Thank you for standing by, and welcome to the Suburban Propane Partners Fourth Quarter and Fiscal Year End Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I'd now like to turn the call over to Davin D'Ambrosio, Vice President and Treasurer. You may begin.

Thank you, Rob. Good morning, everyone. Thank you for joining us this morning for our fiscal 2025 fourth quarter and full year earnings conference call. I'm here with Michael A. Stivala, our President and Chief Executive Officer, Michael A. Kuglin, Chief Financial Officer, and Alex Centeno, our Senior Vice President of Operations. This morning, we will review our fiscal 2025 fourth quarter and full year financial results, along with our current outlook for the business. Once we have concluded our prepared remarks, we will open the session for questions. Our conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, relating to the partnership's future business expectations and predictions and financial condition and results of operations. These forward-looking statements involve certain risks and uncertainties. We have listed some of the important factors that could cause actual results to differ materially from those discussed in such forward-looking statements, which are referred to as cautionary statements in our earnings press release, which can be viewed on our website at suburbanpropane.com. While subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements, our annual report on Form 10-K for the fiscal year ended September 27, 2025, which contains additional disclosure regarding forward-looking statements and risk factors, will be filed on or about November 26. Once filed, copies will be obtained by contacting the partnership or the SEC. Certain non-GAAP measures will be discussed on this call. We have provided a description of those measures, as well as a discussion of why we believe this information to be useful, in our Form 8-Ks, which was furnished to the SEC this morning. Form 8-Ks will be available through a link in the Investor Relations section of our website. At this time, I will turn the call over to Michael A. Stivala for some opening remarks. Mike?

Thanks, Davin, and thank you all for joining us today. Fiscal 2025 was another outstanding year for Suburban Propane Partners, L.P. In our core propane business, propane demand was strong as a result of a sustained period of more normal winter weather in the heart of our footprint from mid-December through February, the most critical months for heat-related demand, as well as strong demand in our Southeast operations in the aftermath of Hurricanes Helene and Milton in the first fiscal quarter. And incremental volumes from our acquisition of a well-run propane business in our Southwest territory, which we closed in November 2024. I am extremely proud of how our field personnel at every level worked tirelessly to meet the surge in demand when our customers needed us most, while also opportunistically taking on new business when some of our competitors were unable to keep up. This was a real testament to the preparation by our operations teams and the flexibility of our operating model to ramp up when demand dictates. And with safety as our highest priority, what's even more impressive is how our employees performed during a prolonged stretch of very high activity levels and some harsh operating conditions while not compromising on our highest standards for safety. As a result, propane volumes for fiscal 2025 increased nearly 6% compared to the prior year. Strong volumes, combined with effective margin management during a rising commodity price environment and good expense discipline, contributed to a $28 million or 11.2% increase in adjusted EBITDA compared to the prior year. In addition to the higher earnings, we had a number of key accomplishments in fiscal 2025 in support of our long-term strategic growth initiatives. Just to highlight a few, we acquired and integrated a well-run propane business in strategic markets in New…

Thanks, Mike, and good morning, everyone. I will start by focusing on our full year results, then give some color to the fourth quarter at the end of my remarks. To be consistent with previous reporting, I am excluding the impact of unrealized noncash mark-to-market adjustments on our commodity hedges, which resulted in an unrealized gain of $2.4 million in fiscal 2025 compared to an unrealized loss of $14.6 million in the prior year, along with certain other noncash items we have identified in the reconciliation of net income to adjusted EBITDA in the press release. Including these items, net income for fiscal 2025 was $128.4 million or $1.97 per common unit compared to $107.7 million or $1.68 per common unit in the prior year. Adjusted EBITDA for fiscal 2025 was $278 million, an increase of $28 million or 11.2% compared to the prior year. Retail propane gallons sold in fiscal 2025 were 400.5 million gallons, an increase of 5.9% compared to the prior year. The volume increase was driven by sustained widespread cold temperatures during the most critical months for heat-related demand, increased demand for backup power generation, and other applications in the aftermath of Hurricanes Helene and Milton, continued growth in our counter-seasonal national accounts business, and incremental volumes from our recent propane acquisitions. With respect to the weather, average temperatures for fiscal 2025 were 9% warmer than normal and 4% cooler than the prior year. During January and February, average temperatures were comparable to normal and 13% colder than the same period last year. From a commodity perspective, average wholesale propane prices for fiscal 2025 were 79¢ per gallon, basis month billed, which was 5.8% higher than the prior year. According to the most recent report from the Energy Information Administration, US propane inventories at the end…

Thanks, Mike. As announced in our October 23 press release, our Board of Supervisors declared our quarterly distribution of $0.325 per common unit in respect of the fourth quarter of 2025. That equates to an annualized rate of $1.30 per common unit. The quarterly distribution was paid yesterday, November 12, due to the Federal Reserve closing on the eleventh for Veterans Day, to our unitholders of record as of November 4. Our distribution coverage continues to remain healthy, at 2.13 times for the trailing twelve months ended September 2025. I also want to take a moment to thank and honor our great American veterans for their service, including so many that are part of the Suburban Propane family, as we just passed Veterans Day. So just a few closing remarks regarding our long-term strategy. Our long-term strategic growth plan remains to foster the growth of our core propane business while making strategic investments in lower carbon renewable energy alternatives through our Suburban Renewable Energy subsidiary, leveraging our core competencies in safety, customer service, and logistics, especially in the localized energy distribution markets. The energy evolution is a long journey, one that requires a pragmatic and balanced approach to identifying and fostering energy solutions that can lower greenhouse gas emissions and our country's overall carbon footprint. It requires solutions that can deliver energy that is reliable, affordable, and sustainable. We have definitely seen a shift in the conversation that is benefiting propane by recognizing propane's versatile, affordable, on-demand nature and its clean qualities as an immediate and long-term solution to helping lower the carbon footprint. We are very well positioned to take advantage of this growing respect for propane given our operational and financial strength and stability. We are also maintaining our focus on innovation to ensure that Suburban Propane continues…

Thank you. We will now begin the question and answer session. We will pause for just a moment to compile the questions. And, again, if you would like to ask a question, please press. And we have no questions. I will now turn the call back over to Michael A. Stivala for some final closing comments.

Great. Thank you, Rob. I think we have said enough. We are excited about the new year, and we look forward to talking to everybody after our first quarter in February. And please have a safe and happy holiday season. Thank you.

This concludes today's conference call. Thank you for your participation. You may now disconnect.