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- **Record Q3 Financials**: Adjusted EBITDA +10% YoY to $66.8M, free cash flow doubles to $66.7M. SAS margin hits 15.3% (up 200bps YoY).
- **FAM Turnaround**: First QoQ sales growth since merger, HVAC filtration +20%, water filtration +10%.
- **Strategic Wins**: Wilson facility closure to add $42M annual EBITDA by Q1 2026. <6% of sales subject to tariffs.
- **2026 Vision**: Target 10%+ EBITDA growth, gradual margin expansion toward 15% by end of decade.

**【CEO Summary Section】**
- **Q3 Results Exceed Expectations**: Adjusted EBITDA up 10% YoY to $66.8M, free cash flow doubled YoY to $66.7M. SAS segment EBITDA margin improved 200bps to 15.3%, FAM segment saw first QoQ sales growth since merger.
- **Segment Performance**: SAS sales +5% organically, driven by tapes (+mid-single digits), liners (+high single digits). FAM sales +4% YoY, with HVAC filtration up 20%+ and water filtration +10%.
- **Strategic Initiatives**: Closed Wilson, NC facility to reduce costs; 34 global sites vs 48 at merger. Pricing vs input cost turned positive Q3, targeting 15% EBITDA margin by 2026.

**【CFO Financial Commentary】**
- **Top Line**: Q3 net sales $513M (+3% YoY reported, +5% organic). SAS sales $315M (+5% organic), FAM $198M (+4% YoY).
- **Bottom Line**: Adjusted EPS $0.39 vs $0.21 YoY. Free cash flow $66M (vs $33M YoY), year-to-date $85M (vs $42M YoY).
- **Leverage Reduction**: Net debt $932M (-$60M QoQ), net leverage 4.2x (targeting 4x by year-end). $35-40M cost savings by 2026E, $15-20M in 2025.
- **Tariff Mitigation**: <6% of sales subject to tariffs (down from 7% prior guidance).

**【Q&A Key Highlights】**
- **FAM Growth Timeline**: Q3 was first quarter of FAM sales growth, driven by HVAC (+20%), water filtration (+10%). Q4 expected to continue YoY improvement.
- **Wilson Facility Impact**: Closure to be accretive to EBITDA in Q1 2026, with <1% of sales impact. One-time closure costs offset by long-term savings.
- **2026 Outlook**: Target 10%+ EBITDA growth, gradual margin expansion toward 15% target. SAS volumes expected flat YoY in Q4, but pricing vs input cost remains favorable.
- **Demand Visibility**: Despite macro challenges, SAS winning share in tapes, liners, and healthcare. FAM benefiting from cross-selling and premium segment recovery.

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