Q4 2025 net income was $8.1 million versus $7.5 million year-over-year; full-year 2025 net income was $32.7 million versus $40.2 million in 2024. Q4 2025 Adjusted EBITDA was $36.9 million versus $35.4 million; full-year 2025 Adjusted EBITDA was $143.5 million versus $139.2 million. Q4 2025 net cash provided by operating activities was $16.4 million versus $35.1 million; full-year 2025 was $79.6 million versus $106.8 million. Q4 2025 Discretionary Cash Flow was $21.1 million versus $20.5 million; full-year 2025 was $88.9 million versus $79.9 million. As of December 31, 2025, total debt, net was $392.0 million and Net Debt was $526.6 million; pro forma for the IPO debt paydown, Net Debt would have been $319.9 million. An IPO closed on February 13, 2026 at $18.00 per share for 11,111,111 shares; the over-allotment was exercised March 5, 2026, and 1,459,112 additional shares were sold on March 9, 2026; approximately $206.7 million of net proceeds were applied to debt. A dividend of $0.26 per share was declared, payable April 21, 2026 to shareholders of record on April 10, 2026; the expected annual dividend rate is $2.00 per share (illustrative 10%–11% yield at $18.50–$19.50). Wholesale segment Q4 fuel margin per gallon increased to 6.5¢ at fuel supply locations (from 6.0¢) and to 27.9¢ at consignment agent locations (from 26.6¢); wholesale operating income rose by $3.4 million in Q4 and by $9.3 million for the full year. Fleet Fueling Q4 fuel contribution declined by $0.4 million, though proprietary cardlock margins rose to 49.1¢ per gallon (from 48.1¢); full-year fuel contribution increased by $1.4 million with higher margins. GPMP related party gallons declined 17.2% in Q4 and 15.5% for the year, driving a $2.1 million Q4 and $7.9 million full-year reduction in related party fuel contribution at a fixed 5.0¢ margin per gallon. Dealerization continued: 62 ARKO Retail Sites converted in Q4 2025 and 256 in full-year 2025; total conversions since mid-2024 reached 409, with about 120 additional sites committed since year-end. 2026 guidance: Adjusted EBITDA of approximately $156 million and Discretionary Cash Flow of approximately $110 million.