Black Diamond Group Limited

Thank you for standing by. This is the conference operator. Welcome to the Black Diamond Group third quarter 2025 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 the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Emma Covenden, Vice President, Investor and Stakeholder Relations. Please go ahead.

Good morning, and welcome to Black Diamond Group's third 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 Redmond, 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 third 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 www.blackdiamondgroup.com and also on the CDAR Plus website at www.cdarplus.ca. Dollar amounts discussed in today's call are expressed in Canadian dollars unless noted otherwise and may be rounded. The format for today will be similar to prior conference calls. Trevor will start with a high-level overview of the company's performance and highlights from the third quarter and year-to-date results, including our view of the current and forward-looking operating environment. Trevor will then pass the call over to Toby for a more in-depth summary of the financials, and then we will open the line for question and answer. I will now turn the call over to Trevor.

Thank you, Emma. We appreciate everyone joining this morning for our third quarter 2025 results conference call. Following the solid performance of the company in the first half of the year, we are pleased with our third quarter results and very appreciative of the hard work being done by our high performing teams across the platform. Consolidated quarterly revenue of $105.3 million increased 4% from the comparative quarter, contributing to adjusted EBITDA of 31.8 million, 10% above the comparative quarter. Profit for the third quarter increased 65% to 12.2 million, pushing basic EPS up 58% to 19 cents per share. Rental revenue, which we consider the core of our business, reached 41.3 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 underpinned by customer activity in our primary industry verticals of construction, major infrastructure, energy, and education. Our growth strategies are backed by organic capital allocation and operational excellence, and our approach has not changed. We continue to focus on data-based prudent capital allocation methodologies to maximize returns over the life of our assets. Capital expenditures within the quarter were 19.6 million, down 18% from the comparative quarter of 23.8 million, with year-to-date capital expenditures of 69.3 million, down 6% from the same period last year, when excluding the $20.5 million for the one-time acquisition of a fleet of 329 space rental units in British Columbia. Capital commitments of $39.5 million at the end of the quarter were up 124% from the comparative quarter, with 75% of this per capital allocated to project-specific fleet units backed by long-term contracts, driving our stable recurring rental revenue and the balance of the CapEx was for real estate investment and sustaining maintenance. This underscores the volume of opportunities across the business to continue investing shareholder capital and compounding growth at high rates of return. As of September 30th, the company had $159 million of future contracted rental revenue, a decrease of 3% from the comparative period, but an increase of 4% on a sequential basis underpinning our confidence in the stable outlook for rental run rate into the future. Based on the recent performance trends of the business combined with continued multi-year growth, we've announced an increase to the dividend of 29% to 4.5 cents per share, or 18 cents annually, starting with the fourth quarter of this year. This marks the fifth consecutive annual dividend increase since its reinstatement in 2021 What stands out in this and recent quarters is the consistency from all areas of the business. While variability in certain revenue streams and market activity or customer and project delays are always factors that we monitor closely, the strength and stability of our core rental platform, the benefits of diversification by geography, customer, and product lines, and the non-speculative nature of our growth ethics position us well for sustained growth. Strength of our modular space solutions business unit continued with yet another quarterly rental revenue record reaching $28.1 million, up 15% from the comparative quarter. Rental revenue has grown at a 23% compound annual growth rate from Q3 2020 to Q3 2025, a clear indication of the successful execution of our growth and operating strategies for this area of the business. Contracted future rental revenue for MSS remains healthy at $129.8 million, an increase of 2% from the comparative quarter. As we look ahead, we expect rental revenue stability with moderate growth in concert with organic fleet additions. There is always a degree of variability in the MSS sales and non-rental revenue streams, which may impact quarterly comparisons. However, utilization of the fleet is within the optimal range and customer activity across key end market verticals, including construction, major infrastructure, and education, remain steady. Shifting focus to our workforce solutions business unit, we are seeing a degree of stability in this area of our business. We consider primary revenue against our fleet assets as a combination of both rental revenue and large services revenue, which generated $21.5 million in the quarter in line with the comparative. Consolidated WFS revenue increased by 12% to $43.2 million, driving a 7% increase in EBITDA to $14.2 million. Although we are currently seeing increased bidding activity and customer project planning stemming from prospective nation-building projects in Canada, we do not anticipate meaningful growth correlating with this activity earlier than the latter half of next year. Therefore, as we look ahead to the next several quarters, we anticipate reasonably consistent to slightly elevated results for the WFS business unit. Within the quarter, we announced the definitive share purchase agreement to acquire all of the issued and outstanding shares of Royal Camp Services and continue to expect that acquisition will close by the end of 2025, pending clearance under the Competition Act, Canada. On combination, we will effectively double the size of Black Diamond's Canadian workforce accommodations fleet and expand our capabilities to service our customers and their large-scale projects with the inclusion of self-performed hospitality and catering services. At Black Diamond, we have a strong track record of successfully integrating high-quality businesses to further our growth strategies, better service our customers, and deliver compounding shareholder returns. And we look forward to welcoming everyone from the Royal and Summit teams to our company very soon. Switching to LodgeLink, it also had a solid third quarter as room night bookings reached over 148,000, driving gross bookings to $35.7 million, up 31% from the comparative quarter. This resulted in net revenue of $4.3 million, up 26% from the comparative quarter. As this platform scales and we realize the benefits from both the Spencer Group of Companies acquisition that closed in the quarter and the accelerated investment in product development, the expectation is for accelerating growth as we focus expansion efforts in the United States and now also the Asia-Pacific region. Looking further ahead, we are confident in Black Diamond's performance and expect to see stable compounding rental revenue growth given our rate of organic investment in the business and our long-term prudent approach to capital allocation. We're also well attuned to the growing market tailwinds, specifically in Canada, and are of the view that should those come to fruition, it will be of significant benefit to our company. We look forward to the successful close of our acquisition of Royal Camp Services and remain highly optimistic that this will occur by the end of the year. We will continue to focus on profitable, sustainable growth and diversification as we scale our portfolio of specialty rental accommodation and workforce travel management businesses, generating positive returns and compounding shareholder value. Overall, we are very pleased with the results of the company in the first nine months of the year, which were in line with internal expectations and provide the free cash flow to fuel future growth. We have confidence in Black Diamond's stability through to year end and are optimistic about the numerous sizable opportunities as we look forward into 2026 and beyond. With that, I'll now turn the call over to Toby to provide some more specifics. Toby?