Doman Building Materials Group Ltd.

Greetings and welcome to Doman Building Materials Group First Quarter 2026 Financial Results Conference Call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ali Mugabe. Thank you. You may begin.

Thank you. Good morning, everyone, and thank you for joining us for Doman Building Materials' first quarter 2026 Financial Results Conference Call. Joining me this morning are Amar Doman, Chairman and Chief Executive Officer, and Darren Gloss, our new Chief Financial Officer. Please join me in welcoming Darren to his first conference call at Doman. If you have not seen the news release, which was issued on Friday, it is available on the company's website at domanbm.com. as well as on CDAR Plus, 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 midnight on May 25th, 2026. Following the presentation of the first quarter 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 outline the material factors which could cause or would cause actual results to differ. 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, Ali. Good morning, everyone, and thank you for joining us today. Before we get into the results, I would like to take a moment to introduce you all to Darren and welcome him to the team. Darren has been in the CFO seat for just over a month, and we are very pleased to have him on board. I also want to acknowledge Jay Code, who retired last month and will be missed by all of us. We will always appreciate Jay's dedication to Doman during his many years working closely with the company. On behalf of myself, the board of directors, and the entire Doman organization, thank you, Jay. Enjoy your retirement. I'll begin with a summary of our first quarter results, followed by some perspective on market conditions and our outlook for the remainder of the year. For the first quarter of 2026, Dolman delivered revenues of $762 million compared to $793 million in the same period last year. The year-over-year decline was primarily driven by lower pricing, across key construction material categories, including SPF lumber, OSB and plywood, partially offset by increases later in the quarter in Southern Yellow Pine in the United States. Despite that pricing pressure, our performance reflects the resilience of our operating model. We maintain strong shipment volumes and continue to execute effectively across our network. Gross margin for the quarter was $130 million, with margin percentage improving to 17%, up from 16.7% last year. This improvement highlights our continued focus on disciplined pricing, procurement, and cost management. EBDA came in at $68 million compared to $70 million last year. While slightly lower year-over-year, this represents a solid result given the pricing environment and the macro picture, including fuel. Net earnings for the quarter were $24 million, essentially in line with the prior year. We also remained committed to returning capital to shareholders. During the quarter, we declared a dividend of $0.14 per share, which was paid in April. As we moved to the first quarter, we continued to see volatility in commodity pricing, particularly in SBF, OSB, and plywood. While pricing trends were weaker year over year, we saw some signs of stabilization in the U.S. market in Q1. That said, the broader macroeconomic environment remains uncertain. Interest rates, housing affordability, and overall construction activity continues to influence demand patterns across our markets. In this context, our priorities remain clear. Maintaining strong cost disciplines, optimizing our product mix, leveraging our scale and distribution capabilities, and preserving balance sheet strength. Our diversified product offering with 83% of revenues from core construction materials and the remainder from specialty and allied products continues to provide stability across cycles. Looking ahead, we expect market conditions to remain dynamic as we move further into 2026. While our early indicators suggest some pricing stability in certain regions, visibility remains limited and we are planning the business with a cautious and disciplined approach. We believe Dolman is well positioned to navigate this environment. Our experienced team, strong supplier relationships, and focus on operational efficiency give us confidence in our ability to continue delivering solid financial performance. In closing, I'm pleased with our start to the year. Despite pricing headwinds, we delivered stable earnings, expanded margins, and continue to generate value for our shareholders. We will remain focused on execution and disciplined capital allocation as we move throughout the year. I will now turn the call over to Darren.