[Good day], and thank you for standing by. Welcome to the Acadian Timber Q1 2026 analyst conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Question- and-A nswer session. To ask a question during the session, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Susan Wood, Chief Financial Officer. Please go ahead. Thank you, operator. Good afternoon, everyone, and welcome to Acadian Timber's first quarter conference call. With me on the call today is Malcolm Cockwell, Acadian's Chairman and Interim President and Chief Executive Officer. Before discussing Acadian's results, I will first remind everyone that in discussing our first quarter financial and operating performance, the outlook for the remainder of 2026, and responding to your questions, we may make forward-looking statements. These statements are subject to known and unknown risks, and future results may differ materially. For further information on our known risk factors, I encourage you to review our news release and MD&A, which are available on SEDAR and on our website at acadiantimber.com. I'll begin by outlining the financial and operational highlights for our first quarter ended March 28th, 2026. Malcolm will then provide additional comments on our leadership team, our outlook for the remainder of 2026, the dividend, and a special milestone achieved by Acadian this year. From an operational standpoint, Q1 2026 was a quarter of steady execution and continued progress. Our operations in New Brunswick performed consistently, while results in Maine improved as the efficiency of our internal harvesting operations continued to advance. Our markets remained resilient despite ongoing challenges, including tariffs and weak demand in certain end-use markets. For Q1 2026, Acadian generated CAD 4.8 million of adjusted EBITDA and CAD 3.5 million of net income, compared to CAD 4.7 million of adjusted EBITDA and CAD 3.7 million of net income in the same period last year. On a per share basis, net income was CAD 0.19 compared to CAD 0.21 in the same quarter last year. Revenue in the quarter reflected consistent overall freehold sales volumes year-over-year. Within our product mix, demand for softwood pulpwood was lower than Q1 2025 as a result of increased availability of sawmill residuals in the region. This was largely offset by a higher proportion of softwood sawlogs. Our weighted average selling price was broadly consistent with the prior year quarter. Timber services activity decreased CAD 2.3 million. This had a minimal impact on our adjusted EBITDA. Total operating costs and expenses decreased by CAD 1.3 million year-over-year. This decline was primarily attributable to lower timber services activity in New Brunswick, partially offset by higher operating costs per cubic meter in Maine, where we continue to transition toward internal harvesting operations. Selling and administration costs were modestly higher compared to last year. Net income for the quarter reflected lower operating income and higher interest expense relative to Q1 2025. These impacts were partially offset by higher non-cash fair value adjustments and a lower income tax expense. From a segment perspective, New Brunswick Timberlands delivered stable results. Freehold sales totaled CAD 17.8 million, with similar volumes and pricing to last year, excluding biomass. Adjusted EBITDA was CAD 5.8 million, in line with Q1 2025. In Maine, freehold sales increased to CAD 3.2 million from CAD 2.4 million in the prior year period. This increase was driven by a 57% increase in sales volumes, excluding biomass, reflecting improved productivity from internal harvesting operations. Prices declined by approximately 10%, primarily due to stumpage sales and an increased proportion of roadside sales. Revenue from timber services and other sales increased by CAD 900,000 as compared to Q1 2025, adding a total of CAD 1.2 million to sales. Adjusted EBITDA improved to CAD 400,000 compared to -CAD 700,000 last year. Turning to liquidity, the company ended the quarter with net liquidity of CAD 15 million, including cash and available credit capacity, net of required minimum balances related to long-term debt. With that, I'll now turn the call over to Malcolm. Thank you, Susan. Good afternoon, everyone. With Susan having provided an overview of our financial and operational results in Q1, I will speak to four topics addressed in our news release and MD&A, which are available on SEDAR. First, the recent CEO transition, then our expectations for the rest of the year, third, the dividend, and finally, an important milestone for the company. I'd like to start by addressing the recent changes to our leadership team. As we announced in February, I have assumed the role of Interim President and Chief Executive Officer of Acadian while continuing as Chairman. Given the strength of our team, the transition was smooth, and we quickly resumed steady state. This transition has not affected Acadian's overall strategy. While we continue to focus on maximizing cash flows from our existing assets, we are also pursuing attractive acquisition opportunities where we can. However, this transition has provided an opportunity to make practical, tactical adjustments that we believe will strengthen the business. For example, a major and ongoing focus is improving the performance of our business in Maine by right-sizing the operations and through hands-on performance management. We are also examining cost savings opportunities across the company, developing attractive real estate opportunities, and embracing more technology, including AI. These are practical, tactical adjustments that will reduce our costs, increase our revenue, and/or improve our efficiency. In terms of leadership succession with the board's support, I will continue serving in this role and being based in New Brunswick for as long as it is appropriate to do so. While a formal process has not been launched by the board of directors yet, I anticipate that we will provide a further update on this subject later in the year. Looking ahead building on Susan's explanation of the results for Q1, I will speak to our expectations for the rest of the year. With respect to our core business, harvest volumes in New Brunswick are expected to remain stable through 2026. In Maine, we expect to deliver stronger results in 2026 compared to last year due to changes that we have made and continue making to the structure and scale of the operations. Our longer-term objective for Maine will continue being to achieve EBITDA margins at a level that is comparable to New Brunswick. We expect markets for our products to remain stable relative to Q1 in most of 2025 in both New Brunswick and Maine. End-use markets remain challenging for many of our customers. Broader indicators are encouraging. North American interest rates have eased, U.S. housing starts are forecast at approximately 1.3 million units in 2026, and capacity curtailments in other regions of North America are expected to improve demand for our customers. These trends reinforce our confidence in the long-term stability of the Northeastern forestry sector. Higher fuel prices that took effect early in the second quarter represent a new challenge for our operations and those of our customers. We're working to mitigate the impact by ensuring that contracts with both contractors and customers contain fuel adjustment mechanisms. At this point, we expect to achieve pass-through rates that are similar to previous periods of elevated fuel prices, such as early 2022, when we had similar mechanisms in place with most customers and contractors. Regarding voluntary carbon credits, demand and pricing are expected to remain stable. We expect to register the next tranche of carbon credits in the second half of 2026 following the transition to updated protocols, which we expect will improve their marketability. Over the coming months, we will also continue developing real estate, the newest segment of our business, with the objective of establishing a business that delivers steady incremental EBITDA to our core business. With respect to the dividend, the board of directors has declared a dividend of CAD 0.29 per share, consistent with prior quarters. At the same time, our largest shareholder, Macer Forest Holdings, with which I am affiliated, has reiterated its intention to participate in the DRIP for 100% of dividends payable to it. The board believes that the current dividend level appropriately aligns with our objectives of delivering consistent returns to all shareholders. The board also believes that this dividend level and structure reflects the long-term cash-generating capacity of Acadian's assets, as well as the steady appreciation of high-quality freehold timberlands in attractive jurisdictions such as New Brunswick and Maine. With that said, the board will, of course, continually review the dividend level based on future performance and capital priorities. I would like to end by noting a special milestone for Acadian. 2026 marks the company's 20th anniversary as a pure-play timberland company. Over that period of time, Acadian has had a good run on several fronts. We have practiced sustainable, science-based forest management in a manner that protects the ecological integrity of our land while improving its long-term asset value. We have also consistently shared our land with the public for hunting, camping, and other recreational activities, and contributed meaningfully to important causes in our communities. At the same time that we have delivered on these environmental and social priorities, we have run a strong business and returned approximately CAD 325 million of capital to shareholders. As we look ahead to the next 20 years, we plan to continue demonstrating that Acadian can achieve environmental, social, and economic sustainability in a manner that is rewarding for our shareholders, as well as the many stakeholders affiliated with our business and our assets. In closing, on behalf of the board of directors, thank you for your continued support, and Susan and I are now available to take your questions. Operator. Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. At this time, I am showing no questions. I would now like to turn it back over to Malcolm Cockwell, Chairman and Interim President and Chief Executive Officer, for closing remarks. Thank you, operator. On behalf of the board of directors and the management team of Acadian, I would like to thank all our shareholders for their ongoing support. We look forward to joining you for our second quarter of 2026 conference call on August 6th. Goodbye. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.