Good morning, ladies and gentlemen. Thank you for standing by. I'd like to welcome everyone to the Canaccord Genuity Group Inc. Fiscal 2025 First Quarter Results Conference call. All lines have been placed on mute to prevent any background noise. Following the speaker's prepared remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. If you have any difficulties hearing the conference, please press star and then zero for operator assistance at any time. As a reminder, this conference call is being broadcast live, online, and recorded. I would now like to turn the conference call over to Mr. Dan Daviau, Chairman and CEO. Please go ahead. Thank you, Operator, and welcome to those of you joining us for today's call. As always, I'm joined by our Chief Financial Officer, Nadine Ahn. Our remarks today are complimentary to the earnings release, MD&A, and supplemental financials, copies of which have been made available for download on SEDAR+ and on the Investor Relations section of our website at cgf.com. Nadine will also be referring to our investor presentation available on our website and through the online portal for this conference call. Within our update, certain reported information has been adjusted to exclude significant items to provide a transparent and comparative view of our operating performance. These adjusted items are non-IFRS measures. Please refer to our notice regarding forward-looking statements and the description of non-IFRS financial measures that appear in our MD&A. With that, let's discuss our first quarter fiscal 2026 results. Our first fiscal quarter was characterized by rapidly changing market conditions, which were primarily driven by trade and policy uncertainty. Following the announcement of substantial U.S. tariffs on key trading partners, global markets initially sold off but quickly reversed on news of the 90-day pause. For the three-month period, we reported consolidated revenue of CAD 448 million, which improved by 5% year-over-year but declined by 3% sequentially. Our wealth business delivered consistent top-line growth, contributing 54% of total revenue for the quarter, with new quarterly records in the U.K. and Australia. Revenue in our capital markets division declined modestly when compared to the previous quarter and the same period a year ago, but the market disruption in early April had a notable impact on the revenue mix. Broad market M&A activity during the quarter was tilted towards large-cap deals, while policy and trade uncertainty stalled deal completions for many of the small and mid-cap focus sectors that we serve. As a result, the revenue contribution from our advisory segment fell 27% year-over-year and 46% sequentially, with the sharpest impact observed in our U.S. operations. Our trading businesses benefited from elevated volumes on both sides of the downturn, which partially offset the shortfall in advisory revenue. This shift in revenue adversely impacted overall profitability in this division, particularly in our U.S. business, as trading costs rose in line with elevated volumes, while earnings from higher margin advisory work declined. Revenue from capital raising activities improved substantially on a sequential basis but came in modestly below the same quarter of last year, which was an exceptional period for this segment, largely driven by a more active underwriting environment in Australia and Canada. We completed 93 transactions during the quarter, raising over CAD 16 billion for growth clients. Although transaction volume declined year-over-year, the average size of the transactions increased by 80%, indicating growing demand within our core focus sectors. The value of client assets in our wealth management division benefited from the market rebound despite the initial decline that was in line with the abrupt market downturn in April. We ended the quarter with a record CAD 125 billion in client assets, driven by rising market values and complemented by recruiting and organic inflows. Despite some catalyst-driven outflows amid shifting risk appetites early in the quarter, net organic flows remained positive, and the percentage of fee-based asset revenue contributions continued to trend higher. The adjusted pre-tax net income contribution from the division increased by 23% year-over-year, significantly outpacing revenue growth for the same period. We anticipate further gains over the next six months as ongoing organic growth initiatives and our recent recruitment and acquisition activities contribute meaningfully to our pre-tax profit margins. Our wealth management talent pool also continued to expand, with new advisor teams onboarded in Canada and Australia and robust pipelines developing in both regions. In the U.K. and Crown dependencies, we bolstered our capability by adding investment professionals and specialist teams through targeted recruitment and strategic acquisitions. Efforts to contain our firm-wide non-compensation expenses have continued, though the pronounced shift in our revenue mix tempered the effects of these efforts, resulting in a more modest pre-tax margin improvement during the period. Although our first quarter profitability fell below our expectations, we have had a productive start to the fiscal year. Early indicators point to steady momentum in our wealth management businesses, improving levels of client engagement, pipeline development, and execution across the organization. Reflecting this confidence, our Board of Directors has approved a quarterly common share dividend of CAD 0.085. With that, I will turn things over to Nadine. Thank you, Dan, and good morning, everyone. I'll start with the performance highlights on page four of our investor presentation. Firm-wide revenue improved by 5% year-over-year to CAD 448 million. The year-over-year increase was primarily fueled by a 17% increase in commissions and fees revenue to CAD 239 million and a 46% increase in principal trading revenue to CAD 37 million, driven by substantially higher trading volumes during the three-month period. Turning to expenses, as Dan mentioned, we are making good progress to reduce our non-compensation expenses, but certain expenses have remained elevated. Slide seven in our investor presentation provides a breakdown of our first quarter non-compensation expense drivers. Firm-wide, non-compensation expense increased CAD 6 million, or 4% year-over-year, to CAD 146 million. The largest driver of the increase relates to fixed or less controllable expenses, which were up CAD 8 million during the quarter, primarily from foreign exchange, which accounted for 53% of the total increase, and higher premise and equipment costs related to our new flagship offices in Vancouver and New York, as well as new branch locations in the U.K. and Australia. We anticipate that the year-over-year variance in premises and equipment expenses will begin to taper off in the second half of the fiscal year as we pass the one-year occupancy milestones in each location. While investments in targeted growth have continued, development costs declined year-over-year as the prior period included a technology investment to support our organic growth in the U.K. and Crown dependencies. This reduction was partially offset by higher trading expenses, driven primarily by increased activity in our IEG group and to a lesser degree by recent acquisitions within our U.K. wealth business. While we are making meaningful progress to curb discretionary spending across the organization, professional fees remained elevated due to our ongoing remediation efforts in the U.S. and the recent conclusion of two enforcement matters in Canada. Promotion and travel costs were also modestly higher this quarter, driven by recent conference participation and expanded client engagement. Compensation expense increased 6% year-over-year, primarily driven by stronger revenue, higher performance-based payments in our Canadian wealth business, and the impact of certain fixed compensation costs in the capital markets division, which were amplified by lower revenues in the U.S. and U.K.. Our firm-wide compensation ratio was within our desired range at 60%. Our effective tax rate declined by 5% year-over-year, largely due to the impact of a higher share price on deferred tax assets associated with our share-based compensation. Firm-wide profitability and earnings per share for the three-month period were flat on a year-over-year basis. On an adjusted basis, pre-tax net income of CAD 33 million improved by 4% sequentially, and earnings per share of CAD 0.13 improved by 8% compared to the most recent fiscal quarter. I'll discuss the drivers of this result within the overview of our segment results. Our wealth management businesses earned revenue of CAD 243 million, representing the sixth consecutive quarter of record revenue for this division. The increase was primarily driven by higher commissions and fees revenue from all regions. Our wealth business in the U.K. and Crown dependencies contributed record quarterly revenue of CAD 126 million, up 17% year-over-year and 7% sequentially. Slide 12 provides an overview of client asset flows in this business. Measured in local currency, client assets increased by 9% year-over-year to a record GBP 38 billion. Net flows remained positive, but robust inflows were partially offset by a small number of catalyst-driven outflows early in the quarter. Fee-based assets now comprise 64% of total assets in the U.K. wealth business, an improvement of 3% compared to the same period of last year. On an adjusted basis, this business delivered CAD 30 million in pre-tax net income for the first quarter, representing a 31% year-over-year increase. The adjusted pre-tax profit margin also improved by 2.5%- 23.6%. Finally, normalized EBITDA of GBP 21 million for the three-month period reflects a year-over-year improvement of 8.5%. Our Canadian wealth business contributed first quarter revenue of CAD94 million, an increase of 5% year-over-year, but a decline of 6% sequentially. The impact of the early quarter downturn and the resulting sharp decline in the market value of client assets adversely impacted commissions and fees revenue recognition, which typically lags AUA growth. Client assets reached a new record of CAD 45 billion at the end of the three-month period. As outlined on slide 11, higher market valuations were a major contributor to this increase. Consistent with trends in our U.K. business, net flows remained positive, although early quarter volatility triggered some circumstantial withdrawals that partially offset inflows. The business continues to advance its strategic goal of growing fee-generating asset contributions, which represented 55% of total assets at the close of the first quarter. Growing our fee-generating asset share enhances revenue stability and supports our priority of improving asset quality and enhancing client value. Compensation expense in this business rose by CAD 5 million year-over-year due to increased share-based compensation driven by the absence of a prior year recovery of certain share-based awards. The increase also reflects higher advisor payouts tied to our revenue mix during the three-month period. First quarter adjusted pre-tax net income in this business was flat compared to the first quarter of last year at CAD 9.2 million. Adding back non-cash development charges, normalized EBITDA in our Canadian wealth management business for the quarter was CAD 16 million, a decline of 7% year-over-year, largely reflecting the impact of the previously discussed compensation expense and the modest reduction of corporate finance and interest revenue. Finally, our Australian wealth business generated record revenue of CAD 23 million, increasing 25% year-over-year and 11% sequentially. Measured in local currency, client assets grew to a record of CAD 10 billion, an increase of 37% year-over-year and 6% sequentially. This represents the fourth consecutive quarter of record assets under administration, underscoring our momentum in the region. This business generated first quarter adjusted pre-tax net income of CAD 2 million, an increase of 52% year-over-year and 96% sequentially, the highest result since our third quarter of fiscal 2022. Profitability in our Australian operations is improving, albeit at a moderated pace as we prioritize investments to fuel long-term growth. The adjusted pre-tax margin for the first quarter improved by 1.5 percentage points year-over-year and by 3.6 percentage points sequentially to 8.2%. Turning to our global capital markets division, as Dan mentioned, the tariff-related market disruption led to a shift in the revenue mix in this division, resulting in a lower contribution from higher margin advisory revenue, which was partially offset by increased contributions from the trading and commissions and fees segments. Consolidated revenue of CAD 200 million decreased by 3% year-over-year and by 6% sequentially. Notwithstanding a strong and diverse pipeline, a decrease in M&A completions contributed to a revenue decline of 27% year-over-year and 46% sequentially to CAD 49 million for the advisory segment. The decline was most pronounced in our U.S. and U.K. businesses. The technology sector remained active, while the consumer sector was most impacted. Advisory revenue in our Canadian business increased on both a sequential and year-over-year basis as efforts to improve the longer-term revenue profile of this segment continue. I will also note that as advisory activity has become a more meaningful component of our capital markets business in Australia, we have begun reporting this revenue segment separately, beginning with the current quarter. Contributions previously classified under investment banking in fiscal 2025 have been restated accordingly. Corporate finance revenue of CAD 62 million increased by 56% sequentially, but declined by 4% year-over-year against an exceptional performance in the prior year, which was most notable in our Australian business. While the mining sector was the largest contributor in this segment, improving activity in our other core sectors has extended into the current quarter. Revenue from principal trading increased by 52% year-over-year to CAD38 million, and 88% of this amount was contributed by our U.S. IEG business, which benefited from increased trading volumes as a result of the heightened broad market volatility early in the quarter. We remain on track to complete the sale of this business in the current fiscal quarter. Finally, the contribution from the commissions and fees segment improved by 8% year-over-year to CAD 41 million. The adjusted pre-tax net income from our capital markets division amounted to CAD 5.5 million for the quarter, compared to CAD 13 million in the same period a year ago. Improved contributions from our Canadian and Australian businesses were partially offset by losses in our U.S. and U.K. operations. Non-compensation expense in our U.S. business reflected elevated general and administrative costs tied to our previously disclosed enforcement matter, alongside higher premises and equipment expenses, as noted earlier. Despite cost discipline, profitability in our U.K. business was impacted by the downturn in M&A completions during the quarter, in addition to the continuing trend of subdued corporate finance activities in the region. On a consolidated basis, the adjusted pre-tax profit margin in our capital markets division saw a modest improvement versus the prior quarter. However, lower advisory revenues and increased trading costs constrained our growth objectives. Ongoing progress in our cost-efficient initiatives, coupled with the recovery in advisory and corporate financing activities, is expected to support the achievement of our targeted margin improvement for this fiscal year. We are making strong progress across firm-wide cost efficiency initiatives, with efforts expected to continue. As we accelerate both organic and inorganic growth strategies and execute effectively for our clients amid improving business conditions, we remain confident in our ability to enhance firm-wide profit margins and deliver our targeted single-digit growth for the current fiscal year. Turning to the balance sheet, we maintain sufficient working capital to support our strategic priorities and expanded business activity, while preserving the flexibility to reallocate capital as market conditions evolve. With that, I will turn things back to Dan. Thanks, Nadine. Our second fiscal quarter is off to a productive start, with the market conditions largely aligning with the outlook we shared in June. Investor sentiment is already improving, supported by strong corporate earnings, improved clarity on tariffs, and signs of stabilization in the equity markets, which are conducive to stronger deal flow. Looking ahead, we anticipate continued fee growth across our wealth management business in line with the broader market momentum. We also expect continued margin improvement as we leverage the benefits of recent acquisitions and our growing talent pool. Client engagement remains high across our capital markets verticals. We are seeing improved CEO confidence in our core sectors, which supports decisive action and execution, even while we navigate the complexities of geopolitical risk and shifting trade dynamics. Our advisory pipeline looks resilient, and provided the environment holds, we anticipate a constructive environment for our corporate finance activities. Although the IPO market is yet to fully reopen, the backdrop continues to improve. Our proven leadership in this space positions us well to capitalize on emerging opportunities. Next week, we will be hosting our 45th annual growth conference in Boston, which will be our largest ever. We've hit new records for registration, with an impressive mix of private and public companies and investors from all four continents, which is a strong indicator of improving confidence across dynamic growth sectors and the investors who follow them. With that, Nadine and I will be pleased to take your questions. Operator, please open the lines. Ladies and gentlemen, we'll now conduct the question and answer session. If you'd like to ask a question, please press the star then the one on your telephone keypad. If you would like to have a chat or question, press the pound key. There will be a brief pause while we comply with the Q&A roster. Your first question comes from David Pierce from Canaccord Genuity. Please go ahead. Morning. First question is just sort of a tidy-up question. The incentive plan true-up for U.K. wealth, not the first time we've seen it, but it was slightly more impactful this quarter. Can you remind me what causes that to move up or down? It's hi, it's Nadine. It's primarily due to the valuation of the U.K. wealth. In addition, we kind of accrue into that new valuation. It's another three months of accrual into that number, which would be higher given an increased value of U.K. wealth management. You just have a market-based valuation that you apply based on, I don't know, EBITDA and then depending on what? Correct. Okay. That's helpful. Sticking with maybe moving to wealth in Canada, we saw one of your wealth competitors here in Canada announce an agreement to be acquired. Maybe a good time to ask, what's your view on the wealth market from a consolidation M&A standpoint in Canada? At the very least, it looks like the cost needed to run these businesses is going up, which suggests scale is becoming more important. Do you expect that will drive more consolidation? What role do you think Canaccord will play in that? Yeah, I mean, as you know, we've grown our Canadian wealth business over the last nine years from CAD 8 billion to CAD 45 billion in assets. We reported CAD 16 million of EBITDA this quarter in our Canadian wealth business. There's not a lot of independent competitors. I guess if you considered the insurance companies independent, I don't. Then you'd say there's lots of independent competitors, but there's really of scale. There's us and Wellington Altus now with Richardson trading to Industrial Alliance. If there's a group of advisors who don't want to work for a large institution, being at a bank or an insurance company, there's not a lot of full-service offerings for them. We'd be the only one, quite frankly, attached to a capital markets business. We love our competitive position in Canada. We continue to have an active pipeline of recruits. We brought on another advisor in Calgary this last quarter. We brought on over 60 teams of advisors to our platform over the last several years and over CAD 20 billion of assets in doing that. We think our model of organically growing our business, giving the tools to our advisors to continue to grow the business works very well, as well as competitively recruiting in this space when, quite frankly, there's just not a lot of alternatives, especially high-quality alternatives for the high-quality investment advisors to go to. We love our competitive position and where we stand. This transaction, hopefully it's a good thing for the Richardson family. They were, you know, that's a business that struggled to grow over the last eight years. It was CAD 30 billion five, six, seven years ago, and it's CAD 40 billion today. It was a business that struggled to grow, and obviously they felt that it was a better home for that. Does that answer your question? Because I can't quite remember what your question was. Yeah, no, it was more around just sort of the M&A team. Granted, obviously, as you said, there's only a few, a select number of independents remaining. Maybe just sticking with Canada Wealth, what are you seeing just from a competitive standpoint in terms of recruitment? Is the market growing more competitive in terms of trying to attract advisors? I think it's the same. I mean, the recruitment, you know, the deals that we offer investment advisors to come here haven't changed materially. The pipeline of activity is probably as robust as it's ever been in terms of bringing people over. Nothing's changed. I think, if anything, the competitive environment for recruiting brokers, if that's your question, you know, with Richardson part of a bigger firm now or to be part of a bigger firm probably improves. It probably becomes less competitive, not more competitive. They were attracting some brokers as well, obviously. I'd argue it becomes, again, if you don't want to work at a bank, you have very few, a bank or an insurance company, you really have very few alternatives. The banks still control, you know, 90% of the full-service wealth assets of, you know, CAD 2.5 trillion or, you know, CAD 45 billion. It would just be a small dent in the marketplace for us to grow to CAD 100 billion. Like, you know, we'd be 5% of the market then. Helpful. Thank you. I'll pass the line. Thank you. Thank you. Your next question comes from Michael Matthew from TD Securities. Please go ahead. Thanks. Good morning. Just stepping in for Graham here. First question, just to stick with the Canaccord Wealth theme, revenue came in a little bit lighter than our forecast. Is there anything you would call out that was maybe a particular drag on fees in the quarter? Hi, it's Nadine. Thank you. It really related to the fact that we saw the markets come off so significantly in April with the AUA came down. We expect that to improve as we've seen the markets significantly move up. As you've seen, we've hit CAD 45 billion in assets at the end of the quarter. We did have a dip at the beginning of April, and that just caused our fees to come down. Most of our book is paid on a monthly basis. Okay, so just the average AUM understood. Correct. Great. The CAD 2.5 million provision toward the legal provision, was that related to the ongoing U.S. matter? I saw the net pool came down, but there was a further provision to it. Was that related? Any broader update on that, on the regulatory matter, if you have one? Yes, that's what that provision was for. It was for the ongoing regulatory matter in the U.S. We had no significant update. It's not completely in our hands, right? There are changes with undersecretaries and secretaries and heads of departments. There is a lot of transition going on post the election there. It's hard for us to predict the timeline. We continue to have constructive dialogue, but ultimately getting to a settlement, we don't have any substantive update. Understood. Thanks for that. Just one more quick one, if I may, just the outlook on M&A advisory in the U.S. in particular, given it was a little bit softer this quarter, understanding the macro themes taking place right now. What's your outlook for the next couple of quarters? Yeah, you know, thanks for asking just the next couple of quarters because we actually have visibility on that. Yeah, strong. We expect a significant improvement in our M&A revenue over the next couple of quarters. It feels like things just got pushed out as opposed to debt. That's what it feels like. Great. Perfect. That's all for me. Thank you. There are no further questions. Mr. Daviau, you may proceed to your conference. Thanks, everyone, for joining us in the dog days of August. We understand there's a bunch of other companies reporting in our sector this morning. I appreciate you making time, and I appreciate some of our analysts that are double booked, but we're always available certainly for questions later on. Our next update is in November. Thank you very much for joining us. Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation. Please disconnect your line. Have a great day.