Worthington Industries delivered a solid cash-generative QQ1 2025 despite a challenging macro backdrop characterized by high interest rates and a sluggish near-term demand environment. Reported revenue of $257.3 million declined 17.5% year over year, driven by the deconsolidation of the Sustainable Energy Solutions (SES) segment and softer volumes/mix in Building Products, partially offset by the addition of Hexagon Ragasco. Adjusted EBITDA reached $48.0 million, with trailing-twelve-month EBITDA of $234 million and a 19.6% TTM EBITDA margin, indicating a high-quality cash flow base even as GAAP operating income remained negative at $(4.7) million. Net income of $24.3 million and diluted EPS of $0.48–$0.50 reflect a combination of lower volumes, purchase accounting impacts from the Hexagon acquisition, and ongoing fixed-cost discipline. The balance sheet remains robust, with net debt of approximately $149 million and a trailing EBITDA ratio near 0.5x, supported by a $500 million undrawn revolver and $179 million of cash. Management signaled a disciplined strategic stance focused on M&A and innovation (Worthington Business System), with a measured approach to capital allocation given macro uncertainty. Management highlighted meaningful near-term drivers including: (1) continued integration of Hexagon Ragasco and the scalable Sustainable Energy Solutions JV, (2) modernization initiatives such as the Chilton facility, and (3) a strong qualitative outlook on large-scale projects in construction and data-center buildouts that could bolster ClarkDietrich’s addressable market. The company also underscored that destocking in heating and cooking segments has largely run its course and expects a seasonally stronger winter quarter.