Our EBITDA margin profile continues to improve meaningfully, up 260 basis points year-over-year, which is the result of decisive actions taken on our cost optimization. As a result, adjusted EBITDA increased 24% versus prior year, and our results came in as expected. Following the portfolio rationalization we undertook in 2025, our leverage is now historically low, enabling significant capital flexibility to create shareholder value. Given our strong free cash flow projection for the year with a conversion ratio of 50%, we fully anticipate remaining well below a leverage of 2 times.
Our strong free cash flow generation and balance sheet strength allows us to fund value-creative organic growth, including growth CapEx in our existing operations and higher return end markets. Innovative Closure Solutions volumes declined high singles from growth from both metal and polymer closure demands, driven by the industrial softness I just spoke on. Adjusted EBITDA for the quarter increased 24%, and margins improved 260 basis points to 12.3%, reflecting improved price cost and the significant benefit of structural cost optimization. While Q1 adjusted free cash flow was lower year-over-year, this is primarily due to the inclusion in the prior year of cash flow from recently divested businesses.
Excluding that impact, the core cash engine and continuing operations improved year-over-year, supported by EBITDA growth, lower interest expense following deleveraging, and reduced maintenance capital post our containerboard sale. Our earnings strength showed in our earnings per share results, up 140% year-over-year, driven by higher EBITDA, lower interest expense, despite year-over-year increased tax expense. Fiber sales were impacted by the demand softness we anticipated and discussed during our Q4 call. Innovative Closure sales is presented as total sales to properly reflect the margin profile, as gross profit reflects profitability of both direct external sales and external sales sold through the Metals or Polymers businesses.