ATCO Ltd.

Thank you for standing by. This is the conference operator. Welcome to the second quarter 2025 results conference call and webcast for ADCO Limited. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. To do your 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. Colin Jackson, Senior Vice President, Financial Operations. Go ahead, Mr. Jackson.

Thank you, and good morning, everyone. We are pleased you could join us for ACCO's second quarter 2025 conference call. On the line today, we have Katie Patrick, Chief Financial and Investment Officer, and Adam Beattie, President of ACCO Structures. Before we move into today's remarks, I would like to take a moment to acknowledge the numerous traditional territories and homelands on which our global facilities are located. Today, I am speaking to you from our Aqua Park head office in Calgary, which is located in the Tree 7 region. This is the ancestral territory of the Blackfoot Confederacy, comprised of the Sissica, the Kainai and the Pekani Nations, the Tsutina Nation and the Stony Nakoda Nations. which include the Chiniki, Bears Paw, and Good Stony First Nations. I also want to recognize that the City of Calgary is home to the Métis Nation of Alberta, Districts 5 and 6. During our second quarter, we proudly celebrated National Indigenous History Month in Canada, a time to honor the stories, achievements, and resiliency of Indigenous peoples. May we continue to respect and celebrate the diverse history, languages, and culture of Indigenous peoples beyond the month of June. Today, we'll hear from Katie, who will deliver opening comments on our financial results and recent company developments, followed by an update from Adam on ACCO Structures. Following today's remarks, the team will take questions from the investment community. Please note a replay of the conference call, a copy of the presentation, and today's transcript will be available on our website at atco.com following the call. The materials can be found in the investor section under events and presentation. Today's remarks will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please refer to our filings with the Canadian securities regulators. During today's presentation, we may refer to certain non-GAAP and other financial measures, including adjusted earnings and adjusted EBITDA. These measures do not have any standardized meaning under IFRS, and as a result, they may not be comparable to similar measures presented by other entities. And now, I'd like to turn the call over to Katie for her opening remarks.

Thanks, Colin, and good morning, everyone. Thank you all for joining us today. ATCO achieved adjusted earnings of $101 million, or 90 cents per share, in the second quarter, up $5 million compared to the same period in 2024. Steady growth in our Canadian utilities investment was driven primarily by growth in our rate base, across our regulated utilities at Energy Systems, combined with Higher Rates and ROE and Atco Gas Australia as they moved into their new five-year access arrangement. This growth more than offset the reset in the allowable ROE at our Alberta utilities and the conclusion of the efficiency carryover mechanism, which ended in 2024 for our Alberta distribution utilities. I want to highlight and congratulate the teams on our ability to find efficiencies and overcome these headwinds to still achieve growth. We also saw strong seasonal spreads in natural gas storage services at ACCO Empower over the quarter. ACCO Structures had another strong quarter, delivering adjusted earnings of $32 million, up $2 million compared to the same period in 2024. Higher adjusted earnings this quarter were driven by increased permanent modular construction activity in Canada and increased workforce housing sale activity in Australia and Chile. Structures delivered adjusted EBITDA of $70 million in the second quarter, and we are on track to exceed last year's annual EBITDA of $241 million. In our view, structures continue to be undervalued in the market when you assess our actual sum of the parts trading value. Its implied value is a significant discount compared to our peers, which traded 8 to 10 times EBITDA. We continue to successfully execute our strategy at AquaStructures, resulting in very strong and reliable growth for the business. A focus on fleet rental and sales, geographic diversity, and a reduced dependence on large projects continues to drive this growth. Adam will discuss the structures business further in his updates. Moving to ACCO Frontect, year-over-year adjusted earnings are up compared to the same period in 2024. This was primarily driven by operating efficiencies that have been implemented throughout the business. Within ACCO investments, our Nel Tumei Ports investment delivered adjusted earnings growth of $1 million compared to Q2 2024. In May, Nel Tumei broke ground on the Vancouver Bulk Terminal, a joint venture between Nel Tumei Ports, and Nautilus International Holding Corporation. This facility will have the capacity to export 3 million tons of soda ash annually and is expected to be operational by late 2026. As a reminder, our Nelzume investment benefits from its diversification with 17 multipurpose bulk cargo and container port facilities and five port operation services. Since our investment in 2018, we have already seen a series of significant geopolitical events, including COVID and trade uncertainty. Our results in this business have remained very resilient, and this investment is a strong proxy for the types of other investments we would look to make within this new investment segment. Looking at our cash flows, our standalone ATCO businesses, which excludes Canadian utilities, reported cash flow from operating activities of $192 million year-to-date, up over 30% compared to the previous year. This growth allows us to increase our capital spend and investment in the business, setting us up for success now and into the future. Year-to-date, the act with standalone businesses reported capital expenditures of $117 million, up $43 million year-over-year. Higher expenditures were primarily due to increased capital spending on rental fleet additions in AptoStructures, largely in the United States. With that, I will now pass it over to Adam to further discuss our AptoStructures business, including our performance across the key geographies we operate in.