Evergen Infrastructure Corp.

Welcome to the Evergent Infrastructure fourth quarter year-end and 2025 earnings results presentation. During the presentation, all participants will be in a listen-only mode. Participants can submit questions via the Q&A box at the bottom of the screen, which will be answered following the presentation. As a reminder, this call is being recorded. Before we begin, I would like to direct all participants to our website at www.evergentinfra.com, where you will find a copy of the fourth quarter 2025 earnings presentation. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may vary materially from results. Additional information is contained in the fourth quarter 2025 management discussion analysis. I will now turn the call over to Chase Edgelow, Evergen's Chief Executive Officer, to begin.

Welcome, everyone, and thank you for joining our Q4 and 2025 year-end call. For Evergen, 2025 marked a period of transition following the recapitalization transactions that occurred in May 2025. Our focus for the remainder of the year as a management team was on completing our refinancing and stabilizing the business, optimizing our existing assets by putting in place lasting, sustainable operating systems and culture as a part of a platform reset, and starting to look ahead to the future for growth. In terms of the platform reset, our focus was really on driving disciplined optimization across our team, our people, our assets, and our systems. And I think kudos to our operating team and the people in our business. We started to see the fruits of those labors in Q4. We began to see those benefits from the turnaround and the optimization initiatives take hold in the form of record R&G production, improve operating performance across our RNG assets, and in terms of financial results, which Maria will touch on here next. Our goal is to build a stabilized platform that has resilient EBITDA tied to 20-year contracts with our off-take partners, and ultimately building a very strong infrastructure foundation for growing Evergen into our future assets and being able to do that on a repeatable basis in 2026 and beyond. So with that, I'll turn it over. Before we get to that, I guess maybe we'll start with just a corporate snapshot here. And we'll go back just to say where we're at today for those that maybe weren't following the recapitalization transaction. We So with the recapitalization, there was a $5 million investment made in May 2025. Following that transaction and following the subsequent financing that was completed in January, management and board now hold 41% of the company shares and are aligned for long-term shareholder value creation with 31% additional shareholder base coming from pensions, institutional, and shareholders and other family offices. So together, we see it as a very aligned business, very different from a lot of other publicly listed companies. And from a market cap standpoint, we currently have a market cap of approximately 10.2 million. Now, I think worth pointing out, we completed our second tranche of the total $7 million that was put into the business over the last 12 months in January at a share price of $0.60. And that is where recent board management and shareholders have come into the company at in terms of private placement pricing. Where we stand from an asset perspective in terms of debt perspective or debt load perspective, that is primarily held at the asset level now. We completed in January a transaction with Farm Credit Canada to take our corporate debt and deliver it at the corporate level and bring that debt down to a more attractive facility with Farm Credit Canada that's primarily tied to Fraser Valley Biogas. So that was a huge lift by our team, by Maria, and by the supporting team in our finance group and ultimately gives Evergen the flexibility to finance projects as it goes forward, as it seems fit, but also operational flexibility day to day. So with that, I'll turn it over to Maria to walk through our Q4 and 2025 results.

Thanks, Jake. And thank everyone for joining us again for the Q4 year-end earnings call. As Jake has already alluded to, in the fourth quarter, we delivered our strongest quarter of 2025, largely driven by our record RNG production and also carbon credit revenue realized in the quarter, making this the fourth consecutive quarter of record RNG production since the recapitulation in May 2025. We also completed construction of the PCR screening building during the quarter as well. And turning to the numbers, so first of all, for revenue for Q4 2025, we've increased 34% compared to Q4 of the prior year, reaching $4.2 million. This is primarily driven by strong carbon credit sales of $1.2 million in the quarter compared to Q4 2024. as well as continued orangey production growth at Fraser Valley Biogas and Brotec, which saw orangey revenues increase 35% year-on-year. The full year did see a decrease of revenues to $11.7 million for 2025. This primarily reflects the decreased tipping volumes received at the organic and wastewater. composting facilities in the first nine months of the year due to the purchase site cleanup and asset optimization activities. These were also offset by increased warranty collection and carbon credit revenues. Compared to Q3 2025, again, there was an increase across revenue from 2.8 million, sorry, decrease in revenues. This was driven by carbon credit sales again, recognised and reported, and again, the orangey production growth. Turning to adjusted EBITDA, and this came in at 1.3 million for Q4 2025, which is a 1.2 million increase when compared to Q4 2024, largely driven by the already mentioned and discussed higher revenues and some lower direct operating costs. For the full year of 2025 adjusted EBITDA fell to 2.5 million compared to 2.9 million in 2004. So a slight decrease here but generally positive despite having lower tipping revenues and due to those lower volumes at the composting sites for the first nine months of the year. And then some higher G&A costs. These were partially offset by those favourable carbon credit sales in the year and a reduction in some direct operating costs. When compared to prior quarter, we saw an increase in adjusted EBITDA of 0.8 million. Again, largely due to the favourable revenues combined with those slightly lower direct operating costs. On the balance sheet, our liquidity position has improved during 2025. Subsequent to year end, and as Chait has already mentioned, in January 2096, we formally closed the previously announced $13 million after-level debt facility at Fraser Valley Biogas, and we repaid the majority of the corporate level term loan. We also closed out on the second tranche of the private placement for gross proceeds of approximately $1.9 million. Together with these transactions, the volunteer has seen a strengthening and it provides a strong foundation as we move through into 2026. The results for the quarter especially and the improvements throughout the year reflect the progress that the new management team has made in stabilizing and optimizing our core activities. And we believe that Evergreen is in a good position to improve and stabilize EBITDA for the rest of the year. And with that, I'll turn it back to Chase to continue with our next presentation.