Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported Assets Under Management (AUM) of $989.1 million, with Q3 average AUM increasing to $950.7 million from $760.2 million in Q2 and $789 million in Q1, driven by crypto price movements and positive cash flows into ETP products [3][10] - Q3 revenue was $22.5 million, bringing cumulative IFRS revenues for the nine months ended September 30 to $80 million [3][10] - The effective staking and lending income yield decreased to 3.1% from 3.6% in Q2, attributed to lower protocol rewards [3][4] - Operating income for Q3 was $9 million, with a net income after tax of $3.9 million for the quarter [6][10] Business Line Data and Key Metrics Changes - The company staked approximately 58% of its AUM at the end of Q3, adjusting staking percentages in line with market conditions [4] - The effective management fee yield increased slightly to 1.2% from 1.1% in Q2 due to new management fee-bearing products [4] - The company closed Q3 with 99 products and reached its goal of 100 products in October 2025 [4] Market Data and Key Metrics Changes - The company noted a bullish outlook for cryptocurrency prices, with Bitcoin holding around $100,000, and expects increased institutional and retail participation [6][10] - The venture portfolio consists of 12 private investments, with Amina Bank being the largest, representing 83% of the portfolio's fair value [7] Company Strategy and Development Direction - The company aims to maximize AUM and monetization through new product launches and expanding into new markets, particularly in Europe [39][40] - The recent $100 million equity financing will support increased staking and facilitate ETP market making [8][9] - The company is actively seeking creative M&A opportunities to strengthen its position and expand its offerings [9][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the core revenue forecast of $116.6 million for 2025, despite delays in DeFi Alpha opportunities [5][13] - The company is optimistic about the potential for institutional participation in Europe, which could expand the addressable market [43] - Management highlighted the importance of maintaining a strong balance sheet to capitalize on growth opportunities and provide downside protection [9][12] Other Important Information - The company repurchased nearly one million shares for $2.44 million during the quarter [12] - The transition of CEO leadership from Olivier Roussy Newton to Johan Wattenstrom was announced, with a focus on continuing the company's growth trajectory [14][15] Q&A Session Summary Question: Do Alpha trades carry a liquidity or price liability? - The company has hedged all market risk for core operations, retaining some profit in tokens which may fluctuate with the market [34][35] Question: What key message do you want to give long-term shareholders? - The long-term core strategy remains focused on maximizing AUM and monetization through new products and vehicles for capital participation [39][40] Question: Can you provide insight on the investment pipeline? - The company is actively looking at various opportunities but remains selective, ensuring that any potential acquisition aligns with long-term strategic goals [56][58]

Financial Data and Key Metrics Changes - The company reported record operating income of $25 million for Q3 2025, with an all-in sustaining cost (ASIC) of $1,597 per ounce, below the $1,625 target [3][6] - Cash position increased significantly from $20 million at year-end 2024 to $107 million as of September 30, with $87 million received from the Peak Gold joint venture [6][8] - Adjusted net income was introduced to provide clarity on the business's performance, excluding unrealized derivative hedge losses that impacted the P&L by $30 million [9][10] Business Line Data and Key Metrics Changes - Q3 production exceeded plans by approximately 2,000 ounces, contributing to the record operating income [3] - The test batch blending of low-grade oxide ore from Manh Choh with Fort Knox ore achieved a 94% recovery rate, expected to add about 1,300 ounces in Q4 [13][14] Market Data and Key Metrics Changes - The company noted stable diesel prices in Alaska, which positively impacted transportation costs, a significant part of the overall cost structure [4][5] - The gold price environment remains high, with current prices above $4,000, influencing the economic viability of processing lower-grade materials [15][18] Company Strategy and Development Direction - The company aims to execute a solid five-year plan with potential for M&A opportunities in Alaska, BC, and Yukon, focusing on organic growth through Lucky Shot and Johnson Tract [33][34] - The strategy includes continuing exploration at existing projects while also considering additional opportunities that fit the direct shipping ore (DSO) model [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operational strategy and the ability to deliver on production targets, with expectations to fulfill hedges by September 2026 [36][37] - The permitting process for Johnson Tract is ongoing, with expectations to receive necessary permits by Q1 of next year, allowing for mobilization and construction to begin [30][31] Other Important Information - The company is focused on maintaining a low ASIC while optimizing transportation and operational efficiencies [20][21] - The Lucky Shot project is expected to produce 30,000-40,000 ounces annually, with a feasibility study anticipated in 12-18 months [23][24] Q&A Session Summary Question: What are the capital allocation priorities following the increase in cash position? - The company aims to pay down debt and fulfill hedges as quickly as possible, with a focus on maintaining production levels [6][8] Question: Can you provide insight into the adjusted net income? - Adjusted net income was introduced to clarify the business's performance excluding unrealized derivative losses, which significantly impacted the net income [9][10] Question: What is the status of the Lucky Shot project? - The drill rig has been mobilized for a 15,000-meter underground infill program, with results expected by mid-January [23][25] Question: How is the permitting process for Johnson Tract progressing? - The company is working on obtaining two fundamental permits, expected by Q1 of next year, to proceed with the underground exploration [29][30] Question: When do you expect to fulfill the old hedges? - The objective is to deliver into the hedges by September 2026, with the last ones maturing in mid-2027 [36][37] Question: How large is the net operating loss carry forward? - The company does not anticipate paying taxes in the near future due to the ability to offset costs incurred at Lucky Shot against profits [38][39]

Financial Data and Key Metrics Changes - The company reported record operating income of $25 million for Q3 2025, with all-in sustaining costs (AISC) maintained below the target of $16.25 at $15.97 per ounce [4][5] - Cash position increased significantly from $20 million at the end of 2024 to $107 million as of December 30, 2025, primarily due to an $87 million distribution from the Peak Gold joint venture [8] Business Line Data and Key Metrics Changes - Q3 production exceeded plans by approximately 2,000 ounces, contributing to the record operating income [4] - The company processed 287,000 tonnes at a recovery rate of 92.5% in Q3, with a grade of 0.214 ounces per tonne [23] Market Data and Key Metrics Changes - The company noted stable diesel prices and low oil prices as factors contributing to lower AISC, which is significant given the transportation costs involved in ore movement [5][6] Company Strategy and Development Direction - The company aims to focus on organic growth through projects like Lucky Shot and Johnson Track, while also considering M&A opportunities within Alaska, BC, and Yukon [46][48] - The strategy includes continuing to explore and develop existing resources while maintaining a solid five-year plan for growth [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operational strategy and the potential for future growth, emphasizing the importance of maintaining a strong cash position and minimizing debt [46][48] - The management highlighted the significance of the successful blending of low-grade oxide ore with Fort Knox ore, achieving a 94% recovery rate, which could lead to processing additional previously uneconomic materials [18][20] Other Important Information - The company is currently mobilizing a drill rig for a 15,000-meter underground infill program at Lucky Shot, with production estimates of 30,000 to 40,000 ounces annually [29][30] - The permitting process for the Johnson Track project is ongoing, with expectations to receive necessary permits by Q1 of the following year [40][41] Q&A Session Summary Question: What is the strategic thinking behind capital allocation? - The company aims to pay off hedges and debt quickly while maintaining production ahead of schedule, which has saved approximately $2.4 million this quarter [9][10] Question: Can you provide insight into adjusted net income? - Adjusted net income was introduced to clarify the impact of unrealized derivative hedge losses, which amounted to a $30 million impact on the P&L due to fluctuations in gold prices [12][13] Question: What is the expected timeline for the old hedges to be fulfilled? - The objective is to deliver into hedges by September 2026, with the last ones maturing in mid-2027 [52][54] Question: How large is the net operating loss carry forward? - The company anticipates not paying taxes this year or next, as it plans to offset costs from Lucky Shot against profits from Montchaux [56][57] Question: What are the upcoming plans for the Johnson Track project? - The company is focused on obtaining permits for the underground exploration drift and plans to mobilize equipment for road construction next summer [40][41]

Financial Data and Key Metrics Changes - Q1 2026 revenue increased by 6.2% to $5.6 million, driven by the delivery of a custom cinema project and other client work [17] - Gross profit rose by 22% to $1.7 million, with an improved gross margin of 30% compared to 26.1% in Q1 2025 [17] - Operating expenses decreased by 8% to $1.32 million in Q1 2026, down from $1.44 million in Q1 2025 [17] - Operating income improved to $350,000 from an operating loss of $68,000 in the same period last year [18] - Net income for Q1 2026 was $509,000 or $0.05 per share, compared to a net loss of $25,000 in Q1 2025 [18] - Working capital rose by 12% to $4.8 million at the close of Q1 2026 [19] Business Line Data and Key Metrics Changes - The company achieved profitability in Q1 2026 due to higher revenue and lower operating expenses, reflecting solid operational execution [4][7] - The acquisition of the DCS Cinema loudspeaker line is expected to enhance the company's product offerings and market position [10][12] Market Data and Key Metrics Changes - Domestic box office receipts for Q3 were approximately $2.4 billion, nearly matching the previous year, indicating a stable exhibition industry [5] - The company anticipates Q2 2026 revenue of approximately $3.4 million, reflecting the impact of the holiday season on capital spending [20] Company Strategy and Development Direction - The company aims to build on its value proposition with new products and capabilities, particularly through the acquisition of DCS Cinema [5][12] - Focus on improving operational and financial performance while expanding capabilities to support customer needs in cinema technology [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the exhibition industry outlook, citing improved domestic box office trends and a stronger release calendar [14] - The company believes that the aging of legacy cinema systems will provide increasing opportunities for growth [14] Other Important Information - The acquisition of DCS Cinema was completed for $1.5 million in cash, expected to be accretive to the bottom line within two to three years [11][19] - The company has no long-term debt and maintains a solid cash position to support its operations and growth initiatives [19] Q&A Session Summary Question: Insights on DCS speaker line and revenue potential - The company intends to recoup the $1.5 million purchase cost of the DCS speaker line within two to three years [24] - The DCS line is well-respected and has significant potential that the previous owners may not have fully realized [25][26] Question: Compatibility with LEA power amplifiers - There are synergies between the DCS line and LEA power amplifiers, which could accelerate market acceptance [27] Question: Revenue opportunity for DCS speakers in theaters - Specific figures regarding revenue opportunities for outfitting theaters with DCS speakers were not available during the call [28] Question: International market approach and game plan - A clearer picture of the international market strategy will emerge after the onboarding process of the DCS business is completed [29]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [12][14] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [12][14] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast of $1.03 billion for 2026 [12][13] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher due to recovery from losses recorded in 2025 [13] - The InterAlberta and other segments are projected to increase normalized EBITDA by approximately $10 million, reflecting cash flows from the BlackRod project ramping up in the second half of 2026 [13] Market Data and Key Metrics Changes - The company anticipates favorable conditions for supply growth in late 2026 to early 2027, which is expected to exceed current egress capacity [22] - The ongoing dialogue between Canada and the U.S. regarding energy solutions is seen as a positive development for the company's market positioning [5][20] Company Strategy and Development Direction - The company is focused on growing its business and enhancing competitiveness while ensuring safe operations and financial strength [4][16] - There is an emphasis on leveraging pre-invested corridors for future projects, particularly in Alberta and the U.S. [19] - The company aims to mature and execute its growth portfolio through both organic and inorganic opportunities [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integrity of the pipeline system following remedial actions and inspections, aiming to return Keystone to baseline operations by 2026 [8][10] - The company is optimistic about the potential for growth in customer supply and the overall market environment [22] Other Important Information - The company has successfully completed the BlackRod project on schedule and within budget, with facility commissioning work underway [10] - A quarterly dividend of $0.50 per share has been approved, payable on January 15 to shareholders of record on December 31 [14] Q&A Session Summary Question: Update on major projects and crude pipeline - Management confirmed they are providing advisory support for a crude pipeline project in Alberta but emphasized that it is limited to advisory roles [19][20] Question: Outlook on marketing and crude spreads - Management anticipates improved conditions for egress and supply growth by late 2026 to early 2027, with expectations for wider spreads [22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits were derived from extended interest deductions and accelerated tax pools, with expectations for these benefits to continue into 2026 [26][27] Question: Transition agreements and cost savings - Management indicated that optimization efforts have not been included in the EBITDA outlook but are expected to contribute positively in the future [29][30] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [34][35] Question: CapEx assumptions for 2026 - Management suggested that an average investment of around $100 million per year is necessary to achieve the targeted EBITDA growth [43][44] Question: Variable toll settlements and P&L impact - Management confirmed that remaining payments related to variable toll settlements would be normalized out of EBITDA [45][46]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [12][14] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [12][14] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast of $1.03 billion for 2026 [12][13] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [13] - Keystone's normalized EBITDA is anticipated to be approximately $15 million lower due to reduced planned maintenance capital expenditures [13] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of its customers' businesses and the strategic positioning of its assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][16] - The focus is on leveraging pre-invested corridors for future projects and optimizing processes post-transition from TC Energy [6][29] - The company is committed to maintaining safe operations and progressing towards returning Keystone to baseline operations [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integrity of the pipeline system following remedial actions and ongoing inspections [8][9] - The company is optimistic about returning Keystone to baseline operations in 2026, ahead of market differentials widening and increased demand for uncommitted capacity [10][16] Other Important Information - The company has successfully completed the BlackRod project on schedule and within budget, with facility commissioning work underway [10] - Legal proceedings related to variable toll disputes have been withdrawn, allowing the company to focus on new business opportunities [11] Q&A Session Summary Question: Update on Alberta's proposed crude pipeline and Keystone XL discussions - Management confirmed they are providing advisory support for Alberta's initiative but cannot comment on trade negotiations between the U.S. and Canada [19][20] Question: Outlook on crude spreads and inventory normalization - Management anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth from customers [22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations to return to a regular tax cadence by 2027 [26][27] Question: Impact of transition agreements on cost savings and EBITDA - Management indicated that optimization efforts are not included in the current EBITDA outlook but are expected to contribute positively in the future [29][30] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on maturing projects [34][35] Question: CapEx assumptions for 2026 - Management suggested a consistent investment of approximately $100 million annually to achieve EBITDA growth targets, with no sanctioned projects currently [43][44] Question: Variable toll settlements and P&L impact - Management confirmed that remaining payments related to variable toll settlements would be normalized out of EBITDA [45][46]

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 compared to the previous year due to timing of larger customer orders [4][14] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease largely attributed to quarter-to-quarter variability [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [14] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [15] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the top four largest global defense agencies using its technology [10] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is advancing its channel sales efforts and has engaged an external marketing firm to enhance its marketing strategies and website content [7] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which represents a major modernization of the platform [8] - The company is focusing on reducing its break-even levels and supporting positive cash flow and profitability [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for the upcoming year, citing a strong pipeline of opportunities and the potential for significant contract renewals [12][39] - The company noted that the recent U.S. government shutdown did not impact its business operations [37] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, enhancing its cash liquidity [13] - Current assets as of September 30, 2025, were $3.7 million, including $2 million in cash, compared to $1.9 million in current assets at the end of 2024 [17] Q&A Session Summary Question: Was the Bank of Egypt win a recurring revenue deal? - Management confirmed it was an initial deployment with expectations for expanded deployment [19] Question: Are margins lower on the Bank of Egypt project due to partnership? - Management stated that gross margins on software remain above 90% [20] Question: What is the current ARR? - Management indicated that the ARR is growing and estimated to be in the $6 million-$7 million range [25] Question: What led to the decision to provide formal guidance? - Management cited confidence from a solid pipeline of opportunities and results from investments in the partner network [33] Question: Did the U.S. government shutdown impact business? - Management confirmed there was no impact from the shutdown [37] Question: Are there any major upcoming renewals in 2026? - Management indicated that there are several renewals and expansions on the horizon [40] Question: What is the status of the Channel Alliance program? - Management emphasized the focus on quality partnerships rather than quantity, with significant players in local markets [41][42]

Financial Data and Key Metrics Changes - Adjusted EPS for Fiscal 2025 was $4.44, up 7.5% from $4.13 in Fiscal 2024, reflecting growth across all segments driven by infrastructure investments [5][14] - Adjusted earnings for Fiscal 2025 totaled $275.5 million compared to $247.4 million in the prior year, with a fourth-quarter adjusted loss of $24 million due to seasonality [14][15] - The company invested $922 million in Fiscal 2025, with nearly 90% allocated to utilities to enhance system reliability and safety [6] Business Line Data and Key Metrics Changes - Gas utilities earned $231 million, an increase of almost 5% from the previous year, driven by interest recovery in Missouri and new rates in Alabama [15] - Midstream earnings rose to $56 million, up nearly $23 million, due to additional capacity and asset optimization in Spire Storage [15] - Gas marketing earnings increased to $26 million, reflecting a well-positioned business despite higher storage and transportation fees [15] Market Data and Key Metrics Changes - New rates in Missouri became effective in October, and Alabama is undergoing a rate stabilization process [7][19] - The company noted that natural gas remains the most affordable energy source compared to electricity, which is two to three times more expensive [7] Company Strategy and Development Direction - The company is focused on a long-term capital plan totaling $11.2 billion, with 70% dedicated to safety and reliability projects [16][12] - The pending acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first quarter of calendar 2026, enhancing operational capabilities across states with constructive regulatory frameworks [10][12] - The company aims for long-term adjusted EPS growth of 5%-7%, supported by expected rate-based growth in Missouri and Tennessee [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Fiscal 2026 adjusted EPS guidance of $5.25-$5.45, driven by regulatory outcomes and infrastructure investments [23][17] - The company is committed to maintaining a strong balance sheet while pursuing strategic growth and operational excellence [23][24] - Management highlighted the importance of regulatory engagement and disciplined cost management to support ongoing investments [23] Other Important Information - The company approved a dividend increase of 5.1%, marking the 23rd consecutive year of dividend growth [9] - The company is evaluating the sale of its gas storage facilities as a potential source of funds [11] Q&A Session Summary Question: Long-term growth rate and earned ROEs - Management indicated that earned returns in Missouri are improving, with a future test year rate case planned for next year [28][29] Question: FFO to debt target - Management expects to move towards the middle of the threshold bands for both Moody's and S&P, driven by recoveries in Missouri [33][34] Question: Financing mix and timing - Management confirmed confidence in a balanced mix of debt and equity, with minimal common equity issuance expected [39][40] Question: O&M assumptions and integration planning - Management aims to keep O&M expenses below inflation and will incorporate best practices during integration [41][42] Question: Future test year rate adjustment - Management acknowledged the need for collaboration among all parties to understand the new rate-making process [59][60] Question: Dividend payout ratios and growth - Management targets a payout ratio of 55%-65% and expects dividends to grow at the earnings growth rate [64] Question: Long-term capital needs and equity - Management anticipates minimal equity needs, around $0-$50 million annually, to support utility CapEx [66]

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 compared to the previous year due to timing of larger customer orders [4][14] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease largely attributed to variability in order timing [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [14] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [15] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the largest global defense agencies using BIO-key technology [10] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is advancing its channel sales efforts and has engaged an external marketing firm to enhance its marketing strategies and website content [7] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which will modernize the platform and improve deployment capabilities [8] - The company is focusing on reducing operating expenses and achieving positive cash flow and profitability, having reduced operating expenses by over 10% in the first nine months of 2023 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for the upcoming year, citing a strong pipeline of opportunities and the potential for significant contract renewals [12][39] - The company noted that the recent U.S. government shutdown did not impact its business operations [37] - Management highlighted the importance of biometrics in enhancing security and preventing fraud, positioning the company well in the current market [11] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, significantly improving its cash liquidity [13] - As of September 30, 2025, current assets totaled $3.7 million, including $2 million in cash, compared to $1.9 million in current assets at the end of 2024 [17] Q&A Session Summary Question: Was the National Bank of Egypt win a recurring revenue deal? - Management confirmed that it was an initial deployment with expectations for expanded deployment in the fourth quarter [19] Question: Are margins lower on the project with Raya? - Management stated that gross margins on software remain above 90% [20] Question: What is the current ARR? - Management indicated that the ARR is growing and estimated to be in the $6-$7 million range [26] Question: Will the longest U.S. government shutdown impact business? - Management confirmed that there was no impact from the government shutdown [37] Question: What led to the decision to provide formal guidance? - Management cited confidence from a solid pipeline of opportunities and results from investments in the partner network [34] Question: Are there any major upcoming renewals in 2026? - Management indicated that there are several renewals and expansions expected throughout the year [40]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [11][12] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [11][12] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast for 2026 normalized EBITDA of $1.03 billion, reflecting a 2% range increase [11][12] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [12] - Keystone's normalized EBITDA is anticipated to decrease by approximately $15 million due to reduced planned maintenance capital expenditures [12] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of customer businesses and the strategic positioning of the company's assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [21][22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][5] - The focus is on maturing and executing a growth portfolio through both organic and inorganic opportunities, with the BlackRod project serving as a successful template [4][30] - The company is working towards exiting transition services with TC Energy by the end of 2025, which is expected to improve efficiency and cost savings [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Keystone to baseline operations by 2026, with ongoing remedial actions reinforcing system integrity [7][9] - The company is optimistic about the potential for growth in customer organizations and the overall market environment, which has become more constructive since the spin-off [30][31] Other Important Information - The company has completed significant milestones in the BlackRod project, including mechanical completion and the commissioning of a natural gas lateral [9] - Legal proceedings related to variable toll disputes have been resolved, allowing the company to focus on new business opportunities [10] Q&A Session Summary Question: Update on major projects and Keystone XL discussions - The company is providing advisory support for Alberta's crude pipeline initiative but is not directly involved in the project [17][18] Question: Outlook on crude spreads and inventory normalization - The company anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth [21][22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations of returning to a regular tax cadence by 2027 [24][25] Question: Impact of transition agreements on efficiency and cost savings - The company is focused on optimizing processes post-transition, which is expected to enhance EBITDA but is not included in the current 2-3% growth outlook [25][27] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [30][31] Question: CapEx assumptions for 2026 - The company suggests a consistent investment of approximately $100 million annually to achieve EBITDA growth, with no sanctioned projects currently [36][38] Question: Variable toll settlements and future P&L impact - Remaining payments related to variable toll settlements will be normalized out of EBITDA, confirming the expected financial impact [40][41]