Extendicare Inc.

Thank you for standing by. This is the conference operator. Welcome to Extendicare Inc. First Quarter 2026 Analyst Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your cell phone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Gillian Fountain, Vice President, Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Extended Care's 2026 First Quarter Results Conference Call. Joining me today are Extended Care's President and CEO, Michael Greer, and Executive Vice President and Chief Financial Officer, David Bacon. Our Q1 results were released yesterday and are available on our website, as is a live audio webcast of today's call, along with an accompanying slide presentation. An archive recording will also be available on our website following the call today. As well, replay numbers and passcodes have been provided in our press release for those wishing to access an archive recording by phone until midnight on May 22nd. Before we get started, please be reminded that today's call may include forward-looking statements and non-GAAP and other financial measures. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied today. We have identified such factors as well as details of non-GAAP and other financial measures in our public filings with the securities regulators and suggest that you refer to those filings. With that, I'll turn the call over to Michael.

Thank you, Gillian, and good morning. Our first quarter results demonstrate the various components of our strategy working in concert. Strong organic growth in home healthcare, augmented by acquisitions. Progressing our long-term care construction activities in our joint venture with Axiom. And organic growth in SGP, all benefiting from the operating leverage that results from a technology-enabled back office. Subsequent to the quarter, We closed the $570 million acquisition of CBI and completed the sale of $450 million in unsecured notes supported by a BBB credit rating from DBRS. These transactions provide us with new opportunities for growth and additional capital flexibility as we work to meet the increasing care needs of an aging population. The pyramid segment delivered volume growth of 32.7% over the prior year quarter, reflecting the addition of closing the gap and strong underlying organic growth. Higher volumes combined with the scalability of our technology-enabled back office drove an NOI margin of 13.3% after adjusting for out-of-period items, a 300 basis point increase over the prior year quarter. Our long-term care NOI margins improved by 90 basis points from the prior year to 10.9% after adjusting for out-of-period items, with occupancy unchanged at 97.5%. Managed service revenues declined year-over-year due to Rivera's sale of its remaining seabed portfolio, some to Extendicare and the balance to another operator. Nonetheless, third party and joint venture beds served by SGP grew to over 157,000, up 6% from the prior year. Managed services NOI margins were 54.6%, remaining in line with our expectations of 50 to 55% margins for this segment. Driven by the strength of these results, AFFO adjusted for out of period items increased to 27.6 cents per share, up 56% year-over-year, driving our payout ratio down to 41% on a trailing 12-month basis. Turning to slide four, we closed the CBI acquisition on April 1st. CBI Home Health is highly complementary to Paramed, as it materially expands our presence in Western Canada and introduces business models that offer new avenues for organic growth. The combination of the two companies provides an opportunity to achieve significant synergies as we manage additional volumes using our highly scalable technology platform. The added scale will enable further investments in technology, enabling us to provide reliable, high-quality services more efficiently to the thousands of people that rely on us for care each day. The transaction adds CBI's approximately 10 million hours of service and 8,500 team members to our home health segment, which is previously disclosed generated an estimated $478 million in revenue and $61.9 million in adjusted EBITDA on a pro forma basis in the 12 months ending June 2025. Turning to slide five, we continue to advance our Ontario long-term care redevelopment agenda through our joint venture with Axiom. We currently have seven projects under construction, two of which will open this year. At the end of May, we will welcome residents to Extendicare Beauclair in Ottawa, followed later in the year by Extendicare Forest Trail in Peterborough. Together, these two homes will deliver 576 new and upgraded beds. We remain on track to open four new homes in 2027, delivering an additional 832 beds. In February, we completed the sale of our vacated West End Villa in Ottawa for $12.1 million, realizing a $9.8 million post-tax gain. This sale is another example of the capital recycling potential of our redevelopment strategy, as we can invest these proceeds in new projects to advance our redevelopment pipeline. We continue to progress an additional 17 projects, which are at varying stages of planning and development under the Ontario Long-Term Care Home Capital Development Program. We are actively working with government to put in place the necessary funding and other considerations required to begin construction on additional homes to fully realize our redevelopment agenda. I'll now turn the call over to our CFO, David Bacon, to discuss our financial results in more detail.