Shares over the last five years. That's something we continue to do. We see a lot of value here at this point, absent M&A. Yeah, thanks for the question. Last December, activist investor Standard Investments disclosed that they acquired a significant stake in the company. Have you guys had any discussions or engagement with them? Maybe just share a little bit of that conversation. Yeah. Some background. Yes, Standard Investments filed a 13D a few months ago, to your point. They do have some legacy overlap with Ashland. Standard Industries used to own ISP and sold it to Ashland 15 years ago now. We've had before this role, I was in investor relations. We've had ongoing dialogue with Standard for a number of years. Obviously, they disclose the position. They see value. The 13D is pretty broad in terms of positions, but we've had discussions since. Nothing I would say in terms of an update, in terms of their intent. I think part of how I think about it is, you know, from your seat, it's also been a validation because they own and operate businesses themselves. When we have that dialogue with them, it's a little bit interesting because they're not just investors, they're also operators, and so they understand the opportunities as well as the risks that we're navigating. Thank you, William. Now that we have, excuse me, a better understanding of the company's strategy, can you share how much you expect to generate company-wide in new revenues and in margin improvement over the short and longer term from all of those innovations projects? This is something, because we're through the portfolio reset, that we're gonna be radically transparent. One of the things you'll find in our quarterly reporting now is we're breaking out our globalize and our innovate commitments, which is disclosing at a pretty granular level. One of the things that we've done this year, we've committed to $35 million of incremental sales growth, which is what's supporting our top-line commitment for the year. We started Q1, nine of that 35 in our seasonal low. We do expect that to continue going forward. In terms of margin, I mean, what do you see the size actually? If you put all of that basket of innovation together, how much in revenues do you think they can generate over the next three to five years? I am sure you have looked at that, otherwise you would not put them in the marketplace. Well, how we've positioned this is 'cause we've demonstrated that the total addressable market from the innovation portfolio roughly adds 50% to our total addressable market, which is billions of dollars. We also understand that's probably a bridge too far, given where we are in terms of the development cycle and proving that out financially. How we've positioned it is the 200-300 basis points about performance in terms of that growth algorithm. It's a de-risker to deliver against that. By the way, it's upside in the sense that there's optionality, because oftentimes if you get one large customer in this space, it can really be quite meaningful in terms of validation and financial results. There won't be any cannibalization, as you introduce those? Are they going to replace some of your existing product lines? It's very modest. What I would say in general, we're going after the synthetic non-biodegradable incumbents, and so it's almost all additive. There's some minor overlap, but not material in the context of the opportunity that we're talking about. Thank you very much. We have now run out of time, and so we really, really appreciate your coming in in person and introducing us to what we should call, what, the new Ashland? Ashland. Yes. I appreciate it, Rosemarie. I appreciate the interest, and feel free to reach out to us if we can better explain the story. Thanks so much. I'll walk out with you, William. All right. All right. Next up, we have Magnera Corporation joining virtually. We're just getting them on the line right now. While we're waiting, it worked out well the last time. I'll start the introduction. We have Magnera Corporation joining virtually. Magnera, based in Charlotte, North Carolina, manufactures and sells nonwoven and related products worldwide. The company was formed in November 2024 through the merger of Berry Global's Health, Hygiene and Specialties business with Glatfelter in a reverse Morris Trust transaction. Sells products primarily into consumer-oriented end markets, including healthcare and personal care. Magnera has 36 million shares outstanding. Closed yesterday at 10.69 for around a $380 million market cap. Net debt of $1.6 billion for a $2 billion enterprise value. Do we have them? All right, joining us virtually is Executive Vice President of Investor Relations, Robert Weilminster. Robert has over 30 years of experience within the health, hygiene, and specialty sectors, beginning at PolySeal Corporation, where he served as CFO, then moving to Berry Global, where he held various leadership roles before joining Magnera through the merger. Now if we've got him on, I'm gonna turn it over to Robert for an overview of Magnera. Thanks for joining us. Great. Hey, Wayne. Can you hear me okay? Yes, it's in. Okay, great. All right, I'm gonna go ahead and go into presentation mode, turn the video off, and then I'll turn the video back on for our Q&A session if that works for you guys. Perfect. Okay, perfect. All right, great. Hopefully you can see the full screen there. Okay, perfect. All right. Well, good afternoon, everybody. Appreciate you taking the time to join us today via the Gabelli Conference, so I can share a little bit of the Magnera story with you and then give you the opportunity to ask questions through Wayne and I as we finish up the session from a Q&A standpoint. Wayne, thanks for the intro. Again, Robert Womaster, and I have Dustin Heslep here with me. Dustin's part of my team in regards to overseeing investor relations, corp dev, and strategy for Magnera. I'm going to assume that the audience knows a little bit of the history, but also, you know, make sure that I pepper in comments with respect to nonwovens and kind of the culmination of how we stood up Magnera, which actually happened in November of 2024. The combination of two companies that had a significant history in the space, the HHS division of Berry Global and Glatfelter Corporation. The combination, the merger happened on November fourth, and we stood up what today is Magnera. For those of you that aren't aware, Magnera does have a purpose behind the name. It stands for Magnificent New Era in specialty materials. Real quick, safe harbor statement. You know, my comments today, and as Wayne and I go through the Q&A, we'll be really focused on our annual guidance. We really don't speak to quarterly guidance throughout the year. Other than that, I think we should be okay to go. As you guys know, our attorneys make sure that we include that. Magnera trades on the New York Stock Exchange as MAGN. We are a global leader in advanced specialty materials, which is primarily the combination of nonwovens and films. The culmination of putting the company together and the energy behind the merger was really a combination of the legacy Berry business, which built our nonwovens platforms using olefins, polypropylene and polyethylene for a lot of our business, and the legacy Glatfelter business, which was more focused on pulp and fiber. From a raw material standpoint, building up through the technologies to the platforms that we have today and the global footprint, which I will talk about, we feel like we have the broadest portfolio of technology backstopped by the strongest human capital on the globe in regards to the production of the products that we make with deeply embedded customer relationships that rely on our essential products every day in regards to the products that they make that consumers use and are essential to their lives. I talked about our global capabilities, and I will share a map, but we have 45 locations around the world. Those locations support our branded, our regional, our you know global converters that put product into the market via either private label or store brand type of items. One of the core pillars that the combination generated was our innovation expertise. You have a lot of human capital, significant portfolios of intellectual property, of know-how that came together in the combination of Magnera, which our customers rely on every day with our embedded relationships in their organizations for Magnera to support them as they look at how they move their products forward through innovation in order to meet and exceed consumer, requirements and grow their volume, which grows our volume as we do that together. A little bit at a high level. A company is built on people. The pillars of when we stood Magnera up were based on our purpose, promise, and beliefs. Our talent around the globe is incredibly engaged and collaborative and with respect to how do we move the capabilities that we have forward to grow our business and take care of our customers. There's a lot of cross-collaboration across the globe. Our teams are empowered. They have a lot of influence in regards to the performance of our individual operations, the direction and the strategic approach that we take in the regions of the world, that culminate in supporting the overall strategy of Magnera. I would be remiss if I didn't point out the fact that one of the core underlying pillars in our company is our focus on safety and quality. Extremely important when you have 45 plants around the world and 8,500 employees that those employees are focused on, and we've provided them with the ability to take care of themselves in a safe work environment, with equipment that meets and exceeds our customers' expectations with respect to the quality of the product that we produce off of those lines. That formula works very well in positioning us to grow with our customers. A little bit of a snapshot, that map that I alluded to, we're pretty balanced across the globe. 45 plants, pretty evenly split between the Americas and Asia and Europe, rest of world. Sales, as that split, is supported by our footprint. 57% of our revenue of $3.2 billion is in the Americas, 43% in rest of world. I mentioned 8,500 employees, our customers, and we supply into over 100 countries around the globe. Very, very long, sticky, entangled relationships with our top customers, with an average of 20+ years in regards to the tenure of those relationships. I alluded to our intellectual property in the portfolio and our know-how there. We have a broad portfolio of over 1,000 patents, which we lean on constantly, to differentiate the products that we make and how we leverage our technology platforms, to produce products that our customers want and need. I mentioned safety earlier, an imperative in our company, part of our core DNA, and we perform and measure ourselves against the industry, against OSHA rates, and we perform in the top quartile from a safety performance standpoint. This is a great slide, you know, for me to help explain who Magnera is, with respect to the complexity of some of the end markets we touch and really simplifying it. We spent a lot of time thinking about how to make sure that the investor community understood our business, understood the diversification of the end markets we serve, leveraging our platforms of technology, and that diversification is extremely important. There's not a lot of cyclicality in our business, but when you look at the end markets and you look at the products that we serve, they balance each other out really well. I think I used the term earlier, but we really do think and our customers require our products as mission-critical to producing a lot of the products, and there are pictures that you see here that are extremely important that consumers use every day, with respect to, you know, non-discretionary. They need to use these products in order to live their lives. Real quick, the business is broken down to $3.2 billion in revenue. Consumer solutions, $1.8 billion represents 53% of our global sales. Personal care, $1.5 billion represents 47% of our global revenue. You can see in the consumer solutions vertical, wipes, infrastructure, and home, food, and beverage are the three key end markets in that portion of our pie. The portfolio of wipes, we believe, is a global leading portfolio as a result of the merger and the combination. We make wipes that really serve end-use applications in all key markets for wipes. Baby, personal care, beauty, cleaning from a hard surface disinfecting standpoint, institutional, and industrial. A really strong portfolio, which we sell around the globe. Infrastructure is a combination of a lot of different aspects of supporting building and construction. We manufacture one of our branded products, Typar. You'll see if you see houses, a neighborhood being built, wrapped with Typar house wrap, that's Magnera. Then a lot of the ancillary products, flashing, roofing underlayment that we've developed that goes along with the Typar brand from a house wrap standpoint. We make very critical cable wrap materials that are used with respect to electrification, really high-end wind turbines that are pulling electrons off of turbines that are set up out in the ocean. A lot of those products are used as countries around the globe are looking at infrastructure and having to rebuild some of their infrastructure to support electricity and our cable wrap is used in those applications. Home, food, and bev, another critical market for us. We manufacture the filter media that's used for coffee and tea. We manufacture the-- We are the leader of the amount of filter media that's used to manufacture tea bags around the globe. We manufacture the filter media that's used by companies like Keurig that goes into K-Cups for single-use coffee applications. We also include in home, you know, we've got our dryer sheet technology, which has a lot of proprietary know-how to it. If you use a dryer sheet, Bounce, and other brands that are on the shelf, there's a strong possibility that that substrate, that fabric, that is in that box was made by Magnera. We also floor cleaning, different applications there where we've got a breadth of products in the home, food, and bev. That's our consumer solution side of the pie. On the personal care side, baby, adult, and healthcare. Baby and adult are pretty evenly split, which is a great trend, and we feel like there's a lot of positives from our competitive advantage standpoints in being able to grow as adult incontinence grows and the use and the acceptance of adult incontinence products that, you know, are really focused on discretion and a lot of the attributes from baby that we're experts in, and we've been able to migrate that into our adult substrate portfolio, skin health, breathability, performance of the product. As adult incontinence products have become more accepted, we've been able to grow as that sector has grown and the balance of the products that we put into the personal care market's pretty evenly distributed at this point. Healthcare is a very important sector for us, represents, you know, 8%. You can see the percentages of our total sales across each of these categories. You think about a surgical suite, you know, anything that's blue, green, hoodies, gowns, face masks, the drapes that cover the patient, the back table, the instruments, we manufacture those substrates that our customers like Cardinal, Medline, Owens & Minor then take and convert into the products which you see in the picture. Next slide. Again, you know, picture's worth a thousand words. Our products are essential, as I've said a couple times. They're core to our customers being able to put end-use application products on the shelf into the consumer's hands, which are consumed every day. On the wipes, you can see some of our key customers, and there's a lot of other customers that we sell our wipe substrates through. Beverage, Lipton, Keurig, you can see some of the pictures here, the end products. Baby, both branded and private label store brand. We like to say when you walk into a retail, if you look at the shelf and the type of products that use nonwovens, we typically look like the shelf. Our customers are the branded products that are on the shelf. Our customers buy our materials as the private label. Our customers buy the materials, and their converters turn it into store brands. Across all these categories, I think a lot of these products you will recognize, to just emphasize how important the materials we make every day are in regards to the end-use applications of customers. Real quick, we talked about this. We put a press release out recently. We're extremely excited. We have developed internally a solution for the repellent chemical treatment that goes onto gowns and drapes in a surgical ward, and it is PFAS-free. The current chemical treatments that are used on those materials intentionally include PFAS. The treatments are extremely important. They keep the fluids, the blood from going through the gown and actually touching the wearer of that garment. We've come up with a non-PFAS solution which has a lot of excitement behind it and energy, and we believe is gonna be a great growth opportunity for Magnera. Just pivoting back to strategy. You know, if you heard me talk about where we were last year, it was stabilize, optimize, and grow, right? It was a significant merger, putting two companies together. Integration has gone really well. We've optimized, and we continue to focus on optimizing the business through synergy capture. Project Core, which we announced, looking at our global footprint and rationalizing our capacity so that we're as cost competitive as we can be in the regions of the world and the end markets we serve. Grow. Grow is really driving off of the pillars you see here, making sure that we're globally competitive. We have product leadership with respect to the products that our customers buy from us every day, and then working with them, being first at the table as they're asking the questions about, "Okay, how can we make this material softer?" or "How can we have this attribute in our product perform better?" We sit at the table, and we work at them as those development initiatives take place, and then put ourselves in a position to actually commercialize those and drive organic growth through Magnera. Those pillars and where we are and our focus on commercial excellence are extremely important in regards to the journey of Magnera. As I wrap up here, just a snapshot on our 2026 guide. The midpoint of our guidance for adjusted EBITDA for 2026, $395 million. That's off of $362 million for our full year, our fiscal year 2025. Off of that midpoint, we're targeting to generate a midpoint in free cash of $100 million, with capital expenditures of $80 million. $70 million focused on running our business every day, $10 million focused on some of the IT infrastructure that we need to put in place as we exit the transition services agreement with Amcor and Berry. Then some of the variables, that as you know, as we speak, and I speak to investors and analysts that are on here in regards to our interest expense and integration and taxes that would get you down to that free cash flow number from EBITDA. Again, a target, and I think, you know, it'll probably come up as Wayne and I talk, you know, we talked about that CapEx number, is, you know, in the 2%-2.5% of our revenue and we ran the business with that type of CapEx spend last year and feel like that's very appropriate for the business today. As growth opportunities present themselves, they will go through our rigorous capital approval process, and, you know, we will support growth with capital too. Like, right now, most of our capital spend is focused on maintenance and keeping our lines where we want them. Then the last slide, just a couple takeaways in regards to our stable financial profile. You know, being a new company, you know, one year in was, you know, November of 2025. If you take a look at some metrics off of our first-year performance and our 2026 guide, our earnings growth for 2026 is 9% over our 2025 results. Free cash flow LTM, $97 million through Q1 of 2026, and that results in a 27% free cash flow yield based on our market cap on March 6, 2026. We think that free cash flow is extremely important with respect to our current investors and future investors. I'll wrap there and appreciate the opportunity to answer questions and your time in regards to your interest in Magnera. Thank you. Hi. Thanks, Robert. That was a great overview. I appreciate you pointing out the magnificent new era reasoning for the name. Found that out recently and thought it's pretty cool. You're a little over a year since the merger. Just wanted to get your thoughts on what was exciting about bringing these businesses together. You mentioned you're making progress on the integration and Project Core synergies, but where are you in that process? Sure, Wayne. We are well along in the integration process. Actually, I would say the majority of the integration process is behind us. The cultures were very similar, so a lot of those underpinnings of the two cultures enabled us to come together quickly. Our integration process is very collaborative. You know, our history with respect to the two companies and having acquisitions in their history, we were able to execute integration plans to make them very collaborative, and to leverage on our past experience. I would say the integration is done, Wayne. We feel really good about it. People are sitting in the right seat. The front end of the business from a commercial excellence standpoint, we've got the right people focused with respect to the right customers and understanding the portfolio of products that they can sell every day. We feel very positive on where we are from an integration standpoint. You mentioned how the products are essential, but can you take us through if you're seeing any particular pockets of strength or weakness by product or region? Sure. I alluded to the wipes portfolio in my comments in the presentation. We feel really bullish on that portfolio. We have a great suite of technology, we have great customers, we have great products, and we pretty much touch every end-use application. We feel really good about there. You know, growth rates vary across regions of the world, but you know, wipes continue to be a vehicle for cleaning that shows momentum and is showing velocity behind consumer acceptance and more households, you know, putting canisters of wipes in the cabinets to be used as a cleaning vehicle along with other applications. Wipes I alluded to. You know, our presence in personal care, you know, sometimes I worry that people think, "Well, okay, Magnera, it was this combination and they just make materials that go into baby diapers," and that's why I emphasize those six end markets. The breadth of our product offering is very different than a lot of our global competitors that are a little bit more narrowly focused. Adult incontinence, growing trends, adoption in different regions of the world, you know, growth rates that are in the 4%-7% range. We feel really good in regards to our ability to continue to grow and support our customers, with products improvements is that, you know, they grow their applications in that space. You know, all six of the markets that I talked about, Wayne, are really important. Most of them I think that's important too is they're, you know, five of the six for sure are non-discretionary. I mean, people need to use those products every day. The macro challenges that, you know, a lot of us in the manufacturing industrial space have dealt with just in regards to consumer confidence and macro, yes, you know, that has muted growth a little bit. The products that we make are essential, and as the consumer gains confidence and, you know, some of the challenges that we've all been living through for the past two years, you know, settle out, we really feel good about where our position is and the momentum behind our products to accelerate growth. If there's any questions in the room, just let me know. Oh, right here. Your last slide clearly shows how cheap the stock is, right? Optically. Like 27%-30% free cash flow yield today. You also mentioned you're targeting 3x leverage, so you're roughly one turn away from that. I try to get an idea, you have $100 million a year free cash flow. How do you think about the capital allocation? Right now it's a great question, thank you. I mean, our capital allocation free cash is focused on paying down debt. You know, we poll our investors both from an equity and from a debt side, and fortunately, there's consensus across the investors in Magnera that paying down debt generates the greatest return shareholder value standpoint, so that's where our focus is. Our target is to turn down that multiple a quarter turn a year, you know, so to go from where we are today to get down to three. Right now, like I alluded to earlier, our footprint, global utilization, you know, where we are in regards to supporting and being able to support the growth that we see, from a customer demand standpoint, we feel like, the capital portion of, you know, how we get to free cash flow is a good number in that 2%-2.5% range. I think I hit your two or three points in your question. Okay, just, I know you don't do quarterly guide but y ou came out with Q1 results recently, around 12% EBITDA margin. You look at the fiscal 2026 guide, it's in that ballpark I would think. What do you think is achievable margin over the medium or long term for this business once you have everything together? Sure, Wayne. A great question again. 11%-12%, right, average margin for Magnera. When we stood up the company and we continued to track on achieving the $55 million in synergies that we said we would capture in regards to the combination, we announced Project Core, which was reducing our global footprint from a capacity standpoint by 5% and identified $20 million in cost reductions in doing that. The other thing that Project Core does is that enables us to take a look at our mix of business. Potentially shed some business that wasn't meeting the margin mix profiles that we would prefer, and, you know, running the business that we want on our remaining capacity. Then, you know, some tailwinds. Our guide for 2026, Wayne, was built off of flattish volume just based on the global outlook. You know, some of the regions of the world are up low single digits, some are down low single digits. Overall, our guide's built off of flattish. You get some momentum behind the macro, you know, volume outlooks in regards to, you know, again, pointing primarily to consumers and that dynamic. You know, we believe that the business should be more in the mid-teens. You just touched on it, but I was wondering with the combined portfolio now, are there any product lines that you see that don't fit well and, you know, you may be looking to get rid of and maybe accelerate the debt pay down? We, you know, try to simplify it into the six end markets and how we think about our product lines. There are, you know, specific smaller niche product offerings that we continue to evaluate, you know, that came together through the merger. I would say our lens in how we do that is really right to win for the long term from a strategic standpoint, right? Do they warrant, are they gonna meet our rigorous capital requirements for investing in businesses and generate the type of returns that we believe, are warranted when we invest capital into growth opportunities or into existing businesses? You know, we're still doing that, looking at that, Wayne. I call that strategic pruning. I don't see if there are actions there that those are gonna be, you know, massive events that, you know, would really be pointed to deleveraging. There would be more us streamlining the business and allowing the team to focus on the core business that we believe is gonna generate the greatest shareholder value for the long term. We have one more time for one more question. Hi, thank you for the presentation. The kind of topical now, your inputs. Polymer resins and kind of the whole impact of what's happening today, how does that give us some scenarios of kind of, let's say, $150 oil and whatnot, and how that will manifest through. I think you're quoting $170 million-$190 million of cash flow from operations. What happens in $150 oil for you? Yep, definitely a question front of mind, based on what's going on right now. You know, we can speak to both, you know, energy and to some of our inputs from a raw standpoint. From an energy standpoint, we have fixed pricing programs in place, so we really address energy from a procurement standpoint and make sure that we're well-positioned so that we're not in the spot market to have to buy energy in the type of environment we're dealing with right now. We have those programs in place in both Europe and the U.S., and so the fixed pricing programs are there. On the raw material side, the majority of our customer contracts and most of our business is under contract other than business that we choose by design to not have under contract, where maybe we deal with those markets on a little bit more of a spot basis, have what we call escalator, de-escalator mechanisms in there for pricing. Raw materials are a very important part of Magnera. If you took our COGS, raw materials represent about 60% of our COGS. Those mechanisms enable us to pass through the raw material inflation to our customers. The primary impact in regards to the volatility of the environment right now would be what we call lag or timing. It would be the time from when we incur the more expensive pellets in the case of Olefins from our suppliers, and then when we pass that through to our customers based on the mechanisms in our contracts. Okay. Well, that's our time. We really thank you, Robert, for joining. We look forward to following the progress of Magnera and hopefully having you here in person next year. Wayne, appreciate it. Thank you to the Gabelli team for allowing us to participate. For those investors that are on the phone, I'm happy to answer questions. I know, Wayne, you'll enable them to get access to me. Thanks again. Appreciate the opportunity. Thank you.