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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Exchange Income
Exchange Income (EIF) investor relations material
Exchange Income Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary12 Aug, 2026
Executive summary
Achieved record second quarter results across all key financial metrics, including revenue, adjusted EBITDA, net earnings, adjusted net earnings, free cash flow, and per share amounts, with strong year-over-year performance despite a 10% increase in shares outstanding from prior convertible debenture conversions.
Updated 2026 guidance for adjusted EBITDA to CAD 890–920 million, reflecting increased confidence in business outlook and strong momentum in both Aerospace & Aviation and Manufacturing segments.
Announced an annualized dividend increase from CAD 2.76 to CAD 2.88 per share, supported by lower payout ratios and robust free cash flow.
Strategic contracts secured in aerospace, including the Future Aircrew Training program and Air Greenland ISR aircraft modification.
Financial highlights
Q2 revenue reached CAD 952 million, up 32% year-over-year; adjusted EBITDA was CAD 226 million, up 28%.
Net earnings for Q2 were CAD 57 million (up 42%), with adjusted net earnings at CAD 64 million (up 35%).
Net earnings per share reached CAD 1.01, up 29% year-over-year; adjusted net earnings per share at CAD 1.13, up 23%.
Free cash flow for Q2 was CAD 161 million (up 30%), and free cash flow less maintenance CapEx was CAD 75 million (up 30%).
Aggregate leverage at 2.82x, near historic lows, with over CAD 2 billion in available liquidity.
Outlook and guidance
2026 adjusted EBITDA guidance raised to CAD 890–920 million, reflecting strong Q2 and positive outlook for H2.
Third quarter expected to be seasonally strongest, with further working capital investment; normalization anticipated in Q4.
Management remains bullish on long-term prospects, citing exposure to favorable secular trends and a strong acquisition pipeline.
Aerospace & Aviation segment to see continued growth from new contracts, expanded Air Canada agreement, and medevac services.
Manufacturing segment expects continued momentum, especially in Environmental Access Solutions and Precision Manufacturing.
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Latest events from Exchange Income
- Record Q3 results; FY2026 outlook raised and FY2027 EBITDA guidance set at C$1.0B–C$1.06B.EIF
Q3 2026 - Record Q1 revenue and EBITDA growth, with guidance raised and liquidity enhanced.EIFQ1 2026
- Record financial results, robust growth outlook, and strengthened capital structure.EIFQ4 2025
- Record Q3 results, dividend hike, and simplified capital structure support future growth.EIFQ3 2025
- Record Q2, Canadian North acquisition, and raised 2025 guidance drive strong outlook.EIFQ2 2025
- Record Q3 revenue and EBITDA, driven by aviation growth and US expansion via Spartan acquisition.EIFQ3 2024
- Record Q2 results and strong Aerospace & Aviation growth support raised 2024 EBITDA outlook.EIFQ2 2024
- Record Q1 results, double-digit growth, and strong 2025 outlook with robust liquidity.EIFQ1 2025
- Record results and robust outlook fueled by aviation growth, acquisitions, and strong cash flow.EIFQ4 2024
Next Exchange Income earnings date
Q3 202613 Nov, 2026
Exchange Income
Next Exchange Income earnings date
Q3 202613 Nov, 2026
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Frequently asked questions
Exchange Income Corporation engages in aerospace and aviation services and equipment, and manufacturing businesses worldwide. The company offers commercial landing service for the transportation of goods, construction materials, and personnel on runways and helipads; and rental of helicopters, pilots, maintenance crew, rigging equipment and ground support services. It also provides air ambulance services; aircraft sales, leasing and charter services; installation of aerial advertising services; precision farming equipment; agricultural sprayer, articulated tractor with sprayer attachment, fertilizer spreader, tillage tools; aerial broadcasting operations; aircraft parts sales; aircraft engine repairs; snow removal operation; installation of hoarding displays for sports events, corporate events and movie locations; and business consulting.