Real Matters Inc.

and thank you for standing by welcome to the q4 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 speaker today, Lynn Beauregard, Vice President of Investor Relations and Corporate Communications. Please go ahead.

Lynn Beauregard Thank you, operator, and good morning, everyone. Welcome to Real Matters Financial Results Conference call for the fourth quarter and fiscal year ended September 30th, 2025. With me today are Real Matters Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. This morning, before market opened, we issued a news release announcing our results for the three months and fiscal year ended September 30, 2025. The release, accompanying slide presentation, as well as financial statements and MD&A are posted in the investor's 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. 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 Cautionary Note Regarding Forward Looking Information in the company 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 form 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 our MD&A for the three months and fiscal year ended September 30, 2025, where you will also find reconciliations to the nearest IFRS measures. With that, I'll turn the call over to Brian.

Thank you, Lynn. And good morning, everyone, and thank you for joining us. I'll kick things off today by walking you through our thoughts on the full year. Rodrigo will then provide some color on the fourth quarter before I make some brief closing remarks. Our business demonstrated resilience and competitive strength throughout 2025 as we consistently launched new clients, expanded market share, and maintained strong financial discipline, which allowed us to deliver solid operating leverage. We launched 10 new clients and one new channel in U.S. appraisal in Canada, and both these segments continue to generate solid, positive, adjusted EBITDA. We expanded our U.S. title business by adding seven new clients in fiscal 2025, including a second Tier 1 lender, which marked another major milestone in the evolution of our title business. We have not let market headwinds deter us from executing on our strategy and improving our overall competitive position. We continue to outperform while leveraging the performance equity we've built in appraisal to cross-sell and expand our title client portfolio, establishing a solid foundation for a scalable business that will thrive under normalized market conditions. There is considerable upside for our business as pent-up demand continues to build and the supply of homes on the market edges its way back to pre-pandemic levels. There are currently 51 million mortgages outstanding in the U.S., with over 12 million carrying interest rates above 6%. This is an increase of almost 30% in the refinance pool from last year at this time. A 50 basis point reduction in rate can represent hundreds of dollars in savings per month for many of these households once they refinance their existing mortgage. Given today's more favorable interest rate outlook, these dynamics clearly underscore the opportunity to unlock significant growth in mortgage origination volume. American homeowner equity is at an all-time high with roughly $17.8 trillion in aggregate equity and $11.6 trillion in tapable equity. Homeowners will continue to look for ways to access these funds to finance important life events. Additionally, new households will form as younger generations pursue home ownership as a means of achieving financial security. Our recent consumer mortgage survey indicated that future buyer intent to purchase remains relatively strong, with 40% planning to purchase in the next two years, while 50% of existing mortgage holders plan to refinance when rates ease. Turning to our financial performance for 2025, we reported consolidated revenues of $170 million in fiscal 2025, while our U.S. title and Canadian segments achieved double-digit year-over-year growth in both revenue and net revenue for fiscal 2025. Our U.S. appraisal revenues were lower mainly due to a purchase market that continues to operate at its lowest level in decades. Consolidated net revenue decreased modestly to $45 million from $46 million in fiscal 2024, and we posted an adjusted EBITDA loss of $3.2 million compared with positive adjusted EBITDA of $1.9 million in fiscal 2024. In U.S. appraisal, revenue was down 7% from fiscal 2024 to $121.8 million, principally due to a lower addressable market for purchase mortgage originations. Fiscal 2024 also included significantly higher origination volumes from a temporary reallocation of market share with one of our leading clients, which made 2024 a tough comparable period. We posted U.S. appraisal net revenue margins of 26.3% in fiscal 2025 within our target operating model range of 26 to 28%, and the segment recorded positive adjusted EBITDA of $13 million. On the performance front, we wrapped up fiscal 2025 by extending our track record of holding top positions on lender scorecards, and we launched three new clients in our U.S. appraisal business, including a top 15 mortgage lender. In fiscal 2025, we invested in our U.S. appraisal business as we prepare for the rollout of the new Uniform Appraisal Data Initiative, which will modernize appraisal forms across the industry. Our team has been at the forefront of this multi-year industry-wide change, working with lenders, regulators, and appraisers to ensure we continue to deliver the best performance and fulfill our commitment to providing extraordinary experiences for our clients and their customers. Our platform and ongoing investments in the right technology have solidified our leadership position in the appraisal industry. It's the reason why lenders continue to choose to partner with Solidify. Our brand has never been stronger. This year brought significant progress for our U.S. title segments. While volume headwinds continue to weigh on the mortgage industry, lenders are investing in capacity ahead of a potential mortgage recovery. This shift, along with our investment in sales, helped drive momentum in our U.S. title sales pipeline. We launched seven new U.S. title clients in fiscal 2025, including a second Tier 1 lender and the largest credit union in the U.S. Thanks to this expanded client base, we closed fiscal 2025 with a daily order run rate in U.S. title that has more than doubled compared to the start of the year. During fiscal 2025, our U.S. title segment served as a significant driver of top line growth as revenues were up 21%, principally as a result of a 41% increase in refinance origination revenues. Home equity revenues also increased 28% year over year due to net market share gains with existing clients, and growth in reverse mortgage transactions. With the change in our revenue mix and increase in volumes, net revenue margins increased by 680 basis points from fiscal 2024 to 53.1%, and net revenue was up 39%. We posted an adjusted EBITDA loss of $7.3 million compared with the loss of $6.8 million in the prior year primarily attributable to higher operating expenses incurred to strengthen our sales capabilities. Outside of this investment in sales, almost each additional dollar of net revenue we earned dropped to the bottom line. Even with the recent increase in our title volume run rate, we still have the capacity to almost double our volumes with the existing cost base outside of variable cost increases. In Canada, revenue was up 12% year over year from higher market volumes and net market share gains with new and existing clients. We launched a total of seven new clients in Canada in fiscal 2025, including the largest direct response home and auto insurance group in the country. Canadian net revenue margins held strong at 18.8% in fiscal 2025, and net revenue was up 11% from fiscal 2024. The Canadian segment generated positive adjusted EBITDA of $4.7 million, an increase of 15% from fiscal 2024. With that, I'll hand it over to Rodrigo to look at the fourth quarter.