Dye & Durham (TSX:DND) reported third-quarter financial results on Tuesday. The transcript from the company’s third-quarter earnings call has been provided below.
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The full earnings call is available at https://app.webinar.net/mEdXo9eoV9j
Summary
DND reported a revenue decline of 12.3% for Q3 fiscal 2026, attributed to market downturns and divestiture impacts, but noted growth in banking technology.
Adjusted EBITDA decreased by 19%, primarily due to revenue impacts and increased professional fees, although cost-saving measures helped stabilize margins.
The company is executing a transformation program focused on Product Innovation, Commercial Excellence, Operations, and Financial Discipline, with significant progress noted.
DND launched new legal technology platforms and secured significant contracts, demonstrating strong momentum in product innovation and customer engagement.
Management emphasized ongoing cost optimization efforts, including global operational streamlining and office footprint reduction, expected to realize $17-19 million in savings over two years.
Future guidance includes continued focus on product development, customer acquisition, and strategic cost management to drive long-term EBITDA growth.
Full Transcript
OPERATOR
Good morning. Welcome to The DND third quarter fiscal 2026 results conference call. All lines have been placed on mute to prevent background noise. With me on the call today are George Sivin, DND’s Chief Executive Officer, and Sandra Bell, DND’s Interim Chief Financial officer. DND’s Q3 fiscal 2026 earnings press release, Financial statements and MDA are available on SEDAR Plus. Please note that statements made during this call may include forward looking statements and information and future oriented financial information regarding DND and its business. Any disclosure regarding possible future events, conditions or results are based on information currently available to management and indicate management’s current expectation of future growth, results of operations, business performance, and business prospects and opportunities. Such statements are made as of the date hereof and DND assumes no obligation to update or revise them to reflect events, disclosures or circumstances except as required by applicable securities laws. Such statements involve significant risks and uncertainties and are not a guarantee of future performance or results. A number of these risks or uncertainties could cause results to differ materially from the results discussed today. Given these risks and uncertainties, one should not place undue reliance on these statements information. Please refer to the Forward Looking Statements section of our Public filings, including without limitation, our recently filed MDA and Earnings press Release for additional information. In particular, for additional details regarding DND’s Run Rate Cost savings expectations, please refer to the section titled update on Q3 2025 forward looking information and Run Rate Cost Savings in DND’s Q3 fiscal 2026 MD&A and DND’s press releases dated November 12, 2025, November 26, 2025 and May 19, 2026. In addition, certain financial results discussed on this call are non IFRS financial measures, namely Adjusted EBITDA and Segment Adjusted ebitda. These measures are not recognized measures under ifrs, do not have a standardized meaning prescribed by ifrs and are therefore unlikely to be comparable to similar measures presented by other companies. Please refer to the Non IFRS Measures section of our public filings. Included without limitation are recently filed MDA and Earnings Press release for additional information on the Company’s use of non IFRS measures, including the Company’s definitions of Adjusted EBITDA and Segment Adjusted EBITDA and the applicable reconciliation of Adjusted EBITDA and Segment Adjusted EBITDA to their most directly comparable IFRS measure. Please note that today’s call is dedicated strictly to reviewing DND’s financial results and operational milestones for the quarter. Because DNDs is currently engaged in an active, ongoing review of strategic alternatives. The company has determined it is prudent not to host a live Q and A session during today’s call. They appreciate the continued support and patience of investors, partners and customers as they focus on maximizing value for all.
OPERATOR
DND Stakeholders I’ll now turn the call over to George Sivin.
George Sivin (Chief Executive Officer)
Good morning everyone and thank you for joining us in Q3. We made meaningful progress in stabilizing the business. While our results continued to reflect market headwinds and normal seasonality adjusted EBITDA remained resilient, supported by the underlying durability of our revenue base and the operating expense savings we have begun to realize. Sandra Bell, our interim cfo, will review the quarter’s financial performance in more detail. Shortly before that, I want to update you on our continued execution of the transformation program we announced in February, which is built on four pillars Product Innovation, Commercial Excellence, World class
George Sivin (Chief Executive Officer)
Operations and Talent and Financial Discipline. We are seeing strong momentum across each pillar. Within the Product Innovation pillar, we officially launched Unity in British Columbia and customer uptake is validating our belief in the differentiated value it provides. Notably, we secured a half million dollar deal with a firm that selected Unity specifically for its national coverage, allowing us to support their offices across Canada. We continue to streamline and enhance our customer workflows through ecosystem integrations.
George Sivin (Chief Executive Officer)
We integrated TreeFort and FCT identity verification programs into Unity in Canada, reinforcing our commitment to security and integrity in the home buying process. We connected Stewart Title’s Indemnity Insurance with Unity in the UK and both volume and revenue through this integration continue to grow. We introduced anti money laundering and counterterrorism financing checks in Unity Search in Australia, helping customers manage compliance within their existing workflows. And we integrated our own ECOR and Unity Entity management solutions, providing clients with an end to end entity management and corporate filing workflow nationally backed by our long standing record as a government provider. Speaking of eCorp, we secured a four year contract extension with the Ontario Business Registry, a vote of confidence for our market leading search and filing solution in Canada. And last week we launched new global platforms for legal workflows and due diligence which I’ll speak about shortly within the Commercial Excellence pillar. Despite real estate market weakness impacting activity volume across our major markets, we saw momentum with new customer acquisition, customer win backs and and key client renewals. We have shifted from a retention only posture to a proactive acquisition motion in Canada. Additionally, we are seeing bundled packages leading to successful cross sell opportunities including a recent six figure PMS contract with an existing search client in the uk, long standing customer relationships are driving deal velocity …
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