Thanks, Stephanie, and good morning, everyone. Today I will start with a small recap of our Q2 results, then Stephen will update us on financials, and JP will provide an update on Savaria One, followed by a Q&A session.

Again, I'm very proud of the results of Q2 as it is our highest revenue ever at $246 million with a growth of 8.4% that is well-balanced between Patient Care and Accessibility. We achieved an EBITDA margin of 21%, which really showed that the Savaria One success of the last few years continued to be present.

I'm very thankful to our team for all their hard work that they make those great results quarter after quarter. Today there's three things that I would like to highlight.

First, the growth. I'm happy that we have a third good quarter in a row in terms of growth, which showed that some good initiative that we are putting in place for the next 5 years is starting to work.

In North America, we continue to develop the market of home elevator with architect, builder, contractor, and of course, our dealers. We increased our sales focus on stairlift.

Maytag dumbwaiter and material lift continue to have a push with architect and builder, and our good lead time is really helping this product line. We added a state-of-the-art paint shop in Greenville for the manufacturing of our wood cabin, which will be in operation, we're starting to be in operation in the third quarter for direct store and will be launched for dealer in October, and that will be really help us conclude that best product offering feature for dealer.

Also, a building expansion is on plan to open in Q4 this year. In Europe, we expand the one-stop shop with Plumod, VPL incline, and now with the Vipal product line, it's pretty much a complete product portfolio, so that will really help us for the future.

We continue to be the partner of choice on stairlift. In Patient Care, growth has been good since the beginning of the year, but margin are slightly behind what we desired as there's been a bit more inflation in this division than others, but we did a mid-year price increase, and I'm hopeful that by the end of the year, in the fourth quarter, you will see an improvement on the margins as before.

The strategy to own the room and continue to develop the long-term care continued to be the core of activity of this division. Second, best gross margins ever at 39.6%, which really showed that we continue to improve, we continue to have good initiative despite the small contraction we had in the Patient Care in the second quarter.

Third, acquisition. As we said during the Investor Day, we have the ambition to do some acquisition in the next 5 years for approximately $200 million, some small, mid-size tuck-in that will help us in some area where we see some more potential, or bring some new product to our distribution network to continue the best product portfolio with the one-stop shop.

Far this year, we did Backstage Elevator in Texas, which showed that we want to grow our presence in this booming market in Texas. In July, we closed Vipal, a small manufacturer of home lift and low-rise commercial in Italy to help us to develop the Europe with some code-compliant products.

With our net debt-to-EBITDA ratio at 0.7 at the end of the second quarter, our liquidity continue to grow and now with $333 million available for capital allocation, we are in very good position. To conclude, I'm quite happy with the first 6 months of this year.

As we unveiled in the Investor Day, we have the ambition to grow the business at 12% per year for the next 5 years and maintain our margins at 20% plus, which ultimately would lead us to $1.6 billion of sales with an EBITDA over $320 million by 2030. Thanks to all the people at Savaria that follow an extra turn of growth, and thanks for the analyst for your good work.

Steve, financials, please.

Thank you, Sébastien, and good morning, everyone. I'll now provide some additional detail on our second quarter results.

Key highlights for the quarter include: firstly, revenue grew by 8.4% in Q2, driven by organic growth of 6.6%. Year-to-date revenues reached $481.3 million, representing 7.7% growth on a year-to-date basis.

Secondly, adjusted EBITDA margin reached 21.1%, that's a 50-basis-point improvement over prior year, driven by continued gross margin expansion across the business. Finally, our leverage ratio continued to improve, sitting at 0.87 times as at June 30th, giving us significant flexibility to support our growth strategy, including acquisitions and planned capital expenditures.

Turning now to consolidated revenues, we generated $245.8 million in the quarter, that's an increase of $19 million or 8.4%, as I mentioned, over last year. This includes organic growth of 6.6%, also a 0.8% contribution from the acquisitions of Backstage earlier this year and Western Elevator last year, and as well as a positive foreign exchange impact of 1%.

Accessibility revenue reached 8.7% growth to, sorry, increased by 8.7% to $192 million, mainly driven by organic growth of 6.4%. Sales increased in both Canada and the United States, while Europe continued to deliver another strong quarter supported by continued growth in stairlift sales.

Patient Care revenue increased by 7.3% to $53.7 million, entirely driven by organic growth. This reflected higher U.S.

sales and continued growth in the UK. Now looking at gross margin and operating income, consolidated gross margin was 39.6% compared with 39% in Q2 2025, that's an increase of 60 basis points.

Gross profit increased $8.8 million year-over-year, providing testament to the continued success and ongoing benefits of Savaria One. Operating income increased by $9.1 million or 34.1% to $35.8 million, representing a margin of 14.6% compared with 11.8% in Q2 2025.

The increase was driven by higher revenue, gross margin expansion, lower other expenses, and the termination of strategic initiative expenses following the completion of Savaria One last year. This was partially offset by higher selling and admin as we invest for growth.

Adjusted EBITDA reached $51.8 million, representing a margin of 21.1% compared with $46.7 million and 20.6% last year. Accessibility adjusted EBITDA margin reached 23.6%, that's 170 basis points over last year's 21.9% margin.

Patient Care adjusted EBITDA was 18.4% compared with 20.9% last year. Net finance costs were $1.7 million in the quarter compared with $4.7 million last year.

Interest on long-term debt decreased by $1.2 million, mainly due to a lower debt balance. We recorded a foreign currency gain of $0.6 million compared to a loss last year of $0.5 million and a net gain of $0.1 million this year on financial instruments compared to a loss of $0.7 million last year.

Correspondingly, net earnings increased by 54.4% to $25.2 million or 34 cents per diluted share compared with $16.3 million or 23 cents per diluted share in Q2 2025. Now taking a look at cash flow and liquidity, cash flow from operating activities was $33.3 million compared with $30.3 million in Q2 last year.

The increase was mainly driven by higher net earnings and a favorable unrealized foreign exchange gain, partially offset by higher income taxes paid this year. Cash used in investing activities was $13.4 million compared with $3.6 million last year.

We invested $12.5 million in fixed and intangible assets in the quarter, including $5.3 million for the Greenville building expansion and related equipment for that site. As at June 30th, available funds were $333.4 million compared to $311.7 million at year-end, and net debt decreased to $172.8 million from $191.5 million at year-end.

After quarter-end, on July 1st, 2026, we acquired all outstanding shares of Vipal SpA, a manufacturer of residential lifts and elevators based in Ferentino, Italy. Total consideration was $13 million Canadian or €8 million subject to customary adjustments for net financial position and net working capital.

Our Q2 results support our long-term outlook. Revenue grew by 8.4%, including 6.6% organic growth, and adjusted EBITDA margin reached 21.1%.

Building on this momentum, we continue to target annual revenue growth of approximately 12% through 2030 while maintaining adjusted EBITDA margins of at least 20%. With that, this concludes my prepared remarks.

I'll now turn the call over to JP for additional comments. JP?

Thank you, Steve, and good morning, everyone. Today I'll speak about three things: how Savaria One is fueling growth, how Savaria One is also helping us with better margins, and a little bit about Vipal acquisition.

For me, the key message is that year-to-date, we're on track with our objectives of organic growth for the business as well as profitability across the board. For example, the fact that both segments grew 7% to 8% year- in Q2 is a big success, and the growth we see is balanced across product segments as well as across geographies.

A lot of this is due to some efforts we did in the recent past and in the last 2 years. I'll give you a few examples.

In the Patient Care business, we had a lot of success in Q2 installing ceiling lifts, but that is in part due to the fact that we upgraded our ceiling lift lineup with the N-series and started selling it about a year ago, and with that, we won bids that we installed in Q2. Also, in Silvalea in the UK, this is a smaller part of our business, but still strategic, we moved to a new factory about a year and a half ago, which allowed us to have better production capacity, and now we are selling into the NHS.

We're able to grow this business because we can produce more at a good at a good price. We also revamped our lineup of slings for Silvalea, so that's also helping that business grow.

Another thing that's important in Patient Care is that we did improvements in the sling manufacturing at Saint-Louis and also worked with external partners to have more capacity for the disposable slings, and now we had a good growth in sling sales, which we were able to ship thanks to all these efforts we did in the past. Finally, it's worth noting that we also established a dual assembly line so we can now assemble the N-series ceiling lifts both in Canada and in the U.S.

in Saint-Louis. In the current context, we can really assemble close to the market.

Now in Accessibility North America, as Sébastien mentioned in his address, we had great growth again across the board. It's been a consistent theme for North America.

One of the highlights for me is the growth we had in our direct stores where we made deliberate efforts for years to develop our referral networks, to do education with architects, to also go and work with sorry, contractors and promoters of multi-unit residential projects who now spec our lifts in their offer, and that pays off. Now our direct stores have orders for multi-unit projects that are very substantial.

Finally, when we bought Matot, we spent a ton of efforts to insource production in Brampton, to make the production process also faster and leaner, and this is paying off because now we are growing Matot sales, but we're also able to produce and ship in much shorter lead times than we used to in the past, and that's helping our sales. Finally, we also migrated our website to a new domain this this quarter, and the website has been redesigned to provide us better domain authority as well as enable better AI search visibility, which is critical in the current world.

In Europe, we re-engaged with growth by winning back historical dealer relationships thanks to our consistent efforts in improving product quality. We also expanded cross-selling of platform lifts, we're now selling our Treva and X3 platform lifts across all markets in Europe, including in our own direct stores in the UK and Netherlands.

We also continue to drive growth in the largest direct markets by having innovative commercial strategies and just a great delivery overall consistently. We also see that now we not only are we recognized for better quality, but we are starting to introduce new product innovations.

For example, we introduced the K2 stairlift earlier this year, and just now we we changed our new outdoor rail for 4000, so that's a new offering that we think is going to have some traction. Finally, we made a number of small commercial changes that make it simpler to do business with us.

The overall message for me is that we are rigorously managing growth initiatives in Savaria One just like we we focused a lot on cost initiatives in the past. This being said, we continue to also improve our costs, and you can see it in the expansion of gross profit and the expansion of the bottom line results.

Each month, we continue to implement initiatives. For example, in Q2, we implemented at least 50 new initiatives, and a lot of those relate to procurement, to to reduce the cost of goods sold, and you can see that that shows in our financials.

This is especially relevant in today's world because we know there is inflationary pressures across the board, but in most of our businesses, we're able to offset those with either efficiency gains in production or material cost reductions thanks to our initiatives. The only exception this quarter is Patient Care, where as Sébastien mentioned, we had some great pressures from some commodity cost inflation that we now need to to counter with some price increases mid-year.

Our focus as a business continues to be on growth, and this is where most of our attention and our efforts are are oriented towards, but people working in the factories and people working in the offices on procurement continue to innovate, continue to improve our business nevertheless so we can improve our cost position. Finally, the last highlight for me from Savaria One is the capacity expansion in Greenville, as Seb mentioned, I'll be brief, but the fact that we now have we already were assembling Eclipse in Greenville for months, but every quarter, every month, we are expanding the capabilities over there.

We also had investments of new machinery, we commissioned a paint line, which is very critical to have a high-quality cabin built and shipped in the U.S., and over time, we are shifting more and more orders from Canada production to U.S. production for the U.S.

market. Third topic for me is the Vipal acquisition.

Just a bit more details on that business. We closed the acquisition in early July.

It is a strategic acquisition for us because of the know-how of this team at Vipal on in the lift business, because the fabrication process is largely in-house, and because the technology is well-known and renowned in Europe. What happened is very shortly after, 2 weeks later, we had a large group of our global leaders, including myself and Sébastien, who went there to kick off the integration plan.

We already are in motion to integrate the business, and in fact, I am speaking to you from Italy where I'm doing a roadshow with the sales team of Vipal this week to meet our top dealers and their top dealers, we're definitely in motion. We are already seizing opportunities to cross-sell both ways, meaning we can cross-sell our products to their dealers and vice versa, we can sell Vipal to our dealers.

This is going to be an integration that will take years with different steps, we we are very excited about the acquisition. We got a lot of ambitions for Vipal, but of course, we'll go step by step, first by selling the products that they have today, and over time, improving the operations, improving the products, and really integrating them in our business.

In conclusion, we see good performance year-to-date and in Q2, and that comforts us that there's a clear link between our efforts in Savaria One and the results we see in the business. Thank you.

That's it for me. Seb, over to you for closing words.

All right,

thank you, JP, very good color on the Savaria One improvements. I guess we are ready for questions.

Stephanie, can we open the queue, please? Thank you.

Thank you. Good morning.

Morning, Fred.

Just maybe following up first on the Vipal. You mentioned already seizing opportunities to cross-sell.

Just wondering, I guess, I think I know the answer, but what was the initial reaction from Vipal's dealers to Savaria's acquisition of the company, and how do you think about introducing your products to the Vipal dealers going forward? Be

the best person to answer is JP because JP, you're in Italy this week meeting dealers, right?

What's the feedback? Exactly.

I met five already, and I have five a couple more tomorrow. Honestly, the reaction was very positive on both sides, and you're always a bit apprehensive when you do something like this, but I was pleasantly surprised.

Everybody's excited. I think their dealers are excited because they see Savaria as an established, well-structured company, and they also are now curious.

They're learning about our products, because what happens is most of Vipal's dealers are lifting companies that do mostly lifts, residential lifts, and sometimes let's say real ascensori in Italian, but it's like faster, larger lifts, but they always have a small part of their business which is platform lifts or some requests for stairlifts. Now many of them have been happy to see that we have this offering, and we already received some orders from dealers that said, "Okay, I might as well work with you.

I like Vipal, why not work with Savaria?" That's been their reaction.

On our side, many of our dealers, especially in Italy, knew about Vipal, and many of them, again, in the accessibility space, it's the opposite. They tend to have a small part of their business which is selling home lifts.

Now we're introducing Vipal to them, and the reaction was very positive. They like Savaria.

What they recognize in Savaria is the quality of the support and customer service and technical support they get, they're now keen to see, okay, maybe they can try the Vipal products, and if we can provide the same support, they'd be excited to work with us. That's the feedback I'm getting.

That's great. Maybe just to get a sense of the opportunity, just wondering if you could remind us how many dealers and direct stores Savaria has in Europe, and how does that compare to the number of dealers that Vipal currently has?

High level, it's a tricky way to a question because we have, I think, more than 325 dealers, if I recall, across Europe, okay, but the reality is in each market, not all dealers are equal, right? There's some dealers that are much larger than others, but in comparison, Vipal had, I think, less than 50 dealers, okay?

That's the kind of size, the opportunity. Our dealers are across Europe.

Vipal was much stronger in Italy than the rest of Europe. There's a lot of opportunities for us to grow the business.

Turns out, last thing to know is that there's not that much overlap between our dealers. That was a positive surprise for us that our networks are actually complementary.

A lot of their dealers are new to Savaria and vice versa.

Great. Maybe just a last one for me quickly.

Adjusted EBITDA margin in Accessibility was really strong in the quarter at 23.6%. Just wondering if there's couple of main drivers to highlight there behind that strength, and just your thoughts on sort of the sustainability and potential to expand that Accessibility margin further in the coming quarters and years.

Thanks.

Oh, good question, Fred. Yes, very happy with that, and I think it shows again the strength of Savaria to be vertically integrated.

No, we have factory in China, Mexico, and everywhere where we operate. We have machine, we make parts by ourself.

32% of our sales, which is in our direct market, the rest is with distributors. I think again, they show the proof, okay, and the vertical integration is quite important.

It's good. After that, product mix.

No, every year, we bring new products with good margins, I think it's always contributing to that. The 22%, I think, I hope it's sustainable, but we have to be careful because when we make acquisition, they are lower than that, it might appear a bit in the average.

I think if we go back 4 months ago, we said that we in the next few years want to be at 20% plus for the consolidated Savaria. You can see that there's still good, good opportunity, right?

Great. Thank you, and congrats on a strong quarter.

Thank you, Fred.

Hey, good morning, Sébastien and Stephen and JP. Thanks so much for taking my question.

Congrats on the strong quarter. I wanted to start on Patient Care margin.

I think in the prepared remarks, you called out the higher material costs and the mid-year price increases for mitigation. Just curious if you could expand on what the cost inflation was and the magnitude of the pricing that you're putting through.

Oh, and

thank you, Cheryl, for the question. Again, we have to be careful, okay, because Patient Care, I think we were a bit tough with them this quarter, okay?

If we look, we had good growth since the beginning of the year. Yes, there has been a bit more inflations due to some commodity, like example, foam and aluminum.

No, the team came back and said, "No, there's inflation. We have to pass it on to our customer."

That was their suggestion to do a mid-year price increase, and basically, I'm hoping that we will get an additional 2% in the fourth quarter in term of net increase, no? I think it's temporary, but again, we need to be careful.

It's just 1 quarter. What is sometime more difficult is the growth, and we know also in Patient Care they typically have good fourth quarter, I think maybe at the end of the year we can judge if it was just a quarter or it's a year issue,

right? That's very helpful color.

Then on Accessibility, obviously very strong organic growth. Could you maybe expand on what you're seeing in terms of consumer demand and where your backlog is?

Our backlog is still good. Unfortunately, we don't give color on our backlog, but no, in our direct office, I think JP said it, we have a healthy backlog, would give us a good visibility.

In our factory, okay, for sure we always want to have good lead time, our backlog is usually consistent. No, I'm quite happy with that, and I think new product that we launch also, example, the Luma, new through-the-floor that really the first year we have that, we're coming out with some new option this fall for the through-the-floor elevator.

Definitely also the new product are helping, like Matot. Now we are doing pretty good in manufacturing in term of lead time, so that's helping to grow the business.

Again, the beauty of Savaria is the diversification of the products, that's really helping us to maintain this growth.

Okay. Thank you very much.

Good morning. Thanks for taking my question.

For JP on Europe, can you maybe just talk about the M&A landscape and the quality of assets multiples you're seeing for manufacturers and dealers there overall and any challenges you're seeing in Europe on the M&A landscape?

If it's okay, I will take the answer, okay? Basically, I think we have disclosed in the document that again for Vipal, we have paid €8 million, it was more or less €8 million of sales, could argue it was a one-to-one ratio with the sales.

In term of EBITDA ratio, again, it's just we don't disclose that usually, okay, how much we pay each division when it's some small tuck-in. In terms of M&A landscape, I think again, we like to balance our approach, okay?

It was a long time we did not do one in Europe, I think now that really helped the portfolio, but we'll see over time if there's some more opportunity with dealer or again small manufacturers of elevators that can complement the product portfolio.

Thanks. Maybe on Steve, again, lots to talk about the Accessibility segment.

Maybe just talk about the puts and takes on operating leverage that you're seeing there and what's driving that.

On the Accessibility, on the gross margin specifically, good uptick in both of our regions, both of our key regions, North America and Europe, both had really strong gross margin improvement over prior year, that's driven by operating leverage. We feel we have enough capacity at our existing sites, and then we have, obviously with some acquisitions like Vipal is a perfect example, we're expanding our footprint, which comes along with the acquisition, but it's not needed necessarily to support our growth.

We're doing a good job of keeping our fixed costs fixed and stable while we're growing the top line. Some other benefits that we're seeing are procurement coming through and price increases.

Those are continuing from previous quarters and previous years, and that's what's going to be continuing to drive our gross margin expansion. Our guidance is above 20%, but we're confident that we can continue to increase the underlying margin in our existing businesses.

Great. Just lastly, just to confirm, the Greenville, you guys are expecting that to be in operations by Q4, or is that Q3?

I think I missed that.

Again, we got to be careful in Greenville. We decided a year ago to start manufacturing one of our key products, the Eclipse home elevator.

Right now, we manufacture 40% of our Eclipse in the U.S. Again, we are in operation in Greenville.

The only thing, we're expanding the building, and this expansion is planned to be ready in Q4 as planned earlier this year,

okay? Thanks for that.

I'll pass the line.

Morning, Zach.

Good morning. Congrats on the quarter.

Thank you. I have

a couple questions for you on Greenville. It does seem like that's going to come in well under budget.

Is that the case?

We got to be careful again. If we go back to a press release that we did a year ago, we wanted to make an investment of $30 million.

A portion is for the building, a portion is for equipment, a portion is for inventory. Again we started last year, it's ongoing, and maybe it's going to take a bit more time, but no, I think the range of $30 million we probably finish a bit lower, but I think it's a good target, but maybe will take a bit more time.

This year, the building will be finalized. In the future is maybe more inventory or machinery that we would like to add.

Understood. Thank you.

On that equipment, could you tell us a little bit more about what the paint line will be able to do? Oh,

the paint line is amazing. It's fully automated, and again, most of our cabin in North America are made in wood, typically you can have melamine, wood veneer, but this new equipment give us the ability to do some enhanced cab with very high-end quality of paint, fully automatic, and this is something we're going to be able to differentiate ourselves to have a better offering for our customer to upscale the elevator.

Quite excited with that. It went live in the second quarter.

Now we're making some tests with our direct office to make sure it is perfect, and will be live with a dealer in the fourth quarter. Very exciting.

Excellent. Thanks.

Just one last one for me. From a human capital standpoint over in Europe, what's your capacity for concurrent M&A?

Is there a limit there?

JP has a very good team, but JP, you want to give a bit of color on that?

Yeah. We had the discussion internally not later than yesterday, and my point of view is we have the capacity to take more than one, because the reality is first of all, we're in different markets, right?

When we make an acquisition in a market, if we need to integrate the commercial aspect, we can ask the local team to integrate, and then from a functional standpoint, we have a pretty good team, I think we can have multiple acquisitions concurrent, yeah.

Thank you very much. I'll turn it over.

Hi, good morning. Thanks for taking my call.

Nice to see the results. Are we able to have an update on Savaria Link and how that technology offering is going to drive services revenue, the percentage of services revenue as far as total sales, that would also be helpful, and how you see that progressing?

Thank you.

Hey, very good question this morning. I guess you came to the Investor Day, huh?

Savaria Link is a very nice feature. Again, if we go back in time, we bought a electronic company a few years ago in the UK called [unclear], we design our own electronics, and that gives us the ability to put some nice feature.

Yes, we have a new version, We did Wi-Fi monitoring for many years, but this year we have launched a new, improved version. We start to have it across most of our products.

Definitely, this is something that is helping to monitor the status of the elevators and the stairlifts. I think definitely this bring a good future in term of that.

Right now, again, it's part of our product offering, we don't upscale the sales for that, it's included in the product. That gives the tools to our customer, again, to know what's happening with their product, the dealers, to know what's happening, to be easier to troubleshoot, to make sure you want to work with our products.

That's the feature. In term of service revenue, Steve, was 15% in total we are right now?

Approximately 15% of our total service revenue. Again, when you have direct office, that's an opportunity for us to improve the service and maintenance, so that's quite interesting.

Thank you. I assume there's some higher margin with the services revenue.

Any context on what that margin profile is?

Unfortunately, we don't disclose the margins per product or per segment, but definitely for sure when you have the chance to capture some recurring revenue for maintenance and be able to service it, yes, it's quite interesting. That's the beauty of Savaria.

That's why you see the very good margins in Accessibility, because again, we can have also this additional bag with the service and maintenance.

Thank you. Just finally, is there a target percentage of sales as far as services revenue to get to, let's say, on the 2030 target of $1.6 billion in overall sales?

No, I think we did not set up an exact target to the public on that, but for sure, if we are at 15% now, okay, you can expect that it could grow over time, no?

Got it. Thank you very much.

Thank you, Justin.

thank you very much for all the questions from the analysts. The story.

You have some good questions. Thank you again for the support.

I think it was a good quarter, quite happy with that, and I guess we'll go back to work, to work on the third quarter to make sure we can continue to have those great results. Thanks again for the call this morning.