Information Services Corporation

Good day, and thank you for standing by. Welcome to the ISC third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jonathan Hackshaw, Senior Director of Investor Relations in Capital Markets. Please go ahead.

Thank you, Amber, and good morning to everyone joining us today. Welcome to ISC's conference call for the quarter-ended September 30th, 2025. On the call today are Sean Peters, President and CEO, and Bob Antichow, Chief Financial Officer. This morning, Sean will take you through some of the highlights of the quarter. Bob will then provide some comments on our financial and operating performance for the quarter before passing the call back over to Sean for some closing remarks. Before we begin, we would like to remind everyone that we will only be summarizing results today. The company's financial statements and MD&A have been filed on CDAR Plus and are available on our website. We encourage you to review those reports in their entirety. I would also like to remind you that any statements made today that are not historical facts are considered to be forward-looking statements within the meaning of applicable securities laws. The statements may involve a number of risks and uncertainties that are described in detail in the company's CDAR Plus filings. Those risks and uncertainties may cause actual results to differ materially from those stated. Today's comments are made as of today's date and will not be updated except as required under applicable securities laws. Today's conference call is being broadcast live over the internet and will be archived for replay shortly after the call on the investor relations section of our website. I would now like to turn the call over to Sean.

Thank you, Jonathan, and good morning to everyone joining us for today's call. Our third quarter for 2025 was very much as we expected and was yet another strong quarter for the company. Continuing strong Saskatchewan economy translated into higher volumes in all registries. with specifically higher transaction volumes and a higher average home price in the land registry in a somewhat supply constrained but strong residential housing market. According to industry sources, the first three quarters of 2025 saw a 2% rise in residential real estate transaction volume, while the average sales price increased by 9% compared to the same period in 2024. Compared to the 10-year trend, sales are up 19% year-to-date, despite the inventory challenges being experienced. Not surprisingly, this benefited both top and bottom line performance for the quarter. The same Saskatchewan economy drove increased revenue in the personal property registry and corporate registry, while the predictable nature of our Ontario property tax assessment business rounded out a very successful quarter for our registry operations segment. At the same time, our services segment benefited from the counter-cyclical nature of our recovery solutions division, which experienced further growth in asset recovery assignments due to increased delinquencies in the automotive lending market. Results for the quarter were up, despite headwinds in the Ontario economy in 2025, with double-digit percentage increases in our adjusted EBITDA off single-digit increases in revenue. And our regulatory solutions division saw modest growth after a year of dealing with the impact of the unexpected ban by the government of Ontario on NOSIs implemented in June 2024. Finally, our technology solution segment began initial development work on the new MECP contract in the quarter and continues to work on delivering registry enhancements for our Saskatchewan registries. Revenue for the quarter and year to date were relatively stable and are largely dependent on the timing of work on our various solution definition and implementation contracts. With that, I'll now turn the call over to Bob to discuss some of the financial highlights in more detail before providing some closing remarks.