KP Tissue Q3 2026 Earnings Results & Report

KP Tissue EPS Results

• Actual EPS: C$0.31
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A
• EPS Beat Rate: 2 of last 8 quarters

KP Tissue Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12% interest in Kruger Products.

KP Tissue Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: KP Tissue reported third-quarter revenue of CAD 589.7 million, up 5.1%, and adjusted EBITDA of CAD 93.5 million, up 9.1% year over year. Growth reflected higher sales in Canada and the U.S., while adjusted EBITDA margin improved to 15.9% from 15.3% a year earlier.
• Positive Sentiment: The company strengthened its balance sheet, reducing net debt by CAD 29.6 million sequentially and lowering its leverage ratio to 2.7x from 2.9x.
• Negative Sentiment: Management expects escalating input costs—including pulp, freight, fuel, and packaging—to pressure margins into 2027. It is considering productivity measures and potential Canadian consumer pricing adjustments; fourth-quarter adjusted EBITDA is expected to be slightly below Q3, though above the year-earlier quarter.
• Negative Sentiment: The new TAD facility will not begin operations in 2028 as previously anticipated, with timing deferred until there is greater clarity on trade conditions and project costs. Engineering and other preparatory work continue, but management cited inflation in construction inputs and tariff uncertainty as factors affecting the project’s economics.
• Negative Sentiment: In Canada, bathroom tissue and paper towel market share remained under pressure, although facial tissue performed well and the company said early results from its recovery initiatives were encouraging. In Away From Home, higher revenue was offset by lower year-over-year adjusted EBITDA, partly due to increased logistics costs.

Presentation

[Operator]

Good morning, and welcome to KP Tissue's third quarter 2026 results conference call. Today's call is being recorded for replay. All participants are currently in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If at any time you have difficulties hearing the conference, please press star followed by zero for operator assistance. I will now turn the call over to Doris Grbic, Director of Investor Relations. You may begin your conference.

[Doris Grbic, Director of Investor Relations at KP Tissue]

Thank you, operator. Good morning, everyone, and thank you for joining us to review Kruger Products' third quarter 2026 financial results. With me this morning is Dino Bianco, the CEO of KP Tissue and Kruger Products, and Michael Keays, the CFO of KP Tissue and Kruger Products. Today's discussion will include certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to known and unknown risks and uncertainties. A list of risk factors can be found in our public filings. In addition, today's discussion will include certain non-GAAP financial measures. The reconciliation of these non-GAAP financial measures to the most comparable GAAP measure can be found in our MD&A. The press release reporting our Q3 2026 results was published this morning and will be available on our website at kptissueinc.com. The financial statements and MD&A will also be posted on our website and on SEDAR+.

[Doris Grbic, Director of Investor Relations at KP Tissue]

The investor presentation to accompany today's discussion can be found in the Investor Relations section of our website. I will now turn the call over to our CEO, Dino Bianco. Dino?

[Dino Bianco, CEO at KP Tissue]

Thank you, Doris. Good morning, and thank you for joining us for our third quarter earnings call for fiscal 2026. Our continued strong momentum in the third quarter has led us to deliver more than three consecutive years of profitable growth. Revenue in the quarter increased 5.1%, and adjusted EBITDA grew 9.1% despite the uncertain economic environment. Growth was broad-based, with higher sales in both Canada and the U.S. In Canada, revenue increased 3.2% in the third quarter, and we are seeing positive momentum from our Made in Canada positioning, our targeted promotional activity, and product and packaging innovation. Building on this progress, we remain focused on investing in our brands and enhancing our value proposition for Canadian customers and consumers while rebuilding our share to support sustainable growth and strengthen our market-leading position.

[Dino Bianco, CEO at KP Tissue]

The U.S. remains an important part of our long-term growth strategy, where we delivered robust growth in the quarter, supported by continued strength in the premium private label segment. In our Away From Home segment, Kruger PRO, we are expanding our trademark brands and building distribution across the portfolio to support future growth. We are also making progress on our new TAD facility. However, a final decision will be deferred until there is greater certainty in the economic and trade environment. Accordingly, we anticipate that the new TAD facility will be delayed and will not commence operations in 2028. Overall, our third quarter performance demonstrates the resilience of our business, and we continue to grow despite broader economic and trade uncertainty. Looking ahead, we expect to navigate escalating input costs and increased inflationary pressure.

[Dino Bianco, CEO at KP Tissue]

Productivity initiatives and pricing adjustments are among the mitigation measures that are under consideration to manage these pressures and support margin delivery. At the same time, we remain focused on investing in our brands, rebuilding share, and driving strong execution to sustain our momentum going forward. Now, let's take a closer look at the third quarter results on slide six. We generated adjusted EBITDA of CAD 93.5 million in the third quarter of 2026 on revenue of CAD 589.7 million. Revenue in Canada rose 3.2% year-over-year, while sales in the U.S. grew 7.3%, reflecting increased momentum with premium private label. On slide seven, average pulp prices in Canadian dollars increased slightly in the third quarter on a sequential basis. Year-over-year, average NBSK prices decreased 6.2% due to overcapacity, while BEK prices increased by more than 30%.

[Dino Bianco, CEO at KP Tissue]

Industry analysts expect NBSK prices to start to trend upward, while BEK will remain stable. Let's move to operations on slide eight. Production rates for our paper machines and converting operations continued to exceed expectations across our network in the third quarter and year to date. We're also pleased to have achieved this success while maintaining a strong safety record and culture. At Memphis, the ramp-up of our new converting line remains ahead of plan, adding capacity to support our continued future growth. The facility also continues to deliver against key safety, productivity, and sustainability metrics. Finally, as mentioned earlier, we continue to make progress on our new TAD facility project but have deferred a final decision until there is greater clarity in the overall economic and trade environment. Let's turn to slide nine.

[Dino Bianco, CEO at KP Tissue]

We present Kruger Products' branded market share performance in Canada based on Nielsen data for the 52-week period ended September 5th, 2026. Against a softer Canadian market, we experienced share pressure in bathroom tissue and paper towels, while facial tissue continued to perform well. This further strengthened our leadership position on Scotties. During the third quarter, we ramped up execution of our trademark recovery plan in Canada, focused on rebuilding share through investment in our brands, targeted pricing, promotional activity, innovation, and strong retail execution. While still early, initial results from these initiatives are encouraging. Scotties and Bonterra continue to perform well, and SpongeTowels is starting to respond positively to these recovery efforts. Turning to brand support on slide 10, investing in our brands remains central to our trademark recovery plan.

[Dino Bianco, CEO at KP Tissue]

Given the current consumer sentiment around Canadian brands, we have increased investment to further leverage our Made in Canada positioning and contribute to rebuilding share. This has been complemented by targeted campaigns and product innovation across our core brands, including the introduction of a softer Scotties facial tissue alongside new Canadian series part designs. We also upgraded our SpongeTowels UltraPro, featuring enhanced Sponge Pockets technology designed to provide greater absorbency and thickness, and this is supported by new on-shelf packaging. During the quarter, we continued equity-building campaigns across Cashmere, Purex, Scotties, SpongeTowels, and Bonterra to strengthen our core brands and support share recovery. We also presented our 23rd annual Cashmere Collection at a gala evening and fundraiser in Toronto on October 7th in support of breast cancer awareness, prevention, and treatment programs.

[Dino Bianco, CEO at KP Tissue]

Inspired by this year's Symphony theme, 16 Canadian designers showcased garments made entirely of Cashmere, which is Canada's best-selling bathroom tissue. Since 2004, the Cashmere Collection has raised more than CAD 5.6 million in support of the breast cancer cause to the Canadian Cancer Society and the Quebec Breast Cancer Foundation. This year, we are continuing that support with specifically marked pink packaging for Cashmere and Purex Ultra Soft and Ultra Strong, with CAD 1 per pack sold donated to the cause. Let's flip the page to page 11, where Kruger PRO remains an important part of our growth strategy. Revenue and volume increased year-over-year in the third quarter, although profitability was affected by higher logistics costs. On a sequential basis, volume increased in both Canada and the U.S.

[Dino Bianco, CEO at KP Tissue]

As announced last quarter, a price increase took effect September 1st to offset inflationary impacts on our Kruger PRO business, primarily related to higher fuel and transportation costs. We also continue to strengthen the portfolio by expanding our trademark brands in the commercial segment and building distribution for our recently launched Titan wipers and cloths. Overall, we remain focused on driving sustained growth in Kruger PRO while continuing to invest in the business and manage inflationary pressures. I will now turn the call over to Michael.

[Michael Keays, CFO at KP Tissue]

Thank you, Dino, and good morning, everyone. Please turn to slide 12 for a summary of our financial performance for the third quarter of 2026. As Dino mentioned, we delivered adjusted EBITDA of CAD 93.5 million on sales of CAD 589.7 million in the quarter, representing a strong year-over-year adjusted EBITDA growth of 9.1%. Net income amounted to CAD 27.7 million in Q3 compared to CAD 14.6 million in the same period last year. This increase was primarily due to higher adjusted EBITDA and a favorable foreign exchange difference. In our quarterly segmented view on slide 13, revenue from our consumer business increased by 5.2% year-over-year to CAD 492.8 million in the third quarter of 2026. This increase was primarily driven by higher sales volume in Canada and the U.S., increased selling prices in the U.S., and a favorable FX impact on U.S. dollar sales.

[Michael Keays, CFO at KP Tissue]

In our Away From Home segment, revenue improved 4.4% year-over-year to CAD 96.9 million, primarily due to higher sales volume in the U.S., which was partially offset by slightly lower sales volume in Canada. The consumer adjusted EBITDA in the third quarter of 2026 totaled CAD 88 million compared to CAD 78.2 million in Q3 2025, with a margin of 17.9%, representing an improvement of over one point compared to the same period last year. On a sequential basis, consumer adjusted EBITDA increased by CAD 2.7 million from Q2 2026. For our Away From Home segment, the adjusted EBITDA amounted to CAD 8.9 million in the third quarter of 2026 compared to CAD 10.4 million in Q3 2025, and sequentially, AFH adjusted EBITDA increased CAD 0.4 million from Q2 2026, with a stable margin of 9.2%.

[Michael Keays, CFO at KP Tissue]

Moving on to slide 14, we show our consolidated revenue for Q3 2026, which reached CAD 589.7 million, up 5.1% year-over-year.

[Michael Keays, CFO at KP Tissue]

The increase was primarily due to higher consumer and U.S. AFH sales volume, along with a favorable FX impact on U.S. dollar sales. On a geographic basis, revenue in Canada improved by CAD 9.7 million, or 3.2% year-over-year, while U.S. revenue increased by CAD 18.9 million, or 7.3%. On slide 15, we provide details of our year-over-year profitability. The adjusted EBITDA increased CAD 7.8 million to CAD 93.5 million in Q3 2026, resulting in a margin of 15.9% compared to 15.3% for the same period last year. The year-over-year increase was primarily due to lower pulp prices, higher sales volume, and these items were partially offset by higher manufacturing overhead costs and elevated logistics costs. If we turn to slide 16, where we compare Q3 revenue to Q2 2026, revenue increased CAD 38.8 million sequentially, or 7%, primarily due to higher sales volume across all segments.

[Michael Keays, CFO at KP Tissue]

Geographically, revenue in Canada increased by CAD 19.2 million, or 6.6%, while U.S. revenue grew by CAD 19.6 million, or 7.6%. On slide 17, adjusted EBITDA improved sequentially by CAD 2.9 million, or 3.2%, to CAD 93.5 million, mainly due to the higher sales volume, along with lower marketing and SG&A expenses. These factors were partially offset by higher manufacturing overhead costs, increased pulp prices, as well as elevated freight costs and warehousing expenses. The adjusted EBITDA margin did reach 15.9% in the third quarter of 2026, compared to 16.4% in Q2 2026. Turning to our balance sheet and financial position on slide 18. Our cash position improved, reaching CAD 176.4 million at the end of the third quarter, up from CAD 165.2 million at the end of Q2 2026. The increase was primarily due to the higher adjusted EBITDA.

[Michael Keays, CFO at KP Tissue]

Total debt at quarter end stood at CAD 1.14 billion, a decrease of CAD 18.4 million sequentially, reducing net debt by CAD 29.6 million. Our leverage ratio also declined to 2.7 times compared to 2.9 times in Q2 2026, further demonstrating our commitment to strengthening our balance sheet. To conclude my section, we will review capital expenditures on slide 19. Our CapEx through Q3 2026 totaled CAD 22.1 million compared to CAD 15.5 million in the second quarter. For 2026, we have lowered our CapEx outlook to between CAD 80 million and CAD 100 million, which includes the spending related to pre-engineering work for the TAD expansion and other strategic projects.

[Michael Keays, CFO at KP Tissue]

For 2027, our CapEx is expected to be in the range of CAD 60 million-CAD 80 million, and at this time excludes any spending related to our TAD expansion. Thank you for joining us this morning, and I'll now turn the call back to Dino.

[Dino Bianco, CEO at KP Tissue]

Thank you, Michael. Please turn to slide 21 for my closing comments. Our third quarter results demonstrate the resilience of our business as we continue to grow despite escalating input costs and broader economic and trade uncertainty. This performance was supported by strong execution, increasing contribution from our U.S. business, and continued growth in Kruger PRO. In Canada, we remain focused on investing in our brands and rebuilding share through our share recovery plan while pursuing cost mitigation measures and maintaining our focus on margin delivery and continued profitable growth. We are developing scenario planning to address potential market opportunities and challenges and support our ability to respond as market conditions evolve. At the same time, we continue to advance our plans for our new TAD facility while taking a measured approach to its timing, given the economic environment and the trade environment that we are currently in.

[Dino Bianco, CEO at KP Tissue]

Looking to the fourth quarter and assuming a similar tariff environment, we expect adjusted EBITDA to be slightly below Q3 2026 while remaining above the same quarter last year. We will now be happy to take your questions.

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. If you are using a speakerphone, please leave the handset before pressing any keys. The first question comes from Ahmed Abdullah from National Bank of Canada. Please go ahead.

[Ahmed Abdullah, Analyst at National Bank of Canada]

Good morning. Thanks for taking my question. Dino, just touching on the new TAD facility now being pushed beyond 2028, how much additional U.S. growth can your existing network kind of support until you perhaps see that TAD facility come online? What kind of specific developments are you looking for from an economic perspective or a macro perspective that would give you the confidence to finalize this site decision?

[Dino Bianco, CEO at KP Tissue]

Yeah, great question, Ahmed. I think on the first question, I am not going to give you specifics, but I think we still have a good runway to grow. We are investing in our existing assets, both Sherbrooke and in Memphis, our existing TAD assets, which helps our premium segment. We have capital programs in place to expand output in those assets. We think we can get more out of the products or out of the assets that we have to help us to continue to grow. We will also look at our portfolio, making sure that we are maximizing the opportunities in our portfolio and maybe simplify it a bit. We have added the new converting line in Memphis, as mentioned, so I think that is going to help us.

[Dino Bianco, CEO at KP Tissue]

I think with relatively minimal capital requirements, we can continue to expand before we start up a new facility, both in Canada and the U.S. for that matter. As it relates to what are the economic conditions, I think that is a great question. Obviously, when you spend the level of investment that needs to be made for a project of this size, you need to have security in terms of the outlook in the market. I think things like tariffs, understanding where that is going to land, not just for a month or six months, for long term. I am hoping we get some clarity on what is the trade environment going to be from Canada to the U.S. and U.S. into Canada, so that we have clarity on the impact to either our brands, or sorry, our products.

[Dino Bianco, CEO at KP Tissue]

or the input costs for our products, or the equipment we use to make those products. There is a whole network there that gets affected by that trade environment, not just, as I said, the finished goods, raw materials, et cetera. Love to have some clarity there. Obviously, as much clarity as we can have on other cost inputs like fuel and so forth, though that market tends to be more volatile naturally, but at least try to understand whether there is at least a return to some level of normalcy in that. I think those would be factors that would help us then decide when is the right time to make that decision.

[Ahmed Abdullah, Analyst at National Bank of Canada]

No, that is definitely fair. In your remarks, you obviously noted escalating costs and potential pricing adjustments. Which costs do you see potentially spilling into 2027 as a headwind for you, and how far along are discussions around pricing?

[Dino Bianco, CEO at KP Tissue]

Yeah. You look at 2026, pulp, obviously BEK continued to increase. NBSK was fairly docile, if you will. But freight and transportation costs really escalated during the year, and that was, as you look at our cost basket, which includes, obviously pulp is the biggest one, but we have packaging, a lot of petroleum-based products we use, fuel for transportation. Those all escalated. We see those staying high, then we see pulp, particularly NBSK, moving up in 2027, which will then create a cost basket that is going to require action to maintain our margin. Of course, we are looking at pricing, but we are also looking at any productivity initiatives we can do. Particularly, I am speaking about the Canadian market on pricing. Last time we took pricing was 2024 for the consumer business.

[Dino Bianco, CEO at KP Tissue]

As we look at now the cost basket since that time, it will increase as we see costs go up. I will remind you, we also priced our Away From Home business in September, so we are starting to see some of that traction come through. That was mainly driven by the impact of freight transportation costs on that business. We do not like to price if we do not have to, but I think if the estimates are where they expect them to be, then we will be ready to take action. How far along are we? Obviously, we have done the modeling. We have not made any official announcements, but that could be pending very shortly.

[Ahmed Abdullah, Analyst at National Bank of Canada]

Okay, that is fair. I guess that is what is driving your fourth quarter kind of outlook, expecting the modest sequential decline in the fourth quarter.

[Dino Bianco, CEO at KP Tissue]

Yeah. Look, yes and no. I mean, I think fourth quarter is always a wild card. I think if everything goes to plan, we could be at the high end of that range. Obviously, if there is pricing noise or more tariff noise or executional hiccups, everybody is jockeying for a final at the end of the year, customers, consumers, competitors. So we wanted to give ourselves a bit of room there. I think the fundamentals of the business are very strong, so I would not read into that as any watch-out on the business. I just think we are trying to give ourselves some space, particularly with escalating costs coming our way.

[Ahmed Abdullah, Analyst at National Bank of Canada]

Okay, noted. Thank you. That's very helpful. I'll pass the line.

[Operator]

Thank you. The next question comes from Hamir Patel with CIBC Capital Markets. Please go ahead.

[Hamir Patel, Analyst at CIBC Capital Markets]

Hi, good morning. Dino, for TAD3, are you still viewing it as a U.S. project, or you also may be considering locations in Western Canada?

[Dino Bianco, CEO at KP Tissue]

I would say our prime location stays true to the initial announcement of Western United States. We continue to progress that project. We do have other sites that we're looking at as backup, just in case. As I said, there's a lot of volatility in the market, but our prime location continues to be, as we initially announced, a Western U.S. facility.

[Hamir Patel, Analyst at CIBC Capital Markets]

Do you expect the delay to potentially drive up the capital costs there?

[Dino Bianco, CEO at KP Tissue]

Yeah, we're seeing a lot of inflation in this area. I mean, anybody who's putting in any capital, steel costs are going up, labor costs are going up, transportation costs are going up, piping, everything. Then you got the uncertainty of tariffs, and there's tariffs on some equipment and not others. So there's a lot going on and lots to unpack, and you can imagine the sensitivities around input costs for a large project like this could change the economics. So, we're also watching that. You tie all that into the inflation and the uncertainty in the input costs, you tie that into the trade environment, we just felt it was the right decision to just pause, I wouldn't say pause, but slow it down, take a more determined approach until we get a little more clarity.

[Hamir Patel, Analyst at CIBC Capital Markets]

Fair enough. Dino, I know there've been some reports in Pulp & Paper Week a few months ago about some of the equipment manufacturers coming up with converting equipment that produces TAD-like quality tissue using conventional paper machines, at least in Europe. Are you seeing, does that technology potentially have interest? Do you think it can compete with a proper TAD sheet?

[Dino Bianco, CEO at KP Tissue]

Yeah. I think you asked this or somebody asked this before. I think there's always variations of a structured sheet out there. There's various versions of it, if you will. Some better for bath, some maybe not as good for towel. We have declared that our business model works on a premium structured sheet, which currently is a TAD sheet, and a strong conventional business. That's the space we play in. That gives us the most flexibility with our product portfolio quality, and that's where our asset investments are going to continue to be.

[Hamir Patel, Analyst at CIBC Capital Markets]

Okay. Fair enough. That is all I had. I will turn it over. Thanks.

[Dino Bianco, CEO at KP Tissue]

Thank you.

[Operator]

Thank you. Once again, should you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. The next question comes from Sean Steuart with TD Cowen. Please go ahead.

[Sean Steuart, Analyst at TD Cowen]

Thanks. Good morning, everyone. Dino, question on the Away From Home segment. You guys have had really good progress there the last few years for a lot of reasons you have cited previously. It does look like margins have settled there, and appreciating there is lots of puts and takes with cost inflation and pricing response, et cetera. I guess ultimately, are you of the view that that segment should settle at sort of high single-digit EBITDA margins? Is there room for upside over the long run? How do you think about the Away From Home profitability profile longer term?

[Dino Bianco, CEO at KP Tissue]

Yeah. I think, when I first started this business many years ago, I was asked that question when it was losing money, and I believed we should be a high single, low double-digit margin, which is where we are today. I think we've done a lot of great things to be there. Excuse me. I think there's still room to advance that in our existing business, our base business. Then the ability to margin up would be as we extend into new categories like wipes and wipers. It's like we extend our trademark brands into segments to generally garner a higher margin. I still think there's opportunity to expand the margin through portfolio management and still do some work in kind of the network as we continue to drive our cost structure down. I do believe there's margin upside there.

[Dino Bianco, CEO at KP Tissue]

I'm not going to declare a number, but I don't want you leaving this thinking that it's not done on Away From Home. It is now, the interesting thing is, it is now an investable proposition for us. When it was losing money, it was hard for us to put money there. Now that it is making money, it is more accretive for us to be able to make some investments there to help that business drive growth or margin improvement.

[Sean Steuart, Analyst at TD Cowen]

Yeah. Makes sense. Just one follow-up on the TAD project. If you get clarity on trade, economic visibility, incentives at the local level, would you guys be able to flip the switch to restart momentum towards this project quickly? I guess what I'm trying to get at is, if you're delaying this, how much inertia is there that it's difficult to kickstart the engineering, the equipment procurement? How fast can you turn the corner if you get clarity on the outlook?

[Dino Bianco, CEO at KP Tissue]

Yeah. I mean, there's always a timeline from day zero, day zero being when you announce, so that will always be there, the lead times for equipment and ordering things like steel and so forth. We have not stopped the project. We're still investing, and Mike showed it in the capital, we're still investing in engineering work. We're still doing work with the local, with the lead community, locking down incentives and understanding the dynamics of that community. We're working with our banks and debt, trying to understand the debt structure that could look like. Work is being done. I just wanted to get away from the way, there's a decision imminent and that it's going to be starting up in 2028. I just wanted to provide that clarity. As far as, it hasn't stopped, so we don't have to restart.

[Dino Bianco, CEO at KP Tissue]

We may just need to extend a little longer as we then need to speed back up to get to a final recommendation. I don't imagine that's a big gap there.

[Sean Steuart, Analyst at TD Cowen]

Okay. That's great detail. Thanks very much. That's all I have.

[Dino Bianco, CEO at KP Tissue]

Thanks, Sean.

[Operator]

Thank you. There are no further questions at this time. I will now turn the call back to Dino Bianco for closing remarks. Please go ahead.

[Dino Bianco, CEO at KP Tissue]

Yeah. Thank you all for joining us on the call today. As I do in all these calls, I really want to thank the employees of Kruger Products for all the work they do. I mean, these results don't happen without the efforts of our employees across North America and for all that they do every day to make us a better organization. I do look forward to speaking with you again following the release of our fourth quarter results in February. Thank you. Have a great day.

[Operator]

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Participants

Executives

• Doris Grbic, Director of Investor Relations
• Dino Bianco, CEO
• Michael Keays, CFO

Analysts

• Ahmed Abdullah, Analyst at National Bank of Canada
• Hamir Patel, Analyst at CIBC Capital Markets
• Sean Steuart, Analyst at TD Cowen