Exchange Income (EIF) investor relations material

Executive summary

• Achieved record results in every key metric for Q1 2026, including revenue, Adjusted EBITDA, Net Earnings, and Free Cash Flow, demonstrating resilience amid macro volatility and rising fuel prices.

• Strong momentum across all business lines, with particular strength in Aerospace & Aviation and robust demand in manufacturing segments.

• Diversified portfolio and essential-service businesses provided stability amid volatile market conditions.

• Strengthened balance sheet with expanded credit facility, investment grade rating, and successful senior unsecured notes issuance.

• Expanded executive team and realigned roles to support future growth and integration.

Financial highlights

• Q1 2026 revenue rose 30% year-over-year to CAD 867 million.

• Adjusted EBITDA increased 28% to CAD 166 million; adjusted net earnings up 139% to CAD 34 million.

• Net earnings surged 287% to CAD 28 million; EPS up 257% to CAD 0.50.

• Free cash flow reached CAD 120 million, up 48%; free cash plus maintenance CapEx at CAD 41 million, up 61%.

• Dividends declared increased 16% to CAD 38.8 million; dividends per share up 5%.

Outlook and guidance

• Fiscal 2026 Adjusted EBITDA guidance reaffirmed at CAD 825–875 million, now expected near the upper end; may be revisited if current strength persists.

• Strong pipeline of organic and acquisition opportunities supports positive outlook.

• Aerospace & Aviation segment expected to deliver strong growth through 2026, driven by acquisitions, contract expansions, and new business lines.

• Manufacturing segment anticipated to see stronger revenue and profitability in Q2 and beyond, with robust demand and backlog.

• Growth CapEx in manufacturing to be higher in 2026, mainly due to new plant investments and fleet expansion.