Real Matters Inc.

Good day and thank you for standing by. Welcome to the Q3 2025 Real Matters Earnings Conference 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 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 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, Lynn Beauregard, Vice President, Investor Relations and Corporate Communications. Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead.

Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Investor Relations and Corporate Communications, Please go ahead. Lynn Beauregard, Vice President, Invest The release, accompanying slide presentation, as well as financial statements and MD&A are posted in the investor section of our website at realmatters.com. During the call, we may make certain forward-looking statements which reflect the current expectations of management with respect to our business and the industry in which we operate. However, there are a number of risks, uncertainties, and other factors that could cause our results to differ materially from our expectations. Please see the slide entitled Cost-Sharing Note Regarding Forward-Looking Information in the accompanying slide presentation for more details. You can also find additional information about these risks in the risk factors section of the company's annual information forum for the year ended September 30th, 2024, which is available on CEDAR Plus and in the Investor Relations section of our website. As a reminder, we refer to non-GAAP measures in our slide presentation, including net revenue, net revenue margins, adjusted net income or loss, adjusted net income or loss per diluted share, adjusted EBITDA, and adjusted EBITDA margins. Non-GAAP measures are described in RMDNA for the three and nine months ended June 30, 2025, where you'll also find reconciliations to the nearest IFRS accounting standards measures. With that, I will turn it over to Brian. Brian?

Thank you, Lynn. Good morning, everyone, and thank you for joining us on the call today. Real Matters delivered double-digit sequential growth in all three segments in the third quarter. Consolidated revenues were up 22% from the second quarter of 2025 as we benefited from a seasonal uptick in purchase origination market volumes and to a lesser extent marginally better market conditions for refinance origination. Q3 consolidated net revenue was up 18% quarter over quarter and we posted positive consolidated adjusted EBITDA of $0.3 million, up from a loss of $1.9 million in the second quarter of 2025. Our proven performance track record remains strong as we maintained our top position across lender scorecards and added four new clients during the third quarter. Following the end of the quarter, we secured several notable wins, including the successful launch of our second Tier 1 lender in U.S. title, And in appraisal, we launched a new top 15 lender and significantly expanded market share with one of our top 50 lenders. Our ongoing ability to capture market share and launch new clients continues to underscore the company's competitive strength and our ability to grow amid persistent market headwinds. U.S. appraisal revenues were up 22% sequentially, principally as a result of the spring market increase in purchase origination volumes, albeit from a very low level. We posted U.S. appraisal net revenue margins of 26.2%, and we remained in the range of our target operating model for the 11th quarter in a row. U.S. appraisal adjusted EBITDA increased to $4 million from $2.6 million in the second quarter, due to the top line growth. U.S. title revenues increased to $2.8 million from $2.3 million in the second quarter, driven by slightly better refinance market volumes, as well as an important market share increase with the largest reverse mortgage lender in the U.S. Our U.S. title business continues to build momentum. Third quarter origination volumes were up 52% year over year, outpacing the estimated market volume growth as a result of our expanding client base and net market share gains, and the pipeline remains strong. With the increase in refinance origination revenues, net revenue margins increased 900 basis points on a year-over-year basis to 52.6% in the third quarter. We launched the largest credit union in the US during the quarter, And as I mentioned earlier, we are now live with our second tier one lender, which marks an important milestone for Real Matters that was several years in the making. I'd like to take this opportunity to recognize the team for their relentless focus and dedication to delivering an extraordinary experience for our lenders and ultimately homeowners. Our network management model continues to differentiate us in the market and is a key driver behind winning new customers and increasing market share with existing customers, which fuels our overall growth. As our foundation grows, we are increasingly well positioned to benefit from market dynamics, which will amplify our growth trajectory and unlock meaningful operating leverage. Today, there are nearly 12 million outstanding mortgages with rates above 6%. Approximately 8 million of those mortgages have rates above 6.5%, making them prime rate refinance candidates when interest rates dip below 6%. In the last few weeks, we have seen the spread between the 10-year Treasury yield and the 30-year mortgage rate begin to revert toward the long-term historical average. Turning to Canada, revenues for the segment were up 19% on a quarter-over-quarter basis, and adjusted EBITDA increased 21% sequentially to $1.3 million. We launched two new clients in Canada during the third quarter. With that, I'll hand it over to Rodrigo.