Calian Group Ltd.

a day and thank you for standing by. Welcome to the Callion Group first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jennifer McCaughey, Director of Investor Relations. Please go ahead.

Thank you, Didi, and good morning, everyone. Thank you for joining us for Calum's Q1 2026 conference call. Presenting this morning are Patrick Houston, Chief Executive Officer, and Will Magic, VP Finance. They will present our Q1 results, provide insight into our strategic initiatives, and discuss our outlook for the remainder of the year. As noted on slide two, Please be advised that certain information discussed today is forward-looking and subject to important risks and uncertainties. The results predicted in these statements may be materially different from actual results. As a reminder, all amounts are expressed in Canadian dollars except as otherwise specified. With that, let me turn the call over to Patrick.

Thank you, Jennifer, and good morning. Following a strong finish to FY25, we carried that momentum into a record Q1. Revenue reached $208 million and adjusted EBITDA totaled $23 million, both new company highs for a first quarter. Revenue increased 12% year-over-year, including 6% organic growth. Adjusted EBITDA rose 28%, driving margins to 11%. Performance was fueled by robust demand across our defense and space segment and several businesses within essential industries. along with the contribution from recent acquisitions, margin expansion, and strong operational execution by our team. Momentum behind our defense and solutions continues to build, driven by sustained activity in Europe and rising demand in Canada. These market signals and early wins make it clear that investing now is critical to ensuring we capture the expanding opportunity set in this fast-moving environment. Our space solutions are also experiencing renewed momentum, highlighted by the signing of two new antenna contracts this quarter, totaling more than $35 million. We concluded the quarter with $171 million in new signing and a robust backlog of $1.4 billion, providing a strong foundation for continued growth and success in coming quarters. Let me spend a moment on our new structure we introduced this quarter. As you know, we simplified our operating model to better align with market demand and serve our customers more effectively. We move from four segments to two, defense and space and essential industries, a change driven by clarity and focus. The new structure brings our capabilities together under a simpler, stronger model that reflects how customers think, buy, and expect solutions to be delivered. It's designed to integrate the essential elements in one place, technology, expertise, delivery, and customer insights. aligning these strengths we can develop integrated solutions faster collaborate more effectively and scale our impact this realignment is a deliberate step in our long-term growth strategy reinforcing our core capabilities and enhancing our ability to deliver mission-critical solutions it also provides greater transparency into how we operate and where we're directing our efforts In the near term, our defense and space segment, representing approximately two-thirds of revenue, will focus on developing differentiated solutions to meet growing demand and the needs of our customers in Europe, the United States, and Canada. Our central industry segment, representing roughly one-third of revenue, is focused on margin expansion while benefiting from organic growth tailwinds in health and energy. With actions already in motion and teams executing against disciplined plans, early progress is evident. We expect margins to improve meaningfully throughout the year, exiting at double-digit levels. Taken together, these actions position us to accelerate profitable growth and strengthen the business for the long term. With a clearer structure, sharper focus, and disciplined execution, we're well-positioned to capture emerging opportunities and deliver sustained value to customers and shareholders. Now a few words on our operations. Let me begin with defense and space. Our defense solutions continue to build momentum with sustained activity across Europe and solid progress on key initiatives in Canada. Growth is broad-based, spanning mission-critical areas including healthcare, manufacturing, cybersecurity, and military training. In Europe, FY25 performance was strong, driven by the successful integration of Maboy and the execution of multiple NATO contracts. That momentum has carried into the first quarter, as European governments facing heightened and immediate security requirements accelerate procurement decisions. At the same time, countries are actively diversifying, creating new opportunities for Canadian companies like Callion across manufacturing and defense supply chains. To capitalize on this demand, we expect to increase investment in the region, particularly in talent, infrastructure, and technology. These investments are deliberate and targeted, positioning us to scale responsibly, deepen customer relationships, and establish long-term leadership in the European defense market. In Canada, we're seeing early but encouraging signs as activity levels increasing and broader plans are being developed. Our ongoing engagement with federal stakeholders continues to shape our understanding of future requirements. The forthcoming defense industrial plan is expected to mark a meaningful shift, positioning defense as a driver of economic growth while strengthening national security. Calian is well positioned to benefit across training, manufacturing, and in-service support. In January, we announced that Calium will mobilize a significant amount of capital from multiple sources to accelerate the development and deployment of sovereign C5 ISRT capabilities through Calium Ventures. This initiative brings together capital from Ventures, co-development of new IP with Canadian small and medium-sized businesses, regional investment agencies, and federal programs to accelerate capability development at scale. As demand increases, we're telling ourselves to think differently, finding new ways to deliver greater value through cost efficiency, streamlined delivery, and innovative technology and service models. This mindset is central to strengthening our competitive position and improving outcomes for our customers. While the direction travel in Canadian defense is clearly positive, the precise timing of opportunities remains difficult to predict with high certainty. We will continue to monitor developments and closely remain disciplined and agile as the landscape evolves. Turning now to our space solutions, the space industry continues to evolve at a remarkable pace, driven by the greater need for speed, commercialization, and dual use. One of the most important shifts we're seeing is the growing role of ground infrastructure and the ability to deliver seamless connectivity no matter the constellation. As data volumes increase and constellations expand, operators are scaling global ground station networks and increasingly turning to ground station as a service model to gain flexibility, efficiency, and speed to market. More broadly, the industry is maturing rapidly. Satellites, ground systems, and software are becoming more tightly integrated, all amid intensifying geopolitical and commercial competition. These forces are reshaping long-term strategies and accelerating innovation across the sector. We're seeing these trends clearly reflected in our own business. After a period of slower growth, our ground station activity has regained momentum. This quarter, we secured a contract of more than $30 million with a leading global space technology company to design and manufacture advanced ground stations for their next-generation satellite systems. We also won a contract from Germany's Federal Ministry of Defense, represented by the University of Federal Armed Forces in Munich, to deliver an advanced full-service QV-band antenna ground station in support of scientific and modern military satellite communications. These wins highlight the increasing convergence of defense and space and reinforce the strategic rationale of our dedicated defense and space segments. Together, they underscore Callion's reputation as a trusted provider of mission-critical infrastructure in complex, high-consequence environments. Taken together, our progress across defense and space reflects the relevance of our capabilities and the scale we've developed in this market over the last decade. Our focus is to deliver for our customers in our existing relationships while seeking broader mandates where Chalian can serve as prime vendor to deliver integrated solutions that customers will value for decades to come. Let me turn to essential industries. Revenues in our essential industry segment increased by nearly 20% in the quarter. The growth was driven by the strong performance of our AMS acquisition, which has meaningfully strengthened our position as we expand in the Arctic region. This addition provides a durable footprint and advances our broader strategic priorities. We also returned to organic growth, modest but important inflection point for this business. The improvement was led by our U.S. commercial operations, which have rebounded and resumed growth following a challenging year. With a strengthened backlog in place, this business is well positioned for sustained momentum. Expanding and delivering differentiated solutions across critical industries, including health and energy, is a core pillar of our strategy and will enhance the resilience and value of our overall portfolio. Looking ahead, we remain focused on margin expansion with the right mix of growth and operational discipline. We can expect continued improvement in profitability. I'll now turn it over to Will to discuss Q1 results. Will?