Canada's gas market 'about to turn the corner,' say analysts eyeing up to 7 years of excess demand
He and his peers see new LNG export projects spurring higher prices for Canadian producers for years to come as demand outstrips supply.
The first delivery of liquefied natural gas (LNG) produced at the LNG Canada terminal near Kitimat, B.C. left port for a storage and regasification terminal in Incheon, South Korea last week. Prior to this, Canada's only export market has been the United States via pipeline.
The Shell PLC-led (SHEL) joint venture provides long-awaited access to higher prices for Canadian gas in Asia.
'Long-suffering Canadian gas companies (and investors) are poised to benefit from several structural changes, including: the start-up of LNG Canada, declining production in several major U.S. basins, and growing demand from AI and data centres,' Ollenberger wrote in a recent note to clients.
'[The] Canadian gas market [is] about to turn the corner.'
The first phase of LNG Canada will export from two processing units with a total capacity of 14 million tonnes per annum (mtpa). A second phase under consideration would double that. Meanwhile, two additional projects in Canada have reached their final investment decision: Cedar LNG and Woodfibre LNG.
A new analysis by Deloitte Canada published on Monday estimates Canada will not fill the demand created by current LNG export projects for four to seven years.
'This likely will mean the strengthening of the AECO benchmark, enabling Canadian producers to achieve more favourable value for their gas,' Deloitte Canada researchers led by energy, resources and industrials partner Andrew Botterill wrote in the report.
'In this period where production is growing to meet demand, natural gas prices should see a narrowing of the differential relative to Henry Hub that lasts for multiple years once exports ramp up from LNG Canada.'
Canada is the world's fifth-largest producer of natural gas, and the fourth-largest global exporter.
Producers faced tough times in 2024 as prices fell to their lowest levels in more than 40 years. According to Statistics Canada, higher production and storage, coupled with weaker-than-expected winter demand, caused prices to plummet in the second half of the year.
Deloitte Canada sees AECO prices averaging $2.20 per million BTUs in 2025, up from $1.39 in 2024. In 2026, the firm says AECO prices are expected to average $3.45, before plateauing at $3.50 until 2032.
'We're bullish on natural gas,' Bay Street fund manager Eric Nuttall wrote in his firm's recently released 2025 mid-year outlook. The partner and senior portfolio manager at Toronto-based Nine Point Partners says 75 per cent of his firm's oil and gas fund has been allocated to natural gas investments since the end of May.
'We expect natural gas prices to strengthen to between $4 and $5 over the coming year, and as Canada increases its LNG capacity, we think the current discount on Canadian natural gas should fall from about $2 today to between $1.10 and $1.30,' Nuttall added. 'This poses a big opportunity for Canadian companies.'
LNG has been touted as a 'bridge' or 'transition' fuel to replace coal power in emerging economies. With new export-focused capacity ramping up around the world from the United States to Qatar, observers including the International Energy Agency have raised concerns about a glut of supply hitting the market.
While Deloitte Canada estimates four to seven years of excess demand when LNG Canada is fully operational, other analysts have floated shorter timeframes.
'We believe this will significantly impact the current Western Canadian gas balance, and estimate it will take around two years for supply to catch up with demand,' Ollenberger wrote.
Last month, TD Cowen analyst Tristan Margot called for the global LNG market to flip to oversupplied conditions after winter 2026.
'Our analysts see the incremental demand for WCSB natural gas from LNG Canada Phase 1 to be largely filled in real time,' he wrote in a June 12 research report.
'This dynamic is likely to result in continued weakness in natural gas prices through year-end,' Margot added. 'This is likely to dampen the optimism that LNG Canada Phase 1 startup is the inflection point to historically weak WCSB gas pricing. However, with producer supply-restraint in 2026+, we see a path to continued basin growth and stronger WCSB natural gas pricing.'
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist.
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Business Wire
2 hours ago
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Exchange Income Corporation Posts Record Second Quarter Financial Results and Increases Guidance by $35 Million to a Range of $725 million to $765 million
WINNIPEG, Manitoba--(BUSINESS WIRE)--Exchange Income Corporation (TSX: EIF) ('EIC' or the 'Corporation') a diversified, acquisition-oriented company focused on opportunities in the Aerospace & Aviation and Manufacturing segments, reported its financial results for the three and six-months ending June 30, 2025. All amounts are in Canadian currency. Q2 Financial Highlights Generated an all-time record quarter Revenue of $720 million, an increase of $59 million or 9%. Earned record second quarter Adjusted EBITDA of $177 million, representing growth of $20 million over the prior period or 13%. Free Cash Flow second quarter record of $123 million, an increase of $23 million or 23%, and record Free Cash Flow per share of $2.40 compared to the prior year of $2.13. Record second quarter Net Earnings of $40 million compared to the prior period of $33 million, an increase of 23%, and Net Earnings per share of $0.78 compared to the prior period of $0.69, an increase of 13%. Record second quarter Adjusted Net Earnings of $47 million compared to the prior year of $38 million or a 25% increase, and Adjusted Net Earnings per share of $0.92 compared to the prior period of $0.80, an increase of 15%. Trailing Twelve Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio 1 of 63% compared to the prior period of 61%. Subsequent to quarter end, announced the completion of the acquisition of Canadian North and a new ten-year Air Services Agreement for all of Nunavut, with an option for the parties to extend for a further five years. This represents the largest passenger contract in EIC's history. CEO Commentary 'The financial results of the second quarter once again proved the strength and soundness of our diversified business model. Quarterly records were achieved in the key financial metrics, of Revenue, Adjusted EBITDA, Free Cash Flow, Net Earnings and Adjusted Net Earnings. Perhaps the most significant result of our efforts in the second quarter actually occurred subsequent to quarter end, when we completed our previously announced acquisition of Canadian North effective July 1, 2025, and also announced a new long-term Air Services Agreement (the 'Agreement') with the Government of Nunavut for the entire Nunavut territory. This is a highly strategic acquisition and is largely asset backed by the aircraft and infrastructure assets of Canadian North. Northern Canada, and particularly the Canadian Arctic, is becoming increasingly important and strategic from both a sovereignty and economic development perspective and the addition of Canadian North to our existing portfolio of companies provides us with unmatched capabilities and infrastructure to advance those national goals both today and in the future. Many of the Canadian government's recently announced strategies revolve around increased activity in the North, from unlocking key minerals and resources needed to support the Canadian economy including transportation of those resources, to the defence spending required to ensure Canadian sovereignty over these assets and the Canadian government's commitment to meet the NATO defence spending target. EIC is uniquely able to partner with other companies and the government in the achievement of those goals. The long-term Air Services Agreement demonstrates our strong relationship with the Government of Nunavut as we understand the essential nature of aviation for Northern communities. We look forward to welcoming the Canadian North business into our family of aviation companies and we have already noted various wins by sharing best practices amongst our operators. Our Manufacturing segment continues to operate solidly, and the results posted demonstrate the resilience of our various businesses overall. While we were not materially impacted by the imposition of tariffs, the aluminum tariffs did result in period-over-period profitability declines in our Multi-Storey Window Solution's business line. The tariffs did not impact our other businesses directly; however we did note a reduction in business sentiment which was confirmed by various statistical reports from Canadian and US economists. Subsequent to quarter end, we have seen an increase in bookings as trade uncertainty started to abate. The vast majority of the products we produce are Canada United States Mexico Agreement compliant and therefore, based on current application of tariffs, we don't anticipate an impact from the most recent tariff increases, other than aluminum. Our Environmental Access Solutions business line experienced growth due to the acquisition of Spartan Mat, which continues to experience very strong demand for its composite mat products. We have made further progress on the building of a second plant as the management team is currently evaluating a number of potential locations to house the plant. Our Multi-Storey Windows Solution business line saw reductions in revenue due to production gaps and project delays however the operational efficiencies have started to be realized but were more than offset by the imposition of aluminum tariffs on aluminum extrusions imported into the United States. Our Precision Manufacturing & Engineering business line continues to see underlying strength in operations as evidenced by its revenue growth and increases in profitability. The collective results, coupled with the Canadian North transaction, provides us confidence in updating our Adjusted EBITDA guidance to $725 million to $765 million.' said Mike Pyle, CEO of EIC. 'EIC is well positioned for future growth as we continue to execute on our strategic initiatives. We will provide our 2026 guidance in November when releasing our third quarter results.' 'The acquisition of Canadian North and as important, the negotiation of the long-term Air Services Agreement with the Government of Nunavut, are key milestones on the continued execution of our strategy to acquire niche businesses and add to our portfolio of Northern aviation operators. The acquisition was largely supported by its asset backing across its aircraft and infrastructure, however the returns on capital, being Free Cash Flow less Maintenance Capital Expenditures, will be below our typical threshold in our first year of ownership. The return will grow steadily based on our operating scope, capability and knowledge to increase the efficiency of the airline. We expect to achieve our targeted returns on capital by the end of fiscal 2026. We believe that the North will be critical to Canada for economic development, defence and sovereignty reasons. Furthermore, the acquisition provides our other air operators with access to Canadian North's infrastructure and jet service which will allow us to provide greater offerings to our various communities and customers. Our relationship with the Government of Nunavut is very strong and we believe the Agreement and the acquisition will provide the opportunity for a mutually beneficial long-term economic partnership,' stated Adam Terwin, EIC's Chief Corporate Development Officer. 'Our pipeline of acquisition opportunities continues to be active with a number of targets in both operating segments; however, we remain disciplined in ensuring that we acquire companies with strong management teams and with sustainable, strategic business niches.' Review of Q2 Financial Results Consolidated revenue for the quarter was $720 million, which was an increase of $59 million or 9% over the prior period. Revenue in the Aerospace & Aviation segment grew over the prior period by $28 million or 7% to $455 million. Revenue in the Manufacturing segment increased by $31 million or 13% to $265 million. Adjusted EBITDA for the quarter was $177 million, which was an increase of $20 million or 13% compared to the second quarter of last year. The record financial metrics were achieved by continued growth in the operations of the Aerospace & Aviation segment coupled with solid growth in the Manufacturing segment. The tariffs implemented by the US administration during the quarter did not have a material impact on the Company as a whole, as expected, however did negatively impact the business line results for Multi-Storey Window Solutions due to US tariffs on aluminum in the short-term as we are taking steps to mitigate the impact through supply chain activities. Revenue generated by the Aerospace & Aviation segment increased by $28 million or 7% to $455 million and Adjusted EBITDA increased by $13 million or 10% to $148 million over the prior period. The significant drivers of the increased revenue and profitability relate to improved yields and expanded scope within the Essential Air Services' medevac operations and from the impact of active forest fires in our Northern communities, which resulted in increased passenger volumes and fire suppression activities for our rotary wing operations. Furthermore, leasing activity within the Aircraft Sales & Leasing business line has continued to experience improvements along with robust increases in parts demand partly offset by a reduction in lower margin large asset sales compared to the prior period. Such increases were offset by decreases in revenue and profitability in the Aerospace business line due to the wind down of high revenue, lower margin training programs prior to the start of new programs and the change in scope of a support contract from a performance-based contract to a time and materials arrangement. Manufacturing segment revenue increased by $31 million or 13% to $265 million for the quarter and Adjusted EBITDA increased by $9 million or 26% to $44 million. The increases in revenues and expansion in profitability were primarily driven by the acquisition of Spartan for which there was no comparative in the prior period partly offset by changes in product mix in the Environmental Access Solutions' Canadian market due to temporary softer short-term demand for wooden mat rentals as projects were deferred to subsequent periods. The Multi-Storey Window Solutions business line experienced a decrease in revenues and profitability, as expected, related to project deferrals and manufacturing gaps along with the impact of aluminum tariffs, which could not be mitigated in the short term due to supply chain requirements. The Precision Manufacturing & Engineering business line had solid growth in revenue and profitability associated with changes in product mix coupled with increases in volumes across many of the businesses. All of our businesses continue to see a significant number of inquiries and we see the conversion of bookings to firm orders continue although the pace of inquiries and booking softened during the quarter due to a reduction in business confidence from changes in foreign trade policy and the risk of tariffs. Subsequent to quarter end, we noted approximately $100 million of inquiries being converted into firm bookings within our Multi-Storey Window Solutions business line. EIC recorded Net Earnings of $40 million, or $0.78 per share, compared to $33 million, or $0.69 per share, in the second quarter of last year. Richard Wowryk, EIC's CFO also noted, 'Our balance sheet continues to be very strong, and our total leverage ratio remains near historical lows and well within our target. During the quarter, we anticipate utilizing the Social Loan to fund the acquisition of five King Air 360 aircraft for the BC Medevac contract and we anticipate being able to utilize the pre-existing aircraft in other parts of our business including the Newfoundland & Labrador medevac fixed wing services contract. As we had previously noted those organic investment initiatives do require some time to impact our financial results, however, as anticipated, we have started to see the fruits of our previous investments impacting our bottom line and per share metrics. We continue to have significant liquidity to deploy for further accretive organic growth initiatives or acquisitions. Our business model has remained remarkably stable, even during these times of geopolitical and trade unrest. This is a testament to our long-term view of our investment philosophy. Whilst the tariffs did have some direct impact on Multi-Storey Window Solutions, the overall impact on the consolidated financial results was not material and our management teams stand ready to react to any changes to the tariffs. In fact, we do see the groundswell in national unity and 'Buy Canada' mentality has provided further tailwinds for several of our business lines. We are proud of our record financial results taking into account the events and circumstances encountered over the past number of months.' Outlook Mr. Pyle concluded by saying, 'Our second quarter results continued to demonstrate the dependability and robustness of our business model as we reported record second quarter results on virtually all of our key metrics. We were very excited to announce the completion of the Canadian North acquisition and long-term Air Services Agreement with the Government of Nunavut subsequent to quarter end. These announcements coupled with the longer-term North American trends provides us with a very strong viewpoint for the future of EIC, as a collective group of companies. We are well positioned, with our advanced aerospace solutions, Arctic aviation capabilities, Northern infrastructure, in-country defence manufacturing and partnerships with Indigenous communities and businesses to execute on Government of Canada critical initiatives for the North. We have updated our 2025 fiscal year guidance, with the completion of the Canadian North acquisition, and expect an Adjusted EBITDA range of $725 million to $765 million, which is an increase of $35 million from our previously issued guidance. We will provide our 2026 guidance with our third quarter reporting in November 2025; however we are very bullish about the long-term prospects of EIC as our exposures to secular trends provides very favorable prospects for our various business lines. Our twenty-year track record provides evidence of the success of our business strategy, gives insight into how we will continue to grow and evolve into the future, and provides confidence that we will continue to execute on that strategy, including making investment decisions for the long-term that will continue to drive our strong and reliable results.' EIC's complete interim financial statements and management's discussion and analysis for the three and six months ending June 30, 2025 can be found at or at Conference Call Notice Management will hold a conference call to discuss its 2025 second quarter financial results on Tuesday, August 12, 2025, at 8:30am ET. All interested parties can join the conference call by dialing 1-800-717-1738 or 1-289-514-5100 (International). Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until August 19, 2025 at midnight. To access the archived conference call, please dial 1-888-660-6264 or 1-289-819-1325 (International) and enter the encore code 07197#. A live audio webcast of the conference call will be available at Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days. About Exchange Income Corporation Exchange Income Corporation is a diversified acquisition-oriented company, focused in two segments: Aerospace & Aviation and Manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit Additional information relating to the Corporation, including all public filings, is available on SEDAR+ ( Caution concerning forward-looking statements The statements contained in this news release that are forward-looking are based on current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. Many of these forward-looking statements may be identified by looking for words such as 'believes', 'expects', 'will', 'may', 'intends', 'projects', 'anticipates', 'plans', 'estimates', 'continues' and similar words or the negative thereof. These uncertainties and risks include, but are not limited to, external risks, operational risks, financial risks and human capital risks. External risks include, but are not limited to, risks associated with economic and geopolitical conditions, competition, government funding for Indigenous health care, access to capital, market trends and innovation, general uninsured loss, climate, acts of terrorism, armed conflict, labour and/or social unrest, pandemic, level and timing of government spending, government-funded programs and environmental, social and governance. Operational risks include, but are not limited to, significant contracts and customers, operational performance and growth, laws, regulations and standards, acquisitions (including receiving any requisite regulatory approvals thereof), concentration and diversification, maintenance costs, access to parts and relationships with key suppliers, casualty losses, environmental liability, dependence on information systems and technology, cybersecurity, international operations, fluctuations in sales prices of aviation related assets, fluctuations in purchase prices of aviation related assets, warranty, performance guarantees, global offset and intellectual property risks. Financial risks include, but are not limited to, availability of future financing, income tax matters, commodity risk, foreign exchange, interest rates, credit facility and the trust indentures, dividends, unpredictability and volatility of securities pricing, dilution and other credit risk. Human capital risks include, but are not limited to, reliance on key personnel, employees and labour relations and conflicts of interest. Except as required by Canadian Securities Law, Exchange Income Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Exchange Income Corporation with the securities regulatory authorities, available at Appendix A Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance and Growth Capital Expenditures are not recognized measures under IFRS and are, therefore, defined below. Adjusted EBITDA: is defined as earnings before interest, income taxes, depreciation, amortization, other non-cash items such as gains or losses recognized on the fair value of contingent consideration items, asset impairment, and restructuring costs, and any unusual non-operating one-time items such as acquisition costs. It is used by management to assess its consolidated results and the results of its operating segments. Adjusted EBITDA is a performance measure utilized by many investors to analyze the cash available for distribution from operations before allowance for debt service, capital expenditures, and income taxes. The most comparable IFRS measure, presented in the Corporation's Statements of Income as an additional IFRS measure, is Operating profit before Depreciation, Amortization, Finance Costs, and Other. Adjusted Net Earnings: is defined as Net Earnings adjusted for acquisition costs, amortization of intangible assets, interest accretion on acquisition contingent consideration, accelerated interest accretion on convertible debentures, and non-recurring items. Adjusted Net Earnings is a performance measure, along with Free Cash Flow less Maintenance Capital Expenditures, which the Corporation uses to assess cash flow available for distribution to shareholders. The most comparable IFRS measure is Net Earnings. Interest accretion on contingent consideration is recorded in the period subsequent to an acquisition after the expected payment to the vendors is discounted. The value recorded on acquisition is accreted to the expected payment over the earn out period. Accelerated interest accretion on convertible debentures reflects the additional interest accretion recorded in a period that, but for the action to early redeem the debenture series, would have been recorded over the remaining term to maturity. This interest reflects the difference in the book value of the convertible debentures and the par value outstanding. The Corporation presents an Adjusted Net Earnings payout ratio, which is calculated by dividing dividends declared during a period, as presented in the Corporation's Financial Statements and Notes, by Adjusted Net Earnings, as defined above. The Corporation uses this metric to assess cash flow available for distribution to shareholders. Six Months Ended June 30, 2025 2024 Net Earnings $ 47,217 $ 37,176 Acquisition costs (net of tax $341 and $700) 1 5,063 1,849 Amortization of intangible assets (net of tax $3,249 and $2,960) 9,011 8,211 Interest accretion on acquisition contingent consideration (net of tax $25 and nil) 70 - Accelerated interest accretion on redeemed debentures (net of tax of $33 and nil) 90 - Adjusted Net Earnings $ 61,451 $ 47,236 Expand Note 1) The tax deductibility of Acquisition Costs is dependent on the nature of the expense and the jurisdiction in which they are incurred. Free Cash Flow: is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, acquisition costs, principal payments on right of use lease liabilities, and any non-recurring items, such as restructuring costs. Free Cash Flow is a performance measure used by management and investors to analyze the cash generated from operations before the seasonal impact of changes in working capital items or other unusual items. The most comparable IFRS measure is Cash Flow from Operating Activities. Adjustments made to Cash Flow from Operating Activities in the calculation of Free Cash Flow include other IFRS measures, including adjusting the impact of changes in working capital and deducting principal payments on right of use lease liabilities. The Corporation presents Free Cash Flow per share, which is calculated by dividing Free Cash Flow, as defined above, by the weighted average number of shares outstanding during the period, as presented in the Corporation's Financial Statements and Notes. Six Months Ended June 30, 2025 2024 Cash flows from operations $ 182,130 $ 91,506 Change in non-cash working capital 39,573 87,576 Acquisition costs (net of tax $341 and $700) 1 5,063 1,849 Principal payments on right of use lease liabilities (21,858) (18,498) $ 204,908 $ 162,433 Expand Note 1) The tax deductibility of Acquisition Costs is dependent on the nature of the expense and the jurisdiction in which they are incurred. Free Cash Flow less Maintenance Capital Expenditures: is equal to Free Cash Flow, as defined above, less Maintenance Capital Expenditures, as defined below. The Corporation presents Free Cash Flow less Maintenance Capital Expenditures per share, which is calculated by dividing Free Cash Flow less Maintenance Capital Expenditures, as defined above, by the weighted average number of shares outstanding during the period, as presented in the Corporation's Financial Statements and Notes. The Corporation presents a Free Cash Flow less Maintenance Capital Expenditures payout ratio, which is calculated by dividing dividends declared during a period, as presented in the Corporation's Financial Statements and Notes, by Free Cash Flow less Maintenance Capital Expenditures, as defined above. The Corporation uses this metric to assess cash flow available for distribution to shareholders. Maintenance and Growth Capital Expenditures: Maintenance Capital Expenditures is defined as the capital expenditures made by the Corporation to maintain the operations of the Corporation at its current level. For fiscal 2025, Maintenance Capital Expenditures within the Corporation's Aircraft Sales & Leasing business line reflects a more conservative charge based on the utilization of the assets within the aircraft and engine lease portfolio which will result in much less volatility then the prior determination of Maintenance Capital Expenditures which was based on incurred cash outlays to maintain the aircraft and engine lease portfolio. Maintenance Capital Expenditures within the Environmental Access Solutions business line reflects the depreciation of the mats and bridges as well as the maintenance or replacement of equipment. Other capital expenditures are classified as Growth Capital Expenditures as they will generate new cash flows and are not considered by management in determining the cash flows required to sustain the current operations of the Corporation. While there is no comparable IFRS measure for Maintenance Capital Expenditures or Growth Capital Expenditures, the total of Maintenance Capital Expenditures and Growth Capital Expenditures is equivalent to the total of capital asset and intangible asset purchases, net of disposals, on the Statement of Cash Flows. Six Months Ended June 30, 2025 CAPITAL EXPENDITURES Aerospace & Aviation Manufacturing Head Office Total Maintenance Capital Expenditures $ 107,287 $ 14,308 $ 326 $ 121,921 Growth Capital Expenditures 64,143 (3,482) - 60,661 Total Net Capital Additions and Intangible Asset purchases, per Statement of Cash Flows $ 171,430 $ 10,826 $ 326 $ 182,582 Six Months Ended June 30, 2024 CAPITAL EXPENDITURES Aerospace & Aviation Manufacturing Head Office Total Maintenance Capital Expenditures $ 75,398 $ 11,840 $ 281 $ 87,519 Growth Capital Expenditures 83,690 425 10 84,125 Total Net Capital Additions and Intangible Asset purchases, per Statement of Cash Flows $ 159,088 $ 12,265 $ 291 $ 171,644 Expand Investors are cautioned that Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance Capital Expenditures and Growth Capital Expenditures should not be viewed as an alternative to measures that are recognized under IFRS such as Net Earnings or cash from operating activities. The Corporation's method of calculating Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance Capital Expenditures and Growth Capital Expenditures may differ from that of other entities and therefore may not be comparable to measures utilized by them. For additional information on the Corporation's Non-IFRS measures, refer to Section – Dividends and Payout Ratios and Section – Non-IFRS Financial Measures and Glossary of the Corporation's MD&A, which is available on SEDAR+ at 1 Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, Free Cash Flow less Maintenance Capital Expenditures, Maintenance and Growth Capital Expenditures, and the corresponding per share amounts and payout ratios are Non-IFRS measures. See Appendix A for more information.
Business Wire
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VIQ Solutions Announces Executive Leadership and Board Changes
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Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements (typically contain statements with words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'estimate', 'propose', 'project' or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions 'may' or 'will' occur). These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company's strategy related to growth and profitability and the potential outcome thereof, and the Company's current and future growth prospects. Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the 'Risk Factors' section of the Company's annual information form dated March 31, 2025 and in the Company's other materials filed on SEDAR+ at These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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Ontario couple loses nearly $4,000 after booking Jamaican anniversary trip — how to avoid a similar mistake
It's been scientifically proven that being in love affects the way you think, meaning the term 'rose-colored glasses' has at least some basis in fact. For an Ontario couple hoping to celebrate their first wedding anniversary in Jamaica, apparently being lovestruck might affect your trip booking abilities too. In March, Lizanne Hamstali of London, ON, attempted to book a resort stay with flights included for her and her husband on Expedia, but it turns out she missed a crucial detail: the package only included the hotel stay. She cancelled 10 minutes later, but unfortunately the trip was non-refundable and she was on the hook for the $4,183 spent on the trip, she told CTV News. "We spent the whole year saving for (this trip) and for something such as a simple as a mistake, you just lose it all,' Hasmatali said. Don't Miss Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 5 essential money moves (most of which you can complete in just minutes) What is the best credit card in Canada? It might be the RBC® British Airways Visa Infinite, with a $1,176 first-year value. Compare it with over 140 more in 5 seconds To clarify why Hamstali found herself in this predicament, an Expedia spokesperson explained how the '...decision whether or not to allow additional flexibility [regarding refunds] is up to the hotel, and Expedia follows our hotel partners' policies for cancellations and refunds." Thankfully, after CTV and Ontario's travel regulator reached out to Expedia, the company gave the couple a full refund. But the stress of potentially losing thousdands on a vacation does prompt the question: How can you avoid making the same mistake? Stretch your savings further — get cash back or travel perks with the right credit card. The offers a first-year value of $1,176. — your future self will thank you! How to avoid booking accidents No matter how excited you might be about booking a future vacation, you need to be fully alert when browsing through the bountiful options at your disposal. Here are some tips to help you avoid the booking accident this Ontario couple faced: Read the fine print: Get out a magnifying glass if you have to and pay attention to the terms and conditions of your stay. This is where you'll notice if the booking is refundable or not. Get a travel agent involved: If you're too busy to do the homework required to book a trip the right way, get someone to help do it for you. A travel agent can handle all the fine details while you daydream until the flight. Check the brand you're booking with: If anything does go wrong, it's important to know the reputation of the company you're booking with. Look into their recent reviews to see how they treat customers who run into issues. Read more: 'You're going to live on beans and rice': This senior told Dave Ramsey she has debt and zero savings — Protecting yourself during a trip Research from the Travel Industry Council of Ontario (TICO) found that 71% of Ontarians feel that travel has become increasingly more complex post-pandemic. Additionally, 65% of survey respondents indicated they were concerned about protecting the money they spent. One way to alleviate this concern is booking trip cancellation insurance. That said, not all insurance is created equal. Some plans have a 'cancel for any reason provision' that allows you to back out of a pre-paid vacation for any reason at all. But, you're likely looking at higher costs for that type of coverage. Standard cancellation insurance is included on a number of the best travel credit cardsin Canada. To compare credit cards with the best options, check out the free and fast credit card comparison tool. You can also purchase travel insurance, separately, through a number of insurance companies. Just be sure to read the fine print, especially the 'description of coverage' section. That lays out in which situations you can get reimbursed for cancelling a trip. If a certain event you're in isn't listed, it isn't covered. Deciding whether to pay for cancellation insurance isn't a simple process. For the couple that had a cancellation scare, they mentioned how it took them a year to save up for the trip. Consider how long it took you to save up for a trip you're booking — would you be willing to double that timeframe to save the cost of insurance if something did go wrong? How to be a travel-booking genius Knowing how to book without making a mistake is the first part of learning to book trips correctly. Here are some stratetegic tips to help you become a travel-booking genius: Always confirm before paying: Never give out your credit card number before you know your trip plans, costs and policies inside and out. Review terms and conditions: Even if you have comprehensive travel insurance, you need to know when it will and won't kick in. Always review the t&c's of your hotel stays, flights, cruises and other trip bookings. Don't go with the first option: There are hundreds of options when it comes to booking a vacation. Take the time to review multiple companies offering the same booking. There's a good chance you'll find a similar trip at a lower price. What To Read Next Here's how to retire in 10 short years no matter where you live in Canada — even if you're starting with $0 savings Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you? I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up Pet owners, here's how you can get up to 90% cashback on expensive emergency veterinary bills — and you can even get a free quote in 30 seconds 1. CTV News: Ontario couple booking anniversary trip to Jamaica out over $4,000 after mistake, by Pat Foran (Jul 15, 2025) 2. Travel Industry Council of Ontario: Ontario's travel regulator finds strong consumer intention to travel this spring and summer, despite concerns about travel complexity (Mar 29, 2023) This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
