Evergen Infrastructure Corp.

Hi everybody and welcome to our Q3 call. This quarter was a period of initial transition for our new management team following the May recapitalization transaction and marked the early stages of what we're planning as a platform reset. This means we're driving disciplined optimization across our team, our people, our assets, and our systems. The focus of this effort is really on building stabilized performance, a strong foundation for our business, positioning Evergen for scalable growth in 2026 and beyond. In the quarter, our R&G assets, Fraser Valley Biogas and Grotech, the core drivers of long-term value, delivered record quarterly production, which Maria will detail further on this call. In terms of revenues, decisions made under prior previous capital constraints continued to impact the quarter, particularly within our organics and composting businesses. While these actions impacted revenue, they were intentional, necessary, and provide a reset that we believe will set the business up for long-term value creation. In terms of our strategic process, the quarter really represented the first hundred days for us in the business. We were focused on operational excellence, capital discipline, and strengthening our financial footing. Core to that is the refinancing of our corporate debts with a $13 million debt facility that we'll talk about later on this call at Fraser Valley Biogas. I'll turn it over to Maria to walk through the financial performance in more detail.

Thanks, Chase, and good morning, everyone. Thanks for joining us for the earnings call. So turning to revenue for Q3 2025, This has remained largely in line with prior quarter, mainly due to the quarantine segment continuing to deliver record production, where we saw month on month increased production throughout Q3. We saw carbon credit revenues realized in the quarter, which helps to offset some lower tonnages received at the composting sites. Revenues decreased relative to Q3 and prior year, mainly due to lower tipping revenues due to those lower volumes received at the organic waste and composting facilities as the company continued to focus on increased screening activities. We had no management fees earned from project radius in the quarter, and these decreases were offset by the already mentioned increased RNG revenues and carbon credits realized. Turning to adjusted EBITDA, This came in at 0.5 million for Q3 2025 compared to Q4 or compared to 0.4 million in the prior quarter. This was mainly due to the already mentioned increased revenues in our RNG segment and lower corporate G&A costs. These are partially offset by some increased direct operating costs and related to cycling up and increased screening activities at the organics and composting facilities. When compared to prior, adjusted EBITDA has decreased mainly due to, again, the lower volumes at the composting facilities, partially offset by lower direct operating costs. For the third quarter, as Chase has already touched on, we delivered results that reflected continued steady production in our RNG segment, which achieved quarterly record production And good progress was made in site prep and screening activities at our compost sites to position us to optimize these assets for continued future growth. With that, I'll turn it back to Chase to conclude the Q3 2025 earnings presentation.

So I think one thing just to point out before we wrap this call up are Our outlook for the organics business is that when we acquired the assets, call it Pacific Coast Renewables and Sea to Sky Soils in 2021, there was a number of contracts that were entered into by the previous owner under a much different pricing environment. We've seen Metro Vancouver go through a significant transition in terms of the tip fee that is charged by both our competitors and paid by the municipalities in the region, as well as the spot tip fees for other businesses that are dropping off organic waste on a daily basis, but not under contract. So that market we have a very strong outlook for, and we believe it's gone up. close to 30% relative to the contracted rates that we were seeing prior to 2020, prior to COVID. So that's a positive for the business. And one of the reasons that we spent time this year to reset and open up available capacity at those facilities. Ultimately, our goal is to maximize throughput at our RNG facilities, something that was challenging to, achieve in previous years. We have shown that the strategy and the foundation that has been set by Evergen at Fraser Valley Biogas and Grotech has resulted in very steady production. I think if you look across the sector, we would be best in class in terms of uptime of those two facilities, and we continue to make improvements. With that sustained strong R&T production levels, we also expect to see significant carbon credit revenue, and that's typically on a delayed basis. We don't hold any of that in inventory. So there's a very strong market for CFR credits right now in Canada. We don't have an outlook on that that's publicly available, but if you'd like more information, feel free to reach out. In conclusion, we believe that with our improved resiliency, this platform is well positioned to drive long-term shareholder value, and we will be pursuing attractive opportunities to grow our business in the R&G landscape in Canada. Thank you, Maria, and thank you, Laura.