Good morning, and welcome to NTG Clarity's Q1 2026 earnings conference call. My name is Ali Farouk, analyst at NTG Clarity. On the agenda for today's call, we'll start with management's prepared remarks on our financial and operating results for the three months ending March 31st, 2026. We'll have a Q&A period answering questions from covering analysts and investors. Note that the full published report with audited financial statements, notes, and management discussion is available on SEDAR and our website at www.ntgclarity.com. This presentation aims to highlight and summarize the key information already reported there. We'll be posting both the slides and a recording of the presentation on our website following the call. Make sure to subscribe to our mailing list on our investor page on our website to get notified when those are available. If you have a question that doesn't get answered, please reach out to adam@ntgclarity.com and we will get you an answer after the call. With that said, I'll be welcoming management for remarks shortly, but first, I'll start with a quick disclaimer. Certain statements in this presentation, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These, and all subsequent written and oral forward-looking statements, are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. In this presentation, we also make reference to non-IFRS or non-GAAP financial measures that management believes are useful supplemental measures, but not alternatives to net income and operating cash flow. Please see the non-IFRS measures section towards the end of this presentation, our press release, and our MD&A for details and reconciliation of non-IFRS measures to IFRS measures. With that, I'd like to invite Adam Zaghloul, Vice President of Strategy and Planning, to begin his remarks. Right on. Thank you for the introduction, Ali, and thank you to everybody who's tuning in to this Q1 2026 earnings call. I want to start off by saying that Q1 marked our 20th consecutive quarter of the last 12 months revenue growth. We kept the growth going this quarter. Despite some continued conflict in the region, which I'll give a more detailed update on shortly, really, our structural investment thesis hasn't changed. We have a growing and embedded client base that's executing long-term, large-scope digital transformation initiatives across Saudi Arabia. What Q1 results reflect really is a seasonal effect that we forecasted in Q4, meeting with an already established fixed cost base. To get right into the revenue, Q1 revenue was CAD 21.3 million, up 8.1% from the CAD 19.7 million that we posted in Q1 2025. On the Q4 call, I signaled that Q1 would look similar to Q3 2025, which came in at CAD 20.9 million. There was a slight revenue beat on that from a revenue perspective there. It's important to notice for Q1 that Ramadan and Eid al-Fitr both fell entirely within the Q1 this year, that was late February to late March. Really what this means is working hours are reduced by law in Saudi Arabia. Decision-making slows down. People take vacations. New project starts are delayed until after the holiday. For a Saudi-facing company like us, this is one of the most significant, if not the most significant, calendar event of the year. The revenue data definitely shows this pattern, but our gross margin data shows it as well. Even in past quarters where we saw revenue growth, Q2 2024, Q1 2025, those both had gross margins of about 34%, and Q1 2026 had a gross margin of about 33%. All three Ramadan quarters had that sort of same dynamic. Throughout 2025, we built a delivery system that's capable of supporting materially more revenue than we saw in Q1 2026. This quarter ran that base at lower utilization throughout this sort of seasonal trough, and that's really what compressed our margins year-over-year, not a change in the cost structure at all. This base is largely in place and relatively fixed. As revenue normalizes against it, we can expect some leverage to return as we progress through Q2 through Q4 this year. I'll talk about the effects of Ramadan on our cost structure, Ramadan and Eid this quarter. Sequentially Q4 2025 to Q1 2026, our combined cost base was essentially flat. That's when you take into consideration basically all of our staffing costs, so cost of sales plus G&A, plus sales and marketing. All together, they moved by less than 2%. What really changed was our internal classification. Not the total of these sort of expenses. During Ramadan, a lot of our delivery staff who are normally billable to clients move from cost of sales to G&A, especially if they're on an extended holiday period. At the same time, overall lower utilization with clients and lower revenue compresses the gross margin as well. Adjusted EBITDA ends up taking the full effect of this reduced revenue, but the cost did not grow. They were really just recategorized within our internal categories. So, I just want to reiterate that this cost base is built around having larger revenue than we saw in Q1, and Ramadan pulled utilization down for a few weeks and moved some of our billable staff onto the bench, and the base itself did not change. So, as those staff return to work with our clients and we start to see things pick back up in Q2 and beyond, we're expecting the incremental revenue to land against that already established cost base and convert at a higher profitability rate. Getting into the profitability in Q1. Q1 2026 adjusted EBITDA came in at about CAD 757,000. That was about a 3.6% margin. Net income was CAD 979,000, or a 4.6% margin. What we're looking at is operating leverage. Again, not any sort of change to our underlying cost structure. Q1 ran at that low utilization I mentioned, so margin compressed. Q2 through Q4 2026 are expected to run at relatively the same cost base, but at normalized revenues, and we're expecting margin recovery without necessarily adding any additional costs. This slide is intended to help you visualize the impact of this sort of seasonal revenue disruption. Q4 2025's EBITDA block is meaningful, while Q1's revenue drop results in a sort of smaller adjusted EBITDA. The cost amounts are essentially identical, but looking forward, the Q2 block here is illustrative of our expected results. A similar cost base, revenue is expected to normalize and margin recovers that way. The Q2 through Q4 recovery really involves three things moving in concert. It's revenue rebounds as billings pick back up after the holiday period, gross margin recovers as our utilization rate goes up, and G&A normalizes as bench staff return to cost of sales. All three in the same direction against the same cost base should result in some leverage there. Talk a little bit about tax structure. One of our goals over the last year was to fix our overall tax structure. In fiscal year 2025, NTG paid an effective tax rate of about 37%, and that's nearly double the Saudi statutory corporate tax rate of about 20%. That was because Saudi revenue was taxed twice, once in the kingdom and again in Canada, all on the same earnings. In November 2025, our Saudi branch office was converted into an LLC, and that means that Saudi revenue, approximately 95% of our total revenue, is now taxed only once in the kingdom at that 20% corporate tax rate. The Canadian tax layer is effectively eliminated for our day-to-day operations. Again, in fiscal year 2025, there was a 17-point excess above the Saudi corporate tax rate that represented approximately CAD 1.5 million in excessive tax expense. Of course, that amount is going to grow as our earnings grow. Going forward, we expect that drag to be eliminated. Talking about collections and cash flow. Q1 operating cash flow was positive CAD 43,000. It was positive for the second consecutive quarter, despite our lower net income. We collected over 99% of our Q4 trade receivables during Q1. That left only about CAD 79,000 in remaining AR that's aged over 90 days as of the end of Q1. Talking about contract assets, that's revenue that we've earned, but we haven't yet invoiced. It was sitting at CAD 14.6 million at the end of Q1. That's down from CAD 16.3 million at the end of the year. Those are typically billed and collected shortly after the quarter closes. Again, that large step-up at the year-end 2025 was just due to offering a little bit more accommodating payment terms to some of our larger, more trustworthy clients. Overall, bad debt expense remains zero and has been for over two years now. We really see that every dollar of our more than CAD 29 million in AR is performing with customers that have a long track record of prompt payment with us, for sure. I also want to give an update on the geopolitical context in the region. When the conflict began back in February this year, the market really feared a direct operational disturbance for our company. That really hasn't been our experience, right? Our delivery teams are based out of Egypt, and they operate outside of the areas most affected by the conflict. We even signed two new framework agreements with Saudi clients since the conflict began. However, we are starting to see people in the region starting to factor a potentially slower resolution into their decision-making, and that takes the form of delayed startup of new projects and a preference for cost-cutting. I just want to stress that our existing contract backlog, which is currently sitting at about CAD 73 million in POs and contracts on hand, hasn't been affected materially. No contracted client has really changed their behavior, and the dynamic is really seen more in purchase order timing from new framework clients, where the decision cycles have sort of started to take a little bit longer. Overall, sustained cost discipline in the region is not necessarily a headwind for our company. Our offshore delivery model really is what organizations under some budget pressure are looking for, right? They want to get the same results, the same delivery, but at a lower cost. Really, Saudi Arabia's 2026 budget is prioritizing spending efficiency and diversification. We see that diversification in the Saudi economy in that this year, non-oil GDP in Saudi has reached 55% of Saudi's output, and that's up from 45% a decade ago in 2016. Overall, the digital transformation mandate is driving our pipeline, but it's also embedded in the overall Saudi economy structure. With that context in mind, I'll take a look at our 2026 outlook. When we gave guidance back in Q4, it was developed really with this Q1 performance in mind, keeping in mind we put it out at the end of April. The revenue path to meet the guidance is straightforward. If we bill CAD 21.3 million in Q1, that represents a requirement to bill CAD 68.7 million more across Q2 through Q4, and that's an average of about CAD 23 million per quarter. That's 7.5% above our Q1 billings in quarters with fewer holiday disruptions against a cost base that we already have established and in place. Just for reference, Q4 2025, we booked a revenue of CAD 23.9 million, so it's already above that level. On the adjusted EBITDA side, they follow from the same numbers. The cost base is already in place, any revenue above Q1 levels converts at a higher incremental rate. That operating leverage is what carries us into the 13%-16% adjusted EBITDA range over the balance of the year. Every additional CAD that we'll book in revenue really expands the margin from there. Overall, our total contracted backlog was CAD 73 million purchase orders on hand as of the end of Q1, and that really provides us with multi-year visibility. What really anchors that CAD 90 million revenue base is the 12-month look ahead, the sort of what's going to be billed in the next year or so. The portion of the backlog that falls in that period is what anchors our CAD 90 million revenue. I'd say one caveat, the framework agreements that we signed in Q1 and late Q4, they carry no contractual floor minimum spending or anything like that. They're not really reflected in the backlog right now, and they actually serve as potential upside above the contracted base of the guidance revenue. Overall, all that is to say that we're maintaining our full year 2026 guidance of a revenue floor of CAD 90 million with adjusted EBITDA in the range of 13%-16%. That concludes the prepared remarks for Q1. I want to thank you for taking the time to listen to the remarks, and I'll now open it up to some questions. We're going to start things off with questions from our covering analysts, and then we're going to move on to Q&A written in from some of our investors ahead of the call. Maybe I'll start things off by inviting Aravinda Galappatthige from Canaccord onto the stage to start us off with some questions. Thanks, Aravinda, for being here. No problem. Thanks, Adam, and thanks for that great rundown as usual. I just wanted to clarify where you left off on the backlog and the guidance. To get to your guided full-year number, you need probably just under CAD 70 million for the rest of the year. How much of that is in the backlog at this point? Because I know that there's a portion of the backlog that's post-2026. I'm trying to get a sense of how much billings you have to do to sort of ensure that the 2026 number is sort of locked in. Yeah. That's really a great question on the backlog. CAD 73 million on hand right now, but it does have that multi-year visibility portion. Basically, what goes into our guidance when we set it is the purchase orders that we already have on hand and it's already contractually obliged to be billed within that timeframe. We also include those sort of low risk, high confidence renewals into the backlog right now. I think an important thing to remember when we're talking about our guidance is we basically set it as a floor based on agreements and contracts that we have confidence in. It's not going to be a situation, or at least we don't expect it to be a situation, where we require the come through of a lot of additional contracts to be able to meet that guidance. Thank you. That makes sense. Just on the Accounts Receivable, good to see sort of the three-month plus, being cleared and you guys making great progress there. How should we think about the path from here on? I mean, just with respect to trying to get a sense of what the underlying free cash flow would be, how much more do you still expect from working capital through the remainder of the year? Would it be an inflow to offset some of the recent quarters? Mm-hmm. Yeah, definitely our thinking right now is similar to back in Q4 when we highlighted that it's our intention to be more diligent about cash flow in this year. I think our number one priority is to continue seeing that sort of working capital drag on our cash flows stay relatively consistent and be able to provide some positive operating cash flow just from keeping the accounts receivable under control. I think that comes from a couple of places. Number one, our operating cash flow before you take into account working capital drag was about CAD 6.5 million for the whole year last year. We've shown some good results in keeping that working capital drag minimal through better collections initiatives and just more moderate growth overall. I think what we're expecting to see, going through 2026 is better cash flow performance, positive cash flow performance, as opposed to what we saw in 2025, which was more of an investment year. Thanks, Adam. Lastly from me, just on NTGapps. Can you just give us an update there? Maybe just remind me what the revenues were in Q1 and how that's trending. Thank you. Yeah, definitely. Still seeing some strong demand from the NTGa pps line. Even with the growth that we've seen in the overall company, NTGa pps has still been sitting at about 10% of overall company revenue this year so far. The trend is continuing. Customers that we've been doing pilot projects with throughout last year are continuing to sort of have those projects carry forward into full scale development and rollout. Again, I don't have an update when it comes to what proportion is going to be, let's say license or SaaS style revenue compared to more service work. The majority of our contracts on NTGa pps are sort of bespoke software development projects still, but it's encouraging to see the customer demand is still there. Thank you. I'll pass along all the best. Okay. Thanks, Aravinda. I appreciate it. Okay, next up I'm going to invite Nick Cortellucci to the stage from Atrium Research. How's it going, Nick? Hey, Adam, can you hear me? Hey, yeah, all is good. How's it going? Good. Yourself? Thank you. All is well. Thanks for answering my questions. Yeah, the first thing I wanted to ask about was just the cadence for revenue going forward. I know you were saying CAD 23 million averaging through the next three quarters, how do you see that playing out from a sequential perspective? Is it going to be roughly flat or rising through the year? Yeah, I would say what we'd expect to see coming into Q2 is a little bit of a recovery quarter after Q1, for sure. Just within mind that the final holiday of the year, basically Eid al-Adha, was just yesterday, actually, as well. We'll see probably a more minor disturbance when it comes to the second holiday period this year. I would say recovery in Q2 and really continuing to ramp up through Q3 and Q4, as opposed to a more flat profile. Yeah. Got it. Okay. I think you guys disclosed a new joint venture in the financials. Maybe can you tell us a bit more about that? Yeah, absolutely. That was an exciting development coming out of this quarter, right? We basically made a little bit of an investment in Positive Side Consulting out of Saudi Arabia, and they are an organization that does similar stuff to NTG Clarity, right? IT services, digital transformation consulting, and outsourcing work. The idea there is by basically plugging our Egypt offshore center into this established consulting base, we can take their current book of revenue, which sits at about CAD 2 million a year, and hopefully expand it with some of their larger enterprise customers. I think one exciting thing is that they have a little bit of exposure to the government, them themselves being a Saudi company, too. We get exposure to a new set of clients that we hadn't before. I think that's one of the levers that potentially leads to some upside going into 2026 for sure. Got it. Okay. Last one I wanted to ask about was just on the balance sheet, on the debt side of things. If cash flow can come in like you guys think it's going to be over the remainder of the year, are you guys in a position to start paying down a bit more of that debt? That's a good question, too. Yeah. When it comes to capital allocation from that perspective, I would say, the number one priority is always going to be continuing to fund the growth, the working capital required to keep scaling, because we still see the growth opportunities coming through in the Gulf. Number two on that list is continued debt paydown. When cash flow has been a little bit tighter, as it has been in recent quarters, we've scaled back on the debt repayment. In Q1, we probably repaid, it's like CAD 10,000 of the debt, I think something like that. Basically just covering expenses, b ut, you know, our typical paydown cadence is at roughly about CAD 150,000 a quarter averaged out over any given year. I think once cash flow returns, we're going to return to that sort of idea. Our priorities are probably continue to invest in the growth and continue that slow and steady repay down of the debt. I don't think necessarily cash flow is going to lead to a windfall repayment. At least that's not what we expected right now. Got it. Okay. Thanks for the time, Adam. Yeah, my pleasure. Appreciate the questions, Nick. Thanks. Okay, I'd like to now invite Ali Farouk back to the stage to start us off with some questions that were written in from investors ahead of the call. Whenever you're ready, Ali, with the first question. All right, our first question is written in from Olivia, a private investor. "You've pointed to gross margin recovering towards the mid-30% range. What drives that recovery, and how should we think about it versus the recent Ramadan quarters?" Right on. Thank you for the question. Yeah, definitely we're guiding towards recovery in the gross margins towards the mid-30% range, but I want to stress that that's not a new high water mark or a new target by any means, right? That really is where we expect our gross margins to be on a regular utilization quarter. You know, Q1 saw us have lower utilization just because of the Ramadan impact on our business. We had the gross margin come in about 33%, and that's pretty consistent with Ramadan quarters in the past. I mentioned Q2 2024, Q1 2025, both having about 34%. That 33%-34% is indicative of, you know, those sort of Ramadan quarters that we've seen. I'd also point out that there are a couple of other drivers behind gross margin, right? Historically, things like the revenue mix from products versus services impacts our gross margin. Any sort of pricing incentives that we've given to our customers as well. It's just that this quarter, the utilization rate was the determining factor when it came to the lower gross margins that we've seen. Overall, as we ramp back up throughout the rest of the year, I think we can expect ourselves to reach a more consistent utilization level and see gross margins recover to that mid-30% range. Okay, amazing. Our next question is written in from Bob, another private investor. "Would be great to hear about free cash flow estimates for the year. This is extremely important in my mind for investors to start coming up with a free cash flow run rate for valuation purposes." Yeah, right on. Thanks for the question, Bob. When it comes to free cash flow, we don't guide specifically on free cash flow, but I can talk around a little bit of the building blocks for it. Operating cash flow for this quarter, again, was a positive by about CAD 43,000. Despite the lower net income that we had this quarter, we posted our second consecutive quarter of positive operating cash flow, which is reassuring to see. I think the levers behind that are, historically, the largest drag on our cash flow has been those sort of working capital items. Typically AR, that's the biggest drag. We've seen some promising results from Q4 having a positive operating cash flow in Q1, both from our growth moderating, but also getting our accounts receivable discipline a little bit in better shape. We've seen those contract assets, so revenue recognized but not yet invoiced, decreased from CAD 16 million at the end of the year to CAD 14 million now. We've seen our trade receivables have some really good discipline as well. Over 99% of our receivables that we billed in Q4 have been collected by Q1 as well. Really what we're expecting to see is stronger operating cash flow going into the year 2026. Hopefully, if you just take a look at 2025, I mentioned with Aravinda that the cash flow before those working capital items was about CAD 6.5 million. It gives you the sort of ballpark of what we're working at when we can keep those working capital items under control. So, looking forward to a better cash flow year in 2026 for sure. All right. Our next question is written in from Michael, an institutional investor. "The MD&A notes that contract ramp took longer than expected in 2025. What gives you confidence in the back half ramp this year?" That's a good question, Michael. Thanks. Yeah, I'll talk about the ramp into the guidance and the sort of contract backlog right now, sitting at about CAD 73 million of contracts and POs on hand. You know that's always going to change. It's going to come down as we bill contracts, bill against contracts, and it's going to go up as we sign new contracts. You'll probably notice that there is a little bit of a trend of reduction over the last few quarters, but that really is because we've been billing against our multi-year contracts, but the new multi-year contracts don't have that contractual floor in it. We really have to wait until the POs start coming through until we can start padding our backlog back up again. Of that CAD 73 million backlog, that sort of amount that's going to be billed in the next nine or 12 months, that sort of one-year look ahead, is remaining consistent or even growing over the last few quarters as well. That's what's giving us the confidence to say that even without large new windfall contracts, we're in a position to ramp ourselves back up to meet that guidance. Like I mentioned before, it's just about a run rate of about CAD 23 million per quarter, which we've already beaten in the past to meet the guidance. Overall, I think we're in a confident position to meet that guidance, and then any new purchase orders that come in from new work or these new framework agreement scales serve as sort of upside, both on the revenue side and the adjusted EBITDA side. All right. Our next question is written in from Ron, a private investor. "There was a Semafor article this week that reported Saudi Arabia freezing payments to consultants as it weighs the impact of the war. Is this going to impact NTG?" That's a good question, Ron. Thanks for writing that one in. Yeah, I read the article this week, and it's noteworthy to point out that, number one, most importantly is a Saudi spokesperson has come out and clarified that even if payments are delayed, all of the payments are still made within the contractual terms of the agreement. That is really reassuring to see. I think what might even be more important is the industries that were mentioned in that article are things like management consultants, business consultants, those types of workers. At the end of the day, we don't really see ourselves as those sort of management business strategy consultants necessarily. We're really doing the operational boots-on-the-ground work to support the Vision 2030 digital transformations. We are that sort of low-cost alternative to those big consulting houses that I think Saudi enterprises are looking for right now. Overall, it's reassuring to see that the Saudis are still, of course, making good on their contracts. If anything, this serves to show that Saudi enterprises are prioritizing working with companies like NTG. So far we haven't seen any impact from that sort of directive over the last week, and we don't really expect to at the end of the day. Okay, our next question is written in from Bob, a private investor. "Would also be appreciative of some commentary relative to AI hurting the consulting business longer term. This has been a huge headwind for Accenture, and I imagine hurting you somewhat as well." Right on. Thanks, Bob, for the question. I would say AI is definitely going to be a risk, and we have to keep our eye on it. I don't think anybody can say confidently one way or the other if it's going to be a headwind or a tailwind for the IT consulting business. Overall, what I can say is that we haven't seen it hurting our business as NTG anytime recently. I think the dynamic in the Middle East is different than in North America. The customers that we're working with in Saudi Arabia are these large Saudi enterprises. They're focused on cybersecurity and compliance and really having tight regulatory control on the new software that gets added to their stack. They also work in the Arabic language, which has a little bit of different implications when it comes to training models for sure that way. Overall, there are just different concerns and a more conservative approach that's being taken by enterprises in Saudi Arabia, and where NTG really prides ourselves on being able to position ourselves as offering support and guidance and consulting on how to best implement these sorts of new strategies. We're even seeing some results in our own internal AI programs and platforms being pitched to some of our Saudi customers in the form of proof of concepts and early-stage pilot projects. Our The Agent Builder product is currently being, what would you say, rolled out with an Egyptian real estate client, and they're seeing some good results with it, too. TestFlair is in the pilot stage with a couple of clients, and also been rolled out to our entire internal QA and testing team. Really, we see AI as a continued opportunity. We haven't seen any sort of drawback on our revenues or cash flows due to it, and we really see it as sort of another technology that NTG can help enable our customers with. All right. Our next question is written in from Hassan, a private investor. "Given the regional conflict and the longer decision cycles you mentioned, how are you thinking about any risk to guidance, and what are you seeing in the business so far?" Right on. Thanks for the question, Hassan. When it comes to risks to guidance, I just want to clarify. We can start with the revenue side. The way we look at our revenue guidance again is, it's built off of, number 1, the POs and contracts that we have on hand, so customers are already contractually committed to a certain amount of revenue. Also, number 2, any sort of renewals that we have a very high degree of confidence in. They're low risk in turning over the next year or so. Basically, the one-year portion of our guidance is based on those POs and contracts that we have on hand and those low-risk renewals. It really gives us confidence to be able to come out and say, "We're going to produce CAD 90 million in revenue as a floor in 2026," because in a lot of cases, the contracts are already there. On the adjusted EBITDA side, we definitely are taking the learning from 2025 and applying it to the guidance for adjusted EBITDA coming into 2026. Our guidance is basically set up so, as a baseline, just based on our backlog right now, we can relatively comfortably hit about the midpoint of the guidance. If we start to see some more contracts come through, either with new customers or from the framework agreements that we've already signed, because we already have our large established cost base in place, we can see that incremental revenue. We can expect it to come down to the net income or adjusted EBITDA line at a higher rate, just because we already have the expenses in place to be able to service it. It gives us a high degree of confidence to be able to say our revenue guidance and our adjusted EBITDA, just because of the contracts that are in place and not relying on sort of new contracts to come through in order to reach the adjusted EBITDA guidance this year. All right. Our next question is written from Bob, a private investor. "Can you give forward-looking commentary on growth and backlog beyond 2026? How are you feeling about three-to-five-year type of growth in the business?" All right. Thanks for the question, Bob. I definitely can't give exact numbers going out three to five years, but I can sort of talk around what we see as the trends in the region. Starting with the backlog, you mentioned the backlog currently sitting at about CAD 73 million in POs and contracts on hand. Again, that has been trending down in recent quarters, but it's because all of the multi-year contracts are lumped into the backlog as well. As we've been billing that down, it's been decreasing the backlog, the new multi-year contracts that we've been signing don't have a contractual floor on them, they haven't been adding onto the backlog as well. We have to wait for POs to come through on those to get the backlog back up again. Overall, the one-year portion of the backlog has been remaining relatively consistent or even growing over the last few quarters, so that's reassuring to see. Looking out three to five years in the region, I think it's important to recognize that the sort of digital transformation initiatives that go into Vision 2030, they aren't limited to just one budget cycle, right? These are economy-wide, region-wide strategic initiatives that aim to basically redefine the economies over there. We've seen the results. I mentioned Saudi non-oil GDP has gone up to 55% from 45% a decade ago. We're really seeing this sort of long-term push to have services like IT services, digital transformation become a big part of the Saudi economy. As the economy grows, I think we can expect our business to grow with it. I think the only question for NTG is really, how much of the market can we take? We're starting to see the sort of early stages of some more diversification in those new framework agreements that we've been signing over the last six months or so with new enterprise in the Saudi economy as well. Really, we're setting ourselves up to take full advantage of the growth in the market and the real drive towards digital transformation that's taking place over the next even five to 10 years in Saudi Arabia, for sure. All right. Our next question is written in from Tom, a private investor. "Q1 came in at a 3.6% EBITDA margin against full year guidance of 13%-16%. Can you walk us through the path back to that range over the rest of the year?" Thanks, Tom. I appreciate the question. Just to reiterate how we expect to get back to that sort of 13%-16% EBITDA range. I mentioned in the presentation and in a couple of the questions that the cost base that we have right now is already established. As revenue starts to scale up over the back half of the year, as we expect it to, it's going to fall down to the adjusted net income line at a higher rate, just because the expenses are already there. Q1 saw lower billings again because of the seasonal trough related with Ramadan and Eid. Even just to get back to the level we were in Q4, we would see a significant uptick in the adjusted EBITDA line. I would say, just to reiterate, the guidance that we set in mind, we had taken into consideration the Q1 performance, and we really have to see the ramp up into the sort of teens throughout Q2, Q3, Q4 in order to meet the midpoint of the guidance. We think that's very doable just based on the contracts that we have visibility for in our pipeline. All right. Our next question is written in from Priya, an institutional investor. Sorry. "The CAD 90 million floor implies a slower growth rate than 2025. Could you help us understand how you set that number and whether it reflects any change in demand?" Great. Thanks, Priya. Yeah, just to reiterate on the backlog, right? The CAD 90 million floor, again, just takes into consideration basically POs and contracts that we have on hand, plus visibility that we have on very confident renewals. The backlog that we have right now is CAD 73 million in POs and contracts. That 12-month period, forward-looking period, the amount that's billable then, plus the confidence in the contracts that we have to renew soon give us the confidence to set the floor at CAD 90 million. Again, what's not included in that backlog or that guidance is any work that comes out of these big framework agreements that we've signed over the last six months or so. There's one in Q4 and a couple in Q1. They don't have limits or floors to the amount pending like some of our other multiyear contracts did, those are not included in the backlog. We don't really see any slowing in the demand for our work. What the guidance really just shows is how much of the work is contractually committed versus how much we have to wait for POs to start work on some of these new engagements that we've been signing. Overall, demand still looks very strong. That's all the questions I have from my end. Okay, right on. Thank you, Ali, for reading the questions. Thank you to all the investors who tuned in for this earnings conference call or wrote in a question. If I didn't get a chance to answer your question or if you still have questions after the presentation, feel free to reach out to me at adam@ntgclarity.com and I'll be sure to get a response back to you. I think that's all that we have prepared for the session today. I want to thank you again for tuning in. We're looking forward to getting the operations back up into Q2, Q3, Q4 this year. I'll be back in a couple of months to talk about our Q2 results, hopefully. Until then, take care, and thank you.