ATCO Ltd.

Thank you for standing by. This is the conference operator. Welcome to the first quarter 2026 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. 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, and good morning, everyone. We are pleased you could join us for ACCO's first quarter 2026 conference call. On the conference line with me 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 Aquapark head office in Calgary, which is located in the Treaty 7 region. This is the ancestral territory of the Blackfoot Confederacy, comprised of the Sissica, the Kainai, the Pagani, and the Tsutina Nation, and the Stony Dakota 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. We honor and respect the diverse history, languages, ceremonies, and culture of the Indigenous peoples who call these areas home. 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'll turn the call over to Katie for her opening remarks.

Thanks, Colin, and good morning, everyone. Thank you for joining us today. Despite the ever-changing geopolitical landscape across the world, we continue to execute and deliver on our strategy across the ADCO portfolio. Some of you may have seen our refreshed brand launch, which rolled out last week. energy, housing, defense. It's hard to think of three more relevant trends in the world today, and ATCO has a long history and is extremely well positioned in each. Our long-term investment-focused and diversified nature of our assets positions our businesses to drive growth for the total portfolio, generating stable earnings and dividends for shareholders. We often talk about our strategy related to housing through ATCO structures, and energy through Canadian utilities. But today, I thought we would begin by talking a bit more about the defense opportunity ahead of us and how ATCO is positioned. In particular, as you can see outlined on the slide, there is a landscape of growing opportunities in Canada's north. The federal government has shared its commitment to invest in Canada's defense sector with a significant focus on the Arctic. This includes $35 billion of funding towards defense infrastructure upgrades, new northern operational support hubs, modernizing and upgrading Arctic airports, civilian infrastructure, and key economic hub developments. Aligned with our expertise, we see Canada's north as a critical development opportunity. ADCO has a demonstrated history of success in what we feel are the four critical elements to success. First, Arctic experience. Second, defense experience. Third, construction experience. Fourth, and most importantly, indigenous participation and partnerships. For close to 40 years, ATCO Frontec has operated in the most remote parts of North America's Arctic. We are a trusted defense partner who operates and maintains critical defense infrastructure like the North Warning System, a joint Canadian and United States radar network monitoring Arctic airspace, and the Alaska radar system, where ATCO Frontec provides comprehensive operational support, site services, facility maintenance, and logistics. We also have trusted Indigenous partnerships built over the course of many years operating in the North. To be specific, across ATCO, we currently have 73 partnerships, MOUs, and arrangements with Indigenous groups. This is something we are incredibly, incredibly proud of. aligns with our history and ongoing commitment of collaborating with Indigenous communities. As a demonstration of the types of investments we are talking about, in March, we announced a $10 million investment in West Kitikniyat Resources, or WKR, who will develop the Grays Bay Road and Port Project in Nunavut. This critical project is highlighted in the federal government's nation building projects list. While it is very early days, Today, this partnership should be thought of as a growth investment. We believe WKR will one day develop into a strong foundational investment for ADCO. The Graves Bay Road and Port Project strongly aligns with ADCO's existing expertise and strategy in the north, while building on our growth-oriented assets across the housing, energy, and defense sectors. Now, moving to the quarter's results. ACCO achieved adjusted earnings of $165 million or $1.47 per share in the first quarter of this year. This is up 3% year over year and in line with our expectations for the quarter. Results were driven by growth in the utilities as well as increased sale and leasing activity in Canada at ACCO structures. The quarterly results reiterate the benefits of our diversified portfolio of investments. Looking at the specific businesses, ATCO's investment in Canadian Utilities Limited delivered adjusted earnings of $127 million for the quarter, up $5 million year-over-year. Higher adjusted earnings were primarily driven by growth in rate base at ATCO Energy Systems, as well as higher rates and favorable CPI adjustments at ATCO Gas Australia. As mentioned on this morning's CU call, there is significant momentum across our utility assets in Alberta. and we expect earnings growth on a full year basis. Atco Structures and Logistics delivered adjusted earnings of $28 million, up 4% year over year. Adjusted earnings at Atco Structures were driven by the space rentals portion of the business, along with earnings from our Stibnite project, which Adam will speak to in his remarks. Looking at the full year, 2026, we expect to see strong organic earnings growth across the portfolio of investments. With that, I will now pass the call over to Adam to discuss our Atco Structures and Logistics business.