We raise our estimates and maintain our $88 price target following a particularly strong 4Q:25 and full year 2025 for the recently rebranded NWPX Infrastructure. NWPX reported 4Q:25 sales and EPS 3% and 58% above our forecasts, led by a second consecutive quarter of Water Transmission Systems (WTS) segment gross margins above 20%, suggesting the segment's demand levels are becoming more consistent. The Precast segment is realizing increased demand for data center related projects (NWPX cited 12 projects either recently shipped or underway, totaling several million dollars). Both business units within the segment (Geneva and ParkUSA) are performing well. Overall, we continue to see NWPX becoming more resilient with less variability, while benefiting from industry consolidation and improved demand across its portfolio. We now model 2026 EPS of $4.12 (from $4.02), while maintaining our 2027 EPS estimate of $4.90. NWPX Infrastructure exited 2025 with net debt of $9 million ($0.97 per share), leverage of 0.1x and a debt ratio of 3%. The company's strong free cash generation and conservative financial profile support our moderate risk rating. Our unchanged $88 price target continues to be based on 18x our 2027 EPS estimate of $4.90.