CEMATRIX Corporation

Recording in progress. Discuss the company's financial results for the year and fourth quarter ended December 31st, 2025. With us today is Randy Blumauer, President and CEO, Marie-José Quintin, CFO, and Jordan Wolf, President of Symmetrix Subsidiary Mix Onsite. Before we get started, I want to remind our listeners that today's call is being recorded and will be made available later on the investor relations section of Symmetrix Corporation website. The full financial statements and all disclosures related to this earnings call are also available on cedar.com. After the management's formal remarks, we're going to conduct a Q&A session. We're going to take questions via the phone from the covering analysts and via the webinar portal from all other attendees. You should see the Q&A text box within the portal. Please use that to ask a question. Prior to turning the call over to management, I'm going to read the forward-looking statements, which are also available in the company's financial results press release and investor presentation. This presentation contains certain statements that may be deemed forward-looking statements. All statements in this document, other than the statements of historical fact that address events or developments that Symmetra expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally but not always identified by words such as expects, plans, anticipates, believes, intends, estimates, projects, potential, and similar expressions, or that events or conditions will, would, may, could, or should occur. Although the company believes that expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in the forward-looking statements include failure to successfully negotiate or subsequently close such transactions, inability to require shareholders of regulatory approvals, uncertainty with respect to findings under exploration programs, and general economic market or business conditions. Investors are cautioned any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements are based on the beliefs, estimates, and opinions of the company's management on the day the statements are made. Except as required by law, the company undertakes no obligation to update these forward-looking statements in the event that management beliefs, estimates, or opinions or other factors should change. And with that, I'll turn the call over to Randy to start his part of the discussion and presentation.

Thank you, Glenn. Very much appreciate that. That was a mouthful, so I appreciate you taking that on. Thank you and welcome to everybody who's joining our call to talk about our Q4 and our 2025 full year results. We expect that almost everybody on this call is either a shareholder or has pretty good knowledge of Symmetrix, so we're not going to spend a lot of time talking about the company and what we do. We're going to really focus the call on the financial results. I just did want to start with this highlight slide, which I think is important. We'll kind of hit on the highlights of the company. So, Simatrix is a cellular concrete specialty contractor. We're a leading provider of lightweight, cost-effective, durable cellular concrete for infrastructure projects. We provide solutions to our customers' geotechnical challenges using cellular concrete on time, on budget, on quality is our mantra. Customers always choose Southern Concrete because one or more of its physical properties, and we have a strong competitive advantage in the marketplace. We have a very strong financial position and an overall growth trend. Cumulative annual growth rate for revenue has been 25% since 2017. 2025 was a record in almost all of our key financial KPIs, including record adjusted EBITDA, record cash flow from operations, and record earnings per share. We are forecasting 2026 to be another good year, and we continue to post consistent positive results. We've got a small chart there that I won't go through that kind of demonstrates the results. And then just in summary on this slide, for Simatrix, there's significant market opportunity in front of us. We're an industry leader. The global cellular concrete market is significant and expected to continue to grow, and there's tailwinds from infrastructure spending in both Canada and the U.S. So we're going to flip through a couple other slides that we left in here for completeness, but we'll go right to the financial section where MJ will lead you through the slides.

Thanks, Randy. Let's go through some financial highlights. As you mentioned, it was a record year for us in 2025. EBITDA is higher than our previous 20 years combined. Adjusted EBITDA of $8.3 million is higher than previous two best years combined, if you look at 2023 at 4.9 and 2024 at 3.3. We do fit on the threshold of a rule of 40 for quality investment with revenue growth of 27% and EBITDA margin of 18%. So that's like 45%. Our top line is a growth as a growth trend. We have positive. Bottom line, and we are generating cash. So as Randy mentioned, our CAGR is 25% since 2017. Again, record 8.3 million in 2025 for adjusted EBITDA, 8.2 million 2025 cash flow from operations, and EPS of 2.7 cents per share is also a record. We have a healthy balance sheet with low leverage. We had $11.9 million in cash with no long-term debt at the end of Q4 2025. And as of a couple of days ago, we had almost $17 million in our coffers. So we collected on some of the working capital investment we had last year. Some keys to understand our business. Revenue growth will be lumpy. It will not be a perfect staircase. Financial results will be variable based on the timing of when large projects start and stop. Construction is a seasonal business with higher revenues and warmer months. Average revenue over the last five years were 18% in Q1, 17% in Q2, 34% in Q3, and 31% in Q4. We are a specialty construction contractor, so margins tend to be higher than general contractors, but we have more idle time and more fixed costs. Project size and tax margins. Larger projects have more competition and as a result, lower margins. We do have excess capacity, which enables us to do significantly more revenue with existing equipment and staffing levels. Let's go through some of our results for Q4 and the full year. So revenue for the quarter in Q4 was $12.5 million compared to $10.4 million. last year, so that's a 20% increase. Revenue for the year was 45.1 million compared to 35 million in 2024, that's a 27% increase. These two metrics are like second highest revenues that we've had in the history of our company. Gross margins, we'll talk about that a bit later as well, but 40% for the quarter. 29% in 2024, that's an 11% gross margin increase. And for the year, we have 35% in gross margin compared to 27% in 2024, and that's an 8% gross margin increase. Operating income, 1.9 million in Q4 compared to 600,000 in 2024, that's a 1.3 million increase, and a record 5.8 million for the full year compared to 500,000 in 2024, which is a 5.3 million increase. Adjusted EBITDA was 2.4 million in Q4 compared to 1.4 in 2024. That's a 71% increase. And when you look at the year, it was 8.3 million. We've mentioned it three times, but we're proud of it in the year and 3.3 in 2024. So that's a 152% increase. Cash flow from us, 2.5 million in Q4 compared to 1.4 million last year. That's a 79% increase. And when you looked at the year, 8.2 million compared to 3.1 million in 2024. So that's up 5 million. When you look at cash, again, our balance at the end of the year was 12 million. So it's up from 10.3 million in 2024. And as I mentioned a couple of days ago, we had 17 million in the cash in our coffers. So this is a good visual for you. So you can see that our revenue trend line is up. So I'm going to go over the seasonality of our business. We talked about it already. In terms of gross margin, it was 35% for the year, as I mentioned. And I'm going to cover it a little bit in the next slide. But as you see in the graph, you can see there's a dip there, just so you know, it was during the COVID pandemic when there was supply chain cement shortages. That's why there's a dip there. When you look at our debt and interest, so we've come a long way since 2017. So right now, our only debt is our equipment finance loan. At the end of the year, we carried 1.3 million for that debt. Looking at our share structure, so it's the first time in the history of the company we were able to reduce the count. So we repurchased during the year 1.3 million of common shares under our NCIB. So at the end of December 31st, 2025, we had 149.7 million of shares outstanding. We had 5.6 million of options. RSUs, we had 2.9 million outstanding and Warrens, 8.2 million outstanding for a total of 166.4 million. All right. Since the beginning of the year this year, in 2026, we announced $12.3 million, but looking back at last year, we had $55.5 million project hours that were announced, and in the last quarter, $6.9 million. was announced. So that puts us in a strong position for this year. So it's a testament of the success of our sales teams. They're doing a great job considering to win work. So at the end of the year, we have 67.7 million in backlog. And then talking about gross margins, so the structure of a key contract in 2025 was arranged to allow the customer to buy the cement, and the company made some gross margin dollars, the same gross margin dollars, pardon me. So under our traditional contracting model, our revenue and cost of sales would have been higher, and the resulting gross margin percent would have been lower. So we put this chart there to give you some color of what other traditional business model, how our margins would look like. So as you know, margins are also impacted by project size and project mix. But we thought that would be a good thing for you to look at this. So I think I'm going to turn it over to you, Randy, to carry on the presentation. Oh, you're on mute.