Okay. Welcome today to our 2026 first ever investor day and plant tour at our Matamoros facility in Mexico. We've got a lot of great products, as you can see around the room, that depict what we do. We've got a lot of great materials to go over today. I want to give you a quick run of the show. When I step away, we're going to play a quick video that'll give you some nice background on some of the stuff that we're doing. Then I'm going to turn it over to Eric Palomaki to run through a presentation. Our presentation today will be broken into two parts. We'll have a break in the middle. At the end, we'll have a long Q&A session, followed by dinner and networking in the back of this room. Right outside the room is restrooms if you need those. On the far left over here, there's snacks, drinks, and anything you need. If you got to get up and go out for the room for anything, help yourself, no worries. Also, on the table in front of you is the internet information. If anybody needs the internet, welcome to do that. We don't have plugs on the tables, but if you need to charge something, we can make some room outside for you, as well. With that, let's get started. First and foremost, everybody's seen a safe harbor statement, which you see up on the screen in front of me. Everybody's read one of these, so I don't plan to read that, but please know that we will make forward-looking statements in today's presentation. Now to the best part, our speakers. Most of you in this room and most of you on the webcast have had plenty of opportunities to speak with our President and CEO, Eric Palomaki, and our Chief Financial Officer, Alex Panda. While you're going to get a chance to speak with them more and hear from them more today, you're also going to get a chance to hear from some of the other leaders in our organization. You're going to get to hear from people like Alex Bantz, who's our Chief Commercial Officer, Stephanie Pulliam, who's our Executive Vice President of Human Resources, Michael Gayford, who was just announced Monday as our Chief Operating Officer, and Arnold Alanis, who's our Executive Vice President and Operations of our Mexico facility. With that, I'm going to get our video started. Then I'm going to turn things over to Eric. Thank you. Over the past several years, Core has built a stronger company. We've improved execution. We strengthened our customer relationships. We invested in our people, manufacturing network, and commercial capabilities. Now, Core is entering its next phase. We are taking a proven operating platform into larger opportunities, deeper customer relationships, and more diversified markets. Our objective is not growth for growth's sake. It is profitable growth that expands margins, generates cash, and earns attractive returns on capital. This is why Core, and this is why now. Core's vision is providing engineered solutions to our customers. Technology creates capability. People turn capabilities into results. Across Core, our teams work across materials, engineering, manufacturing, quality, and operations to solve customer problems and execute complex programs. We work together as one team. We have a Core culture that we all are transcribing to and we're all practicing. That collaboration allows knowledge developed in one facility to strengthen the entire network. It helps Core launch programs, respond to challenges, and deliver with the consistency our customers expect. The key is really bringing the talents together and aligning them on a common goal. At Core, culture is not separate from execution. It is what makes repeatable execution possible, and the opportunity ahead is broad. Core is positioned to grow across five key markets where our capabilities can solve real-world challenges and where demand continues to create new opportunities. Transportation has been part of Core's heritage for decades. Today, we are taking that expertise into the next generation of transportation applications, delivering large, complex composite components engineered for performance, efficiency, and durability. We are also building on our strength in powersports. From components for side-by-side vehicles to personal watercraft, Core's specialized molding technologies allow us to produce complex parts at scale. At Core, we have multiple processes, so we can choose the right solution that best fits the application. The opportunity extends beyond our traditional vehicle markets. Core supports the infrastructure behind a changing world, from utility applications to components supporting data centers, power generation, and other critical infrastructure. In building products, our capabilities support applications that become part of the places where people live and work. In construction and agriculture, we are producing components built to perform in some of the most demanding environments. From equipment components to tractor cab roofs, Core is helping customers turn complex designs into products ready for the real world. Our 2030 objectives are about more than just scale. We are building towards a company with more than $500 million of revenue, stronger margins, greater cash generation, and higher returns on capital employed. The path includes organic growth, deeper customer relationships, market diversification, disciplined investment, and strategic acquisitions when they improve the quality of the business. Every major use of capital must support long-term shareholder value. That opportunity is supported by a footprint built around our customers and our capabilities. Across our footprint, each Core facility brings a unique strength to the network. In Columbus, our world headquarters and center of excellence for SMC compound production, we make the material that feeds multiple facilities across the network. SMC and the SMC production we have here really is the heartbeat of Core Molding. In Gaffney, we bring decades of experience in heavy truck hoods together with growing capabilities in battery enclosures and other industrial applications. In Winona, specialized DLFT technology and deep composite expertise create another differentiated capability within the Core network. Being the pioneer of the DLFT process in particular, we have many years of experience. In Cobourg, our low-pressure injection molding capabilities allow us to produce large, complex structural foam parts for markets including powersports, building products, and utilities. In Mexico, we're continuing to expand capacity, capabilities, and talent to support new programs and future growth. Matamoros alone spans more than half a million square feet and brings together advanced manufacturing processes across three business units. Monterrey has specialized powersports and DCPD capabilities, with approximately 70,000 square feet available to support future opportunities. We believe the best process is one that is safe, stable, and repeatable. Core has the markets, we have the technology, we have the operational teams to run our facilities effectively, and we have the people. Now we're putting those pieces together for our next phase of growth. We're investing in capacity, we're expanding our capabilities, we're strengthening our teams, and we're creating the flexibility to respond when our customers bring us their next challenge. Every day we focus on making things better from a structural perspective. Because that's what Core does best. We don't just manufacture parts, we engineer solutions, we solve problems, and we build the capabilities to do more of it. Core has spent years building the foundation, a disciplined operating system, a specialized manufacturing network, trusted customer relationships, and a team capable of solving difficult problems. Now we are putting that foundation to work. We are expanding where we have an advantage. We are investing where we can earn attractive returns. We are pushing growth that strengthens margins, cash flow, diversification, and long-term shareholder value. I just can't wait for the next problem to solve for our customers. The opportunity is visible. The strategy is clear. The team is ready. Core is built for what's next. All right. Welcome to Investor Day 2026. Pleased to have all of you joining us in person, as well as on the webcast, and thanks to some of our suppliers and banking partners also for being here today. We're glad to have everybody. Today is an important milestone for us. This is our 30-year anniversary as Core Molding Technologies, and the journey we want to talk to you about is the next chapter of Core. We're not here to tell you the turnaround story, but we're here to demonstrate how the turnaround that we've had over prior years is turning into a platform for growth. Over the last several years, we've rebuilt our operating foundation, strengthened leadership, and improved execution and invested in our capacity. Our objective today is simple, to show investors why Core is positioned to create substantial long-term shareholder value. Each member of our leadership team today will help you connect our strategy, our operations, and our people associated with our capital allocation and how we work together to drive profitable revenue. The message today is why Core and why now? We'll have time at the end for questions, so please feel free to jot those down. We've got a lot of material to cover. I know you are going to want to ask questions, but we'll have plenty of time to do that at the end today. So why now? Investors, if you remember anything today, let it be these five things. Growth is visible and it's tangible, not just through a promise, but through actual customers with actual products that we've won and are in the process of launching. Our operating transformation has already produced measurable results. You can see it in the P&L and the gross margin. Scale matters. As revenue grows, our quality of earnings will benefit from those economies of scale. The capital decisions here at Core are made through a rigorous and disciplined process associated with a return on capital employed calculation. Our goal is to build trust, do what we said we were going to do, which we think we've done the last few years, and continue to do that over the next few years as we say what we're going to do, and then we execute and do what we said we were going to do. Why invest in Core? We combine a lot of characteristics that are difficult to find. Core Molding Technologies ranges from thermoplastic to thermoset. We do have 45 years of award-winning manufacturing experience, and we operate in attractive markets with high barriers of entry. Many of our products end up being sole-sourced with Core Molding. There's only one set of tools, and we make and manufacture those parts for our customers. Those customers, we have decade-long relationships. They're large, successful blue-chip companies, and we work with them well over many decades and will continue to for many decades to come. Our large and ultra-large molding capabilities are difficult and expensive to replicate. When you all get the chance to tour our facility in Matamoros and see the size and scale of a five-story-tall press and what it takes to make that installation, you'll really appreciate the barrier of entry that it takes to build some of these parts that you see behind me on the stage. We've proven that we have a disciplined process for capital allocation. Most importantly, I'll remind you again, we've seen the growth. We've already seen wins, and you can see it in that gross margin line as well. As we think about the transformation journey, it's important to reflect back on the past few years and what we call our must-win battles. You'll hear all of the leaders today tell you about a particular must-win battle as they go through. From the highlights, back in 2019 and 2020, we called that the turnaround. We focused on stabilization, leadership, our customers, fixing equipment, and liquidity challenges. We built foundational systems, things like Leadership Essentials, diversification, and operating discipline systems, our manufacturing processes. All of those combined together today apply to must-win battle of invest for growth and our 2026 must-win battle, which is our investments in our Mexico facilities. That's the expansion of our Monterrey facility from a 50,000 sq ft operation to a 200,000 sq ft operation, as well as the added square footage and 4,500-ton presses in our Matamoros facility to support sleeper roofs. When we think about performance, we always try to measure it on what are those key performance metrics that we want to measure. One of my favorite quotes from Dr. Deming, "In God we trust, all others bring data." A few of those data points that I'd like to share from the last five years. Internal promotion rate in 2020 was 10%. Last year, 48%. So almost every other person that we promoted inside of the company came from inside. For you guys in person, you're looking at an entire group of them standing in front of you. This entire group was part of an internal succession over many years of development, executive coaching, internal training classes, and so on. That exists down through our organization as well. It's not just what you see here today. In purchasing savings, we weren't tracking in 2020. Last year, we tracked $3 million of savings on annualized direct material purchases, or in some cases, one-time capital purchases, but we track all of them, and we support teams when they win in those negotiations. Our training hours were relatively not tracked in 2020. Last year, we tracked over 20,000 development hours through salaried hourly positions on our shop floors with our leaders of various levels. We're investing back in our people, and you should see that from our team today. Our variable margin sometimes ranged wildly quarter to quarter. For those that remember, our variable margin or our margin would vary based on mix, based on what certain markets were doing, and those were in the 20%-24% range. Last year, we averaged about 30%, and it was consistent quarter over quarter in that 30% range, and that's continued into the first two quarters of 2026. Our scrap varied widely from 3%-6% back in 2020. Last year, we averaged under 2% for the entire year. Sometimes in some of our plants, which we'll show you a picture, have even gotten under 1%. Finally, and certainly not least, our safety performance score. We were at a 4.01 serious injury incident rate. So those are recordable rates in 2020. Last year, about a 75% reduction down to 1.07. That is one of the reasons why our employees stay with Core is because they're part of the solution to drive safety improvements and all of these other improvements. There's one thing I've learned in 25 years of manufacturing, there's always another problem coming around the corner, whether it's a new launch, a new project, a new tariff. It doesn't matter what it is, there's always going to be a challenge. It's the ability to understand the data, solve that problem, and then measure the effectiveness of our solution. Did we get it fixed or not? Sort of reiterate and solve those problems. That is what it means to be good in manufacturing. When we're good and when we solve those problems or have those successes, we believe in celebrating them because we believe winning is contagious. Whether it's in the upper left-hand corner, you'll see Mr. Panda and his corporate controller, Andrew Leskowitz, getting a cake when they did the refinancing. The refinancing this year will save us over $900,000 over the next five years. A significant accomplishment that those two helped us lead. You can even see on Teams, Mr. Gayford and Mr. Alanis holding their cupcakes because we planned in advance so that they could have cake too on that day. Thank you, Tammy. In the upper right-hand corner, the first time Matamoros hit under 1% scrap, Arnold and I helped cook, we didn't cook them all, helped cook 750 steaks. We put a hurting on the steak industry here in the Brownsville Matamoros region that week. Or in the lower right-hand corner, that was our ribbon cutting earlier this year in Monterrey. Instead of standing on a stage and cutting the ribbon, we stood with the people on the shop floor with our entire team and made them part of the celebration of the opening of the plant because we believe winning is important and it's contagious throughout the organization. This is certainly a key slide to make sure you understand. Diversification is part of our strategy, for sure. This presentation, it does admit and show the decline in revenue through a difficult truck cycle over the last few years. Despite that reduction, you can see that margins have improved from the 8% range to 11% range despite decreasing revenue. We improved pricing, productivity, cost structure, and our execution through this time period. As that volume returns, we expect those benefits and operating leverage to further improve the quality of our earnings. We've become a stronger company because of this cycle, and as the cycle recovers, you'll be able to see it. When we think about our future, we think about diversification. It's been part of our history and our legacy already. Diversification from 15 years ago was heavily dependent on the truck and transportation industry, 91% truck. In 2025, that percentage dropped to 44, with powersports making up an additional 27. So 75% of Core is in truck and powersports. When you hear us talk today about diversified sales, that means a win outside of truck or powersports. We're still happy to win truck and powersports programs, but we're focused on winning things outside of truck and powersports. This will reduce our diversification risk, reduce the cyclicality. So far over the last two years, 65% of our new wins have been in those diversified categories. Ultimately, it lowers our concentration risk, both by any single one customer or any single one market, which we believe will enhance the quality of our earnings, making Core Molding Technologies a more resilient and engineered solutions business. What are we uniquely good at? Every great company wants to understand and be clear at what it does best. We borrowed this concept from one of my favorite books. Jim Collins, in 2001, wrote a book called "Good to Great." Some of you may have read it, and this is called "The Hedgehog Concept." What can you be the best in the world at? What are you passionate about, and what drives your economic engine? Here at Core, we know the answers to all three of those things. We're passionate about culture as a competitive advantage, taking care of our people, and making Core a great place to work. We know what we can do the best in the world at. It's large and ultra-large molding, and it's manufacturing processes that are uniquely challenging in some way. We know what drives our economic engine. All of you that are going to visit Matamoros will get to see it tomorrow. It is Mexico truck production, it is powersports, and it is unique solutions like SMC compounds, battery boxes like you see in the back corner, our lattice production, various small components. That is what makes up Core, and if we apply those decisions to our everyday making processes, it will allow us to continue to move from Good to Great. That brings us to the strategy house. What is our long-term strategy and how we align it to the entire company? We share this with everybody in the entire company. It is posted in every plant. Everybody understands it. At the top is our vision, to be the most reliable, innovative, and responsive partner in engineered material and manufacturing solutions. At the bottom is the foundation, our core values, to be a learning organization with the courage to challenge, through mutual respect and transparency. Through the middle are the five pillars. In priority order, culture as a competitive advantage. We want to be accountable to results, never to be a victim, but to deliver on results. That is what makes a culture and makes it a competitive advantage. The second pillar is operational excellence. We are still a manufacturing company. We are not working on AI large language models. We are a manufacturing company. We have got to be good at scrap, we have got to be good at problem-solving, and take a data-driven approach. That is absolutely core to our competence. The last three are really all related to growth. Grow wallet share means being first in our customers' minds. It is working with customers that we already have today to help solve problems and expand those. It is to solve problems for our customers. We have got to listen so that we can provide the how for the what of our customers. The final pillar, industry diversification, where when we are focused on organic growth and new wins, we would love those to be diversified new customers. Also, when we take an inorganic approach, Mr. Panda will give you more details, we are also looking for industry diversification when we look at an acquisition. Anybody can have a strategy, but the strategy is only good if you can execute it. That is the most important part of any strategy. This is how we bring our strategy to life. We start with a strategy house. We convert it into a five-year plan with detailed walk of exactly the things that we think we can do, have already done, or are planning to do, make sure that it meets our objectives and goals, and then we convert it into a policy deployment matrix. That policy deployment matrix has all the annual initiatives for the entire business and is reviewed with every employee at every location. This keeps everybody on the same page and engages them on an annual process, which they can take through what we call the red thread. Understand the challenge in the project, make sure that is part of their annual goals and objectives, that each person understands how it relates to them, and then we go through a process of reiterating that through weekly reviews, monthly operations process to make sure that we are successful in accomplishing all of the annual objectives that we set out every year. We repeat this process year after year, continuing to iterate to achieve those five-year objectives. Addressable market is a question I often get from the investment communities and investor conversations. It's very difficult for us to talk about that with Core because the opportunities are in any market. It is a huge opportunity. It could be the chairs and tables you guys are sitting at today. It could be any one of these large parts that you see behind me from the powersports and truck, but it could be in almost any market. The size of that market could be in the billions. But the composite industry is where we live and grow every day. 7%-8% CAGR if you were to search the internet and look at how are composites growing. The reason composites have continued to grow over many years globally is because of the conversion of wood, concrete, and metals into a composite, when you're changing the technology and moving to a composite. Our traditional truck and powersports, we continue to win. We've worked with many of these customers for decades. We understand where our investments are and why those are strategic and valuable to our customers, like the ones that we're doing in Mexico today, and those will help us continue to win in the truck and powersports business. Some of the new areas we're focused is utilities and building products. We've been successful on burial vaults and flush covers, like the ones you see in the back corner over there. Those are the kind of flush covers that we make. We've been working with electrical enclosure boxes, as well as grid hardening batteries, like the large white battery box you see against the wall. That's a battery for on a bus, but a very similar size that goes on in industrial that does grid hardening, where they're installing batteries to help support peak loads of grid demand for electrical usage. It doesn't matter the industry, but if we can associate a composite part, a large effectively molded part in the composites industry where we can solve problems for our customer, those are the best projects for Core Molding. And why composites? These are some of the reasons why the world changes those traditional materials over to composites. We don't want people to come to Core to buy composites. We want them to come buy solutions to a problem that they have, whether it's helping them reduce weight, improve durability, or lower a total lifecycle cost, we want to help solve that problem. And we'll create opportunities through part consolidation. Sometimes metal parts, there are rivets, welds, additional features. If we can mold that all into one part, we can offer material savings or labor savings to our customer. The more complex those problems become, the more attractive they are to us, and this is a benefit for Core. When you apply them to Core and some of the products that we have today in that large and ultra-large format solution, this is what they look like. In the truck market, it could be hoods, school bus hoods, sleeper roofs, or air deflectors like the one you see behind me. Can take a bird hit at 75 miles an hour, no problem. If it's powersports, it could be the skid plates that we have an underbody protection that we launched last year, a great new product. Or the cargo boxes that we have for UTVs like you see in the back. Imagine the people that it takes and the assets it takes to make a part that big in a one-piece molding. That is what makes Core unique, and that is why we own a large percentage of the cargo box UTV market, because they are very difficult, large parts to make. Or if it is a powersport for water, like the personal watercraft hull and mid-deck you see to my right. Those are great products, and we are in 85%-87% of the personal watercrafts in the world because of our ability to make those in single pieces. In building products, you have surely seen them around a deck or patio, either at your house or somebody else's, or you walked on a dock this summer that was made out of a composite, or I promise you, every one of you has opened an SMC door and never even realized that it was a composite door that you opened in or out of a house, residence, or condo. In the utility space, you have been on a rail line and seen a trough beside it. We are making composite troughs. If you have seen anybody installing a parking lot in a commercial space, they cannot run water off, and so they have to collect the storm water under the parking lot so it does not run off into creeks and streams. That is what those green chambers are for underneath a parking lot to store water. Again, it will not corrode, it will not rust, it is not wood, it will not rot, and it is significantly lighter and cheaper than concrete. On the last process, everybody that is coming to Matamoras, you will get to see one of my favorite processes, building a 12-foot industrial fan blade, hollow composite fan blade, 12 feet long in one piece. No bond joints, no assembly, a single part. A truly awesome engineering process. How do those apply to some of the recent new wins? The automotive part you see in the upper left is the inner bedsides, tailgate, and D-panels. A great process for us in the electric vehicle space in a heavily utilized cargo facility. It takes quite a beating with throwing things in and out of the back of a truck. Or construction vehicles like the lift you see there, where the customer wants a composite side pod painted in color, and we have added top coat paint capability to both our Matamoras and Monterrey facilities to be able to serve the construction and agricultural market. The medical bed application on the upper right replaces stamped steel and powder-coated panels. You get a molded part with hinges, with handles, with guides, everything you want on the part already molded in, saving that customer a significant total assembly cost. They have already awarded two programs to us because of the success of the first one. The battery enclosure shown on the lower left is a battery that can be hot swapped on the top of a bus, so you never have downtime for charging, and that is similar to the part we have here in the room today. We solve problems to be able to drop that battery from the top of a bus onto the ground without failure. Our top coat paint that I mentioned, as well as our SMC compounding that we have in Columbus, Ohio, is another key area that we've been able to win and grow new additional business. In the lower right-hand corner, for those of you that were on the tour today or got here early enough Monday to see the Starship launch out of Starbase here in Brownsville, Texas, carrying a few satellites into orbit this week in the last 24 hours, those satellites need to talk to a base station. Shown there is the base stations that communicate with satellites, and it only looks small on the page, but that part in the lower right-hand corner is 2 meters across. It's over 6 feet across and provides the chassis for all the hardware and all the assembly for that unit, and it'll be launching in December this year in Matamoras. Let me summarize. Why Core? Because we have proven our operating transformation. Why now? Because growth is becoming visible, and we have strengthened the foundation, diversified the business, and built an execution culture. Most importantly, we've positioned ourselves to capitalize on large market opportunities. Next, Alex Bantz will show you how we're converting these capabilities into measurable commercial growth. Thank you. Alex? Thank you. All right, thanks, Eric. Good afternoon, everyone. My name is Alex Bantz. I'm the Chief Commercial Officer for Core Molding. I've been with the company not quite 2 years now. I joined in November of 2024, so coming up on my 2-year anniversary. Because I'm the newest member of the group up here, I'll spend just a few minutes talking about my background, just so you get a flavor of who I am. My background's actually in engineering, so my degree and my education is in engineering, and I started as an engineer, and as fast as I could, I went over to the commercial side, so it's apparently in my blood. I started in procurement, then I went to sales, and then I did product management, marketing, and then into sales leadership and management. Most of my career has been in that commercial space, but all of my career has been in manufacturing. That's what I know. That's what I love. I still get a kick, almost on a daily basis, when I get to see parts that I've been intimately involved with out in the world. I've had the pleasure of working with some great customers and great companies, and I get to see my parts out there almost every day. That's still a rush to me. I know it's kind of silly. Ultimately, my engineering background really does help me to understand our customers and deal with the highly technical products that we sell, at my previous customer or previous employers, employees, and here at Core Molding. I was hired here to accelerate growth, so that's what we're going to talk about today. In that growth conversation, we will talk about where we have been and how we have significantly transformed our commercial organization, both the structure and the processes. We will talk about the successes that we have achieved along that path over the first 18 months, record level of incremental platform awards, and then also we will talk about where we are going and how we are excited about how much tremendous runway of growth we have in the markets that we are focused on. Starting with people, when I first came in, again, November of 2024, one of the first things I noticed when I started thinking about how we can accelerate growth, I noticed that the structure of our group was really hindering our ability to grow. What I mean was, the structure we had, key account managers, and account managers were completely responsible for the entire process of customer relationships. They were getting pulled into quality issues, payment issues, pricing, delivery, everything, and then also growth at the end of it. It was that growth at the end of it was really the issue. They were not able to focus as much as we wanted them to on pure growth. They are getting pulled in multiple directions and really detracting from our ability to grow. What we did is we created a dedicated growth team. All day, every day, they wake up, they think about growing the business, and hopefully they think about that until they go to bed, and whether that is with our current customers or new customers. At the same time, we also created a team dedicated to maximizing the customer experience. What they do is focus on those day-to-day issues so that the other team can really focus on that growth. The customer experience team really enables growth two ways. They allow that focus to happen in the growth team, but also they increase the customer satisfaction to facilitate growth with our current customers, which is vital to our growth path. Through specialization and adding resources, we have tripled our bandwidth for growth activities, and we have doubled our bandwidth for increasing that customer experience. Both groups are really benefiting from that efficiency of focus. Another thing I noticed when I started and really just observing the team in general, a couple things, I noticed that we were really just churning quotes. We really focus on quantity and speed of quotes coming in and getting them out, which is fine, but we were not really focusing enough on the strategy of how to win those opportunities. We were treating a $5 million opportunity the same way we would treat a half million dollar opportunity. Also, our key account managers on our team were taking more of a passive approach to finding new opportunities. In conjunction with the structure changes, we implemented some new processes to further increase the effectivity of both teams, and here is a highlight of some of those. For the growth team, which we call our business development team, we created a ranking system to help us identify and prioritize the best opportunities where we have the best chance to win. We trained on and implemented value-selling methodologies into our sales process to identify and solve the root issues of each opportunity, what the customer really needs when they are asking us to quote on something. We are driving a how-to-win approach through the mentality through the entire sales process and asking those questions immediately when we find out, what is the competition? How can we beat them? How can we outmaneuver them? What are their strengths? What are their weaknesses? What are our strengths? How do we win this business? We want to treat every opportunity as a battle against our competitors. More so this year, we are focusing on proactively identifying new opportunities in our focus markets, that I will get into here in a little bit, and Eric already touched on. Instead of taking that passive approach, now we are getting proactive and really taking it to the market. On the customer experience side, really the initial focus was on maximizing our scorecard. We have blue-chip, really sophisticated customers that have pretty intense scorecards. That is how they evaluate how we operate on a daily basis. This team is now going to be able to make sure that their judgment of us is in alignment with how we think of ourselves. Once we get that alignment, how do we maximize those scores so that when a new opportunity comes around, we are in the best position possible to win it? In addition to that, we are also aligning with the plants and the operations team, with our customers to make sure that throughout the entire order process, we are in alignment on minimum order quantities, lead times, everything, to make their job easier and our job easier. We are advocating for our customers when it is appropriate, but more importantly, advocating for our facilities and our plants to our customers when appropriate. Ultimately protecting our current business and enabling that growth team to go out and grow with our current customers. That all sounds great, but does it really actually mean growth, right? Is it working? I might be a little biased, but I would say yes. I think it is working. So 2025, $63 million in annual incremental revenue. That is a record. We asked all our long-term serving employees and some of our board members. No one can remember a year of more growth than we experienced last year. We are following that up with this year, $26 million in the first half and great momentum going into the second half. That is nearly $90 million of growth annually in the first 18 months of the new system. It is not just the numbers that are exciting, it is also the diversity that you see within the numbers when you really dig down. Those numbers are, that diversity is by market. You can see here different markets we are serving, where we are winning. By customer, it is not like we are going out and winning one or two huge opportunities. We have got 30 different opportunities, discrete projects that we are working on, and that is really helping us diversify our customer base, our process, and our markets. Eric already mentioned 65% of those wins are in diversified markets beyond truck and powersports. That is going towards our goal of diversifying the business. We want to grow truck, we want to grow powersports, but we want to grow everything faster. We are doing that. Then when you look at the minimum amount of revenue over the lifespan of these projects, and we took a pretty conservative look at this, when you add all that together, we estimate $400 million of total revenue that we have won in these 18 months. So very exciting stuff. Where are we at today? What you are seeing is a snapshot of our current pipeline. This is a snapshot in time. This was probably done in late July after we closed second quarter. You can see a lot of numbers here, but I will focus on a few. The one that really jumps out, I should probably put it in bold, $1.4 billion of total revenue over the lifespan of these projects that we have in our funnel currently today. Transformational growth opportunity for us. We have got nearly $150 million of opportunities annually that is prospecting. That is what we call stage 0. This is the initiative that we have really implemented this year, where our guys are going out and finding opportunities, not waiting for them to come to us. Then we have got $210 million annual incremental revenue that we are actually quoting right now, whether it is quoting, negotiating, or waiting for an award. That 210 over the lifespan, that is where we are getting that $1.4 billion. We are not even taking into account the $150 million because we are not sure what those lifespans are. Then more exciting is when you look at our previous win rate over the last 18 months that we have experienced, and you apply it to these numbers, that gets you $83 million of annual incremental revenue. I am not saying we are going to get that, but if history were to hold, that is where we would be. That is very exciting. All these numbers point to me that we have a very robust pipeline, but how do we keep it that way? How do we actually make it even more robust, even bigger? That is how we are going to focus on these five markets that we kind of teased in the video. Eric kind of mentioned them a little bit already, but we will dig a little bit deeper into each one of these. The truck market is always going to be our, I will not say always, but it is traditionally been our biggest market and will be for the foreseeable future. This is the market that we were born out of. This is our heritage. When we were spun off from Navistar International 30 years ago, we were, like Eric said, even 20 years ago, we were 90% truck. That is our heritage and will continue to be our heritage. But we still have significant room for growth. That is the exciting part. We are a very known player in this space and we have a lot of room to grow. The traditional applications are sleeper roofs. At some point, hopefully we will go outside, and we will see some trucks that we have parked outside. Those are the sleeper roofs that we have a pretty dominant position with in North America. We have got hoods, like the part over to my right, and then we have got wind deflectors, air deflectors, like Eric already mentioned, can survive a 70 mile an hour. I did not know that, so I learned something today. The exciting thing is that there is a handful of major players in North America. We are engaged in selling to every one of them, and we have really good relationships, and we are winning with most of them. Being that truck is our largest market, it stands to reason that it is the biggest portion of the awards that we have won last year or the last 18 months, and also our current pipeline. That is to be expected. But in this space, again, we are a very established market leader. There is only a handful of companies in the world that can do what we do. And we have over 30 years of experience, very well established. Hopefully you are getting a sense for looking at the parts behind us, looking at the video, and those of you that are going to go to the plant tomorrow, these are complex parts and assemblies. Very few people can do this in the world, and we are one of them. Our customers are also recognizing and awarding us for the operational excellence improvements that we have done in the previous years. That is a big part of why I am here, is because we earned the right to grow through those initiatives of operational excellence. Going forward, how are we going to attack this market? Our inside sales team, working alongside with the operations team, will ensure that we are keeping our customers happy, so that we will continue to be on that short list of every opportunity that comes for hoods and roofs in the foreseeable future. We also will ride the wave. We are in a trough right now, but we are forecasting, everyone is forecasting, a significant growth in the market in the coming years, just the market cycle. Alex Panda will talk a little bit about that here in a little bit. Also, we are working very diligently and hard to go beyond the hoods and roofs that everyone knows us for. There are lots of opportunities beyond those, whether it is inside the cab for more traditional thermoplastic parts, but also outside the cab. A great example is the traction plates, whether it is on the steps or in the back near the fifth wheel. Those are traditionally aluminum, and aluminum is getting very expensive right now. So it is a great opportunity for us to go in there with a great solution for plastics and displace that. Our next biggest market currently is powersports. This would include side-by-side vehicles, personal watercraft, golf carts. It is not on here, but ATVs would also fall into that category. Eric already mentioned we have very dominant positions with the cargo boxes and the boat hulls that you see here today. Not only thermoplastic, but also thermoset. We are not showing that today, but that is another one that we have a good position with. But we do have additional opportunities in the golf cart space. We have talked to those guys. We have had good conversations, and we are going to keep at it. We think there is tremendous opportunity for us in the golf cart space, which continues to be a very booming industry with the wave of retirements going on. In addition to our market-leading positions in the cargo boxes and hulls, we bring some pretty unique technologies to this market. Eric already mentioned the patent-pending skid plate technology that we already have placed in one customer, and we are working very hard to get that to be the standard across the entire industry in the coming years. But also, in addition to protecting those positions, we are really targeting growth in golf carts and winning with other customers that we have some connection with, but do not really serve too much in that, like Honda and Kawasaki. Beyond our core markets of truck and powersports, the utilities and infrastructures market is probably the most exciting space for us to grow, in my opinion. When we think of this space, we think of really three main categories, maybe a fourth I will mention, but water filtration and drainage, power generation, data centers, obviously a very hot topic right now, but also some HVAC applications as well. One of the reasons that this is such an exciting market for us is it is huge. It does not take long to build up to that 1 billion, just looking out very quickly. I do not know how many billions it is, but it is in the billions. Huge runway for us, but it is a very diverse market, so all of our processes are applicable. What we are showing here is just a snapshot of some of the exciting opportunities for applications as well as customers. When you look at recent awards and current pipeline amongst our core markets, this is the second one. Again, that is why we are so excited about it. Lots of great opportunities that we already won and that we are currently working on. Again, with our diversity of applications and processes, that fits very well for this market, and we are very excited about that. A great example of that is an opportunity we are working on right now where a customer came to us for a thermoset part, and we found out that it was being mated to a thermoplastic part. We said, "Hey, we can do both." They were quoting each one separately, and they were going to assemble it themselves. We said, "Well, we will quote both, and while we are at it, we will go ahead and assemble it for you and give you one complete part." No one else was doing that. That has been a very good ongoing conversation and absolutely separated us from our competition, so very exciting. That is just one example of what we can do. Another advantage is our experience in being a molder and a producer of SMC. There is a lot of SMC used in this space. For customers that want a molded product, the fact that we make our own SMC gives us an advantage for numerous reasons. Cost is one, of course, but also the technology and experience, technical know-how that comes along with that. For a customer that might be molding their own parts and wants our material, the fact that we mold SMC, we can have really good conversations with them on design. Really, we understand their possible pain points and really help them avoid some pitfalls. Our experiences, our customers are very much valuing that, and it is allowing us to win. In this space, going forward, we are going to proactively pursue opportunities in the electrical sub-market, specifically power generation and data centers. We have invested in market data, and we have gotten a good head start on identifying customers and applications. Both of those spaces are going to grow no matter what. I know that there is more talk about maybe there is too much data center going on, but when you are talking trillions of dollars, obviously a huge amount of growth, even if it slows down a little bit. Very exciting for us. Building products. When we think of building products, we think about home exteriors where a lot of wood parts are being displaced by composite plastics, whether that is a door, like Eric mentioned, shutters, siding as well. You can see one of the examples there of composite siding. When you think of patios and decks, we do decorative lattice that you might see in some of the big box stores. Also decking is a very interesting market right now. We are not really looking at the decking itself, but because that is such a trend right now, all the ancillary parts that go along with it is very exciting for us. We are looking at ways to tag onto that and potentially grow with that market. That could be the railings, the structure, anything that goes along with the actual decking itself. A very interesting and very exciting market. Finally, kitchen and bath, where there is a lot of applications for SMC, including shower bases. Our value proposition in this market has a lot of similarities to what we just talked about in the utility market. A diversified portfolio of processes and products. Our experience in molding large format parts and producing our own SMC certainly helps us in this space. Our experience, again, of collaborating with customers to solve problems and delivering elegant solutions is a huge advantage for us. Going forward in this space, similar to utilities, we are proactively pursuing OEMs of the products we have identified as good fits for our processes, and we are evaluating other paths to the markets, like direct to big box, potentially, or direct to consumer. Right now what we have discovered is there is a lot of steps between our facility and the end use application. We do not know what the answer is, but we are asking the question, is there a better way to do that? Do we go direct to the actual consumer, or do we go direct to those big box stores? Finally, construction and ag market. Amongst the five markets, this is the one that we are probably earliest in the development phase. We have a small foothold. We do some parts for Deere & Company. We have some applications with fans for barns. This is, while not as large as some of the other markets that we are dealing with, we do not think the opportunity is over $1 billion, but certainly it is in the hundreds of millions, and again, starting from where we are with single digit millions, a long path for growth for us. More excitingly, and one of the reasons that we are really focused on this, is because of the parallels between this space and the truck space. You can see hoods and you can see roofs. Those are things that we know. Those are things that we have been doing for 30 years. Our ability to talk to our customers in this space, whether it is Deere & Company, Caterpillar Inc., CNH Industrial, what have you, our experience with those truck manufacturers and powersports OEMs gives us a lot of credibility in this space. And some of the conversations that I've been a part of, they really value that we have that experience and are asking us a lot of great questions of how we can grow with them. Our value proposition, again, you're going to see some similarities again with the previous two. Our portfolio of products, again, is a strength, and our experience in SMC production as well as molding and large format parts. When you think about construction vehicles, ag vehicles, these are big parts. These are big vehicles, and they need big parts. So that falls right into our bailiwick. Going forward, we're going to leverage that credibility with our truck customers to win more quotes. We're doing that right now. We're going to proactively and persistently educate customer engineering teams on the advantages of our thermoplastic technologies. DLFT and low pressure are a little unique in this space, and it's not something that engineers learn in school. So we have to educate them. We've already done that with powersports to great success. We have to do that again in the ag and construction space. It's going to take time. We know that. We have to be consistent and persistent with it. But those seeds will come to fruition, and we will be a decent player in this market eventually. Then finally, we are looking to add a dedicated resource to this market and really, again, get that efficiency of focus where they all day, every day, they're looking at how to grow in this space. In summary, circling back to where we started. We've made significant transformation of the commercial team through improved processes, focused teams and investments, and additional resources. The team is executing at higher levels and poised for growth, and that growth is accelerating. Record year in 2025. Great momentum so far this year, and in the first half that we've proven and second half that we're working on right now, and more to come. Finally, tremendous opportunity ahead of us. We have billions of dollars of available opportunities in these spaces, these five markets that we're focused on, and that's what we wake up every day figuring out how to do that. While I would say 2025 and so far 2026, like I tell my team, it's a great start, but it's only that. It's a start. We have to keep pushing, keep going. And this will be much further along when we look back in five years, when we're a billion-dollar company. With that, I will hand it over to Mr. Gayford. Thank you, Alex. Yep. Thanks. Sorry about that. Shortly after Alex started, I have shared this story with John earlier at lunch, I told him, "You sell it, we will make it." You can obviously see they are having a lot of success. The pressure is quickly turning back to Arnold and I to make sure we keep up with the sales team. Good afternoon. Arnold and I are excited to. They let us out of the manufacturing plants, and we are going to present to you guys the operating platform at Core. With this week's announcement, I thought it would be appropriate to give a little background on myself. I have almost 30 years of manufacturing experience and quickly approaching 19 years specifically in composites. I joined Core nearly four years ago, and one of my first assignments was the must-win battle for getting the basics right in Gaffney and Columbus. We stabilized equipment, strengthened accountability, and put the right people in the right roles, and then also rebuilt the operating discipline. The success in that must-win battle that Eric talked about was built on in subsequent years for invest for growth, and now for the Mexico expansion. Today, I am honored to stand before you as the COO, in the COO role. I see this as a continuity. It is not a change in the direction. My focus is converting the opportunities that Alex talked about into stable production and profitable growth. Back to the operations platform. Most investor presentations focus on markets, products, financial results. We want to show you today the operating system that makes those results possible. Because we cannot physically take you through all the plants, even though we will take you through Matamoros tomorrow, we are going to show you how the network works, how each operation plays a specific role, and why we believe the operating system and the people are a competitive advantage. The important story is not that we own manufacturing plants. A lot of companies own manufacturing plants. What differentiates Core is how we combine the people, the process, and the specialized assets across one integrated network. We develop people internally. We move leaders and knowledge between facilities, so expertise is not trapped in one plant. Many of our products, as you can see, are large complex parts. We like to say at Core, "We build big better." Let us look at the framework. We describe Core's operating platform through three reinforcing elements: execution, specialized manufacturing footprint, and differentiated composite solutions. Execution earns customer trust. Our footprint creates scale and options. Our capabilities allow us to solve difficult customer problems using the right material, the right process, and the right cost structure. The value is not one plant, process, or piece of equipment. The value comes from combining experienced people, material knowledge, engineering capability, and large-scale assets into one system. The starting point for that is execution. Our commitment is straightforward. Safely ship good parts on time, every time. The three measures on the page represent the basics of manufacturing, safety, quality, and delivery. As Eric said, Dr. Deming said, "In God we trust. All others, bring the data." There is the data, the last five years of how we have been performing on those metrics. Additionally, the other proof is how our customers recognize our performance. In 2025, Core received a Supplier Quality Excellence Award from General Motors. In 2024, we received the BRP Gold Supplier Award, and in 2023, we received PACCAR's 10 PPM Supplier Award for quality and execution performance. Those awards are results of consistent performance, not isolated events. It comes from experienced people, disciplined processes, and consistent operating standards, which are deployed across every facility on our network. Now we are going to dive into the footprint. Core operates over 1 million sq ft of manufacturing space. We have 83 presses in North America. Our presses range up to 5,500 tons, allowing us to manufacture some of the largest composite structures in our markets. These large assets are important. Not every competitor has the facilities, equipment, or capital required to produce parts of this size. Again, at Core, we build big better. Just as important, not every competitor has the technical expertise to run them successfully. The key takeaway from this slide is specialization. We are not trying to make every facility do everything. At Columbus, that is our center of excellence for SMC compounding. Gaffney focuses on hood and battery enclosure systems. Winona anchors our proprietary DLFT technology, which is direct long fiber thermoplastic. Coburg specializes in engineering solutions and specialty products using the structural foam and structural web processes. Matamoros provides scale manufacturing and is our truck roof center of excellence. Monterrey is the growth platform that combines structural foam and structural web with DCPD and topcoat paint technologies into one location. Each facility has a clear role and specific strength. Now we are going to look at each plant in more detail, starting with Columbus. Columbus is much more than a manufacturing plant. In our SMC Compounding Center of Excellence, it is our SMC Compounding Center of Excellence with over 100 million pounds of annual capacity. Our recent investments in equipment, controls, and automation have improved material consistency, reduced scrap, and provide a more reliable input into our SMC network. This consistency has helped some of our plants reach the 1% scrap goal. As Eric pointed out, we created a stake shortage in Matamoros when we achieved that goal at the Matamoros plant. Columbus also supports external material customers. We mold parts ourselves, so we understand what the material must do when it reaches the press. That combination of compounding, molding, engineering, and application knowledge differentiates Core when working with external customers. Another example of how we leverage these capabilities with transfer programs. We had a customer transfer a mold on a Friday afternoon and said they needed parts. By Wednesday, we had made a new compound, made parts, and sent them with the business development team to be tested at the customer. That highlights the power of internal compounding. It creates speed. With that, we are going to take a video tour of the Columbus plant. SMC and the SMC production we have here really is the heartbeat of Core Molding. This is Core Molding Technologies' world headquarters in Columbus, Ohio. 332,000 square feet, Columbus isn't just the headquarters. It's the only Core facility that produces SMC, sheet molded compound, and it's becoming the source for that material across the entire company. The compound is engineered here, then shipped throughout the facility to the molding presses and beyond to Core's other plants across North America. The SMC compound is often used for the trucking industry, along with automotive and utility applications. This facility feeds many of our other facilities with that material. It starts in the mixing room, where batches of resin paste are prepared across two tanks and two production lines. A recently upgraded batch system gives operators tighter control and more visibility into every batch, strengthening quality control from the very first step. Next, glass roving is fed into the line, chopped, and dropped onto the resin paste, the two combining to form sheet molded compound. The material then passes through the compaction zone, where pressure forces out trapped air and drives the paste fully through the glass fibers. From there, the sheets move to the maturation room, a heated environment that builds the thickness and consistency needed for molding. They cure there for 24 to 48 hours. This is Core's SMC Compounding Center of Excellence, producing 100 million pounds of material every year. Really centers around our SMC production here, that this will be the center of excellence for Core for SMC production, and that is really a core part of our overall portfolio. The cured sheets are then transported to the press floor. 17 presses in all, with capacities up to 4,500 tons, among the largest in North America. Sheets are cut and loaded into custom molds, each one designed in partnership with the customer and built in-house, with manufacturability considered from the earliest design stages. From molding, parts move into assembly. High-pressure water jets cut precise holes and features into each piece. Then, major components, like the three main sections of a truck hood, along with underlying reinforcements, are bonded together, primarily through adhesive bonding, with some hardware fastened by mechanical fasteners. From raw compound, to molded part, to finished assembly, it all happens under one roof in Columbus, Ohio. That is a quick overview of Columbus. I know some of you have been to the plant, but it is really impressive. The mixing system, which is the heart of our compounding operation, those vessels that you saw in there would stand floor to ceiling in this room, to give you an idea of the size of those mixing vessels that we use. Then that line is making compound at over 40 feet per minute, is what the speed of that. It is very impressive to see in person. That is what gives us control at the beginning of the value chain, where product consistency and finished part performance start. We are able to leverage this internally to achieve the low scrap percentages we talked about, and we are also able to leverage it to sell compound to external customers. Now, Gaffney tells a different story. If you want to see how culture moves from one plant to another, Gaffney is a great example. Gaffney is our hood and battery enclosure center of excellence. But when I think about the plant, I think about having the right people in the right seats. We have three leaders, Marshall Starr, Dorotty Ortega, and Andreas Garcia, that have each worked in three different Core facilities and bring broader experience into this operation. They transferred not only technical knowledge, they brought operating standards, relationships, lessons learned, and leadership expectations. Culture is not a slogan. It is not a poster on the wall. It is how the operators respond to problems, reinforce standards, and develop people, and deliver the customer commitments. The equipment matters, but the people make the operation successful. Gaffney demonstrates how internal development, leadership mobility, great consistency, strengthen the business, and prepare the plant to pursue adjacent opportunities, like the battery systems, the battery enclosures in the back of the room. With that, let's take a look at this Gaffney plant. The Gaffney facility's been here for 28 years, since 1998, primarily making heavy truck hoods. I'm Marshall Starr, Plant Director of Core Gaffney. Today, that legacy has grown into something much bigger. Spread across 135,000 sq ft, the Gaffney plant runs on the strength of 10 large vertical hydraulic presses, each capable of 3,000 tons of force, shaping compression molded SMC composite parts for heavy trucks, powersports, battery enclosures, and beyond. It starts with sheet molding compound, compounded in Columbus, then cut and weighed into a precise charge. That charge is placed into a mold heated to 300 degrees Fahrenheit, and in about one minute, it hardens into a finished part. This is the press line, the heartbeat of the facility. Within Core's broader manufacturing network, Gaffney holds a distinct role. It's the center of excellence for both truck hoods and battery enclosures, backed by more than 27 years of complex assembly experience. Many customers bring to us an idea of how they want to manufacture something. Core's vision is providing engineered solutions to our customers. That commitment shows in the numbers. Gaffney has sustained 100% on-time delivery, with zero past-due orders for more than a year running. The greatest impact operationally here at Core Gaffney has been our focus on culture. That culture of ownership drives everything on the floor, including the newest equipment. A newly installed dual five-axis router adds serious capacity for battery enclosures. Up to 25 fully machined composite parts per hour, depending on complexity. One of the parts coming off that line, the battery enclosure cover for American Battery Solutions' Bald Eagle platform, the battery housing powering the next generation of U.S. Postal Service trucks. Every day we focus on making things better from a structural perspective. Gaffney isn't done growing. Core owns this property outright, with enough room to double the facility's footprint. Built-in capacity to meet whatever demand comes next. Marshall's great. You saw there him giving a presentation. Marshall came up, he originally started as a stealth aircraft technician, has worked his way up, and worked at The Coca-Cola Company for a period of time, and leads our Maintenance Excellence program. He brought the Maintenance Excellence from The Coca-Cola Company to our plant, leads that. One of the things I'd highlight in the Gaffney plant is we talk about tracking green oil, because all our presses use thousands of gallons of oil, and even a speck of dust will ruin the servo valves in them. So we have a green oil program that the Gaffney team has really helped us develop to filter that oil to a very low concentration so that we maintain our presses, and keep that oil impeccably clean. Gaffney shows how putting the right people in the right roles turns culture into a competitive advantage. Now we'll move into Winona. Winona's built around our proprietary DLFT process. Chris Janssen, Mike Bergman, and Melissa Wagon are three plant leaders that have more than 20 years of experience with this technology. Chris even started as an intern, was then an engineer, engineering manager, and is now the plant director. Additionally, our proximity to Winona State University, helps us add engineering talent and develop the next generation of technical capability. One of the most valuable things in Winona is it produces this knowledge. The talent can then move beyond the plant. Julian Rodriguez is one example. He started as an intern, moved into product engineering, and now works in our corporate account management department with Alex. The technical and manufacturing experience enables a deeper customer conversation because the account manager understands what the process can do, where the risks are, and how the operation can create value. Winona also demonstrates cross-plant integration of our specialized manufacturing footprint. In a current program, we are creating a DLFT part in Winona and an SMC part in Matamoros. The SMC part ships from Matamoros to Winona, where we combine it for final assembly, and Core manages both technologies and delivers one integrated solution to our customer, rather than our customer having to manage multiple suppliers. With that, we'll take a look at the Winona plant. The heartbeat of Core Winona is the expertise that the team brings to fiberglass-reinforced thermoplastics. In Winona, Minnesota, that expertise is put to work every day. Molding large, complex fiberglass-reinforced thermoplastic parts for industries like automotive, powersports, and agriculture. We do that with a specialized process that we call DLFT, which stands for direct long fiber thermoplastics. It starts with raw materials, custom compounded on-site to each customer's exact specifications. Resin, adhesion promoters, and colorants blended together, then combined with chopped strand fiberglass, compounded and molded in a single continuous line. The result is a mold in color finish with no paint required and no risk of corrosion. The process supports sustainability goals too. Parts can be recycled or reground and run back through the line, reducing waste. Being the pioneer of the DLFT process in particular, we have many, many years of experience with combining those materials together from a composite perspective. That depth of experience shows up across the floor. Five production systems spanning 81,000 sq ft with presses ranging up to 4,400 tons. It is the scale and precision behind products like the tractor cab roof Core builds for Deere & Company's 4000 series line, engineered for strength without the weight. It is also a facility built on discipline, measuring performance hourly, daily, and monthly. Here at the Winona facility, we pride ourselves on having a strong on-time delivery track record, achieving 100% for several years. We work together as one team. We have a Core culture that we all are transcribing to, and we are all practicing. With room already prepared for future expansion, Core Winona is not just meeting today's demand, it is building for what is next. Proprietary technology, proven people, one team, moving forward together. In Winona, if we were there, I would take you right to the tailgate manufacturing cell where we make the tailgate inner panels for General Motors. It is such a fine dance of automation and manual operations all in one cell. There are about seven people dancing through that cell, and they produce 60 vehicle sets per hour, between loading the press, doing some manual operations, then loading it into a robotic cell, and then delivering it every day for General Motors. It is quite a sight to see. I hope you guys get to see it one day in Winona. Winona combines experience, emerging talent, proprietary technology, and cross-plant integration into solutions that are difficult for a single-process competitor to match. Next, we will look at Cobourg. Cobourg provides another example of technical capability, this time through manufacturing efficiency and direct customer collaboration. Cobourg does two things particularly well. It makes today's products more efficiently, and it works with customers to engineer tomorrow's products. The lattice product demonstrates the first capability. The team improved the process so multiple pieces could be molded at one time, increasing our output from the same existing piece of equipment. The skid plate application is another. A skid plate being the shield underneath a side-by-side that demonstrates the second capability. The business development team heard about the problem during a supplier summit. We challenged the Cobourg team to solve the problem. Cobourg worked directly with the customer and performed impact testing, developed a thermoplastic alternative for a side-by-side vehicle application, and the team did not simply receive a print and mold part. The team helped engineer the solution and around the application. The results demonstrate why customers choose composites: lower weight, corrosion resistance, durability, and greater design flexibility. Let us take a look at Cobourg. I think the heartbeat of Core Cobourg is the people. From our maintenance folks to our engineers, our customer service people, our finance people, our materials group, everybody has to work together. That collaboration powers a 241,000 sq ft facility in Cobourg, Ontario, Canada, where Core runs a specialized manufacturing process called low pressure injection molding. I am Rob Anderson. I am the Business Development Manager for low pressure injection molding here at Core. Low pressure injection molding, also known as structural foam or structural web molding, supports markets ranging from building products like plastic lattice to powersports and off-road vehicles, to industrial and utility applications. I think that is a unique thing that we do for our customers. The low pressure injection molding process is kind of niche, and it is really important to design the product for the process and for the tooling. We get designs and design ideas from customers, but really, they do not know how to design for the process. The team here is really well-equipped to walk the customer through that step by step, so that we have a design that is both toolable and manufacturable. That engineering driven approach starts at the material level. Plastic, prime, regrind, or a blend of both is combined with additives like colorants, UV protection, anti-static, and antimicrobial agents, along with a chemical blowing agent, then melted into a homogenous mix. One of the biggest advantages is shot size, up to 240 pounds of plastic in a single shot. That means large, complex parts with dimensional repeatability, built from lower cost commodity plastics without sacrificing performance. Core Cobourg runs 18 presses with capacity up to 2,500 tons. On the floor today, skid plates for side-by-side off-road vehicles and bases for home standby generators. Entire units built off a single molded platform with roughly a quarter million produced every year. The facility pairs high volume, big box supply chain experience with specialty engineering, a combination that's driven real performance gains. OEE has improved 35%-40% over the past seven years, now running well into the 80s and 90s. World-class for a molding shop. The process also supports sustainability goals. It can run on 100% recycled material, use less power due to low pressure requirements, and ships finished parts to every continent every day. All the different things that this process brings to the table, the value that it brings to our customers, it just gets me excited, and I just can't wait for the next problem to solve for our customers. You saw the skid plate application there. We make about 24 of those every hour. Also was there was the generator pads, and you saw us inputting inserts. The Cobourg plant does a great job of engineering error proofing into the process. We use cameras and vision systems to make sure we get all those inserts into the bases to make sure we protect our customers. Cobourg demonstrates how continuous improvement creates capacity in today's business, while customer collaboration creates tomorrow's growth. Across the four plants, the stories are different, but the operating model is the same. The same operating model continues in Mexico, where we combine scale and growth capacity. Arnold's going to take us through the Matamoros and Monterrey facilities. Thank you, Mike. Appreciate that. Good afternoon, everyone. My name is Arnold Alanis, and I am the Executive Vice President of Operations for Mexico. Been with the company for 14 years now, and I bring about 32 years of experience in manufacturing. Today, I will walk you through the two Mexico plants, Matamoros and Monterrey, and our 2026 must-win battle. Let us start with Matamoros, our largest facility. Matamoros is a 600,000 sq ft facility with 672 employees and with capacity up to 5,500 tons. The plant is designed for large scale, cost competitive manufacturing, SMC, DLFT, and spray up processes. It also supports some of the most complex programs and is the largest heavy truck roof manufacturing facility in North America. Those of you who are going to sign up for the plant tour tomorrow will be able to see that firsthand. Let us take a few minutes to see the Matamoros operation in action. A 600,000 sq ft operation, 672 employees across three business units, 24 compression molding presses running up to 5,500 tons. Matamoros is Core's largest facility and a key manufacturing hub. The facility integrates advanced processes, DLFT, open mold, VRTM, and SMC, supporting a broad range of composite manufacturing programs across Core. Our strength is definitely our people, combined with advanced manufacturing capabilities and engineering expertise to deliver high-quality solutions for our customers. It starts with SMC, sheet molding compound, the material behind every product built here. The molding area runs presses from 250 to 4,500 tons, feeding five SMC assembly lines downstream. On the facility's latest launch program, years of lessons learned have delivered a flawless start. No quality issues, no delays. That line now produces 15 hoods per hour, running two full shifts for more than 200 hoods a day. It's what makes Matamoros the largest heavy truck roof manufacturer in North America, delivering lightweight, durable, high-performance hoods, roof hoods, decks, and blades for transportation, watercraft, wind power, and decorative industries. Elsewhere on site, the DLFT area runs two presses at 5,000 and 5,500 tons. Part of 43 distinct processes across the plant, from hand lamination to VRTM and beyond, with roughly 70,000 sq ft of open capacity for future growth. Right now, we are building an expansion of 30,000 sq ft and bringing and installing now two new 4,500-ton presses for SMC. Growth here is not only measured in square footage. The investment of Core has been not only on the building or on the machinery, but also on the people. That is our strength, and that is what is ensuring the results for the future programs. A strong culture, clear values lived out on the floor every day. From quotation through validation to in-house production. At Core Matamoros, advanced manufacturing and skilled people come together, engineered to deliver, built to grow. Let's move over to Monterrey. Monterrey has gone through a significant transformation, expanding from 50,000 sq ft to 217,000 sq ft and 226 employees. The facility currently operates nine presses with capacity up to 1,000 tons. This transformation was about much more than just square footage. We consolidated two plants into one facility and brought an external warehouse operation in-house. This created a more efficient operation, and more importantly, positioned Monterrey for the future. Today, Monterrey is being established as our DCPD center of excellence with integrated topcoat paint capabilities and a strong platform for future growth. The goal is clear. Build the capabilities in Monterrey today that will allow us to grow the business tomorrow. Going to a video. Core operates a unique manufacturing facility built on precision, process, and people. The plant spans 217,000 sq ft and employs a workforce of 226. It's home to advanced molding technologies, including structural foam, structural web, DCPD, and top coat paint. It's a very unique manufacturing plant that we have over here in Monterrey since we have two processes. We have the process of power sport and DCPD. As a tier 1 supplier, Core delivers parts that meet the rigorous quality standards of the heavy duty and power sports industries. The facility runs nine presses capable of up to 1,000 tons, producing a wide range of molded components for multiple customers and applications. The process begins when DCPD is injected into a closed mold, triggering a reaction that forms the molded part. From there, components move through assembly, then finishing, where primer, and when required, top coat are applied. At the core of it all is a simple philosophy. The best process is one that's safe, stable, and repeatable. It starts with understanding what th customer needs. Not only their specific validation, but exactly what they require for the part to accomplish. Then we select the right process for it. Rather than forcing an application to fit an existing solution, the team designs around what the part actually requires, then validates and moves into full-scale production. Core Monterrey has also been designated a DCPD center of excellence, a recognition of its specialized expertise in this technology. Recent growth has been substantial. The manufacturing footprint has quadrupled, creating space for new lines and new capabilities, including the addition of DCPD processing and a new paint line. We have 70,000 sq ft available for more capacity or more opportunities of business for continuous improve future growth. None of this happens without people. Core is hiring and training talent aligned with its core values, backed by a cross-functional team spanning engineering, quality, business development, supply chain, and continuous improvement. This cross-functional collaboration allows issues to identify earlier, and we can optimize the systems before launch, during launch, and after launch. That coordination has translated into real results. Fewer delays, stronger on-time delivery, and greater efficiency across production, scheduling, and shipping. With expanded capacity, new capabilities, and a team built around continuous improvement, Core Molding Technologies is manufacturing complex components and building for what's next. Next, there's three reasons why Core Molding Technologies wins: execution, capability, and solution. Number one, every day at 9:00 A.M., we're standing on the production floor reviewing safety, people, quality, and delivery. Number two, we have a unique capability to offer two processes under one company, thermoset and thermoplastic. Thermoset being molding heavy truck parts like SMC. Our thermoplastic, mainly power sports and personal watercrafts. Number three, we work closely with our customers to find solutions to their problems or needs. This concludes the overview of our six plants. Thank you. I'll now hand it over to Stephanie. Awesome. Thank you, guys. Thank you, everybody. So far, that concludes the first session of our presentation. We made it through that a little bit quicker, so during this break, since we've got some extended time, we've got two trucks sitting out in the parking lot. If anybody wants to go to the restroom, get something to snack on, or anything like that, then meet us outside, we'll head outside and do a little show and tell. Thank you. Ready? Okay. Part number two. Here we go. Let's finish this thing out. Next up, we're going to have Stephanie Pulliam come up, and she's going to spend some time on culture as a competitive advantage for us. But first, I want to play another quick video, and then we'll welcome Stephanie to the stage. At Core Molding Technologies, culture matters. What's more important is how we turn our culture into a competitive advantage. That's why it's embedded in the first pillar of the strategy house, because how we operate drives how we perform. We are one Core Molding Technologies. When one plant wins, we all win. Our ability to collaborate across teams, functional departments, and our North American locations is what makes us stronger, and it's what sets us apart from our competition. Culture and performance go hand-in-hand in any organization, be it military, business, sports, anything. For us, great culture drives great performance, and that is key to maintaining and growing business with our current world-class customers that we are privileged to work with. As we pursue new opportunities with new customers, we end up having numerous touch points between our organizations. A company's long-term success is not driven by financial performance alone. It is also shaped by the culture behind how people lead, make decisions, and execute every day. A strong culture creates stability and consistency in how we operate. It drives accountability, reinforces operational discipline, and helps us deliver through different market conditions. Culture plays a big role in why people choose to stay with an organization and why others choose to join it. Think about the workplaces people are most drawn to. It is not just because of the work they do, but because of what they stand for, how they treat people, and the reputation they build over time. We all want to work where we feel respected, supported, valued, and part of something bigger. Safety is more than procedures, policies, or training. It is part of our culture. It is how we demonstrate respect for one another every day. When we look after each other, speak up about concerns, and take responsibility for creating a safe workplace, we build trust and strengthen teamwork. Continuous improvement is not just a process, it is a mindset. By constantly improving and sharing knowledge across teams, we become stronger, more innovative, and better positioned to win. At Core, our culture standards should be something employees experience in real ways, on the floor, in meetings, across shifts, and across locations. When people feel respected, included, and proud of the work they do, we create an environment where they can do their best and continue to grow. Culture isn't just something we talk about, it is something we demonstrate every day through how we work together, how we support each other, and how we execute with excellence. When we get that right, culture becomes a true advantage, driving results, strengthening our company, and positioning Core to win long term. All right. Good afternoon, everybody. I am Stephanie Pulliam, I am the Executive Vice President of Human Resources. I joined Core about five and a half years ago. I started as the Director of Total Rewards. I am one of the lucky beneficiaries of our succession planning process. I will talk you through a little bit about that. I took this role on just under two years ago. I spent time with my predecessor, Renee, going through our succession planning to make sure that I was set up and prepared for this role as I took it on. So that is just a tiny bit about me. So you have clearly heard from our leaders why culture and people are important to us. I think you have heard that woven through all of the presentations so far today. You have seen culture talked about in the various plant videos. I want to take a minute to ground us back to the strategy house that Eric shared earlier. Culture as a competitive advantage is our first pillar. It is our most important pillar. We truly believe that having that culture and people in place are really what help us execute that long-term business strategy. Then we put in place various leadership development programs because our leaders are the ones that help create that alignment for our employees back to that business strategy. The culture is where we bring in the behavioral components, and I will talk about the programs that we have in place to support all of these. Then ultimately at the end, I will talk about some of the execution of the strategy from the culture and people standpoint. Okay. Let me talk a little bit about some of the systems. We have spent a significant amount of time and energy into developing systems and processes to support our leadership and talent development. Eric mentioned our must-win battle back in 2021 had some components of organizational development. Some of these programs were developed as a result of that must-win battle, and we have continued to build and improve upon those in the several years after that. Now, these systems that I have shown here, lots of organizations have these, right? What I want to do is take a minute to explain what is maybe unique or at least special for us at Core, what makes it important to us. Starting on the left, our internship program. Our interns are brought in, they get assigned projects. They have the opportunity to present back to us, to the leaders, at the conclusion of their internship, the results of their projects. Mike mentioned our plant director, Chris Janssen in Winona, started with an intern with us. Another intern that I would like to highlight is here with us in the room today, Talia in the back, started with us in corporate HR as an intern. Today she actually helps manage our internship program. Moving into our career paths. We want to make sure that our employees know what those potential advancement opportunities are, matched with the business need. We have developed those career path plans that show people how they can move forward in individual contributor roles, ultimately into people leader and potentially up to executive positions. Now, the tools that we have in this career path are also critical for the leaders. Built into these career paths, we are giving the leaders the tools to help facilitate those career path conversations with their employees to help understand where their interests are, where their skill sets are, to potentially continue those career path conversations. Now moving into skills assessments. Being a manufacturing organization, you can imagine that it is very critical for us to understand the technical needs that we have, the technical abilities, and ultimately where our workforce stands in relation to those. We have a big matrix where we are able to evaluate those skills, and that really helps us identify where we have subject matter expertise and where we maybe have some areas where we need to prioritize those development or training efforts. All of these things then translate into targeted actions that we put into our individual development plans. Now, these are not performance improvement plans. This is different. This is focused on true professional development. We have put together these tools. It is a formal individual development plan. It could be for somebody who is working on that succession path and giving them targeted actions to work towards those potential future opportunities. It could be for somebody newly promoted into a manager position, to make sure that we are giving them the opportunity to achieve success in that role, and what are the things that they need. We partner mentors with them through this. We utilize what their natural strengths are to help them be successful. Moving into performance management, every organization has performance reviews, right? We give performance reviews to all of our employees. Internally, we say that we use this to measure both the what and the how. Of course, everybody has goals. We want to make sure that we are executing on those goals. That is the what. But equally important are those behavioral competencies. We build in those competencies into our performance management system. One of the things that we also do that is maybe a little bit unique is all of our salaried employees are given a professional development goal. Even if they do not have a formal individual development plan, everybody has something tied to their own professional development through that annual process. Leadership Essentials is our foundational leadership training program. Oftentimes, you hear that people are promoted into their first people leader position, but they do not necessarily have the skills or the knowledge to be successful in that people leader role. We recognized that gap, and we developed this Leadership Essentials program as the true foundation of that. This is where I have a little bit of my show and tell. I think I felt like maybe I needed to contribute something to the very cool parts here. I want to highlight this workbook. You can see it is over 200 pages. This is something that our organizational development team, led by Christina Farr, developed entirely in-house. We wrote our own book on those foundational leadership skills and how that translates specifically at Core. All of our leaders have been trained in this Leadership Essentials program, and some individual contributors as well. As part of their succession planning opportunities, they get trained in this. And we do this ongoing for people who are new to the organization or newly promoted into a leadership role. The second step after that is our Leadership Development Program. We call that LD2. This is a more select group. These are for our high-potential employees. They are nominated and selected for participation in this program. The picture that you see on the bottom right is our current cohort. It is our fourth group. I am one of the lucky graduates of this program as well, and some of the names that you have heard mentioned throughout the day. We do this year-long program with this group, and they get lots of trainings. They are assigned projects as a part of this program. But one of the things that has been truly successful for us is a week-long conference that we do where this group gets to come together in person. A lot of times, these individuals are in different roles, they are in different plants, so they do not have the opportunity to come together in person. And this gives them the opportunity to see each other, to interact with the leaders, and get that face-to-face interaction. Finally, I'll wrap this section with the succession planning. All of this comes together with our succession planning. We evaluate this at least four levels deep into the organization, in some cases more. What that means is that we have succession planning evaluated for the vast majority of our salaried workforce. One of the things that we do is we hold cross-functional workshops. After we do our succession planning evaluations, we get together with the leaders to have conversations with each other and share our succession planning evaluations as a leadership group. This really has helped us see where we have different people that have interests maybe in other areas, or maybe they have skill sets suited to a different area. For those of you going on the tour in Matamoros tomorrow, you'll get to meet our plant director, Homero Castro. He's a perfect example of this. Through these workshops and discussions, we identified that his background, let me back up. His background is in finance. He was our country controller. But we learned that he had an interest in a plant director role. That got us talking about, okay, well, if he's interested, we think he might have some skills for that. What can we do to help work him towards that position? Part of that included getting him into an operations role, and he's now the plant director in Matamoros. All of these programs combined help us make sure that we're attracting new talent, that we can develop the talent within, and that we can retain people. All of these tie back to our foundational value of being a learning organization. Shifting a little bit, those systems, those processes, they are all great. They give us a foundation, but they're really only part of the equation. We need to make sure that we have that culture and we have the behaviors around it to make those systems and processes successful. One of the things that we did, taking that first pillar in our strategy house, is defining these culture standards. This started with our leadership team. We did a workshop, and then we started to have workshops with the management teams at all of the plants to talk about what our culture is, who we are, how we want to operate. We then continued those discussions, getting feedback from employees, because at the end of the day, we really wanted to make sure that these culture standards, they give us a common language. It gives us consistency, and we wanted that to come from the people. Not just from us. We really wanted everybody to see their input into developing these culture standards. Another thing to highlight how critically important these culture standards are to us, as we went and rolled these out, through training, Eric and I partnered with Mike and Arnold. We went out to every facility. We held all hands meetings so that we could get in front of every employee to show just how important we feel culture is. We express that everybody in our workforce, they are the ones that are going to help us actually bring these culture standards to life. We need everybody to display those behaviors every day. And then our leaders are the ones that help us reinforce that, and they do that through a variety of ways, through one-on-one conversations, and we have a toolkit that we've developed to help our leaders have those one-on-one conversations. We do that through feedback and coaching. We've recently implemented a real-time feedback tool, so that gives the leaders weekly pulse survey information so they can interact with the teams and get that feedback live, and have the ability to interact back with the employees. Of course, accountability, recognition. We have a platform. We've built these culture standards into our recognition platform, and that helps us make sure that we're promoting those behaviors that we want to see repeated. All of that ties back together with development, again, to our learning organization value. All of those programs are tied back into our culture standards as well. You've gathered that we like data here at Core Molding Technologies, so I want to show you some data of how all of these programs translate into measurable progress for us. Our salary voluntary turnover is our first metric that I would like to highlight. We are incredibly proud of this statistic. In 2021, we had a voluntary turnover of just over 19%. Today, we are tracking below 7%, and that is an annualized number. For 2026, that is not year to date. That is if we continued on the rest of the year, this is where we would sit. So we are incredibly proud. Having that stable workforce is truly what allows us to execute that long-term strategy. Looking into our leadership pipeline, so we want to make sure that we are understanding our bench strength and building that bench strength. Our senior leaders, which we define as our director level and above, 74% of those individuals were promoted internally into their current positions, which is a true testament to all of the programs that we've developed and also all of their active involvement in participating in those programs. Of that same group of people, 65% of them have an identified successor listed today. So that helps us understand where we do have that bench strength, but also where we know we may need to target maybe some interns to build that talent pipeline or look at workforce planning for strategic external hiring. Next one I'll talk about is our promotion rate. Eric mentioned this in the very beginning of where we were last year. We're continuing that same trend this year. We're hovering right around 50% of all of our open positions being filled through internal promotions, which again, is just a tremendous testament to all of the things that we have in place. As we look to grow, we do expect that that will come back down a little bit, but we will still continue to do all of those programs and maintain a strong internal promotion. I mentioned the weekly feedback tool that we have. We also, for several years, have been doing an annual employee engagement survey that touches all of our employees. We do that on a scale of 1 to 5, and so our score on that has improved from a 3.6 in 2021 to a 4.0 in our most recent survey, and that's with 80% participation of the entire workforce. I talked about our individual development plans. The last statistic I have to share with you is that we today have 142 people with an active individual development plan. With that, I would like to close by, of course, bringing it back to our people. We are celebrating our 30-year anniversary this year. All these pictures are the internal celebrations that all of our people have had. You can see how proud they are. You can see these trucks outside in some of the pictures. We bring those out to our employee celebrations. But really, all of the success that we have been able to achieve, we would not have been able to do it without the people. These are the people that are going to help us with the next 30 years. Really, for us, we think the connection is pretty simple. You have that strong culture, which gives you better leaders, gives you stronger teams, leads to that execution. Ultimately, that can translate into the customers having confidence in our team and leading to that long-term sustainable growth. With that, I will transition over to Alex to talk about our financial overview. Thank you, everybody. Thanks, Stephanie. As Stephanie said, Alex Panda, Chief Financial Officer. Pretty sure everyone in this room knows who I am, but for those that are on the webcast that do not know, that is my introduction. You have heard from Eric, who led us off with the vision of the future of the company. Going from Good to Great. Then you had Mr. Bantz over here talk about our must-win battle from 2 years ago, invest for growth, and the success that we have had over the last 18 months. Then you had our operational leaders, Mike and Arnold, talk about our must-win battle from 3 to 4 years ago of operational transformation, which has been extremely successful, and you have seen that in the margins over the last couple of years. All of this could not have been possible without the HR systems that we have had in place that has led us to a culture as a competitive advantage. We believe in that. My job today is to tell you all, well, how does that turn into long-term shareholder value? We are going to get into that. Before we do, we are going to talk about our capital allocation policies. Many of you in this room have seen this data. First of all, maintaining a strong balance sheet. As of 6/30, we had zero debt, and our cash balance was $12 million. For working capital, we really strive to have payment terms with our customers of 30 days, and with our suppliers, 60 days. Those payment terms really allow us to take our AP and have it offset our inventory, which is always a goal of ours. But the real main reason to have a strong balance sheet is to be able to take advantage of those organic and inorganic growth opportunities that come up. We cannot control the timing of when those come up, but what we can control is that we are ready for them, and we have the capital available to take advantage of those. You have heard us talk a lot about organic growth. It is our number one priority at the end of the day. We require a return metric of 14%, and you have heard us talk about the investment in Mexico. That is why a lot of you guys are down here is to see that investment in Mexico. $25 million over the last year, and it will be wrapped up by the end of the year. Our sustaining CapEx is roughly 3% to 3.5%. I would say over the last two to three years, our floor has been $10 million, so we have been a little bit above that, but as we continue to grow, we will target 3% and 3.5%. Lastly, total CapEx for 2026 will be $30 million. Now, inorganic M&A opportunities. Our main priority here is to diversify our end markets. It is a lot easier to get into new markets and expand into those new markets through inorganic growth rather than organic growth. You go buy those customer relationships. The financial criteria for an M&A opportunity for us is to hit that 14% return metric by the end of year two, and also be below 2.5 times leverage by the end of that year. Lastly, returning capital to shareholders. We have a stock buyback program in place. We just renewed it in Q1 of this year. We have $7.5 million of availability left to be spent over the next three years. So what have we done to make sure that we have that availability? Well, in July, we just refinanced our debt. So we extended our debt. It now matures in 2031. We have increased our availability from $75 million to $100 million, and we have simplified the structure. We have gone to a $50 million revolver and a $50 million delayed draw term loan. Now that term loan will be used for large organic or inorganic opportunities. We also were able to make the debt cheaper. Now, in order to do this, we did a very disciplined multi-bank bid process. So we had four banks come in and bid on the business, and we worked with them. I am proud to say that we have two of our banking partners here today, Huntington and U.S. Bank. Thank you guys for being here. We really appreciate it and value the relationship we have been able to build over the last couple of years. So you heard Mr. Bantz talk about the organic growth opportunities that we have won over the past 18 months, and we are going to take a little bit of a deeper dive into that data. So over the last 30 months, we have won $142 million of annual sales of awards. Right? A $115 million of that revenue is incremental. We categorize our wins in two different categories. The first one being replacement business, which would be if we are currently making a truck hood program and it is up for rebid and we re-win that business, that is a replacement program. Normally not incremental business. We might get a little bit better margins, a little bit more revenue, but at the end of the day, it probably will not move the needle a ton. The other category is incremental, and this is a program that we currently do not make, and it is brand new to us, so every dollar of sales of that award will increase our sales overall. So of that $115 million, $85 million has not yet launched, and 90% of that $85 million will launch in the next 12 months. I will give you a little sneak peek of what our must-win battle in 2027 is. It is the launch of all of these programs. It is imperative to the success and the growth of our company that we launch these programs flawlessly. Like Mike said earlier, "If you will win it, we will build it." We are going to put Mike and Arnold's team to the test on that one. You can see the diversification of those new wins. Of the new wins, 28% has been in building products, utilities was 22%, and then other was 11%. We have really won a lot of business outside our main two industries for truck and powersports. Like everyone else has said, we do not want to decrease truck and powersports. We love our truck and powersports customers. We want to continue to grow those customers and into those markets, but we want to grow everything else at a faster rate. You have also heard us talk about sales to $300 million, right? The confidence we have us getting there. Well, this is why. This chart up here is why. Right now, we have launch programs of roughly $225 million. That $85 million walk to $300 million, it is not a matter of if it is going to happen, it is a matter of when. We know we have already won those programs, it is just a matter of launching them. We have also talked a lot this year about our investment in Mexico, right? I like to break it down in two different categories, Monterrey and Matamoros. It is a $25 million investment, $20 million of that is in Matamoros. What do you get with that $20 million? Well, two brand new state-of-the-art 4,500-ton presses, which those of you that are here today and are going to see the Matamoros facility will see tomorrow. It is going to be extremely impressive. You also get 50,000 sq ft building expansion. We are also able to move our DCPD process from our Matamoros facility into our Monterrey facility. We really did that for two reasons, the move of DCPD. The first reason is our main DCPD customer is in Monterrey. So we have about $1 million of logistical savings that we have already negotiated splitting with the customer 50/50. The second reason was to lower our capital expenditure into the Matamoros facility, because now we do not have to do an additional building expansion to be able to do all of the Volvo assembly, which really was the launch pin, right, of why we did gave us the capital to do the investment. Then switching gears to Monterrey. It is like Arnold said, quadrupled the footprint size to 210,000 sq ft. We were also able to consolidate a 30,000 sq ft external warehouse into the facility. So we had some lease cost savings there. We also were able to add top coat paint, which like Alex said, the ConAg industry will not let you win a program if you are not able to build or paint those products. But at the end of the day, doing these kind of investments require the discipline of hitting your return metrics, right? The team met over and over and over again, going through the costs, understanding where our savings were to ensure that we hit a 14% return to protect our shareholders. So what does all this organic growth mean for our margins? I actually get that question a lot from many of you in this room. So you guys are very familiar with our company. Baseline gross margins are 17%-19%. We have given that guidance now for two to three years. As we get into $300 million and $350 million of sales, we expect an additional 200 basis point improvement for improved leverage. All of those programs that we have won, all of the work that has been done on the operational transformation will be another 200 basis points. So our target gross margins in the near future will be 21%-23%. Which those additional gross margins give us more availability to go do an acquisition. Like I said earlier, the number one priority is diversify our end markets when we do an acquisition. We have been pretty successful at that. So I have been with the company 12 years. On Thursday is my work anniversary. The first acquisition we did when I was at Core was the Winona facility. We purchased it from CPI Binani. We got two main things from that acquisition. The first one we got was the DLFT process that you have heard Mike talk about. The second thing we got was a great relationship with BRP and grew us further into powersports, primarily in the marine market, right? The second acquisition we did was in 2018. We purchased Horizon Plastics, which gave us the Cobourg, Ontario plant, and also a Monterrey facility, which at that time was just a startup. There was really nothing in there. We got a couple things out of that acquisition. The first one being structural foam structural web, which is a low-pressure injection molding process. We were also able to get our building products market going when we are selling lattice to UFP. The last thing we were able to have is our ATV business, right? So growing powersports. We were able to grow powersports with both BRP and a brand new customer, Polaris. So what is the financial criteria of an acquisition that we are looking for? 50 to $100 million in revenue, 14% return, like I said earlier, by the end of year 2, and again, we want to be below that 2.5 times leverage by the end of year 2. Eric and I have had the pleasure of meeting with a bunch of different companies over the last 18 months. We pretty much have gone and visited a company every other month, essentially. What they are looking for is about 6 to 8 times EBITDA for a multiple. I will tell you, it is normally closer to 8 than 6. When we are talking about $100 million of acquisition sales, how does that change the business? What does the business look like after we do that, right? Our largest customer would go from 19% to 13%. Our largest market, truck, would go from 44% to 30%. Just to give you an idea, I just walked you through the 2 acquisitions we have done in my time. When I first started, we were a 90% truck company. We were able to diversify down to 45%, but this would get us down to 30%. Our long-term financial goals, they have not changed. I guess they changed a little bit. Instead of saying 505 or, 1 year went by, so we now have to say 500 in 2030. So $500 million by 2030. We added gross margin on here. When I started 12 years ago, my predecessor, John Zimmer, he told me this story once. He said, "Alex, if we could just hit 30% variable margin and hit 10% fixed costs, we will hit gross margin of 20%. Then if we could just control our SG&A costs of 10%, we would hit that long-term goal of operating income of 10%. Then just magically, the math works, we are going to hit that return on capital target of 16%. That is all we got to do." He made it sound so easy in 3 sentences, right? But those are our long-term financial goals. $500 million, it is easy to stand up here and say, "Hey, that is a number on a page," right? Anyone can make an Excel sheet say anything. But why do we have belief in that number, right? Why do you hear us stand up here and have confidence in hitting that $500 million number by 2030? Well, we have already talked about a couple of reasons why. So we already have known wins of $85 million. We know we are in a truck trough, right? For those of you who do not know the truck cycle, truck cycle is about 2 years of downturn and about 3 to 5 years of uptick. Right now, we are in the second year of a trough, and so ACT, which is the industry expert, forecasts an increase over the next 3 to 5 years. We are projecting that to be roughly $30 million. So that gets you into the mid-$300 million range, right? $100 million of acquisitions, whether that is 1 for 100 or 2 for 50, that gets you a little bit closer, 450. The last piece is Mr. Bantz job over here to continue working on organic growth and winning programs after programs. We really see growth in 2 different areas, right? That we are really focusing on. SMC sales. We have won 4 major programs in the last 12 months on SMC sales. We've launched three of the four, and that last program will be launched by the end of the year. ConAg, we're just getting started on ConAg, right? We've invested in topcoat paint in Gaffney. We're reaching out to customers. We're being active. That'll take a little bit of time to get. If you think back to the slide I had a couple of minutes ago, $142 million of awards that have won over the last 30 months. That's basically a $55 million annual run rate. Whether it's $100 million of acquisitions or $150 million of organic growth over the next three years, it is doable. It's achievable. We believe it, so you guys should too. What does Core look like with $500 million in sales? We're going to hit those long-term goals. So $500 million in sales, 21%-23% gross margin, operating income of 10%. John Zimmer hopefully calls me and says, "Hey guys, great job. You did what I said a handful of years ago." Then we'll hit that ROC target of 14%-16%. Couple other financial metrics that are interesting when we're at 500 million, is our EBITDA margins should be between 16% and 18%. It's just a math equation based on our depreciation and amortization. Then operating cash flows will be $60 million-$70 million, which is a big cycle, right? Then we have more cash, more capital to go do more organic growth and more inorganic growth. So really at $500 million in sales, Core will be positioned as a higher margin, cash generative company that really creates long-term shareholder value. For my last slide, we'll go through 2026's guidance and update. For 2026, we're keeping our sales guidance the same, zero to up 5%. Probably going to come in right around the midpoint of that. There is a shift, though, in our truck. Over the last four quarters, we have seen increases in truck quarter in and quarter out. But we have seen, and have heard and worked with our customers, there will be a shift from Q4 into Q1 of about $5 million-$7 million of sales. That's mainly due to two reasons. The first, we're hearing that a lot of other suppliers to truck companies are shutting them down, and so they're not able to keep up with the demand increases. Then the second piece is because of the conflict in Iran and the diesel fuel cost being at an all-time high, some OEM truck buyers are pushing orders out into Q1. So it's twofold. The other thing that will impact sales is our tooling sales. You guys heard us talk a lot about tooling sales and the timing of tooling sales. Earlier this year, we announced that in Q4, the Volvo tooling program will close in Q4. What we've worked over the last couple of months and basically negotiated with Volvo, a contract change, which will allow us to recognize tooling on a percentage of completion basis. Which will allow us to pull in tooling sales into Q3, about 75% of that $35 million. Then in Q4, we'll recognize about 15%, and then the last 10% will be recognized in 2027. Full year gross margins will be 16%-17%, so just slightly under that 17%-19%. Again, mainly due to two reasons. First one being higher oil costs, which have increased our resin costs. We're working with our customers to pass through those cost increases in increasing our sales. We've been able to work with them on most of those, but there has been a delay in some of the larger OEMs. As you can imagine, it's been difficult to get those price increases done. But as of today, all of them are effective, and they'll be effective for Q4. The other thing is with the rise in diesel fuel costs, the extra freight that we've incurred between Monterrey and Matamoros, which starting up a new facility, there are some impacts there. Those higher fuel costs were not in our plan at the beginning of the year, so we've incurred some additional costs there. Lastly, we're announcing a new footprint optimization project. This really gets back to what Mike talked about with our focus on our Gaffney plant being the hood and battery enclosure center for excellence, and our Columbus facility being our center for excellence for SMC compounding. This is going to cost us about $2 million. About 50% of that will be incurred in Q3, 50% of it will be incurred in Q4, and we'll have about $1 million in annual savings moving forward. Those costs will be in SG&A, and there'll be an add back to adjusted EBITDA. With that, I'll hand it over to Eric for the wrap-up. All right. Thanks, Alex. Thanks for converting everything we talked about today into how it affects the P&L, and what it'll look like for you guys in the future. I want to thank you for taking your time and investing your time with us today, and listening to us. We appreciate the opportunity to share our story and our vision for the future. If there are three things I want you to take away, first, Core's transformation is real and it's proven. Second, organic growth is accelerating. You've seen the new business wins and our market diversification approach. Third, we have a disciplined capital allocation framework, and we focus on returns and shareholder value. What you guys should believe is that we've demonstrated improved margins through a difficult cycle, we've built a stronger operating platform, we have meaningful opportunities to scale revenue and earnings, and we have a management team aligned around execution and accountability. I'm incredibly proud of all of them that you guys got to see today and the skills they have. Our path forward is clear. Grow organically, increase diversification, improve returns on capital employed, expand our margins, and deliver sustainable long-term shareholder growth. Thank you guys for listening today. We're going to take a brief intermission, and then we're going to set up for a panel up here and take questions for the next 45 minutes. Look forward to answering all the questions you guys have for us. There is coffee here on the side, so get a refreshment, take a little break, and we set up, and we will do questions. Thanks. Okay. Whoa, loud. Sorry. Moving on to our question and answer session. We have got plenty of time, so if you have got a question, please raise your hand, let me find you. Remember, I know a lot of you are probably loud and you think I do not need a mic, but we need the mic for your question so it can be live on the webcast. So if you have a question, raise your hand. Please wait for me to come to you with the mic, and then we will get things started. You are more than welcome to ask one person in particular or the whole team. Let us get rolling. Tyler. Sure. One of the areas that is kind of a hot topic, but is not necessarily on your roadmap, is the aerospace and defense area. With so many new companies like Anduril, Palantir Technologies, Saronic, they are changing the paradigm a bit and bringing a lot more commercial focus, speed to market. Curious if any of that is kind of in the roadmap or if there is any kind of potential to tap into any of those areas with so much going on in that space. Again, just being a little bit different from the old defense prime paradigm of the past. There seems like a lot more commercial focus kind of opportunities. Curious if you have thought about it or have any roadmaps for anything in that space. Thanks. Yeah, I will start, Tyler, and then I will let Alex give you some feedback. We have had the opportunity to quote a couple programs in, I would say, that defense contract world. The challenge I think the U.S. government is making is, how do you take cost out of this? The historical materials used are what I would call carbon fibers and titaniums for race cars and airplanes, which makes a missile or a one-way aerial defensive vehicle very expensive. They are looking for ways to make that cheaper. We have had the chance to quote a couple things, converting it from carbon fibers into a glass fiber-based resin matrix, which is, you are talking about 1/10 the cost, right? Very big difference. Today, we do not have any of those programs in our new wins, but we have had the opportunity to look at a few of them. I think our large format presses in the U.S., not only for those guys, but also just think about the drone technology, and our government is looking for anti-drone and drone technology to bring to, unfortunately, the future of potential wars. Yeah, I would just add, we have had some exposure to some of these one-way vehicle applications. They are very interesting. That whole space is a little bit of an unknown for us, so I think we need to do our homework and really understand the lay of the land and how do we differentiate ourselves and do it in a strategic way and not just kind of stumble into it. Yeah. Hi. You guys have pretty much indicated that there is a lot of new business that is ramping next year. Are there any other plant optimizations that need to be done, or are you set once this Matamoros spend is done for this year? Is there a CapEx thing that you are going to need to do to ramp these projects, or are you already ahead of the game? Yeah, thanks for the question, Tom. I am going to have Mike tell you a little bit about the project Alex sort of announced there at the end, relative to our U.S. footprint. Yeah. We've already been have the CapEx programs built into that. The footprint optimization plan in Gaffney, we're optimizing what we're doing as far as the battery enclosure systems. One of them you see in the back of the room there. We have that built into the system. Next year's, as far as CapEx, we're looking at our standard CapEx spend. We don't have any other optimization program planned at this time. We have invested in presses and some rebuilds as part of that optimization as well. We've seen that in Gaffney this year as well. To answer your question, it would just be looking at standard CapEx spend going into next year. Yeah, I would add, I didn't talk about it in detail, but on that organic growth slide in my section of the slide deck, of the $85 million of revenue launching next year, about $14 million of capital remains. Now, $8 million to $9 million of that is what's left to be spent as of 6/30 on the Mexico investment. If you take that out of the equation, you're really looking at $5 million of additional CapEx to do the majority of that $85 million of annual revenue. Because the Volvo program in that $85 million is roughly $12 million to $15 million. So CapEx for the launch of those programs is minimal. Energy costs are front and center of everybody these days, and your raw material costs must be forefront of your concerns. So question is, how is that impacting your costs, and do you hedge any of your diesel purchases, and if so, for how far out? The only hedging we do is foreign currency. It's funny you ask that question because we've done a lot of investigation over the last 6 months on oil hedging. We've actually asked some of our major suppliers, do they hedge? All of them, which are bigger than us, said absolutely not. I don't think we're going to try to do something that those guys don't do. Right now we don't have any intention on doing that, but we have investigated it. As of today, we don't have any plans for it. For the purchasing of diesel. Correct. Yep. Yeah. We don't, but we have raw material adjustment, either clauses that are very specific, a calculation, if polypropylene does this, then this is the calculation. So in some cases it's as easy as that. In others, it requires a lot of discussion about how oil price affects our resin price, because especially our highly engineered resins, there's just not a good defined global standard. The raw material clauses we've historically done, it's been based on raw materials, not freight itself, right? Yeah. One of the things we have done more recently is start to try to build in a freight adjuster clause with some of our customers, and we have been successful with one customer recently. Wanted to ask about SMC and why it is catching on like it is. I guess what differentiates you competitively with your SMC product and process compared to what others are doing? I will start, Mr. Bantz can continue for me, but one of the biggest is that we make our own SMC and mold SMC. When you think of the marketplace, there are many that make a compound, and that is what they do. They specialize in making compound, not molding it. The fact that we can have good engineering and molding conversations with a customer buying that compound, we have seen lots of positive feedback from customers and potential customers in that regard. It is something we spent a lot of years perfecting. Think about all of the molding engineers inside of our company in Gaffney and Matamoros that have given feedback to the compounding team and the chemists, and the many, many years of evolution of that. Something we really focused on internally, which made our scrap better. That is one of the key factors of how we achieve sub 2% scrap as a company over the last four years. Bringing that to a potential external customer is a real value. Yeah, I would just add to that, it's not that we just make SMC, we make SMC for some pretty intense applications, like trucks. As we've gone into the space and talked to some customers in the building products, the quality of our SMC from a scrap percent on their presses is a pretty substantial benefit to them. Then also, as we have gone into the space, we understand that customer service is pretty critical. Dealing with the customers that we do, we're used to that. We just need to make sure that we keep that top of mind as we grow into the space. Are you marketing it differently? Is there something with the sales process today that was different that you just really weren't doing in the past that's allowed the customers to be more aware of it? We haven't really done any active marketing per se. We've done some researching and cold calling. We're trying to ease into it, learn the industry, then when we feel we have a good footing, then we're going to go pretty hard into it. We're not quite there yet. This one's for Stephanie. Curious how long it took when you introduced the feedback program from the employees and so forth, how that was received initially, how long did that take for them to buy into it? Was there a little bit of a pushback whether they really believed you were for real about it? Just kind of curious how that all played out, because that's really important what you've all done. Yeah. Thank you for the question. It is relatively new. First, we started with a pilot. That was just over a year ago that we started the pilot of that. Now, I will say our annual employee engagement survey has been in place for many years, so I think that has helped give that level of comfort with people giving feedback, and that we are putting action plans in place so they know the feedback is being listened to. But I think when we rolled it out, the new tool, we did training sessions leading into it and showed people the tool. The biggest thing that we hear concerns about is the confidentiality. We were showing them the tool to address that concern up front, saying, "Here is what we see," to give that level of comfort to people. Once we launched it, another thing that we did is, I mentioned Christina, she is our org development leader. She and I held meetings after a couple months of the program being in place to check in with those leaders, go through the feedback with them, give them tips on how to share that feedback back to the employees and how we are listening to them and what we are doing about it. I think that has helped give that continuous momentum of we are continuing to look at this and listen to it. Okay. Another related question. The internship program, is that an internal one? When I think of an internship, I am thinking of you bringing somebody like students in or whatever. Could you kind of expand on that? Thanks. Yeah. It is an internal program. We partner with different universities and colleges depending on the different locations. Winona came up a lot. There is a local university there, Winona State, that specializes in composites, so that has been our most successful with getting student interns. Then we have various partnership with technical colleges. I have someone on my team who sits on the board in Columbus of one of the technical colleges with the HR groups to leverage that and get some more insights. Touch a little bit on the feedback. One thing I do want to mention, Stephanie, at least for Mexico, something new for them, obviously going into it, understanding the system, and they got large group out there in Mexico. When they started to do the exercise, it was really positive, it was really welcoming, and they started to get engaged and start providing feedback to us, which was really necessary for us to hear that from them. Sort of a follow-up question to the CapEx question from earlier. When you did that bridge to get to the $500 million of revenue, some of that was organic growth. Obviously, there is the acquisition that you had in there for about 100, so presumably that is its own thing, that would probably come with its own plant. Do you have enough capacity currently in the existing facilities that you have to do the remaining organic growth to get you to the 500? I understand there might be some tooling, but other than that, do facilities need to be expanded, or do you need other major CapEx to get there? Yeah, great question. The short answer is no. We have enough capacity in place to do roughly $450 million to $475 million in sales. Where it gets a little tricky is do you have the right size press, in the right process, in the right location, right? Everything has to line up in order to not have a capital expenditure, and so that is where it would come. If we could wave a magic wand and fill every single press with the right sales, then yes, we could get to $500 million organically. We would not even have to do an acquisition, with zero CapEx. Now, is all of that going to happen? I think the odds would tell you no. We will probably have to do some CapEx, but in theory, we do have capacity to do roughly 450 to 475. Yeah, Eric, I think what would be interesting to you is that Mr. Bantz has added a process to rank opportunities. When we get a new opportunity to quote, we consider what is the market, is it diversified, what is the size of it? But another thing is do we have the capacity or capability already to serve that customer? Because those are much more interesting to us if it's filling empty capacity than, "Oh, it's an interesting opportunity, but I'm going to have to make a large capital investment to be able to do it." On some of those, we're going to add a $150,000 overhead crane or lift. You see the size of our parts, right? Depending on the part, there's going to be some CapEx, but it's can we leverage a majority of an existing capital installation? That's something we do in that ranking when we decide, is this a good project for us? Is this what Alex calls an A or a B item? I don't know if you want to add anything, Alex, to how you rank projects. That's something new in the last 18 months that Alex has brought to the organization. Yes. Any new opportunity that comes in, there's about 12 questions we ask, and again, we try to hit the financials, the fit from a customer standpoint, logistic advantages, what we think about the customer, what we think the customer thinks about us. Certainly, one of those is capacity utilization, and that's something that we have the ability to tweak the importance of each of those rankings. We'll probably start tweaking that a little bit more as we roll in this next $85 million of new capacity or new business into the organization over the next 12 months, so we can dial that up in importance. I'll ask a question on the other side of that. On the acquisition stuff, I guess, Alex, I wouldn't mind hearing your thoughts on, you were around during the Horizon deal, and I guess walk me through what you thought was good about that, what was not great about that, and how you want this time to be different or something to that extent. Yeah, good question. The timing of the Horizon deal was not great at the end of the day. We had started to have operational inefficiencies in our other plants, and the focus of the management team was on those other plants at the time. It is really more of a coincidence that when we did the last acquisition, we started to see the decline in profitability. The acquisition itself really had nothing to do with the decline in profitability. It was really the core standalone business that we had the issues in and that we were trying to fix. It is a common question we get because of the timing of it. I would say the only thing I would change looking back would be the timing. Could it have been 12 months later? Which we can't control. What I will say is that acquisition has paid for itself probably two times since we've bought them. The BRP business throughout COVID boomed. The ATV business we've won and been able to leverage with BRP and the Polaris business we've won over the years has been phenomenal for us. Yeah, if I could delay it 12 months, maybe I would say that, but overall, it still was the right move and created long-term shareholder value at the end of the day. Just a little stress in between there and now. My follow-up is, maybe I'm wrong on this, but it seems like we've changed the acquisition target a little bit over the last three years or so in kind of increasing it from $30 million to now it sounds like $100 million. I guess I was curious about the thought process and what went into that and why that change. Yeah. I'll maybe answer quick, and Eric, you could probably give a little bit more color. We have visited, like I said, a handful of companies over the last 12 to 18 months. One of them was in Monterey, and it was about $10 million in sales. We've gone from one end of the spectrum, all the way up to a company that was $100 million in sales. Quite a few in between. What ultimately where we got to was when we do an acquisition, the amount of work that is required, whether that's $10 million or a $100 million acquisition, the work is the same. If our goal is to diversify our sales, and we do a bunch of $10 million acquisitions, it's going to take a lot to do. We are a smaller company, and we, at the end of the day, need to be almost perfect. We need to bat 10 for 10 when it comes to acquisitions. It is really important that we get it right. We have broadened from a size standpoint, but I think the most important thing is to stay disciplined to the financial criteria and the metrics on the return and our leverage ratios by year two. That is pretty well said, wasn't it? Yeah, good job, Alex. I think the only thing I can add to it is that we have gotten to see different size businesses, and sometimes those $10 million businesses just are not that exciting. We won $10 million of skid plates last year just on a single part, single tool in a process. That is a much more exciting thing than a $10 million acquisition with all the headaches that come along with it, with the integration and everything that goes. At some point, you got to have some size to make it worth all the effort and the energy that goes into it. The other thing I would add is that Mr. Panda has done an outstanding job the last 12 months starting to model our future five years. Now we cannot give you that Excel sheet, but he is taking the information on the wins that Mr. Bantz comes up with, the hypotheticals and saying, "Hey, if we win 25% of the stuff in that pipeline that Mr. Bantz presented you, what would that look like?" It gives us confidence to be able to model what could we do, and still stay in a conservative leverage ratio. What could that scale look like? I think because of all those new wins, $85 million of launches, we are going to be at a point where you guys are going to look at us and go, "What are you doing with the cash to redeploy it?" We have got to make sure we are ready for that. We are anticipating that question a year from now. Yeah. The only other thing that I would add is, as we were visiting smaller companies, management team is critical to the success of the acquisition. When you go visit those smaller companies, the bench strength of companies is not nearly as strong when you start getting into that $50 million to $60 million, $70 million range. Those smaller companies, us around this table would have to be extremely hands-on. That also has played a factor in us visiting companies. Get your steps in. I wanted to ask about quote win rate. What has it been over, say, the last 12 months or so versus historic? Then I do have another sales question after that. Sure. When I came in, I did a look over the past five years, and we were at a 20%-25% win rate. We look at it a little bit different now. When we have a new opportunity come in, we rank it A's or B's or C's. A's are the top five to eight, that everyone in the organization should be aware of, as high priority. Then B's are that next tranche that there is a lot there. Then the C's are the ones that we will treat a little bit differently. We will still quote it maybe, but we have an expedited costing process for it, and we just do not treat it the same as the A's and the B's. What I track is the win rate of those A's and B's, and right now we have been at 40% over the last 18 months. Great. That is helpful. As you grow the organization, say you achieve the $500 million in selling revenues, how do you believe your sales process needs to evolve as you are a larger organization like that? Sure. As we grow into that number, certainly the customer experience team becomes more critical, because now this is new growth, it is a lot more new customers. The plants are going to be busier, so there are more things that can go wrong on a daily basis as things do. So that team is going to be, from a commercial perspective, that customer experience team, the inside sales team is going to be more critical, making sure we staff it appropriately, and again, that they are paying attention, they are on the ball on the customer scorecards as these new projects roll in. As we win these projects, I did not really talk about this, but the business development team, they are involved all the way through the launch until it actually launches. We keep them engaged all the way through that so that they can maintain the profitability of those new wins through that entire process as cost may creep. Then there is that handoff. So we need to make sure that handoff is smooth, and then the inside sales group is really on the ball and making sure the customers are happy. I will ask one more question if that works. I am going to shift to mission regs that are supposed to be going into effect here January 1 of 2027. What is the update there? I have heard so many different things. We thought you would know. Yeah. I am going to be the expert on that. Emissions regulations still on paper go into effect January 1 of 2027. Now, there is a proposal out there that I think is not till November that gets weighed in on officially, that says, "Hey, we are going to slowly transition that evolution through the year of 2027." Now, there is one trucking OEM that already claims to be meeting 2027 standards. They are taking that path. We have another OEM that has already announced, I think publicly, but I am not sure enough to tell you the name, that they were going to offer 2026 engine choices in 2027. They are already prepping and planning that this is going to be approved, and they are going to be able to do that. All of that, it just creates confusion, is the general take from it, and I think it smooths it out. It makes it not a big event. I do not think there will be a big peak and a big trough, but I think it smooths it out. I think diesel prices and oil and macro events in Iran probably outweigh this emissions cycle, at least in the next six months. I saw diesel at $7 a gallon in Ohio last week, and I do not think I would have ever said I would see that in my life. It is a real thing for the industry of trucking. Every good that you are buying that gets hauled across America in a truck just got more expensive because diesel went to $7. Probably the California or West Coast guys are used to $7, but not in the Midwest. Question on the powersports market. You have done very well with it. You have also emphasized, despite the fact that it is very large, it is quite an important market. With kind of a tough consumer environment, why is powersports doing so well for you? Yeah. We are fortunate enough in some of the mix on our powersports. Our personal watercraft business has not been spectacular this year. Q1 was actually quite good. If you remember our release in the first quarter, there was a lot of pre-build for the summer season. With, again, diesel prices are $7 and gas prices are in the mid fives, it is an expensive day out on the lake to take the truck, haul the powersport, haul the boat over. What we get a bit of a tailwind is the cargo boxes. You see that cargo box there, for you guys that have not driven or ridden on one of these vehicles, they are on every job site. Every job site that is, we just drove down to SpaceX today and see all of that, the people are using pickup trucks, but they are also using side-by-side vehicles. Every AI data center job has them on site to ferry people, to ferry their equipment. That's how they're driving around job sites. The cities and municipalities are now, instead of buying a pickup truck, they're buying a side-by-side vehicle. I see people also, Vance was talking about golf carts. We really like the golf cart industry, but I see people buying side-by-sides to drive to the grocery store, to drive to the convenience store, to drive to dinner. In the rural parts of the U.S., people are buying a vehicle that they can haul gear with, go hunting with, drive to the grocery store with. It's just a big, overgrown golf cart. It's surprising to me how many people buy those. We're fortunate because we have doors and cargo boxes on the ones that are used for those jobs versus the, what I would call sport units, things that people are going to go out just to race, just for fun on Saturday or Sunday. We have a lot less percentage of those units in the side-by-side market. That's a big advantage to us, the cargo boxes. It's not so much the discretionary- Yeah. Right as it is the commercial construction. Yep. Then as you've described. Right. Very good. That's a big advantage to Core and our large boxes. Real excited about the SMC promise for the future, and curious how Mike is going to operationalize that quicker quote-to-cash business. How do you look at the proprietary recipes? There seems like there would be different ones for every one. Give us some color and insight on that. Would love it. Yeah. We have been preparing for that. Part of the optimization program is to focus those resources that we have in Columbus more directly on the compounding business. We have 25 salaried personnel in Columbus that are going to be focused on compounding. We are shifting engineering resources into compounding, and continuing to look for ways in leveraging that to optimize that. Also in Columbus, we have our AME team and our materials group there. We are actively winning business that does require those certifications you are talking about. We are going after UL certifications for flame retardant, for UV protection, and have been going through a little bit of a learning process this year on how we do that effectively and grow that team. We have Vinod still with us as our director, who has been in the industry for 40 years, that is handing off a lot of that knowledge to the next generation that we are developing. We have made investments in our lab to support that business as well. We have just installed what we call a QUV chamber, which does the ultraviolet testing on the SMC panel. Stuff in the past that we would send out, and it would take a lot longer to turn that around, we are bringing those things in-house to support the business as it grows. As Alex's team brings those opportunities into the plant, we are able to turn those around, supply data to our customers, and release a new formulation. I am going to add something to that. Being a supplier, because I have received material from Columbus, it is great quality. I have seen a significant improvement in quality. Our team is really excited about getting material and running product and stabilizing that process. Now we got our presses all stabilized. We understand not only Mexico, it is across the organization and all the plants that feed our material into it. Great improvement throughout the organization, for sure. This one is for Alex. You have told us a little bit about the transformation of the sales team with salespeople and customer experience people. Give us a bit more detail about how the commercial team is different than it was 3 years ago in terms of numbers. Also in numbers of salespeople, and maybe what you think it would be in 3 years. Sure. I do not want to talk too much about numbers just for competitive reasons. I would say generally speaking, we are heavier on that business development side right now than our customer experience. To this gentleman's question, I think that will shift over as we win more business. Our organization in general, we have added a fair amount of resources, I would say, 30%-ish, somewhere in there, 40% increase in my team. Pretty substantial. Mostly focused on that growth. We have added resources dedicated to specific markets, whether that is a market vertical or a regional market. I think it is safe to say we have a person in Mexico that is focused on Mexico. That is new for us. We do have a person for SMC that we have hired recently, and we do have an open position for the ConAg market. Guys, I am hoping you can help me square a couple of revenue numbers. Alex Panda, you have given baseline revenue of already launched programs of $225 million versus TTM revenue of about $275 million. You have known wins of somewhere in the $85 million to $90 million range. I have heard you say that $310 million or so of revenue is in the bag, and forgive me if I am putting words in your mouth there. There is also this relatively high confidence expected wins from the pipeline of another $83 million. I am presuming you are not going to stop selling tomorrow, I assume that number goes up, which when put all together starts to get you pretty close to your capacity of $450 million to $475 million in revenue with your existing footprint. Help us understand how we should be putting all these revenue numbers together, and then how that affects the urgency to acquire or not. That was a lot of numbers. That was impressive. We are currently working on our 2027 plan. One of the things that we have started to discuss is we normally wait to give guidance until March, historically. One thing that I have talked to Sandy about is this year, because of the launch of the programs and the increase in product revenue, is giving that guidance out earlier, probably more like December. We will do a separate press release just to provide 2027 guidance. The big thing about the revenue that I would say of the $85 million is going to come down to timing. Do programs get approved? What quarters do they launch in? We are currently working on. Of the $85 million, there are four or five really big ones which would drastically shift that revenue and when it starts and when it becomes full run rate. The best example I could give you is the Volvo. Volvo in Mexico. It is roughly $12 million-$15 million. It is forecasted to start in Q1. Is the new Volvo plant in Monterrey going to be ready starting January 1 of 2027? Probably not. What I can tell you is Volvo has interest in us selling truck roofs from Monterey to the U.S. I think that that could be part of it, too. You are looking at me for an answer. Well, if you want to add in When you are building a 1.7 million sq ft plant, that is a big project. They are going to hire 5,000 employees for that Volvo plant. We do not know exactly how that launch will look, whether we build roofs and ship them back to the U.S. or ship them to that Mexico. That is what would shift it, I think would be where you are trying to get, Alex. Yeah. I think one of the questions you asked to make sure we get the answer to it, the 225 number that you pointed out, why is that very different than the trailing 12 months? It is tooling. Something you hear Alex constantly say this. To us, it is clear, but we struggle sometimes to communicate this to you all, is that we look at product sales very differently from tooling and project sales. Their margins are very different. One is very lumpy, and it is one-time occurrences. When we do these really big truck roof programs, like the trucks we walked outside and looked at, those are $30 million-plus tooling jobs, and they happen once every 10 years for an OEM. They are very infrequent. Versus a product sale where we are selling a part like you see here in the room over and over again, day after day, week after week. Those have a very different margin profile, and that is the big difference between that trailing 12-month number, I do not have it memorized, 260, and that product sales of 225. When he did that walk to 310, that was all in product sales. There was no tooling in that walk. That is something I think we are going to work on this year at trying to change the way we present that to you all in the street and make sure that it is clear. Yeah. One of the things that on our P&L and our 10-Q and 10-K, is we really just say net sales, and then you have to go to footnote 5 really to see the breakout. We are going to start breaking that out on the face of the financials. We used to do it actually when I first started. But we got rid of it because we do not normally have this large of tooling programs. It only comes once in a while with these large truck programs. Because it goes every 10 years. That's why we did it 12 years ago. Those giant programs, you go, "Oh, we need to make sure that's split out. But I would say from an acquisition, it's going to come back to being disciplined in our process for the acquisition. You mentioned that in your question of, okay, well, all of these sales, what does that mean for an acquisition? We would rather do organic growth, right? We know our costs, we know our customers, we will get better returns on organic growth. So if we have to continue to invest in our company and use our capital for that, we'll take that over doing an acquisition. Where inorganic growth really comes into play, in my opinion, would be to really start to accelerate the diversification of the sales in the end markets. Understood. Thank you. You've talked about what has changed around your thinking around acquisitions, but what has changed amongst the potential targets you speak to in terms of their willingness to be acquired? You want to take it or you want me? So one thing that we've worked on, I would say starting this year, different kind of strategy, is before we've worked with some investment bankers on the buy side of who's actually for sale and talking to those companies. What we've started to do is Eric and I sat down with a handful of other people and started to come up with a target list. Who does Core want to buy? Right? Not who's for sale, who do we want to go after? So we've created that list, and then we started reaching out to those companies. Most companies said, "Hey, we're not for sale. We don't really want to talk." Some companies said, "Hey, we're not for sale, but why don't you come in and talk to us?" One company actually that we went and visited, we got more information on, and turns out they were for sale. Then we said, "Hey, we're not as interested" after seeing a little bit more behind the scenes. I think that strategy has changed to us building relationships for companies we really want to go after in the future. Then that way when they make the decision, "We are for sale," we can be the first call, and maybe they don't go through a process, right? We don't go through a bidding war against PE. We get a first look and we put in a bid, and if it's good enough, then we get to buy them. That's a strategy we've started to take, which is kind of another road that we're walking down while we're working with other investment bankers on who's actually for sale. The other thing I would say is there's about four or five really good investment bankers that know the plastics industry. Eric and I now have quarterly calls with those investment bankers. We're constantly getting updated on what is going on in the market from a who's for sale, who's not for sale type of deal. You've talked a lot about culture. How does that play as a competitive advantage as you approach potential acquisition targets, if at all? That's a great one because we just were working on that a month ago. There is certainly a culture out there in some entrepreneurs and family-owned businesses that they fear the private equity culture. Whether that's justified or not, I'm not sure I'll comment on. But they certainly have heard a lot of stories about people trying to improve profitability and not worrying about culture, not worrying about the employees and just ripping and tearing apart businesses to make them resellable five years later. We certainly see people talk to us about that. So whether it's real or not, the perception out there is very real. When we show up and talk about culture, and they can go to our LinkedIn web page and see the events and the employee things that we do across the business, they all recognize that we really do believe in and care about employee culture. It is something we certainly pitch when we are on some of those visits talking to companies. We have taken Stephanie with us on a few of those trips purposefully because that is as important to us as the financials. So it has been Alex, Stephanie, and I on a few of those trips, at least the initial ones, to make sure we understand what does this business have, and sometimes you can peel off and get some additional information from some of the HR leaders of how they really are working behind the scenes. Yeah, and I think the other thing about that is, from our employee perspective, it is great, right? Acquisitions will provide growth, bigger company growth opportunities for employees. And so the few that have a look behind the scenes at that, and when we talk about acquisitions, that is an easy kind of sales pitch, right? To talk about. But I think the same goes the other way, right? When Stephanie can go into that room in our initial conversation and, on a maybe smaller scale basis, do a presentation that is similar to what you guys saw today, there is a track record there. Going into a company and saying, "Hey, we have 48% internal promotion, so you become part of our family, odds are you are going to get promoted." And I think that is a huge selling point, right? That is a differentiator between us and some other company, for sure. Definitely a competitive advantage. Yeah. The only last thing I would ask is that absolutely every time we go and talk to these companies, there is private equity with deep pocketbooks and a lot of capital to put to work. And that is definitely a challenge that we see in the industry the last few years. I do not think we have gone and looked at a single acquisition, maybe one of those half a dozen that he is talking about, that private equity wasn't there with a pretty big checkbook, at least allegedly. Whether they are close there or not, right, that is the question, but One other thing, and this may just be a misperception of mine, but you talk about battery technology, and I know you created a center of excellence down in Gaffney that you are emphasizing for that. Help me understand what you are doing around battery technology and the battery containers or whatever that is different and is allowing this to be a niche, if I am hearing you correctly. Yeah. There is a lot of battery technology out there that uses metal cases, metal boxes. You can imagine changing it to a composite. I think it would be good to look at that part over there, and when you look really closely and see the way the ribs and channels have been molded into one part, cannot do it with metal. That is what makes SMC an advantage. What makes us unique, maybe there are some other SMC compounders that can do this also, is how do you also then add flame proofing? One of the biggest failure modes of a battery is that self-ignition. The best videos on the internet are of vehicles on fire, and they are very difficult to extinguish because it is a very large amount of energy. They want them to be fireproof SMCs. We have developed SMCs that have additives in them that basically release water as that heat activation happens, and that can help extinguish thermal events from progressing beyond that one cell. Right? Once you start a cell, you are probably going to lose that cell. The key is not to lose all of them next to it, or the vehicle, or the building, or something else near it. You get that molded-in feature, which is why SMC is better than a metal part, and then you get the added benefits of us making a custom compound that improves fire. Yeah. I would just add, it's more than just a box. It is a critical part of the overall assembly, and we don't know the exact number, but we estimate that that battery system back there is tens and tens of thousands of dollars of battery stuff inside. So they really are concerned about the quality of the container around it, and it really allows us to flex our technical muscles and show them what we can do versus others. Any final questions? Some of the uniquenesses the battery guys want, leak test. When you make a hood, we don't leak test a hood. Believe it or not, we don't leak test a boat hull. But they want it to be perfectly sealed, hermetically sealed, because if you leak water, salt water, spray, something off a truck in transportation, that would be bad for a battery. That's a unique thing that the manufacturing guys have to learn how to do. I hope it's not the last question because you may not be able to answer it or willing to answer it, but tell us a little bit about the competition that you're facing. We know about MFG, SDS, CSP. CSP changed ownership and now they owned by, I think, a German P company. But what has changed in the last three or four years or whatever period with these guys? Are they getting stronger? Are they getting weaker? If you don't want to answer, I understand. Well, I will answer high level. It changes a lot over time. If you go and look at our friends that were acquired by private equity, they are going through some challenges in some of their plants. Not that dissimilar to Core five, six, seven years ago, having downtime, press maintenance issues, things like that. Hate it for them as an American manufacturer, but they also have some operations that are running brilliantly that we respect as an outstanding composites manufacturer in the industry. We go to composites industry things. We see the leaders of those businesses there. We know some of the things that are happening, and I would just advance my answer a little bit differently, but I will summarize it as we want composites to grow. We do not want to wish ill of them because if somebody says, "Hey, I do not want to make batteries with composites," we all lose. We want our composites industry friends to be successful. We just like to be slightly more successful than them on some of those projects. But we win when we convert those concrete, wood, and metal parts to composites. That is where everybody wins and the pie gets big in the composites industry. Yeah. I think the only thing I would add is we have put in business systems over the last five years to compete with anyone in the industry. As long as we follow those processes and stay disciplined, we will continue to win programs and stay competitive. Yeah, I agree. I thought that was great. I'm curious about the cost competitiveness. Obviously composite, lighter weight, maybe doesn't corrode and all that versus, say, cement for vaults and that kind of thing. I'm just kind of curious whether you can speak to what the competitive pricing advantage is for you, and is that what helps you win a contract or whatever? Yeah. On a concrete part, the concrete's almost always cheaper as a per pound of concrete. Now, where you get into wins for us is you need backhoes and excavators and cranes to lift precast concrete parts, and the composite part, maybe one person can pick it up and install it. And especially on those flush covers and vaults, we're talking about parts that are half the weight, sometimes even lighter than that. And that makes it a very easily installed product that competes. I would also add to that packing density and shipping costs. You're paying weight per truck, and with the cost of diesel prices, you can get much more composite parts within that same truckload. A lot of those competitors will struggle in the shipping side of it where we have advantages with our ability to stack those. Some of the products we've seen break down so that they can have a much higher packing density, and then the cost that Eric talked about in the field by reducing backhoes and things of that nature is definitely an advantage. Yeah, just piece price versus total cost of ownership is really what it comes down to. Total value. Yeah. The one you didn't ask that you should've asked is what about metal? Nobody asked a tariff question. I'm surprised we didn't get a tariff question. We practiced our tariff answer. On metal side, steel and aluminum have both skyrocketed in the last 12 months. Some of that's tariff, some of that's Canada import and that discussion, but every single one of those increases on those metals is a tailwind for composites. When we're out there looking at the trucks, we showed you guys some of the aluminum outer panel parts that have historically been out of aluminum for its corrosion resistance. There is no reason those shouldn't switch to composites over the next couple of years. I would suggest some of those tariffs and the cost of steel and aluminum, that's probably not going to change this administration to the next. That's a great tailwind for composites. Okay. Before I turn it back to you, Eric, for closing remarks, Arnold, I'm going to put you on the spot for a minute. I'm going to give you my mic while Eric gets ready. Walk us through tomorrow. Tomorrow we've got the plant tour. Everybody's coming in. We're going to be in separate groups, which is great, but Arnold won't be in both groups or all three groups, however many it is. So give us a quick picture, maybe three minutes, on what to expect. What should we be looking for? Where should we be paying attention to and concentrating our time? Tomorrow during our tour, there will be two vans leaving the actual hotel. I will be in one van. There is going to be other groups in the other van. We will go across the border, and once we get to the plant, the majority of all the staff members, which are the managers, any staff members, are going to be wearing the color white. Us, ourselves, we are all going to be wearing black. Just in case you have to have any questions, there is the people that are going to be answering those questions. We will separate into two groups. Once we get into the plant, there will be two groups. We will start off in an area. We will kind of separate, and by the time we come back, we are coming back into one location. Should not be an issue at all. We have got all our permits set up. There is no need for us to stop to get any type of permits to get across the border. We are doing that as we speak. As soon as we get there, we can go straight into the plant tour, walk the plant with the team, get to meet the team, get to see the processes. On the way back, 10:30 A.M. is our departure time from there, and we will come back across the border. Are there any snacks? I am sorry? Are there any snacks? Oh, absolutely. We're going to have some lunch. We'll have lunch around 10:30-ish, 10:00, 10:30 at the plant. When we're at the plant, please don't take videos or pictures while you're in the plant. Just ask you guys not to do that. If you do want a picture of something very specific and you see one of us and we can take that picture and email it to you knowing that we don't have something in the background of it, we're happy to do that. Just feel free to ask one of us in the black shirt. You go, "Hey, I want a picture of that thing," or you want a picture next to something of yourself, happy to do it. Just please don't do that while you're in the plant. All right. Hey, let me wrap this up and we'll get to our happy hour and dinner here. Five years ago, our primary objective was transformation. Today, our objective is growth. We've talked about it a lot today, and we believe Core is uniquely positioned in the intersection of execution, what we've done over the last five years, as well as the expanding market opportunities. Our disciplined capital allocation that Mr. Panda talked to you about is how we're going to evaluate all of those, focused on organic first and inorganic second. We're proud that we've accomplished this and we're excited about what lies ahead. As we wrap up here, I want to make sure I thank Annie and Lupita, who helped get all of this organized, the food, get everything what you guys got in here. To Leah, who Stephanie introduced. She's in our HR team and helped set this up all day. Of course, Arnold and his team. It is a lot of work that we put on him to get all these parts in here, to get us across the border, all of that. I did not forget Tammy. Thank you, Tammy, who makes sure that I made it here and everything else happens. Thank you, Tammy. With that, thanks for coming. We will wrap it up for the day. Really appreciate everybody coming. Let us go.