Tiny Ltd.

Good morning and welcome to the tiny limited Q4 and fiscal 2025 results conference call. All lines have been placed on mute to prevent any background noise and after the speaker's remarks there will be a question and answer session. If you'd like to ask a question during this time simply press star and then number one on your telephone keypad. If you'd like to withdraw your question please press star followed by two. Before we start we ask you to take a moment to read the disclaimer at the beginning of the slides. accompanying this presentation as it contains important information. We'd also like to remind you that all amounts discussed in this call are denominated in Canadian dollars unless otherwise indicated. Please note that statements made during this call may include forward-looking statements and future orientated financial information regarding Tiny and its business. and disclosure regarding possible expectations, events, conditions, or results that are based on information currently available to management, which indicate management's expectation of TINI's future growth, results of operations, business performance, and opportunities. Such statements are made as of this date hereof, and TINI assumes no obligation to update or revise them, except as required by applicable securities laws. Such statements involve significant risks, uncertainties and assumptions and are not a guarantee of future performance or results. A number of these risks and uncertainties could cause results to differ materially from the results discussed today. Given these risks and uncertainties, one should not place undue reliance on these statements and information. Please refer to the forward-looking statements disclaimer in the slides accompanying this presentation and in the company's press release issued today for any additional information. We use non-IFRS financial measures to help investors understand our operating performance. Non-IFRS financial measures may not be comparable to similarly titled measures used by other companies and should be considered along with, but not as an alternative to, measures calculated in accordance with IFRS. I'd now like to turn the call over to the executive team from Tiny for today's earnings call. Please go ahead.

Thank you. Good morning, everyone. Thank you for joining our 2025 year-end earnings call. I wanted to start by thanking the entire Tiny team, including all of our wonderful portfolio companies, for a truly great year. We made significant progress across a number of strategic and financial priorities. We grew our adjusted EBITDA, recurring revenue, and free cash flow significantly We meaningfully reduced our leverage profile through debt repayment and increased profitability. We uplisted to the TSX, which was a monumental task for our finance team and across the portfolio. We completed the majority acquisition of Serato, the world's leading DJ software company, and continued to optimize the portfolio through strategic divestitures and cost discipline. I am extremely proud of the work our team completed this year. And it's both validating and humbling to see Letterboxd and Metalab recently recognized among the most innovative companies in the world by Fast Company. Continuing on. As reported, Tiny's gross revenue increased 9% compared to Q4 25 and 5% on a full year basis. Our growth was mainly driven by the Serato acquisition and growth in digital services, excluding these strategic divestitures completed in Q4-24. Growth for the quarter was 15% when excluding these divestitures, as well as the divestiture of WeWork remotely. We remain excited about Serato's future prospects as we continue to invest in product roadmaps, including rolling out thoughtful integrations of additional AI capabilities. Dribbble's services marketplace continued to show momentum with continued growth in its GMV. We expect the marketplace to drive growth going forward through additional transaction fees, designer advertising, and subscriptions. Our digital services segment continued to benefit from its market-leading position throughout 25, completing landmark work for Fortune 500 and leading AI companies. Looking ahead and across the portfolio, We are seeing opportunities to create new revenue streams by leveraging our large sets of proprietary data. Serato was transformational for our recurring revenue profile in 2025, leading to a 50% increase year over year. As a company, we will continue to focus on both organic and acquisition-related opportunities to enhance this recurring revenue base. I'm going to turn it over to our CFO, Mike McKenna.

Okay. Thank you, Jordan. I'll start by providing an overview of performance around adjusted EBITDA and our adjusted EBITDA margin. For the year end 2025, adjusted EBITDA came in at 37.9 million. This is a strong 22% improvement over fiscal year 2024 adjusted EBITDA of 31 million. This reflects real operational progress across the business supported by the strong top line growth. The margin story is equally strong. We expanded from 16% in fiscal year 2024 to 19% in fiscal year 2025. And that improvement has been consistent and sustainable across the quarters of the year. There are two very key drivers here. One being the Serato acquisition contributing meaningfully to our earnings profile. The discipline cost management across the entire portfolio continues to enhance margin. Q4. 2025 adjusted EBITDA of $9.8 million held steady, demonstrating the durability of our earnings power heading into 2026. Moving on to slide eight. This will provide an overview of free cash flow and adjusted free cash flow post debt servicing. For the year end 2025, Free cash flow of 25.3 million represents a 171% increase over 2024. This is the clear signal how much stronger the business has become. While Q4 was softer at 1.3 million driven by working capital timing and the semi-annual interest payments on our convertible ventures, this is expected and not a structural concern. Free cash flow calculation is conservative and transparent. It includes licensing income, but excludes the gain on the sale of WeWork remotely. Prioritizing debt repayment with this cash flow is positioning us well for future capital allocation opportunities. These include acquisitions, buybacks, and other means of which we could deploy capital across the portfolio. With that, I'll turn it back to Jordan. Talk about Tiny Fund 1.