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Hello everyone, thank you for joining us and welcome to the Albany International Investor Call to discuss the successful completion of its strategic review. 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 one again. I will now hand the conference over to Karen Blomquist, Director of Investor Relations. Karen, please go ahead. Good morning and thank you for joining us today. As a reminder for those listening on the call, please refer to our press release issued yesterday detailing the conclusion of our strategic review along with our updated guidance. Contained in the text of the release is a notice regarding our forward-looking statements. we will make statements that are forward-looking and contain a number of risks and uncertainties which could cause actual results to differ from those expressed or implied. For a full discussion of these risks and uncertainty, please refer to yesterday's press release as well as our SEC filings, including our 10Q and our 10K. Now I will turn the call over to Gunnar Cleveland, our President and CEO. Gunnar? Thank you, Karen. Good morning and welcome, everyone. From the outset of this strategic review, our objective has been clear, to evaluate options through a balanced lens of maximizing long-term shareholder value and strategic positioning. That has meant applying financial discipline, aligning execution and strategy, and ensuring that any outcomes strengthen the business while delivering the best value for our shareholders. At the end of October 2025, we announced that we were exploring strategic alternatives for our structures assembly business, including a potential sale of all or part of the business at the Amelia Earhart facility in Salt Lake City, Utah. We undertook that process with a disciplined view of the portfolio, capital allocation, long-term value creation potential of the site. At that time, we also communicated that we are engaged with discussions with Sikorsky on CH53K regarding potential contract modifications to address increased material and labor costs. Over the past 10 months, our dedicated team has worked tirelessly to meet our customers' expectations, executing at a high level which enabled ongoing discussions with our customers after completing the review we believe the amended agreement represents the best outcome for albany and its shareholders it enables us to retain the salt lake city facility continue participating in the ch53k program under an amended contract that reduces the program risk while ensuring that we continue to support our largest customer We also maintain a facility that has strong growth and profitable contracts with current and new customers, as well as capacity to continue to support the increased demand we're seeing in both aerospace and defense. This decision provides several important benefits. The new CH-53K contract results in stabilized aircraft production while offsetting projected losses, thus improving the overall profitability of the site and keeping business in place with our largest customer, with whom we continue to add new programs like the recently announced teaming agreement on hypersonic development. The amended contract is accelerating cash into 2026, and the contract is expected to deliver positive cash flow beginning in 2027. The amended contracts also further reduces risk on the program by shortening the production horizon commitment and total aircraft deliveries, and limits risk related to material cost inflation. Overall, for the Amelia Air Hard Drive operations, the amended contract combined with the contract contract extension for the composite fuselage frames on the Boeing 787 Dreamliner, two new recently secured defense contracts with a strategic customer, Beta Alia aircraft advanced composite parts, and F-35 advanced composite parts establish a business with a healthy and sustainable financial profile. These programs beyond CH-53K fit squarely within our areas of expertise in advanced composite manufacturer. And lastly, it solidifies the value in retaining a well-capitalized facility that continues to attract new business opportunities. It's important to note that the Amelia Air Hard Drive facility delivers on a number of profitable ramping programs beyond the CS502K program, and we're pleased to continue work achieving great outcomes for all of our customers at the facility. We're extremely pleased with this outcome and grateful for the efforts of our employees whose dedication and performance have been integral in achieving this positive outcome. In addition, we would like to thank Guggenheim Securities, who served as exclusive financial advisor to Albany in connection with the strategic review, and Sikorsky for their continued support and collaboration throughout the process. In short, this outcome reflects the same disciplined objective that guide the review from the beginning. Aligning our strategy, execution, and capital allocation with a goal of creating long-term shareholder value. It allows us to build on the momentum in our engineered composites business, retain important strategic capabilities at Salt Lake City Facility, and to continue delivering value for our customers and stakeholders on the CS503K program. As announced on Monday, Will is currently on medical leave, and I know he would want to be here today. Our thoughts are with Will and his family during this time. I will now turn the call over to Sean Valashinas, our acting CFO in Will's absence, to talk about the outlook for the remainder of 2026. Sean has served as the company's primary accounting officer since June of 2025 and is well positioned to support continuity of operations during this time. Sean? Thank you, Gunnar, and good morning. As Gunnar said, we are pleased with the results of this process. Following our comprehensive review of all available alternatives, the amended agreement provides an attractive path forward improving by improving program profitability enabling the continent continuation of the site's other strong existing programs and ensuring capacity for additional business in the future as a result we're retaining a strategically important facility with strong customer relationships improved economics and a growing pipeline of opportunities now turning to an update on our guidance for these following these developments during the quarter during the third quarter we expect revenue in our machine clothing segment to be between 165 and 170 million and we continue to expect revenue in our engineered composites segment for the third quarter to be 155 and 160 million dollars on a consolidated basis we continue to expect total company revenue of approximately 320 to 330 million dollars for the quarter In addition, we've increased our adjusted earnings per share forecast to be between $1.40 and $1,50 from the previously announced $0.60 to $0,70. The increase to our forecast is based on the reversal of the reach-forward loss and the associated changes to depreciation and amortization that are a result of the amendment that we announced today. We expect the third quarter effective tax rate to remain at 31.5%. Turning to fourth quarter guidance, we expect revenue in our machine clothing segment to be between $170 and $175 million, and in our engineered composites segment, we expect revenue to be between 155 and $160 million. On a consolidated basis, total company revenue is expected to be approximately $325 to $335 million for the fourth quarter. We expect adjusted earnings per share to be between $0.65 and $0,075 for the fourth quarter with an effective tax rate remaining at 31.5%. In conclusion, we're happy to have concluded the strategic review in a way that allowed us to reduce program risk and generate positive cash flow on the program beginning in 2027 while continuing to perform for our largest customer while maintaining a well-capitalized site and the associated revenue. We remain focused on executing against our operating priorities, delivering for our customers, and creating long-term value for our shareholders. With that, we will be happy to take your questions. Operator? We will now begin the 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 one again. We ask that you pick up your handset when asking a 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 Chigusa Kitoku with JP Morgan. Your line is open. Please go ahead. Hi, good morning. Thanks for the call and thanks for taking my question. Firstly, I was wondering if you could provide a little bit more color on how you renegotiated the terms of the CH-53K contract with the customer. I think you mentioned length of the contract, number of deliveries, and cost inflation clauses, but how did those change? And then how should we think about the $147 million in loss reserve that you have? If there are any cost overruns in the future, will that be fully covered by the customer? Thanks. Good morning, Chigusa. I'll take the first part of the question. Let Sean make some notes on the second. This has been a 10-month negotiation with Sikorsky on this program. We had expectations for the program, and they had expectations. expectations for a program, and in the end, we came to an agreement to shorten the contract, so it is no longer a LIFA program contract. We agreed on different economics on the program, which increased the price per ship set. We also came to an agreement on reducing risk on inflation, and frankly, throughout this whole process, the performance of our team in Salt Lake City kept improving. We had other programs that we renegotiated. As you're aware, last year, we negotiated our way out of a Gulf Stream contract that was a lost contract. We renegotiated with Boeing the extension of the one-piece frame, which has better economics. And so all these things coming together, we came to an agreement with Sikorsky to amend the contract to where we had positive cash flow going forward. And the site is healthy and has good economics, and it makes sense for us to keep it. the reach forward lawsuit yeah on the reach-forward loss sir gusa so the 147 million dollars you know if we go back almost a year ago now had a few components the first being a charge that that wasn't a reach forward loss but was anticipated margin adjustment on the charges then from there though we did have you know the reserve that was built had three components the first was one that we would have reserves or charges that we might have absorbed over the last year between the time of announcement and today and then the second is uh it's a job reserves around uh costs that will incur between now and the time where the amendment kicks in later in 2027. the third is uh just our reserves around times past that after the amendment the piece around uh adjustments around the post amendment we will um reserve that we will reverse during the quarter and again but we did we are projecting or reserving for losses that we anticipate will occur up to the time of the amendment okay thanks for the color um maybe as a follow-up anyway you can help us on how to think about the growth rate and the margin profile of the amended ch53k contract and then also how should we think about the growth right and margin profiles the aac segment as a whole thank you you. Yeah. So, Shagusa, if we talk about for 2027, we're still a little early to start talking about forecasts for the segment in total, right? We're just doing our 27th annual plan process now. So as we get into more of the third quarter and more ofthe fourth quarter, right, we'll have a better sense for a forecast for going forward, right. But that said, look, the program and the site itself really have a good, good, strong growth potential, right? And there's a few reasons for that, right. First is right, obviously, the contract amendments that we announced today. And the second, right, is that, you know, when you think about this program, the contact, right the contract itself is really just sorry about that. Right. The second right is around just the contract. Itself is we just have improved pricing on that. And so we'll see better growth as we move into 2027 and more into the back half of that year on that. And I will add, we're not going to share what our profitability on the program is. It is it does have positive cash flow and and it's a it's a good contract going forward through the end of lot 13. If you look at the segment as it. As it stands as a whole, what we expect is to see double-digit growth over the next several years, and our goal remains to be in the mid-to-upper-teens EBITDA. That's an overall goal for that part of the segment. We've said that we're going to be in the higher, you know, the mid to high teens before. The difference with retaining the site is that we now have a very large site and a large portion of the company retained to support that return. And so in dollars, it's obviously quite a bit higher. Okay, I understand. That's helpful. Thank you so much. Your next question comes from the line of Jan Engelbrecht with Baird. Your line is open, Jan. Please go ahead. Hi, Gunnar and Sean. Congrats on the completion of the review. It's really good news. In the release, you guys said, you talked about improved size profitability. So if you look at the third and fourth quarter guidance it doesn't look like there's a sort of upside to where where you were guiding before or where the street was so if you look at consistent with sort of the cash flow statement you guys made so we should realistically expect to sort of you know the first half of 2027 to start seeing you know they the improved profitability of this site uh with the new business wins or how are you thinking about that i know you're not talking in detail about 27 but if you could just help us on when you start to expect to see these improvements to profitability So, you're absolutely right. We should see the profitability increase on the site quarter to quarter. To begin with, primarily on the new business wind and the renegotiated contracts, and then as we get into mid to latter half of next year, the CH50T program will start supporting the increased profitability of the site. I expect the site to be a good, healthy margin with the 28 being the first full year of that type of margin. But it's going to build over time, and you won't see it this year. You'll see it begin incrementally through the next year. And as we forecast next year, we'll highlight that. Perfect. Thanks, Gunnar. And if I may, just a couple of accounting questions for either of you. Just on the health for use now, since it will be changed from health for sale previously. So the catch up for the depreciation and amortization that you basically paused on that site, is that, I assume that's contemplated in the third quarter already, the catch-up in the DNA. And then just previous, sure, go for John. No, I'm sorry, I cut you off there. we'll handle the first one and then we'll go to the second one. But yes, definitely the depreciation and amortization, it's about $12 million that will be cumulatively picked up in the third quarter. And that number is reflected in the outlook that we provided today. Okay, perfect. And then just a quick one, if I may, on the reach forward loss. So I think if you look at the 98 million loss reserve, that qualifies for the reversal because the cumulative catch-up is obviously in the past, so you can't reverse that. So it implies that for this quarter, $33 million or so was reversed pre-tax. So just how should we think about the remaining amount in the loss reserve over the next couple of quarters? Yeah, a couple of things to think through. I can think about how you got to the $33, but I think you have to add back the depreciation and amortization component of that. So call it maybe about 45, 40, about in the mid 40s as we think about that. And then a couple of things to bridge that. One is the reserves that we had to absorb over the last 10 months, 10 months to a year, let's call it. Second is the reserves that we'll have to absorb until the amendment to the contract really kicks in into the back half of 27. so both of those things help you bridge that gap into the the mid 40s and then the other thing is then just um as we think about coming down the learning curve on the on the 53k program we'll still have to absorb some of that as we move through the process okay great thanks gunners thanks sean congrats again thank you thank you There are no further questions at this time. I will now turn the call back to Gunnar Cleveland for closing remarks. All right, thank you, and thank you everyone for joining us on the call today. We appreciate your continued support. I look forward to updating you on the progress in the future. Thank you, and have a good day. This concludes today's call. 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