CAE Inc.

Good day, ladies and gentlemen. Welcome to the CAE second quarter financial results for fiscal year 2026 conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Mr. Andrew Arnovitz. Please go ahead, Mr. Arnovitz.

Good morning, everyone, and thank you for joining us today. Remarks including management's outlook and answers to questions contain forward-looking statements which represent our expectations as of today, November 12, 2025, and accordingly are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements. A description of the risks, factors, and assumptions that may affect future results is contained in CA's annual MD&A, an MD&A for the three months ended September 30, 2025, available on our corporate website and in our filings with the Canadian Securities Administrators on CDAR+, and the U.S. Securities and Exchange Commission on EDGAR. On the call with me this morning, From CAE are Kaelin Rovinescu, the company's executive chairman, Matthew Bromberg, president and chief executive officer, and Constantino Malatesta, our interim chief financial officer. Nick Leontidis, chief operating officer, is also on hand for the question period. After formal remarks, we'll open the call to questions from financial analysts. Let me now turn the call over to Kaelin.

Thank you, Andrew, and good morning, everyone. Q2 was a solid quarter, all things considered, and Matt and Constantino will comment on it shortly. More importantly, since Matt's appointment, we have started to build out the transformation plan for the next chapter of CAE's evolution with a focus on, one, sharpening our portfolio, two, disciplined capital management and capital allocation, and three, improved performance through operational excellence and cost transformation. We expect this plan to lead to sustained value creation and long-term shareholder returns. The first order of business for Matt as he took the reins as CEO was to undertake a comprehensive review of CAE's business and operations, and my focus has been on ensuring continuity, providing counsel, and engaging with stakeholders as we chart the transformation plan that Matt will set out in a few minutes. Matt and I have also met with many investors and prospective investors and equity analysts, both to take their feedback as well as to discuss the huge opportunities in front of us, especially as regards the defense business, which will remain a key component of CAE going forward. In fact, I recently participated in a Bloomberg conference panel in New York focused on Canada's generational defense investment push, a discussion that underscored the market's confidence in the opportunity ahead for CAE. Canada's creation of the new Defense Investment Agency is an important step toward renewed emphasis on capability, modernization, and industrial sovereignty, priorities that align closely with CAE's global position and core strengths. Last week's federal budget reinforces that direction with a total of $81.8 billion in new defense spending projected over the next five years and substantial incremental amounts over the next 20 years. As you'll hear from Matt, we're making meaningful progress on the first stages of the transformation plan, which has already resulted in some important organizational changes. Having led several successful programs to unlock shareholder value in the past, I'm confident we're on the right track, challenging the status quo while protecting what is core to CAE. We selected Matt as our CEO because he has the operational depth and proven record of building and leading high performance teams that drive value in some of the world's leading aerospace and defense companies. And he has the full support of the board as we embark on this next phase of CAE's journey. CAE's culture has centered primarily on growth over the last two decades, and it is time now to harvest that growth and extract even greater bottom line profitability. And that is what our transformation plan will seek to do. With that, I'll turn the call over to Constantino to provide some financial highlights, and then to Matt to share his perspective from his first 90 days, outline the high-level approach to the transformation plan, and discuss the organizational changes that we announced today. Constantino, over to you.