Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blue Ant Media Q3 Fiscal 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Instructions on how to queue up to ask questions will be given at that time. A reminder that for the purpose of the recording, today is Wednesday, July 15, 2026. I would now like to turn the conference over to Madeleine Cohen, Head of Investor Relations for Blue Ant. Please go ahead. Thank you, Joelle, and good morning, everyone. Welcome to Blue Ant Media's Q3 2026 conference call for the period ended May 31st, 2026. Before we begin, I would like to remind listeners on behalf of those speaking today that their remarks and comments may include forward-looking information and forward-looking statements within the meaning of applicable Canadian securities law. They may refer to non-IFRS measures, including Adjusted EBITDA. Forward-looking information and statements are not statements of fact and are based on assumptions as of the date hereof and management's current expectations. Therefore are subject to risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements made today. The company undertakes no obligation to update these statements except as required by law. A description of the risks and uncertainties that may affect future results is contained in our Q3 2026 MD&A and our annual information form dated November 26, 2025, available on SEDAR+. Non-IFRS financial measures should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the two and relevant disclaimers can be found in our earnings press release, which is available on our investor website. Please note that all amounts discussed today are in Canadian dollars unless otherwise indicated. With that, I'll turn the call over to Michael. Thanks, Madeleine, and good morning, everyone. Fiscal 2026 continues to be a transformational year for Blue Ant. We completed our complex go-public transaction just under a year ago. We grew significantly through three acquisitions. We implemented major operational changes and navigated shifting market conditions. Through all this change, we've decisively advanced the strategy we set out when we went public. That is to build a Canadian-based, internationally focused company that creates, owns, and monetizes IP globally. To do that at a much larger scale. With Q3 consolidated revenue of CAD 125.6 million, which is a 124% increase from Q3 last year, and Adjusted EBITDA of CAD 16.8 million, a 15% increase from last year, our model is clearly working. Our expanded scale, output, and earning power are evident in our results. In Q3, the most meaningful revenue and earnings growth was in production and distribution. We grew our top line by more than six times compared to last year dramatically increased our service production output, working with household names including Disney, Netflix, Lego, and Marvel. We continued to expand production of our owned IP with global partners including ITVX in the U.K., Crave in Canada, Tubi and The HISTORY Channel/ A&E in the U.S. We sold content to over 200 countries. Across our diverse portfolio, we continued to see growth in MagellanTV's SVOD service and global opportunities in FAST, with channel launches in the U.S., U.K., France, India, and Australia. Media Pulse, our ad sales business, has consistently expanded its reach, most recently securing an exclusive direct sales and programmatic partnership with Paramount+ to sell its ad inventory in Canada. Together these developments illustrate how we're creating value across multiple parts of the content ecosystem, from streaming and advertising to global content monetization. To strengthen our foundation for our next phase of growth, we recently made a number of organizational changes. We unified our Kids, Family & Young A studios, including our Jam Filled Entertainment and Atomic Cartoons businesses, under a single integrated leadership team. This team is led by Jennifer Twiner McCarron, former CEO of Thunderbird Entertainment. This creates a more focused, scalable operating model for a key growth area. Last month, we brought together our rights and global channels and streaming team into a single monetization unit called Rights & Streaming. Aligning these capabilities, we'll be better positioned to serve our global customers, maximize the value of our IP across platforms and markets, and drive additional operating efficiencies. These organizational changes will also be reflected in how we report the business going forward. Beginning in Q4, we intend to align our reporting segments with this new operating structure, we'll have Rights & Streaming, Studios, and Canadian Media. Rights & Streaming will include global content licensing, our international streaming and channel brands, and our Media Pulse smart TV ad sales business. This new unit will be led by Mark Bishop, Chief Monetization Officer, Blue Ant Rights & Streaming. Studios will be comprised of our production business, including both owned IP and service work. It will be led by Matt Hornburg, Chief Content Officer, Blue Ant Studios. Canadian Media remains unchanged and includes Blue Ant's Canadian broadcasting, consumer show, and Cottage Life publishing businesses. It will continue to be led by President Mitch Dent. The changes to our operating and reporting segments, while improving our operations and strengthening our strategy, will also provide more clarity on our business and growth drivers. We're very pleased that our growth is visible in our Q3 earnings. I'll hand the call over to Robb Chase, our CFO, for a deeper look. Thanks, Michael, and good morning. As Michael mentioned, we saw considerable top-line growth in Q3 with consolidated revenue of CAD 125.6 million compared to CAD 56 million in Q3 last year. This growth was driven primarily in our production and distribution segment, clearly reflecting the enhanced scale of the three production companies we acquired through our go public transaction, as well as our first full quarter of Thunderbird operations. Consolidated Adjusted EBITDA was CAD 16.8 million compared to CAD 14.6 million in Q3 last year. As expected in a transformation year, our margins reflect additional public company and integration costs. They also reflect a heavier weighting of lower-margin service production. We generated CAD 7 million of cash from operations this quarter after CAD 2.7 million of one-time costs compared to CAD 1.8 million of cash from operations in Q3 2025. To improve margins and operating efficiency, we remain on track to realize CAD 7 million in synergies from Thunderbird and are pleased with the great progress we've made on integration overall. In Q3, we recorded a net loss of CAD 17.5 million compared to a net loss of CAD 11.2 million in Q3 last year. The net loss is driven by a CAD 33.1 million impairment of broadcast licenses in Canadian Media. This reflects the continued decline in linear subscriber and advertising revenue that we have previously mentioned. The impairment is a non-cash charge that does not affect Blue Ant's cash position, liquidity, or the performance of our growth businesses. We also continue to incur significant one-time transaction, restructuring, and integration-related costs totaling CAD 2.7 million in the quarter and approximately CAD 12 million year-to-date. I'll now provide more detail on our segment performance. Global Channels and Streaming generated CAD 23.7 million of revenue in Q3 compared to CAD 21.2 million in Q3 last year, while Adjusted EBITDA this quarter was CAD 4.4 million compared to CAD 5.6 million in Q3 last year. The year-over-year comparison reflects lower contribution from one long-standing, high-margin FAST partnership than in the prior year period. Excluding that comparison, the remainder of our FAST portfolio performed in line with our expectations, and we continue to believe in the long-term earning potential of this business. Continuing a trend we've seen throughout fiscal 2026, Media Pulse, our smart TV ad sales business, and the MagellanTV SVOD brand were both strong contributors to segment results through advertising sales revenue and SVOD subscriber growth, respectively. Canadian Media revenue this quarter was CAD 19.3 million compared to CAD 22 million in Q3 2025, while Adjusted EBITDA was CAD 7.2 million compared to CAD 8.8 million in Q3 2025. Our Canadian channels continue to face structural pressure in the linear advertising market and contributed to the negative variance over last year and the impairment I previously mentioned. As has historically been the case, the third quarter is the most active for our consumer show business, which supported our segment results. Consistent with broader market trends, linear advertising was down 23% this quarter compared to Q3 2025. The rate of decline in the market broadly and in our business has been more pronounced than anticipated at the beginning of the year. As a result, we expect soft future performance in Canadian Media. Production and distribution had a very strong quarter with revenue of CAD 82.7 million compared to CAD 12.9 million in Q3 2025 and Adjusted EBITDA of CAD 7.3 million compared to CAD 1.8 million in Q3 2025. This quarter clearly demonstrates the impact of the enhanced production scale and capacity from our newly acquired companies, particularly with respect to service production. As we've shared previously, service work tends to have lower margins than owned IP, but a capital-efficient business that complements and diversifies our IP portfolio as well as strengthens our relationships with key commissioning partners. Through all the changes in our business during our first year as a public company, the strength of our balance sheet has been consistent. As anticipated and disclosed last quarter, we received the CAD 34.7 million value assurance capital contribution from Fairfax in relation to the go-public transaction and repaid the majority of the CAD 40 million draw used to fund the Thunderbird acquisition. We can see these movements in cash and indebtedness in our Q3 results. We have CAD 59.9 million in cash, CAD 9.4 million of bank indebtedness excluding normal course interim production financing, and significant undrawn capacity under our corporate credit facility. All taken together, we remain well capitalized and minimally leveraged, leaving us with the flexibility to steer our growth organically and through strategic M&A. I'll turn the call back to Michael for closing remarks. Thank you, Robb. As you can see in our Q3 results, the many facets of Blue Ant's growth are coming together. Our ability to commission, produce, distribute, stream, broadcast, and monetize content globally enables us to maximize the value of our IP, keep pace with shifts in the marketplace, and operate a well-diversified business. More importantly, however, these earnings reinforce our confidence in the path ahead. Our top-line growth is clear. As we continue to build and optimize our business, stabilize our public company overhead, and move beyond the many one-time transaction and integration costs, we expect to produce higher margins. We also intend to grow through acquisition. Our strong balance sheet and our position in the market create real opportunities to create strong strategic assets on attractive terms at a time when many of our competitors cannot. We have a team that has built and scaled media businesses through up and down cycles and are applying that experience to the platform that we are building today. We remain focused on executing the strategy we set out when we went public and look forward to sharing our Q4 and full-year results this fall. Now let's open the call up for 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 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 two. If you are using a speakerphone, please lift the hands up before pressing any keys. Your first question comes from Ahmed Abdullah with National Bank of Canada. Your line is now open. Good morning. Thanks for taking my question. Looking at the global channels and streaming segment, you've called out a relationship on the FAST side that seems to be contributing a little less than you had expected. Can you give us a bit more color on that? What drove that change? What are the expectations there going forward, and how big of a part of the business is it? Yes, it was one of our FAST carriers in the U.S., their positioning of our channel and how they were positioning it ordinarily and what promotional activities they were doing with us has changed over the past year. However, they're still a great customer of ours and a carrier of ours, which we're very pleased about. It was big enough to call out and to mention, as we also mentioned in our remarks just now, it does not at all change our very positive outlook to our international FAST and AVOD business. They're still a good customer. Okay, the expectation, would you expect that contribution to revert back towards the mean? Or are you more of a new run rate there? Look, we're always trying to encourage all of our customers to give us more advantageous positioning and do marketing stunts with us and so on. It's hard to predict what will happen with that in the future. Also during the period, we are bringing on some other international FAST carriers. We mentioned that in our remarks. It's hard to say with that customer where that will go. Just touching on that, where you've added 13 channels across nine platforms and you've launched in France and in Netherlands and Finland. Are you adding existing channels only, or is there also an effort to add to your product portfolio and launch new channels across these platforms? Can you give us a sense as to how that's progressing from a strategy standpoint? From a strategy point of view, we're not really looking to add more channels right now. The FAST market has grown enormously, as you know, and matured to some degree. There's a lot of FAST channels out there, particularly in the U.S., not so much in Europe and Australia, but certainly in the U.S. To some degree, the land grab, looking to get beachfront property, is probably over or lessening. Now a lot of our motivation is how can we maximize the relationship with the most important carrier partners that we have? That seems like a more fruitful strategy these days than just adding more channels. There's a lot of FAST channels. Our strategy to improve the carriage we have, and especially with the most important carriers. Just on the industry dynamic, are you seeing any improvements from a CPM perspective in your conversations? No. I say that hesitantly. Of course, it's always a blend between hope and what you're seeing. It's hard to see the CPM results until afterwards. I suppose that FIFA also, and just most recently for the past month, has distorted the market somewhat. Maybe the American midterms will distort the market in the other direction somewhat this fall. Those are both short-term things, and that's not what you're getting at. I would say that up until the end of Q3, which is what these results are for, there still is, as there has been for the past two or three quarters at least, a certain oversupply of inventory in the market. Part of that, as we've discussed before, I think is due to the arrival about two years ago of Netflix and Prime Video into the ad-supported market. Those factors are still there. We're still bullish. We still see that streaming is growing and FAST and AVOD are still growing. It's an area we want to be in, but it's hard to make a prediction on a quarter-to-quarter basis, when those CPMs are going to firm up. Okay. That's fair. I'll queue back up. Thank you very much. Thanks. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from David McFadgen at ATB Cormark. Your line is now open. Hi. Yeah, thank you. A couple questions. When you talk about this partnership, we should assume that it's not going to change, and this is the first quarter of the impact, and we'll have to wait another three quarters to lap it? Is that the right way to think about that? No, it was sort of an evolution change over several quarters, David. Part of what we were seeing in Q1 and Q2 was a reduction. It didn't really play itself out so obviously. I think you should look at it, and now it's clear to us, which is why we've highlighted it right now in our remarks. I think to see the impact of that, you'd look at it from probably all three quarters of this fiscal. Okay. We've had some impact in Q1 and Q2? Yeah, it did. I get a bigger impact in Q3, right? Yes. It was more the summary impact of the three that it became large enough that it was worth noting. Okay. Was that in relation to the Love Nature channel? Partly, yes. Okay. Did they drop it or did they just- No, didn't drop it, no. No? Still a great platform, still a great customer. Okay. Because I would've thought that the MagellanTV, because you're basically taking your content and putting it on MagellanTV, so your cost of the content should be down massive. I would've thought that that lift in EBITDA would've really helped to grow the global channels EBITDA side. What would you say to that? MagellanTV has contributed revenue and some EBITDA to the business, and by the way, we're pleased with the success of MagellanTV so far. We've had some international launches that we've reported. As you would imagine, we're working on other ones that we're eager to finalize, and we hope we get to report them when we do that. I think as we mentioned, when we bought MagellanTV, it wasn't like we could just tear off all of that rev share content on day one or even Q1. Some of it has come off and much more of it will come off, but it was never something that could be taken off immediately and replaced immediately. It's happening over the course, mostly of the first year. Okay. Has there been any change from the prior quarter or the prior quarter conference call with respect to the advertising market for the FAST business? No. That's pretty simple and blunt answer, but not really. I'd say the comments that I think that I made last quarter would've been. We still see viewership fundamentally shifting to streaming, both the paid streaming and free streaming, and including in that is free streaming with ads, which includes AVOD and FAST. AVOD and FAST are sort of the same thing, just that FAST is a scheduled program. This program at 8:00, that one at 9:00. AVOD is the very same business, but you get to select what you watch when. AVOD and FAST really have to be seen together. The viewership to those methods of viewing are still increasing. There's still a disconnect between the huge amount of viewing and thus the large amount of advertising inventory available representing that viewing and the advertising catching up with that. There's still a disconnect. That's causing a softness in CPMs, and the situation we're seeing today is, I'd say, very much the same story that we were seeing in Q2 or Q1. To say that, therefore, still are very bullish and glad that we're in the FAST business, both in delivering our channels but also selling ads via Media Pulse. Okay. I was just wondering, has your outlook changed for this year versus when you reported Q2? Or is it pretty much the same? Our outlook is broadly the same. The one thing I would call out is that you can see the significant reduction in Canadian media advertising revenue in the quarter, which as a percentage is almost identical to what it was in Q1 and Q2. When we reported Q1 and Q2, we just had that data, and it was hard to project forward very far. As we've noted in previous calls, David, you would know from talking to other companies who are selling ads, there hasn't been the greatest visibility very far out in what the ad market is going to be three or four months from now. More of the ads are being sold closer to the air date than they were a year or two or three ago. What we're seeing here in Q3 is almost the very same decline that we saw in Q2 and Q1, unfortunately, we've now had three quarters of it. As I said, FIFA, which is soon to be wrapped up, that probably doesn't help either. Okay. All right. Thanks, guys. Thank you. There are no further questions at this time. This concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.