Legacy DNOW achieved record full-year 2025 EBITDA of $199,000,000 and an 8.2% margin, significantly outperforming a contracting U.S. upstream market through differentiated service models. The MRC Global merger completed in November 2025 has transformed the company's scale, diversifying sector reach into gas utilities and downstream industrial markets while expanding the addressable market. Management identified that U.S. MRC Global ERP challenges are a much heavier lift than previously disclosed, with ...