Good morning, everyone, and welcome to EverGen Infrastructure's Q2 2026 earnings presentation. As a reminder, this call is being recorded.

Before we begin, I would like to direct all participants on our website at www.evergeninfra.com where you'll find a copy of the second quarter earnings presentation. Please allow me to remind you that our discussions today contains forward-looking statements.

Actual results may vary materially from those discussed. Additional information is contained in the second quarter 2026 management discussion management's discussion and analysis.

I will now turn the call over to Chase Edgelow, who is EverGen's co-founder and CEO.

Good morning and thank you, Shubham. I'm Chase Edgelow, co-founder and CEO of EverGen, and I'm joined here today by Maria O'Sullivan, our CFO, and Shubham Trehan, who is our director of business development.

I want to begin somewhere other than the numbers, because numbers only matter if you understand the evidence of the hard work that we've put in to the business over the last 15 months. When we took uh the reins at EverGen in May of 2025, EverGen was a set of genuinely good infrastructure assets that were not working.

Real plants, real contracts, real waste coming in through the gate, and performance that did not reflect any of it. Today, our platform is running at record production, converting that production into cash, and doing it in a method that we believe we can repeat again and again.

That is the story of Q2. Not a good print, evidence of a method that works.

I'll take you through it in four parts: what we've stabilized, what the turnaround is now producing, the team that produced it, and why I believe this is a business that is priced at a value that bears very little resemblance to what you actually own. Maria will then take you through the financials in detail, and we'll open up uh the call for questions.

Just to recap on the stabilization. Starting with what we took on in May of 2025, EverGen went through a recapitalization transaction and change of management.

I returned as CEO alongside Ron Green, our COO. Aska America came in as our lead investor, and across two tranches of uh equity raise, we did $7 million of new equity into the business, all at $0.60 a share.

What we inherited was four operating assets across British Columbia and Alberta, about $75 million of total assets, feedstock arriving at our door at our gate under long-dated municipal contracts, and RNG going out to our utility buyers. What we did not inherit was reliability, and for infrastructure companies, reliability is critical.

We we focused on three things. One, the assets.

Without capital, without operating discipline, we saw significant downtime, unplanned downtime, up interruptions, and our overall our facility uptime went from under 80% to high 90s. Fraser Valley Biogas continues to set newly production records uh with a beat in July and you know continued strong performance.

Secondly, fixing the balance sheet. Along with the equity raise, we also closed a $13 million asset level debt facility at Fraser Valley, which is non-recourse to the parents and used the proceeds to retire approximately $12 million of corporate senior debt.

What what that did for the business: we saved a significant amount of debt service costs, and we've aligned with a lender that's committed to the space in Farm Credit Canada. Thirdly, you know our business is about contracts, and we entered into the 20-year period at Fraser Valley Biogas with FortisBC on our new contract in January uh of this year.

That collectively is stabilization. It's not it's not changing numbers, but it's it's the foundation for everything I'm about to take you through.

Our next phase was a turnaround and and I think that, what what we're here today to tell you is that, after 15 months with the business, your first 6 months really focused on what we talked about above, the stabilization, you're starting to see the evidence of the turnaround in the numbers. What that foundation produced in the second quarter: revenue up 71% year-over-year; RNG production up 11%; incoming feedstock up 34%; compost sales up 51%; collectively, adjusted EBITDA of $1.75 million against sub-$400,000 the same quarter last year, an increase of over 400%.

I think if you if you take nothing else from this call, take the three numbers that sit below those headlines numbers, which are, one, our direct operating costs didn't rise while our revenues did. Two, with that, over $0.70 of every incremental dollar that comes in the door converted straight to adjusted EBITDA.

That's, that's the torque that's in this business if we get our our operations stabilized. Three, from a cash flow perspective, you know we look at positive cash flow versus negative cash flow, where the business was in the same business in the same period last year.

Now, Maria will take you through the first half in detail in a moment. What I want to hold on to here is that the direction of the business has been four consecutive quarters of a rising floor and our run rate that has moved from approximately $4.3 million of EBITDA to over $5 million in a single quarter.

That, from our perspective, is is what our turnaround has resulted in. It's not one, it's not one single number, but a floor that keeps rising.

That floor only rises with with the team. I think before I get into growth, wanted to talk about something that doesn't appear in our our Q2 financials or MD&A.

I think we've, we've really focused in this turnaround on building a strong team, empowering, those within the business that are capable. These plants were not fixed from our head office.

They were fixed at site by operators who understand that uptime is is won through preventative maintenance, having inventories on spare parts, and, not in a boardroom. I I ask you to think about two things about, our team maybe versus other platforms in the space.

We run a genuinely lean organization. Uh G&A fell approximately 20%, while revenues grew.

We've got a a small team carrying a lot of weight, and I want to recognize, everyone that's made an impact uh this quarter and in in the last 15 months. Why you know why is why is the team important?

Why is that base important? I think, ultimately, our vision for EverGen was there were strong assets underlying uh, what were weak results.

The the turnaround has shown that that the strong production out of those assets is capable. I think more importantly than that, all of this provides, for us, a playbook uh for growth.

This is, this is repeatable, templateable turnaround of, of assets that we think we can repeat, not just on our own assets, but as we look to grow. Organically, we've got growth at GrowTEC uh that will expand that facility.

We've got continued improvement at Fraser Valley Biogas. We've got a large expansion at Pacific Coast Renewables that cleared a major regulatory hurdle in March of this year.

It has $10.5 million of NRCan uh funding towards it, of which we've allocated $9.2 million toward uh capital expenditure as at June 30, and we are continuing to move that project towards FID. Beyond our PCR RNG expansion in terms of large capital projects, we also hold 50% of Project Radius, uh which is a approximately uh 550,000 GJ per year development project in Ontario.

We have a FID target on that project for later this year or early next year. It's had some really interesting developments in the last 12 months.

Then finally, I'll speak to the consolidation potential that that we believe our platform is is uniquely positioned to take advantage of. North America went from approximately 100 RNG facilities before 2020, before the sort of cleantech boom and funding, push towards the space, to more than 600 today.

A great deal of those were built by developers um or I guess teams of teams and platforms that no longer exist, um that that were maybe hit a little bit harder than EverGen as the as that uh capital outflow from the space happened in 2021, 2022. We see that a meaningful share of those 600 facilities underperform for exactly the same reasons that our facilities used to.

What I what I'm saying is that EverGen is a natural owner of underperforming RNG assets. We've already proven we can fix fix the ones that we own, and that's our template.

Finally, I think this is important for for all of our shareholders: the value question. Let me be direct, cuz I think this is probably the least understood part of the business.

What do you own today? $75 million in total assets; shareholders' equity of $42 million, which is about $1.63 a share against 25 point million 25 million shares outstanding; four operating facilities that are strategically located in areas where, it's it's challenging to build infrastructure, i- i.e., there is a moat; feedstock arriving under long-dated municipal contracts; RNG being sold under 20-year utility-grade offtakes; and roughly $16 million of debt sitting at the project level against the assets that service those.

Against all of that value, EverGen carries a market cap of roughly $10 million. Let me give you three ways to consider, to consider value here.

One, on book value, on our net asset value, market is valuing our equity at about a quarter of its carrying value, despite uh and and obviously we'll give give the market time to adjust, but despite just-delivered record production and record feedstock volumes. Two, on a cash flow basis, our run rate adjusted EBITDA over the first half is over $5 million.

Our enterprise value, including our debt net of cash, is sub-$25 million, which is a sub-5x EBITDA multiple. Publicly traded RNG and environmental infrastructure companies generally trade from high single digits into the mid-teens on that same EBITDA metric, and we continue to see private sector transactions clearing well above the 10x EBITDA mark.

Then finally, what the informed shareholders have actually paid. Our last two equity tranches were priced at $0.60 a share, no warrants, and our board, management, and institutional holders hold roughly 70% of our shares, and nobody at this table is a seller.

Finally, consider the torque uh or asymmetry. Our our valuation, with every incremental million dollars of EBITDA, would be worth somewhere between $9 to $12 million of enterprise value in the in the private sector or or against other peers.

Every single incremental dollar of EBITDA in our entire market cap is $10 million today. That's really what I want to point you to is that we're now at the point where every incremental improvement that we put back into the business, every capital investment that our team makes um is has a lot of torque uh for our shareholders.

To bring it all together, we've stabilized the platform: uptime, our balance sheet, our contracts. The turnaround is now visible in the rearview mirror, and we believe we have a repeatable template to point at a North American market that is full of assets very similar to the ones that we we've just fixed.

With that, I will hand it over to Maria to walk through the financials in more detail, and then we'll open up to questions at the end of the call. Thank you for thank you for your time.

Over to you, Maria. Um

thanks, Chase. Um so, touching first on revenues.

Uh Q2 2026 revenue increased 71% compared to Q2 2025, reaching $4.8 million. This growth was driven by strength across nearly every revenue stream.

Um tipping fees grew 52% year-over-year on higher volumes at our organic waste and composting facilities. RNG revenue was up 15%, and organic compost and soil sales increased 22%.

We also recognized $1.1 million of carbon credit revenue in the quarter, which was also uh which wasn't a contributor in Q2 2025. Compared to Q1 2026, revenue increased 81% from $2.6 million to $4.8 million, reflecting the normal seasonal recovery in tipping and compost volumes we saw last quarter, plus the carbon credit contribution.

For the first half of 2026, revenue was $7.4 million, up 57% from $4.7 million in the same period last year. Turning to adjusted EBITDA.

Uh Q2 2026 came in at $1.7 million, a $1.4 million or 416% increase compared to Q2 2025, and up from $870,000 in Q1 2026. This was primarily driven by the revenue growth already described um and touched on by Chase.

Uh looking at the six-month period, adjusted EBITDA was $2.6 million, up $1.8 million from the prior year, reflecting both the revenues increases and also reduction in general and administrative expenses. On uh loss, um we saw an improvement of $1.6 million here um from a loss uh sitting at a loss of $386 million for Q2 2026.

Um for the 6 months ended June 30th, 2026, net loss is $1.1 million, down from $3.1 million in the prior period. Turning to the balance sheet and liquidity.

Our working capital surplus has improved to three point to $3 million as of June 30th, 2026, up from $2.1 million million in the prior quarter, um and compared to a deficit of $855 at the end of 2025. Um this is showing conti- conti- continued improvement off the back of the financing activity we discussed in Q1 2026 and that Chase has also spoken about earlier in the presentation.

The Q2 results show that our core operations, our tipping volumes, RNG production, are driving sustained improvement. With that, I'll turn it back to Chase uh to conclude the presentation and to open up to Q&A.

Thank you, Maria. I believe uh, this is a really really important time to be looking at our business, and we've we have, as mentioned, we've completed our our stabilization, moved through a turnaround phase, and and the results speak for themselves.

We're really, keen to keen to speak with anybody that wants to discuss our business further after the call. Uh we'll move in to a Q&A period.

Uh why don't we start with uh this initial question. Shubham.

Yeah. We have a question here that's saying, roughly $1.1 million of uh Q2 revenue was carbon credit sales.

If we strip that out, and the quarter looks very different. Is the EBITDA real?

It's a it's a fair question, and, one that I'd I'd rather have people ask than wonder. I think uh, we look at $1.1 million of carbon credit revenue and think about it this way: our our credits are generated and clear through uh ECCC.

There is lumpiness in the timing of the generation of those credits um and timing and not just timing of the generation, but the timing of the sale of those credits. We recognize revenue as as those credits are sold.

Um that said, what we what we've seen in terms of carbon credit sales over the first half of 2020 6 uh would be indicative of, the run rate carbon credit sales if we were generating instantaneously and selling instantaneously. I think that's to say there will it will continue to be a not seasonal, but a a lumpy revenue recognition on carbon credit sales, but we don't we don't think it's a it's not a one-time windfall.

Um this market is has really stabilized um since coming into effect. It's been it's been steadily clearing north of $350 per per ton of CO2 avoided emissions.

The reason for that is it's a it's a market that's supported by both sides of the aisle. Um it it provides a a stable, stable way of of monitoring and clearing and and dealing with emissions from large industrial producers.

I think RNG is uniquely positioned to continue to find, homes in other markets as a as a lowest-cost decarbonization option. Um so, while we look at our business as primarily tip fee, primarily uh long-term base value in our contracts, our contracts also come with the upside of of a portion of the carbon credits that are associated with our business.

Great. Thanks, Chase.

The next question is, the company has had two good quarters in 2026. If this is is that is our $5 million of run rate EBITDA a fair characterization, given seasonality in the business?

I think, I think is, is $5 million of run rate EBITDA a a fair characterization given seasonality? I think, that's our run rate on our first half results.

I'd point out that our first half is not typically our strongest um quarter. I think, we have historically seen our highest volumes in the second and third quarters.

Um but, that said, I think we're, we're confident in the business continuing to perform at uh at these levels that we're at today. Um just see We'll just give time for any other questions here.

Yeah. The next question is around the PCR expansion project.

It says, when does PCR reach FID, and how do you fund it?

With With the PCR RNG project, we picked up development work on that project um immediately after we we got our regulatory our main regulatory hurdle cleared in March. Um so, we're updating our development work, our feed our FEED analysis or our front-end engineering and design, and sourcing long-lead equipment so that we can commence struc- construction.

Um I I mentioned the grant funding and CapEx committed against it. We believe that we are, we are advancing towards FID from a timing perspective, and we'll announce it when we when we take it, not before.

We are moving steadily forward towards towards that milestone. In terms of how we fund it, um as I mentioned, there's a large portion that can be funded by grant funding.

We also see, as we've shown with our project finance facilities at both Fraser Valley and GrowTEC, there's a significant amount of of project finance capital available for a project like this, especially given uh what we believe is a is a much stronger revenue environment for this type of project, given the stacking of of a contracted cash flow and and uh the carbon credit attributes that this project will generate. Um that's a that's a significant improvement from where this project was 3 years ago.

Then I think, final final question is just around um whether or not we can speak more to Project Radius and where you know where that project is going. I think at this at this time, we continue to advance Radius to a notice to proceed or or FID decision alongside PCR RNG expansion.

We don't talk about it as much, given that it's, it's a project that is a 50/50 partnership and a large capital uh commitment that requires a outside source of equity, uh debt, and uh grant funding. We have continued uh discussions.

I believe we'll be able to update the market on the full funding picture for Project Radius uh shortly. We're we're excited about the development there, in particular, our partnerships uh on offtake and the scale and repeatability that that Project Radius brings us.

I think with that, we'll conclude our call and welcome welcome any inbound interest. Happy to, take uh calls or set up times to go through the business in more detail if there's interest.

Um please, see the link at the bottom of the press release to get in touch. We'll see everybody on our Q3 call in November.

Thanks, Maria. Thanks, Shubham.

Thanks, everyone.

Thanks, everyone.