Advanced Drainage Systems (BWEN) ESOP reports 5.95% share ownership

Rhea-AI Filing Summary

Advanced Drainage Systems, Inc. reported that its Employee Stock Ownership Plan (ESOP), held through Delaware Charter Guarantee & Trust Company dba Principal Trust Company as directed trustee, beneficially owns a stake in the company’s common stock.

The ESOP is shown with shared voting and dispositive power over 4,629,213 shares of common stock, representing 5.95% of the class. The plan itself is classified as an employee benefit plan subject to ERISA, and it certifies that the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Advanced Drainage Systems.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Advanced Drainage Systems, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

00790R104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00790R104

1

Names of Reporting Persons

Advanced Drainage Systems Inc. Employee Stock Ownership Plan Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,629,213.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,629,213.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,629,213.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

EP

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Advanced Drainage Systems, Inc.
(b)	Address of issuer's principal executive offices: 4640 Trueman Boulevard, Hilliard, Ohio, 43026
Item 2.
(a)	Name of person filing: Delaware Charter Guarantee & Trust Company dba Principal Trust Company as Directed Trustee for Advanced Drainage Systems, Inc. Employee Stock Ownership Plan
(b)	Address or principal business office or, if none, residence: 1013 Centre Road Ste 300, Wilmington DE 19805-1265
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 00790R104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 77,764,487
(b)	Percent of class: 5.95%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,629,213
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,629,213
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. The reporting person is an employee benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Advanced Drainage Systems Inc. Employee Stock Ownership Plan Trust

Signature:	Jared Gillespie
Name/Title:	Jared Gillespie, Vice President, Operations
Date:	02/13/2026

FAQ

What ownership stake is reported in this Schedule 13G for BWEN?

The filing reports a 5.95% ownership stake in Advanced Drainage Systems’ common stock. This percentage is tied to shares over which the reporting ESOP has shared voting and dispositive power, indicating a sizable long-term employee benefit-related position in the company.

Who is the reporting person in the BWEN Schedule 13G filing?

The reporting person is Delaware Charter Guarantee & Trust Company doing business as Principal Trust Company, acting as directed trustee for the Advanced Drainage Systems, Inc. Employee Stock Ownership Plan. It reports beneficial ownership and voting authority for plan-held common shares.

How many Advanced Drainage Systems shares does the ESOP control in this BWEN-related filing?

The ESOP has shared voting and dispositive power over 4,629,213 shares of Advanced Drainage Systems common stock. These shares support the disclosed 5.95% ownership of the class and reflect stock held on behalf of plan participants under the ESOP structure.

Does the ESOP intend to influence control of Advanced Drainage Systems in this BWEN filing?

The ESOP states it does not seek to change or influence control of Advanced Drainage Systems. It certifies the securities were acquired and are held in the ordinary course of business, consistent with a typical employee benefit plan investment approach under ERISA.

What type of entity is the reporting holder in the BWEN Schedule 13G?

The reporting holder is an employee benefit plan subject to ERISA, specifically the Advanced Drainage Systems, Inc. Employee Stock Ownership Plan. The trustee, Principal Trust Company, reports the plan’s beneficial ownership and its associated voting and dispositive powers over the company’s common stock.