Keel Infrastructure Corp.

Good day and thank you for standing by. Welcome to the Keele Infrastructure third quarter 2026 earnings conference call and webcast. At this time all participants are in listen only mode. After the speaker's presentation there will be the question and answer session. To ask a question during the session you need to press star 1 1 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Lynn Yonker from Keele Investor Relations. Ma'am, please go ahead.

Thank you, and welcome to Keele Infrastructure's third quarter 2026 conference call. With me on the call today are Director and Chief Executive Officer, Ben Gagnon, and Chief Financial Officer, Jonathan Muir. Before we begin, please note this call is being webcast with an accompanying slide presentation. Today's press release and presentation can be accessed on our website under the Investor section. Turning to slide two, I'd like to remind everyone that certain forward-looking statements will be made during this call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. I invite you to consult Kiehl's 10-Q for a complete list, which is available on our website and the SEC website. Please note that references will be made to certain non-GAAP financial measures and therefore may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our Files 10-Q for definitions of the non-GAAP measures and their reconciliations to GAAP measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted. And now, turning to slide three, it is my pleasure to turn the call over to Ben Gagnon, Director and Chief Executive Officer. Ben, please go ahead.

Thank you, Lane, and good morning, everyone. I want to start today by addressing the macro elephant in the room. The last few months have been challenging for everyone. Rates are surging, and the 10-year Treasury just hit its highest level in more than two decades. Debt markets that were wide open 90 days ago are still functioning, but they are more selective and more expensive today. Equity markets have also been unforgiving, and many names in our space have fallen more than 50% from their highs earlier this year. Data centers have become a political lightning rod, even though nearly every American relies on them every single day. And geopolitical tensions have added another layer of uncertainty to global and domestic energy markets. None of this is news to anyone on this call, and none of this is unique to Keele. We have nothing to hide, so let's face it directly. When we named this company Keele, we said Keele is the backbone of a ship. Unseen, but essential. Its main purpose is to keep the ship upright and moving forward, even in rough water. It's the reason a vessel can hold its course when the wind is blowing hard in the wrong direction. This quarter, the wind blew hard. The seas were rough, yet we held our course. and holding our course means doing what we said we would do. So let me hold us to that. Last quarter we told you Moses Lake would finish permitting and start building. It did and is under construction today. We told you we were highly confident in our remaining Pennsylvania permits and that hasn't changed. At both sites we have zoning and land development in place and we're down to our final state environmental permits. They've taken longer than we expected but to date not a single permit application has been denied at any of our sites. We also told you to expect an update on our expansion load studies at Panther Creek and Scripgrass as early as December or January. These applications continue progressing positively, albeit at a slightly slower speed, and we now expect to give you that update in Q1, 2027. If this timeline changes, we will tell you directly. None of that is luck. It's the strength of our team keeping us steady and moving us forward even while we're sailing upwind. Where we haven't delivered on what we told you is leasing. In May, we set a goal to sign three leases by year-end, and while we no longer expect to sign three this year, demand has never been higher, and we are not wavering on our strategy. All of the recent headlines have one key factor in common. They all further restrict supply of the primary bottleneck on growth across the industry, power. A project blocked here, a moratorium there, a permit paused, a financing pulled, a power plant delayed. in the first half of this year alone, it is estimated that roughly $200 billion of data center projects across the country were blocked or delayed. Every one of those headlines takes 27 and 28 power off the market and makes what is left, like our current projects, even more scarce and valuable. That's the supply side. Now, let me show you the demand side. In the words of the biggest buyers in the world.