Good morning and afternoon, everyone. It's absolute pleasure to be with you.

As you will have seen in our financials, Tribe is proud to have announced that 2025 was as expected, an EBITDA-positive year. It was a year that really was highlighted with revenue growth, national expansion from a footprint point of view, expansion of both our condo and rental management.

We're officially now the third-largest national condo player in Canada and the second-largest national player in the rental management. Despite the different economic constraints, we've been able to forge along with our plans.

We were able to, as you'll have seen, that also expand significantly our single-unit rental management business. More on that in a second about why culturally and economically this has been a great move for us, continues to grow, and it's keep expanding.

We obviously completed a $5.75 million public offering with an additional $1.1 million private placement. That $1.1 million was completely done by our insiders, including our management team.

The $5.7 million we also participated in. We obviously expanded our presence greatly in the GTA market, the Greater Toronto Area.

We actually through '25 were able to actually diversify our income from both rental versus condo and geographically as well, where almost half our revenue now comes from Ontario, which is a big milestone for us. As you'll hear later, we've also were able to secure a large replacement senior loan facility.

More of that will be coming from Scott to give you more insight on. It's on fantastic terms, really really helped the company, enabled the company both in conserving cash due to the lower cost of borrowing, but also given us a lot more utility to be able to go out there and be more aggressive and active in the market.

So '25 really is just a big banner year when it comes to the fact that we turned significantly. Scott will walk you through the financials in details, but that we've turned that corner that we anticipated.

We made a massive investment to become a national player, made a massive investment to also build a back office that supports all the different rental and condo needs in Canada. Obviously, that took quite a bit of capital.

We replaced it. We got it in place.

We did say that '25 was going to be the turning point. Obviously, our big push now '26 is to get to by the end of it, hopefully within this year we'll get to this point of being a cash-flow-positive company.

We're almost there, and we're working very, very hard on that, and expanding our gross margin, expanding our footprint, and organic growth as well. I'll be talking about that in a second.

With this good news, I'll hand it over to Scott, who and his team have done a fantastic job minding the shop. Go ahead, Scott.

Thank you, Joseph. On the revenue front, as Joseph had mentioned, our revenue was up to $32.7 million in 2025.

This is a 15.6% year-over-year improvement driven obviously by organic growth, but as well from having a full year's worth of revenue from our DMS Group of Companies and a partial year from Ace Agencies, which was an acquisition we did in in June of 2025. Both of our segments grew.

Software and Services were up 17.2%, with our transactional revenue up 8.8%. Again, as Joseph mentioned, our our margin has has improved significantly.

Our gross profit grew 26% to $14.4 million, which was faster than our top-line growth, as I mentioned, 15.6%, again showing positive operating leverage. Our cost of services grew by only 8.7%, while, as I mentioned, our revenue was 15.6%.

Our cost structure is scaling very well. On the profitability side, our gross margin actually expanded 350 basis points to 44%, further evidence of our operating leverage as revenue for us is scaling.

Our adjusted EBITDA this year, $200,000, has us positive EBITDA for its first time. It's an 110% improvement from last year's negative $1.9 million in EBITDA.

The 110% improvement again was driven by our gross margin expansion and our SG&A discipline and and efficiencies. On the debt side, our our total debt in 2025 was Pardon me.

Our total debt in 2025 was reduced by 24%, with our vendor-takeback debt being reduced 65% from $4.3 million to $1.5 million. That of that $1.5 million remaining, $1 million of that will be paid in 2026, and the remainder will be paid off in 2027.

Our credit facility was reduced 7% down to $10.2 million. With our new banking facility, we we actually have a a facility up to $15 million, $3 million for operating and $12 million for M&A.

The amortization of that M&A portion in this facility has been increased from 5 years to 10 years, significantly assisting the improvement in our cash flow. Our lease obligations were down 30% due primarily to the downsizing of a number of our offices, in particular, our Victoria, Kamloops, and our Cambridge offices.

We have two leases coming up in the GTA in 2026, and we anticipate further efficiencies there. If you could do the next slide?

Yeah. Here, a little bit of repetition here, but I just wanted to highlight the the all the positive things that have happened with Tribe in 2025.

Our total revenue, as I mentioned, $32.7 million, up from $28.3 million last year, a 15.6% improvement. Gross profit, again, up from up to $14.4 million from $11.4 million, a 26% improvement.

Adjusted EBITDA, 100% actually 110% improvement to $218,000 positive. Our net loss is still We had a net loss of $4.5 million, but that was a significant improvement of 40% over last year's $7.5 million.

Of that $4.5 million, approximately $2.8 million of that was depreciation and amortization, a non-cash item, and approximately $1.3 million of that net loss was interest expense. Vendor-takeback, as I mentioned, $1.5 million, a 65% improvement from $4.3 million last year.

Our net debt is $12.5 million, down from $16.1 million last year. Working capital, we're still in a deficit position, $12.5 million, but an improvement from $14.8 million.

Part of that working capital deficit is is due to our our entire debt facility being classified as as current, even though approximately $10 million of that is going to be amortized over 10 years. Then finally, our book value per share, 10 cents, up from 7 cents last year, a 55% improvement there.

I guess with that, I will turn it back to you, Joseph.

Thanks, Scott. Great job again.

Just to kind of reposition the companies in terms of people's minds, as we are a essentially a a tech-backed services platform that goes out and and and satisfies all the needs from from all the different, strata and condo service providers or or or people that need the service, on the rental management, institutional rental heavily, including single-unit rental. Obviously, we we do some commercial, and we do a lot of new construction projects.

We call that the Software and Service revenue. We actually lease our software, and we actually have a recurring revenue coming in.

Last year, it was that was up about 18 81.5% of our total revenue, very steady, very heavily dependent on that. Then we have additional revenue streams that we've always talked about whereby due to the amount of data and the and the position we have between the operation of the community and the people that live in the community, we can actually connect the dots, lower operating expenses for them, and actually sell further products and services that make sense.

They tend to be higher-gross-margin products, slightly seasonal depending on the activities going on, rental geography. There's multitudes of reasons why this could fluctuate up and down.

However, it is an increase of about 8.8% from last year, and that's about, like I said, about 19% of of our revenue. We keep adding more and more of those of those services, and some work really well.

Some obviously, we we we pilot them to see the market. You'll see more of that in the next couple quarters here, whereby they're actually a couple pilots that actually worked out quite well, and we'll be going a little bit more aggressive in in taking them out to our national footprint.

We have done quite a bit. As Scott had just shared with the group, the fact that our operating expenses are actually scaling up nicely as it pertains to allowing our revenue to to to outrun it, which is exactly what we want to do with our cost of goods.

One of the big things we wanted to do this year is obviously add to our leadership and bring in more more muscle essentially in the operations to help take in, historically what was almost 12 companies operating under one umbrella down to two operating companies now with a third being the public company. We've added Jerome Samuels, significant amount of experience with Rogers Communications as as an executive overseeing a lot of operations, M&A integrations, and digital transformation.

He's taken over all of our operations here. He's been with us now for three months.

It's been going really well. He's brought in quite a bit of discipline around not only the integration process that we do, but also standardizing our our our product offering across the country for both rental and condos, with that obviously comes a significant amount of of improvement to the cost of goods, which you're starting to see now.

We're getting to that mid-40s gross margin, which we anticipate will be well on its way to 50 as we continue to improve some of these projects that we're working on. We are making a big push on AI.

I know everybody and their dog is talking about AI right now. We see it mostly impacting our gross margin by way of helping us from a cost of goods, onboarding buildings quicker, providing really really good tools to connect the different service providers within our ecosystem and the marketplace to our customers, and actually driving a lot of transactions that help our homeowners and obviously generate revenue for us.

We we're working across our platform right now to really continue to make that big push with AI being the back backbone of our back office. The big advantage, in case you're wondering, that we have is is, hey, we have arguably the largest platform of condo management and rental management now in the country.

Nobody has a platform like ours that that serves both types of customers. The amount of data that we're sitting on is incredible.

On the, as as everybody would know, having one operating system with all the data stacked on it, and having AI now to to have developed and and gone as far as it has in the past in the past 2 years, it's just a massive advantage for us to really put products and service in front of our customers. We're starting to see the the improvement of that from our from our view, which really means more revenue and more gross margin improvement without having to staff up to the size that we did before.

Next slide, please. Quick high level.

We have been we've joined the Canadian Chamber of Commerce. If they've they wanted to add someone within our knowledge base and our data stack to their Affordable Housing Committee, which is a it's a large policy committee that actually makes recommendations to the the different politicians and obviously all of the housing initiatives.

We've been added to that. Our goal there and our really role there is to bring in the data that speaks to not only affordability through construction, which obviously a lot of developers can add a lot shed a lot of light to, but really it's post when people live in these communities, post-completion.

That is we are the only member of that committee that actually can shed light on that. Our goal there is to really explain that affordability isn't just a function of construction only and how how much per square foot house is available or a condo is available, rental or or or or ownership.

Our goal is to really shed light on on the operating expenses post-completion. I just wanted to, for those that don't follow this stuff really closely, I want you to know that Build Canada, RBC H, Build Canada Homes, is an initiative that was announced.

Like everybody else, I was very skeptical going in learning about this initiative. Are they going to be where the rubber hits the road?

I'm actually quite impressed with their with with with the activities. They're really to build affordable homes is obviously a massive step that they've taken, finance affordable homes, work through mechanics that allow these homes to be more financeable, and then catalyze the housing industry by introducing programs and products that really can can help connect the demand with the supply.

That includes things like even improving the building code or or at least taking some of the red tape that doesn't make sense on the building code that's just adding more costs. What's really interesting about these initiatives that affect us is because now, A, we're in place thankfully to be able to influence this, but also having looked at what they're what they're proposing and what they're actually putting in place, there's a number of activities including waiving HST and GST on single on on on condos for single for first-time buyers that are million dollars or less.

That's That's up to $130,000 discount essentially if you were to make a move. Some of this stuff we haven't seen the impact of because they're just going to the market, and and they're contemplating putting that as a national footprint.

They're also making some some really interesting moves in terms of what really impacts us, and I think that's a really good move just whole overall for the health of the market, is allowing developers to defer payment of HST and GST, depending on where they are, on units that can actually they can take to the market and rent. Just to be very direct and specific from an example point of view, there is a lot of inventory sitting closed, empty, brand new, where developers actually would like to rent it out, but the moment they take it out to the market to rent, there's actually a GST or an HST liability.

What we're speaking with the government on, and the government is actually going to be piloting that, actually it's well on its way now, is to actually defer that for 2 years. What that allows a company like us to do is work with these developers, we already have 105-plus relationships with those developers, to actually be able to convert that into rental inventory, take it to the market without them having to have that liability, it's deferred for 2 years.

After 2 years, they can actually sell that inventory back into the condo market, which I think is a really, really good move. That's going to add a significant amount of single-unit availability in the market.

A company like us with with the acquisition that we've made and and the fact that we have that as a as a national footprint now, will will really benefit from that, take it to the market, and will translate into transactional revenue for us and recurring revenue as well. A lot of good policy changes that are occurring.

I am hopeful that that's going to be the case. As you would probably know, in case you don't, we're not dependent on new construction.

We we have a significant amount of revenue that comes from existing buildings. We do manage buildings in a healthier way.

These buildings' operating expenses are are much better than than peers in the market. We usually speak a little bit about that, but today we just stay in high level from a financial point of view.

The buildings that we manage are are better-suited operationally in terms of lowering their their CapEx and and and being being ready for a rainy day. That health is just generating more organic leads for us to actually convert into customers for us.

That's that's all driving in the right direction. Even though it looks like there's friction in in the sales transactions, it really doesn't impact us directly every day.

Next slide, please. That's really our competitive advantage, is this monster relationships that we have with a long list of real estate developers building nationwide.

We obviously have a significant number of We've announced even a a really big platform that we developed in '25 for our rental, institutional rental buildings, which expanded the number of types of verticals that we play in when it comes to housing and even commercial management. We keep expanding and growing all of our footprint and all those different types of of of services that we offer.

Then we have just basically depth of experience. We keep accumulating great, great talent that comes in there.

Scott is was was dubbed as as a legend of real estate in in Canada, something that he's obviously earned over decades of great service to the industry, but also accumulated tremendous amount of knowledge that helps us guide us as an operator in our organization. We're very fortunate to be in a really well-positioned place to continue to grow our revenue, improve our profitability, and actually take advantage of what I still think is an absolute greenfield of a market.

So '26, head down, continue to execute, focus on profitable operations. That's all we speak about in the organization here, is to ensure that we have a healthy operating cost structure and and and bringing in organic revenue, get to positive cash generation from operations 2026.

I've always signaled that from a long time ago that we will eventually get there late '26. Continue to, obviously leverage our fact that we're full-out Canadian brand now across all of all the different service assets that we serve that we support.

Then continue to invest in our AI and and and and products. That really is focus on the cost of goods improvement.

We do see that 45 moving to 50% and higher. I I do think a fully baked, well-oiled machine can get to mid-50s and higher in terms of of of margin in our business, which I think is is a very, very healthy, un unparalleled to anybody else in the industry.

Everybody else is operating at about 35%. For us to get to the 50s and and and higher would be a a big goal for us.

We are focused on organic growth. We've got a number of marketing campaigns that we're we're expanding now.

Now that we've taken all the brands that we've acquired over the years and and consolidated them, and now Tribe is is is a brand that's going to be very very visible in all the markets we're operating in and taking advantage of all the content that we generate and have generated over the years. With that being said, I'll open it up for any questions if there's any.

Suthan, how are you?

Hey guys. Sorry, this is SA speaking on behalf of Suthan.

How's it going, guys?

Very good.

All right. Great.

I guess firstly, a question here with regards to new build deliveries. We're wondering what the incremental changes were versus your update last quarter for new build deliveries.

Is it getting better? Is it getting worse?

Any color on that would be appreciated.

Yeah. Good question.

Thank you. We are still very active in new build.

We are the go-to company as it pertains to anybody building complex, large developments. What people need to understand, and it's a fair question, is things that broke ground 5 years ago, 6 years ago, 4 years ago are actually completing now.

They're not really impacted by interest rates or any policy changes. We're actually seeing activity in that space.

It's still there. Buildings have to come up.

We have a number of contracts. I'm talking seven figures of recurring revenue of contracts that are actually on the docket that are just onboarding basically as these buildings complete.

That's looking still the same in terms of our expectation that they will complete. Once a developer has borrowed money to start construction, probably sold in many cases, especially in the West, more than 70% of the inventory, that developer has to deliver these communities, and these communities have to be managed.

It's almost irrelevant what else is going on. I think the doom and gloom that sometimes we hear in the media is very specific to starting a brand new project, which we do recognize that stuff that would've completed 3, 4, 5 years from now have actually stalled due to the interest rates and obviously lack of comfort from a direction point of view for the government, which I think is actually settling.

The takeaways are, stuff that was started 3 years ago, 2 years ago, 4 years ago are all going to complete, which is still part of our business. There's still big large development projects that have to be completed.

The new construction that's being converted to rental with some of the policy initiatives I spoke about earlier, are actually happening, so that rental inventory is going to come to the market. We're set up in multitudes of projects to drive that.

New construction is still there. It's not at the level that it was maybe 10 years ago or 8 years ago.

Got it. No, that's perfect.

Second question is with regards to the displacement market. Similar to last question, can we get an update on just how that is progressing?

I know you mentioned last quarter that win rates were sustaining, I think at around 30%. Should we expect the displacement opportunity to drive organic growth in the year?

If I could just add on top of that, in terms of organic revenue contribution for the year, is that going to be low to mid double digits or closer to single digits, if you can

add? We're still aiming for a double-digit organic growth year-over-year.

The activity there is the displacement, for those that don't understand or, I'll be clear, is what we call basically a community leaving its current service provider and coming to us due to multitudes of reasons, mostly the fact that we offer them all of our software and technology, plus all the insights that they get in terms of how the building health is. We are seeing more activity on that.

What I was speaking to when I said we've integrated all of our organizations and actually brought them into three operating companies, our goal there specifically is to leverage and get the company ready to do big marketing campaigns in the markets that we're operating under one brand, and that's actually starting to yield some results for us. You'll see a lot more activity on that in the second and third quarter of this year.

Organic growth is going to come from mostly displacement and some new construction that's completed that was contracted previously.

Perfect. Then just lastly, as it pertains to the rental side of the business, maybe more generally, what are some targets and what phase are you in with regards to its roll-out?

Perhaps more importantly, what's the broader revenue opportunity for this part of the business? Is monetization going to look similar to traditional condo communities or maybe something else?

Our rental business is more profitable than our condo business. The challenges with rental businesses on the institutional side, usually come from the fact that it's relationship-heavy, you've got to go out there and have an enterprise or institutional relationship with a big enterprise provider, a big REIT or what have you.

We sit as good as any in the country, and that's why we've grown to become the second-largest now, especially due to acquisitions, including DMS, which was a big acquisition we made out of Ontario. We're really well-positioned there.

On the single-unit rental, not arguably, it is more profitable even than the institutional rental. That's actually when we take over a building, let's say brand new or existing, and the owners of specific single-unit condos actually are seeking our services now, didn't know about fact that we offer it, now they can read about it, and they actually move away from either self-managing or managing with a third-party company and giving it to us as a big machine that can manage that for them.

That's even arguably more profitable than any other line of business that we do. That's becoming more and more difficult for single-unit owners to actually operate, they actually look in for companies like us.

Then there's this world of condo completion, developers that are sitting on inventory that hasn't sold to be converted. Monetization strategy, we like that business.

We like the gross margin profile of it quite a bit. We're very good at it.

We've got tools that give us an edge over anybody else in the space. It is fragmented.

You'll see us be more active. The big milestone I can tell you in 20 5 is single-unit rental grew almost 300%.

That's organic and non-organic year-over-year. The revenue generating from our rental business overall grew to become almost 50% of our total revenue.

That's a monster of a diversification for the business. It's my long-winded way of saying we like rental, we see the monetization opportunities there as very, very high gross margin.

We think the transactional part of this business, the upside is not as big as condo, because people that live in a condo, they live there, they're going to be there for a long time, and they spend a lot more money on their condo, there's a lot more transactional opportunities. However, overall, we love the rental business, and it goes hand-in-hand with everything we're offering.

We think the right play, and I think we're seeing it more and more in the conversations I'm having, we think big property management, national players will need to be in all these businesses to be able to leverage the scale that exists. Others haven't done it because the expertise is different, and it requires a big investment to make, which we've already made, and we just like the fact that we're the first to leap into that space, and we think that we can see why it's difficult for others, but it's taken us a little bit, but we're here now in terms of profitability.

Perfect. Thanks, Joseph.

Thank you.

Thank you.

Maybe I'll hand that over to you, Scott.

Let me take that one. Depreciation and amortization, well, I'd say we expect that to be in line with previous quarters.

It's somewhat dependent on future acquisitions, but apart from acquisitions, we're not anticipating any major fixed-asset additions in 2026, there should be a slight decline in depreciation and amortization. I believe you said about cash flow.

We forecast to be cash flow positive late 2026, early 2027.

We've got some dry powder. We're obviously want to leverage and allow our operating team to continue to improve the gross margin as they have done a really good job last couple quarters.

We're cautious and selective in what we jump on from an M&A point of view. We're always open for business.

We're always looking at deals. There's a very specific profile that we think satisfies our investment thesis.

There's less and less of those, this is the truth. The fact that we're experiencing growth and having a very strong hold in the markets we're operating and it doesn't necessarily mean that's how it is for everybody else.

We think that will yield and squeeze opportunities for us to make moves when there is opportunities. I would say our focus right now is to get the organic growth engine, really humming across the country.

It's very strong in specific markets, but we want to make that a national play. I think that's our biggest focus.

We are open for business from an M&A point of view, we're always talking.

Thank you, Daniel, for paying attention. Yes, big part of what we do is because of the data stacks that we have, we can trade up.

We can see and project challenging accounts that do deliver lower gross margin. If they're not necessarily wanting to play by the playbook that we have, we do trade up, we will fire some customers and acquire others to replace them.

That will always be the case, especially as the market becomes a little bit more requiring discipline from those people that are sitting in the driving seat of these buildings. Buildings, just like everything else, assets, you have to take care of them, and you have to listen to the experts like us that are telling you how these buildings should be managed.

Organic growth is well on its way this year. We're quite pleased with it.

There will be some trade-ups as well, especially when you rebrand and have a thesis around how you want buildings to be, whether it's on the rental side or on the condo side, across the country. We're quite pleased with that.

There's still high level of demand on our service, a lot of inbound leads coming our way, and the conversion rate is still very similar to what we had before. We always have the price lever to pull.

We are not the cheapest. We do provide amazing service for the value that we deliver, but we do have that lever available to us, and we reserve the right to use it at any point we want to win the bigger chunks of business, but we're very selective at that point.

Thank you, Daniel. I kind of touched on that a little bit before.

Our majority of new revenue, especially last couple quarters, has come from existing communities that are converted to us. There's still, as I mentioned earlier, a good number of contracted, ready-to-go buildings that are coming through every quarter.

They're constructed, they're ready to go, and we have the agreement, we just essentially onboard them and add the MRR to our revenue. That will continue to be there.

Please refer to my comments earlier about the nuances of that. Then from a new policy point of view, as I mentioned earlier, I am very hopeful.

I'm very bullish on this government's genuine attempt to really fix the supply and demand issue that we've struggled with, because it's thinking of it, for a change, in a very, very, very constructive way. They actually are looking to partner with developers and give genuine tools to operators like us and people that are building and even people that are constructing, giving them the tools to genuinely lower their operating expenses and actually deliver a profitable phased-out project that wasn't there maybe even 6 or 12 months ago.

I'm very, very buoyed on that, and I think we're very well positioned to not only influence this policy, but take advantage by helping Canada essentially deliver affordable housing and manage it for them. I think overall, the country is doing the right moves.

There's no doubt there's uncertainty up in the air. We're not really affected by it.

I've always said it, and I'll continue to say it, we're pandemic-proof, interest-rate-proof, recession-proof. That's the business we chose.

It's difficult, but we like the fact that we can just incrementally keep proving our gross margin, our revenue, and obviously, our profitability profile. We've never been healthier, and '26 is another inflection point for the company.

Thank you everyone for taking an interest. I recognize it's a lot of uncertainty up in the market.

All we've done is just continue to do what we've said we were going to do. '25 was an inflection point in terms of turning the company from a national, decentralized company to a national footprint from a size point of view, and getting to the EBITDA-positive.

Now that our focus is to get to cash generation while we've made a monster dent in our debt, and getting even a healthier place. This is the way people are going to live for decades to come, that is the new norm.

We're positioned to be the most advanced, arguably, the most not only technology-play advanced, but also from a footprint and service delivery in the verticals that we service. We're a unique company in the space, and that's always echoed to us by those that are looking at us.

Watch us to be very active in the market in terms of our brand showing up all across the country, continue to grow, and a big push towards being cash flow positive. Thank you, everybody.

We'll see you soon.