Earnings release
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November05,2026 FinancialResults BOMBARDIERDELIVERSSTRONGTHIRDQUARTERPERFORMANCEACROSSKEYMETRICSANDFURTHERRAISES2026FREECASHFLOWGUIDANCE AllamountsinthispressreleaseareinU.S.dollars,unlessotherwiseindicated.Amountsintablesareinmillionsexceptpershareamounts,unlessotherwiseindicated. BombardierInc.(TSX:BBD.B)todayannouncedstrongfinancialresultsforthethirdquarterof2026,deliveringhigherrevenuesfueledbyanalltimehighfortheServicesbusiness,strongprofitabilitystemmingfromcontinuedexecution,andcontinuedstrongfreecashflowgeneration.Giventhemomentumandresults,thecompanyisfurtherraising2026guidanceforfreecashflow,whilereaffirmingallotherguidancemetrics. “Bombardierʼsrobustthirdquarterresultsreflectasolidteameffortthatdeliveredhigherprofitabilityandyetanotherraisingoffreecashflowguidance,bothofwhicharestrongindicatorsofourfoundationalstrengthandresilience.Weareenteringthefinalstretchof2026withahealthybacklog,strongdemandandsolidvisibilityonallremainingdeliveries,”saidÉricMartel,PresidentandChiefExecutiveOfficer,Bombardier.“Surpassing$700millioninquarterlyServicesrevenuesforthefirsttimereflectsateamthatisdeliveringonitsmissiontoconsistentlyandrelentlesslyplacethecustomerattheheartofeverythingwedo,throughourgrowingservicenetwork,whichwasrecentlyvotedNo.1yetagain,aswellasthroughoutourentirecompanyculture.” RevenueGrowthDrivenbyRecordServicesPerformance Bombardierreportedrevenuesof$2.4billioninthethirdquarter,up3%year-over-year,supportedby33aircraftdeliveriesandrecord-settingServicesrevenueof$701million.Servicesrevenueincreased19%year-over-year,drivenbycontinuednetworkgrowthandastrongfocusoncustomerexperience,reflectedinBombardier'sNo.1rankinginleading-industryproductsupportsurveysforanotheryear. ThequarteralsounderscoredgrowingmomentumforBombardierʼsdefensemarket.Inadditiontosolid,in-quarteractivity,thecompanyʼslonger-termpipelinestandstobenefitfromkeydevelopmentsforlongtimepartnerSaab,includingNATOselectingtheGlobalEyesolutionaswellastheCanadiangovernmentselectingthesameplatformforitsdefenseneeds. Sustaineddemanddroveaunitbook-to-bill of1.7xforthequarter.Backlogreached$22.2billionasatSeptember30,2026,increasingby$4.7billioncomparedwithyear-end2025. StrongCashGenerationandSolidProfitability Freecashflowreached$183millioninthethirdquarter,a20%increaseyear-over-year,reflectingstrongdemandacrossthebusinessandsustainedordermomentum.Cashflowsfromoperatingactivitiestotaled$259million,a36%increasefromtheprior-yearperiod,whilenetadditionstoPP&Eandintangibleassetsamountedto$76million,demonstratingthecompany'sabilitytogeneratestrongcashflowwhilecontinuingtoinvestinfuturegrowth. Bombardiercontinuedtodeliversolidprofitabilityinthethirdquarter,withgrowthacrosskeyearningsmetrics.AdjustedEBITDAincreased7%year-over-yearto$382million,whileadjustedEBITDAmarginexpandedto16.1%,up70basispoints Revenuesgrew3%year-over-yearto$2.4billion,including$701millionfortheServicesbusiness.Aircraftdeliveriestotaled 33. AdjustedEBITDAincreased7%year-over-yearto$382million.AdjustedEBITDAmarginwas16.1%comparedto15.4% ayearago.ReportedEBITwas$266millionup17%fromthethirdquarterof2025,withanEBITmarginof11.2%,a140 basis-pointincreasefromtheprior-yearperiod. (1) (2) (3) Adjustednetincomeincreased41%to$182million.Reportednetincometotaled$81million,downby5%compared to$85millionintheprior-yearperiod.AdjustedEPSwas$1.72anddilutedEPSwas$0.73. (1) (4) (2) (4) Freecashflowreached$183millionforthequarter,reflectinganimprovementof20%comparedtothirdquarterof 2025.Cashflowsfromoperatingactivitiestotaled$259million,a36%increasefromtheprior-yearperiod,whilenet additionstoPP&Eandintangibleassetswereat$76million. (1) (4) (3) BacklogasatSeptember30,2026,reached$22.2billion,reflectingaunitbook-to-bill(6)of1.7xforthequarter.(5) Availableliquiditytotaledapproximately$2.4billion;cashandcashequivalentswere$1.6billionasatSeptember 30,2026. (1) TheCorporationfurtherraises2026freecashflowguidancetogreaterthan$1.3billion,reaffirmsguidanceonotherkey metrics. (1) (7) TheCorporationannouncesthatitwillhostanInvestorDayonFebruary18,2027. (1) (1) (7) (8) (6) (5) (1) (4) (3) (1) (2) 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 1/6
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comparedto15.4%ayearago.ReportedEBITwas$266million,up17%fromthesamequarterin2025.ReportedEBITmarginincreasedby140basispointsfromtheprior-yearperiod,reflectingcontinuedprogressinthecompanyʼsearningsperformance. Thestrongearningsperformancealsotranslatedtothebottomline.Adjustednetincomeincreased41%to$182million,whilereportednetincometotaled$81million,5%lowerfromthesamequarterlastyear.AdjustedEPSroseto$1.72from$1.21ayearago,whiledilutedEPSwas$0.73,comparedwith$0.77inthethirdquarterof2025. ContinuingtoBuildaStrongerBalanceSheet Bombardierendedthequarterwithapproximately$2.4billionofavailableliquidity,including$1.6billionofcashandcashequivalentsasatSeptember30,2026.Thestrongfinancialperformancesincethestartoftheyear,combinedwithreducingdebtby$1.1billionyear-to-date,enabledthecompanytoachieveitstargetadjustednetdebttoadjustedEBITDAratioof1.5xatquarterend. 2026GuidanceUpdate 2025results 2026GuidanceprovidedinourQ1-2026QuarterlyReport 2026Guidanceupdate Aircraftdeliveries(inunits) 157 >157 >157 Revenues $9.55million >$10.0billion >$10.0billion AdjustedEBITDA $1,559million >$1,625million >$1,625million EBIT $1,108million n/a n/a Freecashflow $1,072million >$1.0billion >$1.3billion Cashflowsfromoperatingactivities $1,225million n/a n/a NetadditionstoPP&Eandintangibleassets $153million n/a n/a Followingastrongperformanceyear-to-dateandconfidenceinthebusinessoutlook,Bombardierisraisingits2026freecashflowguidanceforasecondtimethisyear.Freecashflowisnowexpectedtobegreaterthan$1.3billionforthefullyear.GuidanceforallotherkeyfinancialmetricsremainsunchangedfromtheupdatedguidanceissuedonApril30,2026.NetadditionstoPP&Eandintangibleassetsareexpectedtobeapproximately$300million. Bombardierwillhostanin-personInvestorDayonFebruary18,2027,whereitwillprovideanupdateonitsstrategicprioritiesandoutlookforthecomingyears.Furtherdetailsoneventtimingandlocationwillbecommunicatedinthecomingweeks. Non-GAAPfinancialmeasure.Anon-GAAPfinancialmeasureisnotastandardizedfinancialmeasureunderthefinancialreportingframeworkusedtoprepareourfinancialstatementsandmightnotbecomparabletosimilarfinancialmeasuresusedbyotherissuers.RefertothesectionentitledCautionregardingnon-GAAPandotherfinancialmeasuresofthispressreleaseandtotheNon-GAAPandotherfinancialmeasuressectionintheManagementDiscussion&AnalysisoftheCorporationʼsinterimfinancialreportforthequarterendedSeptember30,2026("MD&A")fordefinitionsofthesemetricsandreconciliationstothemostcomparableIFRSmeasures.Non-GAAPfinancialratio.Anon-GAAPfinancialratioisnotastandardizedfinancialmeasureunderthefinancialreportingframeworkusedtoprepareourfinancialstatementsandmightnotbecomparabletosimilarfinancialmeasuresusedbyotherissuers.RefertothesectionentitledCautionregardingnon-GAAPandotherfinancialmeasuresofthispressreleaseandtotheNon-GAAPandotherfinancialmeasuressectionintheMD&AfordefinitionsofthesemetricsandreconciliationstothemostcomparableIFRSmeasures.Supplementaryfinancialmeasure.RefertothesectionentitledCautionregardingnon-GAAPandotherfinancialmeasuresofthispressreleaseandtotheNon-GAAPandotherfinancialmeasuressectionintheMD&Afordefinitionsofthesemetrics.Onlyfromcontinuingoperations.RepresentsorderbacklogforbothmanufacturingandServices.Definedasnetnewaircraftordersinunitsoveraircraftdeliveriesinunits.Forward-lookingstatement.SeetheForward-lookingstatementsdisclaimerinthispressreleaseandtheForward-lookingstatements-AssumptionssectionoftheMD&Afordetailsofsomeofthematerialassumptionsonwhichthe2026Guidanceisbased.Bombardierranked#1inAINʼs2024,2025and2026ProductSupportSurveyandProfessionalPilotMagazine's2025and2026CorporateAircraftManufacturersProductSupportSurvey.RefertotheManagementDiscussion&AnalysisoftheCorporationʼsfinancialreportforthefiscalyearendedDecember31,2025("2025FinancialReport")andtheManagementDiscussion&AnalysisoftheCorporationʼsinterimfinancialreportforthequarterendedMarch31,2026forfurtherdetails. AboutBombardier AtBombardier(BBD-B.TO),wedesign,build,modifyandmaintaintheworldʼsbest-performingaircraftfortheworldʼsmostdiscerningpeopleandbusinesses,governmentsandmilitaries.Thatmeansnotsimplyexceedingstandards,butunderstanding (3) (1) (4) (2) (4) (1) (2) (7) (9) (7) (1) (1) (3) (1) (1) (3) (1) (2) (3) (4) (5) (6) (7) (8) (9) Selectedresults(PDF) 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 2/6
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customerswellenoughtoanticipatetheirunspokenneeds. Forthem,wearecommittedtopioneeringthefutureofaviation̶innovatingtomakeflyingmorereliable,efficientandsustainable.Andwearepassionateaboutdeliveringunrivaledcraftsmanshipandcare,givingourcustomersgreaterconfidenceandtheelevatedexperiencetheydeserveandexpect.Becausepeoplewhoshapetheworldwillalwaysneedthemostproductiveandresponsiblewaystomovethroughit. Bombardiercustomersoperateafleetofapproximately5,300aircraft,supportedbyavastnetworkofBombardierteammembersworldwideand10servicecentresacrosssixcountries.Bombardierʼsperformance-leadingjetsareproudlymanufacturedinaerostructure,assemblyandcompletionfacilitiesinCanada,theUnitedStatesandMexico.In2024,Bombardierwashonouredwiththeprestigious“RedDot:BestoftheBest”awardforBrandsandCommunicationDesign. ForInformation Forcorporatenewsandinformation,includingBombardierʼsSustainabilityreport,aswellasthecompanyʼsinitiativetocoverallitsflightoperationswithaSustainableAviationFuel(SAF)blendutilizingtheBook-and-Claimsystemvisit . LearnmoreaboutBombardierʼsindustry-leadingproductsandcustomerservicenetworkat .FollowusonX. MediaContacts Forinvestorinquiries,pleasecontactBombardierʼsInvestorRelationsteamat . MarkMasluchSeniorDirector,CommunicationsBombardier+1514855-7167 TheManagementʼsDiscussionandAnalysisandtheInterimConsolidatedFinancialStatementsareavailableat. CAUTIONREGARDINGNON-GAAPANDOTHERFINANCIALMEASURES ThispressreleaseisbasedonreportedearningsinaccordancewithIFRSandonthefollowingnon-GAAPandotherfinancialmeasures: Non-GAAPandOtherFinancialMeasures Non-GAAPFinancialMeasures AdjustedEBIT EBITexcludingcertainitemswhichdonotreflecttheCorporationʼscoreperformanceorwheretheirseparatepresentationwillassistusersoftheconsolidatedfinancialstatementsinunderstandingtheCorporationʼsresultsfortheperiod.Suchitemsincluderestructuringcharges(reversals),loss(gain)relatedtodisposalofbusiness,impairmentandprogramtermination(reversals),certainone-timepensionrelateditemsincludedinotherexpense(income)suchasloss(gain)onpensionannuitypurchases,andnon-commerciallegalclaims. AdjustedEBITDA AdjustedEBITplusamortizationchargesonPP&Eandintangibleassets. Adjustednetincome(loss) Netincome(loss)fromcontinuingoperationsexcludingrestructuringcharges(reversals),loss(gain)relatedtodisposalofbusiness,impairmentandprogramtermination(reversals),certainone-timepensionrelateditemsincludedinotherexpense(income)suchasloss(gain)onpensionannuitypurchases,non-commerciallegalclaims,certainnetgainsandlossesarisingfromchangesinmeasurementofprovisionsandoffinancialinstrumentscarriedatFVTP&L,accretiononnetretirementbenefitobligations,losses(gains)onrepaymentoflong-termdebt,changesindiscountratesofprovisionsandtherelatedtaximpactsoftheseitems. Freecashflow(usage) Cashflowsfromoperatingactivities-continuingoperationslessnetadditionstoPP&Eandintangibleassets. Availableliquidity Cashandcashequivalents,plusundrawnamountsundercreditfacilities. Non-GAAPFinancialRatios AdjustedEPS EPScalculatedbasedonadjustednetincomeattributabletocommonequityholdersofBombardierInc.,usingthetreasurystockmethod,givingeffecttotheexerciseofalldilutiveelements. AdjustedEBITmargin AdjustedEBIT,asapercentageoftotalrevenues. bombardier.com bombardier.com@Bombardier Generalmediacontactwebform investors@bombardier.com ir.bombardier.com 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 3/6
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AdjustedEBITDAmargin AdjustedEBITDA,asapercentageoftotalrevenues. AdjustednetdebttoadjustedEBITDAratio AdjustednetdebtdividedbyadjustedEBITDA. SupplementaryFinancialMeasures EBITmargin EBIT,asapercentageoftotalrevenues. NetadditionstoPP&Eandintangibleassets AdditionstoPP&EandintangibleassetslessproceedsfromdisposalsofPP&Eandintangibleassets. Non-GAAPandotherfinancialmeasuresaremeasuresmainlyderivedfromtheconsolidatedfinancialstatementsbutarenotstandardizedfinancialmeasuresunderthefinancialreportingframeworkusedtoprepareourfinancialstatements.Therefore,thesemightnotbecomparabletosimilarnon-GAAPandotherfinancialmeasuresusedbyotherissuers.Theexclusionofcertainitemsfromnon-GAAPorotherfinancialmeasuresdoesnotimplythattheseitemsarenecessarilynon-recurring. AdjustedEBITAdjustedEBITisdefinedastheEBITexcludingcertainitemswhichdonotreflecttheCorporationʼscoreperformanceorwheretheirseparatepresentationwillassistusersoftheconsolidatedfinancialstatementsinunderstandingtheCorporationʼsresultsfortheperiod.Suchitemsincluderestructuringcharges(reversals) ,loss(gain)relatedtodisposalofbusiness,impairmentandprogramtermination(reversals) ,certainone-timepensionrelateditemsincludedinotherexpense(income)suchasloss(gain)onpensionannuitypurchases,andnon-commerciallegalclaims.ManagementusesadjustedEBITforpurposesofevaluatingunderlyingbusinessperformance.Managementbelievespresentationofthisnon-GAAPoperatingearningsmeasureinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasesthetransparencyandclarityofthecoreresultsofourbusiness.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. AdjustedEBITDAAdjustedEBITDAisdefinedastheEBITexcludingrestructuringcharges(reversals) ,loss(gain)relatedtodisposalofbusiness,impairmentandprogramtermination(reversals) ,certainone-timepensionrelateditemsincludedinotherexpense(income)suchasloss(gain)onpensionannuitypurchases,non-commerciallegalclaims,andamortizationchargesonPP&Eandintangibleassets.ManagementusesadjustedEBITDAforpurposesofevaluatingunderlyingbusinessperformance.Managementbelievesthisnon-GAAPoperatingearningsmeasureinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasesthetransparencyandclarityofthecoreresultsofourbusiness,sinceitexcludestheeffectsofitemsthatareusuallyassociatedwithinvestingorfinancingactivitiesanditemsthatdonotreflectourcoreperformanceorwheretheirexclusionwillassistusersinunderstandingourresultsfortheperiod.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. Adjustednetincome(loss)Adjustednetincome(loss)isdefinedasthenetincome(loss)fromcontinuingoperationsadjustedforcertainspecificitemsthataresignificantbutarenot,basedonmanagementʼsjudgment,reflectiveoftheCorporationʼsunderlyingoperations.Theseincludeadjustmentsrelatedtorestructuringcharges(reversals) ,loss(gain)relatedtodisposalofbusiness,impairmentandprogramtermination(reversals) ,certainone-timepensionrelateditemsincludedinotherexpense(income)suchasloss(gain)onpensionannuitypurchases,non-commerciallegalclaims,certainnetgainsandlossesarisingfromchangesinmeasurementofprovisionsandoffinancialinstrumentscarriedatFVTP&L,accretiononnetretirementbenefitobligations,losses(gains)onrepaymentoflong-termdebt,changesindiscountratesofprovisionsandtherelatedtaximpactsoftheseitems.Managementusesadjustednetincome(loss)forpurposesofevaluatingunderlyingbusinessperformance.Managementbelievesthisnon-GAAPearningsmeasureinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasethetransparencyandclarityofthecoreresultsofourbusiness.Adjustednetincome(loss)excludesitemsthatdonotreflectourcoreperformanceorwheretheirexclusionwillassistusersinunderstandingourresultsfortheperiod.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. Includesseverancechargesorrelatedreversal,aswellascurtailmentlosses(gains),ifany.Includeschangesinprovisionsrelatedtopastdivestitures.IncludesimpairmentorreversalofimpairmentofPP&Eandintangibleassets,aswellasprovisionsrelatedtoprogramterminationortheirrelatedreversal,ifany. Freecashflow(usage)Freecashflow(usage)isdefinedascashflowsfromoperatingactivities-continuingoperationslessnetadditionstoPP&Eandintangibleassets.Managementbelievesthatthisnon-GAAPcashflowmeasureprovidesinvestorswithanimportantperspectiveontheCorporationʼsgenerationofcashavailableforshareholders,debtrepayment,andacquisitionsaftermakingthecapitalinvestmentsrequiredtosupportongoingbusinessoperationsandlong-termvaluecreation.Thisnon-GAAPcashflowmeasuredoesnotrepresenttheresidualcashflowavailablefordiscretionaryexpendituresasitexcludescertainmandatoryexpendituressuchasrepaymentofmaturingdebt.Managementusesfreecashflow(usage)asameasuretoassessbothbusinessperformanceandoverallliquiditygeneration. AvailableliquidityAvailableliquidityisdefinedascashandcashequivalentsplusundrawnamountsundercreditfacilities.Managementbelieves (1) (2) (3) (1) (2) (3) (1) (2) (3) (1) (2) (3) 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 4/6
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thatthisnon-GAAPfinancialmeasureprovidesinvestorswithanimportantperspectiveontheCorporationʼsabilitytomeetexpectedliquidityrequirements,includingthesupportofproductdevelopmentinitiativesandtoensurefinancialflexibility.ThismeasuredoesnothaveanystandardizedmeaningprescribedbyIFRSandtherefore,maynotbecomparabletosimilarmeasurespresentedbyothercompanies. AdjustedEPSAdjustedEPSisdefinedastheadjustednetincome(loss)attributabletocommonequityholdersofBombardierInc.,dividedbytheweighted-averagedilutednumberofcommonsharesfortheperiod.ManagementusesadjustedEPSforpurposesofevaluatingunderlyingbusinessperformance.Managementbelievesthisnon-GAAPfinancialratioinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasesthetransparencyandclarityofthecoreresultsofourbusiness.AdjustedEPSexcludesitemsthatdonotreflectourcoreperformanceorwheretheirexclusionwillassistusersinunderstandingourresultsfortheperiod.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. AdjustedEBITmarginAdjustedEBITmarginisdefinedastheadjustedEBITexpressedasapercentageoftotalrevenues.ManagementusesadjustedEBITmarginforpurposesofevaluatingunderlyingbusinessperformance.Managementbelievesthisnon-GAAPfinancialratioinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasesthetransparencyandclarityofthecoreresultsofourbusiness.AdjustedEBITmarginexcludesitemsthatdonotreflectourcoreperformanceorwheretheirexclusionwillassistusersinunderstandingourresultsfortheperiod.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. AdjustedEBITDAmarginAdjustedEBITDAmarginisdefinedastheadjustedEBITDAexpressedasapercentageoftotalrevenues.ManagementusesadjustedEBITDAmarginforpurposesofevaluatingunderlyingbusinessperformance.Managementbelievesthisnon-GAAPfinancialratioinadditiontoIFRSmeasuresprovidesusersofourFinancialReportwithenhancedunderstandingofourresultsandrelatedtrendsandincreasesthetransparencyandclarityofthecoreresultsofourbusiness.AdjustedEBITDAmarginexcludesitemsthatdonotreflectourcoreperformanceorwheretheirexclusionwillassistusersinunderstandingourresultsfortheperiod.Forthesereasons,asignificantnumberofusersoftheMD&Aanalyzeourresultsbasedonthisfinancialmeasure.ManagementbelievesthismeasurehelpsusersoftheMD&Atobetteranalyzeresults,enablingbettercomparabilityofourresultsfromoneperiodtoanotherandwithpeers. AdjustednetdebttoadjustedEBITDAratioManagementusesadjustednetdebttoadjustedEBITDAratioasausefulcreditmeasureforpurposesofmeasuringtheCorporationʼsabilitytoserviceitsdebtandotherlong-termobligations.Thisnon-GAAPfinancialratiodoesnothaveanystandardizedmeaningprescribedbyIFRSandtherefore,maynotbecomparabletosimilarmeasurespresentedbyothercompanies. FORWARD-LOOKINGSTATEMENTSDISCLAIMERThispressreleasecontainsforward-lookingstatementsintendedtoassistinvestorsinunderstandingourobjectives,strategies,andfutureprospects,whichmayinvolvebutarenotlimitedto:statementswithrespecttoourobjectives,anticipationsandoutlookorguidanceinrespectofvariousfinancialandglobalmetricsandsourcesofcontributionthereto,targets,goals,priorities,marketandstrategies,financialposition,financialperformance,marketposition,capabilities,competitivestrengths,creditratings,beliefs,prospects,plans,expectations,anticipations,estimatesandintentions;generaleconomicandbusinessoutlook,prospectsandtrendsofourindustry;customervalue;expecteddemandforproductsandservices;growthstrategiesincluding,potentialrevenuesandyear-over-yeargrowthgeneratedtherefrom;productdevelopment,includingprojecteddesign,characteristics,capacityorperformance;expectedorscheduledentry-into-serviceofproductsandservices,orders,deliveries,testing,leadtimes,certificationsandexecutionofordersingeneral;competitiveposition;expectationsregardingrevenueandbacklogmix;theexpectedimpactofthelegislativeandregulatoryenvironmentandlegalproceedings;strengthofcapitalprofileandbalancesheet,creditworthiness,creditratings,availableliquiditiesandcapitalresources,expectedfinancialrequirements,capitalallocationanddeploymentofexcessliquidityandongoingreviewofstrategicandfinancialalternatives;theintroductionandanticipatedresultsofproductivityenhancementsandprofitabilityinitiatives,operationalefficienciesoptimizingtheuseofourmanufacturingandservicesfacilities,costreductionandpotentialfuturerestructuringinitiatives,andanticipatedcosts,intendedbenefitsandtimingthereof;theabilitytocontinuebusinessgrowthandcashgeneration;expectations,objectivesandstrategiesregardingdebtrepayment,refinancingofmaturitiesandinterestcostreduction;compliancewithrestrictivedebtcovenants;expectationsregardingthedeclarationandpaymentofdividendsonourpreferredshares;intentionsandobjectivesforourprograms,assetsandoperations;expectationsregardingtheavailabilityofgovernmentassistanceprograms;theimpactofnew,orexacerbationofexistingglobalhealth,geopoliticalormilitaryevents,orinternationaltradedisputesorrenegotiationofexistingtradearrangements,ontheforegoingandtheeffectivenessofourplansandmeasuresinresponsethereto;andexpectationsregardingthestrengthofmarkets,economicdownturnsorrecession,andinflationaryandsupplychainpressures. Inaddition,statementsthat“webelieve”andsimilarstatementsreflectourbeliefsandopinionsontherelevantsubject.Thesestatementsarebasedoninformationavailabletousasofthedateofthispressrelease.Whilewebelievethatinformationprovidesareasonablebasisforthesestatements,thatinformationmaybelimitedorincomplete.Ourstatementsshouldnotbereadtoindicatethatwehaveconductedanexhaustiveinquiryinto,orreviewofallrelevantinformation.Thesestatementsareinherentlyuncertain,andinvestorsarecautionednottoundulyrelyonthesestatements. Forward-lookingstatementscangenerallybeidentifiedbytheuseofforward-lookingterminologysuchas“may”,“will”,“shall”,“can”,“expect”,“estimate”,“intend”,“anticipate”,“plan”,“foresee”,“believe”,“continue”,“maintain”or“align”,thenegativeoftheseterms,variationsofthemorsimilarterminology.Forward-lookingstatementsarepresentedforthepurposeofassistinginvestorsandothersinunderstandingcertainkeyelementsofourcurrentobjectives,strategicpriorities,expectations,guidance, ReconciliationstotheclosestIFRSmeasures(PDF) 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 5/6
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outlookandplans,andinobtainingabetterunderstandingofourbusinessandanticipatedoperatingenvironment.Readersarecautionedthatsuchinformationmaynotbeappropriateforotherpurposes. Bytheirnature,forward-lookingstatementsrequiremanagementtomakeassumptionsandaresubjecttoimportantknownandunknownrisksanduncertainties,whichmaycauseouractualresultsinfutureperiodstodiffermateriallyfromforecastresultssetforthinforward-lookingstatements.Whilemanagementconsiderstheseassumptionstobereasonableandappropriatebasedoninformationcurrentlyavailable,thereisriskthattheymaynotbeaccurate.Theassumptionsunderlyingtheforward-lookingstatementsmadeinthispressreleaseincludethefollowing:alignmentofproductionratestomarketdemand,includingthesupplybasesupportingourproductdevelopmentandproductionratesinacommerciallyacceptableandtimelymanner;deploymentandexecutionofgrowthstrategies,includingourServices,Pre-ownedandDefensebusinesses;andmitigationofinternationaltradedisputesandprotectionmeasures(includingtariffs),changestoexistingtradeagreements.Foradditionalinformationabouttheseandotherassumptionsunderlyingtheforward-lookingstatementsmadeinthispressrelease,refertotheForward-lookingstatements-AssumptionssectionintheMD&A.Giventheimpactofthechangingcircumstancessurroundingneworcontinuingglobalhealth,geopoliticalandmilitaryevents,andneworthreatenedinternationalprotectionisttradepoliciesormeasures,aswellastherelatedresponsefromtheCorporation,governments(federal,provincialandmunicipal,bothdomestic,foreignandmultinationalinter-governmentalorganizations),regulatoryauthorities,businesses,suppliers,customers,counterpartiesandthird-partyserviceproviders,thereisaninherentlyhigherdegreeofuncertaintyassociatedwiththeCorporationʼsassumptions. Certainfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseanticipatedintheforward-lookingstatementsinclude,butarenotlimitedto:operationalrisks(suchasrisksrelatedtobusinessdevelopmentandgrowth;orderbacklog;deploymentandexecutionofourstrategy,includingcostreductionsandworkingcapitalimprovementsandmanufacturingandproductivityenhancementinitiatives;developingnewproductsandservices,includingtechnologicalinnovationanddisruption;thecertificationofproductsandservices;pressuresmeetingaircraftdeliveryschedulesandoncashflowsandcapitalexpenditures,includingduetoseasonalityandcyclicality;doingbusinesswithpartners;productperformancewarrantyandcasualtyclaimlosses;environmental,healthandsafetyconcernsandregulations;dependenceonalimitednumberofcontracts,customersandsuppliers;supplychainrisks;humanresourcesrisksincludingthedepartureofseniorexecutives,theglobalavailabilityofaskilledworkforce,andthefailuretoattractandretainqualityemployees;relianceoninformationsystems(includingtechnologyvulnerabilities,cybersecuritythreatsandprivacybreaches);relianceonandprotectionofintellectualpropertyrights;reputationrisks;scrutinyandperceptiongapsregardingsustainabilityandcorporatesocialresponsibilitymatters;adequacyofinsurancecoverage;acquisitions;riskmanagement;andtaxmatters);financingrisks(suchasrisksrelatedtoliquidityandaccesstocapitalmarkets;substantialdebtandinterestpaymentrequirements,includingexecutionofdebtmanagementandinterestcostreductionstrategies;restrictiveandfinancialdebtcovenants;retirementbenefitplanrisk;exposuretocreditrisk;andavailabilityofgovernmentsupport);risksrelatedtoregulatoryandlegalproceedings,aswellaschangesinlawsandregulations;risksassociatedwithgeneraleconomicconditionsanddisruptions,bothregionallyandglobally,thatmayimpactoursalesandoperations;businessenvironmentrisks(suchasrisksassociatedwiththefinancialconditionofbusinessaircraftcustomers;tradepolicy;governmentaldisruptions;increasedcompetition;politicalinstabilityandgeopoliticaltensions;financialandeconomicsanctionsandtradecontrollimitations;globalclimatechange;andforcemajeureevents);marketrisks(suchasforeigncurrencyfluctuationsandchanginginterestrates,includingourabilitytohedgeexposuresthereto;increasesincommodityprices;andinflation);andotherunforeseenadverseevents.Formoredetails,refertotheRisksanduncertaintiessectioninOtherinthisMD&AandintheMD&AofourFinancialReportforthefiscalyearendedDecember31,2025.Anyoneormoreoftheforegoingfactorsmaybeexacerbatedbyneworcontinuingglobalhealth,geopoliticalormilitaryevents,orneworexacerbatedinternationaltradedisputesorrenegotiationofexistingtradearrangements,whichmayhaveasignificantlymoresevereimpactontheCorporationʼsbusiness,resultsofoperationsandfinancialconditionthanintheabsenceofsuchevents. Readersarecautionedthattheforegoinglistoffactorsthatmayaffectfuturegrowth,resultsandperformanceisnotexhaustiveandunduerelianceshouldnotbeplacedonforward-lookingstatements.Otherrisksanduncertaintiesnotpresentlyknowntousorthatwepresentlybelievearenotmaterialcouldalsocauseactualresultsoreventstodiffermateriallyfromthoseexpressedorimpliedinourforward-lookingstatements.Theforward-lookingstatementssetforthhereinreflectmanagementʼsexpectationsasatthedateofthispressreleaseandaresubjecttochangeaftersuchdate.Unlessotherwiserequiredbyapplicablesecuritieslaws,weexpresslydisclaimanyintention,andassumenoobligationtoupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Theforward-lookingstatementscontainedinthispressreleaseareexpresslyqualifiedbythiscautionarystatement.Anyfinancialoutlookprovidedhereinisforthepurposeofassistinginvestorsinunderstandingmanagementʼsobjectivesandmaynotbeappropriateforotherpurposes. 11/5/26, 1:06 PM Bombardier Delivers Strong Third Quarter Performance Across Key Metrics and Further Raises 2026 Free Cash Flow Guidance | Bombardier https://bombardier.com/en/media/news/bombardier-delivers-strong-third-quarter-performance-across-key-metrics-and-further 6/6