Thank you, operator, and good morning, everyone. Welcome to Alliance Laundry Systems Third Quarter 2025 Earnings Call. I'm joined today by Mike Schoeb, CEO; and Dean Nolden, CFO. Along with today's call, you can find our earnings press release and earnings presentation on our website at ir.alliancelaundry.com. A replay of this call will also be made available on our website. As a reminder, today's earnings release, presentation and statements made during this call include forward-looking statements under federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission, including in the Risk Factors section of the prospectus from our initial public offering dated October 9, 2025. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, during today's call, we will discuss certain non-GAAP financial measures outlined in further detail at the beginning of our earnings presentation. We believe that these measures are important indicators of our operations as they exclude items that may not be indicative of our results from ongoing business operations. A reconciliation of these measures to the most directly comparable GAAP measure can be found in our earnings release, in our 8-K filed with the SEC and in the appendix to the slide presentation. Non-GAAP financial measures should be considered in addition to and not as a substitute for GAAP measures. I'll now turn the call over to Mike.

Thank you for joining our first earnings call as a publicly traded company. I want to express my gratitude to the Alliance team, our customers, distribution partners, advisors, and investors who helped us reach this milestone. I also appreciate the research analysts who have taken the time to understand our business. We are eager to continue our dialogue and are excited about our future as we expand and deliver high-quality machines and services while creating long-term value for our shareholders. In this call, I will provide an overview of Alliance, the markets we operate in, and our unique strategy, and then we will discuss our results. To begin, I believe there are four key considerations for any investment. First, is the industry vibrant, growing, and attractive? With nearly double-digit growth over the last decade, it certainly appears so, as Laundry is a necessity in everyday life. The industry also provides downside protection during tough times, as we witnessed during COVID when laundromats remained open while many retail businesses closed permanently. The world is increasingly unpredictable, and during economic downturns, our team often reflects on how thankful we are for the stability that the laundry industry provides. We also see growth opportunities in both emerging markets, where vended services are just starting to expand, and in mature markets, where aging equipment is being replaced. There are over 20,000 retail laundry locations in the U.S. alone, representing a $6 billion market addressing essential community needs. The second consideration is industry structure: who are the market leaders, and do they have sustainable advantages? Our scale and financial strength enable us to invest at a higher level than our competitors, establishing a clear and sustainable advantage. The third question is whether we have a team capable of executing consistently as a market leader in an essential industry. Our strong track record through various economic cycles supports our confidence in our team. Lastly, are there systemic tailwinds that will help the company grow profitably? We believe these tailwinds are just beginning to materialize and will be crucial to our strategy moving forward. Alliance is positioned at the heart of a resilient and essential industry characterized by steady replacement demand and stable growth across economic cycles. As the leading pure-play commercial laundry manufacturer worldwide, we are more than twice the size of our next largest competitor. We operate globally in 150 countries and hold approximately 40% market share in North America. Our market leadership stems from a strong value proposition for our customers, who prioritize total cost of ownership. We emphasize quality, reliability, durability, and a comprehensive distribution network, combined with exceptional wraparound services and a commitment to excellence. Our installed base allows people globally to interact with our products millions of times daily, reflecting the heavy use and the predictable demand for replacements. We have five prominent brands, including Speed Queen, which has been recognized as the most reliable appliance brand in the U.S. for six consecutive years. Financially, we have enjoyed a revenue CAGR of around 10% from 2010 to 2024, with an impressive adjusted EBITDA margin above 25% and strong free cash flow. Throughout our history as a private company, we have invested in our business to drive long-term growth, enhance operations, increase capacity, and support our innovation pipeline. Alliance operates in diverse end markets and geographies, with about 75% of our revenue coming from North America, allowing us to maintain balance across our three primary end markets. Turning to the primary end markets we serve: in on-premise applications, we deliver high-quality systems tailored for critical needs in healthcare, hospitality, and veterinary services. If laundry equipment fails in these environments, it can severely disrupt operations. In our vended market, we cater to retail laundromats and communal laundry systems in multi-family housing. Finally, our commercial in-home segment brings professional-grade washers and dryers into residential settings, addressing customer frustrations with standard competitive offerings. Our long history of performance, from 2006 onward, highlights a steady growth trajectory as we continue to expand our capabilities and customer offerings. Looking forward, we are committed to building on our momentum and achieving sustainable growth. As we discuss additional investment highlights, it’s worth noting that as a specialized entity focused exclusively on laundry, we grasp our customers' requirements for low total cost of ownership. While price is important, our clients emphasize maintaining product quality and not compromising on performance. Our engineering and quality assurance processes are designed to ensure durability and reliability, and our unmatched scale is hard to replicate in our fragmented industry. We have strong aftermarket services and a diverse go-to-market strategy, all of which contribute to generating recurring revenue streams. Our position across various markets and our strong reputation for innovation allow us to create long-term value for our shareholders. Our growth strategy focuses on producing reliable, high-quality commercial laundry systems that encourage repeat business and increase market share. As we serve a largely replacement-driven on-premise market, we are also well-positioned to support laundromats' evolution, as demand grows from both existing owners upgrading their systems and new investors entering the market. The laundromat business is recession-resistant, essential, low-labor, and increasingly digital, which enhances operational efficiency. Our products and services empower operators to succeed, supported by our digital platform and wraparound services. We are seeing rising demand for commercial-grade products in homes, which we are meeting while maintaining appealing margins. Internationally, there are vast opportunities in underdeveloped vended markets where we aim to leverage our advantage for market development. Innovation remains a priority for us, as we continue to introduce industry-leading features that will accelerate replacement cycles and increase our digital market penetration. Our global manufacturing strategy mitigates tariff exposures, keeping most of our operations local. We're focused on operational improvements, including cost-reduction initiatives and supply chain optimization, and are confident in our strategic execution capabilities. Finally, on to some recent business highlights: at a recent industry exposition, we unveiled our new technologies, including a 55-pound stack tumbler and a cashless payment technology for laundromats. We also launched our Stax-X product, developed locally for our customers in Thailand. Operationally, we acquired Metropolitan Laundry Machinery Sales to enhance our presence in urban markets and strengthen our service capabilities, and we utilized a significant portion of our IPO proceeds to reduce debt, leading to a solid leverage ratio. We look forward to building on our momentum as we execute our strategy. Dean will now discuss our financial performance in more detail.

Thanks, Mike. Turning to Slide 11 and our financial performance. We provided our results for the 3 and 9 months ended September 30, 2025. I'll touch on the results for both periods, but focus mostly on the third quarter financial performance. We delivered strong results on a consolidated basis. We drove revenue of $438 million, up 14% year-over-year and year-to-date revenue of $1.27 billion, also up 14%. Growth this quarter was driven by solid volume gains and modest low to mid-single-digit price increases implemented to offset higher input costs, which were primarily tariff related. Volume growth was broad-based across all of our end markets in both of our reportable segments of North America and international, supported by the strength of our brands, the durability of our value proposition and the product and geographical diversification of our business. Year-to-date gross margin expanded by 70 basis points over last year, driven by higher volumes, manufacturing efficiencies and modest pricing actions. This performance reflects our core strategy of profitable growth, which is built on the superior total cost of ownership we offer to customers. Adjusted EBITDA was $111 million in Q3 and $330 million year-to-date, representing growth of 16% and 13%, respectively. For the quarter, adjusted EBITDA margin was 25.3%, up 40 basis points year-over-year and year-to-date margin was 25.9%, down modestly by 30 basis points due to investments we are making in products and systems as well as public company support costs. Net income for the quarter of $33 million was up from a loss of $6 million in the prior year. Third quarter adjusted net income was $48 million, up 47% versus the prior year quarter and year-to-date adjusted net income was $136 million, an increase of 9%. These results reflect strong top and bottom line performance with profitability amplified by a significant reduction in interest expense. This reduction was driven by our successful debt repricing to SOFR plus 2.25%. We also strengthened our balance sheet through a voluntary debt repayment of $135 million made in the third quarter, and we are benefiting from lower variable interest rates year-to-date. Subsequent to the end of the third quarter, with an additional term loan paydown of $525 million post IPO. Our IPO adjusted net leverage came in at 3.1x. We now begin our life as a public company with a stronger balance sheet and we'll continue to prioritize deleveraging to earnings growth and cash generation. Turning to Slide 12. At the regional level, our North America business continued to deliver strong results, driven by favorable end market fundamentals as we leveraged our scale, strong market position and manufacturing strategies. North America revenue in Q3 was $331 million, an increase of 14%, with our performance driven by robust growth across all 3 end markets. Volume and modest price increases accounted for approximately 2/3 and 1/3 of this increase, respectively. Year-to-date revenue was $952 million, up 16% year-over-year. Q3 adjusted EBITDA in North America grew to $95 million or 13% year-over-year, and our adjusted EBITDA margin of 29% was flat versus prior year, with results driven by increased volume and realization of manufacturing efficiencies, offset by investments in future growth initiatives. We experienced $3.5 million of tariff impact in the third quarter which was mostly offset by implemented pricing actions. Year-to-date adjusted EBITDA grew to $273 million or 14%. We continue to see strong demand from our vended customers in mature markets, coming from both our existing customer base through fleet refreshes as well as new entrants who are looking to access the attractive and resilient commercial laundry space. In the on-premise market, we also experienced strengthening demand, largely driven by the replacement cycle. We believe there are still significant opportunities ahead as new builds continue to come online and customers replace existing equipment with more efficient systems before their end of life. Finally, demand in our commercial in-home end market remained high as customers prioritize the durability, reliability and long life of our products. Turning to Slide 13. Our international business also contributed meaningfully to overall results this quarter. International revenue was $107 million, an increase of 12% with growth balanced across mature and developing markets. Volume, modest pricing and favorable foreign exchange movements each accounted for approximately 1/3 of the increase. International revenue was $322 million year-to-date, up 10% compared to the same period last year. International adjusted EBITDA rose to $26 million or 9% year-over-year, reflecting strong top line momentum, partially offset by product and customer mix. International adjusted EBITDA margins declined modestly in Q3 compared to the prior year-end. Adjusted EBITDA was $91 million year-to-date, a 15% increase compared to the same period last year. As you look across our international regions, our mature European markets and developing APAC and LATAM markets posted double-digit growth in the quarter. In Europe, our Speed Queen licensed store model continued to gain momentum and sales remained strong across our direct offices in France, Italy and Spain. APAC saw steady demand in Australia and New Zealand, along with our continued leadership in key markets like Thailand and expanding growth in newer markets like Indonesia, the Philippines and Vietnam. Latin America delivered improved results with robust growth in vended, more than offsetting a challenging prior year comparison in on-premise laundry. Our performance was underpinned by successfully completing major projects in Mexico, and proactive customer and portfolio optimization initiatives in Brazil. In the Middle East and Africa, we are navigating changes in project timelines in our largest market of Saudi Arabia, while capturing new opportunities with early laundromat adoption in select African markets. The underlying fundamentals of our international business remain strong, and we view it as a key to our consolidated sustainable profitable growth going forward. Turning to our balance sheet, we have significantly improved our leverage profile, which enhances our ability to create long-term value. As shown in this slide, we have reduced our leverage organically by about 0.75 turns through September 30. Additionally, we used funds from our IPO in October to lower our adjusted leverage to 3.1 times. We have also secured a well-priced term loan following our earlier repricings, and we have the potential to tighten our interest rate spread by another 25 basis points in the future due to our significant deleveraging supported by non-trading upgrades from both major rating agencies. We are progressing towards that goal. In October, we received a one-notch credit rating upgrade from S&P to B+ with a positive outlook, and Moody's upgraded our outlook to positive while maintaining our B2 corporate rating. As a result of these favorable actions, we will benefit from approximately $46 million in annualized interest savings at current debt levels, and we have increased our flexibility by eliminating mandatory principal payment requirements for the remainder of our term loan facility. Turning to Slide 15. As we begin our next chapter as a public company, we will execute on a capital allocation strategy designed to maximize long-term shareholder value. Our primary focus will continue to be on deleveraging. With our strong free cash flow profile, we believe we will continue the trend of 0.5 turn to 1 full turn organic deleveraging per year. We will continue to invest in areas to improve our operations and products, launch new products, further expand our capacity and the value we provide to existing customers, and ultimately win market share. We expect to continue these investments while maintaining our capital-efficient business model, with a focus on innovation and with CapEx spending targeting approximately 3% of net revenue. We will maintain a very disciplined approach to M&A. Our strategy is based on selectively pursuing opportunities that supplement our strong organic growth with accretive and value-creating acquisitions that expand our platform and capabilities. And finally, we will maintain flexibility to return capital to shareholders in the future when appropriate through share repurchases in the near term and considering a dividend policy over the longer term. In summary, we're very pleased with our financial performance in Q3 and the continued momentum in our business and our end markets. We currently intend to provide annual guidance beginning in 2026 when we report our Q4 results, but appreciate that you want to know how 2025 will end. We expect our Q4 growth versus prior year will moderate from year-to-date run rate to the mid-single-digit revenue growth, but 2025 will be an incredible year and mark our second consecutive year of low double-digit top and bottom line growth. In addition, we expect to incur a one-time noncash charge of approximately $16 million in the fourth quarter related to divesting of stock compensation resulting from our IPO, which we intend to add back for purposes of our adjusted net income and adjusted EBITDA metrics. Now I'll turn the call back to Mike.

Thanks, Dean. And let me end where I started, commercial laundry is an incredible, vibrant and growing industry in which we have earned a privileged position as a clear market leader with significant structural advantages. We have long demonstrated an ability to deliver a best-in-class financial profile, strong margins and solid growth and there are systemic tailwinds that we believe will propel continued profitable growth. In closing, I'm incredibly proud of our employees around the world, their dedication and expertise make these results possible. I'd also like to thank our distributors, partners and new shareholders for your continued confidence and support. With that, let's open the line for questions.

Our first question comes from Andrew Obin with Bank of America.

Congratulations. Can we start? Many of your competitors are importing their product into the U.S. How have they responded to the additional sections of the 232 tariffs? What is the industry environment like?

Yes, Andrew, this is Mike. We have seen one small Asian competitor increase price. I think for the full year, they've taken 16.5%, something like that. Outside of that, we have actually not seen anything so far. Again, we expect that to happen. I think as we talked about really pushing into 2026, but so far, really no activity of note.

Interesting. And maybe you acquired a New York distributor in the quarter. Can you talk about the strategic and financial benefits from acquiring distributors?

Yes. So Andrew, this is the 16th acquisition we've done. We're vertically integrating in the United States. We are focused on more dense urban markets, not that we haven't been opportunistic at times, but we're really looking for markets that matter, management teams that we can back where we see opportunity for outsized growth. So we like it. It allows us to get much closer to the customer. And we will continue to do it. And we will be a partner when we see those opportunities and when that distributor principle is interested in speaking to us, we're always there for them.

Our next question comes from Tomo Sano with JPMorgan.

Congratulations from my side as well. So you achieved double-digit growth on the revenue. And how are you managing supply chain challenges and inventory levels, especially given ongoing global disruptions? And have you seen any improvement or new risks in logistics or components sourcing?

Yes. So I'll say on the supply side, we've really seen nothing, Tomo, that is meaningful. There are always blips and always unexpected surprises, but nothing that we don't carry enough inventory for or don't have alternate sources of supply. So we feel really good about it. We see no signs that there's going to be any change in that status. But we're ready. And as you know, we've got a very, very capable sourcing team that's out there.

Follow-up on digitalization and service revenues. What progress have you made in expanding digital solutions and service-based revenue, such as Laundry IQ and SaaS offerings? How do you see the contributions of these businesses evolving, please?

Yes. So Tomo, we're focused on the long term. So we do generate revenue. I would say it's minimal at the moment. We're more focused on the analytics, the information that comes back to us as we get these connected machines. As you know, we've got several hundred thousand that are out there. I can't speak to our most recent launch of the Scan-Pay-Wash, already in the 90 days or so, it's been out there, there have been over 90,000 transactions. So all of these things are additive. All of them are meaningful. All of them are putting us into a position of continued strength, but we are in early days. And again, we're more focused on the power and the information and the data that it allows us to capture to be able to get the true predictive analytics that really complement, again, that best-in-class product that's out there in the field.

Our next question comes from Susan Maklari with Goldman Sachs.

My first question is talking a bit about the consumer. Can you give us some more color on what you're seeing in the CIH segment of the business, especially given the headwinds and some of the slowdown that we've been hearing as it relates to housing and then just overall consumer activity within R&R and other elements of their spend?

Yes. I would say we have a very unique product that is a professional-grade offering. It's not only differentiated in terms of the product itself, but also in our strategy, as we market through independent shops and the demand remains extraordinary. We don't see any changes in that situation. In fact, if someone were to order our product today, they would face a wait for delivery. So the status remains unchanged.

Okay. That's good to hear. And then maybe turning to the balance sheet. Can you talk about the path to further deleverage as well as any other priorities for uses of cash as it relates to perhaps shareholder returns and other strategic initiatives?

Yes, Susan. First, we're very proud of what we've done year-to-date in terms of our deleveraging, as you've seen in our presentation in our prepared remarks, so significantly improved our balance sheet through the first 3 quarters and as a result of the IPO. Our main priority, as we've communicated will continue to be deleveraging through our strong free cash flow through both EBITDA growth and cash generation. And because of that strong free cash flow profile, we have the flexibility to push on multiple levers of capital allocation to continue to invest in CapEx, R&D, new products and capacity and productivity. We're not giving any forward guidance on what we intend to do further from a use of cash perspective. But given that cash flow profile, we have the flexibility to return capital to shareholders through potential share repurchases in the medium term, and then to consider dividends over the long term.

Our next question comes from Mike Halloran with Baird.

Congrats on the launch. First question here. Maybe some thoughts on the trajectory into the fourth quarter. I know Dean comments were towards the mid-single-digit growth rate in the fourth quarter. That is a decel from earlier this year, not terribly surprising based on conversations before, but maybe help understand the dynamics for why the growth is tracking where it is and how we should think about sequential dynamics as we move to the fourth quarter?

Yes. So Mike, remember, this is 2 years of consecutive double-digit growth. The industry grows around a 5% sort of CAGR. So it's really just reverting to a more normalized growth rate, number one. And number two, it's always about prior year comps. The fourth quarter is the strongest quarter of the year for us. So really a combination of those 2 items. But no change in demand, no change in customer sentiment, no change in anything that we see in the market. And as you know, we're very, very active in the field, always sensing, always touching, always trying to understand the signals, and we see no change.

And then follow-up is just maybe a similar conversation on the margins with a particular emphasis on how the international margins track as we move into the fourth quarter? Moving pieces behind how the international margins track from 1H to 3Q? And just kind of calibrating where those should be both in the fourth quarter and as we exit the year, what the appropriate baseline is?

Yes. So maybe I'll just touch on it and make sure that Dean, if I don't cover it clearly. So in the quarter, obviously, we had customer mix. Obviously, larger customers have a little bit bigger discounts and then we had the launch of some new products, particularly the Stax-X where we wanted to field the early adoption of that product. So that's sort of a temporary launch period. As you know, one of the characteristics about us that is unique is our margin parity between the U.S. and international markets is awfully close. So we don't see any change in that. Again, sometimes there will be blips one way or the other, as you know, emerging markets can sometimes be a little more volatile. So we flashed to that in the Middle East. But again, no change, and we feel really good about it. And those factories in Thailand and in the Czech Republic, where the bulk of what they are selling are extremely well positioned from a cost perspective. So we see no change.

And Mike, I would just add on a longer-term view than just the quarter, you can see that year-to-date international revenue grew 10% and EBITDA grew 15%. And we enjoyed over 100 basis point improvement in adjusted EBITDA margin in international, closing that parity gap with North America. So we're very proud of the year-to-date results we've achieved in international.

Our next question comes from Chris Snyder with Morgan Stanley.

I believe earlier you referenced that the competitors have yet to push incremental price on the back of 232, at least broadly speaking. Did you guys push incremental price in Q3? It seems like the price in the quarter was about 4%. So I'm just trying to figure out if there's like a step-up in Q4 if you get the full realization of that?

Yes, we announced price increases in Q3, and there are some smaller ones that will take effect in Q4. We have implemented various price increases throughout the year, and we expect to see the benefits from these on an annualized basis going forward. These price increases were primarily intended to offset our rising costs, particularly those related to tariffs. We anticipate continuing to see those benefits into Q4 and beyond.

I appreciate that. And I guess to follow up, it feels like the guide is implying almost no volumes in Q4. It feels like price alone could maybe be mid-singles. So I guess, is there a conservatism in that? I understand it's been a long period of really strong growth for you guys, but it does seem like a pretty sharp falloff in volumes. And I think maybe the bigger question is what does that mean for volumes in '26?

Good. We're looking forward to providing guidance for 2026 when we announce our Q4 results. We remain very positive about our industry, as Mike mentioned in his remarks. Currently, we expect a return to a normalized run rate in Q4 based on our position in the quarter, which is now at the midpoint, along with our insight into customer demand and factory production. I'll turn it over to Mike.

Yes. And look, I will say again, no change in signals. We are, by nature, somewhat conservative, right? We try to under promise and over deliver. I'm not setting expectations there at all. I'm just telling you that is our culture. But no change in signal, no change in demand. I'll repeat what I said earlier, it's a tough Q4 comp. The industry is still vibrant. It is growing. We do not see changes in terms of that. And as we give you guidance on '26, we look forward to confirming that outlook.

Our next question comes from Ketan Mamtora with BMO Capital Markets.

Congratulations. Maybe to start with and not to put too fine a line on sort of Q4, but are there any sort of nuances that we should be mindful of between North America and international, as you think about sort of what happens in Q4?

Not really. I'm trying to think through your question because it's a good one. But there's nothing significant that I can tell you; we would expect no changes. Emerging markets can sometimes be unpredictable, and we've seen a bit of that in our Middle East Africa business, which accounts for less than 3% of our revenue. This variability can occur from quarter to quarter, but our core markets that are important to us are mainly in the U.S., Europe, and Asia. That's how I'd answer that.

Got it. No, that's helpful. And then maybe one for Dean. As you think about deleveraging, where do you think sort of you want to get to in terms of a kind of more normalized level?

Yes. Thanks for the question. And I think we'll be prepared to discuss that as we give guidance in the first quarter of next year for 2026 and beyond. But I would emphasize, I guess, in what we said that this business has a very strong free cash flows and deleveraging will continue to be our #1 priority, and you've seen that in our balance sheet through the end of September. And we've historically deleveraged a half to a full turn per year organically, and we will continue to do that. So while we continue to invest in the business for growth, new product productivity, et cetera. So we have multiple levers at our disposal, and we'll continue to manage those and look forward to managing those to return value to our shareholders over the long term, but look forward to giving that guidance early next year.

Our next question comes from Kyle Menges with Citigroup.

This is Randy on for Kyle. I guess just on the margin side, outside of volume and price, what are some of the other margin drivers we should be thinking about in 2026? I mean it'd be right to get some more color on the cost-down and manufacturing efficiency initiatives that you guys have in place, and how we should be thinking about that contributing to margin going forward?

Yes, I can start, and then Dean can provide additional insights. The product mix is a significant factor affecting our margin, particularly with larger capacity products that involve more engineering content, face less competitive pressure, and provide greater value to users. This mix plays a crucial role in our margins. On the cost reduction side, while opportunities exist, we want to emphasize that quality is our customers' top priority, and they frequently discuss this with us. We have made strides in reducing costs, but we approach this process methodically and cautiously due to the dynamic nature of engineering and the occasional unpredictability of product components, especially in washers. This means that not everything can be anticipated through computer-aided design or in our extensive laboratories worldwide, so we conduct significant field testing. We're aware of the importance of these cost reductions and will continue pursuing them. Incremental volumes significantly contribute to our performance, and our teams are diligently working to optimize efficiency in our factories. All these factors combined play a key role in our overall success.

Got it. That's helpful. And then just maybe a quick one on capital allocation. I mean, I know that your near-term priority is to continue to deliver. But can you kind of frame what the M&A pipeline looks for you guys? It would be great to get some color on maybe the size of the acquisitions you've done in the past? And maybe some areas of your portfolio where you could continue to target, whether that might be more on the distribution side, the tax side or any other potential gaps you'd like to fill?

Yes. So maybe I'll start off. So you should think of us as very capable in terms of doing M&A. As we said, we've done 16 in the U.S. They are mainly smaller tuck-in businesses as part of the strategy, but it is not something that we need to have. So we're capable of growing at quite attractive rates and quite attractive margins. When we see opportunity, we will enter conversations. We have some of those ongoing, I'm not in a position to comment on them. And then we're always looking again on the manufacturing side, but there's not really anything that would be close or anything that we would be overly excited about, and let me emphasize that we need at the moment to continue to grow as we have in the past.

And our final question comes from Damian Karas with UBS.

Congratulations on the IPO and your third quarter results. I have a follow-up question on price. You talked about some additional actions that you are taking in the fourth quarter. How much pricing benefit that maybe didn't flow through P&L this year, would you expect to carry over into 2026? And just kind of a hypothetical, if we were to see tariffs ease as a result of ongoing trade negotiations, would you expect that half of lower prices at all?

Yes. Go ahead, Dean.

First, I would say, from a carryover perspective, again, I apologize, and we're looking forward to giving guidance in the first quarter for 2026, but we had various price increases throughout the year, some in the second quarter, some in the third and then some in the fourth. So you will see some benefit next year from carryover pricing actions into next year from a price and profitability standpoint. So now I'll turn it over to Mike.

We do not have a history of price reductions. However, as I mentioned earlier, we are constantly assessing the situation and are very responsive. If we notice anything, we will take action quickly. That said, we have not typically made price reductions, and I do not anticipate that changing.

Okay. That's helpful. And you talked a little bit earlier about in North America, some of that strength in the market is new entrants emerging. Curious if you have a sense for what proportion of this emerging customer base you're winning? Is that keeping up with your installed base share of the market? Or is that maybe an opportunity where you're outgrowing?

Yes. Good question. So if you think about the newer entrant coming in, they’re really looking to scale up faster. They are looking for a multisite or as I stated in my earlier comments, oftentimes, it's multistate. So what you must have to do that is you need a full digital suite to allow that operator to understand what's happening to be able to maximize revenue to be able to manage their costs and really get the intelligence. And as a matter of fact, we call our digital platform insights because it gives the operator insights on how to be more effective, how to be more efficient and when they adopt those technologies, the financial performance of those stores improves. So we think our value proposition is very strong. But particularly for the newer entrant, again, looking to scale, we believe we have, by far, the most comprehensive digital solution in the marketplace, and we are continuing to invest in that. We see a lot of opportunity for continued value. And so you'll see us strengthen that offering.

This concludes today's question-and-answer session. I would now like to turn the call back over to Mike Schoeb for any additional or closing remarks.

Okay. Well, thank you very much. That concludes our meeting. I really, really appreciate everybody joining. Thank you for the questions, and we look forward to updating you on the next quarter. Thanks again.

Thank you. That concludes today's third quarter 2025 Alliance Laundry Earnings Conference Call. You may now disconnect your lines at this time, and have a wonderful day.