Mullen Group Ltd.

Thank you for standing by. This is the conference operator. Welcome to the Mullen Group Ltd. 2026 3rd Quarter Earnings Conference Call and Webcast. As a reminder, all participants are in a listen-only mode, and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. and 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 Mr. Murray Mullen, Chief and Senior Executive Officer. Please go ahead, Mr. Mullen.

Welcome, everyone, to Mullen Group's quarterly conference call. This morning, we released our third quarter interim report. It's a 60-page document. It's full of detail, numbers and analysis. prepared by our team headed up by Carson Urlacher and Nick Woodward. So this document contains updated information. It's available on CDAR Plus and on our website, www.mullen-group.com. Now, 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, the uncertainties and assumptions can be found in the disclosure documents. With me this morning, I'm joined in Okotoks by the Senior Executive Team. Carson Urlacher, Senior Financial Officer Joanna Scott, who's our Senior Corporate Officer, and on the line is Richard Maloney, our President and Senior Operating Officer, and Lee Hellyer, our Senior Commercial Officer. So for today's call, will follow a similar format as the last few conference calls, all in an effort to make sure that this call is as meaningful and productive for everyone as possible. All the prepared remarks by Carson and myself can be found in the third quarter interim report, the financial report, and press release documents, which were released earlier this morning. Truthfully, we have nothing further to add, so we will head straight to the Q&A session. As I suspect, You will have some interesting questions. But before I hand it over to the operator, I'm going to offer up a few opening comments. Let's start with the obvious. Our operating performance in Q3 was very good. In fact, some of the best ever. It's a strong validation of the strength of our diversified business model, you know, that truthfully we've built up over 30 some plus years as a public company. Second, the balance sheet is rock solid. It's backstopped by those 10- and 12-year long-term bonds we placed a couple of years ago. Now, this in itself looks pretty timely given where interest rates are trending these days. Furthermore, if you look at the cash position as at September 30, 2026, you're going to see that we had $214 million in cash on hand, $381 million of working capital, and a boatload of untapped bank loans. So this leads to my third comment. You need to consider the Wilson International announcement on Monday morning in conjunction with our Q3 MD&A. We used a portion of the $214 million cash on hand to grow the business with another quality acquisition, the backbone of our long-term growth strategy. So enough said. Operator, would you please open the lines to the Q&A?

Yes, sir. We will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are on a speakerphone, please pick up your handset before pressing any keys. And to withdraw your question, please press star then 2. And we'll pause momentarily as callers join. and the first question will come from Kevin Chang with CIBC. Please go ahead.