Secure Waste Infrastructure Corp.

Good morning, ladies and gentlemen, and welcome to the SecureWave Infrastructure Corp Q3 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 Thursday, October 30, 2025. And I would now like to turn the conference over to Ms. Alison Prokop, Thank you. Please go ahead.

Thank you, and good morning to everyone who is listening to the call. Welcome to Secure's conference call for the third 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 Hyam, 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 CDAR Plus for more information on risk factors and definitions. Today, we will review our financial and operational results for the three and nine months ended September 30th, 2025. I'll now turn the call over to Alan.

Good morning, and thank you for joining today's call. SECURE delivered another strong quarter demonstrating the resilience of our infrastructure-backed business. Our core waste and energy infrastructure network performed largely in line with expectations, and it continues to highlight the strength and the stability of our cash flows, even amid lower oil prices and disciplined producer spending. Adjusted EBITDA for the third quarter was $135 million, up 6% year-over-year or 17% higher on a per-share basis. Canadian producers continue to approach the current environment with caution, maintaining discipline and spending, maintain discipline spending and stable production. Our business directly benefits from their ongoing need to reliable waste management and energy infrastructure solutions. Approximately 80% of our adjusted EBITDA is derived from reoccurring production and industrial activity, while only 20% is linked to drilling and completions, underscoring our ability to generate stable cash flows across lower market cycles. This resiliency, combined with disciplined execution, gives us confidence in our ability to maintain strong free cash flow and balance sheet flexibility. We did, however, experience continued weakness in our metal recycling business, particularly with the Ferris market. Conditions remain challenging due to soft Canadian demand driven by tariffs on finished steel sold into the US. Foreign oversupply and broader macroeconomic caution that is limiting new steel production. These factors have reduced domestic sales and led to a buildup of Ferris inventory. We have now redirected 95% of our shipments to stronger U.S. markets where scrap metal remains exempt from tariffs, though the full financial benefit may be realized into 2026 as our inventory turns per month improve with our rail capacity expansion in Q4. As a result of lower drilling and completion activity stemming from weakening of the benchmark oil prices, together with the near-term headwinds in metal recycling, we are revising our 2025 adjusted EBITDA guidance to approximately $500 million. This reflects a 2% reduction from the low end of our prior range. Compared to the initial guidance provided last December, this decrease reflects the delayed fairness Metal failed as described, the weaker macro environment, as well as the decision not to proceed with a small acquisition originally anticipated to contribute roughly $6 million of EBITDA this year. Importantly, our revised 2025 adjusted EBITDA guidance represents approximately 5% growth over pro forma 2024 adjusted EBITDA. This demonstrates continued year-over-year improvement despite a softer macroeconomic environment, and it highlights the strength and resilience of the business. Looking ahead, we expect to enter 2026 with strong operational momentum and the benefit of several long-cycle projects nearing completion. Our infrastructure growth program remains on track with $97 million of our $125 billion capital budget deployed in the first nine months of the year. The two major projects we've advanced this year, both pipeline-connected produced water disposal facilities in the Alberta-Montney region, are progressing on schedule. Each project is backed by 10-year commercial agreements with strong counterparties. The first facility is expected to be operational before year-end and the second in early 2026. These developments will add meaningful capacity in one of the most active basins in North America, and generate stable, reoccurring cash flow for years to come. We've also increased the project scope associated with our industrial heartland waste processing facility, which will expand our ability to manage industrial waste in an underserviced region. This facility is now expected to be operational later in Q2. In total, over 70% of our 2025 organic growth capital is directed towards long cycle across commodity cycles. As these assets come online, together with an expected recovery in metals recycling and continued strength across our core network, we anticipate delivering solid adjusted EBITDA growth in 2026. Our balance sheet remains strong with total debt to EBITDA of 2.1 times or 1.8 times excluding leases, providing ample flexibility to support our capital priority. Through the first nine months of the year, we've returned $335 million or nearly $1.50 per share to shareholders through dividends and share repurchases, reducing our outstanding shares by approximately 8%. We remain committed to opportunistic buybacks under our normal course issuer bid and maintaining our quarterly dividend of $0.10 per share supported by our strong free cash flow and balance sheet flexibility. Our strategy remains unchanged to build long life, high barriers to entry, infrastructure backed by contracts, and reoccurring volumes to operate safely and efficiently and to continue to return meaningful capital to shareholders. With that, I'll turn it over to Chad to walk through our Q3 financial results in more detail.