Core Insights - The company achieved the highest fourth-quarter sales since 2018, with a revenue surge of 25.1% due to the successful clearance of executable backlog following early-year funding delays [1] Financial Performance - The rail segment exhibited a 'tale of two halves,' with initial U.S. government funding pauses being offset by a robust 23.7% recovery in Q4 [1] - Infrastructure growth for the full year was 14.9%, driven by organic expansion in precast concrete and a 42.7% increase in protective coatings due to renewed U.S. energy sector activity [1] - A gross margin decline of 260 basis points was attributed to a deliberate scale-down of the UK Rail business and a higher mix of lower-margin Rail products [1] - Significant SG&A leverage was achieved, with expenses reduced by 5.2% despite substantially higher sales volumes [1] Strategic Initiatives - The strategic pivot toward a capital-light model has resulted in adjusted EBITDA doubling since 2021 while significantly reducing overall capital intensity [1] - Operational efficiency in the Precast Concrete division reached record levels, with key facilities running at full capacity to meet robust civil construction demand [1]