Real Matters Inc.

star 11 on your telephone. You will then hear an automated message advising 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 speaker today, Lynn Beauregard, Vice President in Best Relations and Corporate Communication. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Real Matters Financial Results Conference Call for the first quarter ended December 31, 2025. With me today are Real Matters Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. This morning before market open, we issued a news release announcing our results for the three months ended December 31st, 2025. The release accompanying slide presentation as well as financial statements and MD&A are posted in the financial 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 results to differ materially from expectations. Please see the slide entitled Cautionary 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 form for the year ended September 30th, 2025, which is available on CDARplus and in the financial 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 due to share, adjusted EBITDA, and adjusted EBITDA margin. Non-GAAP measures are described in our MD&A for the three months ended December 31st, 2025, where you will also find a reconciliation to the nearest IFRS measures. With that, I'll turn the call over to Brian.

Thank you, Lynn. Good morning, everyone, and thank you for joining us on the call today. Fiscal 2026 is off to a good start with double digit top line growth headlining our performance in the first quarter. We also launched eight new clients in the first quarter, including two top 100 lenders, and we added a new channel with a tier one lender in US title. Consolidated revenues were up 14% and net revenue increased 19% year over year, reflecting gains across all three segments. The company achieved positive consolidated adjusted EBITDA of $0.1 million for the quarter, driven by strong operating leverage in US appraisal and US title. Despite the first quarter typically being seasonally slow, the successful onboarding of new clients and expansion of market share, supported by favorable conditions in the refinance market, contributed to a positive bottom line. Notably, this is the first time since Q1 2022 that profitability was achieved in the first quarter, despite current market volumes being approximately 70% lower than at that time, demonstrating the impact of our market share gains combined with improved efficiencies in the business. It also reinforces that our model can generate significant operating leverage even under these market conditions. In U.S. appraisal, we maintained leading positions on lender scorecards, which contributed to gaining additional market share sequentially with two large clients. Furthermore, the segment demonstrated strong operating leverage as reduced operating costs combined with a 7% increase in net revenue drove 36% year-over-year growth in adjusted EBITDA. Refinance origination volumes in our U.S. title segment more than doubled as a result of new client wins, market share growth, and to a lesser extent, mortgage market tailwinds. With increased volumes, net revenue for the US title segment increased by 110%. The vast majority of that net revenue gain contributed directly to our bottom line, bringing us closer to achieving break-even results in this segment. 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 other words, a high proportion of each incremental dollar of our revenue we will generate in the title segment will continue to flow directly to EBITDA as we continue to scale up the title business. With a potential mortgage market recovery on the horizon, more lenders are turning their attention toward capacity planning. which includes ensuring they have the right partners to deliver leading performance when volumes ramp up. Our sales team is capitalizing on this trend and our network management model's ability to deliver performance at scale to drive more RFP conversations and accelerate the momentum in our US title sales pipeline. Turning to Canada, the business launched three new clients in the first quarter and we delivered modest revenue and net revenue growth despite a decline in mortgage market volumes and lower insurance inspection revenues. With that, I'll hand it over to Rodrigo.