Mullen Group Ltd.

Thank you for standing by. This is the conference operator. Welcome to the Mullen Group Limited year-end and fourth quarter earnings conference call and webcast. 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 telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Murray Kim Mullen, Chair, Senior Executive Officer and President.

Please go ahead. Thank you. Welcome everyone to the year end 2025 conference call. Now this morning we released our results for 2025 along with the annual financial review and audited financial statements, which is a nice 120 page condensed document that's full of detailed numbers and analysis. prepared by our team headed up by Carson Urlacher and Nick Woodworth. So we also uploaded the annual information form, that's a 60-page detailed document relating to Mullen Group. Now these documents contain updated information and are available on CDARplus and on our website www.mullen-group.com. So this morning I'm going to remind everyone that today's presentation and commentary contain forward-looking statements. that are based upon current expectations and are subject to a number of risks and uncertainties. As such, actual results may differ materially. Further information identifying the risks, uncertainties, and assumptions can be found in the disclosure documents. This morning, I'm joined here in Okotoks by the senior executive team. That's Richard Maloney, senior operating officer, Carson Erlacher, senior financial officer, and Joanna Scott, who's a senior corporate officer. And my name is Murray Mullen. I'm the senior executive officer. On today's call, I'm going to change things up. In an effort to make this call as relevant to you as possible, we are going to head straight to the Q&A session because there's nothing new that we can add about 2025 that you haven't already heard, we haven't discussed, or we haven't disclosed. So I repeat what we previously released on January 19, 2026. Nothing has changed. 2025 was challenging across all four segments. No growth, which basically meant pricing came under pressure. So what did we do? Well, our business units had no choice but to tighten up, a measure that mitigated the downward pressures that we felt in the market. In a corporate, we completed two acquisitions. The net result was record revenues. And when the economy rebounds, when Canada and the U.S. come together again as friends and business partners, And when Canada finally lives up to the nation-building commitments, we will achieve record earnings. Okay, enough about 25. Some of you have joined the queue, and I don't want to keep anybody waiting. Besides, I do not like to waste people's time, especially this morning. So, operator, let's open the Q&A session, please.

Thank you. To join the question queue, you may press star then 1 on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your hand any keys. To withdraw your question, please press star then two. The first question comes from Cameron Dobson with National Bank Financial. Please go ahead.