Secure Waste Infrastructure Corp.

Good morning, ladies and gentlemen, and welcome to the Secure Waste Infrastructure Corp Q1 2025 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, May 2, 2025. I would now like to turn the conference over to Alison Prokop. Please go ahead.

Thank you, and good morning to everyone who is listening to the call. Welcome to Secure's conference call for the first quarter of 2025. Joining me on the call today is Alan Branch, our President and Chief Executive Officer, Chad Magus, our Chief Financial Officer, and Corey Haim, our Chief Operating Officer. During the call today, we will make forward-looking statements related to future performance, and we will refer to certain financial measures and ratios that do not have any standardized meaning prescribed by GAAP. and may not be comparable to similar financial measures or ratios disclosed by other companies. The forward-looking statements reflect the current views of SECURE with respect to future events and are based on certain key expectations and assumptions considered reasonable by SECURE. Since forward-looking information addresses future events and conditions by their very nature, they involve inherent assumptions, risks, and uncertainties, and actual results could differ materially from those anticipated due to numerous factors and risks. Please refer to our continuous disclosure documents available on CEDAR Plus as they identify risk factors applicable to secure factors which may cause actual results to differ materially from any forward-looking statements and identify and define our non-GAAP measures. Today, we will review our financial and operational results for the three-month end of March 31st, 2025. I will now turn the call over to Alan.

Good morning, everyone, and thank you for joining today's call. We are pleased to report a solid start to 2025, reflecting the consistency of our infrastructure-backed business model. Amid recessionary concerns and lower commodity prices, our operations continue to generate high-quality earnings and stable cash flow, underpinned by our reoccurring waste volumes tied to production and industrial activity. Adjusted EBITDA for the quarter was 121 million, representing a 33% EBITDA margin and stable performance on a pro forma basis after removing the 13 million of adjusted EBITDA from the facilities that we sold to Waste Connections on February 1st, 2024. Extreme cold weather in February temporarily softened some activity levels, but our base business and strategic investments continue to deliver. On a per share basis, adjusted EBITDA increased 24% from the first quarter of 2024 pro forma, reinforcing the value of our capital return strategy. This increase is driven by an 18% reduction in our weighted average shares outstanding year over year, along with strong infrastructure utilization and contributions from recent growth projects and acquisitions. In the first quarter of 2025, we continued our buyback strategy, reflecting our strong conviction in the intrinsic value of the business and our commitment to returning capital to shareholders. In total, we repurchased 5.3 million common shares, or approximately 2% of our total outstanding shares, for a total cost of $79 million. In April, we launched a $200 million substantial issuer bid, accelerating our share buybacks plan for 2025. Together with our dividend, we are on track to return nearly $400 million to shareholders in the year while continuing to invest in growth and maintain our financial strength. This morning, we announced an increase to our 2025 organic growth capital program to $125 million, up from $85 million, supported by a 10-year commercial agreement with senior Montney producer. Key projects planned for 2025 include... constructing two greenfield water disposal facilities with integrated pipelines in the Maundy region of Alberta to accommodate growing producer volumes. These new facilities are both backed by 10-year produced water contracts with large reputable counterparties. One of the new facilities will be operational in the fourth quarter, while the second facility is scheduled to come online in the first quarter of 2026. In March, we completed Phase 3 expansion of our Clearwater Terminal, adding treating capabilities for trucked-in emulsion volumes and increasing capacities to 75,000 barrels per day. This expansion, as I mentioned, came into service this first quarter. Reopening and upgrading an industrial waste facility in Alberta's industrial heartland, expected to be operational in the third quarter. Purchasing incremental rail cars to bring Secure's fleet to approximately 200 cars, increasing the efficiency of our metal recycling logistics and distribution operations. And finally, ongoing optimization efforts across our network to increase volume throughput and drive same-store sales adjusting the dog rope. We also closed the acquisition of an Edmonton-based metal recycling business on January 31st for $162 million, including certain working capital. This acquisition strengthens our processing capabilities, adds scale and supply diversification, and improves logistics through our investment in rail cars. We have also determined not to proceed with the previously announced $18 million acquisition in our metal recycling business due to final due diligence outcomes. We are maintaining our 2025 full-year adjusted EBITDA guidance range of $510 million to $540 million. Our outlook reflects a more cautious stance in light of ongoing macroeconomic volatility, including uncertainty surrounding tariffs, recessionary concerns, and the recent decline in commodity prices. Now, while these factors have contributed to a weaker economic outlook and increased uncertainty for our customers, they assess potential impacts on their businesses. And we believe our guidance range has sufficient flexibility to accommodate these conditions along with the impact of our decision not to proceed with the $18 million acquisition in the metals recycling business. The long-term fundamentals for our business remain intact. Consistent energy demand, mandated liability reduction, and steady industrial activity. Our infrastructure supports reoccurring waste streams and is built to perform across cycles. We provide critical regulatory-driven services through our infrastructure in helping our customers meet environmental obligations while ensuring safe, compliant waste handling. With a strong balance sheet and robust cash flows, we remain well positioned to fund growth, return capital, and maintain a leverage ratio below our target range of two to two and a half times debt to EBITDA. I'll now turn the call over to Chad to walk through our Q1 financial results in more detail.