DREAM Unlimited Corp.

Good morning, ladies and gentlemen. Welcome to the Dream Unlimited Corp's third quarter 2025 conference call for Wednesday, November 12, 2025. During this call, management of Dream Unlimited Corp may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties. many of which are beyond Dream Unlimited Corps' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in Dream Unlimited Corps' filings with securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Unlimited Corp's website at www.dream.ca. Later in the presentation, we will have a question and answer session. To join the question queue, simply press star followed by the number one on your telephone keypad. Your host for today will be Mr. Michael Cooper, CRO of Dream Unlimited Corp. Mr. Cooper, please go ahead.

Thank you very much, Operator, and good morning, everybody. Today I'm here with Megan Peloso, who will provide the CFO update in a few minutes. I wanted to start with a couple of macro comments, and then after Megan, I'll go into some detail about the company. The first comment is, without sort of being partisan, I think it's factual. For the last 10 years, Canada has been going in the wrong direction relatively quickly, and it's really created a lot of damage to the size of the economy, and it's It really has created a lot of issues with just sort of uncontrolled immigration, like being 18% below the trend line for where the GDP should be, where the GDP per capita should be. And it's really been hitting hard, you know, as time goes by. But I would say that the new government is going in the right direction, as far as we can see. And we can discuss whether it's going in the right direction fast enough or not. but it is an amazing positive to change from going in the wrong direction quickly to going in the right direction, and we're very encouraged by that. I also think that the major projects are major, and I want to give one example that's close to home for us at DREAM, just as an example of what the potential of some of the things that are happening are. Now, in Saskatchewan, The Jansen mine is being built, and it is not being built, I don't know if it has any government support, but I'm just using this as an example of how much a major project can influence the economy. So Saskatchewan has the second highest per capita income, which is based on $90 billion GDP and a one and a quarter million population. What's interesting in Saskatchewan is half of the GDP is exported But it has the least percentage of exports to the U.S., so it actually exports a lot of things all around the world. So this Janssen mine is going to open next year. It's a $14 billion development, which is massive for the size of the province. And it's going to produce about $4 billion of revenue, which by our calculation would literally be a one-time increase in the GDP of the province of over 4%. and almost a 10% increase in the amount of exports in Saskatchewan. And we think this is tremendously bullish for the province, there's lots of other things, but as Canada gets more major projects going, there will be an increasing number of bumps to the GDP, these one-time bumps that will then continue to grow on a regular basis. So we're very excited about it, and we believe in it, and we just think turning the ship around takes some time, and the next 24 months may not be as positive as we would like just because the actions of the old time are still reverberating before the new actions take place. The second area that I've been thinking about a little bit is, you know, I mentioned that, you know, the choices that we have made have reduced the size of our economy 18% from what it could have been, and I think Canadians have been really focused on the U.S., and... from everything I've seen from all of the bank's numbers, it's like, if there's tariffs and there's other issues, it could be like a three, four, five percent one-time hit to our GDP, which is terrible. But it's manageable, and all the other countries around the world are managing their way through it. Canada's in the worst position, of course, because we've got a 5,000-mile border with the US, and we're very far away from any other country. But I think we can manage our way through it. But I didn't want to focus on that. I want to focus for a second on the Supreme Court decision on tariffs, which I know a lot of Canadians are rooting for, that the Supreme Court overturns the tariffs. And I think that probably sounds like a good idea. But one of the biggest threats, I think, to Canada is that the US starts to see an increasing cost of debt. And if the Supreme Court says that the $400 billion a year that the US is getting, which is like 20% or more of their annual deficit, has to be paid back, and the U.S. has to fund that money. I'm just worried about what that might do to interest rates. So look, the relationship we have with the U.S. is really complicated, really significant. I think we're doing pretty good so far. We can take care of ourselves if we focus on it, and I really hope that Canadians as a whole will really focus on how we grow our economy and how we act more courageous, not just the government, but entrepreneurs and employees as well. And I think it's well within our control to see huge improvements over the next four or five years. So I'm really quite excited about that. Just think that what I would say is when we're running Dream Unlimited, you've got to divide into things that are within our control and things that aren't. And I'm really pleased with the work our team has done, you know, since the beginning of this decade and the very difficult times. And I will go through it a little bit later in terms of all the accomplishments that we're currently achieving. And then at the same time, you know, there's obviously great uncertainty over things that are out of our control, and I'll try to explain how it is that we're positioning ourselves for that as well. So with that kind of foreshadowing, Megan?

Thanks, Michael. Good morning, everyone. The company's third quarter results for a core operating business was solid with $24.1 million in net margin generated in the period. up from 9.8 million in the prior year. Net earnings for the third quarter on a standalone basis was 27.4 million, which does include fair value adjustments on our Dream Group unit holdings. Now, just as a reminder, last quarter we revised our operating segments to better articulate how we view and manage the business. I'll briefly walk you through our segmented results under our updated headings, which represents our standalone activity only. In the third quarter, our asset management division generated revenue and net margin of $14.5 million and $11 million, respectively. Within revenue, we continue to see steady base fee growth, while transactional development fees continue to fluctuate period to period. In the third quarter, net margin increased by $4.4 million relative to the comparative period due to higher costs attributable to our private asset management platform, which have now normalized in the current period, in addition to the impact of the transactional activity. In the third quarter, Western Canada Development generated revenue in that margin of $61.6 million and $11.4 million, respectively. We achieved 137 lot sales, 13 acre sales, and 34 housing occupancies, which was largely concentrated in Alpine Park in Calgary. Relative to Q3 2024, the average selling price fluctuated significantly period to period due to the specific product mix and phase being released. Over the past quarter, we've made significant progress in our land pre-sales commitments, which helped us manage our capital and adapt to market changes in real time. As of November 7th, we have a total of $275 million in sales commitments that will be recognized between 2025 and 2027, which is up by $71 million from the last quarter. Now, this $275 million does include the $65.9 million of land revenue recognized in our year-to-date earnings. In the third quarter, our income properties generated revenue in NOI of $13.1 million and $6.5 million respectively, compared to $11.1 million and $4.9 million in the comparative period. The increase in NOI was driven by strong leasing activity within our newly completed purpose-built rentals in Saskatoon, partially offset by the impact of normalizing operating expenses as we established the portfolio. As of September 30th, We had $928.7 million of income properties on Dream's balance sheet reflecting only our direct ownership. Our other investment segment generated $14.2 million of revenue and $3.2 million of negative net margin in the quarter. Overall losses in this segment are within our expectations in periods of low occupancy if fixed costs will exceed earnings. Over the course of 2025, we spent just over $8 million in share repurchases, equivalent to 1% of our shares outstanding. At this point, we are likely done using our NCIB for the remainder of the fiscal year, and we'll reevaluate our buyback activity in the new year. Lastly, we ended the quarter with $328 million of liquidity and very modest near-term debt maturities, positioning us very well for the remainder of the year and going into 2026. So with that said, I'll now turn the call back over to Michael.