Exchange Income (EIF) Q1 2026 earnings summary

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.

• 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.

• Strategic C-suite appointments and expanded roles to support ongoing growth and maintain unique corporate culture.

Financial highlights

• Q1 2026 revenue rose 30% year-over-year to CAD 867 million; adjusted EBITDA up 28% to CAD 166 million.

• Adjusted net earnings increased 139% to CAD 34 million; net earnings up 287% to CAD 28 million.

• Free Cash Flow hit CAD 120 million, up 48%; Free Cash Flow less Maintenance CapEx was CAD 41 million, up 61%.

• EPS: CAD 0.61 (adjusted, +118%) and CAD 0.50 (reported, +257%); free cash flow per share up 33% to CAD 2.14.

• Weighted average shares outstanding increased 11% due to debenture conversions and acquisitions.

Outlook and guidance

• Fiscal 2026 Adjusted EBITDA guidance reaffirmed at CAD 825–875 million, with expectations now biased toward the upper end.

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

• Aerospace & Aviation segment projected to see continued growth from acquisitions, contract expansions, and new Medevac operations.

• Manufacturing segment expected to deliver stronger results sequentially, driven by robust demand in environmental access and precision manufacturing.

• Growth CapEx in manufacturing to be higher in 2026, mainly due to new U.S. composite plant and Canadian rental fleet investments.