Greetings, welcome to the Doman Building Materials Group Q4 and full year 2025 financial results conference call. At this time, all participants are in listen-only mode. A Q&A session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Ali Mahdavi. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining us this morning for Doman Building Materials Q4 and full year 2025 financial results conference call. Joining me this morning are Amar Doman, Chairman and Chief Executive Officer, and James Code, Chief Financial Officer. If you have not seen the news release, which was issued yesterday, it is available on the company's website at domanbm.com, as well as on SEDAR+, along with our MD&A and financial statements. I would also like to remind you that a replay of this call will be accessible until March 20th, 2026. Following management's presentation of the 2025 Q4 and full year results, we will conduct a Q&A session for analysts only. Instructions will be provided at that time for you to join the queue for questions. Before we begin, we are required to provide the following statements regarding forward-looking information, which is made on behalf of Doman Building Materials Group Ltd. and all of its representatives on this call. Remarks and answers to your questions today may contain forward-looking information about future events or the company's future performance. This information is subject to risks and uncertainties that may cause actual events or results to defer materially. Any information regarding forward-looking statements is made as of the date of this call, and the company does not undertake to update any forward-looking statements. Please read the forward-looking statements and risk factors in the MD&A as these outline the material factors which could cause or would cause actual results to defer. The company will not provide guidance regarding future earnings during today's call, and management does not anticipate providing guidance in future quarterly or interim communications with investors. I'll now turn the call over to Amar. Thanks, Ali, good morning, everybody. Thank you for joining us on today's call. Let me start by highlighting some of our key financial metrics, followed by some color on our operations during the Q4, and then I will hand the call over to Jay Code, who can review the numbers in further detail. 2025 presented itself with certain challenges which were not dissimilar to the prior year, with constant falling lumber pricing and other relevant economic headwinds. While we are not directly impacted by tariffs, the building material sector in general continue to navigate the effects of tariffs, fluctuating construction material pricing, elevated interest in mortgage rates, and even an uneven building activity across various regions. While these conditions created near-term pressure, our teams responded very well managing this. We remain focused on what we can control: operational efficiency, customer service, cost disciplines, and safety while positioning the business for long-term success. Despite the pricing movements across all construction materials categories in our portfolio on both sides of the border, we exited 2025 with strong performance across all our key financial metrics, including revenues, gross margin, EBITDA, and net income, while paying our shareholders a quarterly dividend of CAD 0.14 per common share or CAD 0.56 per common share on an annual basis. We are both pleased and proud of the company's performance throughout 2025, given the market conditions we had to work through. Despite trends and volatility that at times presented us with challenges, we remain encouraged and pleased with the resilience of our diversified business model withstanding these cycles, resulting in Canadian revenues, gross margin, adjusted EBITDA, and net earnings totaling CAD 3.1 billion, CAD 505 million, CAD 256 million, and CAD 80 million respectively. Our ability to deliver consistent performance across a variety of market cycles results from our tireless focus on operations and to the many successful acquisitions we've completed throughout the years. Focusing on the most recent Q4 results, adjusting for normal seasonality, we remained active across all business divisions. Our ongoing cost management and focus on operational efficiencies enabled the company to demonstrate revenue performance while gross margin continued to be within our target range as well as EBITDA and bottom lines. We are very proud of our financial performance and believe there is a lot to be gained from the strength and momentum which has resulted from our successes in recent years. As a result of these efforts during the Q4, we saw revenues coming in at CAD 644 million, gross margin at 16.6% or CAD 107.2 million, EBITDA amounting to CAD 44.3 million, net earnings of CAD 11 million, and lastly, our quarterly dividend of $0.14 per share was again declared. We remain cautiously optimistic about the prospects ahead and look forward to further demonstrating the strength and leverage available in our business model as we continue to be well-positioned to take advantage of sensible growth opportunities. On the heels of successfully integrating recent acquisitions, our relentless focus on paying down debt and strengthening our balance sheet remains a priority which will enable us to be in a strong position to take advantage of strategic opportunities. Overall, 2026 is off to a decent start despite severe weather issues in some of our regions, which we're prepared to deal with. I continue to be pleased with how our growth strategy continues to unfold, resulting in strong sales and earnings in the face of a tough year-over-year pricing environment while remaining focused on margin protection during these times. In 2025, we were also able to demonstrate the positive impact of prior year acquisitions for the full FY. We are very proud of our acquisition of Doman Tucker Lumber and prior to that, Southeast Forest Products. As you probably are aware, Jay Code, our CFO of 15 years, will be retiring on April 7th. Before handing the call off to Jay one last time to provide a review of the company's full financial results, on behalf of the entire Doman family, I would like to extend our sincere thanks for your years of dedicated service at Doman. Your commitment, professionalism, and contributions have made a lasting impact on our team and organization. I'm truly grateful for all you have done and wish you continued success in your well-deserved retirement. Over to you, Jay. Thank you very much for those kind words, Amar. Good morning, everyone. Sales for the year ended December 31, 2025 were CAD 3.12 billion versus CAD 2.66 billion in 2024, representing an increase of CAD 456 million or 17.1%, largely due to the positive impact of the company's acquisitions completed in 2024. The company's sales in the year were made up of 81% construction materials compared to 76% last year, with the remaining balance of sales resulting from specialty and allied products of 16% and other sources of 3%. Doman's gross margin was CAD 505.5 million versus CAD 424.8 million in 2024, an increase of CAD 80.7 million, benefiting from the contributions of our 24 acquisitions as well as ongoing execution of our margin enhancement strategies. Gross margin percentage was 16.2% this year compared to 16% achieved in the previous year. Expenses for 2025 were CAD 349.1 million compared to CAD 306.5 million last year, an increase of CAD 42.6 million or 13.9%. As a percentage of sales, 2025 expenses were 11.2% compared to 11.5% in 2024. Distribution, selling, and administration expenses increased by CAD 19.9 million or 8.7% to CAD 249.1 million in 2025 versus CAD 229.2 million in 2024, mainly related to activities of the acquired companies as well as broad inflationary pressures. As a percentage of sales, DS&A was 8% this year compared to 8.6% in the prior year. Depreciation and amortization expenses increased by CAD 22.8 million or 29.5% from CAD 77.2 million to CAD 100 million, mainly due to additional property, plant, and equipment and intangible assets related to the 2024 acquisitions. Finance costs for 2025 were CAD 72.9 million compared to CAD 53.7 million in 2024, an increase of CAD 19.1 million, largely as a result of additional costs related to the financing of the Doman Tucker Lumber acquisition on October 1, 2024. We note directly attributable acquisition costs during the comparative prior year were CAD 3.3 million, and these costs included due diligence, legal, environmental, financial, management resources, and other advisory services directly attributable to the acquisition activities. EBITDA in 2025 was CAD 256.4 million compared to CAD 192.2 million in 2024, an increase of CAD 64.2 million or 33.4%. Adjusted EBITDA in the comparative prior year before the non-recurring acquisition costs was CAD 195.5 million. Our EBITDA in 2025 benefited from the full year inclusion of the results from the 2024 acquisitions, these benefits were partially offset by the previously discussed overall weaker pricing in certain construction materials categories, as well as an increase in expenses due to inflationary pressures. Net earnings for 2025 were CAD 80.3 million compared to CAD 54.2 million in 2024, an increase of CAD 26.1 million. Turning now to the statement of cash flows. Operating activities before non-cash working capital generated CAD 163.6 million in cash compared to CAD 148.7 million in 2024. Stronger operating cash flows in 2025 were largely driven by this year's significant increase in net earnings. Financing activities in 2025 consumed CAD 235.7 million of cash related to repayments of debt and payments to equity stakeholders. During the comparative prior year, the company utilized debt facilities to finance the Doman Tucker Lumber acquisition, resulting in CAD 345.5 million of cash provided by overall net financing activities. The company returned CAD 49 million to shareholders through dividends paid in 2025, largely in line with 2024, and the shares issued net of transaction costs generated an additional CAD 1.8 million of cash compared to CAD 1.5 million in the prior year. Payment of lease liabilities, including interest, consumed CAD 32.3 million of cash, compared to CAD 29.1 million in 2024. We note the company's lease obligations generally require monthly installments, and these payments are entirely current. We also note the company was not in breach of its lending covenants during the year ended December 31, 2025. Overall, investing activities this year generated CAD 45.6 million of cash, compared to consuming CAD 474.3 million in 2024. Investing activities this year included the sale of the company's timberlands for total cash proceeds of CAD 75.2 million. Whereas investing activities in 2024 included the Southeast Forest Products and Doman Tucker acquisitions for total cash consideration of CAD 460.8 million. Additionally, the company invested CAD 29 million in new property, plant, and equipment during the year, compared to CAD 14.2 million of property, plant, and equipment expenditures in 2024. This concludes our formal commentary, and we'd now be happy to respond to any questions that you may have. Thank you. Operator? Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Kasia Strasky with TD Cowen. Please proceed. Good morning, everyone. It's Kasia on the line. First question is on your margin enhancement strategies. You posted really strong margins in Q4. Can you give us an update on the sorts of things you're working on to keep the margins high and just articulate your general confidence in your ability to keep margins towards the high end of your historical range going forward? Sure. Kasia, you know, without us telling all our trade secrets, certainly, our lumber buyers have done a hell of a job on both sides of the border. Positioning well when there was dips, buying under the market and positioning ourselves ahead of time for, you know, market gyrations and really buying in those, you know, gross margin dollars. That was evidenced in Q4, and Q1 here has started off in the same fashion. I've got to give the credit to the lumber buyers, really, you know, working through, you know, rough waters here, but really digging deep and making things make sense for us. That's really where it's coming from. I'd add there, Kasia, that freight optimization strategies had also a significant role in the margin enhancements. In 2025, we began to use new technology for the business, and that's starting to show in the freight costs. The freight costs being a significant part of our cost of goods. Right. You've talked about this freight strategy in the past. Are we in the early innings of that? Is there still a lot of runway left for optimizing those kinds of costs? Yeah, I'd say early. We're in the early innings. We, we have rolled it out in only, 2 of our divisions, and so, you know, we've got a ways to go to take full benefit from that. Okay. Thanks, Jay. This is probably a question for you as well. The selling distribution and administrative expense, can you comment on the kind of inflation that you're seeing in these expense categories and maybe reference what a normalized range could look like for you guys going forward? Yeah. It's I'd say broadly in line with the Consumer Price Index. You know, we're talking about a significant portion of that being compensation costs and then facility costs. You know, we're leasing facilities, leasing material handling equipment, that kind of thing. You know, we'd be, you know, in that 3% range in 2025, I would estimate overall. Okay. The CAD 61 million-CAD 63 million quarterly, that's sort of a range that we're looking at, then inflation on top of that. Is that fair? Yes. Yes. Q4 being, you know, as Amar pointed out, normally a seasonal, slower, you know, period for us. We would expect to ramp up costs a little bit in the busier quarters. Right. On CapEx, there was a bit of a ramp to end the year. Any special projects worth calling out? If I recall correctly, you guys are pretty excited about things in the pipeline for your specialty lumber. Exactly. Yeah, that, there's a bunch of noise inside that number. You know, we can attribute it pretty much all to either upgrading or investing in new fencing equipment for our sawmills, including into the Carolinas, a new market for us. Some of that production will start to evidence later this year. We've upgraded our sawmill in Gilmer. We were there this week, and it's running. We're getting close to getting it to the point of, you know, we're happy with the volumes. The bugs are getting out of that, those investments are... I commented earlier in my comments, the fencing market, continues to be strong for us and certainly, with some tariffs being on South American countries where a lot of U.S. fence comes in, there's a shortage right now, so, we're trying to amp up pretty quickly and, modernize, upgrade and get more efficient. Okay. Thanks for that context, Amar. The level we saw in Q4, is that a new run rate going forward or should we see levels go back to what you did in the first 3 quarters of the year? Yeah, that'd be kind of a high-water mark. Yeah. We, we still expect, cash should it be under 1% of revenue for, PP&E expenditures. Q4 was a little bit high just based on, you know, lumpiness of where we spend, timing of spending. Right. Gotcha. Okay. I have a few more, but I'll get back in the queue. I don't wanna hog up too much time. Thanks, everyone. The next question comes from the line of Nikolay Goroupitch with CIBC Capital Markets. Please proceed. Hi. Good morning. With both Lowe's and Home Depot forecasting a relatively flat R&R market this year, do you share a similar order outlook? How do you see the treated lumber market performing in comparison? You know, I think everyone's just trying to, you know, forecast in a very, very murky world. It's hard to make predictions here. I think everyone's cautious. You know, the repair and renovation market, I think it's gonna be flat. We had a decent takeaway year last year despite that. I think we'll have the same this year. I think it's just kinda what you see is what you get out there, and I think Lowe's and Depot certainly have the same, you know, forecast, just kinda flat to off a bit, maybe up a bit. Really hard to read, frankly. As far as our pressure treated category, you know, we're very pleased with our initial bookings and volumes heading into 2026. The first 2 months are booked, and we're pleased with what we see. you know, not superly excited for sure, it's just the way the world is, but certainly we're gonna be hitting good base hits this year, and we should be just fine. Okay, thanks. With lumber prices climbing, over the past few months in the U.S. South and producers earning a decent margin in the region, do you think mills will add hours and in turn bring more, SYP production online in this market? Yeah, some have and some haven't. you know, the increase wasn't dramatic, and of course it was, you know, through very, very slow months. you know, a little bit in December and then into January, and then, you know, the cold, the deep freeze really came in and stalled everything, and it's kind of flatlined. I don't really see the mills ramping up and I'm hoping they kinda don't so we can kinda keep the sustainability of a bit of a higher pricing for everybody involved would be, I think, decent for the industry. Okay, great. Thanks. I'll turn it over. The next question comes from the line of Zachary Evershed with National Bank Financial. Please proceed. Hey, morning, everyone. Thanks for taking my questions. Thanks. Could you give us a little bit more commentary on how volumes trended throughout the quarter? I know that the cold months can be slow, but maybe a bit of an idea of how things were paced in November, December into January and February? Yeah, I wouldn't say it was abnormal. It was just a normal Q4. I think, you know, some of the research analysts, you know, had different views on pricing or volumes and it, you know, there was quite a range. For us it was just a routine Q4. Pricing started to pick up in kind of the first week of December, but it's December, so it's a bit of a so what. You know, we did some good buying to help protect the margins. I think, you know, 2 key things for the Q4, I think, one, our debt reduction, and number 2, our margin stability was great. The pulse of the business is just fine, as is the balance sheet. Speaking of that balance sheet, maybe you could tell us about what's in your crosshairs for M&A at the moment. Yeah. You know, we're still looking to fill in some of those white spaces, if you will, on the map where we're not directly located yet. We'll continue to work through those opportunities. We will be in those markets, just a matter of the right opportunity coming up and the balance sheet's ready. Stay tuned and we'll continue on with our strategy. Thanks very much. Just one last one, pretty speculative here. Obviously we've got a very volatile tariff framework, some global geopolitical instability. The R&R side of things seems to be pretty cautious. What's your view on new residential housing in North America this year? Yeah. I think the worst is behind us, I think. you know, I think the interest rates will continue to go down. Obviously, nobody likes what's happening with oil today. I think that if, you know, these rates continue to you know, tick down in the United States, like they are, we're under 6% now. We're starting to see some action. That's good. I don't expect some boom, I think there will be more action as people can move around and get out of some of those cheaper mortgages they did during COVID now as the gap's getting closed. You know, for what it's worth, our view is the worst is behind us, but not, you know, crazily excited about things running up hard, but I don't think they get worse from here. Great. Thanks. I'll turn it over. Thanks, Zach. The next question comes from the line of Ian Gillies with BMO. Please proceed. Morning, everyone. Morning. Amar, are you able to talk a little bit about where you're at with adding value-added services into your various facilities? I mean, whether it be as a% of revenue or what inning you think you may be in, and where you'd like to get to? You know, the value-added is, you know, our primary business. We'll continue to grow in, you know, areas such as fencing manufacturing of 1 inch. We've got some good strategies inside the company to organically grow with our customer base at our national in the United States and of course, across Canada. We're working on all kinds of things inside with our specialty sawmills. Obviously, they're smaller, you know, but they're very effective into our marketplace with niche products. I won't dive into all that into the weeds today. Some of those investments in dollars that we talked about earlier on the call are directly going into our specialty value-added side of the business, and we're gonna continue to amp that up. We mentioned when we bought Tucker, you know, back in 2024, some of those strategies want to cross-pollinate over to Doman lumber side and then vice versa, getting into fencing on the East Coast of the United States in a big way, starting mid this year. We're gonna be, you know, producing a lot of fence boards out there and the market's ready for it. Stay tuned. We're right on track. There's been a number of government programs either announced or bandied about on both sides of the border. Are there any in particular that you would point to that you're particularly excited about that you think could benefit Doman moving forward or perhaps demand drivers that aren't well understood? I, you know, I think you've heard me say it before. The government, you know, getting involved in housing has never worked. I don't think it works this time either. I think it's more of a press release than anything. I think the market has to figure things out. Developers, cost of land, cost of materials, mortgage. I just don't see the government coming in. If they do, great, we can do some supplying to them. Probably the modular guys will do well, who we supply across Canada. Of course, the United States, the government won't get involved in building housing. They'll leave that market to, you know, to figure it out. Understood. Thanks very much. Thanks, Ian. The next question comes from the line of Frederic Tremblay with Desjardins Capital Markets. Please proceed. Thank you. Starting with maybe the fencing side, you know, obviously a big component there this year. I was wondering if you can help us better understand the capacity increase in fencing, given all the investments that you're putting together now, and maybe just a clarification on when you expect the revenue contribution from those initiatives to come through in the financials. Sure. Yeah. I don't have percentages ready for you today, but probably in the second or Q3, we'll have a clearer picture of exactly how the modifications are going at the sawmills and our new venture, you know, in the Carolinas to start up there as well sometime in Q2, the start of Q3. We also did not have storms last year. This year, they're forecasting a heavier hurricane season or at least a hurricane season. When that happens, that drives a lot of quick demand for our fencing products. We expect to have a busier volume year. Apologies, Frederic, I don't have percentages, but just know that we're gonna get more efficient, doing it with less labor, more automation, and the volumes are gonna pick up. you know, our goal is to be, probably the number 1 fence producer in the United States within the next 2 years, and I think we're gonna get there. That's very helpful. Would you say fencing products in general are margin accretive compared to the raw margin of the company? They are. As you know, we manufacture everything inside, right from the log, right to the finished pressure-treated picket onto the truck, right to the retailer. We capture those margins all along the way, with the manufacturing in there. It's not something that moves around like random lengths pricing. You know, we try to do our best to maintain the margin to, you know... It's obviously a higher cost to it being a manufactured item than distribution. We need to protect those margins. By investing in the plant, in the equipment and the sawmills, we're certainly getting more efficient in driving those costs down. Great. Last question for me, just coming back on the M&A topic. Maybe from the valuation angle, are you seeing any sort of changes in seller's expectations given, you know, the state of the market now? Are you noticing any valuation changes on there? Yeah. Valuation, perspectives on M&A, Frederic, I think is what your question is. We're not seeing any dramatic changes in expectations from sellers at this point. We're remaining disciplined in what we will be willing to pay, certainly. It's, has to be within our multiple range and, we're not going outside that range, ever. Great. Thank you. The next question will come again from the line of Kasia Strasky with TD Cowen. Please proceed. Hey, everyone. The fencing products, Amar, I know you said you don't have a percentage for, go forward contributions handy, can you give us a sense of fencing, what percentage, fencing encompasses of your current product mix? Is it less than 5%? What's the number? It's between 5% and 10% and rapidly growing. We're pretty much sold out everything that we make currently, which is a great place to be. You know, we've never been in that position. A lot of it is to do with the tariffs again, out of South America. Material has just stalled coming out of there, and it was so big going into Houston and Florida than being redistributed around. It's basically crickets. The demand has turned on strong. Number 1, we're looking after all of our current customers and then taking on some new business from customers that, you know, really need it, that we're close to. Then we're trying to turn on our production, you know, as fast as possible. These things don't happen overnight, but it's a key part of our business, Kasia, that we're gonna grow in. Frankly, we're very excited about the domestic production made in the U.S.A., et cetera, and carrying on with that mantra, and not importing these materials. Frankly, we did import some ourselves as well. That game is pretty much over, and we'll be making our own. Okay. Ending on M&A, the Temecula acquisition, is that a precursor to a possible pivot in your M&A strategy going forward towards more of these types of products? What I mean here is away from commodity wood products. You know, our electrical division is small. Obviously, Hawaii is the big piece. California, you know, with Temecula just acquired, you know, a small outfit, certainly key for us. We'll see where that leads. Our, our leader there will bring us M&A opportunities as he sees fit and also organically grow certain customers in that field. In Hawaii, it works because of our home store lumber division. There's some nice synergies we have with warehousing, et cetera, with products. You know, it's not our number one growth category, it's a very key business unit for us, we would not have invested in California. You know, kind of a stay tuned, Kash. I don't think it's an exciting story at this point, but it's a very key piece of what we're doing, and nice to have a little diversification there on, you know, some product lines. It's a well-run division and good leadership. Makes sense. Okay, thanks everyone. Have a good weekend. Thanks, Kash. Thanks. There are no further questions at this time, and I'd like to turn the call back over to Ali Mahdavi for closing remarks. Thank you, operator, and thank you everyone for joining us again this morning. This concludes today's call. We look forward to speaking to you again during our Q1 of 2026 financial results call. I'll hand it over back to the operator and wish you all have a great weekend. Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.