NWPX announced the publication of its first third-party verified Environmental Product Declaration (EPD) for its cement-mortar-lined welded steel pipe. An EPD is the industry standard for disclosing the environmental impact of a product across its life cycle. By integrating the EPD into its commercial bidding process, NWPX can provide customers and project owners with credible data as parties aim to meet sustainable procurement goals as well as regulations. In our view, the announcement demonstrates steps the company is taking to better position itself for increasing bidding opportunities within water infrastructure projects. In November, Texas will vote on Proposition 4, which would allot up to $20 billion toward water infrastructure projects; this is just one example of states developing long-term plans to address aging water infrastructure. For 3Q:25, we model EPS of $1.06 (up 4% year over year) on a projected 2% sales increase to $133 million. NWPX has been relatively active with share repurchases, having repurchased $15 million (just under 4% of shares outstanding) through July 2025, while maintaining a conservative financial profile that supports our moderate risk rating. Our $59 price target continues to be based on 15x our 2026 EPS estimate of $3.93.