Bombardier Reports Significant Second-Quarter Free Cash Flow Growth and Strong Profitability as Backlog Lengthens

Revenues grew 6% year-over-year to $2.15 billion, including a record Services contribution of $674 million, up 14% year-over-year; the Corporation delivered 32 aircraft for the quarter.
Adjusted EBITDA⁽¹⁾ reached $325 million, a 9% year-over-year improvement, with an adjusted EBITDA margin⁽²⁾ of 15.1%, up 50 basis points. Reported EBIT was $225 million for the second quarter, up 10% year-over-year, with an EBIT margin⁽³⁾ of 10.5%, a 40 basis-point increase from the prior-year period.
Adjusted net income⁽¹⁾ grew to $257 million, marking a $140 million year-over-year increase, while reported net income⁽⁴⁾ remained stable at $191 million compared to $193 million in the prior-year period. Adjusted EPS⁽²⁾ reached $2.50 and diluted EPS⁽⁴⁾ was $1.84.
Free cash flow⁽¹⁾ reached $228 million for the quarter, an increase of $392 million year-over-year, reflecting a significant improvement compared to second quarter of 2025. Cash flows from operating activities⁽⁴⁾ totaled $338 million, compared with $128 million cash flow usage from operating activities⁽⁴⁾ in the prior-year period, while net additions to PP&E and intangible assets⁽³⁾ increased by $74 million year-over-year to $110 million.
Backlog⁽⁵⁾ was $21.8 billion as at June 30, 2026, increasing by $4.3 billion compared with year-end 2025. Second quarter unit book-to-bill⁽⁶⁾ of 1.5x driven by strong demand for the Global 8000.
Available liquidity⁽¹⁾ remained strong at approximately $1.9 billion; cash and cash equivalents were $1.5 billion as at June 30, 2026. In support of its deleveraging efforts, the Corporation completed debt repayment and refinancing transactions, reducing debt by $356 million⁽⁷⁾, and leaving no debt maturities before November 2030.
Subsequent to quarter end, the Corporation entered into a new $750 million, five-year committed secured revolving credit facility, replacing its previous $450 million facility.

_{All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.}

MONTREAL, July 30, 2026 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX: BBD.B) today announced solid financial results for the second quarter of 2026, reflecting continued execution towards its full-year guidance⁽⁸⁾. Supported by resilient market conditions and sustained demand across its portfolio, the company delivered revenue and earnings growth, while generating a significant year-over-year improvement in free cash flow⁽¹⁾. The company’s Services business continued to drive revenue growth, while strong demand from both civil and defense customers contributed to backlog⁽⁵⁾ growth, reaching $21.8 billion at quarter-end. Supported by sustained activity across its Defense business and a robust pipeline of opportunities, the company remains on track to meet its raised 2026 guidance across all key metrics⁽⁸⁾.

“Our impressive quarter demonstrates the power of a team executing its plan at the top of their game with the right strategy. Our profitability growth, record services revenue and robust free cash flow are all rooted in the quality of our team and their collective commitment to our customers,” said Éric Martel, President and Chief Executive Officer, Bombardier. “The Global 8000 aircraft continues to perform at the top of its category in the skies and in the order books, reinforcing our leadership in business aviation. As our Defense business continues to expand in parallel, we remain focused on delivering convenience and care to our customers no matter what platforms they fly around the world. Their continued confidence in our products, services and people is reflected in our expanding backlog, giving us a solid foundation for sustained growth.”

Revenue Growth Driven by Record Services Performance

Bombardier reported revenues of $2.15 billion for the second quarter of 2026, up 6% year-over-year, driven by a record Services contribution and 32 aircraft deliveries. The company’s Services business delivered another standout quarter in Q2 2026 with an increase in revenues of 14% year-over-year, totaling $674 million. Reflecting the strength of this growing business and Bombardier’s continued commitment to its global aftermarket network, the company recently announced the expansion of its Singapore Service Centre, which is expected to nearly double the facility’s capacity when operations begin in the second half of 2028⁽⁸⁾.

Demand – specifically for the Global 8000 aircraft – drove a unit book-to-bill⁽⁶⁾ of 1.5x for the quarter. Backlog⁽⁵⁾ reached $21.8 billion as at June 30, 2026, increasing by an impressive $4.3 billion compared with year-end 2025.

Strong Free Cash Flow⁽¹⁾ Generation and Solid Earnings Performance

Free cash flow⁽¹⁾ for the second quarter of 2026 reached $228 million, an improvement of $392 million compared to $164 million cash flow usage recorded in the second quarter of 2025. This strong performance was driven by a significant improvement in cash flows from operating activities⁽⁴⁾, which reached $338 million, compared to cash flow usage of $128 million in the prior-year period.

Net additions to PP&E and intangible assets⁽³⁾ came in at $110 million, increasing by $74 million year-over-year.

Bombardier reported net income⁽⁴⁾ of $191 million, compared to $193 million in the prior-year period. Adjusted net income⁽¹⁾ reached $257 million, up $140 million from the same quarter in 2025. Adjusted EPS⁽²⁾ reached $2.50, while diluted EPS⁽⁴⁾ was $1.84.

The company generated adjusted EBITDA⁽¹⁾ of $325 million in the quarter, increasing 9% year-over-year, while adjusted EBITDA margin⁽²⁾ expanded by 50 basis points to 15.1%. Reported EBIT reached $225 million, resulting in an EBIT margin⁽³⁾ of 10.5%, an increase of 40 basis points year-over-year.

Continued Debt Reduction and Strong Liquidity

Bombardier maintained a strong financial position during the quarter, with available liquidity⁽¹⁾ of approximately $1.9 billion and cash and cash equivalents of $1.5 billion as at June 30, 2026. During the quarter, the company continued to optimize its balance sheet through the full repayment of all outstanding $750 million 7.50% Senior Notes due 2029, the repayment of all outstanding $150 million CAD 7.35% debentures due December 2026 ($106 million), funded through a combination of cash on hand and the issuance of a $500 million 5.875% new Senior Notes due 2035, resulting in a net debt reduction of $356 million⁽⁷⁾.

Debt reduction of more than $1.1 billion year-to-date reduced the company’s adjusted net debt to adjusted EBITDA ratio⁽²⁾ to 1.6x as at June 30, 2026, nearing its target of approximately 1.5x⁽⁸⁾. Bombardier’s next debt matures in November 2030. Today, the company announced a new $750 million five-year secured revolving credit facility with a broad syndicate of leading financial institutions. The facility replaces Bombardier’s existing $450 million revolving credit facility, enhancing financial flexibility and supporting its long-term growth strategy.

⁽¹⁾	_{Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation’s interim financial report for the quarter ended June 30, 2026 ("MD&A") for definitions of these metrics and reconciliations to the most comparable IFRS measures.}
⁽²⁾	_{Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.}
⁽³⁾	_{Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.}
⁽⁴⁾	_{Only from continuing operations.}
⁽⁵⁾	_{Represents order backlog for both manufacturing and Services.}
⁽⁶⁾	_{Defined as net new aircraft orders in units over aircraft deliveries in units.}
⁽⁷⁾	_{Debt reduction based on notional amount.}
⁽⁸⁾	_{Forward-looking statement. See the Forward-looking statements disclaimer in this press release and the Forward-looking statements - Assumptions section of the Management Discussion & Analysis of the Corporation's interim financial report for the quarter ended March 31, 2026 for details of some of the material assumptions on which the 2026 Guidance is based.}

SELECTED RESULTS

Results of the quarter
Three-month periods ended June 30		2026				2025		Variance
Revenues	$	2,150			$	2,028			6	%
Adjusted EBITDA⁽¹⁾	$	325			$	297			9	%
Adjusted EBITDA margin⁽²⁾		15.1	%			14.6	%	50 bps
Adjusted EBIT⁽¹⁾	$	225			$	205			10	%
Adjusted EBIT margin⁽²⁾		10.5	%			10.1	%	40 bps
EBIT	$	225			$	205			10	%
EBIT margin⁽³⁾		10.5	%			10.1	%	40 bps
Net income⁽⁴⁾	$	191			$	193		$	(2	)
Diluted EPS (in dollars)⁽⁴⁾	$	1.84			$	1.87		$	(0.03	)
Adjusted net income⁽¹⁾	$	257			$	117		$	140
Adjusted EPS (in dollars)⁽²⁾	$	2.50			$	1.11		$	1.39
Cash flows from operating activities⁽⁴⁾	$	338			$	(128	)	$	466
Net additions to PP&E and intangible assets⁽³⁾	$	(110	)		$	(36	)	$	(74	)
Free cash flow (usage)⁽¹⁾	$	228			$	(164	)	$	392

As at	June 30, 2026			December 31, 2025				Variance
Cash and cash equivalents	$	1,454			$	2,175		(33		)%
Available liquidity⁽¹⁾	$	1,897			$	2,540		(25		)%
Order backlog (in billions of dollars)⁽⁵⁾	$	21.8			$	17.5			25	%

bps: basis points

⁽¹⁾	_{Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.}
⁽²⁾	_{Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.}
⁽³⁾	_{Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures section of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.}
⁽⁴⁾	_{Only from continuing operations.}
⁽⁵⁾	_{Represents order backlog for both manufacturing and Services.}

About Bombardier

At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.

For them, we are committed to pioneering the future of aviation—innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.

Bombardier customers operate a fleet of more than 5,200 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service centres across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.

For Information

For corporate news and information, including Bombardier’s Sustainability report, as well as the company’s initiative to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book-and-Claim system visit bombardier.com.

Learn more about Bombardier’s industry-leading products and customer service network at bombardier.com. Follow us on X @Bombardier.

Bombardier and Global 8000 are trademarks of Bombardier Inc. or its subsidiaries.

Media Contacts
General media contact webform

Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 954-1715	Mark Masluch Senior Director, Communications Bombardier +1 514 855-7167

The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:

Non-GAAP and Other Financial Measures
Non-GAAP Financial Measures
Adjusted EBIT		EBIT excluding certain items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims.
Adjusted EBITDA		Adjusted EBIT plus amortization charges on PP&E and intangible assets.
Adjusted net income (loss)		Net income (loss) from continuing operations excluding restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligations, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items.
Free cash flow (usage)		Cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets.
Available liquidity		Cash and cash equivalents, plus undrawn amounts under credit facilities.
Non-GAAP Financial Ratios
Adjusted EPS		EPS calculated based on adjusted net income attributable to common equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Adjusted EBIT margin		Adjusted EBIT, as a percentage of total revenues.
Adjusted EBITDA margin		Adjusted EBITDA, as a percentage of total revenues.
Adjusted net debt to adjusted EBITDA ratio		Adjusted net debt divided by adjusted EBITDA.
Supplementary Financial Measures
EBIT margin		EBIT, as a percentage of total revenues.
Net additions to PP&E and intangible assets		Additions to PP&E and intangible assets less proceeds from disposals of PP&E and intangible assets.

Non-GAAP and other financial measures are measures mainly derived from the consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring.

Adjusted EBIT
Adjusted EBIT is defined as the EBIT excluding certain items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. Management uses adjusted EBIT for purposes of evaluating underlying business performance. Management believes presentation of this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBITDA
Adjusted EBITDA is defined as the EBIT excluding restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, and amortization charges on PP&E and intangible assets. Management uses adjusted EBITDA for purposes of evaluating underlying business performance. Management believes this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business, since it excludes the effects of items that are usually associated with investing or financing activities and items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted net income (loss)
Adjusted net income (loss) is defined as the net income (loss) from continuing operations adjusted for certain specific items that are significant but are not, based on management’s judgment, reflective of the Corporation’s underlying operations. These include adjustments related to restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligations, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. Management uses adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes this non-GAAP earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted net income (loss) excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

⁽¹⁾	_{Includes severance charges or related reversal, as well as curtailment losses (gains), if any.}
⁽²⁾	_{Includes changes in provisions related to past divestitures.}
⁽³⁾	_{Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any.}

Free cash flow (usage)
Free cash flow (usage) is defined as cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.

Available liquidity
Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation’s ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

Adjusted EPS
Adjusted EPS is defined as the adjusted net income (loss) attributable to common equity holders of Bombardier Inc., divided by the weighted-average diluted number of common shares for the period. Management uses adjusted EPS for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EPS excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBIT margin
Adjusted EBIT margin is defined as the adjusted EBIT expressed as a percentage of total revenues. Management uses adjusted EBIT margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBITDA margin
Adjusted EBITDA margin is defined as the adjusted EBITDA expressed as a percentage of total revenues. Management uses adjusted EBITDA margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBITDA margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted net debt to adjusted EBITDA ratio
Management uses adjusted net debt to adjusted EBITDA ratio as a useful credit measure for purposes of measuring the Corporation’s ability to service its debt and other long-term obligations. This non-GAAP financial ratio does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

Reconciliation of adjusted EBIT to EBIT and computation of adjusted EBIT margin
	Three-month periods ended June 30						Six-month periods ended June 30
		2026			2025			2026			2025
EBIT	$	225		$	205		$	392		$	382
Adjusted EBIT	$	225		$	205		$	392		$	382
Total revenues	$	2,150		$	2,028		$	3,749		$	3,550
Adjusted EBIT margin		10.5	%		10.1	%		10.5	%		10.8	%

Reconciliation of adjusted EBITDA to EBIT and computation of adjusted EBITDA margin
	Three-month periods ended June 30						Six-month periods ended June 30
		2026			2025			2026			2025
EBIT	$	225		$	205		$	392		$	382
Amortization		100			92			179			163
Adjusted EBITDA	$	325		$	297		$	571		$	545
Total revenues	$	2,150		$	2,028		$	3,749		$	3,550
Adjusted EBITDA margin		15.1	%		14.6	%		15.2	%		15.4	%

Reconciliation of adjusted net income to net income and computation of adjusted EPS
	Three-month periods ended June 30
		2026						2025
	(per share)					(per share)
Net income from continuing operations	$	191					$	193
Adjustments to net financing expense related to:
Net gain on certain financial instruments		(2	)	(0.02	)			(128	)	(1.28	)
Accretion on net retirement benefit obligations		5		0.05				8		0.08
Losses on repayments of long-term debt		64		0.64				44		0.44
Changes in discount rates of provisions		(1	)	(0.01	)			—		0.00
Adjusted net income		257						117
Preferred share dividends, including taxes		(7	)					(7	)
Adjusted net income attributable to common equity holders of Bombardier Inc.	$	250					$	110
Weighted-average diluted number of common shares (in thousands)		99,932						99,511
Adjusted EPS (in dollars)	$	2.50					$	1.11

Reconciliation of adjusted EPS to diluted EPS (in dollars)
Three-month periods ended June 30
		2026			2025
Diluted EPS from continuing operations	$	1.84		$	1.87
Adjustments to net financing expense related to:
Net gain on certain financial instruments		(0.02	)		(1.28	)
Accretion on net retirement benefit obligations		0.05			0.08
Losses on repayments of long-term debt		0.64			0.44
Changes in discount rates of provisions		(0.01	)		0.00
Adjusted EPS	$	2.50		$	1.11

Reconciliation of adjusted net income to net income and computation of adjusted EPS
	Six-month periods ended June 30
		2026						2025
	(per share)					(per share)
Net income from continuing operations	$	244					$	237
Adjustments to net financing expense related to:
Net loss (gain) on certain financial instruments		27		0.27				(132	)	(1.33	)
Accretion on net retirement benefit obligations		10		0.10				14		0.14
Losses on repayments of long-term debt		166		1.66				66		0.66
Changes in discount rates of provisions		(1	)	(0.01	)			—		0.00
Adjusted net income		446						185
Preferred share dividends, including taxes		(14	)					(14	)
Adjusted net income attributable to common equity holders of Bombardier Inc.	$	432					$	171
Weighted-average diluted number of common shares (in thousands)		100,172						99,779
Adjusted EPS (in dollars)	$	4.31					$	1.71

Reconciliation of adjusted EPS to diluted EPS (in dollars)
Six-month periods ended June 30
		2026			2025
Diluted EPS from continuing operations	$	2.29		$	2.24
Adjustments to net financing expense related to:
Net loss (gain) on certain financial instruments		0.27			(1.33	)
Accretion on net retirement benefit obligations		0.10			0.14
Losses on repayments of long-term debt		1.66			0.66
Changes in discount rates of provisions		(0.01	)		0.00
Adjusted EPS	$	4.31		$	1.71

Reconciliation of free cash flow (usage) to cash flows from operating activities
	Three-month periods ended June 30						Six-month periods ended June 30
		2026			2025			2026			2025
Cash flows from operating activities - continuing operations	$	338		$	(128	)	$	731		$	(399	)
Net additions to PP&E and intangible assets		(110	)		(36	)		(143	)		(69	)
Free cash flow (usage)	$	228		$	(164	)	$	588		$	(468	)

Reconciliation of available liquidity to cash and cash equivalents
As at	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,454		$	2,175
Undrawn amounts under available revolving credit facility⁽¹⁾		443			365
Available liquidity	$	1,897		$	2,540

Reconciliation of adjusted net debt to long-term debt and computation of adjusted net debt to adjusted EBITDA ratio
Four-quarter trailing periods ended
	June 30, 2026		December 31, 2025
Long-term debt⁽²⁾	$	4,053		$	5,154
Less: Cash and cash equivalents		1,454			2,175
Adjusted net debt	$	2,599		$	2,979
Adjusted EBITDA	$	1,585		$	1,559
Adjusted net debt to adjusted EBITDA ratio		1.6			1.9

⁽¹⁾	_{A committed secured revolving credit facility of $450 million which matures in 2029 and is available for cash drawings for the ongoing working capital needs of the Corporation and for issuance of performance letters of credit. This facility was undrawn as at June 30, 2026 and the availability as at such date was $443 million based on the collateral, which may vary from time to time.}
⁽²⁾	_{Includes current portion of long-term debt.}

FORWARD-LOOKING STATEMENTS DISCLAIMER

This press release contains forward-looking statements intended to assist investors in understanding our objectives, strategies, and future prospects, which may involve but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of our industry; customer value; expected demand for products and services; growth strategies including, potential revenues and year-over-year growth generated therefrom; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, credit ratings, available liquidities and capital resources, expected financial requirements, capital allocation and deployment of excess liquidity and ongoing review of strategic and financial alternatives; the introduction and anticipated results of productivity enhancements and profitability initiatives, operational efficiencies optimizing the use of our manufacturing and services facilities, cost reduction and potential future restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government assistance programs; the impact of new, or exacerbation of existing global health, geopolitical or military events, or international trade disputes or renegotiation of existing trade arrangements, on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following: alignment of production rates to market demand, including the supply base supporting our product development and production rates in a commercially acceptable and timely manner; deployment and execution of growth strategies, including our Services, Pre-owned and Defense businesses; and mitigation of international trade disputes and protection measures (including tariffs), changes to existing trade agreements. For additional information about these and other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements - Assumptions section in the Management Discussion & Analysis of the Corporation’s interim financial report for the quarter ended March 31, 2026. Given the impact of the changing circumstances surrounding new or continuing global health, geopolitical and military events, and new or threatened international protectionist trade policies or measures, as well as the related response from the Corporation, governments (federal, provincial and municipal, both domestic, foreign and multinational inter-governmental organizations), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is an inherently higher degree of uncertainty associated with the Corporation’s assumptions.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: operational risks (such as risks related to business development and growth; order backlog; deployment and execution of our strategy, including cost reductions and working capital improvements and manufacturing and productivity enhancement initiatives; developing new products and services, including technological innovation and disruption; the certification of products and services; pressures meeting aircraft delivery schedules and on cash flows and capital expenditures, including due to seasonality and cyclicality; doing business with partners; product performance warranty and casualty claim losses; environmental, health and safety concerns and regulations; dependence on a limited number of contracts, customers and suppliers; supply chain risks; human resources risks including the departure of senior executives, the global availability of a skilled workforce, and the failure to attract and retain quality employees; reliance on information systems (including technology vulnerabilities, cybersecurity threats and privacy breaches); reliance on and protection of intellectual property rights; reputation risks; scrutiny and perception gaps regarding sustainability and corporate social responsibility matters; adequacy of insurance coverage; acquisitions; risk management; and tax matters); financing risks (such as risks related to liquidity and access to capital markets; substantial debt and interest payment requirements, including execution of debt management and interest cost reduction strategies; restrictive and financial debt covenants; retirement benefit plan risk; exposure to credit risk; and availability of government support); risks related to regulatory and legal proceedings, as well as changes in laws and regulations; risks associated with general economic conditions and disruptions, both regionally and globally, that may impact our sales and operations; business environment risks (such as risks associated with the financial condition of business aircraft customers; trade policy; governmental disruptions; increased competition; political instability and geopolitical tensions; financial and economic sanctions and trade control limitations; global climate change; and force majeure events); market risks (such as foreign currency fluctuations and changing interest rates, including our ability to hedge exposures thereto; increases in commodity prices; and inflation); and other unforeseen adverse events. For more details, refer to the Risks and uncertainties section in Other in the MD&A and in the Management Discussion & Analysis of the Corporation’s Financial Report for the fiscal year ended December 31, 2025. Any one or more of the foregoing factors may be exacerbated by new or continuing global health, geopolitical or military events, or new or exacerbated international trade disputes or renegotiation of existing trade arrangements, which may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this press release and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Any financial outlook provided herein is for the purpose of assisting investors in understanding management’s objectives and may not be appropriate for other purposes.

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