Ar

Balance sheet resilience improved after the barge divestiture. As of March 31, 2026, Net Debt to Adjusted EBITDA was about 2.3x on a consolidated TTM basis and 1.9x pro forma for the sale, with approximately 153 million dollars of cash, full 700 million dollar revolver availability and total liquidity near 853 million dollars.

At December 31, 2025, total debt was about 1.52 billion dollars consisting of a 536 million dollar term loan, 400 million dollars of 4.375 percent 2029 notes and 600 million dollars of 6.875 percent 2032 notes.

The company generated 341 million dollars of operating cash flow in 2025 against 166 million dollars of capex, plus 27 million dollars of asset sale proceeds, for 202.1 million dollars of free cash flow. We expect further deleveraging as remaining sale proceeds reduce debt.