Exchange Income (EIF) Q3 2026 earnings summary

Executive summary

• Q3 revenue was C$1,057.448M and Adjusted EBITDA C$287.703M, both quarterly records; net earnings were C$95.626M and Adjusted Net Earnings C$102.2M.

• FY2026 Adjusted EBITDA is expected at or above the prior C$890M–C$920M range; FY2027 guidance is C$1.0B–C$1.06B.

Financial highlights

• Q3 revenue rose 10% YoY to C$1,057.448M and Adjusted EBITDA rose 25% to C$287.703M; nine-month revenue increased 22% to C$2,876.190M and Adjusted EBITDA 26% to C$680.019M.

• Q3 net earnings rose 39% to C$95.626M; basic EPS was C$1.70. Adjusted Net Earnings rose 35% to C$102.2M, with adjusted basic EPS of C$1.81.

• Q3 Free Cash Flow was C$219.3M, up 28%, and Free Cash Flow less Maintenance Capital Expenditures was C$115.1M, up 31%.

• Nine-month net earnings increased 56% to C$180.443M; Adjusted Net Earnings rose 46% to C$200.0M and Free Cash Flow rose 33% to C$500.3M.

Outlook and guidance

• FY2026 Adjusted EBITDA is expected at or above the top of the prior C$890M–C$920M range, following four upward guidance revisions during the year.

• FY2027 Adjusted EBITDA guidance is C$1.0B–C$1.06B, based on announced contractual wins and existing contracts expected to renew; it excludes potential future contracts and acquisitions.

• FY2027 growth is expected to be substantially organic; guidance excludes unannounced contract wins and significant Growth Capital Expenditures for new opportunities.

• The 25-year RCAF FaCT program is expected to ramp in FY2027, with no material contribution expected in 2026; its C$750M contract was finalized in Q4 2026.