Financial Data and Key Metrics Changes - Consolidated net sales for Q4 2025 were $378.7 million, reflecting a 39% increase year-over-year [12] - For the full year, consolidated net sales were $1.296 billion, a 27% increase compared to the previous year [13] - Adjusted EBITDA for Q4 increased by 49% to $50.2 million, while for the full year, it rose by 65% to $184.4 million [13][14] - GAAP net income and diluted EPS saw significant increases, driven by the integration of the new MFA business and improved gross margins [12][14] Business Line Data and Key Metrics Changes - The Animal Health segment reported Q4 net sales of $292.5 million, a 53% increase year-over-year [15] - For the full year, Animal Health net sales reached $962.8 million, a 36% increase [17] - Nutritional specialties and vaccines saw substantial growth, with nutritional specialties increasing by 11% in Q4 and 9% for the full year, while vaccines grew by 21% in Q4 and 13% for the full year [15][17] - The Mineral Nutrition segment had Q4 net sales of $64.2 million, a 3% increase, and for the full year, $253.2 million, a 4% increase [18][19] Market Data and Key Metrics Changes - The company experienced strong demand across various geographies, particularly in Latin America for poultry products and in the U.S. for swine products [16][17] - The integration of the Zoetis medicated feed additive portfolio is progressing well, with expectations to operate independently by Q4 2025 [41][42] Company Strategy and Development Direction - The company is focused on its "Fiber Forward" strategy, which aims to enhance operations, global footprint, and innovation pipeline [10][11] - Investments are being made in scaling operations and strengthening customer relationships through initiatives like global procurement [34][35] - The guidance for fiscal year 2026 reflects confidence in continued growth, with projected net sales between $1.425 billion and $1.475 billion [10][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for products globally and anticipates continued improvement in business performance [24] - The guidance for fiscal year 2026 includes expectations for organic growth driven by the full twelve months of Zoetis contributions and continued strong performance in vaccines and nutritional specialties [27][28] Other Important Information - The company generated $42 million in positive free cash flow for the twelve months ended June 30, 2025 [20] - Corporate expenses increased due to higher employee-related costs and strategic investments [19] Q&A Session Summary Question: What does guidance now assume in terms of the underlying organic growth? - Management indicated that the guidance assumes a mix of growth from the Zoetis portfolio and continued strong performance in vaccines and nutritional specialties, with legacy MFA growth expected to be flat to low single digits [27][28] Question: Can you quantify expectations for the Fiber Forward initiative? - Management expects contributions from the Fiber Forward initiative to continue driving growth, with significant earnings growth anticipated in fiscal year 2026 [31][32] Question: Where are we in terms of the Zoetis integration process? - The integration is progressing well, with major system implementations complete and expectations to operate independently by Q4 2025 [41][42] Question: What is the expected growth of the legacy MFA business? - The legacy MFA business is expected to grow flat to low single digits, with no significant pull forward in sales due to tariffs [56][58]