Black Diamond Group Limited

Thank you for standing by. This is the conference operator. Welcome to Black Diamond's second quarter results conference call. 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 this conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Emma Covindon, VP, Investor and Stakeholder Relations. Please go ahead.

Good morning, and welcome to Black Diamond Group's second quarter 2025 results conference call. With me this morning is Chief Executive Officer Trevor Haines and Chief Financial Officer Toby Labrie, as well as Chief Operating Officer of Modular Space Solutions Ted Redman and Chief Operating Officer of Workforce Solutions Mike Ridley. Please be reminded that our discussions today may include forward-looking statements regarding Black Diamond's future results, and that such statements are subject to a number of risks and uncertainties. Actual financial and operational results may differ materially from these forward-looking expectations. Management may also make reference to various non-GAAP financial measures in today's calls, such as adjusted EBITDA or net debt. For more information on these terms and others, please review the sections of Black Diamond's second quarter 2025 management discussion and analysis entitled Forward-Looking Statements, Risks and Uncertainties and Non-GAAP Financial Measures. This quarter's MD&A financial statements and press release may be found on the company's website at .blackdiamondgroup.com and also on the CDER Plus website at .cderplus.ca. Dollar amounts discussed in today's call are expressed in Canadian dollars, unless noted otherwise and may be rounded. I will now turn the call over to Trevor.

Thank you, Emma, and thank you everyone for joining us this morning. The format for today will be similar to prior calls. I'll start by giving a high-level overview of the company's performance in the second quarter and year to date, including our view of the current operating environment and relevant outlook for growth and strategic progressions before handing the call over to Toby to review the financials in detail and then we'll open the line for questions. Building on the momentum from the first quarter, consolidated revenue of 105.4 million increased 10% from the comparative quarter, contributing adjusted EBITDA of 29.2 million, 5% above the comparative quarter. Rental revenue, which we consider to be the core of our businesses, reached 38.6 million on a consolidated basis, a 9% increase from the comparative quarter. As we continue to see the positive impact of capital investment into fleet assets and a constructive operating environment, we continue to focus on prudent capital allocation that meets or exceeds our hurdle rates of return in support of organic business growth. Within the quarter, capital expenditures were 32.5 million, in line with the comparative quarter of 33 million net of the one-time acquisition of a large fleet of assets in Kinemaththys, BC, which was closed in June of last year. Further, -to-date capital expenditures amount to 49.8 million, and commitments at the end of the quarter of 27.5 million signify the breadth of opportunities across the platform to continue investing shareholder capital and compounding our growth. The majority of this capital is for project-specific fleet units, backed by long-term contracts, driving stable, recurring rental revenues. As of June 30th, the company had over 152 million of future contracted rental revenue, an increase of $13 million, or 9% from the prior period, underpinning the confidence in our constructive outlook for rental rate growth through this year and into 2026. Profit for the second quarter increased 23% to 9.2 million, improving basic EPS by 25% to 15 cents per share. When looking at the detailed performance of our individual business units, the core themes of stable, recurring revenue and growth carry through. Our modular space solutions business unit delivered another in a string of very strong quarters. Rental revenue in this segment set another quarterly record reaching $26.4 million, up 19% from the comparative quarter. Contracted future rental revenue of 120 million increased 12% from the comparative quarter, an indicator of strength in this segment, giving the magnitude of contracted rental revenue secured in the last 12 months. Performance of the workforce solutions segment continues to trend towards modest growth with fundamentals of the business improving. The revenue generated from assets in WFS is represented by both rental revenue and large services revenues, which on a combined basis increased to 24.2 million, up 9% from the comparative quarter. Consolidated WFS revenue increased by 6% to 46.7 million, showcasing a stabilization that is expected to continue through the second half of the year. LogsLink also had a strong second quarter as room night bookings reached over 135,000, driving gross bookings to $25.7 million, up 5% from the comparative quarter. This resulted in net revenue of 3.3 million, up 14% from the comparative quarter. As this platform scales and we realize the benefits from the accelerated investment in product development, the expectation is exponential growth within the large total addressable market for global workforce travel. On July 16th, we closed Abbott Deal Financing, raising net proceeds of $40.7 million on the issuance of ,657,500 shares at $9.10 per share. The financing was very successful in that it was heavily oversubscribed and our shares have traded well above the issue price since closing. This additional financial flexibility is deemed prudent given the company's current pipeline of highly attractive M&A opportunities, coupled with the step change in bidding activity within our WFS Canada segment. This increased activity correlates with the changing sentiment in Canada around major nation building projects supported by the federal government's recently passed bill C-5. While these opportunities are on the mid to long-term horizon, the prospect of improved utilization within the business unit would be a catalyst for new capital investment supported by strong customer contracts. Looking ahead, we expect the operating characteristics and performance trends from the first half of the year to carry through the latter half of 2025 and into 2026. As we see the macro landscape shift in terms of priorities for resource and trade infrastructure development, we expect there to be an inflection point in terms of activity sometime in mid to late 2026. We will maintain focus on profitable growth, diversification and scale of our portfolio of specialty rental accommodation and workforce travel management businesses with the intention of continuing to generate positive returns and shareholder value. To summarize, we are pleased with the results of the company in the first half of the year, have confidence in its stability through the near term and are optimistic about sizeable opportunities on the horizon and we feel we are well positioned to respond to these market dynamics as they materialize. With that, I'll turn the call over to Toby for some more detail. Thanks Trevor and