Exchange Income Corp
TSX:EIF

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Exchange Income Corp
TSX:EIF
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Price: 82.38 CAD 0.57% Market Closed
Market Cap: 4.5B CAD

Exchange Income Corp
Investor Relations

Exchange Income Corp, headquartered in Winnipeg, Canada, operates a diversified portfolio encompassing several industry sectors, primarily aviation and manufacturing. The company was founded in 2002 and has gradually carved out a unique niche by acquiring and nurturing a diverse array of businesses, each operating independently while benefiting from shared efficiencies. The aviation division includes a range of regional airlines providing essential passenger and cargo services, particularly in challenging environments like Northern Canada, where larger carriers are less inclined to venture. This strategic focus on niche markets ensures a steady revenue stream, as these services are often critical and less prone to economic cycles.

Complementing its aviation endeavors, the manufacturing segment offers an array of specialized products, from precision metal products to telecommunications infrastructure services. This diversification acts as a counterbalance to its aviation business, with revenues generated from long-term contracts and specialized product demand. By integrating these varied businesses under one corporate umbrella, Exchange Income Corp optimizes operational synergies, balances cyclical market risks, and sustains a robust flow of income. The company’s success hinges on its keen ability to recognize and integrate acquisitions that align strategically with its existing operations, thus generating shareholder value and ensuring consistent dividend payments. Through this astute business model, Exchange Income Corp not only thrives in its core sectors but also capitalizes on emerging opportunities within its chosen domains.

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EIF
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

Record Results: EIC reported all-time high quarterly results for revenue, adjusted EBITDA, net earnings, free cash flow, and per-share metrics in Q3 2025.

Canadian North Impact: The acquisition of Canadian North contributed significantly to growth, especially in the Aerospace & Aviation segment, with integration progressing as planned.

Strong Balance Sheet: The company’s leverage is near historic lows and it will have no convertible debentures by December 2025, with $1.2 billion in available liquidity.

Dividend Increase: EIC raised its annual dividend by 5% to $2.76 per share, supported by a 25% year-to-date earnings increase and a lower payout ratio.

2026 Guidance: Adjusted EBITDA is expected between $825–$875 million for 2026, excluding future acquisitions or large contract wins; 2025 guidance is reaffirmed.

Manufacturing Challenges: Multi-Storey Window Solutions continues to face headwinds from tariffs and project deferrals, but long-term demand is seen as strong.

Growth Drivers: EIC sees robust demand in composite matting, environmental solutions, defense, and data center markets, with a new $60 million US matting plant planned.

ISR & Government Contracts: Large potential upside exists from new government surveillance and defense contracts in Canada, Australia, and Europe, though none are yet included in guidance.

Key Financials
Revenue
$960 million
Adjusted EBITDA
$231 million
Free Cash Flow
$171 million
Free Cash Flow Less Maintenance CapEx
$88 million
Net Earnings
$69 million
Adjusted Net Earnings
$76 million
Earnings Per Share
$1.32
Adjusted Net Earnings Per Share
$1.46
Free Cash Flow Per Share
$3.30
Annual Dividend
$2.76
Aggregate Leverage Ratio
2.89x
Liquidity / Capital Available
$1.2 billion
Aerospace & Aviation Segment Revenue
$680 million
Aerospace & Aviation Segment Adjusted EBITDA
$202 million
Manufacturing Segment Revenue
$279 million
Manufacturing Segment Adjusted EBITDA
$45 million
Maintenance Capital Expenditures (Quarter)
$83 million
Maintenance Capital Expenditures (9 months)
$205 million
Growth Capital Expenditures (Quarter)
$128 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael C. Pyle M.B.A.
CEO & Director
No Bio Available
Mr. Duncan Draper Jessiman Q.C.
Executive Vice Chairman
No Bio Available
Ms. Carmele N. Peter L.L.B., Q.C.
President
No Bio Available
Mr. Richard Wowryk C.A., CPA, CBV
Chief Financial Officer
No Bio Available
Mr. Hank Gibson
President of Regional One, Inc.
No Bio Available
Mr. Darren Francis
CEO of Northern Mat & Bridge LP
No Bio Available
Mr. Darwin R. Sparrow
Chief Operating Officer
No Bio Available
Mr. Curtis Anderson
Chief Technology Officer
No Bio Available
Mr. Travis Raymond Muhr
Chief Administrative Officer
No Bio Available
Ms. Pam Plaster
Vice President of Investor Development
No Bio Available

Contacts

Address
MANITOBA
Winnipeg
101 - 990 Lorimer Blvd
Contacts