This quarter's results met expectations, primarily because pricing and cost savings offset the decline in sales volume and regional market weakness.

Full-year net sales of $2.3B (+4.5%), operating margin of 19.6% (+30bps), adjusted EBITDA of $544.3M (+3.3%).

OEM grew double digits, commercial business flat but cold-formed steel and anchoring products strong; residential secured contracts with 25 of the top 30 homebuilders. European sales +4.3%, digital services and CS Producer expanded, cost savings program annualized at least $30M.

2026 operating margin guidance 19.5%-20.5%, capital expenditures $75-85M, housing starts expected flat, tariff costs already considered.

Positive signals: management emphasized residential market recovery positioning and digital services growth; negative signals: unfavorable regional mix, ongoing tariff costs.