Operator

Good morning. My name is Daniel, and I will be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation’s Q4 2025 Investor and Analyst Call. [Operator Instructions] Please be advised that today’s conference is being recorded.

This call may contain forward-looking statements, which are subject to the disclosure statement contained in Savaria’s most recent press release issued on March 4, 2026, with respect to its QX 2025 results. Thank you. Mr. Bourassa, you may begin your conference.

Sébastien Bourassa
President, CEO & Director

Thank you, Daniel, and good morning, everyone. Today, I will start with a small recap of our Q4 results. Then Steve will update us on financial, and JP will update us on Savaria One and Europe, followed by a Q&A session.

Once again, I’m very proud of our Q4 results. As for the first time ever, we reached $51.3 million of EBITDA at 21.2%, which is a very important milestone and our best quarter ever. We finished the year with sales of $913 million and an EBITDA of $186.2 million at 20.4%, which again is our best result ever. All KPIs are improving, and Steve will go more in detail later.

Today, there’s 3 things that I would like

Six Flags Entertainment will sell off seven of its amusement parks in the United States and Canada to EPR Properties, the company announced Thursday.

On Thursday, the company said it would sell off Michigan’s Adventure in Muskegon, Michigan; Schlitterbahn Waterpark Galveston in Texas; Six Flags Great Escape in Queensbury, New York; Six Flags La Ronde in Montreal; Six Flags St. Louis in Missouri; Valleyfair in Minneapolis and Worlds of Fun in Kansas City for around $331 million. 

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EPR Properties, a real estate investment trust, will acquire the seven parks. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images)

“Consistent with our strategy, this divestiture enables us to concentrate our capital, leadership and operational focus on the properties that we believe generate the strongest returns and offer the greatest long-term upside,” Six Flags Entertainment Corporation chief executive John Reilly said in a news release.

EPR plans to partner with Enchanted Parks to run the six U.S. parks. La Ronde Operations will operate the Canadian park.

The parks will continue to operate on their regular schedule and all season passes sold will be recognized through the 2026 operating season. 

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Six Flags will be left with 34 parks across North America after the sale. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)

Six Flags will continue to operate 34 parks across 23 locations in North America for the 2026 season.

The deal is expected to close by the end of the first quarter or the beginning of the second quarter of 2026. 

Collectively, the seven parks hosted about 4.5 million guests last year, generating about $260 million in net revenue, the company said. Cash proceeds, after taxes and transaction expenses, will be used to pay down debt, it said.

Around 4.5 million guests visited the seven parks last year. (Mathew Imaging/WireImage)

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“This strategic acquisition represents a compelling opportunity to expand our attractions portfolio with high-quality experiential real estate assets in established regional markets,” EPR Properties CEO Gregory Silvers said.

Bitcoin (BTC) traded at approximately $71,600 USD on March 5, 2026, down roughly 2% over the past 24 hours, according to aggregated data from major tracking platforms like CoinMarketCap, CoinGecko and Binance. The flagship cryptocurrency opened the day near $73,000 but faced selling pressure, dipping to lows around $71,180 before stabilizing in the mid-$71,000 range.

The 24-hour trading volume exceeded $61 billion, underscoring sustained market participation despite the pullback. Bitcoin’s market capitalization stood at about $1.43 trillion, maintaining its position as the largest digital asset by a wide margin, with a circulating supply nearing 20 million coins out of a capped total of 21 million.

This latest movement comes after Bitcoin briefly topped $74,000 in recent sessions, fueled by optimism around institutional adoption and policy developments. However, renewed geopolitical risks, including escalating tensions in the Middle East involving Iran, contributed to a risk-off tone across assets. Oil prices surged on related news, pressuring riskier investments like cryptocurrencies, which have shown correlation with tech stocks in recent months.

“Bitcoin has not decoupled from broader risk sentiment,” noted BitMEX co-founder Arthur Hayes in recent commentary, highlighting that the asset remains tied to performance in U.S. software and tech sectors. Despite the dip, some analysts pointed to resilience, with Bitcoin’s ratio against gold improving slightly and exchange outflows indicating hodling behavior among long-term holders.

Institutional flows provided a counterbalance. U.S. spot Bitcoin ETFs recorded inflows of around $155 million to $462 million in recent days, extending a multi-week streak of positive accumulation. Major players like Wall Street firms continued to pour capital into these vehicles, even as underlying demand showed signs of fragility according to analytics firm Glassnode.

Traders are eyeing key technical levels closely. Bitcoin faces resistance in the $73,750–$74,400 zone — a “make-or-break” area that has acted as a turning point in prior cycles, including early 2024 highs. A sustained break above this could signal resumption of bullish momentum toward $80,000 or higher. Conversely, failure to hold $72,000 support might reinforce bearish patterns, with some forecasts warning of potential drops toward $65,000 or lower in consolidation phases.

The all-time high remains $126,198 from October 2025, meaning the current price reflects a significant correction of over 40% from peak levels. Year-to-date performance has been mixed, with Bitcoin down from late-2025 highs but up modestly in recent weeks on ETF momentum and infrastructure gains.

Recent developments bolster long-term optimism. Crypto exchange Kraken secured a Federal Reserve master account, marking a milestone for crypto-native firms accessing traditional payment rails. Morgan Stanley filed for a spot Bitcoin ETF, adding to growing mainstream integration. Community sentiment polls show about 80% bullish, driven by themes of institutional adoption and Bitcoin’s role as a potential inflation hedge — though that narrative faces tests amid rising energy costs and fiat currency volatility.

Regulatory and policy chatter persists. Speculation around U.S. crypto-friendly legislation, including the Clarity Act, has supported occasional rallies. However, no immediate plans for government Bitcoin accumulation (such as a national reserve stacking program) were confirmed in recent reports.

Market observers note Bitcoin’s price action remains sensitive to macro factors. With equities mixed and the dollar showing strength in some sessions, cryptocurrencies paused after a brief breakout. Ether and other altcoins mirrored Bitcoin’s moves, with the broader market cap showing similar modest declines.

As of early March 6, 2026 (KST), Bitcoin continues to trade in a range-bound pattern between $70,000 and $74,000 support/resistance. Analysts advise monitoring ETF flows, geopolitical headlines and derivatives positioning for the next directional cue.

Bitcoin’s journey in 2026 reflects its maturation: from speculative asset to increasingly institutionalized one, yet still vulnerable to global events. Whether it reclaims higher ground or consolidates further will depend on balancing these forces in the weeks ahead.

This article was written by

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“We’re proud to build on the strong foundation Philip Pitman has created and remain fully committed to ongoing investment to support future growth.”

GM Marketing Limited, the Belfast-headquartered sales, marketing and distribution business, has acquired Pitman Berryhill in Lisburn. The move strengthens GM’s capability in the specialist food channel whilst creating new opportunities to build, develop and scale brands across the island of Ireland.

The acquisition gives GM Marketing a dedicated presence in specialist food – a key route to market for brand discovery – while enabling two-way growth: bringing Pitman Berryhill brands into GM Marketing’s established channels and introducing GM partner brands to Pitman Berryhill’s specialist network.

Gerard McAdorey, Founder and Managing Director of GM Marketing, said: “This is an exciting step that aligns strongly with our long-term vision. Our ambition is to expand our footprint in the specialist channel and, in doing so, create greater value and expertise for our existing brands while also attracting new partnerships. It works both ways – bringing Pitman brands into GM channels, and GM brands into the Pitman specialist network.”

Pitman Berryhill operates throughout Northern Ireland and the Republic of Ireland, supplying customers across mainstream grocery and specialist food – from major multiples to independent retailers and delis – with a long-standing focus on introducing, supporting and growing international specialist food brands in the Irish market.

Gerard McAdorey added: “We’re proud to build on the strong foundation Philip Pitman has created and remain fully committed to ongoing investment to support future growth. The specialist channel plays a critical role in brand discovery, with many brands gaining early traction here before moving into mainstream grocery and convenience.”

Philip Pitman, founder of Pitman Berryhill, who plans to retire at the end of 2026 and will support the transition over the next 12 months, said: “All current roles at Pitman Berryhill will be retained, with a clear intention to invest in the future growth of the business. The existing team will continue to lead day-to-day operations, with Andrew Cambridge continuing as Head of Sales and Hazel Crozier as Head of Operations.

“GM Marketing is a business I believe will bring further growth for the brands we work with. I’m confident this next chapter will strengthen what we’ve built, and I’m excited for the future.”

Layoffs eased in February as new data showed that U.S. employers announced fewer job cuts last month after they were elevated to start the year, new data shows.

U.S. employers announced 48,307 job cuts in February, according to a report by global outplacement and executive coaching firm Challenger, Gray & Christmas. That figure is down 55% from the 108,435 job cuts announced in January, while it’s also down 72% from the 172,017 cuts announced in the same month last year.

Layoff announcements combined to total 156,742 in January and February, the lowest total for the first two months of the year since 34,309 were announced in 2022. The figure is also the fifth-highest January-February total recorded since 2009.

“February’s dip is a nice reprieve from the elevated job cut plans to start the year. With U.S. involvement in a growing war in Iran, the end of Q1 may bring more layoff plans as companies tighten belts amid uncertainty and higher costs,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.

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Layoff announcements slowed in February after starting higher to start the year. (Allison Joyce/Bloomberg via Getty Images)

The tech industry announced the most layoffs in February, as firms announced 11,039 cuts for the month, bringing the total for the year to 33,330 – up 51% from the 22,042 cuts announced in the sector during the first two months of last year.

“Tech is responding to a number of pressures right now. AI is the big story, but there are also global regulatory concerns, a slowdown in digital advertising driven by tariffs and economic uncertainty, and higher costs to both employ workers and access funding, forcing companies to make difficult decisions,” Challenger said.

The transportation sector has announced 31,702 job cuts in 2026, the second-most among any sector and an increase of 872% from the 3,261 announced in the same period last year. The report noted that the war in Iran is likely to impact transportation companies due to oil costs and supply chain disruptions.

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The war in Iran could cause further disruptions in the transportation sector due to the impact on oil prices and supply chains, the report noted. (Hussein Faleh/AFP via Getty Images)

Healthcare companies and health product manufacturers, a category which includes hospitals, have announced 19,228 job cuts so far this year for the highest January-February total since 2021, when 20,245 cuts were recorded in the sector over that period.

Education had the second-most layoff announcements in February with 5,417. That brings the running total for 2026 to 6,209 – up 96% from the 3,160 cuts that were announced through February 2025.

Challenger noted that school districts “tend to approve budgets and headcount in February,” adding that with “declining enrollment, particularly in major cities, federal funding cuts and rising costs, schools are cutting more workers than last year.”

Job cuts in January and February were the lowest to start the year since 2022. (Joe Raedle/Getty Images)

Industrial manufacturing firms cut 4,109 jobs in February, bringing the 2026 total to 5,685, which is up 143% from the 2,341 cuts announced in the sector in the first two months of last year.

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The leading reasons cited by companies announcing job cuts in February were store or department closings with 10,736, market and economic conditions with 10,114, restructuring with 9,146 and cost-cutting a further 5,636.

In the first two months of the year, market and economic conditions have been cited as causing 38,506 cuts, followed by contract loss with 31,416, restructuring with 29,190, and closings with 23,474.

Artificial intelligence (AI) was cited for 4,680 job cuts in February, representing about 10% of total cuts for the month. In the first two months of 2026, AI was cited in 12,304 layoff announcements, or 8% of total job cut plans.

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Hiring plans rose 140% in February to 12,755 after 5,306 were reported in January. That figure is down 63% from the 34,580 hiring plans in February 2025.

Employers have announced plans to hire 18,061 workers in 2026 so far, down 56% from 40,669 new hires announced in the first two months of 2025.