Badger Infrastructure Solutions Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to the Badger Infrastructure Solutions fourth quarter 2025 results call. During the presentation, all participants will be in listen-only mode. For those that have dialed in to the audio portion of this call, to ask a question during the live question and answer session, please press star 1 to raise your hand. Please wait for the operator to say your name and company before asking your question. For those listening through the webcast, attendees will be in listen-only mode. If you need technical assistance, please submit your request under the tech tab in the window on the right-hand side of your computer screen. As a reminder, this event is being recorded today, March 6, 2026, and will be made available on the investor section of Badger's website. I would now like to turn the call over to Anne Plaster, Director of Investor Relations.

Good morning, everyone, and welcome to our fourth quarter 2025 earnings call. Joining me on the call this morning are Badgers President and CEO Rob Blackadar and our CFO Rob Dawson. Badgers 2025 fourth quarter earnings release, MD&A, and financial statements were released after market closed yesterday and are available on the investor relations section of Badgers' website and on CDAR+. We are required to note that some of the statements today may contain forward-looking information. In fact, all statements made today which are not statements of historical fact are considered to be forward-looking statements. We make these forward-looking statements based on certain assumptions that we consider to be reasonable. However, forward-looking statements are always subject to certain risks and uncertainties, and undue reliance should not be placed on them as actual results may differ materially from those expressed or implied. For more information about material assumptions, risks, and uncertainties that may be relevant to such forward-looking statements, please refer to Badger's 2025 MDA along with the 2025 AIS. I will now turn the call over to Rob Lapidar.

Thank you, Anne. Good morning, everyone, and thank you for joining our 2025 Fourth Quarter and Full Year Earnings Call. As we always do here at Badger, we'd like to start off with a brief safety moment. We launched our Make Safety Personal campaign again this year in the first quarter. This will be the third consecutive year we've leveraged this program, and we continue to see our safety results improving across the entire organization. This campaign embodies the team's personal commitment to continuous safety improvement. Badger believes having a safe workplace is critical to our people and to our success, and we remain committed to building on this momentum. Over the past five years, Badger has doubled the size of the company entirely through organic growth. We launched a strong, successful, and well-performing commercial strategy anchored by an industry-leading national accounts program. We are beginning to fully leverage our internal manufacturing facility in Red Deer, Alberta, which is producing world-class Hydrovacs and has been able to flex up to support our current strong customer demand. Our sales and management leaders across the entire organization continue to deliver one of the most efficient, safest, and most reliable Hydrovac service offerings in the market today. This has allowed Badger to continue to expand our competitive moat across North America. We look forward to continuing this growth journey for the next five years and beyond. Now on to our 2025 results. Our record top-line revenue of over $830 million grew by 12% year-over-year, reflecting the strength in Badger's core end markets and customer demand. We were able to fulfill this demand through increased utilization and continued year-over-year growth in our fleet. We continue to see this trend into 2026. Adjusted EBITDA outpaced revenue growth up 13% year-over-year. These results highlight Badger's strong operating efficiencies and the optimization of our overhead support functions. Our adjusted EBITDA margin increased 23.8% compared to 23.6% in 2024. We achieved RPT, or revenue per truck, per month of $41,672 in 2025, up 5% compared to last year, largely due to improvements in our fleet utilizations. Badger ended the year with 1,723 Hydrovacs growing the fleet by 5% overall in 2025. The Red Deer Manufacturing Plant manufactured 210 Hydrovacs. We refurbished 35 Hydrovacs and we retired 130 units during the year at the high end of our revised build and retirement guidance. As we look ahead into 2026, we see extraordinary demand and opportunities across almost all of our end markets. To capture this demand, we plan to build between 270 and 310 new hydrovac units, a record build rate for Badger manufacturing. Our fleet plan also includes refurbishing between 30 to 50 hydrovacs and retiring between 130 to 150 units. This plan allows us to grow our fleet in 2026 by 7 to 10% net of retirements and spend between $198 million to $230 million in capital. Included in its capital range are investments of $15 to $25 million with a launch of two additional service lines that are intended to complement our existing HydroVac businesses. While While the revenue and adjusted EBITDA contributions from these initiatives are not expected to be material in 2026, we believe these additional service lines will support Badger's long-range strategic growth plans into the future. I'll now turn the call over to Rob Dawson to discuss our Q4 financial results in more detail. Thanks, Rob.