goeasy Ltd.

Good morning, ladies and gentlemen, and welcome to the GOEC Limited Q3 2025 Earnings Conference Call. At this time, all lines are in listening mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to James Albright. Please go ahead.

Thank you, operator, and good morning, everyone. I'm James O'Bright, Senior Vice President of Investor Relations and Capital Markets. Thank you for joining us to discuss GoEasy Limited's results for the third quarter ended September 30th, 2025. The news release, which was released yesterday after market close, is available on CISN and on the GoEasy website. On today's call, Dan Reese, GoEasy's Chief Executive Officer, will review key highlights for the third quarter and provide an outlook for the business. Al Khoury, Chief Financial Officer, provide an overview of her financial results, as well as her capital and liquidity position. Jason Appel, the company's chief risk officer, will then provide an update on her credit and underwriting. Also joining us on the call today is Felix Wu, interim chief financial officer, and Patrick Enns, president, Easy Financial and Easy Home. After the prepared remarks, we will open the lines for questions from analysts. The operator will pull for questions and will provide instructions at the appropriate time. Before we begin, I remind you that this conference call is open to all investors and is being webcast through the company's investor website and supplemented by a quarterly earnings presentation, which will be referred to by our speakers today. Those dialing in by phone, the presentation can be found on the investor website. As a reminder, the slide presentation and our MD&A contain a disclaimer on forward-looking statements, which also applies to our discussion on this conference call. Business media are welcome to listen to this call and to use management's comments and responses to questions in any quarter-related coverage. However, we would ask that they do not quote callers unless that individual has granted their consent.

I'll now turn the call over to Dan Rees. Morning. Thank you, James. I'd like to begin by extending a personal welcome to all of those listening, including our employees, investors, and the research analysts that follow our company. I would like to begin by first reflecting on how we began Q3. One week after we reported Q2, we launched a highly successful senior unsecured notes offering, which was upsized, and which netted us 796 million Canadian in gross proceeds with a 6.1% low coupon. By late August, early September, our shares were close to all-time highs. Less than a week later, our share price came under pressure, following the publication of a misleading short seller report. We continue to be pleased with the confidence that so many have expressed in Go Easy, our management team, our business model, and our track record. We did hear from some stakeholders that they would benefit from a review of a few areas of our business and some of our financial reporting. And so today, we will be providing you with an analysis of our performance for the third quarter and our outlook, but we will also spend some time highlighting these topics, notably interest receivable and borrower assistance programs. As I've said on many occasions, I continue to be impressed by the longstanding track record of growth and profitability of Go Easy, as well as its commitment to invest and its ability to adjust. While the business is clearly performing well in many respects, We also recognize that being long-term minded is key to capturing our future potential. Given the persistently challenging macroeconomic backdrop and areas of uncertainty, it is especially important now to take a prudent approach. As stated previously, with increasing size comes both opportunity and responsibility. We will continue to bolster our operations to reflect the size and scale of our business, and continue to look for better and more efficient ways to deliver products, service customers, and manage the loan portfolio end to end. As you've seen this quarter, we will continue to be growth-minded and we'll do so in a deliberate and thoughtful way that both honors our mission and reflects the challenges of today's operating environment. With that, let's now get into the quarter. I'll ask you first to turn to slide four of the Q3 2025 earnings presentation available, as James mentioned, on our website. I am pleased to report organic loan book growth of $336 million in the quarter, driven by originations of $946 million. This strong performance lifted our receivables to $5.44 billion at quarter end. Our growth helped to generate record quarterly revenue of $440 million, up an impressive 15% from Q3 of last year. Our portfolio yield of 31.4% reflects the expected ongoing transition from the rate cap as well as the impact from a higher composition of secured loans. In Q3, we reported a 30 basis point year-over-year decline in our net charge-off rate to 8.9%, and our allowance for credit losses increased from 7.9 to 8.1%. This is in response to higher early stage delinquencies attributable to persistent weak macroeconomic conditions. Our efficiency ratio at 23.4% was 30 basis points higher than last year and remains an area of continued focus for management. Our EPS at $4.12 was down 4.6 from the same period in 24, This is due to the impact of lower yields, an increase in allowance or credit losses, and incremental financing costs associated with our successful high yield notes offering in August, which provided important liquidity to fund our growth ambition. The 21 basis point increase in provisions equaled approximately a 50 cent impact to our adjusted EPS for the quarter. Turning to slide five, I would highlight the continuation in Q3 of many of the trends that have made Go Easy such a successful company for so long. Applications continued to be high and are up 22% and loan originations up 13%. We delivered balanced growth in both secured and unsecured loans and delivered another milestone financing in the high yield markets. Our continued strong performance in Q3 was made possible by the focus and dedication of our 2,600 employees. In recent months, my Go Easy colleagues and I were proud to be recognized again as one of the best places to work in Ontario, as well as one of Canada's top growing companies by the Globe and Mail's report on business. Q3 was another quarter of giving back to our communities. We hosted our 17th annual golf tournament this September and raised well in excess of $400,000 in support of our Feed the Future campaign at BGC Canada, which is Canada's largest and dedicated child and youth serving organization. I remain deeply impressed by how consistent and powerful our passion is for our customers and our culture and also our communities. Rounding out my opening comments, I'm pleased to highlight how the Go Easy team delivered against our objectives this quarter. We were fully on track, and as you can see on slide six, our performance in Q3 was in line with the outlook we shared with you in August, despite the ongoing challenges posed by the weaker macro backdrop. Our continued long book growth, resilient yield, and stable net charge-offs underscore the resilience, strength, and adaptability of our business model. With that, I will pass the call to our CFO, Hal Khoury, to provide an update on our financial performance and balance sheet.