Real Matters Inc.

Good day and thank you for standing by. Welcome to the Real Matters second quarter 2026 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'll 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'd now like to hand the conference over to Lynn Beauregard, Vice President, Investor Relations and Corporate Communications. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Real Matters Financial Results conference call for the second quarter ended March 31st, 2026. With me today are 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 and six months ended March 31st, 2026. the release accompanying slide presentation as well as financial statements and MD&A are posted in financial sections 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 titled 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 CDER Plus 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 per dilute share, adjusted EBITDA, adjusted EBITDA margins. Non-GAAP measures are described in your MD&A for the three and six months ended March 31, 2026, where you will also find reconciliations 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. Our second quarter results built on the strong momentum we saw in the first quarter as we reported consolidated revenues of $47.2 million up 27% year-over-year, and consolidated net revenue increased 35% to $13.6 million. Real Matters delivered its strongest consolidated adjusted EBITDA results in seven quarters in Q2, generating a profit of $0.9 million, a notable improvement from a $1.9 million loss in the prior year quarter. reflecting robust revenue growth and enhanced operating leverage across the U.S. appraisal and U.S. title segments. We launched seven new clients in the second quarter, including one of the largest non-bank servicers in U.S. title. Our U.S. appraisal origination transaction volumes increased by 22% year over year, and our origination volumes more than tripled in U.S. title. Our financial performance in the second quarter continued to reflect the positive effects of new client launches, increased market share, and enhanced operational efficiencies. We also benefited from moderate market tailwinds in the first half of the quarter. These outcomes underscore our business model's capacity to deliver considerable operating leverage as transaction volumes grow. In U.S. appraisal, we maintained leading positions on lender scorecards and we demonstrated strong operating leverage. As an 18% increase in net revenue drove 41% year-over-year growth in adjusted EBITDA. We also recorded significant improvements in our home equity and other revenues driven by market share gains with existing clients. U.S. title origination volumes were up 268% year over year, driven by net market share gains with existing clients, new clients, and moderate refinance market tailwinds. To put this in perspective, U.S. title refinance origination volumes for the second quarter were equivalent to the total volume we processed in each of fiscal 2023 and fiscal 2024. We posted an adjusted EBITDA loss of $400,000 in U.S. title, putting the path to profitability in this segment well within our sights. We launched four new title clients in the second quarter, including one of the largest non-bank servicers. And subsequent to the end of the quarter, we launched our third tier one lender and another top 100 lender. The momentum we have built in US title with a growing client base that now includes three tier one lenders and one of the largest non-bank servicers positions this segment as an increasingly important growth engine for the company. With this increase in our title volume run rate and anticipated sales pipeline momentum, we are approaching an inflection point in the title business that will require us to invest in capacity to onboard new clients and scale up. Turning to Canada, the business launched three new clients in the second quarter. We delivered modest revenue and net revenue growth despite a decline in mortgage market volumes, and Canadian net revenue margins reached a record high of 19.9%. With that, I'll hand it over to Rodrigo.