Hello, and welcome to Westrock Coffee Company's Fourth Quarter 2025 Earnings Conference Call. My name is Lisa. I'll be coordinating your call today. Following prepared remarks, we will open the call to your questions with instructions to be given at that time. I'll now turn the call over to Jauan Arnold with Westrock Coffee. Thank you, and welcome to Westrock Coffee Company's fourth quarter 2025 earnings conference call. Today's call is being recorded. With us are Mr. Scott Ford, Co-founder and Chief Executive Officer, and Mr. Chris Pledger, Chief Financial Officer. By now, everyone should have access to the company's fourth quarter earnings release issued earlier today. This information is available on the investor relations section of Westrock Coffee Company's website at investors.westrockcoffee.com. Certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings with the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Also, discussions during the call will use some non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. With that, it's my pleasure to turn the call over to Scott Ford, our Co-founder and Chief Executive Officer. Thank you, Jauan. Good afternoon, everyone. Thanks for joining us. We are pleased to announce today that we produced record-breaking fourth quarter and full year 2025 results, driven by continued new customer volume additions, successful scale up of our integrated platform, and disciplined cost and operational execution across every part of our business. These results reflect the strength of our customer-centered broad portfolio model and the tremendous value our strategic investments are now delivering. On a regular SEC basis with no construction activity add backs, our 2025 consolidated adjusted EBITDA was $69.7 million, up 48% year-over-year. This performance sets up another strong year of EBITDA expansion in 2026, where we estimate our EBITDA will be up another 30%-45% this year. Dropping down one additional layer, and importantly, we also outperformed our estimated deleveraging goals. In spite of 2025 being the final CapEx year on the build-out of the two new plants we built in Conway, Arkansas. At year-end 2025, our Beverage Solutions secured net leverage ratio stood at only 3.9 times, a meaningful beat to our 4.5 times target. The fact that we have now switched from construction mode into regular daily operations, which simply require maintenance CapEx, is a pivotal moment in our company's history as we are scheduled to become fully free cash flow positive after all CapEx and debt service in 2026. Strategically, we remain firmly on track toward our goal of becoming the premier integrated strategic supplier for the preeminent coffee, tea, energy, and now high-protein beverage brands globally. To this end, we have two important updates to share with you today. First, we are pleased to announce that we have completed the product development and commercialization processes for our first high-protein beverage for a leading CPG brand. We currently expect production to begin this fall. Secondly, that with the recently completed water and tank farm upgrades, we are now fully capable of making not only milk-based RTD coffee and tea beverages and extracts, but all of the traditional canned energy drinks as well. And by this fall, we expect to be in production with carbonated water, seltzer, and soda customers who are seeking a partner with the scaled product development, commercialization, production, finished packaging formats, and distribution partners that our facilities afford. The story of 2025 is our successful transition from plant construction to full scale operations. We are now focused squarely on driving growth through expanded customer volumes while delivering disciplined expense management and operational efficiencies that accelerate EBITDA expansion. The strong volume growth across both our Beverage Solutions and SS&T segments, combined with cost controls across our core business units derived from process, data intelligence, and risk mitigation insights via our ongoing relationship with Palantir, were once again the primary drivers of this quarter's and the full-year earnings beat. I continue to believe that this now three-year relationship is an underappreciated component of our operational risk management and financial success. Our combined West and Palantir systems team is some 10 times more effective in multiple ways of measuring than we were just three years ago, while also being 30%-40% smaller than when we began. You may recall that last quarter we noted an uncertainty around one large single-serve customer that was involved in an M&A transaction. That activity is now completely behind us. The customer moved out entirely during the fourth quarter of 2025. We have numerous customers in our pipeline that should fully refill that single-serve capacity by 2027. This transaction is the source of our 2026 guidance being up only 30%-45% when we originally expected it to be up closer to 100%. We tip our hat to a worthy competitor. Finally, we remain convinced that by becoming the lead innovation and development partner, dependable and sustainable sourcing resource, and low-cost processing and packaging outsourcer for the world's leading beverage brands, we enable them to capitalize on their brand equity positions in step with the movements of their consumers. Our record full-year results demonstrate growth brought about from our continued incremental delivery against this goal, and our expansion into the full lineup of energy and carbonated drinks made possible by the final upgrades to our new Conway facility enables us to continue to pursue this strategy with vigor in the years to come. With that, I'm now gonna turn the call over to Chris Pledger, our CFO, who will explain all of these developments in greater detail. Chris? Thank you, Scott, and good afternoon, everyone. As Scott mentioned, 2025 was an exceptional year for Westrock Coffee. We delivered results that exceeded our outlook across each of our key financial metrics. Consolidated adjusted EBITDA for fiscal 2025 was $69.7 million, exceeding our previously communicated range of $60-$65 million and representing 48% year-over-year growth. At the segment level, Beverage Solutions segment adjusted EBITDA was $68.5 million, above the high end of our outlook range of $63-$68 million, and SS&T segment adjusted EBITDA was $16.5 million, also exceeding our outlook range of $14-$16 million. We also ended the year with a beverage solutions secured net leverage ratio of 3.85x, significantly better than the 4.5x level contemplated in our outlook. These results reflect continued improvement in operating performance throughout the year. Over the past three years, we've invested approximately $360 million in CapEx to build and commercialize our Conway extract and RTD facility. That investment phase is now complete. As we move into 2026, our story shifts. With Conway fully commercialized and all production capabilities operating as designed, our focus now is straightforward, drive volume, optimize customer mix, and maximize margin across the platform. With that context, I'll walk you through our full year results. For the full year, consolidated net sales increased 40% over 2024. Our reported net loss of $90.4 million reflects the continued investment and scale up of Conway throughout 2025. Consolidated Adjusted EBITDA was $69.7 million, up 48% year-over-year, with the fourth quarter representing our strongest quarter at $23 million, up 72% versus the prior year period. In Beverage Solutions, full-year segment Adjusted EBITDA was $68.5 million, up 28% versus 2024. Growth was driven by the launch of the RTD can line mid-year and continued ramp of multi-serve bottle volumes, a 29% increase in single-serve cup volumes across both legacy and new customers, and a 6% increase in core roast and ground coffee volumes. Equally important was the execution of our supply chain management team, which navigated historically high commodity coffee prices and tariff volatility effectively throughout the year. Full year Beverage Solutions EBITDA included approximately $17.4 million of short-term incentive compensation expense that was not incurred in 2024, as performance targets were not met in the prior year. As we look at our margin profile, it's important to understand the impact of historically elevated coffee commodity prices on our reported results. Because coffee is a pass-through cost in our business, rising commodity prices inflate our top-line revenue, while the absolute dollar margin we earn on that volume remains consistent. The effect is purely mathematical. When the denominator expands but the dollar profit stays the same, our reported margins compress. You can see this in our 2025 results, where revenue grew nearly 40% year-over-year, while gross profit dollars held roughly flat. This is not a reflection of deteriorating economics in our business, it's the natural mechanics of pass-through pricing in an elevated commodity environment. When coffee prices normalize, you'll see the inverse effect. Revenue contracts, but because our dollar margins are stable, our reported margin percentages will expand. We encourage investors to focus on absolute dollar profitability and EBITDA growth as the more meaningful indicators of the underlying health and trajectory of our business. In our SS&T segment, we were able to capitalize on volatility in coffee prices, delivering segment-adjusted EBITDA of $16.5 million in 2025, more than doubling from $6.4 million in 2024. Capital expenditures across the business were approximately $89 million in 2025, down from approximately $160 million in 2024. For 2026, we expect total capital expenditures of approximately $30 million, the majority of which relates to routine maintenance capital. That is a trajectory from $160 million to $89 million to $30 million over three years. With Conway fully commercialized, 2025 is our final year of elevated capital intensity. This represents a structural shift in the capital profile of the company going forward. At the end of the year, we had approximately $105 million of unrestricted cash and revolver availability under our Beverage Solutions credit facility, and we remain in full compliance with our credit agreement. We ended 2025 with Beverage Solutions secured net leverage of 3.85 times. Turning to 2026, we expect consolidated Adjusted EBITDA of between $90 million and $100 million, representing 29%-44% year-over-year growth. While we expect 2026 to present a challenging macroeconomic and geopolitical environment, the completion of the Conway extract and RTD facility, combined with continued supply chain optimization, positions us well for another year of solid operating performance. From a balance sheet perspective, we expect leverage in 2026 to remain relatively flat to slightly improved as we absorb new volumes in Conway startup costs, with more meaningful deleveraging beginning in 2027 as volumes normalize. Importantly, with capital expenditures stepping down to approximately $30 million and consolidated Adjusted EBITDA continuing to grow, we expect to be free cash flow positive in the second half of 2026, a significant milestone for a company that's been in a heavy investment phase for the past three years. In prior periods, we also provided segment Adjusted EBITDA guidance for Beverage Solutions and SS&T, as well as Beverage Solutions secured net leverage guidance. We've decided not to continue providing these additional guidance metrics. As the business enters a more streamlined operating phase, we believe a single consolidated metric better reflects how we manage the business and gives investors the clearest view of our progress. With the Conway extract and RTD facility now complete, our story is simpler. Execute against our sales pipeline, optimize customer mix, and produce the volumes at the expected margins, and that's just what we intend to do. 2025 was about building the platform. 2026 is about leveraging it. With that, I'd be happy to open the line for questions. Thank you. If you would like to ask a question, please press star one one on your telephone. You will hear an automated message advising your hand is raised. If you would like to remove yourself from the queue, press star one one again. We also would ask that you please wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question today will be coming from the line of Todd Brooks of Benchmark. Your line is open. Hey, guys. Thanks for taking a couple questions here. I know we're talking about 29%-44% EBITDA growth in the guidance for 2026. Can you size up maybe the EBITDA contribution of the customer that came off the platform on the single serve side in 2025 so that we really get a sense of what the growth rate is, apples for apples, because I know we're not looking until 2027 to replace those single serve cup revenues from the departed customer. I have a follow-up too. Yeah. We were trying to make sure we understood your question. Yeah. The annualized run rate was about $30 million that we expected in 2026. We had about a half a year's performance in 2025. That capacity, when we refill it, would be worth about that incremental over the guidance that we've given you for 2026 at this point, because we don't have any of that refilled in our guidance for 2026. Does that hold together? Yes. I think those are the right pieces, Todd. Okay, great. Optically, if we think about X, that one customer, $49 million in EBITDA in 2025 going to $90-$100 million for kind of Right. Normalized year-over-year growth. Okay, great. Then the second one, and I know increasingly, Scott, you keep talking about the partnership with Palantir. I know you talked about being three years into it and some of the efficiencies that have come from it, but how far into the process are you of leveraging their expertise, and how iterative is the process? Does it keep getting stronger, better, more effective the more time that you're working with them? Thanks. Yeah, sure. We started out with our basic trade and logistics in our trade and logistics platform. We then had such a good experience with them, and we literally iterate with them daily and there's weekly reviews, and it's maniacal communicators, both the team that works here and that and their counterparts at Palantir. I sit on a weekly update just to make sure that I'm trying to keep my finger on the pulse of it. We started in the trade and logistics platform. We then moved into the operational platform, and what we came to appreciate was that they are capable of delivering out of the software agents and engineering that they do. They are capable of delivering essentially every function that every SaaS software business that we pay somebody for the license and then pay another group of people to maintain and to connect. They're able to do all of that centrally as part of their standard engineering package that they've been working with. We work with them through our trade and logistics platform. That's our entire procurement chain. We work with them through the manufacturing floor where they've gone in and automated and put in cameras and counters and measurers on every piece of equipment that run through our factories. At this juncture, we are now turning the sights on every software as a service business that we do business with, frankly. It is Unbelievable how much more efficient it is than what we have always, in my 40-year career, had to kludge together through various software vendors. Okay, great. Scott, so would you say most of the kind of implementation opportunity is behind you and now it's cost extraction for what they can replace from other services? Or is there still more fruit to come from the Palantir partnership? I have learned not to put a limit on it, so I'm gonna say I don't know. I remain highly optimistic about not only what we are doing, but the fruits that will come from that and then what we will turn over next. Perfect. Thank you. Thank you. One moment for the next question. For our next question is coming from the line of Eric Des Lauriers of Craig-Hallum. Your line is open. Great. Thank you for taking my questions and congrats on a strong end to the year here. My first question is just kind of drilling into the potential to win back some customers in the single-serve cup space now that that large customer has moved on. I think you mentioned that you'd like to have that sort of refilled sometime in 2027. Can you just help us understand a bit more of the pacing or how you're thinking about it? Should we think of this as sort of, you know, these volumes as being replaced entering 2027 or sort of, you know, by the end of 2027, you'll be able to replace these in your estimation? Thank you. Sure. We actually expect some of them might actually show up in late 2026. My guess is that we will have all of it running by late 2027. Let's take a phased-in approach view here. It's a combination of retail brands, consumer brands, regional brands, essentially like the customer mix that we have today. The big win and loss, hats off to, you know, our competitor being aggressive about getting them back. It has lit the fire that there is a way to live on other infrastructures than the predominant one. I don't think they can buy them all, so we're gonna give them a chance to sort it all out. Okay. That's helpful. Thank you for that. One of the things that you've kind of highlighted is, you know, in addition to driving volume, which is, you know, you sort of a clear path to doing that. The other, I guess, main aspect of margin enhancement is, optimizing product mix. Could you just, expand on that a bit? You know, you mentioned new, high protein offerings coming online later this year. Can you just kind of, give us a high level of, you know, which products are you looking to increase mix of to drive margin? And just overall, you know, what should we think of when we hear you referring to, you know, optimizing product mix? Thank you. Sure. Well, some of it, and this was in Pledger's remarks, some of it's just maturation of turning something on and getting it all running and, you know, getting your shifts right and getting all your processes right. That's that is a constant slog, and the ops and logistics team have done a fabulous job of doing that work all year long, and the systems team. As you talk about the new products, we're actually very excited about that because this plant is built primarily as an RTD plant and handles milk and has retort systems and you would not build that kind of let's call that a battle tank for a small skirmish of making soda water or sodas that just need to be, you know, they're sterile and need to be, you know, lightly heated. That doesn't mean that we can't do them. Through a little bit of reengineering in the water system, and in the heating system, we can actually now if you come to us and say, "I wanna launch an RTD brand, I wanna launch traditional energy beverages, I wanna launch sparkling sodas, or I wanna move my capacities around and I wanna bring in another vendor," the facility is now set up to be able to do all of that. That creates more demand, which creates more options for us to fill and cover fixed costs, while we're trying to get our margins tighter and our fixed costs down through, you know, just honing the operations. Great. Thank you. Take my questions. Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. One moment for the next question. Our next question is coming from the line of Sarang Vora of Telsey Group. Your line is open. Great. Congrats on a great quarter, and it's good to see the growth in EBITDA and sales ahead. You know, just closing in on the construction part of the facility, can you remind us what is now fully operational at the Conway plant? My understanding is that there were two can lines, one multi-serve, one glass line. You know, now that you're done with the construction phase, can you help us close the loop on like, you know, what's up and running now at Conway? Yeah, that's a short answer. They're all up and running. Awesome. Just following up on that, can you help us understand how the capacity utilization is progressing as you are. You know, I think you started this year, last year, middle of last year, it started operating. Just as a whole, Conway, how is the capacity utilization in like 2025? How does it look like in 2026 from where you are seeing it right now? And then any color on like, you know, where it kind of ends up around 2027 as you onboard some customers that, you know, want to replacement. And just curious to know like, you know, how it's ramping up. Sure. We're not gonna get into the split outs. We broke out a lot of information when we were in the construction phase so that people could follow along and make, you know, what we thought they needed, ample information to be able to assess where we were in the construction process. We broke all that out last year in detail so that people could follow along. This year, as you saw in Chris's comments, A, we don't think it's required anymore for you to understand where we are. B, we have seen several things that we've shared with the public while we went through this build-out. We've seen that used in targeted customer contacts. We're gonna lighten up on what we share around all of that, because it's not good for us when it's beyond what we're required to put out. I will say this, what we generate through those plants and the utilization in 2025 will be higher in 2026, and we are scheduled to be busting the seams in 2027. Great. You know, one question on the margin, and I'm kind of intuitively looking at both COGS and SG&A both large in 2024 when you look at the EBITDA guidance. Is that a fair way to think? Is one bigger than other? You know, is gross margin. I'm curious if you can share any color on you know, between cost and the gross margin primarily helped by mix, if you can share any color over there. Hey, Sarang, can you repeat the question? It was coming in. You were breaking up as the question was coming through, so I didn't quite get it. Sorry. I'll keep it simple. Can you help us understand how the mix between gross margin and cost leverage helps your EBITDA for 2026? Um, I. Is one bigger than other or something? Just curious. No, I think I mean, what you're gonna see in 2026 is from an overall like SG&A cost, you're gonna actually see that from 2025 to 2026 staying flat to going down. You're gonna see as the plant ramps up, you're not gonna have as much of the benefit that you got in terms of, you know, subscale add backs. On an absolute dollar basis, that number might go up a little bit, but not a quantum too big. What I think you're gonna really be able to see as we continue to layer on the volumes, as Scott was saying, is you're really gonna see us, how we're able to leverage the platform, from, you know, starting out really the medium can or the large can line in the middle of last year, getting the glass and the second can line up in December, with everything on the leverage of being able to run more and more volume through the facility, without having to add on additional costs in order to be able to do it. That's where you're really gonna see the economics and the EBITDA growth, that we've talked about in terms of generating $26. That's great. Thank you. Thank you. That does conclude today's Q&A session. I would like to turn this call back over to Scott Ford for closing remarks. Please go ahead. Well, I'd just like to thank everybody. It's been a long struggle to build two plants from scratch and fill them up. We have tried to be as transparent as we could be along the process, and at this juncture, we're gonna call construction over, and we're gonna go back to being a normal business, trying to fill our plants and lower our costs and drive EBITDA, which will drive refinancing and all sorts of other good fun. Thanks for joining us and look forward to talking to you in 90 days. Thank you all for participating in today's conference call. This does conclude today's program. You may all disconnect.