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- **Revenue resilience**: Q3 revenue down 4.7% YoY but self-storage (+3.7%) and international (+32.9%) offset weakness in North America.
- **Margin expansion**: EBITDA margin 19.9% (up 120bps YoY), driven by cost savings and international mix.
- **Smart Entry growth**: Noke Ion adoption accelerates with 35.9% YoY unit growth and institutional traction.
- **Financial strength**: $256 million liquidity, 2.3x net leverage, and $10-12 million annual cost savings.
- **Guidance confidence**: 2025 EBITDA margin 19.1%, with focus on M&A and innovation for long-term growth.

**【CEO Summary Section】**
- Q3 2025 revenue of $219.3 million (-4.7% YoY), driven by 3.7% growth in self-storage (New Construction +5.5%, R3 +0.7%).
- International segment revenue up 32.9% YoY, offsetting North American market softness.
- Noke Smart Entry adoption accelerates with 439,000 units installed (+35.9% YoY), including new Ion model for commercial doors.
- Cost reduction program on track for $10-12 million annual savings.
- 2025 guidance: Revenue $870-880 million, EBITDA $164-170 million (midpoint EBITDA margin 19.1%).

**【CFO Financial Commentary】**
- Q3 adjusted EBITDA $43.6 million (+1.2% YoY), margin 19.9% (up 120bps YoY due to cost savings and mix shift to higher-margin international business).
- Free cash flow $8.3 million, cash conversion of adjusted net income 171%.
- Share repurchase program: $800,000 spent in Q3, $80.5 million remaining authorization.
- Net leverage 2.3x, within target range of 2-3x.
- S&P upgrades credit rating to BB- (stable outlook).

**【Q&A Highlights】**
- TMC business decline ($11 million Q3 impact) due to project timing and LTL trucking weakness; expect recovery in 2026.
- Noke Smart Entry adoption accelerates with institutional customers reporting 90% theft reduction.
- Steel pricing stable, hedged through 2025 with no significant cost pass-through needed.
- Backlog and pipeline stable, with shovel-ready sites for faster construction starts.
- Focus on M&A and innovation (e.g., metal decking product line expansion).

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