CAE Inc.

Good day, ladies and gentlemen, and welcome to the CAE's fourth quarter and full year 2026 financial results and 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. Before we begin, I'd like to remind you that today's remarks, including management's outlook for fiscal year 2027, our long-term fiscal 2030 financial targets, and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, May 22, 2026, 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. The fiscal 2030 targets, in particular, are subject to greater degree of uncertainty given the longer time horizon. These targets represent management's current view of the company's long-term trajectory and are meant to assist analysts and shareholders in forming their respective views, on our strategy and in measuring progress toward our transformation objectives. They are based on the assumptions set out in our press release issued yesterday and are subject to the risks described therein. A description of the material risks, factors, and assumptions that may affect future results is contained in our press release issued yesterday and in C's annual MD&A, both available on our corporate website and on 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 are Kalen Rovinescu, Executive Chairman, Matthew Bromberg, SEAS President and Chief Executive Officer, and Ryan McLeod, our Chief Financial Officer. After formal remarks, we'll open the call to questions from financial analysts. Let me now turn the call over to Kalen.

Good morning, everyone. Before turning it over to Matt, I would like to briefly share a few observations. As all of you know, we have just finished the first fiscal year following Matt's appointment as CEO and mine as executive chairman. It has been a very busy year, full of change and renewal for this organization. In addition to a new chair and new CEO, we also have new heads in each of our civil and defense businesses, a new head of operations, and the new head of FlightScape. We've also simplified reporting structures for greater accountability. The board recently met with Matt and the leadership team for a detailed review of the company's five-year strategic plan and transformation plan targets. We carefully assessed CAE's strengths and opportunities for the future and have now set specific plans and detailed financial targets for the longer term as we promised the market we would. which were announced today and which Matt will review with you shortly. I would characterize this work as rigorous and ambitious, yet grounded in a high level of operational and financial detail. More importantly, it's also actionable, with clearly defined initiatives, accountabilities, and timelines. CAE's long-term growth prospects remain strong, despite some challenges. Our civil business continues to benefit from durable fundamentals, with aviation training solutions representing an essential component of a secular growth market. Commercial aircraft and business jet OEMs have backlogs that extend beyond several years of deliveries. As we previously stated, this segment is also underpinned by global regulatory requirements. mandating recurrent training on each aircraft type, providing a recurring demand base. Additional growth is driven by the ongoing need to train pilots due to fleet expansion and retirements, as well as transition training for pilots moving between platforms. Now, the ongoing conflict in the Middle East and its impact on fuel supply and prices has created disruptions for our business, as well as for the broader aviation business. Of course, we are monitoring developments closely and will continue to make short-term adjustments to help mitigate this impact as required. As Ryan will outline, this has had an impact on our fiscal 2026 results and will continue to affect the first half of fiscal 2027. Our DNS business is at the front end of an upcycle driven by rising defense budgets across NATO and allied nations. many of which are now targeting spending levels approaching 5% of GDP. In Canada, the government had articulated an ambition to reach that level by 2035, representing the generational investment opportunity. This environment creates a significant opportunity for CAE to continue evolving as an international defense leader, leveraging our technology, domain expertise, and global network. Tightened geopolitical tensions, modernization imperatives, and a global shortage of uniformed personnel are driving sustained demand for training, simulation, and mission rehearsal solutions, all core competencies of CAE. As Canada's largest publicly traded defense contractor, CAE is well positioned to play a meaningful role alongside domestic and international partners in the defense area. Overall, We expect fiscal 2027 to be a year of execution and delivery of the various components of our detailed transformation plan, prioritizing core assets and competencies, operational excellence, capital allocation, and improved investment outcomes. The focus now is all about execution, balancing growth with improved efficiency, discipline, and returns as we position the company for stronger performance higher margins, improved free cash flow, and sustained value creation over our outlook period. Matt, over to you.