Bombardier (BBD-B) investor relations material

Executive summary

• Q2 2025 revenues were $2.0B–$2.03B, down 8% year-over-year, with 36 aircraft delivered and services contributing $590M, up 16% year-over-year.

• Net income surged to $193M from $19M year-over-year, with diluted EPS rising to $1.87; adjusted EBITDA was $297M (14.6% margin), down from $335M.

• Backlog reached a record $16.1B, driven by a major 50-aircraft order and 70 options from a new customer.

• Free cash flow usage was $164M, mainly due to inventory build for higher H2 deliveries.

• Credit rating upgrades from S&P and Moody’s; $500M in Senior Notes refinanced to 2033.

Financial highlights

• Q2 revenue: $2.0B–$2.03B, down 8% year-over-year; services revenue up 16% to $590M, representing 29% of total.

• Adjusted EBITDA: $297M (14.6% margin), down $38M year-over-year; adjusted EBIT: $205M (10.1% margin), up 30 bps.

• Net income: $193M; adjusted net income: $111M–$117M; adjusted EPS: $1.04–$1.11.

• Free cash flow usage: $164M, up from $68M year-over-year.

• Order backlog at $16.1B, up $1.7B–$1.9B since year-end 2024.

Outlook and guidance

• On track to meet or exceed 2025 full-year guidance, with stronger H2 expected from higher deliveries and improved mix.

• Anticipates over $1B in EBITDA in H2, with more large and defense aircraft deliveries.

• Free cash flow expected at the higher end of guidance if strong order activity continues.

• Global 8,000 deliveries to begin in H2, with margin accretive impact.

• First-half aircraft deliveries (59 units) consistent year-over-year, supporting confidence in year-end targets.