Canaccord Genuity Group Inc.

Good morning, ladies and gentlemen.

Thank you for standing by. I'd like to welcome everyone to the Canaccord Genuity Group, Inc. Fiscal 2026 Fourth Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. Following the speaker's prepared remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, press the star, then the number two. If you have any difficulties hearing the conference, please press star then zero for operator assistance at any time. As a reminder, this conference call is being broadcast live online and recorded. I would now like to turn the conference call over to Mr. Dan Davio, Chairman and CEO. Please go ahead, Mr. Davio.

Thank you, Operator, and welcome to everyone joining today's call. As always, I'm joined by our Chief Financial Officer, Nadine Ahn. Our remarks today are complementary to our earnings release, MD&A, and supplemental financials, copies of which have been made available for download on CDAR Plus and on the investor relations section of our website at cgf.com. Within our update, certain reported information has been adjusted to exclude significant items to provide a transparent and comparative view of our operating performance. These adjustment items are non-IFRS measures. Please refer to our notice regarding forward-looking statements and the description of non-IFRS measures that appear in our MD&A. And with that, let's discuss the fourth quarter and fiscal 2026 results. Q4 began on a constructive note, with the markets rising in January on strong earnings and enthusiasm around AI-driven productivity. Sentiment weakened over the balance of the three-month period as geopolitical conflict, sharp moves in oil, bond, and currencies, and a rotation away from growth in technology weighed on investor confidence. Gold prices also reflected the broader volatility, reaching a record high in January before entering a multi-week sell-off and declining nearly 17% by a quarter end. Against this backdrop, our teams remain focused on disciplined execution, supporting a solid quarterly result and a strong finish to the fiscal year. Firm-wide revenue of $613 million for the three-month period increased 33% year-over-year, representing our third-highest quarterly revenue on record. For the full fiscal year, revenue reached a record $2.2 billion, reflecting an operating model designed to protect shareholder value across market cycles. The fourth quarter revenue contribution from our capital markets division increased by 37% year over year. This reflected stronger investment banking and commission and fees revenue, led by our Canadian and Australian businesses, where mining sector activity remained robust. although modestly below the exceptional levels achieved in the prior quarter. Our Canadian business also delivered an exceptional advisory result in the quarter. For fiscal 2026, capital markets revenue increased to its highest level since fiscal 2022. This performance reflected robust underwriting activity in Australia, strong underwriting and advisory activity in Canada, and disciplined execution across our global platforms. We continue to rank among the league table leaders in our target sectors and continue to maintain our position as the most active mid-market dealer globally. During the year, we participated in 472 capital-raising transactions, raising more than $63 billion for growth companies, a 70% increase over the prior year. Our Wealth Management Division delivered its 10th consecutive quarter of revenue growth, which brought fiscal 2026 revenue earned by this division to a record $1.1 billion, up 24% from fiscal 2025. Growth in the three- and 12-month period was led by stronger commission and fee revenue, reflecting higher client engagement levels as market conditions improved. Results in our Canadian and Australian business also benefited from elevated transaction-based revenue, particularly from new issue activity, which typically carries higher margins but is more market dependent. While this has been a positive contributor in recent quarters, margin progression in these businesses may moderate as activity levels normalize. We ended the year with record client assets of $148 billion, up 23% year-over-year, driven by market appreciation, strong organic net inflows, and the addition of Wilson Advisory in Australia. We continue to invest in and scale this platform through targeted recruitment, expanded product capabilities, and selective acquisitions, strengthening our ability to attract and retain assets, drive net inflows, and improve the quality of earnings over time. Across the organization, we continue to manage expenses carefully while maintaining disciplined investment in areas that support long-term growth. Excluding significant items, firm-wide pre-tax net income increased 176% year-over-year to $89 million in the fourth quarter, and adjusted diluted earnings per share rose 300% to 48 cents. For the full year, Adjusted diluted earnings per share were $1.26, up 107%, reflecting stronger operating leverage and improved profitability across the platform. Throughout the year, we took deliberate steps to allocate resources and capital to the areas where we can deliver the greatest value to clients and compete most effectively. In Australia, the Wilson's Advisory Acquisition materially strengthened our platform, adding 60 advisors and establishing a truly national wealth management footprint, bringing complementary talent and relationships to our capital markets business in the region. In the U.S., the acquisition of CRC enabled the formation of our new Energy Transformation Group, deepening our capabilities in higher growth advisory segments while strengthening our offering for sustainability sector clients and related mandates across our broader sector platform. And with that, I will turn things over to Nadine.