ATCO Ltd.

Welcome to the third quarter 2025 results conference call and webcast for ATCO Limited. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be an opportunity 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 reach 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. Please go ahead, Mr. Jackson.

Thank you. Good morning, everyone. We are pleased you could join us for ATCO's third quarter 2025 conference call. On the line today, we have Katie Patrick, Chief Financial and Investment Officer, and Adam Beattie, President of ATCO 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 Akko Park head office, which is located in the Treaty 7 region. This is the ancestral territory of the Blackfoot Confederacy, comprised of the Sissika, the Kainai and Pagani Nations, the Tsutina Nation, and the Stony Nakoda Nations, which include the Chinniki, 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 the quarter, employees across Canada recognized the National Day for Truth and Reconciliation by walking together to honor Indigenous communities and their experiences. May we continue to reflect, learn, and respect the diverse history, languages, ceremonies, and culture of Indigenous peoples as we move towards understanding, healing, and reconciliation. 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 security regulators. During today's presentation, we may refer to certain non-GAAP and other financial measures which include 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'll turn the call over to Katie Patrick for her opening remarks.

Thanks, Colin, and a very good morning to everyone. Thank you all for joining us today. I want to start today by saying what a quarter. $103 million in earnings, up 13% from last year. I will come back more to this, but want to first spend a moment reemphasizing the strategy behind our overall portfolio of assets that has brought us great results in the past and will continue to drive our growth going forward. As a reminder, ATCO is a Canadian company with a market capitalization of approximately $6 billion, over $27 billion in assets, and approximately 21,000 employees worldwide. ACTCO's globally diversified portfolio provides integrated, sustainable solutions in the essential services space to tackle the world's most urgent challenges. When considering essential services, we look primarily at housing, defense, and the energy space, along with investments that will drive long-term growth. We have extensive experience and a long history of operating across these areas. Many people know us for our strong base of utility assets. But what many do not know is our long history serving the north and capabilities to enable a stronger Canadian defense sector. Looking at the ATCO portfolio strategy, you can think of the portfolio as three primary areas which balance yield and long-term growth. This is critical to continue to maintain our exceptional dividend history. At the base of our portfolio, we look for a stream of stable and reliable base earnings and recurring cash flows for ADCO, which supports new investments and provides surety to our dividends, in line with our core financial tenants. Many of our Canadian utilities businesses have these characteristics. Moving up in the pyramid in our middle category, we expect these investments to provide a balance between yield and growth. They will have some cyclicality, but generally have the ability to drive better returns. Our Nel Tumay Ports business is a good example of this profile of investments. We used to say structures fits in this category as well, but candidly, with momentum behind them right now, there's a strong case for them to be in our growth category. At the top of the pyramid, our growth category, we look for contributions to the portfolio that are more growth-focused. New growth is guided by our focus on essential service. As of late, our portfolio has become very dominated by our foundational assets, which has tempered the growth we are accustomed to within the entire portfolio. We have been strategically transitioning to a greater proportion of more growth-oriented assets to return the balance and drive long-term growth. During the quarter, we were able to achieve several operational milestones that I want to highlight. On the Canadian Utilities Earnings Call this morning, we highlighted several growth milestones across the business. Most notably, the project developments within Atco Energy Systems and our Yellowhead Pipeline project, which remains on track. Earlier this week, we were pleased to file the project's facility application with the Alberta Utilities Commission, another successful milestone in progressing this project. Atco Structures announced our largest dollar value contract in the U.S. to date, a $179 million contract with Perpetual Resources. Adam will speak to this and other developments during his remarks. Atco Frontex secured a position as a U.S. prime contractor on the U.S. Navy's worldwide expeditionary multiple award contract, one of only two Canadian companies to make this list. This allows the team to bid on and win task orders under this $20 billion program, recognizing ATCO Frontac as a trusted and large-scale service provider to the United States. And finally, ATCO Australia saw significant earnings growth under the new access arrangement, AA6, with total adjusted earnings growing 80% year over year. A remarkable result and a huge congratulations to the team in Australia. Moving to our consolidated financials, as I mentioned, ATCO achieved adjusted earnings of $103 million, or $0.92 per share in the third quarter, up $12 million and 13% compared to the same period in 2024. An impressive result this quarter is that all of our segments saw year-over-year growth. ATCO structures and logistics adjusted earnings increased $6 million year-over-year, Within structures and logistics, ACPA structures delivered another quarter of growth with adjusted earnings of $30 million. Higher adjusted earnings this quarter were driven by increased space rental activity in Canada and the U.S., along with increased permanent modular construction activity in Canada. Within structures and logistics, we are seeing stabilization of the ACPA Front Tech business with year-over-year adjusted earnings of up $5 million compared to the same period in 2024. This growth was driven by improved project level earnings and realized operating efficiencies across the business. Looking at our cash flows, our ATCO standalone businesses, which excludes Canadian utilities, reported cash flow from operating activities of $84 million in the quarter, up almost 100% year over year. This cash generated from our businesses supports our normal course operations, including funding our capital plan and future growth within the ACLA standalone businesses. When considering future growth, our foundational investments, which I previously mentioned, generate stable cash flows, allowing us to pursue diversified opportunity in a prudent and disciplined way. The maintenance of strong credit ratings and access to capital is critical as we continue to grow and we remain focused on maintaining our investment-grade credit ratings at the ACTA level. This is a key strategic consideration when we evaluate new opportunities. We maintain low debt at the wholesale level, along with strong access to credit liquidity and the capital markets, positioning us to fund future growth while sustaining our long history of annual dividend growth. Across ACTA, our teams remain focused on operational excellence, consistent earnings growth, and ultimately creating value for our shareholders. And with that, I will now pass it over to Adam to further discuss our Atco Structures business and the growth they are delivering for the Atco portfolio.