Operator

Good morning, and welcome to Foraco International's First Quarter 2026 Results Conference Call. [Operator Instructions]. I will now turn the call over to Tim Bremner, Chief Executive Officer.

Timothy Bremner
Chief Executive Officer

Thank you, Kelsey, and good morning, everyone. Thank you for joining us today to discuss Foraco's results for the first quarter ending March 31, 2026. Joining me on the call is Fabien Sevestre, our Chief Financial Officer, who will walk you through the financial results and key drivers. Before we begin, please note that our comments today may include forward-looking statements, which are subject to risks and uncertainties. Now turning to the quarter. As a reminder, Q1 is traditionally one of our weaker periods due to seasonality and the restart after the holiday break, which impacts activity across several of our regions. Revenue for the quarter was $66 million compared to $55 million in Q1 2025, reflecting strong growth in almost all countries, particularly in Canada, the U.S. and South America.

While EBITDA remained stable at $7.4 million, margins were impacted by mobilization and ramp-up of new contracts, which is consistent with the early phase of the growth cycle. What is important is that we are clearly seeing the continuation of the demand inflection that began in the second half of 2025. This is supported by our robust order book, which remains near record levels and provides strong visibility going forward. Looking more broadly, the outlook for our industry remains very positive. We are operating in a market supported by near-record metal prices for gold and