Good afternoon, everyone, and thanks for joining us today. This is our first Investor Day as Mattr, and we're really pleased to have you all here. For those of you that don't know me, my name is Meghan MacEachern, and I lead Investor Relations, External Communications, and ESG for Mattr. Before we begin, just a few housekeeping items. In the event of an emergency, we'll exit out the doors behind us, go to the left, and then there'll be a stairwell at the end of the hall on your left that we can exit through. I'd also like to take a moment to remind all of you that today's presentation includes forward-looking statements that involve estimates, judgments, risks, and uncertainties that may cause actual results to differ materially from those projected. The complete text of Mattr's Statement on Forward-Looking Information is included in Section 4.0 of our Third Quarter 2023 Earnings Press Release and in the MD&A that's available on SEDAR+ and on the company's website at mattr.com. Our agenda this afternoon has about two and a half hours of prepared presentations. If you have questions for our Mattr management team, we will have a 30-minute Q&A session at the very end. So we ask that you hold your questions until the end. We will also have two of our most important customers here with us today, giving brief presentations, and we'll leave a little bit of time at the end of their individual presentations for you to ask them questions as well. Once the presentations and the Q&A conclude, we invite you to grab some refreshments and join us next door, where we have trade show booths set up to give you a little bit more insight on our businesses. So with that, I'll now bring our President and CEO, Mike Reeves, onto the stage to kick us off. Good afternoon, everybody. Quick check. Can you hear me in the back? Yep. Okay. Thank you. As Meghan said, welcome to Mattr's first Investor Day. It's been four years since this company put an Investor Day together. The last time we did it, it seemed to kick off a global pandemic, so we're gonna hope that we do better this time. An enormous amount has changed in four years. The company is a totally different organization, completely transformed, and our goal here today is to make sure that we provide you with as much information as we can about not who we were, but who we are and who we will be. So what is it that we are doing? We have created a high-growth, high-margin, much lower volatility infrastructure of products, organization. We believe firmly that any organization worth its salt can execute on its business plan and return capital to shareholders at the same time, and we are doing that. When we think about what really drives this organization, you see there the phrase that we use internally, "Engineering a better future." What does it mean? It means that we take our core competencies. We are experts in materials technology, we are experts in complex manufacturing, and we focus those, along with our culture of engagement, innovation, and creation, to deliver high quality, high reliability products that support global expansion and renewal of critical infrastructure. You will find our products in the most demanding applications, where the cost of failure is at its highest, and we pride ourselves on enabling Canada, North America, the world, to move closer to its objectives in a wide range of critical infrastructure applications. I mentioned it earlier, we are a totally different organization than we were four years ago. Then, we were primarily a pipeline products and pipe coating-oriented business, very volatile, quite complicated, with a challenged balance sheet. The organization you see in front of you today is none of those things. We have moved through an aggressive strategic review and the execution of a simplification of our portfolio. We are focused on four businesses that play to our core competencies and we believe have enormous opportunities for the future. But what we've done in parallel is drive growth. I often get the question, "Well, transformation is the easy part. What about driving growth?" Well, the first thing I'd point you to is the fact that while we've been transforming the organization and generating hundreds of millions dollars in available capital to drive future growth, we have also been driving substantial growth, not just in revenue, but in margin profile. And you will hear more from Martin and Frank later in the day on exactly what's happening inside their respective businesses to continue this trend. Speaking of the businesses, just to orient ourselves, the company is now organized into two reporting segments: Composite Technologies, where we focus on using composite materials to deliver high reliability, high-quality products that can replace concrete or steel in a wide variety of critical infrastructure applications, extending lifespan, lowering risk, and doing so with a smaller carbon footprint. And Connection Technologies. Where we are focused on delivering premium wiring, cable, and heat shrink technology that broadly serves the global electrification markets. Again, you will find these products where the applications are their harshest, where the cost of failure is highest. We kept those businesses, having been through such a dramatic portfolio rationalization, not just because they play to our core competence, not just because they are high margin, high growth, low volatility, low maintenance capital, but because they are absolutely positioned for long-term favorable macro trends. When we think about what drives our business into the future, and I don't mean three - five years, I mean multiple decades, it is these trends. None of these are going away anytime soon, and all of them demand that critical infrastructure is expanded and renewed at an ever-accelerating pace. All of them are being funded today. So we're not betting on a future deployment of capital from governments and private organizations. We're betting on a continued deployment of capital on a massive scale around the world, and we believe we are uniquely positioned to take advantage of the opportunities that this presents. It's a crowded field. Infrastructure products, industrial products, there's a lot of organizations that deliver those things. What makes us different? I've said it before. We focus on the harshest of applications. If the temperatures are extreme, if the pressures are extreme, if the corrosive environment is extreme, if the mechanical loads are extreme, if the radiation is extreme, that's where you will find us. You will find our products where the cost of failure is highest and the challenge to the product is at its most extreme. In every case, what we deliver is a tiny fraction of the cost of the project, but crucial to its success. Lastly, and perhaps one of the most important aspects of this organization, is the culture around customer engagement and the understanding that customers have a hard enough life as it is. Our job is to make their interaction with our organization as frictionless as possible. So whether that's listening and acting to address their challenges, making sure that our systems can provide seamless interaction and data flow, and making sure that our people understand that customer focus is what matters above all else. This is what makes us different. This is what's enabled us to grow at an aggressive pace in the last several years, and will do so as we go forward. We've accomplished a great many things in the last four years, and Tom will speak at length on a number of the items that are on this page. But I would just say transformation is behind us. In that transformation process, we have generated north of CAD 400 million. We have moved from a very net debt-heavy position to a net cash position, and we've positioned the organization to play offense, and we've started to play offense. Starting in 2023 and continuing into 2024, we have a very aggressive expansion program in place. Martin and Frank will both speak about what's happening within their segments. So we are in the process of deploying a little north of CAD 150 million in growth CapEx that will modernize, expand, and optimize our North American manufacturing footprint in businesses that, in most cases, have been capital starved for a decade and beyond. Those investments will ensure that we are positioned to achieve our objectives. 10% annual growth rate at a minimum, 20% EBITDA margin at a minimum, 70% free cash flow conversion at a minimum, doubling us together our revenue by 2030 and do so organically. Everything we do in the M&A space will be incremental to that. Our pathway to grow, to double the size of this business by 2030, is not built on hope. It's built on very clear pathways where we already have momentum. Again, you'll hear more from our two segment presidents here, but when you think about Flexpipe, it's about expanding from the small diameters to the big diameters, which will double or triple the addressable markets, and we have momentum there. It's about expanding into international markets, where historically we've had limited presence. We have momentum there. On the tank side, the Xerxes side of the business, clearly there's a wonderful business out there for fuel tanks. We will hear some more from one of our customers on that front here momentarily. But on the water side, we now have the vast majority of the components we need to be a serious player in the stormwater quality and management marketplace, and we see that business growing to and beyond the scale of our fuel business over the course of the next several years. On the connection side, Shawflex, our wiring cable business, is one of the market leaders in Canada. Extraordinary engineers delivering extraordinary products across a wide array of very harsh environment niches. We barely touch the U.S., and we really don't touch anywhere else in the world. There are end markets we're perfectly suited to support. but we've never had the capital to invest and grow into. That's what you will see from Shawflex and from DSG over the coming years. On both sides of the business, we need more capacity on the production front. That's why we're making the investments we are right now. When you look at us compared to reasonable peers, we have some opportunities here, too. A high-growth, high-margin business with a bulletproof balance sheet, clear pathway to grow at an aggressive pace going forward, trading on the order of half the multiple of any reasonable group of differentiated product manufacturing peers. So when we think about our future, it's not just about growing the business, it's about ensuring we get fair value in the market and expanding our multiple. Those two combined are a powerful combination. So my last slide, and we'll circle back at the end of the session to ensure we've given you the visibility we intended on this. We're now clear about what we are committed to delivering in terms of growth rate, EBITDA margin, cash conversion, and scale. All of which we are confident we can deliver organically, but we have the capacity to seek out, execute M&A that is very tightly strategically aligned to the businesses we own today, that will accelerate that pathway. We'll talk some more about where we're focused there. With no further ado, we will move on to the first of our segments, and let me introduce Frank Cistrone, the President of Connection Technologies. Thank you, Mike. Good afternoon, everyone, and welcome. My name is Frank Cistrone, Group President for Connection Technologies. I've been with Mattr for 14 years, and for the last seven years I've run our Connection Technologies segment. Interesting fact, 35 years ago, I took on a one-year engineering assignment with the Shaw family, and I was asked to take a look at our Rexdale facility and understand the capacity of their extrusion, and if required, acquire some extrusion capacity. I'm happy to say that that capacity is still operating today. A real testament to the culture, care, and attention our employees have for our critical assets. So, something that certainly is very that we're very proud of. Just gonna get this deck aligned so we're on the same slide, and we'll get started. I'll begin with an overview of the Connection Technologies. Connection Technologies, sorry, is made up of two primary brands, Shawflex and DSG-Canusa. What they share in common is Connection Technologies directly addressing the global electrification megatrend. We have a massive global electrification transition, and our two brands are in the center of this trend. Our financial performance demonstrates the strengthening tailwinds and why it is critically important for continued investments in this trend. Our investments to date have resulted in adjusted EBITDA performance of 24% over the last three years. Our road to 2030, as Mike indicated, is built on strong financial organization, technology, and culture, with a growth ambition to double our revenue while enhancing our EBITDA margins. So what do we do? Shawflex's long-standing brand has established a reputation in the marketplace of highly engineered wire and cable, designed to function with extreme capability and reliability in the harshest of environments. And DSG, with a similar long-standing brand in the marketplace, a premium heat shrink and cold applied product, providing customer confidence where the cost of failure is the highest. Let me provide you a deeper understanding of our brands. Let's begin with Shawflex. Over the last 60 years, Shawflex is known throughout North America as leader, leader of high quality and service, focused on designing and manufacturing wire and cable. We have an extensive base of technical, operational, and engineering capabilities, delivering greater than 10% new product development revenue. Our flexible manufacturing operations support more than 167 billion possible cable combinations across instrumentation, control, power, and cable assembly applications. In 2022, we acquired a cable assembly manufacturing company, Kanata, a leading manufacturer of custom cable assemblies across the nuclear, aerospace, and space markets. Our wire and cable products are everywhere in our lives. They connect our world. They provide us with power, heating, lighting, transit, and so much more. Moving on to DSG-Canusa. Similar benefits with same tailwinds as Shawflex, but a differentiated portfolio of heat shrink, cold applied, and application equipment. For more than 50 years, we have serviced our customers through an industry of leading application and product designing capabilities. DSG-Canusa has a global footprint with leading industry technology capabilities, generating more than 20 new products annually, and we have a fully integrated internal engineering team that designs and builds our own state-of-the-art production equipment and also customer application equipment. Our competitive advantage is that we are a diverse product portfolio using proprietary polymers and adhesives that form an extensive product offering to seal, insulate, protect, and identify our customer applications. A common differentiator for both Shawflex and DSG is our core competency of material technology and complex manufacturing expertise. Let me share with you why. We are the market leaders in differentiated product design using material technology and complex manufacturing. At our core, we are material science experts, developing differentiated products our customers require. These investments continue to increase our product revenue, enhancing our EBITDA margin performance. The customer value, differentiated product, and competitive advantage to this core competency is multifaceted. First, it enables us to develop innovative and superior quality products by optimizing the material selection and ensuring that we provide a product that is leading and in terms of enhancement, reliability, and functionality. Additionally, it aids in cost reduction through efficient material usage, streamlined manufacturing, and methods to increase our gross profit performance. Ultimately, this proprietary information serves as a cornerstone for our business. Markets that we participate in focus on what is the outlook and future drivers. Our infrastructure, industrial, and transportation market verticals are built on long cycle themes, including climate change, population growth and movement, and aging infrastructure. We have a relentless focus on the markets and drivers that these trends enable. I'll call out a few examples for you. For infrastructure, key drivers such as power generation, power distribution, and communication build-outs are core to our current and planned offerings. For industrial, key drivers are industrial and construction spending, and we are seeing the impact of these already with our Shawflex and DSG-Canusa demands. Transportation is driven by electrification and population growth and movement, which favorably impacts all our transportation segments. Our marketing and product management teams remain tightly engaged with the markets we serve to understand the addressable markets, both size and growth, and the customer values and competitive landscapes within them. We use these data points to build our growth plans. Our targeted markets are critical, serve critical industries that connect our world. We have a massive opportunity represented by the servable, serviceable available market that is larger than $10 billion. You can see a snapshot of the vast industries we serve. I won't go through all of these, but there are two common points that I'd like to call out. Firstly, they all operate in extreme environments, and secondly, they all demand uncompromising reliability. Let me illustrate a few examples of extreme environments and uncompromising reliability applications. Take, for example, nuclear. Nuclear refurbishments. For nuclear refurbishments, the cost of downtime and failure is extremely high. Equipment doing work in these environments need to last for decades. We have been servicing this market for four decades because of our reliability and durability of our products. A few other examples: extreme weather environments for communication, space, where our cables are on the launch pads, and transit, where smoke and fire retardant specifications are required in order to participate in this market. With decades of material technology and complex manufacturing expertise, our product, our products are built with high performance and reliability. Let me provide you an overview of our customers and end users. Summarized by market and by business, you can see a listing of our top customers and end users. Both Shawflex and DSG-Canusa have established long-standing relationships with each. These close relationships allow us to listen to the voice of the customers, understand the key customer values, and develop technologies that our customers value. The channels to market are complex and require close working technical relationship with both the end user and our customers. Within each established aim, an approvals position takes years, and these approvals must be maintained. Within our highly regulated markets, we maintain strong end user and customer approvals, representing a high barrier to entry and a competitive advantage for us. Having provided you an overview of our brands, markets, customer base, I will now share with you why we are excited and confident about our growth plans. As I mentioned earlier, our road to 2030 is to double our revenue while enhancing EBITDA margins. This is built on several focused growth themes. Electrification megatrend, global nuclear renaissance, global auto scale, mix, and materials technology, organic investments to elevate capacity and enhance efficiency, acquisitions focused on enhancing existing capabilities, and finally, Shawflex U.S. geographic expansion. Let me walk you through each. The electrification megatrend is an overarching tailwind for connection technologies. To meet our net zero and support population growth movement, globally, we must double the global electric capacity by 2050. This massive expansion of capacity will require CAD 21 trillion of investment in electrical infrastructure to refurbish, expand, and digitize. In Canada alone, this represents CAD 400 billion in investments to meet our 2035 goals. Our three primary markets of infrastructure, industrial, and transportation will all benefit from these significant investments needed by the electrification megatrend. An extension of the electrification megatrend and another growth driver is the global nuclear power renaissance. Nuclear reactors produce substantial electricity without generating greenhouse gases, making them critical to the transition to cleaner energy sources. The expanding demand for nuclear reactors stem from the imperative to achieve net zero emissions by 2050. Two weeks ago, 22 countries at the UN Climate Change Conference in Dubai, including the U.S., Canada, Japan, France, U.K., and UAE, pledged to triple nuclear generation capacity by 2050. With a base of 412 global nuclear reactors in the world today, the global map here illustrates the significant number of reactors planned for refurbishment, currently under construction, new planned, new proposed, and these numbers are expected to grow given the recent COP 28 signed pledge. What does this mean for us? What it means for us is that the global nuclear represents significant addressable markets for us, near term and long term. We are investing to become the world leader in nuclear interconnect technologies. With over 40 years of servicing CANDU reactor customers, including Bruce Power and OPG, our CANDU portfolio provides us opportunities to grow and serve within a CAD 700 million total addressable market, both nationally and internationally. Our road to 2030 investments expands our current CANDU offering to include light water reactors, small modular reactors, and micro reactors to serve a total addressable market of greater than CAD 10 billion. Our proven track record in nuclear space aligns us extremely well with our technical and manufacturing expertise. We are confident in our investments and growth plans to continue to grow this market segment by expanding technology and geos and geographies within these large addressable markets. Moving to global automotive production and the opportunities associated with scale, mix, and leveraging our materials technologies expertise. First, I want to point out that by leveraging our diverse markets over the last three years, we have been able to backfill the lower level of activities with more industrial and infrastructure share gains. So you can see on the graph between 2020 and today, there's been that dip. We've been able to fill that dip with, with industrial and infrastructure market share. This is a strong tribute to our continued strategy to maintain and strengthen diversity. Returning to normal automotive production levels means we get volume and mass. Already, this trend is favorable, with 2023 representing 93% of the 2017 levels. On top of that, we continue to offer differentiated solutions for both ICE and EV vehicles. Finally, as we transition into more electric vehicles, the solutions require higher temperatures, higher, higher voltages, and uncompromising reliability. To position us for this, we have been investing in the new technology required for EV vehicles. With that, we could potentially increase revenue per vehicle by approximately 50%. What is also important is that the technology we are developing for the automotive segment is transferable and scalable to the other transportation segments, which I highlighted earlier. As we have communicated, since late 2022, we have initiated a significant organic investment to relocate our existing Rexdale site to two new sites. Fairfield, Ohio, will be our new home for the heat shrink tubing manufacturing, and Vaughan, Ontario, will be our new home for wire and cable. The investments in the expanded facility will position Connection Technologies to increase incremental capacity by 25% by 2026, and by over 100% by 2030. These modernized, optimized, and efficient facilities represent healthy margin improvements for us by 2026. These investments provide Connection Technologies a return of greater than 20% internal rate of return, and I'm happy to inform you that both projects today are currently being constructed on time and on budget. As shown, our new DSG-Canusa facility is planned to open in late 2024, and our new Shawflex facility is planned to open in late 2025. Stay tuned for more updates as we near the completion and commissioning dates of these investments. Our next expansion opportunity is a Shawflex U.S. footprint. Mike highlighted this in his opening words. Today in Canada, we are leading. We are a leading provider, and we're proud of it. However, in the U.S., we're only getting started. So with 70% of the U.S. electrical grid and over 25% being over 25% old, and the U.S. consumption forecast to increase by greater than 25% by 2030, how are we positioning ourselves to leverage this U.S. market that is nine times the size of the Canadian market, and today, the total construction spending is now close to $200 billion? Well, we're positioning ourselves by, we're already investing and developing products in the U.S. and currently serving the growing U.S. utility segment with the cable from the Canadian site. Our strong service and short competitive lead times differentiated us here and allows us to grow this market segment, and we continue to bid, win, and execute large special projects. Our space project this year is an example of that. Finally, to leverage this large U.S. addressable market, we have prioritized and are carefully assessing inorganic opportunities for a U.S. wire and cable footprint. Sharing with you some insights to our M&A activity. We are very active in assessing acquisitions targeted to enhance our capabilities and grow our markets. As I mentioned earlier, in December 2022, we acquired Kanata, and we are very proud of this. Kanata has added to our portfolio new and complementary technology and has diversified Shawflex from a discrete wire and cable supplier to a full-service interconnect cable supplier. Kanata's international business brought us cross-selling opportunities with both Shawflex and Kanata are leveraging today, and the acquisition of this investment was done extremely well, with both integration and synergy plans all executed on time and on plan. Driving growth through acquisition is a priority for Mattr and Connection Technologies. Our dedicated development team, and with the collaboration of our business teams, have been identifying and assessing over 100 targets over the last 12 months, and I'm happy to say that we have multiple opportunities to explore for transaction in 2024. The highest priority for M&A is the Shawflex U.S. footprint to access new geographies and end markets. In closing, the Connection Technologies' proven track record and growth drivers represent a significant part of Mattr achieving its 2030 organic ambition of doubling revenue and enhancing EBITDA margins. Our organic growth investments in 2023 and 2024 are positioning us with expansion capacity, both near term and long term. And lastly, we are very excited about our inorganic growth drivers with opportunities to explore in 2024. Our global employees are extremely proud of what they have accomplished to this point, and we are passionate and excited to continue to work through and deliver our growth plan commitments. After our presentation and Q&A today, please take some time to visit our booths on the up, beside where we're located here. Meet with our people and take the opportunity to touch and feel our products and really gain an appreciation of the engineering and the technology that the products represent. Thank you all, and I look forward to meeting with you later this afternoon. At this time, I would like to call up Mike Rencheck, President and Chief Executive Officer of Bruce Power. Hello! How's everybody doing? It's the switching hour. It's right after lunch. Everybody's getting kind of comfortable here, and it's a bad spot. And I told Frank, I said, "Look, at 1:30, if somebody goes to sleep here, I'm gonna feel really bad, really bad," but not that bad. So I'm gonna talk a little bit about Bruce Power before we get started, if that's okay with everyone. But I agree with what Frank's saying in terms of where the energy markets are going. When you look at the Inflation Reduction Act as an example in the U.S. and the investment tax credit here in Canada, on a push towards a clean energy transition, the electrification is really in front of us, and the growth opportunities are quite, quite significant. So first, a little bit about Bruce Power. So Bruce Power is located in Ontario, about three hours northwest of Toronto, here up on Lake Huron. We effectively operate the world's largest nuclear operating facility in the world. It has eight operating reactors. We also have a wind farm and a battery, but it's dominated by the eight reactors at our site. And what we do with those reactors is we make 30% of Ontario's electricity at 30% less than the average cost. So we're a low-cost producer in the province. We're holding electric rates low. But there's something you may, may not know: We also make medical isotopes. Yes, life-saving medical isotopes. We make a Cobalt-60 that's used to sterilize about 40% of the once-used medical devices around the world. So what that means, if you go to the doctor's or dentist office anywhere in the world, they take something out of a plastic bag and it says, "Sterile," chances are it was sterilized by an isotope made in Tiverton, Ontario. We also make cancer treatments. We make brain, tumor treatments. We power the Gamma Knife. We also make breast cancer treatments. And about a year ago, we put a brand-new isotope production system in our, in our reactors, and we make an isotope called Lutetium-177, that you may or may not have heard about yet, but it is a prostate cancer treatment. How many men in the room? Yeah, quite a few. If we all live long enough, we're gonna end up with prostate cancer or the beginning of it. So having an isotope like Lutetium-177 available is good news because it is effective on stage 3 and 4 cancers. It's also being advanced broadly as an isotope, especially by Dr. Rebecca Wong here at Princess Margaret Hospital. She's advancing an area of cancer treatment called theranostics, where she does diagnosis and treatment at the same time. And what she'll show you is a torso full of cancer cells, and after treatment with Lutetium-177, it's effectively gone. So she's had this under study for a number of years, and you're starting to see startups spin off around Toronto now, looking at how to use this isotope for other treatments. But that's not the calm of our isotope production system. It's that we can make it at a scale like it's never been seen before, like cobalt. We sterilize 40% of the once-used medical isotopes. Our new production system, when it went into service with the very first production run, we made more Lutetium-177 than was made everywhere else in the world up to that point in the year. And now we can do that about every week and a half. So what it means is no more waiting for cancer treatments, and our first isotope was Lutetium-177. We're now advancing into other isotopes and other isotope production. The third thing that we're working on in this space is the renewal of 6 of our reactors. You see, at one point, the Bruce facility was slated for a shutdown. Bruce A was actually shut down in the 1990s, and the Bruce B facility, which is the other four reactors, was slated to shut down in 2010. Somewhere along the way, Bruce Power was formed to begin renewing and restarting those units. So much so that in 2003 and 2004, the Bruce A 3 and A4 units were started, and then in 2012, 2013, the Bruce A units 1 and 2 were refurbished. What that led to was actually the shutdown of coal generation in Ontario. Ontario today has one of the cleanest electric grids in the world, roughly 92%-94% clean on any given day. What that means is, the deep decarbonization on our electric system is believed to be below 50 grams equivalent of CO2 per kWh. Well, here in Ontario, we're at about 35 g. The generation mix is roughly 60% nuclear, 25% hydro, about 8% wind and solar, backed up by natural gas and some biomass. What that looks like in terms of the cost of that, you have hydroelectric at around CAD 0.06-CAD 0.07. Bruce Nuclear, we're at about CAD 0.09. You have then gas around CAD 0.12, wind's about CAD 0.15, and solar sitting at about CAD 0.50. So it's a low-cost decarbonized grid when you look around the world. You can compare that to Germany or California, and they're looking at CAD 0.30 a kilowatt hour or more, or north of that on any given day. So we are in the process of renewing our assets for the long term. What that means is we're investing about CAD 15 billion, starting in 2016, running through 2033, in the renewal of six of our reactor plants that will run all the way out to 2064. And that's because of a taxation and a lease arrangement. Actually, the units will go well out into the 2070s, probably like 2075-ish, and we'll just keep renewing the lease over and over again as we get, as we get closer or outside that 50-year taxation window. What we're also doing is running one of Canada's largest economic development projects at the same time. You see, we, we have a CANDU reactor technology, and it's a Canadian technology. It's made in Canada. So 90% of all the investment that we make stays here in Ontario, and about 95%-98% of it in Canada. And what that meant is, during the pandemic, when others had issues with supply chain, we didn't. So our first unit came out of service for refurbishment in 2020, that was Unit 6. We just returned it to service this year, with one of the best safety records of any major project. Quality, all the testing was completed the first time, on time and on budget. Actually, it was ahead of schedule and on budget. So big nuclear project done on time and on budget, and our partners at OPG, completing their refurbishment, have also completed their second unit on time and on budget during the pandemic. And this reliable source of energy then is able to power the economy here in Ontario. But the economic development platform of our work enables reinvestment here. So when we look at GDP in Ontario, we're supplying roughly CAD 3 billion-CAD 4 billion per year here for Ontario GDP, and across Canada, it's around CAD 8 billion-CAD 11 billion. It's around 21,000 incremental jobs being created through the refurbishment program. But we're not stopping there. You can see the timeline. It goes out over a period of a decade for Bruce Power. As we're doing this, we're also starting to look at the renewal of the assets and the implementation of newer technologies in this process, which means that we're also looking at how we'll upgrade our reactors in terms of their power outputs. Two ways to operate the reactor. One is to run it so that it never comes offline, and we've been improving that steadily. Our partners at Ontario Power Generation set a world record, with one of their reactors running over 1,000 days continuously. Our plants now at Bruce Power are routinely running over 500 days, with I think our longest run close to 800 days, and our unit 7 sits here today, it's at 515 days and continuously in operation. So running it better with a better capacity factor through the reliability improvements, through our asset management program of replacing components and parts, but also, as we're doing that, to gain the efficiencies of modern technologies. So with that, we started our refurbishment. The site was rated at roughly 6,300 MW, and through that process, today, we're roughly 6,550 MW, and we have a Project 2030, we call it. So sometime after 2030, when the last unit is renewed, we'll be over 7,000 MW. I keep looking at 7,300 MW, and I think 1,000 MW is a nice round number for our engineers to target, and it's well within the capability, but we say roughly 7,000 MW. What does that mean? So every 100 MW is 100,000 homes. So that's now 1 million homes worth of energy from the same investment going into the facilities to renew it. That's also another 1,000 MW of clean electricity being added to the grid that runs all the time. You see, in intermittent sources, they run 20%-30% at a time. So if you build a 1,000 MW renewable facility, you're really only getting about 300 megawatts out of it, because it only runs when the sun's shining or the wind's blowing. With nuclear, you get that 24 hours a day, seven days a week, 365 days a year, until we have to shut down for an inspection. Think about that. Steady state power for the long term. As we've looked at our refurbishment projects, we've had to go out to finance the CAD 15 billion. So in 2017, we started down a process, that would allow us to look at clean energy differently, and be able to work with the investment community along those lines. So we went out to Cicero at the time, now it's S&P, to be able to get qualified and graded. We were graded as a medium green. We still hold that rating, and then also out to Sustainalytics for a similar rating. And as a result of that, we've been able to issue the very first green bond for nuclear energy a few years ago. We went out for CAD 500 million. It was 6 x oversubscribed, with about 50-50 investment houses. We since went out for another one, for another CAD 500 million, and had similar results. Since that time frame, now we've seen Europe adopt a framework allowing nuclear to be treated as, as a green energy, and you see EDF going out for a green bond. OPG has followed suit, and most recently, you've seen Canada now structure their green bond framework to include nuclear. And I think it's this recognition as a clean energy, really started to permeate its way into COP28. As you see, as we move towards a clean energy transition, nuclear is going to be part of that solution. Its power density alone is needed when you talk about electrification of an economy, especially as we look to electrify transportation and industrial processes, or make alternative fuels like hydrogen. That full-time, full-capacity power density will be needed to power industry, it'll be needed to power economies. It'll be needed to be able to provide that sense of reliability and security, but also affordability for the long term. So much so that here in Ontario, the Independent Electricity System Operator, under direction of the Energy Ministry, did a study to say: What would it take to decarbonize our economy by 2050? In terms of the electricity production, the IESO came back and projected that we would need to double the amount of electricity that we make today by 2050. So another 44,000 total megawatts. Those additions, which certainly include storage, wind, solar, hydro, conservation, demand-side management, but also it'll include nuclear. And we could all debate how fast that will occur, whether it'll happen in 10 years, 20 years, or 50 years. But that transition over time will take more electricity to occur, and more alternative fuels to be produced. This was recognized in COP 28. There were 22 leading countries that adopted policies or supported policies that would see the tripling of nuclear energy by 2050. That they, at the same time, seeing tripling of renewable energy by 2050 in order to facilitate a transition. So much so that you've seen that with Canada having investment tax credits now for the clean energy transition. Nuclear entities will get 15%, nuclear suppliers, 30%, renewables, 30% investment tax credit, and suppliers, likewise, 30%. And those regulations are being proposed now and formulated. But we look at that as Bruce Power and say: How can we participate in that? So our initial first bet is to renew our plants and extend the life of them, but also to go out and then do the power operate. So those two things have to happen, and they're well underway. But to be able to look to the future, we knew we need to be able to, we needed to be able to start planning for new additions into our site and into the province. We worked hand-in-hand with the province, and this summer, announced with the Energy Ministry to begin a process to evaluate the Bruce Power site for an expansion of another 4,800 MW of nuclear energy. That means we'll start the pre-planning work, that will ultimately lead into an impact assessment, that'll be done over the coming years, to determine if we can permit the property for effectively another 5 or 6 large units, or probably, and when you look at the smaller ones, another 20. But I think when you look long term, you're gonna see the real need for a mix. This is in addition to what our partners at OPG also had announced with the Energy Ministry this summer. They are building one small modular reactor at the Darlington site, and at the same time this summer, they now announced that they will be building another three small modular reactors at the site for a total of 1,200 MW. As part of this process, we'll begin looking to determine what types of technologies will be feasible. We've issued an expression of interest. We had about 30 responses back from different technology providers, and now we're moving to the next step, where we'll we call a request for information, to gain more technology information for those providers that we think could participate in the near-term advancement of the 4,800 MW. So in essence, nuclear is advancing here in Canada, not only in Ontario, but other provinces like New Brunswick and Saskatchewan. New Brunswick is proceeding with small modular reactors at their sites at Point Lepreau. You also see Saskatchewan moving forward with a microreactor, investing CAD 80 million into it with Westinghouse recently, and then planning for the advancement of small modular reactors. We see this trend happening around the world. France has announced the addition of six new reactors, plus another eight to follow that, and they are building out their supply chain now to build at least one to 1.5 reactors a year in the coming years. They are completing Hinkley Point, which is two reactors, and are on the verge of signing for Sizewell, which would be another two reactors. We've just seen the United Arab Emirates complete four reactors. We've also seen Plant Vogtle in the U.S. come online with their first Unit 3 and Unit 4. We've seen Olkiluoto in Finland come online. We see the Chinese continue to put reactors online every year, most recently, a Gen IV reactor last week. We also see the Russians advancing new reactors around the world, with, reactors under construction in places like Egypt and the Eastern Bloc countries. One aspect there has always been about nuclear is, large nuclear projects haven't been done potentially on time and on budget, and I always get the question, Well, why is that so? Well, the last round tended to started construction before the engineering was done and before the supply chain was established. So as you get into construction, without engineering done and without supply chain established, the project kind of takes a course of its own. What we've been able to prove here in Canada with our refurbishments, that our engineering is done, our parts are bought and delivered, and we were talking at the table a little while ago, we have an abandoned furniture factory. It's about 400,000 sq ft under roof. It's an indoor laydown area. So all of our parts are built, bought, built, and stored there before we begin construction, and we just simply transport them to the site to install. So this methodology is continuing through our life extension program, and this is where Mattr participates with us. In that $15 billion investment, we're buying roughly about CAD 1 billion-CAD 2 billion worth of parts every year for our ongoing operations, as well as the renewal aspects. And when you think of a refurbishment, think about, think of it this way: We're pretty much taking out everything inside the buildings and replacing it. We keep what we can and reuse some of the piping and the cabling, but we also are repulling new cabling and putting in new components throughout the facilities. So when they come back, they're effectively brand-new facilities set to run for the next 40 years. We've had great support from Mattr. When we need a part or we need an integral solution, they step up and help us find that solution. They've reliably delivered all of the cable that we needed throughout the pandemic, and they are an active participant here in Ontario's economy and in our local communities. You see, one of the things we talked about was economic development, and we are effectively rebuilding three counties that were distraught after the 2008, 2009 recession. To the point where we have buildings that were once abandoned for upwards of 10-15 years, now in use, doing light manufacturing. We don't have vacant storefronts in small and falling-down small communities. The storefronts are being bought and put into businesses. Properties are now being torn down, with facilities being rebuilt on them. You can go to a little town of Paisley, and you'll see in Paisley in 2016, you couldn't sell a house, and today you can't buy a house in Paisley. Mattr has been a part of that process through our community rebuilding, helping with the hospitals throughout the pandemic, being able to provide PPE to the hospital facilities when they ran out after two weeks. Bruce Power was able to support that, and our supply base supported all of that. But it's not just being reliable and capable. They're also a quality provider that provides a product at a good price, and that's hard to find. In the age of supply chains being stretched, we have to often send our people to go into supply houses to make sure that the quality is what we expect. When we work with Mattr, we don't have to do that. We simply issue a purchase order with the terms of the quality provided, and we get a product delivered that we can use. I think that speaks volumes for everything that Frank said and Mike said this morning. And as a large customer of Mattr, that's something that we expect, but it's also something that we appreciate very much as we do business day in and day out. So whether you are a nuclear energy supporter or not, you're being powered by nuclear energy here in Ontario. We're seeing that grow throughout the world now. I think as a clean energy transition takes hold, it's that bulk power and power density that will be needed to be able to drive economies, to be able to drive reliability and affordability. I think for the long term, we're in the beginning stages of this, and I think Canada is leading the way with our refurbishments. And you're hearing more and more now about other countries starting to refurbish their reactors as well now, to extend them out another 20 and another 40 years. The U.S. is doing that, France is doing that, Switzerland is doing that, Belgium is doing that, and on and on and on. So with that, I'll be happy to take any questions. You did such a great job with that, or you want to get on with the matter discussion. I'm between you and a break, too, so that's always a dangerous spot. Oh, there's one. Very good. Yuri, Yuri Lynk with Canaccord Genuity. Just on the new builds that you're contemplating, you mentioned technology agnostic, but, does that mean you would you go with a Gen III, or would you consider an older technology? Yeah, no. We're likely going to look at things that have been recently built and designed. So things we know we have a supply chain for and we have a design for. Like I said, the secret to large projects is getting the engineering done and having supply chain to make the parts. If you have the parts and the engineering, you can go in the field and do construction. We've proven that with our refurbishments. Large projects really get distorted when they get out in the field doing construction, and they don't have a design done or the parts. In my history, I worked for Areva at one point. I resigned to go look at Olkiluoto in 2014 as a Deputy Chief Operating Officer of Areva. Well, at that point, that plant had been under construction eight years, so you would expect the engineering to have been done. We got there, it wasn't done. It still didn't have the parts. So what did we have to do? We had to actually stop the project, destaff it. We finished the engineering, we bought the rest of the parts. About on year later, we went back to work. We finished the piping systems in eight months. So when we look going forward at the technologies, we're going to be looking at that, that ability to finish the engineering and get the supply chain and get the parts. And once that's done, then we'll make decisions about the technology and the application of it. But I think there's a lot of high-quality designs there now. For example, like at our units today, with modern technology, we put in something called containment filtered vents. If we ever have an accident, we don't release anything past the site boundary, just a little bit off of it. So it's these types of technologies that are coming forward now. More robotics. We plan most of our maintenance work now with artificial intelligence language programming. About 30% of all the maintenance work's planned by machine, and it enables us to get more work done. We're getting about 300% more work done every day now because of it. So these efficiencies and modernization are coming into the newer facilities. Thank you. There's a question in the back. Yes. Ian Gillies from Stifel. I'm just curious, how challenging it is to get into the Bruce Power supply chain. Once in, I suppose, how long would it typically take, or how challenging is it to find a replacement product if you wanted to do so? Yes, so Ian, one thing you have to do is call a fellow by the name of David Furr, who's the VP of our supply chain. So about four times a year, we hold events where we invite suppliers to come and introduce themselves. We also have a supplier day on our campus. We typically get about 80 people, 80 different suppliers within the buildings. They actually come on site. They'll have about 1,000 people, 1,500 people go through their booths, and then we look for those solutions. Just because we're a nuclear plant, doesn't mean you have to have all nuclear-qualified components. Many of the components we use are commercial off-the-shelf products, and we buy lots and lots of those. So getting on the supply chain for a non-nuclear piece, so you go through that process with David Furr's organization, and you're able to begin supplying. If you want to do the nuclear components, you have to have a quality assurance program. It has to be done to Canadian Nuclear Standard N, N-299. And then once you're in that realm and you have an applicable quality program, then we can look at you for supply after an audit. It's an industry audit that would then enable you to supply any nuclear plant within Canada, and if not the world. And this is an advantage, I keep wanting to say Shawcor, Mattr has. Sorry about that. It's an advantage that Mattr has, that they are qualified already to the highest standards, not only here in Canada, but that is applicable throughout the world. They are audited under an international organization called NUPIC, which then that NUPIC audit can be transferred around nuclear plants throughout North America and Europe. Thank you. That's incredibly helpful. You're welcome. With that, thank you so much for your attention. I very much appreciate it. Thanks very much, Mike. I think Frank has a small token of appreciation for you over there. For everyone else, we'll have a short break. We have about eight minutes. We'll start again at 2:00 P.M., so feel free to stretch your legs if you'd like. If I could just get everyone to settle back in, and we'll get started here on the next presentation. Thanks, everyone. I'm really pleased to invite our next speaker to the stage. We've got our President of our Composite Technologies segment, Martin Perez. Please go on stage. Okay. Good afternoon, everybody. Just going to give, like, a few seconds. My name is Martin Perez. I'm Group President of Composite Technologies. I have the pleasure of leading a fantastic team in the Composite Technologies since 2021. We are a case of a successful M&A concept. We acquired Flexpipe in 2008, and Xerxes in 2019. As you are very well aware, M&A is not something easy to do, and more importantly, not easy to execute, integrate, and eventually be successful. Composite Technologies is a very successful case of acquiring two companies, scaling them, and delivering fantastic results. We are going to very briefly talk about Composite Technologies today, our segment, what we do, the market we serve, the potential, and we are going to be very happy, along with the executive team of Composite Technologies, we are going to be answering questions later and also at the booth. Something important here that I want to mention is that we have delivered 50% adjusted EBITDA CAGR since 2021 - 2023. This is an impressive result. And before I say anything about our business, the market we serve, and all that, I want to take the opportunity to congratulate a fantastic team that makes me looks good, because these numbers are really impressive. We are going to talk about what we did, how we improved those margins, and why we are growing the revenue in such a way. While this segment is comprised of two businesses, we operate within three primary market verticals. The Flexpipe business predominantly serves the onshore oil and gas market. Xerxes, we have a long-standing reputation in the storage of liquid fuels, and have leveraged our know-how in composites to expand into various markets that we will describe. We strongly believe that composites are a superior technology to steel and concrete, corrosion-free, longer lasting, easier and faster to install, and lower maintenance requirement. As we see there, we have a services SAM of CAD 4 billion, and this is growing. As Mike said at the very beginning, we are good at material science, we are very good at manufacturing, but we are going to see that we are also good at developing new technologies that expand the horizons of our revenue, generating not only an increase in revenue, but in particular, a significant increase in profitability. Across all three verticals, our market drivers are supported by long-term renewal and expansion across a variety of critical infrastructure markets that we believe we will benefit from for years to come. Flexpipe, new technology, steady growth, and also benefiting of customers that have been investing for years in new technology, so they now can produce more, better, quicker, and then with our products that are better prepared and can also transport from A to B, more, more, more, oil, more gas, and more water, we are able, we are able to allow them to produce more as well, to be able to transport more. This is something that our customers recognize, and we are going to talk today later. In services fuel, we have two different roads of growth. We have new convenience stores. All our customers, and we are going to see today one of our most important customers and also, a long-standing one. We are going to see that they are growing even faster than in the last few years. The projection for new convenience stores, for all of them, are everything between 20-75 new convenience stores per year in the next decade. That is a significant increase just compared to 20 years ago. And finally, water. We are creating a new business following all regulations that are tightening everywhere, not just the U.S., but also Canada, Europe, and some particular markets, New Zealand, Australia. We have opportunities everywhere with these regulations that are really, we are really benefiting from those at this stage. But also we are allowing our customer to have a better real estate footprint by using the solution that we are providing. We are going to talk about the HydroChain concept, why this concept is very well received by our customers, and why, in particular, we were able to double the revenue we had in this particular business unit in 2019 in the last few months. Diving a little bit deeper in the composite business, our Flexpipe business deliver extrudable composite pipe that can be used for a variety of market applications. While the primary application is for use in the oil and gas gathering lines, our pipe is commonly used to handle produced water, carbon dioxide, carbon capture, and storage applications. With our technical know-how, we are also very involved in discussions for innovative applications in new markets, such as HydroChain. We're going to be very happy to discuss about these potential new uses of our pipe, what we are doing, and the investment we are considering to do so. We pride ourselves on our products that are quicker and easier to install than steel pipe. I mentioned earlier how efficient our customers in the oil and gas businesses are becoming, so to provide a product that is easy to install, that is quicker than the other solutions, and also that allow our customers to be more reliable, quicker, and to save money, that's very important for them, and we are really proud to do that. Whereas a steel pipeline is made of 40 ft joints that have to be welded in the field, 1,000 ft of our pipe are spooled on reel, on a reel, easily transported to the project site, and can then be unspooled in place with only two fittings to be installed at the end of the full pipe. In other words, simpler process, quicker process. Flexpipe offer much higher resistance to corrosion and a lower overall environmental footprint when compared to legacy materials. We are going to see later that in the entire world, are currently conversations on how to replace, materials, legacy materials, and non-metallic is a discussion, not just in the U.S. and Canada, but in particular, worldwide. We are going to talk about world, the world is discussing and the investments they are doing to be able to benefit from this technology. While Flexpipe is exposed to the dynamics of the energy sector, there are a number of underlying trends that make us excited about this business over the longer term. There are a number of fundamentals for oil and natural gas that will determine the ultimate performance of this business. But we believe that production will be necessary for years to come, particularly as energy security comes to the fore. We have seen Europe decoupling from Russian energy dependence, while working towards emission reduction targets. Asia Pacific, Africa, and the Middle East are increasing consumption to meet economic growth targets. We're going to briefly touch about what we're doing internationally and how fast we are growing. There is also a correlation between oil and gas price and general oil field activity. Historically, sustained high oil and gas prices translated to greater E&P activity, driving demand for products. But what we have seen, in particular over the last few years, is that the E&P companies have been more disciplined with their CapEx plans, decreasing overall volatility in production levels. Just a few years ago, for those who are familiar with the energy industry, when there was a significant change in the WTI, what was happening is that the rig count was declining by 30%, 40%, even 60% almost overnight, and we are seeing now that when this happen, it's just 10%, 8%, 11%, no more than that. So this is a very good sign for an industry that traditionally has been really cyclical. One last thing I will point out, this business is extremely efficient, and even in the worst of times, has been profitable. Even in the two or three occasions in the past, where the drop in rig count was almost overnight, this business has proven to be really profitable. We have been a global leader in the smaller diameter space in North America for years, and have a mature market position in this space. We recently launched five- and six-inch solution, which has effectively doubled our addressable market. Our position in this space, it is still at its infancy, and we expect to continue to take share. We also have an opportunity to further expand with commercialization of even larger diameters. Operators have increased the efficiency of their wells, extracting larger volumes from the wells. Flexpipe ease installation means fluid can be easily transported over longer distances. These factors have contributed to more dollars per well. When we say that our segment is that has technology in our veins, is this. We were able to increase significantly our new revenue with new products, talking with our customers, creating larger diameters, tougher, in as Mike said at the very beginning, in very tough applications, we were able to provide five and six inch, that is what our customer want, and we are going to be working the next three years to also continue increasing. And we have some internal targets to really continue delivering new revenue in the next few years. That's the key of Flexpipe, new revenue, new technology, that is what our customer needs, as they are really transitioning to be extremely efficient, in particular, in the Permian Basin. Another opportunity for Flexpipe is in international markets. A number of NOCs have committed to a future of non-metallic, with the goal of decarbonizing faster together. That exactly what we discussed recently in Abu Dhabi, at ADIPEC, and also is currently being discussed at COP23, that is also happening in the UAE. A non-metallic solution would facilitate that goal. All the NOCs that we are talking, that are internationally based, are trying to shift everything they use from metallic to non-metallic. We are particularly well positioned to offer our customer, our customers, a fantastic solution that is exactly what they need, and there are not so many, providers that can offer a reliable track, of activity. And this is what I'm talking about. Recently, in fact, only 10 days ago, we were able to install our kilometer number 50,000, and we are extremely proud of that. Not just North America, U.S., particular Permian Basin, but also Canada, with decades of experience doing that, but also internationally. All the countries that you can see here are countries where we install pipe, have track record, and have a relationship with end customers, of a quality product that, that they want. This was Flexpipe. Now, I want to briefly introduce Surface. Our Surface business began manufacturing tanks over 40 years ago. In case if you guys have any question about 40 years ago, I'm sure there is somebody else that could help us later. Predominantly to serve the fuel retailer storage markets. Since then, we have established a strong position in the North American market, with roughly 60% of the market share. This is because we offer a composite tank that, that are lightweight, easy to install, and free of corrosion. We have also built and maintained very strong relationship with our customers, and you are going to see, because more importantly than hearing from me, is better from hearing from our customers and what they do, what they think, in particular, what they think about the future. This tank that you are seeing in this picture is a tank that we delivered to Alaska, and in this particular case, of course, was transported using an airplane. We have a strong reputation for providing quality tanks. Many of the gas stations that you visit every day will have a Xerxes tank storing their fuel. Today, about 75% of the tanks that we sell go into the new fuel stations. Gas stations have evolved over the years from the poorly lit, visiting the daytime, quick stops for fuel, to a one-stop shop for grocery, fuel, and other retail needs. Their designs have also changed. The stores are larger, with larger forecourts, meaning more fuel pumps, meaning more and larger tanks. We are going to talk about the footprint a little later, and we are going to see that as a new facility that we are building, we'll be capable of delivering larger tanks, because that's the trend that our customers are telling us in the next few years. Most tanks, operators will have trouble getting insurance if their tanks have exceeded their warranty period. That's creating more demand for our tanks. This is, this is something, that I want to mention. Our tanks have a 30-year guarantee, and then for the small retailers, it's very difficult to renew that insurance policies if they don't replace that tank. So on top of the new convenience stores that I explained earlier, we have also a solid market of approximately 16,000 tanks that every year should be replaced across USA, and this is a solid market. So most of our customers have an aggressive tank replacement plan once those tanks reach 30 years old. We expect to see a continued tail for replacement tanks as well, with many of the underground storage tanks in service across North America. And I think that perhaps we can ask later how aggressive our customers are going to be in the next few years. Everything that they are telling, we have more than 90 customers. Everything that they are telling us is that their plans to replace tanks are aggressive and will remain so for at least the next 10 years. We are working with our customers to map out delivery schedules to meet their long cycle expansion plans. These projects are complex, and the tanks is just the last piece to build a new convenience store. So we work with our customers for the next 12-24 months, to be able to plan when they will need their tanks and be ready and prepare as they need more than, in some cases, 10-15 different contractors to be ready when they receive our tanks and install them. On top of these new builds, as I mentioned, with many tanks coming to the end of their useful life, the replacement cycle will only get stronger. Driven by strong fuel retail margins, the large convenience store chains will continue to consolidate the sector by buying out small operators and refurbishing their locations, which will support more demand of our tanks. We really help most of the largest retailers in the country. You can see here some of their names, and they are purchasing smaller. 55% of the convenience stores in the U.S. are single owners, gas stations. So there is an opportunity of acquisitions in the future of our customers, and we are very well positioned to satisfy the biggest players in the market when they need to go buy, refurbish, and really adapt those, gas stations to their standards. Convenience stores are also getting larger, offering greater variety of fuels, for example, larger and more complex tanks. What I've just said, when we talked about our new facility in South Carolina, we are going to talk about that. Larger tanks mean better product for our customers and of course, better profitability as a company. Oh. It's at this point. Okay. This is a map, a quick map just to show the demand of tanks. We have demand in the entire country, and of course, we have demand in Canada as well, but we wanted to show USA in this case. And 70% of our demand or more is east of the seaboard. That's why when we expand, when we think how to support our customers, it's definitely the east of the US where we need to be. As you can imagine, tanks are large and then logistic costs are meaningful, so we try to build facilities that can satisfy demand, demand for the next 10-20 years, closer to our customers to minimize the impact of logistics, but in this case, it's, it's meaningful. Then we go to, to stormwater management. We see a massive opportunity to leverage our existing technologies to expand into the water space. We believe the market is around CAD 1 billion for HydroChain, including conveyance, pipe, infiltration, and storage, chamber, crates, and tanks, and also water quality products, pre-treatment, and infiltration. This is a product that is growing everywhere, and now we are going to talk about why we're extremely excited about this particular possibility. We have been selling tanks into this market for more than 15 years now, and the reason why we have added this is because our own fuel customers were talking with us and telling us about how important the tank, the water tank would be for their plant. So then we said, "Well, if we do tanks for fuel, following quite high standards, we could also manufacture water tanks." That was the intention probably around 15 years ago. This started when our convenience store customers came forward with request for water tanks, as I just mentioned. We built a small but steady niche selling tanks for various water, wastewater and stormwater customers. In 2019, we looked a little more closely at how to scale up the business. We restructured our channel, our channels to market, to sell more water tanks, and started to assemble the pieces to be able to deliver a complete stormwater solution. In 2021, we officially launched HydroChain to our stormwater management system. We solidified this package by acquiring Triton Stormwater Solutions, a provider of stormwater infiltration products, earlier this year. Supported by the increasing sales of water tanks and the penetration of the stormwater market with our HydroChain system, we have doubled our water market since 2019. This is another example of talking with our customers, really relying on our own expertise to material science, and offering something that our customers are proud of. Today, you will find our tanks in a variety of water, wastewater, and stormwater applications, including septic, fire protection, rainwater harvesting, on-site septic treatment, and various interceptor and separator tanks. This slide provides a little bit of an overview of what we do, but anywhere you might find a large parking lot, anywhere, sorry, anywhere you might find a large parking lot, is where our stormwater solution can be applied. Our customer's convenience stores, that want to expand, they need to buy a quite big piece of land, a lot of land, in order to build a new convenience store, because also they need to follow a lot of internal regulations. By using our stormwater solutions that is installed underground on a parking lot, then they could acquire a smaller real estate, real estate footprint. And this really creates an opportunity. So right now, we are not only talking with the technical guys in our customers, but also we are talking with the real estate counterparts in our customers to allow them to think about their future projects, which is very important for them as well. So why we win? Why a tank manufacturer that has more than 30 years in the market and a Flexpipe flexible pipe manufacturer could be helpful in the market? We work directly with our customers from the design phase of the project to develop the most efficient solutions. Mike mentioned earlier, we are used to work with our customers to provide products that are prepared for very difficult atmospheres. So we are very capable of doing that in our two other verticals. So we can offer a solution to our customers, when they can trust our engineering team, our applications team, to build the site that they have in their mind. So now we are talking with convenience stores, we are talking with engineering firms, we are talking with a variety of new actors that do the same type of high quality level, when supporting them. Our organization prides itself of being customer-oriented, nimble, and responsible. Our water-focused composite products are longer lasting, if properly installed, are free of corrosion, and are easier and faster to install versus alternative thermoplastics or concrete products. We are a relatively small drop in the puddle today in a massive and growing market, and we continue to grow faster than the market, with the goal of the business rivaling our fuel business within the next five years. We talked about commitment earlier. This is our commitment. We are going to be in water rivaling our fuel revenue in the next five years. This is a map that I really like because it's our entire manufacturing footprint. We have made substantial organic investment with a focus on modernization and efficiency. Not just growing revenue, also being more efficient, so we can provide a better price for our customer, and also we can improve our margins. We are adding a second Flexpipe facility to our network, as we do not have redundancy in Flexpipe today. So we are going to have one facility in Canada and the other one in the U.S., particularly in Texas, very close to our main markets. More importantly, a large concentration of our customer base, as I just said, are based in the Permian Basin. Well, that will mean we are going to be able to provide our customer the same product with a better price and a better margin for us, considering how expensive the transport from Canada to, in particular, to Texas. We have seen increasing. Just give an example. Just maybe a year ago, it was more expensive to send something from Alberta to Oman than from Alberta to Texas. This is the level of how tricky the logistics sector has been over the last 12-18 months. That's why that facility will allow us to satisfy better our customers. Our legacy services tank manufacturing sites are all more than 20 and 30 years old. Our new tank manufacturing facility that I just mentioned, that is going to be located in South Carolina, will allow us to establish a much more efficient manufacturing footprint for the business. We are also making smaller investment in our existing facilities to unlock efficiency. For example, we are converting our current fiberglass molds to steel molds, which are longer lasting and have lower maintenance requirements, allowing us to increase the uptime in our tank manufacturing facilities. Not just selling, selling more, but being more efficient. This is the future of services. A better manufacturing footprint, closer to our customers, applying the latest technologies. Some of them are still developing, but we are going to be able to manufacture more tanks, better tanks, cheaper tanks, but larger tanks. So we are extremely satisfied on our plans on innovation. The same that we are doing with Flexpipes, we are doing it in services, and there is a great future there. To recap and to finish this quick presentation, now it's difficult in just 30 minutes try to talk about an entire segment with everything that has to do with our business. So I really hope that in the questions in M&A, and also later, I can talk about everything we are doing here. But still, I want to mention about the EBITDA expansion that we are seeing in our business, in particular, 2021, 2023. I want to talk about organic growth investments that we are doing in order to be more efficient, in order to capture this continued demand from our customers, both in services and Flexpipes. We are investing in significant and high return opportunities with revenue and margin expansion. So in 2025, we can unlock not just more revenue, but again, more gross margin. That is what we, what we saw at the very beginning. Of course, as I mentioned, our road to 2030 is to grow the water business and be closer to our fuel business, and we are sure that we can do that just by sharing the results I mentioned, that we doubled the revenue of water over the last three years. Finally, we also think that there are opportunities for inorganic growth, and our current stage is that water is where we really can benefit, not just of an expanding market, customers are really satisfied with the product, but also the scale of the product. We are servicing, for example, hospitals and new malls, and this is increasing with more and new legislation everywhere. So composite technology, material science, good at manufacturing, and a passion for new technology to increase our profitability. Thank you very much. And more importantly than myself, I would like to introduce Keith Spiker, Head of Fuel Systems. We're one of our most lasting customer, QuikTrip. Keith, all yours. Good afternoon. I really appreciate the opportunity to speak with this group today. QuikTrip was established in 1958. That's the appearance of one of our standard stores. So today we operate in 17 states. We opened our 1,000th store earlier in 2023. We currently have around 31,000 employees. We are listed as the 17th largest privately held company through Forbes. And of the 1,000+ stores, 920 of those are standard what we call a C-store, standard gas station, and forecourt. And as of today, 116 of those are travel centers serving commercial trucking and the traveling interstate public. We're here to talk about tanks and talk a little bit about our growth in tank procurement over the last four-five years. We have gone from opening 47 stores in 2019. We're going to open 73 stores in the current year. Projected to open 80 stores in 2024 and 2025, and of the 80 stores, 30 stores of those would be the travel center truck service facilities. So we have. It's interesting that we've had a 115% increase in the number of tanks we have installed over the same period, when we've only had a 30% increase in the number of stores we've opened, and that is primarily due to the increased number of tanks for the truck service travel centers. We have made some changes along the way to make sure that we can meet our goals for opening 70-80 stores a year. We have adjusted our development staffing in all of our markets, so that our development and real estate permitting folks are focused on permitting sites and permitting actually more sites than we plan to build. We've had way too many disappointments over the years with sites getting hung up in permitting, being delayed for long periods of time due to permitting requirements and permitting bullshit in a lot of cases. But we have implemented a kind of a fishbowl mentality in that, well, our development staff is now responsible for keeping sites that are ready to build. They've been permitted, they've been fully vetted, all the engineering has been completed, and our construction staff can merely pick and choose sites to start, and that keeps us on target with our construction goals. Yes, it adds cost. Yes, it forces us to buy property that we may not be ready to develop, but we can maintain a long-term development strategy by focusing on that. And when I mentioned the focus on travel centers and commercial trucking, that will be the theme for QuikTrip for the next few years, as I would expect for many of our competitors. A little bit about our tank infrastructure. We currently have over 5,000 tanks in the ground, so it's a little interesting to see that we have about 1% of the tanks in the ground nationally. We claim that we sell about 5% of the fuel in the U.S. Of the 5,000 tanks, about 70% of those are manufactured by Xerxes. The average age of our tank is about two and a half years, and our capacity in the time I've been at QuikTrip, which is 38 years, our capacity has grown from around 12,000 gallon average per tank in the ground, to just over 21,000. Per the EPA, there are about 542,000 tanks installed. And the EPA estimates that of those, 20% are in the 20-29 year old range. 10% are over 30 years old. So looking at that, it would tell you that about 250,000 underground storage tanks will need to be replaced over the next 30 years or will be over 30 years old. Not necessarily needing to be replaced, but over that 30-year mark, as Martin discussed earlier. The focus on trucks is real. Many in our business are beginning to focus on trucks and truck service, the sale of diesel fuel. Through the Bureau of Transportation Statistics, I learned that there's been a 23% increase in the number of trucks on the road between 2010 and 2021. So that was somewhere around 3 million trucks in 2010, and getting close to 4 million trucks today. An increase of 11% in the miles driven or the miles trucked, and an increase of 6% in the fuel consumed in that time frame. And that's even with a reported 13% in the fuel efficiency gain on those trucks. All industry indicators that our group looks at would tell us that focusing on trucks and focusing on the sale of diesel fuel, biodiesel, and renewable diesel is where we should be. The 10-year plan for QuikTrip would focus on continuing to build about 40% truck service, travel centers, and 60% of our standard gas station C-stores, with a consistent growth of 70-80 sites per year. We will focus on improving our offer between our existing markets, tying a market like St. Louis and Atlanta, and a lot of opportunities on interstates to do so, and improving our offer to the commercial trucking and to the traveling public. I mentioned our changes in our development process. It's really nothing more than a focus on making sure that we don't use the excuse that permitting or a municipality is holding us up. That is no longer an excuse for not being able to start a store. We take advantage of outdated facilities when we look for new sites. There's no secret there. When we do that, it forces a competitor on an interstate off-ramp or wherever it might be, to either upgrade, look at compatibility of the tanks they have in ground. They either upgrade or they may decide to operate somewhere else. We have, and a lot of our competitors have increased the storage capacity of our tanks. We commonly put in 30,000-gallon tanks. And I would say as of about 10 years ago, I had never seen a 30,000-gallon tank. We are, as a rule, installing 10 to up to 12 tanks on a truck travel center due to some of the emerging fuels that we're dealing with, be it 15% ethanol, biomass tanks, diesel exhaust fluid, which is primarily water, and also focusing on making sure we have enough storage capacity to deal with the threat of a hurricane or challenges that the trucking industry presents by being understaffed today. As far as EV chargers are concerned on our sites, we are not in the EV business. We have three-four sites in Colorado where you will find EV chargers on our sites. They are there because we were required to have them, but we always make it clear we are a liquid fuel, gasoline, diesel marketer. We are not an EV charging business. As we go forward, as QuikTrip and our competitors go forward, we have to think about aging tanks. Tanks will be replaced either through normal site attrition, as sites are redeveloped. A 30-year-old tank fits pretty well with a 30-year-old site. In a lot of cases, when a convenience store building or any facility is 30 years old, it's outdated enough that with the upgrades work hand in hand. We do, however, have 30,000-gallon tanks or 30-year-old tanks in the ground, and we evaluate those. We are entering those tanks. We are looking at them. We are self-insured, so we don't necessarily replace the tanks at 30 years, but we are putting a program together to evaluate whether or not they need to be replaced. Martin, it's not necessarily good news, because they really look pretty good at 30 years. They do. We are dealing with the emerging fuels. We offer E-15 at only a few sites in Dallas-Fort Worth, in the Chicago metro area and, in Iowa now. There are such municipalities and primarily states that are starting to mandate the sale of higher ethanol blends. So that does force us to make sure our tanks are compatible and of course, our competitors will be dealing with that as well. Renewable diesel is a product that we're beginning to see a lot of movement in. We've got sites in Houston, Texas, and we're selling about 1 million gallons a month in test sites. And so far, renewable diesel, which is 100% petroleum-free, has been. The test results have been very good. We haven't had a single customer complaint. We haven't had any equipment issues, filter problems or anything like that. So we're really seeing some positive results with renewable diesel. Diesel exhaust fluid is something that as more trucks are on the road, as newer, more and newer trucks require the diesel exhaust fluid for the diesel, the clean diesel technology. Another item that I found interesting was that the EPA estimates that 42% of sites nationally are not compliant with 2015 regulations, which will ultimately require tank replacements. And there are, through the recent Inflation Reduction Act, there will be some incentives and grant programs nationally that we will be and other competitors will be taking advantage of, which will help offset the cost of replacing new tanks. That's a quick rundown on what we do. I would like to say that we've partnered with Xerxes. I remember seeing a 38-year-old tank. I didn't know what it was, but I can vouch for the fact that there are 38-year-old Xerxes tanks. Xerxes has been a great partner to us through the years. Xerxes is critical to our industry. Any of the marketers that were listed out there earlier would say that Xerxes is more important to them than they are to Xerxes. We have to have tanks. We have to have this company, and this is the best tank company that is in the business. Any questions? Yes, sir. [Audio distorted]. Sure. You know, 30-year investments in tanks and all these new facilities, how do you guys think about EVs as a threat to the fuel business, and what gives you the confidence to invest in those assets? We do. EVs are beginning to happen. We're beginning to see EVs. Our strategy focuses on a long-term decline in liquid fuel sales and a flat program for diesel. So, we do not see it as a short-term threat at all. Thank you. Zachary Evershed, National Bank. If I can use a direct quote they're interested in hearing about the permitting bullshit. Yeah. You didn't even change your permitting strategy to deal with it. Do you view it as an ongoing risk to your development plans? It is. It adds cost. It slows down the process. We do what we say we will do. We work very well with municipalities. We think that it is more of a risk to our competitors than it is to us, but it is certainly somewhat of a long-term risk. Slows things down dramatically. Yes. Hi, Derek Seymour. Do you see any water applications for the tanks in the future? I, I certainly do, and that, that is something that we, we simply haven't looked at, enough. But, but absolutely, and, and things Martin mentioned as far as site, site development and, and picking up, having to buy more property or being able to reduce our overall footprint by putting in, fiberglass tanks with underground retention is, is very valuable, and it's something we talk about every day. Hi, Keith Mackey with RBC. Just curious, when you look at either building a new center with new tanks or replacing existing tanks from a existing C -store or travel center, what are the main factors you look at as far as what tank you select? Is it price? Is it reliability? Is it steel or steel concrete versus composite, or what are the main things you look at when you decide which tank to use? Right now, in a lot of cases, it's the ability to get the tank. But it is price, but long term, it's reliability, and it's the trust that we're willing to put that tank in the ground and not have to worry about it. Thank you. Hey, Dan Shoney. Could you comment on how many or what percentage of your mix of tanks is steel versus composite that you're using? I will. I know that number. Four years ago, we had zero steel tanks. Today, we have 506 steel tanks. With supply chain issues and the demand for tanks, we had to buy steel tanks. We are still buying steel tanks, but we've had a supplier that has taken good care of us, and we will not pull the rug out from under them. We'll continue to install a few, but steel tanks are not. We don't believe steel tanks play a big part in our industry as a whole long term. Just to follow up on the EV adoption trend. I'm just curious, if you have a scenario where fuel demand is declining, but there's still a significant amount of liquid fuel demand, do you think that your tank demand goes down as well, or is it kind of binomial you need to have because there's some, you know, significant portion of the fleet on the road is still consuming liquid fuels? Yeah, I, I don't have an answer for that. We see a bright future for liquid fuels, and all indicators tell us that we should go forward as fast as we should now, and we should get ready for truck traffic. And I, I can't speculate as to what would happen with EVs or what we would, how we would react to it the same. Thank you. Ian Gillies, Stifel. I'm just curious, what would cause you to go back to using steel tanks? Is it price sensitivity, or is there anything that would cause you to go back to using steel? I can't think of anything now that would cause us to go back, other than continuing any kind of a supply issue, any kind of a supply chain. But everything being equal, fiberglass tanks, composite tanks are a superior product in our view. Thank you. Thank you very much. Thank you. All right, now I'll spend a few minutes just talking about the ESG and investor lens data at Mattr. At Mattr, we take a very balanced approach to ESG. We look for opportunities to operate smarter and more efficiently, and in 2021, we shared our ESG ambitions, which focused on three primary areas. The first is greenhouse gas emissions. We committed to a 50% reduction from our 2019 baseline by 2030, and we've made great progress on this goal. Our approach to emissions reductions is primarily centered on being more energy efficient, lowering our cost base, lowering our emissions intensity, and lowering our total emissions all in parallel. As you will have heard from our business leaders, we are certainly in growth mode at the moment. As a consequence, we'll expect that our activity levels will rise and our consumption and emissions may rise as well. We're still very confident in our ambitions, and we're committed to our 2030 goal. We've also established an ambition related to diversity on our senior management team, and I'm proud to share that we surpassed that ambition as of the end of 2022. Last, but certainly not least, we have a consistent vision of an incident and injury-free workplace, and safety is our top priority. We work hard every day to send our employees home in the same condition that they arrive at our sites. Across all of our businesses, we engineer solutions that enable responsible and efficient operations. Our team spoke briefly about the advantages of Flexpipe, particularly when we compare it to legacy materials such as steel or concrete. Saudi Aramco actually completed a study on this a few years ago on the GHG emissions profile of composites versus steel. The study found that carbon emissions from steel production exceeded that of composites by more than 10 tons per km of pipe manufactured. And when you factor in the installation process, that delta grows to almost 20 tons of CO2 equivalent per kilometer. So to put that in perspective, our 50,000-km milestone would account for an almost 1 million ton reduction in carbon emissions versus steel. Water management is another global issue that will only become more significant as populations continue to grow, as does the frequency and severity of extreme weather events. Our solutions, while complex from a design and manufacturing perspective, are quite simple when it comes to construction and installation. Finally, a recent example from our DSG-Canusa business is our Shuttle Supernote product, which was designed for terminal sealing. Our first project with this product occurred in 2022 for the Volvo FH electric truck, an all-electric long-haul truck that successfully completed the Green Trucker Route with zero emissions. We also look very closely at our own footprint to find opportunities to be more effective and reduce intensity from a resource, emissions, and cost perspective. When we evaluate ESG opportunities, we look at things through a similar lens as we would any investment. A great example of this is our solar array installation and LED retrofit that's currently underway at our Flexpipe facility in Calgary. It's set to be online early next year, and almost the entirety of these improvements have been funded by a blend of government grants and landlord incentives. On top of this, we expect that these changes will yield almost CAD 300,000 in annual savings on electricity costs and reduce our company emissions by roughly 5%. Since I also lead investor relations, and we do get questions about this from time to time, with our portfolio transformation, we have seen a shift in our Analyst and Investor profiles. In 2020, we were largely considered an oilfield services company covered by predominantly energy analysts. As I look around at our analysts today, the majority in this room are diversified industrials. We continue to update S&P on our transformation in an effort to align our GICS code with our business today. The last thing that I'll say is, from an investor style perspective, as we've transitioned from transformation into growth mode, we've seen an uptick in growth-oriented investors as a consequence. With that, I'll pass it over to Tom to talk about financials. Please welcome Tom Holloway, our CFO. Can you hear me? So I stand between you and the end of prepared remarks and Q&A. So, I'll try to wrap this up, bring it all together a little bit for everyone as to what does it look like from a finance perspective. So those of you who know me, will have heard a lot of this before, but hopefully we can provide some better insights and forward-looking, just goals as to where we're headed. So let me start here, where Mike was. So moving beyond transformation, we spent the last two and a half years focused on transforming this business from what it was, a pipe coating business, a family-owned business, somewhat slow-moving, I'll say, to what it is today. We have sold those businesses. In the process, we generated CAD 400 million or more than CAD 400 million of proceeds, and I'll walk you through what we've done with those proceeds. What else have we done? I'll, I'll walk you through that here in a minute as well. We've also had a second strategy at the same time. We've grown the businesses that you've heard us talk about today. Those four businesses, we own them. Shawcor own those businesses. Those are not new businesses, but we put capital into them. We've deployed and are deploying over CAD 150 million of capital to prepare this company to continue on that growth trajectory in the future. So you'll, then we'll talk a little bit about that. Then looking off into the future, aspirationally, we look to try to double revenue organically, and I'll touch on that point again, as I end and wrap this up. Let me start with the transformation itself. The bottom number is where I'll start. CAD 442 million of gross proceeds from a variety of activities that we've been telling you all about over the course of the last couple of years. Some of you, I recall, going around to talk to investors, and some of you will have said, "Do you have any more couch cushions you can find another CAD 5 million or CAD 10 million from?" We might have a couple, but not very many. We've, we've done most of what we can do at this point. So CAD 442 million, part of that was CAD 225 million of the sale of the majority of the pipe coating business. To remind those of you who have followed the story, we did originally tell you that we thought the working capital would be a negative, and that would be offset by proceeds between signing and closing. The working capital came in neutral. I don't know what proceeds between signing and closing are yet, because we haven't closed the period, but I can tell you it is a very active pipe coating period for that business. October, November will be very substantial. So I would just set the expectation, you should see substantial proceeds, and follow in line with the story we've been telling, a better result than we originally expected. So I want to make sure I drive that point home. On the right-hand side of this slide, again, we've talked about capital allocation. The four things we've been focused on, getting our net debt to adjusted EBITDA ratio down. We are where we need to be. It's we are in a net cash position now with the proceeds from the sale. We are in a very strong balance sheet position, and it's with all the hard work of the people around these tables over here and over here as well. Organic investment. On the prior page, I showed you CAD 150 million we're investing in the businesses that you've heard us talk about today. I think that organically, those are the biggest investments you will see us make in the near term. That will get us positioned for the future and moving forward. It will allow us to expand capacity in ways that the business leaders have talked about today, allow us to expand our margins with automation, semi-automation, and a variety of other things. Then moving to returning capital to shareholders, we have an active NCIB. We will continue to be active within the confines of what we can do, and I'll talk about that here in a few minutes as well. Then inorganic, M&A hasn't really been talked about a lot today. That's intentional. We want you to see that organically, we really control our own destiny here. Inorganically, we can supercharge this business. So I'll start with that and move to the next slide. Walking you through the first capital allocation priority that we had, reducing our debt. Back in 2020, Q2, CAD 421 million of net debt. To be fair, that was coming off the acquisition of Xerxes and going into a very tough period for all businesses around the world with the pandemic. But we set our minds to reducing that number to a ceiling now of 1.5 x net debt to adjusted EBITDA, which we're much below that number. You'll see the trajectory it's taken, and you will see it has ticked up the last few quarters, primarily related to the new leases we've signed. That's why the first bullet on here is here. CAD 76 million of leases. I don't think of them as that, but that is how we show our metrics, just to be consistent with how some others who think about that. The net debt to adjusted EBITDA target was 1.5x. It's now a ceiling of 1.5x. We intend to stay at or below that 1.5x, with very, very few exceptions, and we can talk about that as I get to the M&A slide. Then the last point on this slide, the debt reduction, of course, creates significant dry powder for this business to be growing in all the areas that I've, that I've touched on, including returning capital to shareholders. Organically, this is a story you've seen. This is a slide most of you probably will have seen many times. You can see that this year, 2023, by the end of the year, we will have deployed something close to CAD 100 million of capital, with a remaining commitment of CAD 50 million-CAD 70 million next year to complete those projects. Very substantial capital deployed in these businesses because we believe in them, we think we have the leaders to move this forward, and we think that we, we can, continue to grow in the areas we've discussed. What you'll note on the, the right-hand side, the normal run rate we expect to be about CAD 50 million annually, CAD 10-15 million of maintenance CapEx. So despite the growth of the footprint, the maintenance CapEx will remain low. CAD 10 million-CAD 15 million is not a significant number. And then the CAD 30 million of growth CapEx you see, again, that's just a rough number, but this is not intended to be guidance. But the CAD 30 million of growth you see, going forward is recognition that these businesses do still have opportunities for investment. So not of the substance and the size that 2023 and 2024 will be, but there are opportunities there. And the last thing I'll say on this slide is, you'll note the long list of investments included is not just the capacity increases. There's automation, semi-automation, there's water product manufacturing, there's North Sea facility expansion, there's steel mill conversions. Some of those may be foreign in terms to you, but I can assure you all of these drop to the bottom line and increase the EBITDA percentages, which is why we're confident in our goals. Returning capital to shareholders. Two years ago, we put in a NCIB program. We've remained active through that entire close to two-year period. We terminated and reinstituted that in June of this past year, in June of 2023, and we have a year on that program. We have about 1 million shares left to buy on that program. The reason I point that out is because we've been very active, as we've promised, as we've seen the share price drop with no real reason in our minds. It just came down. Our results were roughly in line, and so we took advantage of that. We'll continue to be active with this program to the extent that we can be. There is a window there. We cannot renew that program until June of 2024. So if we do buy all the shares, we will have to pause or look at another way of deploying that capital. Again, stepping aside from Mike, just to wrap it all together. So what have we done? From an execution perspective, 45% CAGR from 2021 to 2023 on EBITDA. Very significant growth. We went from 3.2x net debt to adjusted EBITDA in 2019 to a net cash position today, I'll say. Everyone knows that with the proceeds we have. We have significant capital we can deploy at this point, so we will, we will continue to be active in the areas we've talked about. We will look at M&A, and again, I'll get to that here in a second. On the left-hand side, we still believe we can grow this business 10% a year on the revenue line, and likely a similar number at the bottom line. We still have aspirations of 20% EBITDA margins. We still believe this business can, can produce free cash flow of 70% or north of that number going forward. We will maintain, while doing all that, our net debt to adjusted EBITDA at a very modest level of 1.5x. On the right-hand side, I won't belabor the point. Mike did a good job earlier of talking about the multiples, but I'll leave that graphic up there for you. But the one thing I'll say there is, even if you don't think multiple expansion is there, which we firmly believe it is, the growth in and of itself at the same multiples still provides a significant opportunity as an investor and for us as a business. So going through all that, what does that leave us with? An M&A potential for this business. Where we've talked about, we've said we're gonna be opportunistic, we're gonna be very strategic, we're gonna remain with our tuck-in strategy, CAD 10 million-CAD 15 million of EBITDA targets, at reasonable, multiples, and we intend to maintain that strategy. The balance sheet, however, is positioned in a very strong place for us to deploy additional capacity if something down the middle of the fairway, strategically fitting, came our way, and we thought it was something worth taking a look at. So we're in a place where we could stretch, again, within the confines of what we've just showed you. But again, I'll remind you, all of what you've seen today is organic only. M&A in the areas of likely water, which Martin talked about, likely software. The U.S. footprint in chocolate, something along those lines are the areas where we'd focus and deploy this capital, which would supercharge the growth potentials here. Then I'll just leave you with a, a slide showing what we, what, again, Mike showed in the beginning. Our targets are 10% annual revenue growth, 20% adjusted EBITDA margin, 70% free cash flow conversion, and we see a very clear path to getting to those, those numbers in the future. I will turn it back to Meghan. Maybe we'll cut to a five-minute break, and I'll invite our management team to get set up on the stage here. Do you guys want to come back in five minutes? That would be great. So we have a couple of mics stationed around the room. If you have a question, just raise your hand, and we'll just ask that you state your name and who you're with before you ask your question. So maybe I'll open it up to the floor if there's any questions. Got a question from Tim? Just one moment. There's a mic coming for you. Question for Tom. The doubling of revenue growth target over the next, I mean, by 2030, is that captured within the sort of CAD 30 million-CAD 50 million CapEx per year? Generally, I would say yes. I mean, we were not anticipating any massive organic investments to get to that number. What's the revenue capacity as the business is gonna be following the CAD 150 million with 40 facilities coming online by early 2025? Can you repeat it one more time? Yeah, I'm just curious what the revenue capacity of the business will be after you have the four facilities online? So I'll take that. The initial investment that we're making between this year and next year, as you've seen, gives us a fairly substantial footprint in each of the four businesses. But in no case are we putting 100% of the equipment into those facilities. So the investments we're making this year and next get us the long-term footprint and the near-term requirement in terms of machinery, that we are confident will give us at least an incremental CAD 150 million of annualized revenue. But in every case, there is physical floor space that is not occupied. When we think about the longer-term CAD 30-CAD 50 million a year of total CapEx, that includes the assumption that over a period of time, we are adding incremental machinery to each of these sites to ensure that in total, 2030, we've effectively added the best part of CAD 1 billion of revenue capacity through these four sites. Okay, understood. Then just one more to add. On the Flexpipe business for Martin. Can you give a little more detail on the additional SKUs you guys are thinking about adding? Yes. We have been meeting all our customers, and at the moment, we told them that we are going to have a new facility in Texas, they are now interested in longer plans, in better plans, and giving us more visibility. As you know, the energy industry is an industry where you have visibility for one or two quarters. Now we are discussing about yearly projects because they know that they can have the pipe closer to what they are need. I don't know if. Oh, sorry, I heard new facilities. So the new, as I mentioned, those customers are changing their well path designs. So the new, the development of 5- and 6-inch allow us to get to increase the sand, and we double that. We are now talking and discussing with customers that prefer to first source the larger diameter and use the small diameter as secondary. With these new technologies, we are now being able to talk with some customers that in the past we were unable to talk. Do you want to add more to that, Mike? Yeah, just, you know, specifically just getting to a six-inch product has opened up a very substantial market for us, not just because of the diameter of our pipe, but because it can now be used in combination with smaller diameter pipe as well. The same would hold true if we go to that next level of diameter. I don't know if you caught on the sand slide there, that eight-inch pipe would provide the exact same types of benefits, where now we are a single solution provider over multiple ranges, just within one diameter. Makes us a little bit more attractive from a customer perspective. Are you able to spool an eight-inch diameter pipe? We haven't done that yet, but we certainly think that is technically feasible. We've learned a lot in terms of the technical feasibility of getting to larger diameters with a glass wound product, with our five- and six-inch research and development. So we're highly confident at this point in time that we can spool an eight-inch product with glass. Is there any progress on developing a liner that could handle gas? That's certainly in our R&D funnel at this point, yes. It certainly is, and in particular, our liner can handle gas as it is right now. We have. As you can see, we do applications in CO2, and we did our first, helium project in Alberta here as well, so it can handle it. Our R&D is gonna be more towards making it just that much better at certain specific, gassy applications. That's all for me. Thank you. Thanks. David McFadgen from Cormark Securities. Martin, just sticking with Flexpipe. I'm just curious what your customers are saying as it relates to your competitive advantages. And when you think about the longer-term growth trajectory, how much of that is coming from stealing market share from existing competitors versus the market growing itself? That, that's a good question. So now, as I said earlier, now that we have the larger diameter, we are able to really capture market share at a different level. In the past, we were a leading provider of small diameters, but now having five and six allow us to be in the conversation. So we believe that most of our growth in the next few years are going to come from market share gains with these new diameters and with the new technology we are introducing to the market. That's great. Last one for me, just circling back to the question about growth, the CAD 150 million that's coming from the four facilities. If I add that up, I think you mentioned before that it's three-five years that you're gonna hit that target. That seems to be well behind the 10% organic growth that you guys have alluded to, and the CAD 30 million in incremental growth CapEx doesn't seem like it's gonna be able to hit that 10% number. So just curious what we're missing on how you bridge that gap. So, as I said earlier, the CAD 150 million we're spending now is partly equipment, although it is important to say that the vast majority of the equipment that is populating the new Flexpipe facility in Texas was actually purchased several years ago. You may recall the company had a failed attempt to establish a production facility in Saudi Arabia. Had we had to pay cash now for everything that we're doing now, that number would probably have been a lot closer to CAD 200 million. So there's probably that's a big part of the equation. I think we are always thoughtfully conservative in what we put out there in terms of the benefits of the investments that we're making. So I would say CAD 150 million of incremental revenue from the equipment that we're establishing over the course of this year and next is the low end of the range. But I'd also say that once you've got the, let's call it, the foundation in place in a facility, so you, you've paid for the power, the air, the water, the air conditioning, et cetera, et cetera, et cetera. Adding incremental lines of production equipment is actually a relatively low cost, high return investment. So as we think about the CAD 30-CAD 50 million-ish of annual investment for, let's say, 2026 and beyond, I am very confident that gets us to our goal. Hi. It's from here, from Marin Investment. It's the question is on HydroChain. How much of the growth that you're implying, if rising in by 2030, the fuel tank business, how much of that will come from the organic investments versus the M&A? And will all the growth come from, you know, the facilities that can currently make, the tanks as well, or you will separate it out as different business or different facilities? Yeah. I'll toss this one over to my partner, to Martin. We would imagine that the M&A activity that we undertake, at least in the near term in the water space, will be relatively modest in terms of the capital that it requires, because we do believe that we can achieve our objectives with organic growth. But clearly, we have to make sure we have all the pieces of the technology puzzle under our control to do that. We have most of them today. We don't have all of them. The ones we don't own, we have perfectly reasonable relationships in place to have access to the technology, but that doesn't necessarily give us exactly the platform that we'd like for the long term. So we're going to see M&A in the water space. I think it's likely to be on the smaller end of the spectrum, and the rest of it will be organic. When we talk about production capabilities, clearly, we consider ourselves a manufacturer at heart. So it would be odd for us to build a substantial business and not be the actual manufacturer of the products. Today, clearly, we have the capacity and are adding to the capacity when it comes to the tank side of the water business. You should expect that among the investments we're making now and we'll make in the future, that there will be investments to ensure we can ramp production of the other components of the water technology system. It's possible that we might break the water business out to be a totally discrete business, separate from fuel. But I'd say it's likely several years away because the tank production side of things is so completely commingled. And I'm not sure it creates any enormous value for us as an operating organization. But we will start to call out more and more of the details of the water business on our quarterly calls and in our, you know, annual updates, so that investors can get a better feel for how much water represents within the broader organization. I said I'd pass it to my team, but I think I answered the question entirely. Thank you. And once we welcome back, the understanding of the water business is that our understanding of the water business is that there's one formidable competitor, and that is? leading that space. And there are a lot of kind of smaller players that even if they are trying to assemble and integrate solution, because of the technological requirements, the relationships, et cetera, it is very hard to get into that. What gives you comfort that you will be able to get in there, and it'll be actually a good business, not a competitive business? That's a good question. So we are a leading player in composite in the other two businesses. So first, the relationship with some customers that are also going to be customers in the stormwater space, is what is giving us a lot of confidence to grow significantly revenue from an organic perspective, trying to link also to your earlier question. So we have customers. We are currently we increase the quotes on the products like 30 x just in the last few months, and the response we are seeing from those existing customers are incredible. Of course, I would agree with you that other customers, non-residential customers, like hospitals, hotels, those are customers we don't necessarily interact all the time, but we are growing with those customers as well. Between a combination with existing customers, also helping us to work with their internal departments to deploy our technology, and also treating other new customers with the same level of service as we do in composite. That's the other thing that's worth talking about here is, the stormwater business is one that you can categorize in a few different ways. But clearly, you have to have products that are capable of doing what is required. Secondly, you have to have some of those products certified, otherwise they can't be used. Thirdly, you have to have commercial pathways to reach the customers. And then fourthly, clearly, you better be able to keep up with production, if you are successful on the commercial front. And I'd say we are one of a small handful of organizations that has the full spectrum of technology available. Admittedly, we don't make and own 100% of that technology portfolio today, but we can offer it to our customers. The front-end engineering process, all of the physical products, certified and qualified. And as Martín said, we have a built-in initial customer base because we serve so many water customers through our liquid fuels side. We have an existing, well-entrenched commercial path to market with distributors who have for decades been distributing our fuel products. They have also been engaged in the stormwater management market, typically using other people's products. So we have those pathways opening up for us as we roll forward. And I've already spoken about the manufacturing side. So I think for us, we view ourselves as being in a somewhat unique position amongst that next group of smaller providers. And I think we are very well on the way to deliver the kind of growth that we've talked about. In fact, we have been delivering it here the last several years. And you're right, there's one very large competitor here. They're a great company, I'm quite certain they won't give up market share easily. But at the same time, it's the customers that make the buying decision, not the vendor. And I think the combination of technology and service makes a huge difference. Louis Spiegle. This one's for Tom. This is an analyst question, primarily because I'm an analyst. I'm just curious whether you think the organic revenue growth over the next couple of years will be materially different from the guidance that you provided from a longer dated? Maybe thinking about it a bit differently, how much variability do you think you see around that revenue growth target year in, year out? So, I think you're asking, is it going to be a straight up and to the right, or is it going to be more of a rollercoaster? Yes, pretty much. I think that we said on the last call for 2024 was, you should expect mid single digits to high single digit revenue growth between four, and then 25, it will start to ramp up as facility come on in 26. As everything is fully online, it will be even better. So that gives you a little bit of a trajectory. 2024 is a little lower, 25, 26, probably ramps up a little bit better. Thanks. That's helpful. Frank, as you think about your business and as you're asking for capital, what's the next leg you're looking for to help, I guess, accelerate the growth in that business? Yeah, I think, as we pointed out earlier today, the two attractive markets for us and where we will look at to putting more capital into is the, the U.S. market. Part of that U.S. market, there's the medium voltage side of the business. Today, we're only low voltage. And given the utility expansion opportunities and the need for capacity expansion, grid hardening and medium voltage is, is a, is a requirement, and it's a great business to get into. The, the one for the priority for, for DSG would be the, electrical infrastructure side in, in complementing our current portfolio of, heat shrink termination with cold apply termination. Not only just cold applied termination, but smart termination, where now you're monitoring power and control in the utility that allows for efficient usage of the product. Thank you. That's helpful. Hey, everyone, Zachary Evershed, National Bank. Just going to take another pass at the CapEx question with you. If you think about the first slug, where you're investing in the square footage and the machinery as a dollar of revenue per dollar of CapEx, what's the likely revenue generation per dollar of CapEx in the out years? Yeah, I appreciate the question, and, probably not going to be able to give you the precision you're looking for, but, but you're probably used to that, too. Certainly, when we think about the returns on the, the outer years, the supplemental equipment that goes into a pre-existing facility, we would expect those returns to be higher than, than the returns that we're, we're going to deliver from this 2023 and 2024 round of really substantial infrastructure investments. If you think about the opportunity to invest in U.S. wiring cable capacity, either through a greenfield or an M&A opportunity, how is each one looking today, and what would tilt you one way or the other? I would say a greenfield is a very long, long road for us. So I think you're five years at a minimum before you start generating any revenue versus buying something that comes with certifications, production, et cetera. So it's a time versus money equation, classically, but I think it's a very long-dated issue if you try to do that greenfield. I just had a question on the EBITDA margins, the 20% target. What are you assuming for Composite Technologies, Connection Technologies on a segment basis, and then for corporate leverage as well to get there? So, we're really thinking of this as a corporate target, so 20% at the bottom line. But I can tell you, if you look today at margins in the Composite segment, they're around 20%. I think those tend to trickle upwards over the next few years. Can't give you an exact number, but if they're 20, 21 today, I think you see them go up in the next few years when production comes online again, probably into the low to mid-20%s, so 25%-ish at the high end. And then, for Frank's segment, Connection Technologies, they're getting close to 20%. I think 20, 21 is where they end up. Corporate's tricky because you've got an allocation in there, you've got all kinds of moving pieces. So I would encourage you, take what I just said, but think of it as a bottom-line target of 20%, because the numbers move around a bit. But then I guess more of it coming from the corporate side, because you won't, as you keep growing, you won't be adding much there to get that. Highly leveraged on the corporate side. I would say, you know, you're not going to see us add much on the corporate side. In fact, that number will be coming down as we, as we're able to do that post-sale of the PPG business. Not massive numbers of reduction, but CAD 2 million over the next year or two, you'll see that number move down. Judy from Moore. I just have a question for Martin. Yeah. So I was wondering, for your water solution products, can you give me a breakdown of your revenue across different geographies like U.S., Canada, Europe? So vast majority is North America, in particular, U.S., of course, U.S. and Canada. But we also have revenue coming in particular from Asia-Pac and Europe. I was wondering, is it like a cookie cutter? Like, let's say, if you have some products in the U.S., is it the same that they sell in Canada, or are the codes different? So we basically offer two main products in the stormwater solutions, and we typically use one internationally and the other in North America. But we are seeing demand for both products now in both markets. So there is no one product specifically per geography today. Both of them can be served with the goods. Okay. So you're basically selling the same product in the U.S. and in Canada. And I was wondering, can you give me a breakdown of maybe the competitive dynamic in U.S. and Canada? Like, how many competitors are there and the barriers to entry? Yes. As Mike said, we are extremely, we are really focused on capturing market share right now. There are three main competitors that are quite well established, and all customers we talk, they need options, and they are used to our engineering solution and this type of level of support. That's why they are our customers pushing for our solution. So I don't see. And we have a lot to grow, so I don't see any barrier in the next few years. We have a lot to grow. We can capture market share. We have fantastic prices, and our customers are really happy so far. So basically, three main competitors, and we have for the next five years, no problem to increase and potentially triple our revenue. And last question, I just wanted to ask about your advantage in technology. Can you speak more on that? Like, yeah, it's like, because my impression is these products are pretty commoditized, so I was wondering what is the advantage in technology? Okay. I'm sorry, the question was about water and Yeah, the water, like, for example, like the septic systems, the water quality products. Sure. Water quality products are part of where we think the growth is gonna be in the future. Regulations and requirements for not just retention, detention, but also water quality, effluent quality on the discharge side of storm water is gonna be an increasing focus for owners and for regulators both. And the reference was made to other very large competitors. Yes, but we know that to compete with large established competitors, you need superior products and you need superior service. And we very much understand that, and we're focused on that. If you look back on our Xerxes business, you go look back over the years, and Xerxes was quite a small player back 20+ years ago, up against some very large entrenched competitors. And today we're, we believe we're, we know that we're the market leader. We've come from being a small market player to a dominant market, significant market player within the Xerxes business we're in. Hi, all. Michael Rapp, Slok Variant. Thanks very much for the presentation today. The focus of the CapEx is all North America, and you have an interesting business in Europe. Can you talk about what the opportunity is there and if there's CapEx plan for that market or how you intend to serve it? Yes, I can take that. Yes, we certainly have spoken a lot about North America. The European market is certainly attractive, and there's a large addressable market there for us as well. As you know, we have an established footprint there from 2014. We remain focused on that business and expand the CapEx where the space is allowed. We still have a few more years to continue to add capacity expansion there. We continue to do so. After that, certainly there's opportunities for additional locations in space with our existing businesses. We also look at Europe from the Shawflex perspective. The addressable markets we spoke to today primarily were North America, but there are large addressable markets. It's a global electrification mega trend that we're tracking, and we certainly look at Europe just as closely as we look at North America. Thank you. Can you service Europe from the Canadian facility, or do you need a European facility for that wire and Shawflex business? Yeah. I'll hand it over to Aaron to answer that. So we have service business in Europe from our North American facility, again, primarily on a project basis. I think those logistics are, especially with wire and cable type products, logistics are considerable expense. So in specific opportunities specific to infrastructure, nuclear being one of them, where we are able to service that. So for sort of recurring regular business, I think we would look at an opportunity to locate manufacturing capability, but at this point we're looking at a more unique project basis. So I think we've reached the end of our time for Q&A. For anybody that had a question and didn't get to answer it, we'll be around, so please feel free to come grab us. We'll do our very best to give you a response. But I'd just like to say thank you. I realize that many of you had other places to be, particularly at this point in the year. Some of you traveled quite extended distances, and we do appreciate your commitment to come and spend a day with us. I think we've got an exciting story to tell. We've come an awfully long way in a relatively short period of time. So much change, and so many opportunities in front of us. So as we conclude here in the room, we'll break. There are refreshments outside, including a variety, I think, of maybe even adult beverages. On the other side as well, we are set up with a display of a wide variety of the products that we offer. Many of the people that you see on the stage, as well as others here around the room, will be on hand to walk you through what our businesses do, the products that we make, the customers that we serve, the applications that we serve, and the areas where we're focused on moving forward for the future. Please take advantage of that for as long as you can. For those who have signed up, we obviously have facility tours happening tomorrow at the Rexdale facility, which is shared both DSG and Shawflex. So, see many of you there tomorrow, but otherwise, if we don't see you, have a great end of the year and wonderful holiday season, and thank you again for supporting the company and being here today.