Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: On July 22, 2025, our Board of Directors approved, subject to receipt of regulatory approvals, the annual renewal of our NCIB to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option.
−Removed: The renewal followed the conclusion of our NCIB that expired August 11, 2025.
−Removed: We received TSX approval for our annual renewal of the NCIB on August 8, 2025.
−Removed: Under the NCIB, we may make share repurchases only in the open market, including on the TSX, the NYSE, the NYSE Texas, and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction.
−Removed: The timing and amounts of any repurchases pursuant to the NCIB will depend on many factors, including our capital structure, the market price of the common shares, any buyback taxes applicable and overall market conditions.
−Removed: All common shares purchased under the NCIB shall be immediately cancelled following their repurchase.
−Removed: As of September 30, 2025, we have repurchased 2.4 million of our common shares pursuant to the NCIB in effect during that period at an aggregate cost of $442.2 million, or an average price of $184.75 per share.
−Removed: The table below reflects repurchases we made during the three months ended September 30, 2025 (in thousands of U.S.
−Removed: dollars, except share and per share amounts):
+Added: On August 8, 2025, we announced the annual renewal of our NCIB to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option.
+Added: The renewal followed the conclusion of our previous NCIB that expired August 11, 2025.
+Added: Under the NCIB, we may make share repurchases on the TSX, the NYSE, the NYSE Texas, and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of the TSX and the SEC.
+Added: The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities.
+Added: All common shares purchased under the NCIB will be immediately cancelled following their repurchase.
+Added: During the three months ended March 31, 2026, we have repurchased 1.7 million of our common shares pursuant to the NCIB in effect during that period at an aggregate cost of $284.0 million, or an average price of $167.52 per share.
+Added: The table below reflects repurchases we made during the three months ended March 31, 2026:
Total Number of
5 unchanged sentences
Per Share (1)
+Added: the Program (2)
1/1/26 - 1/31/26
1 unchanged sentence
3/1/26 - 3/31/26
−Removed: (1) This amount represents the weighted average price paid per common share.
+Added: ____________________
+Added: (a) This amount represents the weighted average price paid per common share.
This price includes a per share commission and buyback taxes paid for all repurchases.
+Added: (b) The annual renewal of our NCIB was announced on August 8, 2025, and unless terminated at our option, it will expire on August 11, 2026 or, if earlier, upon the purchase of the full 12,855,691 common shares authorized for purchase under the NCIB.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.