)
Visual
earnings real time
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 Q3 2025 results with all-time highs in revenue, adjusted EBITDA, net earnings, adjusted net earnings, and free cash flow, driven by business model diversification, acquisitions, and Canadian North integration.
Increased annual dividend by 5% to CAD 2.76 per share, reflecting strong profitability, free cash flow growth, and a 4.5% rise to reduce payout ratios.
Completed redemption of all convertible debentures, simplifying the capital structure and increasing equity by over $200 million year-to-date.
Balance sheet delevered with leverage at historic lows and strong liquidity, supporting future growth and acquisitions.
Integration of Canadian North acquisition is on track, cementing a leading position in Northern Aviation and contributing significantly to results.
Financial highlights
Q3 2025 revenue: CAD 960 million (up 57% YoY in aerospace/aviation segment, up 35% overall), adjusted EBITDA: CAD 231 million (up 20%), net earnings: CAD 69 million (up 23%), adjusted net earnings: CAD 76 million (up 23%).
Free cash flow: CAD 171 million (up 26% YoY), free cash flow less maintenance CapEx: CAD 88 million.
EPS: $1.32 (up 12%), adjusted EPS: $1.46 (up 13%), free cash flow per share: $3.30 (up 15%), free cash flow less maintenance CapEx per share: $1.70.
Maintenance CapEx: CAD 83 million (Q3), growth CapEx: CAD 128 million (Q3), both up YoY due to Canadian North and fleet investments.
Aggregate leverage ratio: 2.89x, at historic lows, with CAD 1.2 billion in available capital.
Outlook and guidance
2025 adjusted EBITDA guidance reaffirmed at CAD 725–765 million, with a bias to the midpoint.
2026 adjusted EBITDA guidance set at CAD 825–875 million, excluding new acquisitions, major contracts, or unplanned growth CapEx.
Upside to guidance could come from acceleration in matting and window businesses, new contract wins, and faster asset deployment.
Guidance does not include potential benefits from recent federal budget initiatives or defense spending; these are considered upside.
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
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Exchange Income earnings date
Q4 202520 Feb, 2026
Next Exchange Income earnings date
Q4 202520 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage