Operator

Good morning, ladies and gentlemen, and welcome to the Champion Q4 Results of the Financial Year 2026 Conference Call. [Operator Instructions] This call is being recorded on Thursday, May 28, 2026. I would now like to turn the conference over to Michael Marcotte, Senior Vice President, Corporate Development and Capital Markets. Please go ahead.

Michael Marcotte
Senior Vice President of Corporate Development & Capital Markets

Thank you, operator, and thank you, everyone, for joining us to discuss our fourth quarter results of the 2026 financial year. Before we get going, I’d like to highlight that throughout this call, we’ll be making forward-looking statements. If you would like to read more about forward-looking statements, risks and assumptions, you can go and visit our MD&A, which is available on our website.

We will also be using a presentation throughout this call that’s also available on our website under the Events and Presentations tab. Joining me here on this call include our CEO, David Cataford; our Chairman, Michael O’Keeffe; and our COO, Alexandre Belleau. And with that, I’ll turn it over to David for the formal portion of the presentation.

David Cataford
CEO & Non-Independent Director

Thanks, Michael. Thanks, everyone, for being on the call. So if we go through the highlights for the fourth quarter of fiscal 2026, we managed to produce just over 3.4 million tonnes during the

The Federal Reserve’s preferred inflation gauge remained stubbornly high in April as consumers continued to face elevated price growth.

The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.4% on a monthly basis in April and is up 3.8% from a year ago. The monthly figures were slightly cooler than the 0.5% increase expected by economists polled by LSEG, while the annual figure was in line with expectations.

Consumer prices have risen due in part to the impact of the Iran war. (Benjamin Boshart/Bloomberg via Getty Images)

HOW DOES FED CHAIR NOMINEE KEVIN WARSH VIEW THE CENTRAL BANK’S INFLATION GOAL?

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.2% from a month ago and increased 3.3% year over year. The monthly figure was cooler than the 0.3% increase estimated by the LSEG poll, while the annual figure was in line with expectations.

Federal Reserve policymakers are focused on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation. Compared with March’s annual readings, headline PCE rose from 3.5% to 3.8%, while core PCE increased from 3.2% to 3.3%.

Goods prices were up 1.2% in April compared with a year ago, and were down 0.1% from the prior month.

Services prices increased 2.5% on an annual basis in April, and increased 0.2%.

HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERS

The personal savings rate as a percentage of disposable personal income was 2.6% – down from 3.2% in March and 3.6% in February.

Since the start of last year, the personal savings rate has declined from 5.1% in January 2025 and a peak of 5.5% last April to its current level.

What experts are saying

“With headline inflation closer to 4% than 3%, the Fed continues to walk a tight rope. When adjusted for inflation, spending barely rose in this report,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. “Rising prices are really taking a bite out of consumption, and the decline in the savings rate shows consumers are dipping into savings to make ends meet.”

GAS PRICE SURGE HITTING LOW-INCOME HOUSEHOLDS HARDEST, FED STUDY FINDS

Heather Long, chief economist at Navy Federal Credit Union, said that the “pain is real for many Americans right now.”

“The prices of many basics are up and incomes are not keeping pace. People are dipping into their savings to try to make ends meet. The savings rate a year ago was 5.5%. Now it’s 2.6%. The larger tax refunds are helping keep people afloat, but those will be exhausted by July. Belt-tightening is inevitable later this year,” Long added.

New Federal Reserve Chair Kevin Warsh was sworn in to the role last week and will oversee the central bank’s next monetary policy meeting in mid-June. (Al Drago/Bloomberg via Getty Images)

What does it mean for the Fed and markets?

The Federal Reserve is expected to keep interest rate cuts on pause for the near future, with the CME FedWatch tool showing a 98.8% probability of rates remaining at their current range of 3.5% to 3.75% after the central bank’s meeting next month.

The tool also shows a 47.4% chance rates will remain at their current level through the end of the year, with just a 0.6% chance of a 25 basis point rate cut by that time as opposed to a 39.2% chance of a rate hike of that size.

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The stock market reaction to the PCE inflation report was muted. The benchmark S&P 500 index was little changed at open, while the Nasdaq was 0.5% in morning trading.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Alarum Technologies First Quarter 2026 Earnings Results Conference Call. [Operator Instructions] This conference is being recorded. I’ll now turn the call over to Ehud Helft, Investor Relations at Alarum. Ehud, please go ahead.

Ehud Helft

Thank you, operator. Good day, everyone, and welcome to Alarum Technologies conference call to discuss the results of the first quarter ended March 31, 2026. Joining us today is Mr. Shachar Daniel, Chief Executive Officer; Mr. Shai Avnit, Chief Financial Officer. Shachar will begin with an overview of the quarter and recent business developments, followed by Shai, who will review the financial results and guidance. We will then open the call for questions.

Before we begin, I would like to remind listeners that today’s discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by such statements. Forward-looking statements include, among other things, statements regarding expected market demand, future growth opportunities, infrastructure investments, profitability trends, customer demand patterns, product expansion, future financial guidance and long-term strategic positioning.

For a discussion of these risks and uncertainties, please refer to the company’s filings with the SEC, including the company’s annual report on Form 20-F and subsequent filings. In addition, during this call, the company will discuss certain non-IFRS financial measures, including adjusted EBITDA and non-IFRS gross margin. Definitions and reconciliation to

Operator

Ladies and gentlemen, welcome to the Annual General Meeting of Shareholders of TMC the metals company Inc. Please note that today’s meeting is being recorded.

I would like to introduce you to Mr. Gerard Barron, CEO and Chairman of the company. Mr. Barron, the floor is yours.

Gerard Barron
CEO & Chairman of the Board

Well, good morning or good evening, wherever you are. My name is Gerard Barron, and I’m the Chairman of TMC the metals company Inc., and I am pleased to welcome you to our annual meeting. The meeting is being held virtually as we believe hosting a virtual meeting enables greater shareholder attendance and participation from any location around the world, improves meeting efficiency and our ability to communicate effectively with our shareholders and reduces the cost and the environmental impact of our annual meeting.

At the meeting, registered shareholders and duly appointed proxy holders will have an opportunity to participate, ask questions and vote, all in real time, through a web-based platform. And I would like to remind you that only registered shareholders that have logged in to the meeting with their previously obtained 12-digit control number or duly appointed proxy holders are entitled to vote at the meeting. Ask questions or take an active part in the meeting on the web-based platform. If during the meeting, we encounter any technical difficulties, please remain logged on, and we will resume as soon as practical.

I remind everyone that today’s meeting may include forward-looking statements. These statements are given as of today’s date and involve risks

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If you want to know how to fix America’s housing crisis, look no further than the stark divide playing out along the Hudson River.

In Manhattan, where years of heavy regulation, strict zoning laws and a sub-2% vacancy rate have choked off new development, rents have just hit historic records. But in neighboring Jersey City, a massive post-pandemic building boom has forced landlords to compete on price, driving local rents down from their 2024 peaks and giving inflation-weary tenants a much-needed break.

According to the latest Zumper National Rent Report, Manhattan’s median one-bedroom rent rose to an all-time high of $4,680 in May 2026. But right across the Hudson in Jersey City, rents have leveled off at a median of $2,860 — remaining 2.1% lower year over year

THESE 5 CITIES ARE SEEING BIG HOME PRICE CUTS

One-bedroom rents in Jersey City peaked at $3,430 in mid-2024 before a massive supply correction pulled costs down to $2,650 by August 2025.

As rents in New York City continue to rise, rents across the Hudson in Jersey City offer “a major financial decision.” (Getty Images)

Zumper’s report shows that instead of stifling development, local housing supply surged in Jersey City, giving renters rare negotiating leverage when thousands of units hit the market simultaneously.

“Manhattan has largely sat out of the city’s rental construction boom, with developers favoring condos over rental buildings, and inventory has fallen for one of the longest stretches on record,” the report reads.

“New Yorkers simply aren’t moving,” Zumper said. “Nearly 90% of New York City renters stayed in the same unit they occupied a year earlier, which is far above the national average. With asking rents at record highs, the gap between what a sitting tenant pays and what the open market charges has rarely been wider, turning a move across town into a major financial decision.”

Two-bedroom units in New York City and San Francisco are now tied for the title of most expensive in the nation at $5,500. San Francisco’s one-bedroom rent also topped $4,000 for the first time this month.

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On a macro level, American renters are starting to feel the squeeze again as the national median one-bedroom rent increased 0.7% month over month to $1,519 in May, and two-bedroom rents rose 0.4% to $1,903.

“National averages are masking two very different housing markets right now,” Zumper CEO Shawn Mullahy wrote in the report. “In supply-constrained coastal cities, pricing power has returned quickly. Across much of the Sun Belt, operators are still working through the inventory wave delivered over the last several years. Demand is there, but supply still needs time to normalize.”

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