Secure Waste Infrastructure Corp.

Good morning, ladies and gentlemen, and welcome to the Secure Waste Infrastructure Corporation Second Quarter 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 needed assistance, please press story zero for the operator. This call is being recorded on Tuesday, July 29, 2025. I would now like to turn the conference over to Ms. 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 second 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. We will be making forward-looking statements during this call. These statements reflect current expectations and are subject to a number of risks and uncertainties. Actual results could differ materially. We will also refer to certain non-GAAP financial measures, which may not be directly comparable to similar measures disclosed by other companies. Please refer to our continuous disclosure documents on CEDAR Plus for more information on risk factors and definitions. Today, we will review our financial and operational results for the three and six months ended June 30th, 2025. I will now turn the call over to Alan.

Thank you, Allison. Good morning, and thank you for joining today's call. SECURE delivered solid second quarter results that reflect the resilience of our infrastructure-backed model and our continued focus on maximizing value through capital allocation. Adjusted EBITDA was $110 million, or 49 cents per share, reflecting a 14% year-over-year increase on a per-share basis from Q2 of 2024. As total adjusted EBITDA declined modestly due to a more typical spring breakup, active forest fires, and near-term volatility in the metals recycling segment from U.S. steel tariffs. We remain focused on creating shareholder value through disciplined capital deployment. So far this year, we've returned $286 million to shareholders through dividends and share repurchases, including completing $137 million substantial issuer bid, and repurchasing an additional $104 million under our normal course issuer bid. In total, we purchased 7% of our common shares outstanding year-to-date. On the growth front, we deployed $43 million of our $125 million capital budget in the first half of the year, advancing several projects that will drive reoccurring long-cycle returns. The Phase 3 expansion at our Clearwater Heavy Oil Terminal was completed in the first quarter and is fully operational. Construction continues on two new pipe connected produced water disposal facilities in the Alberta Monty, both under 10 year contracts with strong counterparties. The first facility is expected to be operational in the fourth quarter of this year, with the second facility expected to be in service early 2026. Upgrades are underway to our reopening of our waste facility in Alberta's industrial heartland. We've also added to our rail car fleet, which we are increasing to approximately 200 cars to improve metal recycling logistics. Collectively, these investments strengthen our competitive position and are expected to support meaningful EBITDA growth in 2026. In our metal recycling business, which represents about 10% of our operations, we continue to manage through challenging conditions related to U.S. tariffs, soft global demand, and trade policy uncertainty. We have implemented targeted strategies including redirection of scrap volumes to the U.S. where tariffs do not currently apply, dynamic feedstock pricing, selective purchasing, and a shift toward a non-ferrous volumes in order to protect segment performance and position the business for recovery. These efforts are ongoing and we anticipate any impacts in the short term will likely be recovered in future months. Based on the above, We remain cautious but are maintaining our 2025 guidance in the face of ongoing macroeconomic volatility supported by higher volumes in pricing, contributions from organic growth projects, and long-term industrial fundamentals. For the full year 2025, we expect adjusted EBITDA of 510 to 540 million. While the third quarter is typically our seasonal high point, we expect a modest shift in 2025 to the fourth quarter, representing the strongest period of the year. This reflects the anticipated timing of recovery in the metals market, as well as the phased-in service dates of the growth projects later in the year. We expect discretionary free cash flow of 270 to 300 million, growth capital of 125 million, sustaining capital of 85, and asset retirement obligation spend of 15 million. The long-term fundamentals of 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 this infrastructure, helping our customers meet environmental obligations while ensuring safe, compliant waste handling. Our balance sheet remains strong with total debt to EBITDA covenant ratio of 2.0 times or 1.8 times excluding leases. We extended our revolving credit facility in the second quarter to 2028 and increased its size to $900 million, giving us ample liquidity to support our strategy. Last week, we released our 2024 sustainability report, and I want to take a moment to highlight some of our most impactful progress. We exceeded our three-year GHG emission reduction target, achieving an 18% reduction since 2021. We returned 721,000 cubic meters of water to the watershed, reducing free water use by 6% over 2023. We spent a record $13.4 million with Indigita suppliers, Marking Secure's continued commitment to supporting our Indigenous partnerships. We also completed our first five-year sustainability strategy and are now moving toward more actionable, short-term climate goals aligned with emerging frameworks and technologies. Sustainability is more than a strategy for us. It is embedded in how we operate, manage risk, and create long-term value as we transform waste into value. To close these opening remarks, we are closely monitoring evolving market conditions, but remain on track to deliver our 2025 plan and exit the year with solid momentum heading into 2026. Our infrastructure network is built for resilience. Our growth projects are backed by commercial agreements, and our capital allocation strategy is delivering significant value. With that, I'll turn the call over to Chad to review the financials in more detail.