Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Supremex 2026 Q1 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at this time. Before turning the meeting over to management, please be advised that this conference will contain statements that are forward-looking and subject to a number of risks and uncertainties that would cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference is being recorded on Thursday, May 7th, 2026. I will now turn the conference over to Martin Goulet of MBC Capital Markets Advisors. Please go ahead. Thank you, operator. Good morning, ladies and gentlemen. Thank you for joining this discussion of Supremex's financial and operating results for the Q1 ended March 31st, 2026. The press release reporting these results was published earlier this morning. It can also be found in the Investors section of the company's website at supremex.com, along with the MD&A and financial statements. These documents are available on SEDAR+ as well. A presentation supporting this conference call has also been posted on the website. Let me remind you that all figures expressed on today's call are in CAD unless otherwise stated. Presenting today will be Stewart Emerson, President and CEO of Supremex, as well as Norm Macaulay, Chief Financial Officer. With that, I invite you to turn to slide 13 of the presentation for an overview of the Q1. I turn the call over to Stewart. Please go ahead. Great. Thank you, Martin, and good morning, everyone. We've started 2026 with strong momentum. Top line growth accelerated and Adjusted EBITDA margins expanded meaningfully, demonstrating the earning power of the platform we've assembled. Our performance was driven by improved volume, which contributes to support of absorption of fixed costs, and by disciplined cost management as operating and SG&A expenses increased at a lower rate than revenue. Both of our businesses sustained the momentum built in the second half of 2025, delivering sequential improvements in revenue and EBITDA margins. While we remain measured in our outlook, we see continued momentum building and expect operating conditions to improve gradually through 2026. That said, let's turn to operations, beginning with Envelope. Q1 2026 revenue was up 5% year over year and up 3.9% sequentially from Q4 2025. Envelope volume grew 6% year-over-year, driven by the two acquisitions completed in the second half of last year and by further volume gains from new customers and increases in share of wallet. We're now beginning to lap the volume headwinds from the one U.S. direct mail customer that we've discussed on prior calls. With average selling price down modestly at less than 1% year-over-year, which was a meaningful improvement from recent quarters. While average selling price remains slightly lower, our teams have executed well on two priorities. Quickly backfilling volume to maintain fixed cost absorption and rigorously maintaining the cost base, particularly important given that the replacement volume comes at lower prices and higher operational intensity than the single direct mail customer it replaced. The volume is sequential margin expansion quarter after quarter. Further, we expect the additional improvements as we realize synergies from integrating tuck-in acquisitions and relocating the Indianapolis envelope production to other facilities across our network. On the latter, two important machines and some infrastructure were moved, excess equipment was sold or scrapped, and the sales organization was relocated to the local packaging plant in Indianapolis. Warehousing should be moved by the end of this month, after which we'll hand back the keys. We expect this initiative to deliver more than CAD 1.5 million in annualized run rate savings, contributing meaningfully to margin expansion as we move through the balance of 2026. Closing facilities is never a pleasant experience. It has reinforced my appreciation for the resilience of our business and the commitment of our people. Turning to Packaging. We delivered another strong quarter delivered by continued momentum across the core business. Folding carton continues to benefit from share of wallet gains with customers with consumer packaged good customers in health and beauty and over-the-counter pharmaceuticals, new business wins from our other customers, and the contribution from the Transgraphic Packaging acquisition, which closed in July 2025. Excuse me. We also sustained our growth in e-commerce solutions and specialty packaging, supported by new customer wins and higher volume from existing customers. One area I don't highlight often enough is labels, an omission worth correcting. Our label operations are currently run out of two facilities in the Greater Montreal area, a small plant in Laval and within our envelope LaSalle envelope facility. Last month, we added scale by acquiring Fantasia Printing Ltd., doing business as iFlex Labels, a small manufacturer based in Saint-Laurent, Quebec, and generating approximately CAD 3 million in annual revenue. Importantly, iFlex sits roughly 1 km from our Lachine plant. We've moved quickly to announce the consolidation of its operations into the Lachine facility, which has both the capacity to support absorption and the room for further expansion. This acquisition has also created the opportunity to reorganize the broader label footprint. We've announced the closure of the Laval facility with those operations consolidating into Lachine as well. We expect to relocate the iFlex business in mid August. The Laval transition following shortly thereafter. This reorganization should deliver in excess of CAD 500,000 in annualized run rate savings. Finally, while there's no real estate or headcount savings, consolidating the label assets from the LaSalle envelope plant puts everything under one roof and provides important operating leverage and synergies. It's worth emphasizing the strategic logic here. Labels are highly synergistic with our folding carton business. Customers who purchase folding cartons very often purchase labels as well, and vice versa. Building scale and label positions us to leverage our preferred relationships to cross-sell more effectively across our packaging platform and capture share of wallet we've historically left on the table. With our label business now well-equipped with a combination of flexo web and digital capabilities, we expect this consolidation to drive both efficiency gains and commercial synergies supporting profitability across the segment. Speaking of profitability, the Packaging segment delivered an Adjusted EBITDA margin of 15.4% in the Q1, expanding both year-over-year and sequentially. It's the highest quarterly margin we've posted in three years. As you just heard, we see anticipate further upside ahead as we continue to drive efficiency and capture synergies across the network. With that, I turn the call over to Norm for a review of the financials. Thank you, Stewart. Good morning, everyone. Please turn to slide 14 of the presentation. Q1 total revenue came in at CAD 74.8 million, up 6.6% from CAD 70.2 million last year. Envelope revenue was CAD 50.9 million, up 5% from CAD 48.4 million last year, and up sequentially from CAD 48.9 million in the Q4. The year-over-year variation reflects a 6% volume increase driven by the contribution of Enveloppe Laurentide and Elite Envelope for the entire period. It also reflects new customer wins and share of wallet growth in the U.S. Meanwhile, average selling prices decreased 0.9%, reflecting a less favorable customer and product mix in the U.S. That said, the reduction was significantly less than in previous quarters as we are cycling the factors that negatively affected 2025. Packaging and Specialty Products revenue came in at CAD 24 million, up 10% from CAD 21.8 million last year, and relatively stable on a sequential basis. The year-over-year increase is mostly due to higher folding carton revenue, driven by share of wallet gains with large multinational Consumer Packaged Goods customers, ongoing momentum in our e-commerce packaging activities, new business wins from existing customers, and revenue from the acquisition of Transgraphic acquired in July 2025. Moving to slide 15, Adjusted EBITDA totaled CAD 9.9 million or 13.2% of revenue, up from CAD 8.8 million or 12.6% of revenue in last year's Q1, and up sequentially from CAD 9.1 million or 12.5% of revenue in the Q4 of 2025. Envelope Adjusted EBITDA was CAD 8.4 million or 16.6% of revenue versus CAD 8.3 million or 17.2% of revenue last year. Sequentially, it was up from CAD 7.8 million or 15.9% of revenue in the Q4. The improvement mainly reflects the favorable impact of higher volume on the absorption of fixed costs, which more than offset the effect of lower average selling prices. Packaging and Specialty Products generated Adjusted EBITDA of CAD 3.7 million or 15.4% of revenue, up from CAD 3.3 million or 15% of revenue last year, and up sequentially from CAD 3.2 million or 13.2% of revenue in the Q4. The year-over-year increase is essentially due to the effect of higher volume on the absorption of fixed costs. Finally, corporate and unallocated costs totaled CAD 2.3 million compared to CAD 2.8 million last year, mostly due to lower professional fees. Turning to slide 16, adjusted net earnings for the quarter were CAD 1.9 million or CAD 0.08 per share versus CAD 2.2 million or CAD 0.09 per share last year. Please note that this year's tax rate was higher due to the non-recognition of CAD 0.8 million in income tax benefits. Otherwise, adjusted net earnings would have been about CAD 0.5 Million above last year's. Moving to cash flow on slide 17. Net cash flows from operating activities were CAD -0.8 million as opposed to CAD +7 million last year. The variation mainly stems from working capital requirements this year, primarily due to the settlement of income taxes arising from last year's sale leaseback transaction, as opposed to a working capital release last year. As a result of lower operating cash flow, free cash flow was CAD -1.8 million in Q1 2026 versus CAD +6.8 million a year ago. Turning to slide 18, net debt stood at CAD 4.1 million as at March 31, 2026, up slightly from CAD 1 million three months ago, mainly due to the working capital requirement described a moment ago. As a result, our ratio of net debt to Adjusted EBITDA was 0.13x versus 0.03x at the end of Q4 2025. Our strong financial position leaves us with significant flexibility to finance our operations, our future investments, including acquisitions, as well as to continue returning funds to shareholders. During the quarter, we repurchased more than 57,000 shares for a consideration of CAD 0.2 million. The board of directors declared a quarterly dividend of CAD 0.05 per common share payable on June 18th, 2026 to shareholders of record at the close of business on June 4th, 2026. I'll now turn the call back to Stewart for the outlook. Hey, great. Thanks, Norm. As I said at the beginning, we're pleased with our results and are cautiously optimistic about the outlook. This may not always be linear, but we have planted enough seeds over the past several quarters to believe that we have positioned ourselves to continue to grow earnings. Operationally, our sustained focus on productivity improvement and rightsizing our footprint continues to pay off. Meanwhile, our sales teams are leveraging our capabilities by driving volume growth to expand our reach in key markets and further support absorption. Financially, our near debt-free balance sheet provides exceptional flexibility to advance our business plan and deliver sustainable, long-term, profitable growth. Having completed four tuck-in acquisitions over the last 10 months, our appetite for M&A remains strong. We will continue pursuing tuck-in opportunities that leverage our existing footprint while increasingly evaluating more substantive targets in the packaging space. Finally, we remain committed to reward our shareholders with regular quarterly dividend payments and use excess cash flow to repurchase our shares. This concludes our prepared remarks, and we are now ready to answer your questions. Thank you. We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. First question comes from Donangelo Volpe from Beacon Securities. Please go ahead. Hey, good morning, guys. Congratulations on the Q1 results. Just looking at, I guess the optimization efforts, in Indianapolis, can you guys provide some color on the timing and phasing of this, through 2026 and how that potential margin flow-through looks, through the remainder of the year? Yeah. Hey, Donangelo. Thanks for the question. Yes. Maybe just we'll back up a little bit. The Indianapolis envelope facility served us really well for the 10 years when we were making our foray into the Midwest U.S. It was a great platform. Over time, you know, we've talked in the past about older equipment, less efficient. Over time, about 70% of its production or sales were being produced in Canada, leaving it with only about 30%. As we acquired the Royal Envelope platform in Chicago, two hours away, it became less strategic for us. We closed January, at the end of January. Ceased production the same day of the announcement. We're just wrapping up the remediation and cleanup and expect to be out of the facility by the end of June, at which time the fixed costs will reduce significantly. On an annualized basis, we think it's about CAD 1.5 million worth of savings, and it's relatively linear once we get past the end of June. Okay. Thanks for the detail there. I guess pivoting over to the packaging side, you guys referenced strong folding carton momentum with large, multinational CPG customers. I'm just wondering if you're seeing broader wallet share opportunities with those customers across different packaging formats. Sorry, you cut out a little bit there for me. Oh. Can you just repeat that question? Yeah, no problem. With, like you guys referenced, strong folding carton momentum with large multinational CPG customers. I'm just wondering if you're seeing broader wallet share opportunities with those customers across different packaging formats. The opportunity exists across the other products within packaging and related products, but we haven't really experienced share of wallet growth in that space. The move to improve our label platform is really designed to take advantage of the exact question you're asking. Most of the growth is, has been share of wallet, but within the folding carton space itself. As we bring the label assets together and the label capabilities, we now have high-end digital label printing as well as the flexo offset. We think that's really the time we can, you know, leverage the spend to sort of cross-sell. To date, it's largely been within the folding carton sector. Yeah. I mean, the label acquisition's gonna facilitate those conversations with our CPG customers. We'll continue to see some of that as we move forward. Its just p erhaps not as immediate as you would think. Okay. Okay, thank you. Just talking on the label acquisition, I understand CAD 3 million in annual revenue. Can you just provide some color on what the EBITDA profile was for the company pre-synergies? In the mid-teens. Okay, thank you. Final one for me, and I'll pass the line. I guess just on the financials, looking at the operating cash flows, negative despite kind of the EBITDA growth you guys experienced, this year. I guess beyond the one-time tax payment, just wondering how investors should be looking at working capital intensity as Packaging becomes a larger share of revenue moving forward. The working capital intensity shouldn't shift very much. We expect it to kind of stay at the same level, if not decline ever so slightly as we move out in time as revenue grows. Yeah. I could maybe just give a little more color from an operations standpoint. Envelope tends to be more finished goods intense and label or packaging, folding carton and e-commerce particularly, tend to be a little bit more raw material intensive. As one's coming down and the other is growing, it should be, it should balance out. You know, reason for that predominantly on the raw material side is the supply chain is much more offshore than it is domestic in packaging. Okay. Thanks for answering all my questions, guys. Congratulations on the quarter. I'll hop back in the queue. Great. Thanks, Donangelo. Thank you, operator, and thank you to everybody for joining us this morning. We invite you to join our annual meeting of shareholders to be held at 11:00 A.M. this morning. If you're in Montreal, we're downtown, and we look forward to speaking to everyone again on our next quarterly call. Thank you. Have a great day. This brings a close to today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.