WildBrain Ltd.

Thank you for standing by. This is the conference operator. Welcome to . Sorry about that. Thank you for standing by. This is the conference operator. Welcome to Wildbrain's Fiscal 2025 Fourth and Full Year Earnings Conference Call. As a reminder, all participants will be in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star, then 0. I would now like to turn the conference over to Kathleen Persaud, VP of Investor Relations. Please go ahead.

Thank you, Operator, and thank you, everyone, for joining us today for WildBrain's fourth quarter 2025 earnings call. Joining me today are Josh Sherba, our President and CEO, and Nick Gaughan, our CFO. Before we begin, please note that matters discussed on this call include forward-looking statements under applicable securities laws, which reflects WildBrain's current expectations of future events. Such statements are based on a number of factors and assumptions that management believes are reasonable at the time they were made and information currently available. However, many of these factors and assumptions are subject to risks and uncertainties beyond WildBrain's control, which could cause actual results and events to differ materially from those that are disclosed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in general economic, business, and political conditions. WildBrain undertakes no obligation to update such forward-looking information, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law. Please note that all currency numbers are in Canadian dollars unless otherwise stated. After our remarks, we will open the call for questions. I will now turn the call over to our President and CEO, Josh Sherbaugh.

Thanks for joining us today. I'm excited to walk you through our performance in fiscal 2025 and share why we continue to grow increasingly confident about the opportunities ahead. We delivered strong results this year, sharpening our operating focus and reinforcing the foundation for growth in fiscal 2026 and beyond. Starting with licensing, 2025 was a year of significant global growth. We delivered growth of 33% in the year across our portfolio, but Strawberry Shortcake was the clear breakout story, growing revenue nearly 200% year over year. Strawberry is now a meaningful contributor to our licensing segment. As we highlighted last quarter, Strawberry historically generated over $800 million in retail sales, and we have surpassed $200 million this year, underscoring its significant upside as the franchise continues to scale. That momentum is showing up directly in our P&L. Strawberry grew from under $5 million last year to $14 million this year in high EBITDA licensing revenue. We're seeing growing interest from licensees and retailers across broad categories, validating our investment in revitalizing the brand and giving us confidence in Strawberry's long runway for profitable growth. Much of this momentum has been driven by innovation in our social and digital strategy, which requires a lower upfront investment, but has proven highly effective in driving engagement and consumer demand. Our franchise management team, which oversees Wellgreen's own brands, has been central to this effort, developing and executing digital first strategies that have meaningfully grown engagement and translated into stronger financial performance across our portfolio. Engagement on Strawberry Shortcake and Teletubbies is up 66% and 56% respectively year over year across social media platforms, a strong sign of the growing connection between our brands and fans. And importantly, this increase in engagement is translating into consumer product success and giving licensees greater confidence to invest behind our brands, both of which fueled the continued revenue growth we're seeing in our numbers. Engagement isn't just a vanity metric for us. It is a leading indicator of franchise health, powering the 360-degree wheel that drives demand for content, consumer products, and partnerships. We've had a number of recent brand activations for Strawberry Shortcake. Our Berry Besties campaign is producing meaningful new collaborations, from a Roblox cake decorating experience, to music streaming partnerships, to co-branded fashion and accessories with Crocs and others. We also have new fragrance and cosmetic lines in development, with global distribution in sight. Meanwhile, the upcoming Perfect Pets theme for Fall 2026 builds off the Berry Besties campaign and gives us a fresh runway to continue building on that momentum with Pets for Strawberry and her friends. Teletubbies is another solid driver of growth in our licensing business, growing more than 60% in the year. While a smaller contributor than Strawberry at the moment, we continue to see ample opportunity to grow and build this brand globally. We're ramping up to the brand's 30th anniversary in 2027 with a global activation program designed to celebrate and amplify the strong fan affinity for these iconic, quirky characters. New licensing partners like PopMart are helping us expand accessories, fashion, digital first, and nostalgic product offerings. all with strong localization in key markets. Early feedback on the products has been very positive, and our franchise and marketing teams are executing well globally, leveraging our full platform to ensure Teletubbies continues to resonate with fans worldwide. This gives us confidence in both the near-term growth and the long-term brand opportunity for Teletubbies. Turning to peanuts, fiscal 2025 was a banner year for the brand. We saw widespread demand across categories and geographies, establishing what we believe is a new baseline for Peanuts going forward. When we acquired the brand, Peanuts was already iconic, but since then we've grown it into a global powerhouse. Over the past eight years since acquisition, we have reignited growth at Peanuts, delivering consistent compounding growth across consumer products, publishing, live experiences, and content, expanding its reach to audiences worldwide. This year in particular, we saw strong momentum across every major market without performance in Asia, especially China, where the brand continues to grow and build relevance. This momentum gives us confidence that China and Asia will remain a long-term growth engine for Peanuts. Closing up global licensing, our agency, WildBrain CPLG, experienced very strong growth in the year. CPLG is a unique and highly differentiated business within the licensing industry. Unlike most agencies, it combines the scale and sophistication of a global licensing operation with the flexibility and local expertise of regional teams. That structure gives us the ability to manage a broad portfolio of IP across categories and geographies, while also tailoring execution for local markets and retail environments. This unique approach has driven stronger execution for partners and reinforced CPLG's position as a trusted partner of choice across the global licensing landscape. Our top brands in CPLG continue to reflect both the stability of long-term partnerships and the momentum of new wins. We've seen enduring success with major partners like Paramount, Amazon MGM, and Dr. Seuss, as well as exciting new relationships such as Supercell and Peter Rabbit, further expanding our portfolio. These additions highlight the strength of CPLG's value proposition as a trusted partner for IP owners seeking to maximize their brands globally. While brand CPLG is also a powerful complement to our own brands, having the agency under the same roof enables us to apply its expertise and retail reach to franchises like Peanuts, Strawberry Shortcake, and Teletubbies, accelerating their global impact. That combination, global agency strength and owned IP is what makes Wildbrain CPLG a unique growth engine in our portfolio. Turning to content creation and audience engagement, this was a year during which we sharpened our production capabilities and scaled our digital distribution and ad sales business. On the content side, we returned to growth, even as industry headwinds remained. Our studio is one of the leading independent kids and family studios globally. Our team produces high-quality animation and live-action programming from pre-production through to the end product with top partners like Netflix, Apple TV+, and Lego. Another one of our beloved brands, Degrassi, returned to the spotlight recently with the global premiere of our new documentary produced with Peacock Alley Entertainment, Whatever It Takes. The documentary, which generated over 1,800 media hits and features interviews with Drake alongside numerous other Degrassi alumni, underscores the enduring cultural relevance of Degrassi and highlights the opportunity to reboot the iconic franchise for a new generation of fans. In audience engagement, our AVOD and FAST channels continue to grow steadily, up 55% in the fourth quarter to 5.7 billion minutes compared to the prior year, extending the global reach of our IP and giving us more direct access to audiences. These platforms build awareness and affinity for a brand, create incremental monetization opportunities, and extend the lifecycle of our content. Own franchises like Degrassi and Strawberry Shortcake, as well as partner brands such as Pokemon, remain consistently in front of fans worldwide, keeping them top of mind and fueling demand that carries through to licensing. Our channels are distributed across major platforms, including Samsung, Roku, and Amazon, ensuring our content reaches audiences wherever they are watching. As the FAST ecosystem matures, Wellbrain is well-positioned to be a scale and trusted partner for platforms seeking high-quality kids and family content. Finally, I want to touch on Media Solutions, our in-house advertising and brand partnership arm. We're increasingly confident in the growth potential for this business. As a reminder, this business is responsible for creating, selling, and executing integrated campaigns across our AVOD, FAST, and YouTube networks, helping brands connect with millions of kids and families worldwide in a safe and engaging environment. It's a differentiated capability within Wildbrain. Very few kids media companies combine global brand management and channel reach with in-house media sales and activation at this scale. This addresses a longstanding gap in the marketplace for brands seeking to reach kids safely in the digital ecosystem. Over the past year, we've taken steps to align and strengthen the media solutions leadership team and we now have the right people in place to scale this business. We've broadened our advertiser base, deepened relationships with global brands, and secured a healthy pipeline of opportunities across key verticals. The early results are encouraging, with the pipeline showing strong momentum. With the combination of premium content, growing AVOD fast distribution, and Media Solutions' ability to monetize through tailored and brand activations, We believe this business is increasingly well-positioned to be a meaningful contributor to well-brained growth in fiscal 2026 and beyond. The rising engagement across our digital platforms, growing pipeline of media solutions, and the significant growth in licensing all underscore we are building a meaningful platform at the center of kids' digital media. Our scale across YouTube, Fast and Avod not only keeps our brands front and center with global audiences, but also demonstrates the strength of our model in driving awareness, engagement and monetization. In television, as we announced last month, we've made the strategic decision to exit our Canadian broadcast business following the removal of our channels from Rogers and Bell. While this was not our preferred outcome, it simplifies our business and enables us to focus on higher growth, more scalable areas. Once we are no longer subject to Canadian control restrictions under the Broadcasting Act, we will move to a single class share structure, providing greater strategic flexibility for the future. Before I wrap up, I wanted to briefly touch on the asset sales we've previously discussed. We've approached this process with three objectives in mind. First, to simplify and focus the business. Second, to improve the balance sheet. And third, to drive shareholder value. Our exit from the television business marks a pivotal step toward our simplification goal. Combined with our clear focus on key brands and profitability drivers, these actions have opened the door to actively considering strategic options that would unlock additional value for Wild Green and its stakeholders. We are actively in dialogue with a handful of parties to this end and expect to have more to report in the near term, all the while remaining committed to building a more focused, resilient, and growth-oriented company. We made huge steps forward over the past 18 months. We successfully refinanced our debt, refreshed our senior leadership team, and sharpened our focus on key brands, meaningfully growing our own IP. I'm incredibly proud of what our teams have accomplished in this period. Their resilience and creativity are what make this company stronger. Of course, the industry continues to evolve, from tariffs to the rise of AI and ongoing consolidation. But we view these as opportunities as much as challenges. With our unique 360-degree capabilities, we use YouTube, AVOD, and FAST to deepen audience engagement and then leverage our franchise management and CPLG teams to translate that engagement into sizable consumer products programs. What sets us apart is the combination of global strategy with strong local execution, the winning formula that enables us to build lasting franchises. We're already seeing this play out with Strawberry Shortcake, where digital-first engagement has fueled retail growth, and I'm confident in our ability to build on this momentum and deliver sustained growth and value for years to come. With that, I'll turn it over to Nick to review our results.