OTC Markets Group Inc.

Good day and thank you for standing by. Welcome to the OTC Markets Group third quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message, advise your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Zinn, General Counsel. Please go ahead, sir.

Thank you, Operator. Good morning, and welcome to the OTC Markets Group Third Quarter 2025 Earnings Conference Call. With me today are Framil Coulson, our President and Chief Executive Officer, and Antonia Georgieva, our Chief Financial Officer. Today's call will be accompanied by a slide presentation. Our earnings press release and the presentation are each available on our website. Certain statements during this call and in our presentation may relate to future events or expectations and, as such, may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning risks and uncertainties that may impact our actual results is contained in the Risk Factors section of our 2024 Annual Report, which is also available on our website. For more information, please refer to the Safe Harbor Statement on slide three of the earnings presentation. With that, I'd like to turn the call over to Cromwell Coulson.

Thank you, Dan. Good morning, everyone, and thank you for joining us. I will discuss our third quarter 2025 results at a high level and share the status of our key initiatives before turning the call over to Antonia to review our financial results in greater detail. Gross and net revenues Each grew by 15% during the third quarter, and each metric was up 12% for the first nine months of the year. Our third consecutive quarter of double digit growth was due to strong revenue increases in all our business lines, highlighting the value of our interconnected business model. I want to thank all of my colleagues at OTC Markets for jointly delivering our market reliability and these quarterly results. Our business is a team sport. OTC Link was up 23% during the quarter. Market data increased 15% and corporate services was up 12%. Throughout 2025, OTC Link's strong revenue has been tied to increased trading volume across our markets. Market data price increases, effective January 1st of this year, have been the primary driver of revenue growth in this business line. The market data team, in conjunction with our OTC link group, continues to build the foundation of our overnight trading business, working to onboard current and prospective subscribers and educating the global trading community on the value of all our offerings. We were pleased to see our corporate services business achieve its second consecutive quarter of growth. The bulk of the growth in the third quarter resulted from increased sales of the OTCID basic market. Increased new sales of OTCQX and OTCQB coupled with price increases also contributed to the corporate services results this quarter. We continue to put strategic focus on client success, retention, and the reduction of churn. I would like to provide an update on our two primary strategic initiatives for the year, overnight trading and the OTC ID market. Overnight trading enables our broker dealer subscribers to access thousands of exchange listed in OTC securities during Asian market hours at European market open and overnight in the US. Momentum on Moon ATS for NMS securities continues to build. Following the recent end of South Korea's moratorium on retail investor participation in US overnight markets, we've seen early signs of growth in overnight trading. Moon ATS has onboarded a number of active broker-dealer subscribers, many of whom have more recently began engaging in this market. Market data users have also taken note, with firms already subscribing to our data feeds in preparation for increased activity on Moon ATS. As with our existing daytime markets, transparency is paramount. The availability of market data to interested overnight market participants around the world is key to the success of this endeavor. As financial markets evolve towards around-the-clock operations, we focus on ensuring our infrastructure and technology continue to meet the needs of our subscribers. Our view towards the overnight market matches our approach to the markets we have operated for many years. We will deliver elegant, reliable, and cost-effective solutions and work with our subscribers to enable their businesses to scale and grow. Our second priority initiative this year was the OTC ID basic market. OTC ID has seen a rapid uptake since its July 1st launch as qualifying companies use our services to publish a baseline of ongoing information. OTC ID enhances our offering for corporate clients, filling a gap below our premium OTCQX and OTCQB markets. OTCID companies provide basic disclosure for investors, which separates them from securities quoted on Pink Limited that have little to no issuer involvement in their trading market. With a disclosure and management certification-driven service, OTCID connects more companies without the price, float, or financial requirements of our higher-level markets. It is a simple entry point for companies to start streaming information, gain a foothold of liquidity, or test the waters. We have designed our premium markets to provide the functionality for connected companies to stream data that will improve the quality of the market for their securities. In comparison, Pink Limited Securities are identified with a yield sign to warn investors to proceed with caution. Our objective is to clearly flag the risks from Pink Limited companies. We all know investor-focused companies need to be actively connected to the market, consistently updating investors with management teams willing to certify compliance with regulations. Otherwise, it leads to information asymmetries and discounted valuations, as well as diminishes market quality. With OTCQX, OTCQB, and now OTCID, Our markets provide a digital platform for public companies to take ownership of their US symbols. Our most engaged corporate customers want the ability to perform the same IR, disclosure, and governance activities as companies listed on NYSE or NASDAQ with less complexity. These best practices, supported by our data processing and distribution capabilities, allow the informational, operational, and compliance experience for brokers and investors to be comparable to exchange listed securities. These connecting companies represent approximately 25% of all securities traded on our platforms at the end of September 2025 and contributed 31% of the dollar volume traded during the third quarter of 2025. As more public companies connect through our corporate services, actively publishing ongoing information, and demonstrate global governance standards, we will improve the quality of their individual trading market and expand overall investor interests. In addition to our two primary initiatives this year, we've placed significant focus on enhancing the customer experience for companies that choose to trade on our markets. Our revamped customer platform, otciq.com, was launched on August 28th and includes modernized functionality that has been well received by our customers. During the year, we used our EOL technology platform to integrate Canadian CDAR data into our system, streamlining the initial and ongoing disclosure process for the many Canadian listed trading companies on our market. We intend to integrate additional disclosure sources over time, bringing the same benefit to companies from other regulatory jurisdictions. Our focus on customer experience will extend into next year and even further as we move into the next phase of this initiative. which is better connecting companies to their trading markets and financial information networks for a future that is online and digital. We also continue to work on our regulatory priorities. As the government reopens, we will continue to engage with regulators and lawmakers on capital formation, market structure, and other key initiatives. As we look to the future, we are excited to explore the opportunities in digital assets and tokenization as emerging regulatory clarity allows market participants to legally and lawfully innovate around these new technologies. In closing, I am pleased to announce that on November 11th, our Board of Directors declared a special dividend of $1.75 per share. and a quarterly dividend of 18 cents per share, each payable in December. These dividends reflect our ongoing commitment to providing superior shareholder returns. With that, I will turn the call over to Antonia.