Financial Data and Key Metrics Changes - The company reported consolidated operating earnings of $12 million for Q4 2025, an improvement from an operating loss of $30 million in the same period last year [11] - Consolidated net loss was $7.2 million, improving from a net loss of $48 million a year ago [11] - Adjusted EBITDA for Q4 increased to $42 million from approximately $16 million the previous year [11] - For the full fiscal year, consolidated revenue was approximately $1.25 billion, up 11% year over year [11] - The company reported a consolidated net loss of $80 million for the full year, compared to a net loss of $206 million the previous year [12] - Adjusted EBITDA for the year was $199 million, compared to $206 million last year, with a modified adjusted EBITDA increasing by approximately 4% year over year [12] Business Line Data and Key Metrics Changes - Salt business revenue in Q4 was $182 million, compared to $163 million a year ago, with total volumes up 13% [12] - Highway de-icing volumes increased by 20% year over year, while CNI volumes declined by 3% [13] - For the full fiscal year, revenue from the salt segment totaled over $1 billion, up 13% year over year [14] - Plant nutrition segment saw a 9% decline in volumes in Q4, but pricing increased by 8% to $670 per ton [16] - For the full year, plant nutrition volumes were 326,000 tons, a 19% increase year over year, with average pricing down approximately 4% to $634 per ton [17] Market Data and Key Metrics Changes - The company experienced a more average winter compared to the weak 2023-2024 de-icing seasons, contributing to improved sales volumes [14] - Inventory values and volumes for highway de-icing were lower by 33% and 36% respectively compared to the prior year [18] Company Strategy and Development Direction - The company is focused on a back-to-basic business model, improving financial position, and enhancing operational efficiency [4][10] - Strategic decisions included scaling back production to address excess inventory and rationalizing corporate costs [5] - The company aims to improve operational aspects, including safety systems and production processes, particularly in the salt and plant nutrition segments [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved stability and financial flexibility following a successful refinancing [19] - The guidance for total company Adjusted EBITDA for 2026 is projected to be between $200 million and $240 million, with salt segment Adjusted EBITDA expected to improve [20] - The company anticipates a decline in sales volumes for 2026, primarily due to a reversion to typical winter weather patterns [21] Other Important Information - The company resolved several legal and tax matters, including a class action lawsuit and a mining tax dispute, which alleviated uncertainties for stakeholders [19] - Liquidity at the end of the quarter was $365 million, consisting of $60 million in cash and $305 million in revolving capacity [19] Q&A Session Summary Question: Could you address the volume decline forecast in highway de-icing? - Management indicated that the decline is a reversion to typical winter assumptions, moving away from the previous year's high commitment levels [27] Question: What drivers could impact the full-year guidance range? - The primary driver for reaching the upper end of the guidance would be favorable winter weather and operational efficiencies [28] Question: Given expected lower volumes, will inventories grow next year? - Management confirmed that they will align inventories with production levels to meet demand, with no plans to build excess inventory [29][30] Question: Why were volumes pulled forward in plant nutrition? - The market behavior allowed the company to serve business and monetize inventory effectively in fiscal 2025 [31] Question: Why isn't plant nutrition expected to generate more EBITDA next year? - The expected price upside in the P&L will primarily drive the EBITDA projections, despite lower volumes [32]