Fourth quarter 2025 Winchester segment earnings collapsed to $0.6 million, compared to $42.0 million in the fourth quarter 2024. Winchester fourth quarter 2025 results included depreciation and amortization expense of $9.0 million compared to $9.1 million in the fourth quarter 2024. To help mitigate these significant cost pressures, Winchester is implementing increased commercial ammunition pricing for the first quarter 2026. Fourth quarter 2025 segment loss was $19.2 million, compared to segment loss of $27.4 million in the fourth quarter 2024. Overall, we expect Olin’s first quarter 2026 adjusted EBITDA to be lower than fourth quarter 2025 levels.”