovery in manufacturing capital expenditure trends from our industrial customers. Militaries around the world are replenishing their inventories, and demand for military products continues to increase. Further, we are diversifying our product lines within current military customers. In infrastructure, we are seeing U.S. market expansion driven by strong ongoing spend for data centers related utilities projects and large construction, supported by conversion from wood to composite matting. Further, orders for our MegaDeck product are up over 130% compared to this point last year, giving us confidence in our 2026 outlook. Finally, we are projecting an increase in the turf protection products sold in stadiums. We expect the vehicle end market to be stable overall with mixed demand indicators. For RV and marine, we expect flat sales as consumer sentiment is soft.

For commercial vehicles, we expect recovery starting in the second half of 2026. For automotive OEMs, the volume of new and updated vehicle program launches over the next 36 months is expected to improve demand for the new component packaging starting in the second half of the year. In consumer, we anticipate stable sales. Demand in the first quarter was strong following winter storms across most of the U.S. Spring sales continue to be strong as the lawn and garden season is at its height, and spring storms continue to drive demand across the country. For the next 2 quarters, demand will be dependent on future storm activity. We are planning for the average of 3 landed storms in the continental U.S. this year. Our food and beverage end market is forecasted to be slightly down for the year.

With the agricultural market, seed demand is projected to be flat while farm input costs are being impacted by the supply challenges. Based upon recent quoting trends and existing backlogs, we maintain cautiously optimistic outlook for continued growth in integrated bulk container production through the second half of the year. We continue to weigh both risks and opportunities for our end markets as we monitor geopolitical conditions, including energy markets, tariffs, or other factors that may implement demand trends. The conflict in the Middle East has affected global resin supply and pricing. While availability has not been an issue for us due to secure resin supply, we are experiencing higher material costs as global prices have increased. To mitigate this impact, we are focusing on what we can control, including working with customers and taking selective or contractual pricing actions where appropriate.

As there is a typical lag between cost increases and price recovery, we expect some pressure on second quarter gross margins. Beyond pricing, we are pursuing additional actions to offset cost increases. One example mentioned earlier is our investment in additional equipment to increase our use of recycled materials, which lowers costs and strengthens supply security. We expect to mitigate these cost pressures and expand margins in the second half of the year through a combination of contract structure, pricing actions, and cost reductions. I would now like to turn the call back over to Aaron for some closing comments before we take your questions. Aaron?

Thank you, Sam. We are off to a strong start to the year. We're making meaningful progress on our focused transformation, taking actions to improve margins and increase operating efficiency as we instill a continuous improvement culture and mindset across the organization. The decision to sell MTS will simplify our portfolio, streamline our path to market, and improve our margin profile. Supported by a capital allocation framework that balances growth investments and returning cash to shareholders, we are on a clear path to creating sustainable value. Combined, all these initiatives are enabling us to focus resources and investments on opportunities that maximize profitable growth and deliver products that protect. With that, I'd like to turn the call over to the operator for questions. Operator?

We will now begin the question and answer session. Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We would ask that you pick up your handset when asking the question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Christian Zyla from KeyBanc Capital Markets. Christian, please go ahead.

Thank you. Good morning, everyone. Thanks for taking the questions.

Morning, Christian.

First question, really nice growth in your infrastructure end market, even with the reclass. How are you guys thinking about your current capacity levels along with pricing for Signature? Looking at your last 6 months or so of sales, you guys are run rating just above $140 million. I know the business can be lumpy at times, but is this a fair annual estimate, or just how are you thinking about it in the context of the strong growth that you guys guide to?

Well, let's start with the capacity question. As you can see in our remarks that we talked about, I mean, the great thing about Myers Industries is, you know, because we are in the business of thermoplastics, we have a lot of opportunity to look across our manufacturing footprint. What you can see what we've done is taken the Signature product and some of the product lines, and then making sure that we use our footprint to make sure the product lines are more specialized to each plant. You see, we talked about basically moving the stadium products so that our Orlando facility could concentrate on the MegaDeck product. What we can do is with some limited capital expenditures, is really increase our capacity by utilizing our footprint better.

From a footprint discussion, that's really our first plan. Secondly, Sam, you know, mentioned that a lot of capital expenditures will be going to our growth businesses. Obviously Signature is not only going to get the capital it needs to continue to grow at this rate, but it's also going to, you know, get a lot of attention from our operations group to make sure that we don't run into those bottlenecks.

Yeah. I mentioned also we're adding actual capacity in Orlando as well. That'll be coming on board early next year, Q1 as well. We just accelerated that a little bit.

Sorry, go ahead.

We're not concerned on capacity for the year being a factor for our demand. We expect to continue to grow each quarter for the rest of the year.

Got it. I guess on the run rate question, with your comments that expecting to grow each quarter for the rest of the year, is that year-over-year or sequentially? Just how should we think about Like, I'm just trying to gauge in the context of share.

Year-over-year.

Yeah.

Year-over-year.

Got it. Thanks. My second question, then I'll hop back in the queue. You alluded to some of this in your prepared remarks, Sam. It looks like HDPE polyethylene prices have been basically going parabolic over the last month or so. Looking at some of your domestic suppliers-

Yeah.

They've been raising prices pretty drastically. Can you maybe quantify the price cost impact in the near term? I know you guys are pretty good at strategically increasing inventory and materials, conceptually, how much supply do you have relative to your internal sales forecast? Thanks.

From a cost increase, you alluded, we've seen a very significant short term increase. What that's gonna do over time, obviously we're, you know, monitoring that weekly, daily, very carefully. Q2, we are expecting some pressure on our gross margins. We have gone out quite quickly. You know, we had to, because of how significant those increases were. We took action already in Q2. You know, we do have contracts to abide by and there is a time lag in terms of, you know, index reporting and when that will take effect. There will be some impact in Q2, but no impact on supply. We've had a steady source within the U.S. from a materials perspective.

We see, you know, recovery to our margins in the second half of the year.

Great. Thank you.

Your next question comes from the line of Edward Nakamura from Gabelli Funds. Edward, please go ahead.

Good morning. Thanks for taking the question. Given that you've moved MTS to a discontinued operation, can you just give us an update on the process there and what that would mean for the business?

It was breaking up a little bit, but I think I heard an update on the process of the sales for MTS. Is that correct?

Yes, correct.

Okay. Yeah, I mean, obviously we can't really give any specifics, but we had a calendar, we're pleased with the general process and the progress that the team is making.

Yeah. Ed, just like any acquisition, divestitures are the same situation. They're hard to time exactly when these things are gonna close. Rest assured we're working on it and working through the process with the team. We'll update you at the appropriate time.

Perfect. Thank you. Then the portion of the distribution business that's getting added to the rest of number 2, I know that's the Patch Rubber business, just to be clear.

Yes.

Perfect. Thank you.

Your next question comes from the line of Christian Zyla from KeyBanc Capital Markets. Christian, please go ahead.

Great. Thanks for taking the follow-up. Just quickly on free cash flow. Solid free cash flow quarter. How do you rank, your deployment between, debt paydown versus opportunistic M&A that I think you guys highlighted in the slide deck? Just kind of, can you conceptually just frame out, like, what the current thought process is? Thank you.

When we look at uses of cash, obviously, you know, we're working on debt first. As you can see, we've made steady progress throughout the year, last year, and then, we'll continue to get debt down. We're opportunistic. I mean, that's our first priority, to get that down. The second priority, though, is really to make sure we invest in ourselves. You know, the one thing I've always said I love about Myers is the great organic growth opportunities within this business. We're gonna make sure our capital gets back to those businesses that have great organic growth opportunities. You know, beyond that, our free cash flow will go back to investing in those great growth opportunities. Third, we'll look at opportunistic M&A.

You know, once again, timing these things is always difficult, but when we look at M&A, we always have to bring more than money to our M&A acquisitions. We have to bring something that really can, we can bring value to. When M&A opportunities come up, we look at our growth vectors, our opportunities and the businesses in our Signature and Scepter businesses specifically. If an opportunistic M&A comes in there, then we can talk about deploying that capital there. Our priorities haven't changed on that. We've been fairly consistent and kind of our priority 1, 2, and 3 are laid out that way. You know, behind that, of course, is then looking at any opportunities to return other cash to shareholders.

That's great. Super helpful. Maybe if I could just follow up on the M&A, and thanks for taking the follow-up again. Is there an end market or a category that you'd be interested in, or is it really just leveraging your footprint and your capabilities, you know, in plastics? Just any thoughts on which end market?

End markets we're most interested in is ones with growth, obviously. If we look at kind of the Signature and Scepter footprint, the Signature, you know, ground protection, anything that, you know, when we look at kind of the utility expansion and thermoplastics and what they're doing for, you know, ground protection, construction, that area, of course, we're interested in those growth areas for M&A. Any other opportunities that come and strengthen our other brands, such as, you know, Scepter and Buckhorn and pieces on the military side to continue to expand our growth opportunities. I mean, our product lineup to our customers is great. You know, we look at a number of things as they come across, but once again, it's opportunistic.

It's not our first priority for use of cash.

Appreciate the color. Thanks, yeah.

There are no further questions. At this time, I will now turn the call back to Meghan Beringer for closing remarks. Meghan, please go ahead.

Thank you for joining us today. If you'd like to continue the conversation, my contact information can be found on the final slide of this presentation. We look forward to staying in touch. With that, we'll conclude the call. Have a good day.

This concludes today's call. Thank you for attending. You may now disconnect.

Ladies and gentlemen, thank you for joining us, and welcome to the Myers 2025 Fourth Quarter and Full Year Results Call. [Operator Instructions] I will now hand the conference over to Meghan Beringer, Senior Director of Investor Relations. Meghan, please go ahead.

Thank you. Good morning, everyone, and welcome to Myers Fourth Quarter 2025 Earnings Review. Joining me today are Aaron Schapper, President and Chief Executive Officer; and Sam Rutty, Executive Vice President and Chief Financial Officer. After the prepared remarks, we will host a question-and-answer session. Earlier this morning, we issued a press release outlining our fourth quarter financial results. In addition, a presentation to accompany today's prepared remarks has been posted. Those documents are available on the Investor Relations section of our website at myersindustries.com. This call is being webcast live on our website and will be archived along with the transcript of the call shortly after this event. Now please turn to Slide 3 of the presentation for our safe harbor disclosures. I would like to remind you that we may make some forward-looking statements during this call. These comments are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve risks, uncertainties and other factors, which may cause results to differ materially from those expressed or implied in these statements. Further, information concerning these risks, uncertainties and other factors is set forth in the company's periodic SEC filings. Also, please be advised that certain non-GAAP financial measures such as adjusted gross profit, adjusted operating income, adjusted EBITDA and adjusted earnings per share may be discussed on this call. Now please turn to Slide 4 of our presentation as I turn the call over to Aaron.

Thank you, Meghan. Good morning, everyone, and thank you for joining us. I will begin today's call with a review of our fourth quarter, then I will review full year 2025, which was a clear inflection point in Myers' history with both the Focus transformation program and the significant decision to sell Myers Tire Supply. Overall, we believe these actions will unlock substantial value, enhancing the company's long-term growth profile. Following my comments, Sam will provide a detailed review of fourth quarter and full year financials and our outlook for the year. Turning to Slide 5. Fourth quarter sales were essentially flat year-over-year. Excluding the impact from our decision to exit low-margin products with the idling of 2 rotational molding facilities, sales would have been up 3% as infrastructure, industrial and food and beverage growth was partially offset by soft consumer and vehicle demand. We expanded margins in the fourth quarter, demonstrating our ability to improve profitability as we grow the business in high-margin applications and align our operating footprint with customer needs. Both gross and operating margins improved with adjusted operating margins expanding 230 basis points. SG&A was lower as we are benefiting from our focused transformation objectives. As a result, fourth quarter adjusted EPS improved 63% year-over-year. Looking at full year 2025, Material Handling sales increased while distribution demand declined. With Material Handling, growth in industrial and infrastructure markets was offset by lower consumer and vehicle demand. We achieved higher profitability with operating and net income increasing on both a reported and adjusted basis. We're encouraged by the improved earnings as it demonstrates the ability of our team to control what we can control and achieve good results in a challenging demand environment. In addition to improved earnings, we increased cash flow in 2025 with free cash flow up 23%, further strengthening our balance sheet. We invested in growth, reduced debt and returned cash to shareholders, all while increasing our cash balance. This is a testament to the performance of our team and gives me confidence that we are well on our way to achieving our long-term strategic goals. It has been 1 year since my first earnings call as CEO. While I had only been in the role for about 3 months, that initial period confirmed for me the great team and potential at Myers. I was confident that we could create a company that delivers consistent and reliable results by building on our strong foundation. We launched a focused transformation to energize our team and accelerate our progress. After meeting and engaging with our leadership team and many employees, I knew we were up for the challenge. Over the last year, we have taken actions to improve business performance and drive shareholder value. It's still early days, and we have a lot of work to do, but I'm encouraged by the progress we have made. In our first year, our Focus transformation program was formed around 4 objectives shown on Slide 6. Our first objective was to establish a culture of execution and accountability to drive performance. We revised our core values, adding a focus on delivering results and continuous improvement. We aligned our incentive plans to drive business unit performance and create accountability across the organization to ensure we generate long-term shareholder value. We emphasized lean principles to drive clear and efficient processes. These actions are helping us to build a culture that consistently outperforms. Second was to create clear strategies to improve the profitability of our entire portfolio. We engaged with a broad group of employees, including our executive management team to dive deep into each of our businesses, understand their value propositions and create action plans. We developed strategic plans and implemented KPIs to drive organic growth, expand margins, track progress and create accountability. One significant outcome of this activity was the completion of a strategic review of MTS, resulting in the decision to sell the business. Once complete, this will result in a portfolio that is focused on growth platforms that drive improved margin profiles. Our third objective was to deliver consistent and reliable results across the organization by effectively controlling what we can control. In 2025, we delivered annualized cost savings of $20 million, primarily in SG&A, structurally reducing expenses while also optimizing organizational efficiency. We exited low-margin products and idled 2 of our 9 rotational molding facilities to improve utilization and reduce costs. We formalized and launched a strategic deployment tool to drive disciplined planning and empower businesses to convert long-term goals into annual objectives. This tool is being implemented across all levels of the organization, and we are beginning to see results. Finally, we have deployed a disciplined capital allocation framework, allowing us to invest in growth while returning cash to shareholders. We grew free cash flow 23% through improved earnings and prudent cash management, providing additional flexibility to fund our organic investments. We continue to invest in growth, targeting CapEx of 3% of sales, focusing on high-growth opportunities with superior returns, and we returned $23 million to the shareholders to enhance their total return. Sam will expand on our capital allocation framework later in the call. To summarize, in 2025, we moved Myers forward with purpose and urgency, made significant progress on our transformation and deliver results with a continuous improvement mindset, providing a strong catalyst for 2026. Looking ahead, I would now like to discuss how focused transformation approach is shifting in 2026 as our strategy evolves as shown on Slide 7. One thing that remains the same is our resolve and commitment to achieve real transformation. We are continuing our deliberate process to create a transformed organization focused on delivering consistent and reliable, profitable growth. To do this, we are shifting our priorities to reflect the progress and evolution of our strategy. With this new approach, we have established 3 strategic priorities or focus areas that will guide us in 2026. Within each focus area, we have identified transformation objectives to drive performance. Our first priority is to focus on our core markets and the customer value we deliver. We will invest to gain a deeper understanding of our markets and customers, informing our value proposition and positioning us to lead in our categories. This knowledge is gained through commercial excellence skills that strengthen customer relationships and deepen market insight. We are simplifying our portfolio to intentionally focus on serving prioritized markets that align with our competitive advantages as we provide products that protect. Our second priority is to focus on instilling operational excellence and cost leadership across the organization to drive a culture of high performance. We delivered measurable progress against this priority last year. For 2026, we want to make sure that we do not lose ground by standardizing the improvements we made in workflows. We want to work smarter and ensure our processes are repeatable year after year. When needed, we will make changes to refine our organizational structure and optimize our operating footprint. Last year, we put this into practice with the idling of facilities and changes in the organization to ensure that we have the right talent. The culture of continuous improvement will continue to be fostered across the organization. Our third priority is to focus on investments that maximize profitable growth. This is a disciplined capital allocation approach to invest in growth platforms where returns are highest. As we align with markets where we add the greatest value, we can invest in innovation and pursue business development activities that enhance and strengthen our ability to provide differentiated solutions for our customers' challenges. We believe that these focus areas and the related transformation objectives will drive desired strategic outcomes such as deliver revenue growth, EBITDA margin expansion, free cash flow conversion and the acceleration of Myers to a company that achieves world-class performance. This is all built upon our foundational set of core values that dictate how we operate and what unites us. At this time, I'll turn the call over to Sam for a review of our financial results.

Thank you, Aaron, and good morning, everyone. Let me start by reviewing our fourth quarter and full year results and then wrap up with the outlook by end market for the year. Please turn to Slide 9. Fourth quarter net sales were $204 million, essentially flat year-over-year due to our decision to exit low-margin products with the idling of 2 rotational molding facilities. Excluding this, sales would have been up 3%. Adjusted gross margin increased 140 basis points to 33.6% due to favorable mix and higher volume, partially offset by unfavorable price. Adjusted operating margin improved 230 basis points to 11% as SG&A was lower year-over-year, driven by focused transformation savings. As Aaron mentioned, we achieved $20 million in annualized cost savings, primarily in SG&A, improving our margins in 2025 and positioning us well for 2026. Going forward, we will continue to focus on cost reductions and operating efficiencies to drive sustainable improvement in profitability. Turning to segment results on Slide 10. Material Handling net sales decreased $0.4 million. Excluding the impact of idling our rotational molding facilities, sales increased 3.4%. By end market, food and beverage, infrastructure and industrial growth was offset by soft consumer and vehicle demand. Adjusted EBITDA margin was 25.6%, expanding 290 basis points with the benefit of our focused transformation savings plus improved mix and higher volume, partially offset by unfavorable pricing. Distribution net sales increased 0.9% and adjusted EBITDA margin improved 160 basis points. Turning to Slide 11. Full year 2025 net sales was $825.7 million, down 1.3% year-over-year. Excluding the impact from idling our 2 rotational molding facilities, sales decreased 0.6%. Material Handling growth was offset by distribution softness. Within Material Handling, sales in Industrial and Infrastructure increased while consumer and vehicle sales were lower. Adjusted gross margin increased 30 basis points to 33.7% due to lower material costs, favorable cost productivity and favorable mix. Adjusted operating margin improved 30 basis points to 10.3% due to benefits from our focused transformation program. Turning to Slide 12. Fourth quarter operating cash flow was $22.6 million and CapEx was $3.6 million, resulting in free cash flow of $18.9 million. For the full year, free cash flow improved 23% to $67.2 million. We reduced net debt by $44.2 million in 2025, resulting in net leverage ratio of 2.4x within our target ratio of 1.5x to 2.5x. We plan to further reduce debt in 2026, bringing our net leverage ratio closer to the midpoint of our target range. We ended the year with a cash balance of $45.1 million and total liquidity at $289.8 million, providing us with ample flexibility to support our capital allocation priorities. Working capital as a percentage of sales increased slightly, primarily due to higher receivables from infrastructure project delivery timing, partially offset by lower inventory. We continue to focus on working capital management as a priority. Please turn to Slide 13. Our capital allocation framework balances investing in growth while returning cash to shareholders. In 2025, we spent $19.6 million in CapEx, approximately 2.4% of sales. In 2026, we expect to be close to our target of 3% of sales as we continue to invest in organic growth platforms. We are also open to opportunistic acquisitions with a disciplined approach to support our growth platforms, now that our leverage ratio is within our target range. We returned $23 million to shareholders in 2025 through the combination of dividends and share repurchases. Returning cash to shareholders is an important element of our objective to create value for our shareholders. Turning to Slide 14. We are providing our market outlook for 2026. Due to the planned divestiture of MTS, we are not providing an outlook for automotive aftermarket. Related to that, MTS is expected to qualify for discontinued operations accounting treatment beginning in the first quarter. We still see both risks and opportunities for our end markets as we continue to monitor geopolitical conditions, including energy markets, tariffs or other factors that may influence demand trends. Also, our market outlook excludes the impact from exiting low-margin products and idling 2 rotational molding facilities in Alliance, Ohio that occurred in Q4. This represents approximately $5 million in revenue per quarter, primarily industrial and consumer markets with a favorable impact to earnings. Let me review our expectations by market. For industrial, we expect moderate growth as we are seeing modest recovery in manufacturing capital expenditure trends from our industrial customers. Militaries around the world are replenishing their inventories and demand for military products continues to increase. In Infrastructure, strong ongoing spend for large construction and utility projects supported by conversion from wood to composite matting should continue to drive strong growth. The current backlog for matting products is now the largest in the history of this business, giving us confidence in our 2026 outlook. We expect the vehicle end market to be stable overall with mixed demand indicators. For RV and marine, we expect flat sales as consumer sentiment is stabilizing. For commercial vehicles, we expect recovery starting in the second half of 2026. For automotive OEMs, the volume of new and updated vehicle program launches over the next 12 to 18 months is expected to drive demand for new component packaging. In consumer, we now anticipate sales to be stable. Strong winter storms across most of the U.S. at the start of 2026 created a sharp increase in demand for fuel containers. While this event drove demand in Q1, it is still early to determine full year storm impact. However, we are planning for the average of 3 landed storms in the Continental U.S. this year. Our food and beverage end market is forecasted to be slightly down for the year, reflecting the agricultural market position at the low end of its cycle. I would now like to turn the call back to Aaron for some closing comments before we take your questions. Aaron?

Thank you, Sam. In closing, I'm pleased with the meaningful progress we are making on our focused transformation to become a company that consistently delivers reliable financial results. There is still room for improvement, but our overall trajectory is encouraging. Margins are improving and cash flow is increasing as we begin to see early benefits from focused transformation. Supporting this is our capital allocation framework that balances investment in growth and returning cash to shareholders to create sustainable value. And as we invest, grow and simplify our portfolio, we are aligning our operations with markets that are growing and offer higher returns as we deliver products that protect. With that, I'd like to turn the call over to the operator for questions. Operator?

[Operator Instructions] Your first question comes from the line of Christian Zyla with KeyBanc Capital Markets.

Congratulations on the quarter and the full year. My first question is on broader end market sentiment. Industrial production has been strong for the last 14 months. PMI has been strong to start 2026 and sentiment on the industrial side seems to be improving after a few years of weakness. With your opening remarks, it sounds like you're seeing something similar. I know your outlook is moderate growth for your industrial bucket, but can you help break that down between the subcategories like Akro-Mils, Buckhorn sector, et cetera? Just kind of what you're seeing across those lines.

Sure. Yes. So in general, if you look at the PMI, it's a broad spectrum, right, across manufacturing here in the U.S. So yes, that helps, right? So if you're looking at some of our products that specifically supply to those larger industrials such as Akro-Mils, then yes, that tracks closely. So as you see that strength, it does translate over. Then there's other product lines that are a little more specific to the end markets in those industries, automotive and what Buckhorn will do for automotive. There's also then if you look at the -- basically construction and a lot of utility and kind of data center mega build-outs, those track strongly to what we do with our ground protection product at Signature. So although PMI gives us kind of a broad based scope, you kind of look at -- we look at each of the end markets and say, okay, well, how is the construction industry, data centers, utility, kind of the AI investing of infrastructure pulls along Signature. Automotive pulls along Buckhorn. Agriculture will pull along of seed box business. And right now, agriculture is still at a cyclical low [indiscernible]. And so those are kind of -- that's where you get some of that mix. So the moderate growth story is there, but you have to look into some of the end markets to understand what our application is in those end markets. Sam, do you have anything to add?

Yes. Yes, overall, I think you made the right comments there. I mean, obviously, militaries as well, as we commented earlier in the pre-read is a big driver as well on the industrial side.

Yes. I think, Christian, we've talked about that. And obviously, with new geopolitical issues coming out, it's becoming -- I think it has been an important focal point for the last year. It certainly will continue to do so. So as we look at militaries that are looking to rearm and make sure that they have the stockpiles they need to go the distance in any conflict.

Yes. Got it. That actually goes nicely into my next question. I remember at the Investor Day a few years ago, your team highlighted U.S. qualification for your defense products along with NATO orders. Are you selling to the U.S. Dow now? And are you anticipating or seeing a pickup in demand from your programs given just what's unfortunately happening across the world? It just seems like your product is a great complement of consumables in the end market. So just any broad thoughts there and kind of how you see that shaping up through the year and maybe how you size that full business?

Yes. So if we look at kind of the arc of that business, really we split it into kind of 2 sides. So one, we do sell directly to the U.S. military, and that's kind of one of our customer sets. And the other one is the NATO customer set, which is going to obviously be more European-based and more internationally based. So we sell to both sides on that. NATO has made it a more of a strategic priority to have a supply chain that's independent -- more independent of the U.S. in the past. And so as a result, that's given a great opportunity for us. As you know, we have Canadian operations that dovetail well with the needs of NATO. And then we also have operations here in the U.S. for injection molding to meet the needs of the U.S. government. So what we plan on doing is we use both our supply chain in both Canada and the U.S., and we're looking for opportunities globally. As NATO grows, we want to grow with that business. So we're always happy to look for those opportunities internationally. For us, look, the product dovetails very well with what's needed. As you know, we focus on the ammunition side. So as they bring up these complex weapon systems, the ammunition was really shown during the conflict in Europe between Ukraine and Russian war, how quickly ammunitions go -- get consumed in a near-peer conflict. So as a result, that's really helped drive not only business for the last year, business this year, but also real solid plans on growth in the future and making sure -- so from our side, on the Myers side, we just want to make sure that our capital follows those growth vectors and that we make sure that we have great organic growth opportunities, and we have the capital spent to service our customer as they grow. So we're bullish on that business in the future, and we remain confident that we'll do well, and we're positioned well in the future.

That's great. If I could sneak one last one in. Just a very nice result in Material Handling margins really for the full year, given the changes that you've made throughout 2025. Was there anything unusual in the fourth quarter and then assuming volume absorption benefits and maybe some uptick in your end markets and volume absorption, just given all the changes you've made with your capacity, is there any reason why this new 18% level can't be the new baseline? Just kind of like puts and takes there.

Yes. I mean, yes, a really great quarter for Material Handling. A lot of what we've been doing around focused transformation. I mean, we've talked a lot about the idling of the roto facilities, right? But that was when we started to see the real benefit of those actions there. But as said, we're not done around focused transformation. There is more to be done. There's a lot of focus on continuous improvement broadly across our businesses. And so I would say good mix helped some in Q4. That's always a factor, right? We're seeing, as Aaron mentioned, good strong backlog around our matting products as well as some of the good tailwinds at the end of the year, even, I would say, a slight pickup in the fourth quarter for volumes on the roto side as well, which helped after our restructuring activities. And obviously, we continue to see the impact of our SG&A reductions as well, which helped a lot as well, and that continue as we've made that structural change in our cost base. So there's no reason to suggest that it wouldn't continue, although obviously, with recent activities in the world, we'll be continuing to look at risk and material costs as we think about resin prices and things like that, we'll have to continue to adapt.

[Operator Instructions] Your next question comes from the line of Bill Dezellem with Tieton Capital Management.

Congratulations on meeting your $20 million cost reduction goal in '25. How much of that $20 million is going to be incremental to '26 because you did not have it all as of January 1, '25?

Yes. I mean there will be some incremental. We've obviously got things that was a factor of some of those savings were within our distribution business and obviously, dependent upon the sale of that business, it's going to impact how much of that carries forward within the RemainCo. But again, as we mentioned, we're not done, and we'll continue to look for more opportunities within Material Handling and build upon those in 2026.

And Sam, would you please put some numbers behind both that incremental that flows through in '26 and the additional target that you're looking at for this year?

I don't think we're at a place that we can talk about a specific target for 2026. And we've got actions and work to do depending upon the timing of that sale as we -- as that business splits off.

There are no further questions at this time. I will now turn the call back to Meghan Beringer for closing remarks.

Thank you for joining us today. If you'd like to continue the conversation, my contact information can be found on the final slide of this presentation. We look forward to staying in touch. With that, we'll conclude the call. Have a good day.

This concludes today's call. Thank you for attending. You may now disconnect.