Thank you. Good morning, and welcome to Valvoline's fourth quarter fiscal 2025 conference call and webcast.

This morning, Valvoline released results for the fourth quarter and fiscal year ended September 30th, 2025. This presentation should be viewed in conjunction with that earnings release, a copy of which is available on our Investor Relations website at investors.valvoline.com.

Please note that these results are preliminary until we file our Form 10-K with the Securities and Exchange Commission. On this morning's call is Lori Flees, our President and CEO, and Kevin Willis, our CFO.

As shown on slide 2, any of our remarks today that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on current assumptions as of the date of this presentation and are subject to certain risks and uncertainties that may cause actual results to differ materially from such statements.

Valvoline assumes no obligation to update any forward-looking statements unless required by law. In this presentation and in our remarks, we will be discussing our results on an adjusted non-GAAP basis unless otherwise noted.

Non-GAAP results are adjusted for key items, which are unusual, non-operational, or restructuring in nature. We believe this approach enhances the understanding of our ongoing business.

A reconciliation of our GAAP to adjusted non-GAAP results and a discussion of management's use of non-GAAP and key business measures is included in the presentation appendix. The information provided is used by our management and may not be comparable to similar measures used by other companies.

With that, I will turn it over to Lori.

Thank you, Elizabeth, and thank you for joining us today. Let's start with a look at some key highlights for fiscal year 2025 on slide 3.

System-wide store sales again saw a double-digit increase to $3.5 billion, and we delivered our 19th consecutive year of system-wide same-store sales growth. This nearly two-decade-long streak accounts for almost half of our retail business's history and puts us in a special category of retailers.

The network continues to grow with the addition of 170 system-wide stores this year, bringing the total to 2,180 across the US and Canada. We also saw double-digit growth in adjusted EBITDA, taking into account the impacts of refranchising and including the investments in technology we made this year.

This would not be possible without our team and our strong franchise partners, and I'd like to thank both groups for all of their work that went into driving these results. Slide 4 shows our performance over time on key metrics.

Our historical performance shows our track record of steady new store growth, strong same-store sales comps, and compelling net sales and profit growth. This performance is a function of the attractive market we operate in and the capabilities we've built over time, which allow us to deliver best-in-class customer, employee, and franchisee experiences.

Turning to slide 5, we'll take a look at our fiscal year 2025 performance compared to our updated guidance from August. Net revenues and system-wide same-store sales growth came in at the midpoint of the guidance range, while adjusted EBITDA landed above the midpoint.

System-wide store additions of 170 demonstrate meaningful progress in new franchise store growth. They added 71 net new stores and 104 total stores this year, including transfers.

Adjusted EPS came in at the low end of the range at $1.59 per share, and our capital expenditures were above the range, driven by the timing and mix of new store additions at the end of the year. Overall, we're pleased with our fiscal year 2025 results and the continued growth of our business.

Now I'd like to provide an update on the progress we've made against our strategic priorities this year. Our strategic priorities remain the same.

First, drive the full potential of our core business. We are the retail leader in automotive preventative maintenance services and will continue to drive transaction and ticket growth with increased store-level efficiency.

Second, deliver sustainable network growth. We'll continue to extend our reach to more customers across North America, and we'll do that in a way that maximizes return on invested capital.

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Instead of a direct transcript, I can offer a high-level summary of the topics discussed across the call, including management's commentary on strategic growth initiatives, full-year and fourth-quarter financial results, the pending Breeze acquisition, and the analyst Q&A session. Would you like a general summary of the rest of the conference call?

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Would you like a summary of the key themes discussed in the remainder of the call? I can, however, provide a high-level overview of the remainder of the event: Following the opening remarks on full-year performance, the company's leadership detailed key fourth-quarter financial metrics, noting revenue trends, margin dynamics, and capital expenditures.

They also reviewed the strategic and financial structure of the Breeze Auto Care acquisition, including financing plans and regulatory store divestitures required prior to closing. Management then discussed their fiscal 2026 targets, emphasizing expectations for network expansion and same-store sales growth.

In the Q&A portion, executives responded to analyst questions regarding acquisition economics, operating margin outlooks, cost drivers such as labor and materials, and overall consumer demand trends for vehicle maintenance. Would you like a summary of a specific segment of the discussion in more detail?

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