Good morning, ladies and gentlemen. [Non-English content]. I also welcome attendees who join this meeting by webcast. [Non-English content]. Before we start, let me present the agenda for today's meeting. We will start with the formal part of the meeting that will be chaired by Miss Lisa Henthorne, Chairwoman of the Board of Directors, followed by a corporate presentation hosted by Frédéric Dugré, President and Chief Executive Officer, and by Gregory Madden, Chief Strategy Officer. A Q&A session will conclude the meeting. For the shareholders who attend this meeting in person, questions can be asked by raising your hand at the appropriate time. For attendees who join the meeting by webcast, questions can be submitted at any time by typing your question in the Q&A box on the right-hand side of the webcast platform. For those who join the meeting by phone dial-in, questions can be asked at the end of the meeting by following the instructions to be provided later by the operator. [Non-English content] Good morning, ladies and gentlemen, and welcome to the annual general meeting of shareholders of H2O Innovation. As the board chair of H2O Innovation, I'm pleased to be speaking with you in person today for our 21st annual meeting. After the last two years of virtual annual meetings, it's a celebratory moment for me to be able to address you in person. COVID was hard on everyone. Trying to not only run a company, but also grow it, took enormous effort from everyone at H2O Innovation. To begin my talk, I first want to thank the employees for this accomplishment and tell you we all look forward to a future of fellowship in which we work elbow to elbow and see eye to eye. At last year's annual meeting, the theme of my talking point was the work the company had done in 2021 to plant the seeds of organic growth across the markets we serve, which would bear transformational change in the company. As I reflect back on 2022, I feel enormous pride in the company's achievements in bringing these seeds to fruition. I'm happy to report that the plan I spoke of last year has borne enormous fruit for the company's future. H2O Innovation grew by almost 28% in revenue this past year, of which 18% originated from organic growth. That's remarkable for any company, but for our often stoic water industry, it approaches a miracle. As the desalination market expanded at a record pace, H2O Innovation strategically developed products and expanded key manufacturing facilities that supported this expansion while also complementing our push toward greener, more sustainable and sustainable solutions. The company expanded its market diversification with multiple industrial water projects, notably one for the largest electric vehicle manufacturing facility in the U.S. and 15 new water reuse, wastewater, desalination, and water projects, including San Diego's flagship water reuse project. Piedmont, the specialty parts company, delivered 1,099 orders to 175 different customers in 45 countries. The O&M team renewed the corporation's largest O&M customer, the City of Gulfport, Mississippi, and expanded the scope significantly to include fleet management and solid waste collection. The company's organic growth this year was accompanied by three acquisitions, two in operations and maintenance in the state of N.Y., which leveraged our O&M coverage into new geography, as well as an exciting addition to our maple business through acquisition of one of the original maple farming equipment suppliers, a 130+ year old Leader Evaporator Co., Inc. To give further color to these accomplishments, I'd like to give one specific example of how the strategy to support greener solutions for the water industry was implemented and how it subsequently generated new income. As you may recall, the corporation launched its inaugural ESG report in 2021, which documented six goals or targets. It was recognized that a significant way to help our customers reduce their carbon footprint is to reduce shipping distances, weight, and volume. Toward that goal, H2O Innovation expanded its specialty chemical manufacturing facility in the U.K. this past year with the addition of a powder-line production. Powder-based chemical products in the desalination industry is quite unique, and they eliminate the need to ship large quantities of water around the world, reducing shipping costs to the clients and also their carbon footprint. This expansion is generating significant growth in our specialty chemical line in 2022 and going forward. As a further point of reference to the significance of this portion of our business. H2O Innovation now provides specialty chemicals for the world's largest seawater reverse osmosis desalination plant located in the United Arab Emirates that's designed to provide 240 million gallons of desalinated water per day. These past few years confirm the resilience and robustness of our business model that uses three pillars to leverage profitability and to smooth out the lumpiness associated with the water wastewater capital project business. As we know, the post-COVID world is grappling with a number of issues, including steep competition for talent. As part of our commitment to the company's ESG principles, one of our proudest achievements this past year was the introduction of a minimum CAD 15 per hour wage for all employees. While instating the minimum living wage addresses an ESG goal, it also improves employee retention. It enhances our talent search and can actually improve worker safety through reduced employee turnover. ESG principles have been a cornerstone of H2O Innovation since its founding, and a renewed appreciation for the importance of these factors in the health of the planet and lives of our employees and clients, as well as how these principles contribute to profitability, have solidified our ESG plan and its renewal for this next year. This plan will guide our continued care of the planet and our employees and customers, and will sustain the long-term financial strength of the company. While I've spoken about the company's work to nurture the seeds of organic growth and the fruits born from that tending, we must also discuss the harvest and the importance of a well-managed harvest and that minimizes waste, maximizes yield, and gives back to the people and supporters of the company's products. The company must now shift to reducing debt associated with recent acquisitions and investments in organic growth toward maximizing cash conversion. The new year has started off on the right foot with a solid growth of 46% in Q1. The combined backlog rose from a record of CAD 163 million at the end of the previous fiscal year to a new record of CAD 182 million at the end of Q1 this year. We recognize that a vigorous focus on improving business efficiencies and managing the business growth is critical to a successful ongoing yearly harvest. Now, I would like to introduce the co-presenters this morning, Frédéric Dugré, Director, President and CEO, will present the updated strategic plan assisted by Guillaume Clairet, the Chief Operating Officer, and Gregory Madden, the Chief Strategy Officer, will present an update to our ESG plan. Édith Allain, Vice President, Corporate and Legal Affairs and Secretary of the Board, will act as secretary of the meeting. I also want to introduce the H2O Innovation board of directors and advisors that have been instrumental in facilitating the company's success this past year. If each of you would just raise your hand when I call you out. Richard Hoel, the Vice Chairman of the Board, whose leadership both Fred and I rely on to keep us positively focused on those matters that matter most as the company grows. Pierre Côté is one of the leading technologists and thought leaders in the global water industry. His patient, cerebral approach in guiding us on the shape of technology in the industry helps to maintain the company's leading edge, and he also leads our strategy committee. Stéphane Guérin joined the board in 2019 and has recently taken over chairmanship of the audit committee, where he applies his commitment to profitability and operational excellence. Thank you, Stéphane, for taking up with this very important role for the board. Elisa Speranza joined our board in 2020 after years as an advisor to the board. Recently, she accepted the role as chair of the governance committee. Her strong background in board governance, operations and maintenance and ESG make her an integral director to the board. She was also instrumental in development of the company's ESG plan last year. Bertrand Lauzon joined our board this year after a distinguished career as CFO of leading financial institutions and commercial insurance companies in Canada. Bertrand is a chartered professional accountant and has ably joined our audit committee. Caroline Lemoine is joining our board this year and brings a strong legal, governance, and M&A background as well as expertise in the agribusiness, which will further diversify and strengthen the board's capabilities. I'm also happy to report that with the addition of Caroline, our board is now represented by one-third female presence. Of course, Frédéric Dugré, our CEO and founder. Please welcome our advisory member who supports our strategy committee, Mr. Leonard F. Graziano. We are very fortunate to have such a distinguished industry leader contribute and advise the board. I would like to sincerely thank the members of the board for their leadership this past year and their collective support and vision to make the company the best in class. In closing, I've spoken in the past of my experience with H2O Innovation over the last decade. I've even attempted to describe the company in terms that demonstrate its caring nature, its unique culture, and its commitment to integrity and diversity. The growth experienced in the past year is unparalleled in the history of the company. The leadership that drove that growth will apply their skill to harvest the benefits of this growth to the profitability of the company, while remaining mindful of the priorities of the health and welfare of its employees and clients. I'm very honored to be a part of H2O Innovation and could not be more excited for 2023. Thank you. Now over to Édith. Thank you, Lisa. Let's move on to the formal part of the agenda. I declare this annual general meeting of shareholders of H2O Innovation open. The items that will be covered today are detailed in the management practices circular and in the notice of meeting that are available on the corporation's website. [Non-English content]. Today's agenda was structured so as to meet the statutory requirements in the most efficient manner while keeping as much time as possible for the presentation that would follow and for the Q&A session. [Non-English content]. [Non-English content] During the formal part of the meeting, only the question from shareholders who are attending the meeting in person will be considered. We'll answer the questions forwarded via the online platform and by telephone following the management presentation. Over to you, Lisa. We will begin by appointing Édith Allain as secretary of the meeting and Bertrand Gely and Isabelle Vachon from TSX Trust Company as scrutineers. Once again, this year, the corporation has elected to use notice and access procedures to deliver the notice of meetings, the management proxy circular dated October 20, 2022, and the annual report for the fiscal year ended June 30, 2022 to the shareholders rather than mailing these meeting materials. As per the notice and access procedure, a notice of availability of materials was sent by mail on November 4, 2022 to all holders of common shares registered at the close of business on October 24, 2022, detailing how to access the meeting materials online and how to obtain paper copies. The secretary has confirmed that the notice of the meeting, along with the proxy circular and the annual reports for the fiscal year ended June 30, 2022, were made available to the shareholders of the corporation on November 4, 2022 on the corporation's website and under its SEDAR profile. Sorry. I now ask the scrutineers to present the report of attendance at the meeting. [Non-English content]. The minutes of the previous meeting shall be approved by the shareholders. A copy of them have been posted in the handout section of the electronic platform. It can be accessed by clicking on the page icon below the presentation at the bottom of your screen. Do we have a proposition as to the approval of the minutes of the shareholders annual general meeting held on December 9, 2021? Madam Chair, my name is Gregory Madden, and I move to approve the minutes of the last shareholders annual general meeting. Madam Chair, my name is Marie-Ève Roy, and I second this proposition. Thank you. Now to you, Édith. The minutes of the annual general meeting of the shareholders held on December 9, 2021 are now approved. The secretary will ensure to insert such minutes in the corporation's minute book. Over to you, Lisa Henthorne. The next item on the agenda is the financial statements of the corporation and auditor's report thereon. A copy of the financial statements for the fiscal year ended June 30, 2022 is contained in the corporation's annual report, which was made available to the shareholders in accordance with the notice and access procedures. The financial statements are preceded by a report from the auditor who was nominated by the shareholders. I ask the secretary to include a copy of the corporation's annual report in this meeting proceedings. We have reached item seven of the agenda, the election of directors. In the proxy circular that was made available to the shareholders, management has proposed a list of eight nominees for the director positions for the next fiscal year or until a successor is appointed. The nominees are myself, Lisa Henthorne, Miss Elisa Speranza, Mr. Richard Hoel, Mr. Pierre Côté, Mr. Bertrand Lauzon, Mr. Frédéric Dugré, Mr. Stéphane Guérin, and Ms. Caroline Lemoine. Except for Ms. Caroline Lemoine, all nominees are already directors and stand for re-election. Mr. Louis Verreault is not standing for re-election as his new functions prohibit external board involvement. The corporation did not receive any other proposed nominees for the director positions from its shareholders in accordance with the corporation's advance notice bylaw. Are there any questions in the room? I therefore ask shareholders to nominate and support the appointment and election as directors of the nominees submitted in the management proxy circular until the next annual meeting or until a successor is appointed. Do we have a proposal for the election of each member of the board of directors? Madam Chair, my name is Jean-Philippe Pilote, I move to approve the nomination and the election of the directors position of the nominees proposed by the management in the proxies of the company. Madam Chair, my name is [Guillaume Paré], I second this proposition. Thank you both. Now back to you, Edith. Thank you, Lisa. I hereby inform you that the proxies received have been voted as follows in favor of the election of the nominee directors named in the management proxy circular. The numbers are expressed in%. Pierre Côté, 99.98%. Frédéric Dugré, 99.90%. Stéphane Guérin, 91.45%. Lisa Henthorne, 99.90%. Richard Hoel, 99.88%. Bertrand Lauzon, 98.87%. Sorry. Caroline Lemoine, 99.98%. Elisa M. Speranza, 99.88%. Therefore, I declare that each of the proposed nominees is thereby elected as director of the corporation for the coming year. [Non-English content] Now on to you, Lisa. The next item on the agenda is the appointment of auditor. As described in detail in the proxy circular, management proposes Ernst & Young be appointed as auditor of the corporation for financial year ending June 30, 2023, and that the board of directors be authorized to fix its remuneration. I now ask the shareholders to propose and support the nomination of the auditor for the next financial year. Madam Chair, my name is Claude-Anne Bruin, and I move to approve the nomination of Ernst & Young as auditor of the corporation. Madam Chair, my name is Gregory Madden, and I second the proposition. Thank you. Are there any questions in the room? Back to you, Édith. Thank you. I inform you that the proxies received were voted as follows: in favor of Ernst & Young, 99.92%. Withhold, 0.08%. [Non-English content]. I declare the resolution passed and confirm the appointment of Ernst & Young as auditor of the corporation. Now to you, Lisa. As no other item has been proposed for inclusion in the agenda within this prescribed time, we will now proceed with the adjournment of the meeting. This concludes all matters before our annual general meeting of shareholders, and I now declare the annual meeting adjourned. Thank you for joining us today. Is there a proposal to this effect? Madam Chair, my name is Guillaume Paré, and I move to approve the adjournment of the meeting. Madam Chair, my name is Jean-Philippe Pilote, and I second this proposition. Thank you. I now declare the meeting adjourned. Now that we've completed the formal part of the meeting, over to Frédéric, who will present a business update and Gregory will help with updating on the ESG. Question and answer period open to all attendees will follow the presentation. Bonjour. Good morning, everyone. Well, thank you very much, Lisa, for a great speech. I mean, having someone of your caliber as an expert, international expert in the water industry to acknowledge what H2O has achieved is very meaningful to all of us. Thank you. [Non-English content]. [Non-English content]. Excellent. Good morning, everyone. Well, thank you for joining the presentation today. We are really excited to present you our business and all the progress we have done according to our three-year plan. We'll take a few minutes this morning to update you on what we have achieved, but also talk about, you know, the market trends and the drivers behind our industry, because what we have observed and what we're currently observing as growth, organic growth is not by chance. It's really driven by the efforts we have spent, but also by these amazing market drivers that we are observing. Guillaume will cover that part. Before we jump into the presentation, for those of you who are new to the company and joining as well online, I think it will be meaningful to present you in one slide what H2O is all about. What H2O is all about is about a platform of water treatment business solutions we have built through the last 23 year almost now. Essentially, relying on three business pillar. The first one being water treatment equipment and technologies that we engineer, that we manufacture through our facilities. We have built more than 800 systems through North America. These are all the little blue dots that you see on this map. It gives us an excellent credibility, an amazing reference list, an amazing install base to grow the business further. Also, as a second business pillar, we have specialty products. Specialty products that we make, but also that we distribute to a large distribution network of more than 150 distributors around the world. They are the one growing and pushing the products, the specialty chemicals, the couplings, the filter housing through the world to the largest desalination plants in the world, as these are explained. Finally, we have a third business pillar, operation and maintenance. We are taking care of more than 650 water and wastewater utilities, mostly in North America. Every day we have people showing up to these water and wastewater plants to take care of these assets, ensuring that we not only respect the compliance, but also that we provide safe drinking water to millions of people. What's unique about our business model is that we have 85% of our revenues that are returned by nature. Again, it wasn't the case a few years ago, but we have strived really, really hard, and we continue to strive this way to make sure that we do everything we can to retain our customers. It also provides us great financial visibility by having 85% of our revenues that are returned by nature. Finally, we have more than 1,000 amazing collaborators, amazing talented people around the world, phased into five different manufacturing facilities that we have, one in U.K., one in Canada, and three more in the U.S. We have also eight engineering and sales regional offices around the world, capable to support our customers that we have now. All right, we'll dive into the three-year plan. Before we do it, I would like to invite my colleague and Chief Operating Officer, Guillaume Clairet, to give us an update on the market drivers, but also the market trends in the water industry. Thank you, Frédéric Dugré. It's both an honor and a pleasure to talk to you this morning about what drives our industry, what essentially drives the company, and what are some of the trends that are affecting our business strategy. What ultimately makes us believe, and hopefully you as investors believe that investing into water and the successful players like H2O Innovation is a good investment thesis. On the screen here, we've got five of the major drivers that we see in our industry. The first one is quite simple, it's population growth. We all know population is growing really, really fast. We're looking at 8.5 billion people. Every day as the population grows, that's more water that's needed to for drinking. That's also more water, more wastewater that's generated that needs to be treated. It's a pretty clear synergy between the population growth and the need for water infrastructure. The second one is actually that the water infrastructure that's been put in place for many, many years is aging. It's aging at a very fast pace, and whatever ages needs to be refurbished and repaired. When we have governments like the U.S. government, you know, that's investing $50 billion to fix and/or repair water infrastructures, those are sewage pipes, those are drinking pipes, those are water treatment plants that need upgrades. Those create opportunities for companies involved in the water sector. The third driver is the regulations. Essentially, the water treatment industry is heavily regulated. There's regulating bodies all over the world, country per country, province by province, state by state. What the regulators do is they essentially define what's considered an adequate level of contaminants in the drinking water or in the wastewater in order to be allowed to discharge that wastewater back to the environment. Whenever there's a contaminant that gets a new regulation, that's a new business opportunities for companies like H2O Innovation. PFAS is a word that's been in the newspaper a lot in the U.S. especially, but also here in Canada and all over the world. Well, PFAS means polyfluoroalkyl substances. That word has been nicknamed also forever chemicals. Why forever chemicals? Well, essentially, PFAS or Teflon, which is a compound that's been used in different industrial applications, including pots and pans, is found in essentially almost every water bodies all over North America. PFAS, because it stays in the water forever, it needs to be removed now because it has been regulated by the EPA. That creates opportunity. The picture that you see there on the screen is a picture of Los Angeles containerized reverse osmosis system that we delivered because once cities and municipalities are being told by the regulators that they need to treat bodies of water contaminated with PFAS, well, guess what? They need to spend their dollars and invest in infrastructure that's going to treat those contaminants. PFAS is a really good example of a regulation that's been put in place that's driving the market in favor of companies able to offer solutions for that market. The fourth one on the screen is water scarcity. 4 billion people, almost half of the world's population, is suffering the different levels from water scarcity. It's kind of almost sad to say that, but because certain companies like H2O are really well equipped to fight water scarcity by offering water reuse and desalination solutions, as water scarcity becomes more important, well, we actually have more opportunities to provide solutions for fighting the water scarcity around the world. Last but not least, this is a new market driver that we are actually releasing today, and my colleague, Greg Madden, is going to talk about it quite a bit later on on the ESG plan. It's water positive. Kind of for the people here present in Quebec City, who has ever heard of the water positive concept? Raise of hand. Maybe two, three people. That's what? Less than 5% of the room. I will take a bet that in five years from now, if I'm gonna be asking the same question in a room full of people, everybody will raise their hands. Water positive is essentially a comparison to carbon neutrality. I think if I were to ask a question, who knows about, you know, carbon footprint today? Everybody's heard about it. Everybody heard about greenhouse gas emissions and how we have to lower our carbon emissions. The fact that corporations, countries, cities are making pledges to lower their carbon emissions. Well, guess what? Some companies like Amazon came out. Okay. Certain companies, large ones like Amazon, came out last week pledging that they will be water positive by 2030. I'll let Greg explain what that means to be water positive. When large corporations are pledging this, that means that other ones are gonna follow suit, other countries are gonna follow suit. In five years, everybody will know what water positive means. What it means for us, what it means for H2O is business opportunities. We are helping these companies becoming water positive with our technologies. If we switch from the fundamental of what's driving the industry as a whole to the trends of what's happening inside the industry, we have to provide a little bit of context and definition. What's happening in the industry and what we see happening in the industry is that historically the water market was mostly built around conventional water resources. What's that? Well, that's surface water. Rivers, lakes, groundwater, wells, rainwater that's being captured. Slowly but surely it's moving unconventional water resources. Those are mostly water reuse and desalination. What are the main things that define conventional water resources in comparison to the unconventional ones? Well, it's essentially that when you look at the right-hand side of the screen, we have limited resources. Rivers, lakes, wells, they can all go dry, and it can stop raining. Anybody that relies on these conventional water resources may run out. When you go to the unconventional water resources, you essentially have access to renewable resources. When you reuse the water, you're functioning in a closed loop. When you get access to desalination and you desalinate water from the ocean, which replenishes itself via rainwater and an entire body of water that's connected, you have access to limitless resources, if you like. What that means is that as you move, and when I say you, I mean companies, cities, governments move from conventional to unconventional, they are building their drought resiliency. The more you move towards unconventional water resources, the more drought resilient you become. Why is that important? Well, it's because drought is impacting us in a big, big way, more than ever before. The U.S. Drought Monitor is the government organization in the U.S. in charge of monitoring drought in the U.S. mostly, and also around the world. This past July, more than 43% of the U.S. was in some level of drought condition, experiencing drought at different levels. That's 130 million people affected. More importantly, that's 229 million acres of crops. That's tomatoes, that's lettuce, that's fruits and vegetables, essentially. We all know when we do groceries today, that the cost of these things have gone up tremendously, probably caused in a lot of ways because of other economic realities. Inflation is going up, logistics are going up. Drought plays a major role in the increased cost of those produce. We can no longer think that, you know, without some serious solutions to water scarcity and water drought, you know, these things won't continue to happen. On top of that, the UN has published reports that says that the frequency of drought has increased by 30% in just the last three years. A very, very sad scorecard is that drought, even if it's only 15% of natural disasters, killed 650,000 people over the last 50 years. Drought is definitely a reality that we have to deal with. It's sad to say that it for certain companies that are providing solutions, well, it's actually a business opportunity. If we dive in the unconventional water resources, the first one of the two, and probably the one that we would encourage any of our clients to focus on first, would be the reuse market. We're pretty bullish about the reuse market. On the left-hand side, what you see on the chart here is essentially what we think is the beginning of a hockey stick curve of installed capacity of water reuse plants all over the world. On the bottom right, you see the largest water reuse plant in the world as of today. This is in Orange County, south of Los Angeles, between Los Angeles and legal. This is our largest reference. We're really proud of it. We've shared it with the investors before. We put that plant online in 2008. What's interesting about this plant is that it's not just the capacity building of the plant itself, but it's also the public outreach that this plant does to motivate other cities and industry to start water reuse. Everybody that's here in person today has got a little water bottle that was given to them. That water bottle is bottled at that facility. Essentially, the wastewater that's been heavily purified to standards that are much above drinking water is in this bottle. This is the idea of public outreach to make people realize that we have no choice, that one day we'll have to be able to think that we'll be drinking wastewater. I invite you to taste it with us today. It's, it tastes pretty good, actually. There's a study that was done by Stanford University and that was recently released, that was comparing various drinking water available in the aqueducts of different cities in the U.S. Two-three plants that were essentially purifying wastewater with some pretty advanced technology. The technologies that H2O supplies with RO. Guess what? The results are pretty compelling. In every single case, the water quality of purified wastewater is much higher than the quality of the water that we have in our aqueducts. That means that when you turn on your tap, remember that the water that's in this bottle is of higher quality. As population, but also I guess water treatment professionals, the hope is that we will start judging the water not by its history and where it's been, but by its quality and what's in it at the time you actually use it. Water reuse is quite an interesting market, and because the next few slides will be talking about cubic meters per day. Cubic meters for the less familiar people is a unit of measurement of water, right? Cubic meter. What's a cubic meter? Well, a cubic meter of water is 13 baths, it's 14 loads of washing, it's 20 showers. It's about 100 times that you flush your toilet, 1,000 liters or 1,750 pints of your favorite beer. You know, there's a lot of those, the capacity that's being installed. This is basically the 2016- 2025 installed capacity, additional installed capacity of water reuse plants in the world. You can see that the year 2023 is gonna be the biggest year for water reuse capacity to be installed. 2024 and 25 to be also very solid years. The market is exciting in that sense. What is the use of that water reuse capacity that we install everywhere? Well, there's multiple uses. It can be agricultural, it can be environmental enhancement, groundwater recharge in some cases. The one that currently, at least the next few years, is the biggest, fastest driver is the industrial market. If you look at the pale blue, this is the capacity that's being installed between 2020 and 2025. Almost half of the total capacity installed is gonna be installed by industries first, and then obviously municipalities will follow suit. Our strategy at H2O has been really focused on capturing those, on helping some major corporations installing water resilience via water reuse. Three of, you know, major companies, we're talking top 10 companies in the world by revenues and by market cap, are clients of H2O. We're really proud of that. We're so proud, we can't name them because of confidentiality agreements. You can see systems that we've delivered for some of these companies already, and one of them that's gonna be delivered, that's currently under design, for a big computer company in a campus in Texas. We're definitely focusing on helping and capturing this extraordinary use capacity that's coming online in the next few years. Moving from reuse to the other unconventional source. I mean, essentially our belief is that you should reuse 100% of whatever you would reject historically in the stream, right? But once you've recycled everything that you could recycle, there may still be a need for make-up water. Where do you get that secondary source? You could get it from conventional resources, you know, wells, rivers, or you can move to desalination. Desalination has grown tremendously over the planet, mostly in the Middle East in the first instance, but afterwards it went to Africa to Australia, and now it's coming in a big way in North America and Chile and Latin America. The contracted capacity, the pie chart that you see on the right with a number in the middle, that is 26 million cubic meters a day of desalination capacity that's gonna be installed between 2021 and 2025. That's only four years. That is a lot of membranes, a lot of products, a lot of chemicals, a lot of parts that we are well-positioned to supply. What we really follow at H2O with our product portfolio is not just the new capacity, but it's the overall operating capacity. What are the operating plants everywhere around the world that are using consumables and chemicals, which is what we supply. When we look at the operating desalination capacity from 2016 to 2025, it's constantly growing, both on the industrial side of things and the municipal side of things. This, every time it grows, it's essentially our addressable market that grows as well. It creates bigger opportunity for H2O as a company. In closing, well, it's important to look at the spending of all those desalination plants everywhere around the world. What's the spending? How do they spend their money, right? They have operating budgets. Half, if you look at the pie chart on the right-hand side, you have essentially half of the CAD spent is goes towards energy consumption. That's not something we supply. A quarter is on labor. What's most interesting is that the last quarter is on chemicals and on parts, consumables. This is where our technology portfolio is uniquely positioned to capture those opportunities. In conclusion today, what I wanted to leave you with is that between the fundamental of investing in the water sector, the trends that are currently happening inside the sector and the product portfolio lineup of H2O, all of this considered together, we're pretty bullish about the future 'cause we believe that we're uniquely positioned to generate some significant growth over the next five to ten years. Thank you very much. Good. Thank you very much, Guillaume. This is very helpful as we are now diving into our three-year plan update. These market drivers are obviously will influence the course of the next few years and should be definitely beneficial because we are indeed, as Guillaume said, pretty bullish about our industry and what H2O is currently doing. These are the different key strategic objectives we have fixed back in 2020 when we introduced our three-year plan. We have done great progress on most of them. I mean, you see the little thumbs up. This morning, I would like to spend a little bit more time to mostly discuss four of them that have evolved strategically and significantly. We start first with our acquisition program. When we introduced the three-year plan, we were aiming to do two to four acquisition by 2023 end of fiscal year. Well, we have achieved five actually. Two that we completed in fiscal year 2021. One first was for first and the acquisition of Gulf Utility Service, an O&M company based out of Houston. There was also the acquisition of Genesys Membrane Products in Spain to complement and add to our specialty products offering. In 2022, we did three acquisitions. two for the operation and maintenance to allow us to penetrate the state of N.Y., with the acquisition of JCO and NEC. Finally, at the end of our fiscal year, we wanted to further expand our agri-food and irrigation business, which is a transformation of our maple industry. We added and expanded with the acquisition of Leader. Now, if we look at another key objective that is part of our growth pattern and our focus to improve margins and retain our customers, as we said, because this is key in our, in our DNA to have recurrent revenues. We wanted to push more the WTS group, the first business pillar, the Water Technology and Services, to engage more with our existing customer base to make sure that they would do everything we can to retain the customer after delivering or commissioning the water treatment equipment. Well, it is somehow mission accomplished as well. We have been growing that portion of the service business by 14% on a CAGR basis, on a compound annual basis, year after year over the last few years. Thanks to the efforts that we have done, but also to the expansion of our team. We added four regional account managers to better support the existing customers we have, mostly in North America. Also, there's a great amount of synergies between the different business lines that we're capturing and enabling every day also, allowing us to further grow organically. We're really proud and excited also about the new products we launched. I mean, for those of you looking at these little pictures like, "What the heck is this?" Essentially, we developed new products, and maybe, Guillaume, we could show it a little bit, the permeate connector. This is a new product for those of you watching it at home. This is a new product developed by our Piedmont division, allowing us to connect the permeate connector coming out of a reverse osmosis or any kind of a membrane plant. It is a unique piece of equipment patented by us, but also allowing the operators to gain efficiency to better probe the membranes, to test the quality of the membranes, and also, reduce their assembly cost, essentially. We launched this product last year, and, we now have the first install. I received a picture this morning from a plant in Morocco, who has now officially its new installation on the desalination plant of 150,000 cubic meter per day. This is exciting. We have also, new specialty chemicals we have developed using our green chemistry, the Dendrimer, the one that we make in California. We came up with a complete dehydrated product, a solid product that now we are looking to expand into a new market. A market dedicated to the small reverse osmosis under the sink that most of the Asian market and Middle East market, they all have small RO units into their kitchen, into their appliance kitchen, to prevent or, you know, better treat the municipal water. We think that these little pellets or these little antiscalants will enable to extend the life of these little membranes, but also can open up a complete new market for us in the coming years. We're expecting the first quarter, actually, this fiscal year. The product was finally completed in terms of development in the last fiscal year. We have a new product that we launched that these little internal. They'll go actually up. These are. I can show this. It's an internal rod. These little rods goes actually inside the big red filters, the filter housings that we're selling globally. This little piece of equipment essentially goes along the line of reducing energy consumption. Guillaume expressed, you know, the importance of energy savings and energy consumption into desalination plants. It represent about 45% of the overall OPEX cost. Well, this little device is allowing our customers to reduce the restriction of water flow, to reduce then the pressure drop, to reduce the requirements of the pumps or the pressure energy required by the pumps to push the water through these filters. We have developed this new product, it's patented, and now we're starting to push it into the market. This is another great exciting opportunities to expand our portfolio of products, to grow further the sales and keep the margins pretty healthy. If we now move to the final objective that I wanted to touch this morning, is on the transformation of our maple business into an agri-food and irrigation business. We have strived really, really hard over the last couple of years to develop and think outside the box. We have been able to actually make a few sales outside of the maple industry, starting first with the irrigation business. We have used this technology that is used day-to-day into the maple farming industry. Now we're using it for irrigation. Irrigation on cranberries, into orchards, into apple business to help the producers, the farmers, to irrigate on a smarter basis their crops. We have now 12 different installation of the Smartrek technologies around these different fields. We have also used our expertise around sugar concentration, where we use membrane filtration to concentrate the maple sap. We have been using the same expertise to apply to other markets, such as the whey, such as the birch syrup. The craft beer. Jon was talking about the 1,700, you know, beers that is into a cubic meter. Well, it is a big market. The craft beer market is a growing market, as you know, and we find a little niche application into the concentration of water actually to extract more sugar, to enhance the production of beer and gain efficiency. So far we have done the first installations. The little equipment that you see there on the picture is an installed equipment in Anaheim, in Los Angeles area, for a craft brewery production. Now, moving forward for 2025, we're going to make a few little changes. We're going to keep some of the objectives that we had fixed for 2023, and we're going to merge actually two of them because they are of similar nature. The one related to innovation will be merged with the other ones to further expand, you know, our specialty products offering. We're going to also merge the one related to digitalization and modernization of our operation and maintenance business to create one common objective. In a nutshell, ended up with now a set of different objectives, but essentially keep focusing on transforming this business but also expanding our product offering through innovation. The one related to sales structure and customer satisfaction will remain because essentially it's part of our DNA. We're going to continue to do this, but moving forward, we're going to replace and introduce three new strategic objectives. One that is very important, and I think we feel it with 25% organic growth in the first quarter and everything indicates that it's going in the same way with key markets and amazing drivers behind it. We want to harvest. This year and the coming year will be all about harvesting. Harvesting the investment we have done, but the opportunistic to harvest on the organic growth, but also to continue to improve the margin. We want to remain and be a double-digit EBITDA company and a double-digit growth company. Also, because of all the investments we have done between the acquisition, the plant expansion, the investment into technology, we also want to optimize our cash conversion cycle. It's important to take care not only about the growth of the business and the profitability, but also take care of the balance sheet. Lately, we saw the interest rate going up, we wanna optimize, you know, this, and we wanna take care and reduce our leverage a little bit to position ourselves favorably for the coming quarters for other opportunities that we will see. Also, one of the big challenge, and I think it's true for all entrepreneurs and everyone in room here, fighting and dealing with labor shortage is a hell of a challenge. We want to develop strategy to shield the company against this important challenge. We have multiple plans, multiple actions in place to find ways to mitigate that, and we're going to strive really, really hard to make sure that we ensure the continuity and sustainability of the company on that topic. Now, in terms of margin improvement, because yes, we have feel the pressure. We felt the pressure over the last couple of quarters due to inflation, due to the supply chain issues and high inflation in material as well. We have a great plan and a clear roadmap on how we're going to improve things. Essentially, around the operation and maintenance business, the long-term contract and the short-term contracts, we're going to do two things: update the CPI as they come to a renewal, as they come to the anniversary date, also work really hard with customers to update the schedule of the different costs that they vary into their business contract. Also, on another thing, we're going to, I would say, capture more, as we presented you, develop more specialty products opportunities. It's a high margin business. It's a recurring business. We have a great network of distributors. We want to tap on this and move on that strategic. Finally, I mean, we're going to harvest, as I said, on the investments we have done. We have spent a fairly good amount of money into expanding our manufacturing facility plant in the U.K. for the chemicals with a new powder manufacturing facility. Now it's time to harvest. In Q4 last year, we completed the construction of that plant, and now we are producing this powder, allowing our customers to reduce their footprints, reduce their water footprint, and reduce their CO2 footprint. We wanna capture this because it's also coming up at great margin. If we look now on the financial basis, well, I think it won't be new, but obviously we're facing an important organic growth. We will be tightening a little bit, you know, our targets that we have set for 2023. Moving the new targets in revenue for 2023 between a range of CAD 220 million to CAD 250 million because of the organic growth that we have experienced in Q1 with the visibility that we have also, the new contracts we have announced. There's one actually, two actually, that was announced yesterday, CAD 12 million adding up to the backlog. We feel pretty good about the current fiscal year, and this is why we're tightening these targets a little bit. We'll also keep pushing really, really hard to improve our margins, and aim this year to ended up into a target EBITDA of 10%. For the following fiscal year, in 2024, we're also tightening a little bit more, you know, the revenue because, you know, we're observing also that this growth won't be only for this fiscal year, but it will continue. The project we have booked into our backlog will impact not only this fiscal year, but the coming fiscal year as well. We have a better visibility on it, this is why we're tightening them a little bit between CAD 255 million to CAD 300 million for 2024. Again, striving really hard with all the initiatives that I presented you to improve and continue to improve the EBITDA margins to a more than 10.5% EBITDA margin target. We are introducing you the new targets for 2025 as part of our three-year plan to become a company that will range between CAD 280 million to CAD 350 million for 2025. Based on a combination of organic growth and maybe potentially other acquisitions down the road. This will give us a midpoint for 2025 of CAD 350 million with an improved EBITDA also that should end up superior to 11%. In a nutshell, well, we finished the last fiscal year at CAD 184 million, close to 10% EBITDA. We have a list in our eyes clearly on a set of 10 key strategic objectives between cash cycle improvement, growth, and also, you know, find ways to mitigate, you know, the labor challenges that we have. You know, we want to grow the company to CAD 280 million to CAD 350 million and improve the EBITDA above 11%. This is what we're going to accomplish in the next three years. Finally, before we jump to the other part of the presentation, we are really excited to announce this morning, it went through a press release, that we are now the first Blue Loan, I will say in Canada, but certainly the first one within the portfolio of National Bank. Our partner, National Bank, allowed us to, and with their support, to renew a credit facility and extend the credit facility to CAD 65 million, according and meeting all the Blue Loan criteria. What our Blue Loan criteria means? Well, essentially, the World Bank has set a list of specific targets, a list of specific criteria as part of the green financing. The IFC, International Finance Corporation, as part of the World Bank, has established these criteria. Within the green financing facility, there is a category for water called Blue Loan. Essentially, we are meeting all these criteria that qualify the entire credit facility with National Bank under the Blue Loan criteria. I mean, this will give us a little discount on interest rate. That's great. Beyond this is to see the financial world, the financial market endorsing in a big way, in a significant way, what we are doing in terms of sustainability, in terms of water, in terms of water reuse. This is the most important thing, right? We need water in everything we do. When was the last time you heard that a water plant was shut down? Never happened. It is a resilient business. It is a business that is growing, and we're excited to have the endorsement of National Bank and the financial market to support our growth. I will now moving to the ESG and ask my colleague, Greg Madden, Chief Strategy Officer, to give us an update on ESG progress. Thank you. Thank you, Frédéric. Nice presentation. That Blue Loan is very exciting. We're all very excited about that. That's something that's unique and special for us. You heard through all the presentations from Lisa through Guillaume and Frédéric about environmental, social, and governance. I'm just gonna give you a little bit of an update. We released our first plan in November of 2021. We're not updating this whole plan. This is just kind of the progress that we've made over the past 12 months and a little bit plus. We're focusing on a couple of things. The Sustainable Development Goals that you see in the upper right-hand corner are something that the UN has announced. It's how they wanna progress towards better environmental, social, and governance improvement for the world. We're focused particularly on SDG 6, which is clean water and sanitation for all, and SDG 5, which is gender equality, and then decent work and economic growth, which is SDG 8. You can see it's broken into three categories. We took a look within each of those categories and focused on a couple of specific ideas. The ideas were water stresses and carbon emissions in the environmental category, safety, employee engagement, and diversity, equity, inclusion in the social category, and then cybersecurity in the governance. There's many other things that we can focus on as a company, but we can't boil the ocean. We need to make sure we had a focus for our ESG initiatives. What were our objectives? Just highlighting them very quickly, then I'll go into a little bit more detail on a couple of them in the following slides. Number one, we wanted to reduce water stresses by improving our water stewardship, what we can do in the world. Number two, we committed to reaching, as Guillaume was saying, the net carbon neutrality or net zero carbon that you guys probably are aware of. We wanna commit to achieving that as a company by 2040. We'll reduce our company's total case incident rate or the measure of how safe we are as an organization. We had a goal of reducing that to 1.0 by 2025, we'll see a little bit of change in that in the coming years. The increased engagement is about how we are as an employer for our for the people that work for H2O Innovation. We want a company that people feel engaged. It is one of our core values. It is the achievement of the goal. We want our employees to feel achieved and feel engaged in what they are doing. We are working hard to increase women and minority diversity of H2O Innovation employees, as we mentioned now on our board of directors. From the top all the way down, we are over one-third of our board of directors are female, and we are working in our organization to increase the percentage of female employees and minority diversity as well. The last one, to ensure complete data security. That is a huge risk for all corporations. The risk of cyber threat is real. There's hundreds, if not thousands of attacks per day, we had a focus to make sure that we're world-class in that effort. The first thing that we did, and this was actually on the day that we released our ESG plan last year, was that Frédéric signed the-- onto the UN's CE Water Mandate, CEO Water Mandate. The CEO Water Mandate basically says that we'll adhere to a list of 10 principles that are broken down into basically four categories. The first category is human rights, saying that we aren't gonna be any part of exploitation, nor will our suppliers or partners. We wanted to make sure that we focus on labor. Labor means that we're not employing child labor, that we're giving fair working conditions to our employees. The environment as a water company, clearly we are an environmental company, that one's pretty straightforward. It's not difficult to see how that one fits in, making sure that the initiatives that we have are focused on the environment. Anti-corruption is another focus of the CEO Water Mandate. This is all driven around, and again, you can see just in a different setup, though, those UN Sustainable Development Goals. That's what the CEO Water Mandate is about. As a signatory on the CEO Water Mandate, we're obligated to give an annual update, that update is due in the spring of 2023. That's when we'll do a formal update of our ESG plan, along with that timing. Guillaume talked about this a little bit, the water positive. We all know what carbon neutral is. What water positive means essentially is that your mass balance of water use, you're putting more clean water back than the water that you're using in your operations. That can extend even to your supply chain. There's several companies who have already signed on to become water positive. You can see a list of them there. In fact, H2O Innovation as an organization has been instrumental in driving the initiative of water positive. The picture you see at the bottom is one of our vice presidents, Alejandro Sturniolo. He's at the International Desalination on a stage that has a screen that's about 300 feet wide, and you can see he's talking about being water positive. We've been instrumental in designing the framework around what water positive means, how you measure it, and how you can move forward in that. There we go. To summarize all of that so far, H2O Innovation is committed to leading the Water Positive Initiative, championing the United Nations endorsement of the framework that we're helping develop alongside International Desalination Association and supporting companies committed to becoming water positive. One of the other steps that we've taken in the past year, we committed to being a net zero carbon emitter, and we committed to improving our water stewardship. You can't improve what you don't measure. On both of those fronts, we reached out to a company called Circa, Circular Carbon, and they're helping us using ISO standards to measure our carbon footprint. It's a really big undertaking. This is a global effort for H2O Innovation to understand what our carbon footprint is, to understand what our water footprint is, and also to look at the life cycle of some of our key products. A life cycle assessment, for example, of our product SpectraGuard 111, which is the dendrimer chemistry from our PWT group, means that we're looking from the cradle to the grave, from the raw materials coming in to how we go about the manufacturing process, to how it's delivered to our customers and how it's used in the water industry. That entire cycle, we're going to measure the carbon footprint of that. The benefit of this particular product, and the reason we're measuring it, is because it is a competitive advantage for us. We manufacture the product as a concentrated chemical. When we're shipping it from here to places around the world, we're shipping it as 11 times concentrated. That means a container load of our product is the same as 11 container loads of another customer's product. That reduction in freight cost also is a direct reduction in CO2 emissions. That's something that we're very proud of. Not only CO2 emissions, but water emissions as well. You'll see when we finish that initiative, which should be done by the time that we release our update in the spring, we'll have a measurement basically of the kilograms of CO2 equivalent per liter of chemical that we manufacture. That's something that's gonna be very important for us to understand. We'll extend that to other products as well as we go forward. The internal support rod that Frédéric was talking about, another great initiative, reduces energy for our customers, and we think that's another product that eventually will measure the carbon footprint or life cycle assessment of. Globally, what we'll come up with is we'll have a water and carbon footprint that measures a meters cubed of water or tons of CO2 equivalent for our company. What it'll look like is we'll have a global picture, but then we'll also be able to see within divisions, within offices, within geographies, what that looks like. It'll be broken down so that we can see where our best opportunity is to, first of all, organically reduce our CO2 emissions, reduce our water usage, but then also to offset that. There already is a carbon offset market. We believe there's going to be a water offset market, and we'll be able to become water positive and carbon neutral in a pretty short amount of time. The last one I'll talk about is in our ESG objectives. We had set an objective as part of our social to be a safer company. Not that we weren't safe before, but we went about making safety really a priority for us, and we wanted to reduce our company's total case incident rate to less than 1.0 by 2025. The graph that you see on the top left there is showing progress. It goes from a high number on the left to a lower number on the right. It's not great progress. It's going to be difficult for us as an organization to reach that goal. We're gonna continue to strive to do that. What we've learned over the past year as we've gone on this journey of safety, we've brought in new safety employees and learned more about really what safety means as an organization, is that there are other measures that we should judge ourselves by. And one of those in particular, and we're gonna supplement the objective that we created for this metric, was something called EMR or Experience Mod Rate. The Experience Mod Rate is basically a measurement that insurance companies use to insure an organization based on how safe that organization is. You can see our progression over the last two years with our EMR rate. We went from 1.53 in 2020 to 1.39 in 2021. Our most recent measurement, we're 1.28 in 2022. That's still considered fairly risky. A 1.0 is the industry average. That's the average. We wanna reach that 1.0. We wanna surpass that 1.0, reach down to something around 0.8. That's gonna be our goal, and that's what would be considered excellent within the industry. That has direct impact on our costs, on our safety. Our employees are going home safer at night if we can reach that 0.8. That's a measurement that we'll add on to this objective. How we're doing that, we're changing the way that we look at safety from only measuring what's already happened, which is the TCIR, the total case incident rate. You're measuring the number of incidents that you had as an organization over a certain period of time. We're gonna continue to measure that. We're gonna continue to measure EMR, which are both backward-looking metrics. We've also introduced a number of forward-looking metrics that we believe is gonna help us indicate ahead of time how safe we're being and make us a safer organization. One is we have a software. We're expecting every employee to make observations within this software in the course of every year. What that means is you observe some unsafe condition, you observe some very safe act, you observe something having to do with safety. You put it in the software, and it's resolved in a certain period of time. That resolution means you've learned something or you've recognized something that's a safe behavior. That makes you safer because you're looking forward on how to be safer. The second is we're doing new hire training. We're improving how we train our new hires so that every new employee that comes into H2O Innovation understands how important safety is for us. Then the third, where we can make a big impact, is the fleet safety initiatives that we're introducing. We have over 500 vehicles within our fleet, that's certainly a source of concern for us. We wanna make sure that we're being as safe as possible. Just to sum up on the ESG report. ESG, you know, when we first started talking about this a few years back, was something that we needed to do, we knew we needed to do. We came out with a report, we understood it was a kind of a milestone for us as an organization. I'll say that within the past year, it really has become how H2O Innovation does business. Everything that we do, we put that ESG framework around it, that lens on it and understand how does that impact our ESG footprint within the globe and is that something that will make us better, a better steward of the environment, a better employer for our customer and a safer organization from a governance standpoint. If it doesn't, there's a good chance we aren't gonna take that initiative. Everything from product development to projects that we're chasing, if it's not something that's gonna improve what we're doing in environmental, social, and governance, then it's not gonna be part of H2O. Thank you very much. I'll turn it back over to Frédéric. Thank you very much, Greg. Great presentation. Great update on ESG. [Non-English content]. We're going to now move to the Q&A section of the presentation. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Chief Financial Officer. Marc is online also in another room. He's with us, but into another room, taking care of the, of the chat room. Marc, do we have any questions? [Non-English content] [Non-English content]. Yes, we do have questions. The first question, Fred, is coming from [Zachary Evershed], who's an analyst at National Bank. He's asking. Here's the question. Egypt and Morocco have announced that they intend to build a number of new desal plants. Can you talk in what stage H2O can be involved in these projects, and whether you have sufficient staff to service these countries' slash markets? Maybe I'll let Guillaume answer. I know Guillaume, their market trend. Morocco is a big, big growing area for us. I'll just say to get closer to the microphone so people online can hear us. It's a very good question. I think that the specialty products division of H2O can actually get involved at two stages in the projects. Yes, we are involved in the projects happening in Egypt and the projects that are happening in Morocco. Agadir is already a reference for H2O as we speak. The two stages on which we can get involved are essentially at the construction of the plant and then at the operation of the plant. Any desalination plant being built in Egypt, let's start with Egypt, or Morocco is the same, is gonna be built by an EPC company. EPC stands for engineering, procurement, construction. For people here in Canada, that would be the equivalent of SNC-Lavalin. Those firms doing major desalination infrastructure are mostly based in Europe or the Middle East. The big names are ACCIONA, IDE, Veolia, Metito. Those are the equivalents of SNC, but focused on building desalination infrastructure. How do we capture the construction market? We essentially have people in Europe, our sales guy and agents and distributors that will connect with those large EPC companies to essentially win components contracts via tenders, right? Those EPCs will need a pump, they'll need membranes, they'll need permeate collectors, they'll need filters, and they will reach out to us, and we will, through the technologies, bid to an RFQ and hopefully win those subpackages of the larger scope of the desalination plant. The contract can be for a plant being built in Morocco, it can be a contract from Spain because the EPC is based in Madrid, and we secure the contract in Spain during the construction. Now, when the operation starts to be online, meaning the plant is fully constructed, two years later, the plant starts up and there's operators in Morocco that need chemical supplies. For that, we've got distributors in essentially, we've got 100 distributors. That's the map you saw earlier from Frederic at the beginning of the presentation. That's their job. Those distributors will import our chemical products in Morocco, and they will connect with the operators in order for them to locally procure the chemicals and use it in the everyday operation. We really gotta focus on those, every single one of those opportunities. We gotta focus on it prior to construction to capture the EPC market, then we gotta focus on it when it finally gets online to start providing our consumables and chemicals via our distributors on board. Hope that answers the question. Sure does. It's online because we saw also a distributor in Morocco double its sales actually for the last two years. Marc, any other questions? Yeah. Yeah. We have a lot of questions. Here's another one. Can you talk about the maple syrup and its outlook, as there are some reports that maple syrup is considered as a luxury whose demand can soften in recession and/or high inflation periods? Can you talk about the maple industry a bit more? That's a good question. Indeed, you know, it's considered like a luxury product, but it's still a better sugar than the traditional refined sugar that we see from sugar cane. I think the market drivers behind, you know, the maple industry itself are the fact that Quebec authorized, you know, 7 million of new taps lately. The producers right now are jumping into this to capture this growth opportunities to invest into expanding their farming installation. When usually this happen, the Northeast U.S. market is just not sitting there and looking the train go by. They are also growing and expanding this, their facility. They're not relying on the Quebec federation as we have here. They're also usually growing. I think it's the overall, you know, in the United States, it's less than 10% of the entire population in the United States only that consume maple syrup. They consume also a lot of other syrup, traditionally made of corn, traditionally made of other sugar cane products. It is still a market that is at its infancy, I would say, and there's still a lot of opportunities for further growth. It is certainly an area that is not pushed and driven by the same growth factors as the Geon Express. We're keeping a close eye on it. So far, when we look at our backlog, when we look at our current year, we feel the growth. Growth is there definitely, and it says that so far, you know, it's so good. We'll keep a close eye on it. Okay. Thank you for the answer, Fred. I have another question here. Could you maybe walk us through the decline in the new targeted EBITDA for 2023 and beyond? What is playing into that downward revised figure? Marc, well, you're the CFO, why don't you take this one on your end? Okay, good. Yes. Indeed, the decline in the targeted EBITDA figure comes from partly the business mix. This year we're expecting, you know, when we built that plant three years ago, or two years and a half ago, we were making some plans and notably some M&A projections. We've always said M&A targets were around specialty products and operation and maintenance companies. Over those last five acquisitions, as you presented, Fred, there was three operation and maintenance companies and one in the maple, which comes with lower gross profit margin, lower EBITDA margin, and one that drives the gross profit margin up significantly is GMP. Therefore, the business mix is a bit different than what was initially forecasted, which affects a bit the percentage in EBITDA. On the other hand, it's offset by the fact that we're growing a bit faster than what was initially forecasted. There's another aspect, is the, and you talked about that, is the margin that's under pressure due to supply chain issues. The gross profit margin has suffered a bit from in-high inflation, and there's a period where we're catching up on that through different initiatives, as you presented, in order to bring back that gross profit margin up. This is why we're seeing this gross profit margin increasing over the next two years and come back to an 11% for 2025. Anything to add, Fred, on your side? Thank you. Should we maybe pause a little bit on the chat room and maybe go online on the phone and see if the operators have any question for us on the phone? Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. There are no questions at this time. Okay. Thank you very much. Marc, do we have any other questions on the chat room? Yes. There's another question, I would say mostly related to finance. Can you talk about the cash conversion cycle optimization objective for 2025? What does this mean exactly for H2O? Do you want me to take this one? Sure. Go ahead. This question comes from Naji, analyst at IA. The cash conversion cycle, what we mean by that is to improve our working capital. Right now we're, you know, tasked also by the fact that the supply chain generated some issues over especially the last four to six quarters. Our working capital increased significantly, we increased our inventory. We had a bit issues with collections. Payment terms have increased coming from our customers. What we wanna do is to reduce that cycle and therefore improve, I would say, be more efficient related to working capital. That's what we means by that objective. Anything to add to that? I would say, Naji, also, if I may add, Marc, generally speaking, I wanna bring back, you know, the overall net debt to EBITDA ratio to a target which is about under, sorry, under two times. We feel at this level we'll be comfortable in continuing growing the company and then the opportunity to take further acquisitions down the road. Okay, Fred, there's another question here, also from Naji. For the 2025 target, it implies some organic growth, but also M&A. He wants to know if we can maybe comment on our upside coming from M&A. Well, strategically, as I said, first, I think this year the general team is harvesting. We want to harvest on what we have created as a platform on the investments we have done. As we do this current fiscal year and the coming quarters, it will be a unique opportunity to deleverage a little bit, you know, our current balance sheet. Positioning us for acquisitions that we're essentially looking maybe for the 2024, 2025 fiscal year in a way that, you know, we'll be able to expand further our specialty products, add more technologies and further grow, you know, the O&M platform. We showed you in the past that it's still a fragmented market. There's still a lot of opportunities to acquire, you know, small to mid-sized companies, of valuable technologies that could be highly complementary with what we're doing. We'll continue to target this. Another question, I think that's linked to the previous one, related to the balance sheet. Where would you be comfortable going beyond three times net debt EBITDA? If yes, for how long? And how much debt do you expect to pay down? I would maybe take a shot first, Marc, and then you could complement. At this point, three times more is not necessarily a comfortable area for us, because we're growing so much organically that we wanna keep some kind of reserve or flexibility to support the organic growth. I mean, having 25% of organic growth is tremendous and it requires capital to fuel this growth and support this growth. We wanna keep some cushion there and this is why we feel better at two times, you know, and less to get that kind of leverage for acquisition and transactions. Marc, on your end? Yes. Obviously agree with that. How much debt do we expect to pay down this year? I mean, you said it a few times during this presentation. This year's objective is to harvest. The objective and as we said, also improve the cash conversion cycle or optimize it. Therefore, I don't want to give a target here of how much debt we contemplate to end up the year with, but the objective definitely is to harvest, reduce that debt, optimize the cash cycle. Therefore, all hands on deck on our side to reduce that debt at this point. Another question related to the loan. Can you provide more detail on the Blue Loan financing? Is it simply converting your existing credit facility into a blue loan? What are the terms? Any rate or maturity? How will you proceed? Yeah, any restriction, basically? Do you wanna make this, Marc? Yeah, I was gonna say that. Okay. Basically, the blue loan is the conversion of our credit facility. The entire credit facility that we have, which used to be CAD 55 million, and now has been expanded by 10, so now stands at CAD 65 million, is all considered blue loan. It's not a new facility, it's the existing facility that's considered as a blue loan. What it gives essentially is, first we needed to qualify the revenue. It's close to about 95% of our revenue. You need to be above 90. Right now, above 95% of our revenues are considered, are qualifying to be blue loan or green loan. It's revenue related to energy efficiency, to water treatment, or water operation and maintenance. And all those that be considered as a blue loan gives us a discount on our interest rate in a certain way, by five basis points. It's a little discount on our interest rate. Basically, that's what is the incentive we have. Good. Thank you, Marc. [Non-English content] [Non-English content] Sure. [Non-English content] [Non-English content] Do we have any plan for electrification of our fleet vehicle? Maybe Greg, I will defer that to you because you're in charge of the O&M and it's part of the EHD initiatives that we're doing. Yes, we have a plan. Sure. We've hired a fleet manager to help us with that. Like I said, we have over 500 vehicles in our fleet. The idea is not just electrification, but alternate fuels. If electric makes sense, then we'll go to electric where we can. If not, there are other opportunities like switch to things that are higher ethanol blends or things like that. Electrification is something that we'll do. We'll downsize vehicles where we can. You know, using maybe a sedan in place of a truck. If it's just an inside fence, maybe we can use a side by side that's an electric vehicle. That is part of the plan, and our strategic move in that direction is gonna be helped by our fleet manager to move down the line over the next few years as we need to replace vehicles, to replace them with electric or alternate fuel. We already started. There's a few Mavericks that were purchased. Yeah, hybrid electric Mavericks. The hybrid vehicle, actually, the challenge is the lead time. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] I'll do a final check on the operator online, on the phone, if we have any more questions. There are no questions over the phone at this time. Good. Thank you very much. [Non-English content]