Doman Building Materials Group Ltd.

Greetings and welcome to the Dillman Building Materials Group fourth quarter and full year 2025 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ali Madhavi. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining us this morning for Dolman Building Materials' fourth quarter and full year 2025 financial results conference call. Joining me this morning are Amar Dolman, Chairman and Chief Executive Officer, and James Cote, Chief Financial Officer. If you have not seen the news release, which was issued yesterday, it is available on the company's website at dolmanbm.com, as well as on CDAR+, along with our MD&A and financial statements. I would also like to remind you that a replay of this call will be accessible until March 20th, 2026. Following management's presentation of the 2025 fourth quarter and full year results, we will conduct a Q&A session for analysts only. Instructions will be provided at that time for you to join the queue for questions. Before we begin, we are required to provide the following statements regarding forward-looking information, which is made on behalf of Dolman Building Materials Group Limited, and all of its representatives on this call. Remarks and answers to your questions today may contain forward-looking information about future events or the company's future performance. This information is subject to risks and uncertainties that may cause actual events or results to differ materially. Any information regarding forward-looking statements is made as of the date of this call and the company does not undertake to update any forward-looking statements. Please read the forward-looking statements and risk factors in the MD&A as these outlined the material factors which could cause or would cause actual results to defer. The company will not provide guidance regarding future earnings during today's call, and management does not anticipate providing guidance in future quarterly or interim communications with investors. I'll now turn the call over to Omar.

Thanks, Alan. Good morning, everybody. Thank you for joining us on today's call. Let me start by highlighting some of our key financial metrics, followed by some color on our operations during the fourth quarter. And then I will hand the call over to Jay Code, who can review the numbers in further detail. 2025 presented itself with certain challenges which were not dissimilar to the prior year, with constant falling lumber pricing and other relevant economic headwinds. While we are not directly impacted by tariffs, the building materials sector in general continue to navigate the effects of tariffs, fluctuating construction material pricing, elevated interest and mortgage rates, and uneven building activity across various regions. While these conditions created near-term pressure, our teams responded very well managing this. We remain focused on what we can control, operational efficiency, customer service, cost disciplines, and safety, while positioning the business for long-term success. Despite the pricing movements across all construction materials categories in our portfolio on both sides of the border, we exited 2025 with strong performance across all our key financial metrics including revenues, gross margin, EVA DA, and net income, while paying our shareholders a quarterly dividend of 14 cents per common share or 56 cents per common share on an annual basis. We are both pleased and proud of the company's performance throughout 2025, given the market conditions we had to work through. Despite trends and volatility that at times presented us with challenges, we remain encouraged and pleased with the resilience of our diversified business model withstanding these cycles resulting in Canadian revenues, gross margin, adjusted EBITDA, net earnings totaling $3.1 billion, $505 million, $256 million, and $80 million, respectively. Our ability to deliver consistent performance across a variety of market cycles results from our tireless focus on operations and to the many successful acquisitions we've completed throughout the years. Now, focusing on the most recent fourth quarter results, adjusting for normal seasonality. We remained active across all business divisions. Our ongoing cost management and focus on operational efficiencies enabled the company to demonstrate revenue performance while gross margin continued to be within our target range, as well as EBITDA and bottom lines. We are very proud of our financial performance and believe there is a lot to be gained from the strength and momentum, which has resulted from our successes in recent years. As a result of these efforts during the fourth quarter, we saw revenues coming in at $644 million, gross margin at 16.6%, or $107.2 million, EBITDA amounting to $44.3 million, net earnings of $11 million, and lastly, our quarterly dividend of $0.14 per share was again declared. We remain cautiously optimistic about the prospects ahead and look forward to further demonstrating the strength and leverage available in our business model as we continue to be well positioned to take advantage of sensible growth opportunities. On the heels of successfully integrating recent acquisitions, our relentless focus on paying down debt and strengthening our balance sheet remains a priority, which will enable us to be in a strong position to take advantage of strategic opportunities. Overall, 2026 is off to a decent start. despite severe weather issues in some of our regions, which we're prepared to deal with. I continue to be pleased with how our growth strategy continues to unfold, resulting in strong sales and earnings in the face of a tough year-over-year pricing environment, while remaining focused on margin protection during these times. In 2025, we were also able to demonstrate the positive impact of prior year acquisitions for the full fiscal year. We are very proud of our acquisition of Doman Tucker Lumber and prior to that, Southeast Forest Products. As you probably are aware, Jay Code, our CFO of 15 years, will be retiring on April 7th. So before handing the call off to Jay one last time to provide a review of the company's full financial results on behalf of the entire Dolman family, I would like to extend our sincere thanks for your years of dedicated service to Dolman. Your commitment, professionalism, and contributions have made a lasting impact on our team and organization. I'm truly grateful for all you have done and wish you continued success in your well-deserved retirement. Over to you, Jay.