Superior Plus Corp.

and thank you for standing by. Welcome to the Superior Plus 2025 Fourth Quarter Results 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 will 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 would now like to hand the conference over to your speaker today, Chris Lichtenheld, Vice President of Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and welcome to Superior Plus's conference call and webcast to review our 2025 fourth quarter and full year results. On the call today, we have Alan McDonald, President and CEO, Greer Coulter, Executive Vice President and Chief Financial Officer, and Dale Winger, President of Sataris. For this morning's call, Alan and Greer will begin with their prepared remarks, and then we'll open the call for questions. Listeners are reminded that some of the comments made today may be forward-looking in nature, and information provided may refer to non-GAAP measures. Please refer to our continuous disclosure documents available on CR Plus and our website. Also note the dollar amounts discussed on today's call are expressed in U.S. dollars, unless otherwise noted.

I'll now turn the call over to Alan. Thanks, Chris. Good morning, everyone, and thanks for joining us today. Well, 2025 was a year of significant transition for Superior Plus. Over the course of the year, we continued to reshape how we operate across North America, advancing our Superior Delivers transformation while maintaining operational continuity in a challenging environment. We made real progress and also learned some hard lessons, particularly as change met a difficult winter. Superior Delivers has a clear purpose, to build a propane business that operates at a lower cost, handles volatility better, and performs consistently, especially in winter. As we integrated teams across the US and Canada, implemented new systems, and aligned leadership around a single operating model, the organization navigated a meaningful amount of change. While the pace and scale of that change created execution pressure at times, It also strengthened our foundation. In CNG, Satara's operated in a difficult macroeconomic environment, driven by a downturn in oil and gas activity. Pricing pressure in WellSite created a $40 million gross margin headwind, which our team was able to largely, but not entirely, offset. Despite that backdrop, we maintained a strong operational discipline and continued to diversify the business. Overall, 2025 was demanding, but it improved our visibility into the business and sharpened our focus as we move into 2026. To be clear, we are staying the course, maintaining our $75 million Superior Delivers target and managing what we can control. Turning to results, we delivered modest organic growth in both the fourth quarter and the full year in line with our Result Realize guidance. As we redesigned how we schedule, route, and deliver propane, we are transitioning to a more efficient delivery model. Now that transition is still in progress, and this winter tested the system under very difficult conditions, including sharp localized demand, icy and snowy road conditions, and a network that hadn't yet reached full optimization, adding complexity during peak period demands. These challenges were not unique to Superior, though. The broader propane industry faced elevated demand alongside supply constraints and extreme weather events across multiple regions. I want to recognize and thank our teams for their extraordinary efforts during this period. We expanded our driver base, increased call center capacity, and applied every available short-term measure to support our customers. While the winter highlighted areas where execution can improve, we are on the right path. and the network we're building is performing more consistently as optimization progresses. As a result of strong winter demand, we expect higher-than-normal deliveries to continue into March and April as customer inventories are replenished. Based on what we've learned, Superior delivers will require more time to fully realize its intended benefits than it originally anticipated. This reflects executional complexity, but not a change in strategy. We were ambitious, and that's a good thing. It's now more likely a three-year journey rather than two, but that's because we want to get this right and take the time to build a truly transformational platform, and we are absolutely staying the course. Superior Delivers contributed to propane growth in 2025 and is expected to contribute more meaningfully in 26. We also acknowledge that early iterations of our delivery tools did not perform as intended, and contributed lower than optimal customer tank levels heading into winter. These issues have been addressed with updated tools and delivery methodologies now in place. We're seeing improved performance and better predictability through peak demand. On the customer side, we continue to make progress. We've developed proprietary capabilities that allow us to precisely target attractive customer segments and allocate sales and marketing resources accordingly. Conversion rates are improving and we are building the organizational capability required to scale this approach over time. Turning to CNG, 2025 was a challenging year for Sataris, especially in the well site business. Early in the third quarter, well site pricing declined materially and has not yet recovered. This pricing pressure overshadowed several positive developments, including two new data center contracts and the opening of a hub in Florida to support industrial growth. Despite lower oil and gas activity, Soteris delivered record volumes, reflecting strong market share retention in WellSight and continued success with our industrial customers. WellSight remains the largest end market for Soteris, and the current pricing environment represents a meaningful change. While pricing will improve over time as the cycle evolves, the timing and the extent of it remain uncertain. As a result, we're resetting our outlook for Soteris to reflect current market conditions guiding to lower EBITDA in 2026 and adjusting our expectations for 2027. And Greer will discuss this in more detail. With that context, we're introducing 2026 guidance that reflects approximately 2% expected EBITDA growth. Increased contribution from propane is offset by lower earnings at Soteris, reflecting a full year of lower CNG pricing. Now, while we remain confident in Superior Delivers and maintain our $75 million target, we are updating our 27 outlook to reflect the CNG market conditions and a slightly longer execution cycle for Superior Deliverance. We believe this provides a realistic and transparent view of our path forward while maintaining confidence in the long-term potential of the business. On capital allocation, we remain confident in the underlying value of Superior. In the near term, we expect to continue repurchasing shares. However, over the medium term, we anticipate shifting toward debt repayment as we prepare for the potential redemption of our $260 million preferred shares in mid-2027, assuming, of course, our share price remains below the conversion price of approximately $12 Canadian. Now, while 2025 presented its challenges, it also strengthened our operating discipline and clarified our priorities. we're executing a more focused plan, building a more resilient platform, staying the course, and managing what we control to position superior to deliver sustainable value over the long term. So with that, thank you. I'll hand things over to Greer.