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Exchange Income (EIF) investor relations material
Exchange Income Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record quarterly results for revenue, adjusted EBITDA, net earnings, adjusted net earnings, and free cash flow for Q3 2025, driven by business model diversification, acquisitions, and strong demand.
Integration of Canadian North acquisition is progressing well, strengthening the company's position in Northern Aviation and providing new growth opportunities.
Increased annual dividend by 5% to $2.76 per share, reflecting strong profitability and free cash flow growth, and aligning with the goal of reducing payout ratios.
Completed redemption of all convertible debentures, simplifying the capital structure and increasing equity by over $200 million year-to-date.
Balance sheet is simplified and delevered, with leverage at historic lows and significant liquidity available for future growth.
Financial highlights
Q3 2025 revenue reached $960 million, up 35% year-over-year; adjusted EBITDA was $231 million, up 20%; net earnings were $69 million, up 23%.
Adjusted net earnings were $76 million, up from $61 million in the prior year; EPS increased to $1.32 from $1.18.
Free cash flow was $171 million, with free cash flow per share rising to $3.30.
Maintenance CapEx for the quarter was $83 million, up from $55 million, reflecting Canadian North integration and policy changes.
Growth CapEx was $128 million, mainly for Carson Air, Canadian North hangar, and aircraft sales and leasing.
Outlook and guidance
2026 adjusted EBITDA guidance set at $825 million–$875 million, excluding new acquisitions or major contract wins.
2025 adjusted EBITDA guidance reaffirmed at $725 million–$765 million, with a bias to the midpoint.
Growth in 2026 expected to be driven primarily by the aviation segment, with manufacturing contributing modestly.
Guidance does not include upside from potential defense, critical minerals, or infrastructure contracts; these would be additive.
Management remains confident in growth opportunities across both operating segments.
Canadian North charter business strategy
ISR business growth beyond 2026 guidance
Manufacturing segment margin recovery drivers
Evaluate Canadian North charter business strategy
What drives window business return to normal?
ISR opportunities beyond Australia and UK
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Next Exchange Income earnings date
Q4 202520 Feb, 2026
Next Exchange Income earnings date
Q4 202520 Feb, 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.
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