MiTAC Computing Showcases Cutting-Edge AI and HPC Servers at Supercomputing Asia 2025
SINGAPORE , March 11, 2025 /CNW/ -- MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings Corp. (TSE:3706) and a global leader in server design and manufacturing, will showcase its latest AI and HPC innovations at Supercomputing Asia 2025, taking place from March 11 at Booth #B10. The event highlights MiTAC's commitment to delivering cutting-edge technology with the introduction of the G4520G6 AI server and the TN85-B8261 HPC server—both engineered to meet the growing demands of artificial intelligence, machine learning, and high-performance computing (HPC) applications.
G4520G6 AI Server: Performance, Scalability, and Efficiency Redefined
The G4520G6 AI server redefines computing performance with an advanced architecture tailored for intensive workloads. Key features include:
Exceptional Compute Power – Supports dual Intel® Xeon® 6 Processors with TDP up to 350W, delivering high-performance multi-core processing for AI-driven applications.
Enhanced Memory Performance – Equipped with 32 DDR5 DIMM slots (16 per CPU) and 8 memory channels, supporting up to 8,192GB DDR5 RDIMM/3DS RDIMM at 6400 MT/s for superior memory bandwidth.
Unmatched GPU Support – Supports up to eight full-height, dual-slot NVIDIA H200 NVL, NVIDIA H100 NVL, or NVIDIA L40S for scale-out AI training, ML, and rendering applications. Featuring the NVIDIA H200 GPU with 141GB of HBM3e memory and nearly 27 petaflops of FP8 deep learning compute, it accelerates AI and HPC workloads with exceptional speed and efficiency.
Superior Connectivity – Equipped with three standard PCIe 5.0 x 16 expansion slots and three OCP v3.0 mezzanine slots, the MiTAC G4520G6 platform enables high-performance network connectivity, such as NVIDIA ConnectX NICs, BlueField-3 SuperNICs and DPUs, for clustered computing.
Advanced Cooling & Power Efficiency – Engineered for superior thermal management, it includes eight hot-swap system fans and four external hot-swap fan modules. Four hot-swap CRPS power supplies provide (3+1) redundancy, delivering up to 9,600W with 80+ Titanium efficiency.
TN85-B8261: Versatile 2U Server for HPC and AI Workloads
The TN85-B8261 is a versatile 2U server designed to deliver exceptional performance for high-performance computing and AI applications. Key highlights include:
Powerful Dual-Socket Performance – Supports AMD EPYC 9005 / 9004 processors, delivering exceptional computing power for AI and HPC workloads.
Scalable Memory Architecture – Features (12+12) DDR5 DIMM slots, supporting up to 6,144GB DDR5-6000 RDIMM/LRDIMM for high-speed data processing.
Flexible Expansion Capabilities – Supports up to four full-height, dual-slot enterprise H100 NVL and L40S GPUs for scalable AI training, machine learning, and rendering applications. Additionally, two half-height, half-length PCIe 5.0 x16 slots enable high-performance cluster networking deployment.
Optimized Connectivity & Management – Dual 10GBase-T LAN ports for high-bandwidth networking and an AST2600 BMC with IPMI 2.0 & Redfish support for remote server management.
Reliable Power Efficiency – (1+1) redundant 2,700W hot-swap CRPS power supplies with 80+ Titanium efficiency, delivering sustainable energy and operational reliability.
Driving Innovation in AI and HPC
MiTAC Computing is dedicated to pushing the boundaries of AI and HPC technology. The G4520G6 and TN85-B8261 servers are designed to empower enterprises and research institutions with exceptional compute power, scalability, and energy efficiency, ensuring optimal performance for next-generation workloads.
Visit MiTAC Computing at Supercomputing Asia 2025
MiTAC Computing invites attendees to experience the power of the G4520G6 AI Server and TN85-B8261 HPC Server firsthand at Supercomputing Asia 2025. Visit our booth #B10 to explore how our latest innovations can accelerate AI and HPC applications.
For more information, please visit the links below:
G4520G6 product page: https://www.mitaccomputing.com/en/spec/Barebones/G4520G6_G4520G6U2BC-N#sp
TN85-B8261: https://www.mitaccomputing.com/en/spec/Barebones/TN85B8261_B8261T85E8HR-2T-N
About MiTAC Computing Technology Corporation
MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings, delivers comprehensive, energy-efficient server solutions backed by industry expertise dating back to the 1990s. Specializing in AI, HPC, cloud, and edge computing, MiTAC Computing employs rigorous methods to ensure uncompromising quality not just at the barebone level but, more importantly, at the system and rack levels—where true performance and integration matter most. This commitment to quality at every level sets MiTAC Computing apart from others in the industry. The company provides tailored platforms for hyperscale data centers, HPC, and AI applications, guaranteeing optimal performance and scalability.
With a global presence and end-to-end capabilities—from R&D and manufacturing to global support—MiTAC Computing offers flexible, high-quality solutions designed to meet unique business needs. Leveraging the latest advancements in AI and liquid cooling, along with the recent integration of Intel DSG and TYAN server products, MiTAC Computing stands out for its innovation, efficiency, and reliability, empowering businesses to tackle future challenges.
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About TERAGO TERAGO provides managed network and security services to businesses across Canada ensuring highly secure, reliable, and redundant connectivity including private 5G wireless networks, Fixed Wireless access, fiber, and cable wireline network connectivity. As Canada's biggest mmWave spectrum holders, the Company possesses spectrum licenses in the 24 GHz and 38 GHz spectrum bands, which it utilizes to provide secure, dedicated SLA guaranteed enterprise grade performance that is technology diverse from buried cables ensuring high availability connectivity services. TERAGO serves Canadian and Global businesses operating in major markets across Canada, including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg, and has been providing wireless services since 1999. For more information about TERAGO and its suite of wireless internet and SD-WAN solutions, please visit Forward-Looking Statements This news release includes certain forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond TERAGO's control. Forward-looking statements may include but are not limited to statements regarding, the increasing importance of the mmWave spectrum, the progress of the ISED mmWave consultation, and the ability of the Company to refinance its current debt facility and having sufficient capital to support its growth strategy, consistently executing across all fronts of the business, success in providing Canadian enterprises with managed services and the 5G fixed wireless trials being conducted by the Company. All such statements constitute "forward-looking information" as defined under, applicable Canadian securities laws. Any statements contained herein that are not statements of historical facts constitute forward-looking information. The forward-looking statements reflect the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those risks set forth in the "Risk Factors" section in the Annual Information Form for the year ended December 31, 2024 and risks set forth in the "Financial Risk Management" section in the annual MD&A of the Company for the year ended December 31, 2024 available on and under the Company's corporate profile. 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LOGAN ENERGY CORP. ANNOUNCES RECORD PRODUCTION AND CASH FLOW WITH SECOND QUARTER 2025 RESULTS, OPERATIONS UPDATE AND MANAGEMENT UPDATE
CALGARY, AB, Aug. 12, 2025 /CNW/ - Logan Energy Corp. (TSXV: LGN) (" Logan" or the " Company") is pleased to announce its operating and financial results for the three and six months ended June 30, 2025, and to provide an operations update as well as an update on the Company's management team. Selected financial and operational information set out below should be read in conjunction with the Company's unaudited interim financial statements and related management's discussion and analysis (" MD&A") as at and for the three and six months ended June 30, 2025 and 2024. These documents are filed on SEDAR+ at and are available on the Company's website at The highlights reported throughout this press release include certain non-GAAP measures and ratios which have been identified using capital letters and are defined herein. The reader is cautioned that these measures may not be directly comparable to other issuers; refer to additional information under the heading "Reader Advisories – Non-GAAP Measures and Ratios". SECOND QUARTER 2025 HIGHLIGHTS Logan reported record quarterly average production of 12,013 BOE per day (41% liquids) in the second quarter, up 20% from 9,974 BOE per day (34% liquids) in the first quarter and up 65% from 7,277 BOE per day (36% liquids) in the second quarter of 2024. Production growth was achieved through successful execution of the Company's organic development program. Capital expenditures were $68.6 million for the three months ended June 30, 2025, or $42.4 million net of proceeds from dispositions. At Simonette, Logan brought 2 (1.0 net) Lower Montney wells on production in April which were completed in the previous quarter. At Pouce Coupe, Logan completed and brought on production a 5 (5.0 net) well pad in June. Additionally, the Company drilled and completed a 4 (4.0 net) well pad which was subsequently brought onstream in the third quarter. During the quarter Logan completed construction of its 40 mmcf/d gas plant, battery and compression facilities at Pouce Coupe (the " 4-19 Facility"), as well as associated gathering and sales pipelines. The Company generated $26.0 million of cash proceeds through the previously announced sale of a 35% non-operated working interest in the 4-19 Facility which closed on May 30, 2025. Logan realized a significant improvement in its Operating Netback and delivered record Adjusted Funds Flow for the quarter through its oil-weighted production growth together with lower cash costs. The Company's Operating Netback after hedging averaged $27.86 per BOE in the second quarter, up 32% from $21.03 per BOE in the first quarter and up 81% from $15.38 per BOE in the same quarter of the previous year. Adjusted Funds Flow was $27.2 million for the quarter ended June 30, 2025, up 70% from $16.0 million in the previous quarter and up 211% from $8.7 million in the comparative quarter ended June 30, 2024. As of June 30, 2025, Logan had Net Debt of $107.9 million or 1.0 times its annualized Adjusted Funds Flow for the second quarter. The Company's Net Debt to Adjusted Funds Flow ratio is expected to moderate in the second half of 2025 as approximately 80% of Logan's budgeted capital expenditures were incurred in the first half of the year. Logan's credit facility borrowing base was increased to $150.0 million during the quarter. The following table summarizes selected highlights for the three and six months ended June 30, 2025, and June 30, 2024: Three months ended June 30 Six months ended June 30 (CA$ thousands, except as otherwise noted) 2025 2024 % 2025 2024 % FINANCIAL HIGHLIGHTS Oil and gas sales 41,992 26,544 58 76,677 50,974 50 Net income (loss) and comprehensive income (loss) 17,311 416 nm 16,917 (1,575) nm $ per common share, basic and diluted 0.03 0.00 - 0.03 (0.00) - Cash provided by operating activities 20,374 3,394 500 36,069 20,194 79 Adjusted Funds Flow (1) 27,170 8,744 211 43,153 18,589 132 $ per common share, basic (1) 0.05 0.02 150 0.07 0.04 75 $ per common share, diluted (1) 0.04 0.02 100 0.07 0.04 75 Capital Expenditures before A&D (1) 68,643 46,104 49 164,928 81,286 103 Acquisitions, net of dispositions (26,230) - - (41,954) 300 nm Total assets 517,169 248,390 108 517,169 248,390 108 Net Debt (1) 107,865 19,604 450 107,865 19,604 450 Shareholders' equity 294,387 175,122 68 294,387 175,122 68 Common shares outstanding (000s), end of period (2) 595,675 465,537 28 595,675 465,537 28 OPERATING HIGHLIGHTS AND NETBACKS (5) Average daily production Crude oil (bbls/d) 4,255 2,148 98 3,521 1,965 79 Condensate (bbls/d) (3) 255 223 14 277 244 14 Natural gas liquids (bbls/d) (3) 360 250 44 333 270 23 Natural gas (mcf/d) 42,857 27,934 53 41,208 28,006 47 BOE/d 12,013 7,277 65 10,999 7,147 54 % Liquids (4) 41 % 36 % 14 38 % 35 % 9 Average realized prices, before financial instruments Crude oil ($/bbl) 80.65 100.54 (20) 84.30 95.73 (12) Condensate ($/bbl) (3) 77.41 99.44 (22) 82.12 93.68 (12) Natural gas liquids ($/bbl) (3) 43.21 53.68 (20) 47.20 52.76 (11) Natural gas ($/mcf) 1.94 1.44 35 2.14 1.96 9 Combined average ($/BOE) 38.41 40.09 (4) 38.52 39.19 (2) Netbacks ($/BOE) (5) Oil and gas sales 38.41 40.09 (4) 38.52 39.19 (2) Processing and other revenue 0.65 1.04 (38) 0.66 1.20 (45) Royalties (2.01) (4.35) (54) (2.80) (3.77) (26) Operating expenses (9.29) (17.46) (47) (10.80) (16.08) (33) Transportation expenses (2.05) (3.57) (43) (2.06) (3.75) (45) Operating Netback, before hedging (5) 25.71 15.75 63 23.52 16.79 40 Realized gain (loss) on financial instruments 2.15 (0.37) nm 1.26 (0.35) nm Operating Netback, after hedging (5) 27.86 15.38 81 24.78 16.44 51 General and administrative expenses (1.56) (2.33) (33) (1.62) (2.35) (31) Financing income (expenses) (6) (1.40) 0.35 nm (1.08) 0.60 nm Realized foreign exchange gain (loss) (0.01) 0.01 nm - - - Settlement of decommissioning obligations (0.04) (0.20) (80) (0.40) (0.39) 3 Adjusted Funds Flow Netback (5) 24.85 13.21 88 21.68 14.30 52 (1) "Adjusted Funds Flow", "Capital Expenditures before A&D", and "Net Debt" do not have standardized meanings under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios" section of this press release. (2) Refer to "Share Capital" section of this press release. (3) Condensate is a natural gas liquid (" NGL") as defined by NI 51-101. See "Other Measurements". (4) "Liquids" includes crude oil, condensate and NGLs. (5) "Netbacks" are non-GAAP financial ratios calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS, refer to "Non-GAAP Measures and Ratios" section of this press release. (6) Excludes non-cash accretion of decommissioning obligations. OPERATIONS UPDATE The second quarter of 2025 was a very significant and successful operational quarter for Logan. At Pouce Coupe, Logan completed construction and commissioning of its 4-19 Facility (Gordondale) and has since ramped asset production by bringing onstream 9 wells. The 4-19 Facility serves as a gas plant, oil battery and compression station capable of handling 40,000 mcf/d of gross raw natural gas, 7,000 bbls/d of oil and 11,000 bbls/d of water (~10,000 BOE per day of total asset throughput). This project was completed on an industry leading timeline and cost metrics of approximately nine months from final investment decision and $37 million of capital. Having this facility completed brings the Company's Pouce Coupe asset to full development whereby it is now a free cash flow engine for Logan capable of sustaining 8,000 to 10,000 BOE per day for 11 years with oil weighted inventory and over 20 years inclusive of the gas weighted inventory. The Company would like to thank its operations and engineering teams for the successful execution of this transformational project for Logan. The 4-19 Facility was commissioned on May 30th and the five well "7-12" pad came onstream in June, after which volumes through the plant were ramped and have since reached over 8,000 BOE per day. With the fine tuning of the compressors and other minor facility components ongoing as well as the ramping volumes from the four well "14-17" pad, which is currently cleaning up, Logan expects to hit a peak of ~10,000 BOE per day at Pouce Coupe in the coming weeks contributing to an H2 2025 average forecast of ~16,000 BOE per day corporately. Performance of the 7-12 pad has been very strong, averaging 650 bbls/d of oil, 20 bbls/d of NGLs and 2.2 mmcf/d of natural gas (1,030 BOE/d, 65% liquids) per well for the first 30 days on production. The 14-17 pad is currently cleaning up with less than 30 days of production to-date. At Simonette, Logan has resumed drilling operations in the Lower Montney oil play. Logan has now drilled 2 (1.0 net) wells and expects to complete and bring these wells onstream in the fourth quarter of 2025. Logan is pleased to report that it has successfully fracked its Duvernay appraisal well at Ante Creek. The frac placed well and according to design. Logan expects to bring the well onstream at the beginning of the fourth quarter. Ante Creek represents a high potential area of additional long term oil growth for Logan that is not currently included in Logan's growth plan. MANAGEMENT UPDATE Logan is pleased to announce the appointment of Ms. Linda Brown to the position of Interim Vice President, Finance and Chief Financial Officer to be effective November 1, 2025. Ms. Brown is assuming the role while Ashley Hohm, the Company's current Vice President, Finance and Chief Financial Officer, is expected to be on maternity leave starting on or about November 1, 2025. Ms. Brown is a Chartered Professional Accountant and has been the Controller of Logan since June 2023. ABOUT LOGAN ENERGY CORP. Logan is a growth-oriented exploration, development and production company formed through the spin-out of the early stage Montney assets of Spartan Delta Corp. Logan has three high quality and opportunity rich Montney assets located in the Simonette and Pouce Coupe areas of northwest Alberta and the Flatrock area of northeastern British Columbia. Additionally, the Company has recently established a position within the greater Kaybob Duvernay oil play with assets in the North Simonette, Ante Creek and Two Creeks areas. The management team brings proven leadership and a track record of generating excess returns in various business cycles. Logan's corporate presentation has been updated as of August 2025 and can be accessed on the Company's website at Non-GAAP Measures and Ratios This press release contains certain financial measures and ratios which do not have standardized meanings prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board (" IFRS Accounting Standards"), also known as Canadian Generally Accepted Accounting Principles (" GAAP"). As these non-GAAP financial measures and ratios are commonly used in the oil and gas industry, Logan believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used. The non-GAAP measures and ratios used in this press release, represented by the capitalized and defined terms outlined below, are used by Logan as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS. The definitions below should be read in conjunction with the "Non-GAAP and Other Financial Measures" section of the Company's MD&A dated August 12, 2025, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable GAAP financial measures. Operating Income and Operating Netback Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company's ability to generate cash from field operations, prior to administrative overhead, financing and other business expenses. " Operating Income, before hedging" is calculated by Logan as oil and gas sales, net of royalties, plus processing and other revenue, less operating and transportation expenses. " Operating Income, after hedging" is calculated by adjusting Operating Income, before hedging for realized gains or losses on derivative financial instruments. The Company refers to Operating Income expressed per unit of production as an " Operating Netback" and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Logan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Adjusted Funds Flow Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. " Adjusted Funds Flow" is reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions (if applicable). Logan utilizes Adjusted Funds Flow as a key performance measure in the Company's annual financial forecasts and public guidance. The Company refers to Adjusted Funds Flow expressed per unit of production as an " Adjusted Funds Flow Netback". Adjusted Funds Flow per share (" AFF per share") AFF per share is a non-GAAP financial ratio used by the Logan as a key performance indicator. The basic and/or diluted weighted average common shares outstanding used in the calculation of AFF per share is calculated using the same methodology as net income per share. Capital Expenditures before A&D " Capital Expenditures before A&D" is used by Logan to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. Net Debt (Surplus) Throughout this press release, references to " Net Debt" or " Net Surplus" includes bank debt, net of " Adjusted Working Capital". Net Debt and Adjusted Working Capital are both non-GAAP financial measures. Adjusted Working Capital is calculated as current liabilities less current assets, excluding derivative financial instrument assets and liabilities and provisions and other liabilities. As at June 30, 2025, Adjusted Working Capital includes cash and cash equivalents, accounts receivable, prepaids and deposits, and accounts payable and accrued liabilities. Net Debt to Adjusted Funds Flow Ratio The Company monitors its capital structure and short-term financing requirements using a " Net Debt to Adjusted Funds Flow Ratio", which is a non-GAAP financial ratio calculated as the Company's Net Debt relative to its Adjusted Funds Flow, monitored on both a twelve month trailing basis for fiscal year, and annualized basis for the most recently completed quarter multiplied by a factor of 4. Management believes that this ratio provides investors with information to understand the Company's liquidity risk and its ability to repay bank debt and fund future capital expenditures. Supplementary Financial Measures The supplementary financial measures used in this press release (primarily average sales price per product type and certain per BOE and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP. Other Measurements All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. This press release contains various references to the abbreviation "BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. Such abbreviation may be misleading, particularly if used in isolation. References to "oil" or "crude oil" in this press release include light crude oil, medium crude oil, heavy oil and tight oil combined. NI 51-101 includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs. The Company has disclosed "condensate" separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this presentation provides a more accurate description of its operations and results. References in this press release to peak rates, first 30 days of production, producing day rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Logan. Share Capital Common shares of Logan trade on the TSX Venture Exchange (" TSXV") under the symbol "LGN". As of June 30, 2025 and as of the date hereof, there were 595.7 million common shares outstanding. There are no preferred shares or special shares outstanding. Logan's convertible securities outstanding as of the date of this press release include: 64.3 million common share purchase warrants with an exercise price of $0.35 per share expiring July 12, 2028; and 41.0 million stock options with an exercise price of $0.78 per share and an average remaining term of 3.9 years. Forward-Looking and Cautionary Statements Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "outlook", "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (or grammatical variations or negatives thereof). Logan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives and strategy of Logan; the Company's opportunity rich assets; the success of the Company's 2025 drilling program based on initial results; the amount and timing of budgeted capital expenditures; the expectation that the Company's Net Debt to Adjusted Funds Flow ratio will moderate for the remainder of 2025; the 4-19 Facility, including the Company's expectations regarding production capacity, lifespan and anticipated cash flows; expected completions in the Lower Montney and timing thereof; the Company's intention to bring its Duvernay appraisal well onstream and timing thereof; and commodity hedging. The forward-looking statements and information are based on certain key expectations and assumptions made by Logan, including, but not limited to, expectations and assumptions concerning the business plan of Logan, the timing and success of future drilling, development and completion activities and infrastructure projects, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Logan's properties, the successful integration of the recently acquired assets into Logan's operations, the successful application of drilling, completion and seismic technology, the Company's ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company's products, anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions. Although Logan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Logan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices (including pursuant to determinations by the Organization of Petroleum Exporting Countries and other countries (collectively referred to as OPEC+) regarding production levels) and the risk of an extended period of low oil and natural gas prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments, including the introduction of regulatory barriers to trade and the potential material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the demand and/or market price for the Company's products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in the Middle East and between Russia and Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, such as fire, drought and flooding, including in respect of safety, asset integrity and shutting-in production. The foregoing list is not exhaustive. Please refer to the MD&A and AIF for discussion of additional risk factors relating to Logan, which can be accessed on its SEDAR+ profile at Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Logan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This press release contains future-oriented financial information and financial outlook information (collectively, " FOFI") about Logan's prospective results of operations and production and growth, Logan's H2 2025 average production forecast, the Company's H2 2025 Net Debt to Adjusted Funds Flow expectations, and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Logan's proposed business activities in 2025. Logan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Logan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, exchange rates, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the Company's key performance measures. The Company's actual results may differ materially from these estimates. Abbreviations SOURCE Logan Energy Corp.
Cision Canada
23 minutes ago
- Cision Canada
CAE reports first quarter fiscal 2026 results Français
MONTREAL, Aug. 12, 2025 /CNW/ - (NYSE: CAE) (TSX: CAE) - CAE Inc. (CAE or the Company) today reported its financial results for the fiscal first quarter ended June 30, 2025. "CAE delivered a solid first quarter, with double-digit income growth and margin expansion in Defense and continued momentum in Civil. We remain on track to capitalize on the significant opportunities ahead, supported by secular demand in civil aviation and the generational reinvestment underway in defence across NATO, including Canada's plan to more than double its spending over the next decade," said Calin Rovinescu, Chairman of CAE. "With a well-balanced portfolio across both civil aviation and defence, CAE is uniquely positioned to benefit from long-term structural tailwinds in both sectors. As we build on the foundation established under Marc Parent's leadership, we are bringing a renewed focus to operational excellence, disciplined capital allocation, balance sheet strength, and translating earnings into free cash flow and higher returns on invested capital. I also want to congratulate Marc on the legacy he leaves at CAE and his lasting impact on the broader aerospace industry. At the same time, I am pleased to welcome Matt as he steps in to lead CAE's next phase of value creation." CAE announced the appointment of Matthew (Matt) Bromberg to be Marc Parent's successor as the Company's next President and Chief Executive Officer and will take effect after the 2025 Annual and Special Meeting of Shareholders (AGM) on August 13, 2025. Mr. Bromberg is also a nominee for election to the Board. CAE also announced that following the AGM, Calin Rovinescu will become Executive Chairman of the Board and that Sophie Brochu will serve as Lead Independent Director, reflecting CAE's commitment to strong, best-in-class governance. "Our first quarter results reflect the dedication of our teams and the strength of our position, with solid Civil performance in a dynamic macro environment and strong execution in Defense, including significant year-over- year profitability improvement. Over the past two decades, I've had the privilege of helping transform CAE into the global leader it is today, and I'm incredibly proud of what we've accomplished," said Marc Parent, CAE's President and Chief Executive Officer. As I pass the torch, I do so with full confidence in the company's direction and in the team's ability to continue driving performance and delivering excellence for all stakeholders." "In the past few weeks of onboarding, I've seen first-hand the strength of CAE's world-class team, its leading-edge technology, and the depth of its customer relationships," said Matthew Bromberg, CAE's incoming President and CEO. "This is a fantastic organization with tremendous potential to build on its past successes. As I step into the role, a key focus of mine will be on translating that potential into enhanced shareholder value through a pragmatic approach to improving efficiency, operationalizing opportunities, and driving greater operational excellence in our core businesses. I also want to thank Marc for his leadership and support throughout the transition. He leaves CAE exceptionally well-positioned for the future." Consolidated results First quarter fiscal 2026 revenue was $1,098.6 million, compared to $1,072.5 million in the first quarter last year. First quarter EPS was $0.18 compared to $0.15 last year. Adjusted EPS in the first quarter was $0.21, stable compared to last year. Operating income this quarter was $133.8 million (12.2% of revenue (1)), which includes executive management transition costs of $14.0 million. This compares to $108.6 million (10.1% of revenue) last year, which included restructuring, integration and acquisition costs of $25.6 million. First quarter adjusted segment operating income was $147.8 million (13.5% of revenue (1)) compared to $134.2 million (12.5% of revenue) last year. All financial information is in Canadian dollars unless otherwise indicated. (1) This press release includes non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures. These measures are not standardized financial measures prescribed under IFRS and therefore should not be confused with, or used as an alternative for, performance measures calculated according to IFRS. Furthermore, these measures should not be compared with similarly titled measures provided or used by other issuers. Refer to the "Non-IFRS and other financial measures" section of this press release for the definitions and a reconciliation of these measures to the most directly comparable measure under IFRS. Civil Aviation (Civil) First quarter Civil revenue was $607.7 million vs. $587.6 million in the first quarter last year. Operating income was $99.4 million (16.4% of revenue) compared to $89.8 million (15.3% of revenue) in the same quarter last year. Adjusted segment operating income was $107.6 million (17.7% of revenue) compared to $106.4 million (18.1% of revenue) in the first quarter last year. During the quarter, Civil delivered 8 full-flight simulators (FFSs) to customers and first quarter Civil training centre utilization was 71%. During the quarter, Civil signed training solutions contracts valued at $511.4 million for a range of long-term commercial and business aviation training agreements, Flightscape airline operations digital solutions, and 5 FFS sales. The Civil book-to-sales ratio (1) was 0.84 times for the quarter and 1.27 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was $8.4 billion. Defense and Security (Defense) First quarter Defense revenue was $490.9 million vs. $484.9 million in the first quarter last year. Operating income was $34.4 million (7.0% of revenue) compared to $18.8 million (3.9% of revenue) in the same quarter last year. Adjusted segment operating income was also $40.2 million (8.2% of revenue), compared to $27.8 million (5.7% of revenue) in the first quarter last year. Defense booked orders for $611.4 million this quarter for a book-to-sales ratio of 1.25 times. The ratio for the last 12 months was 2.08 times. The Defense adjusted backlog, including unfunded contract awards and CAE's interest in joint ventures, at the end of the quarter was $11.1 billion. Notably for the Defense segment overall, the pipeline continues to reflect a strong demand environment with some $6.0 billion of bids and proposals pending. Summary of Defense and Security results Additional financial highlights Net finance expense this quarter was $54.6 million, down from $56.5 million in the previous quarter and up from $49.5 million in the first quarter last year. The year-over-year increase was mainly due to higher finance expense on lease liabilities in support of training network expansions and additional finance expense on borrowings to finance the SIMCOM transaction in the third quarter of last year. The increase was partially offset by lower finance expense on long-term debt due to a decreased level of borrowings during the period aligned with our ongoing deleveraging undertakings. Income tax expense this quarter amounted to $19.0 million, representing an effective tax rate of 24%, compared to 14% for the first quarter last year. The adjusted effective tax rate (1), which is the income tax rate used to determine adjusted net income and adjusted EPS, was 24% this quarter compared to 17% in the first quarter of last year. The increase in the adjusted effective tax rate was mainly attributable to the change in the mix of income from various jurisdictions. Net cash used in operating activities was $15.3 million for the quarter, compared to $12.9 million in the first quarter last year. Free cash flow (1) was negative $36.2 million for the quarter compared to negative $25.3 million in the first quarter last year. The decrease was mainly due to a higher investment in non-cash working capital, partially offset by higher net income adjusted for non-cash items and higher dividends received from equity accounted investees. Growth and maintenance capital expenditures (1) totaled $106.9 million this quarter. Net debt (1) at the end of the quarter was $3,236.1 million for a net debt-to-adjusted EBITDA (1) of 2.75 times. This compares to net debt of $3,176.7 million and a net debt-to-adjusted EBITDA of 2.77 times at the end of the preceding quarter. Adjusted return on capital employed (1) was 7.0% this quarter compared to 7.2% last quarter and 5.7% in the first quarter last year. During the quarter, no common shares were repurchased under our normal course issuer bid (NCIB), which began on June 10, 2025. (1) This press release includes non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures. These measures are not standardized financial measures prescribed under IFRS and therefore should not be confused with, or used as an alternative for, performance measures calculated according to IFRS. Furthermore, these measures should not be compared with similarly titled measures provided or used by other issuers. Refer to the "Non-IFRS and other financial measures" section of this press release for the definitions and a reconciliation of these measures to the most directly comparable measure under IFRS. Sustainability In the first quarter of fiscal 2026, CAE released its FY25 Global Annual Activity and Sustainability Report, underscoring how climate action, ethical governance, and social impact are embedded in its core business strategy to enhance resilience, competitiveness, and stakeholder value. Despite a 10% increase in business activity, CAE maintained stable carbon emissions—demonstrating the effectiveness of its science-based decarbonization strategy and operational efficiencies. The shadow internal carbon pricing mechanism introduced in FY25 will now be progressively integrated into capital allocation decisions, while CAE's award-winning supplier engagement program continues to drive emissions reductions and sustainable innovation across the value chain. Under the broadened mandate of the Chief People and Sustainability Officer, CAE is aligning its people strategy with sustainability objectives— reinforcing culture, talent attraction, and employee engagement. The Company also enhanced its environmental, social and governance disclosures in alignment with Global Reporting Initiative and Sustainability Accounting Standards Board frameworks, reaffirming its commitment to transparency and long-term stakeholder value. During the quarter, CAE advanced its Reconciliation efforts by achieving Committed Phase 2 for Partnership Accreditation in Indigenous Relations (PAIR) from the Canadian Council for Indigenous Business (CCIB), reflecting its growing commitment to respectful and empowering relationships with Indigenous communities. In recognition of its broader sustainability leadership, CAE was honoured with two global sustainability awards, including being named one of the World's Most Sustainable Companies of 2025 by TIME magazine. For information on CAE's sustainability roadmap and achievements, the report can be downloaded at Civil CAE's Civil business continues to benefit from strong and durable fundamentals in a secular growth market for aviation training solutions. A key driver of this resilience is the global regulatory requirement that pilots and crew maintain certification for each aircraft type in the active commercial and business jet fleet. Worldwide regulations consistently mandate recurrent training—typically every six months—for pilots to retain their certifications. This built-in regulatory cadence provides CAE's Civil business with a stable and recurring demand base, making it inherently less cyclical. Additional growth is driven by the ongoing need to train new pilots due to fleet expansion and retirements, as well as transition training for existing pilots moving between aircraft platforms. Business aviation training, which represents approximately half of Civil's profitability, continues to enjoy a stable demand environment, supported by flight activity that remains well above 2019 levels. At the same time, commercial aviation training continues to be impacted by persistent supply chain constraints. Aircraft Original Equipment Manufacturers (OEMs) are experiencing record backlogs in support of future growth and fleet renewal; however, new aircraft deliveries have been metered, and groundings of existing commercial aircraft have been significant. These temporary constraints continue to affect airline pilot hiring and related training activity. More recently, airlines have also adopted a more cautious approach to capacity planning amid macroeconomic uncertainty. Despite these near-term headwinds, demand is expected to strengthen over the long term as aircraft production and delivery rates improve, grounded aircraft return to service, and pilots continue to reach mandatory retirement age. Reflecting short-term market dynamics and usual seasonality, CAE continues to anticipate a stronger second half for Civil in fiscal year 2026, supported by increased activity with airline customers in the U.S., stabilizing macroeconomic and geopolitical conditions, a gradual easing of aircraft supply chain constraints, and seasonally higher training demand. For the full year, Civil's adjusted segment operating income (aSOI) is expected to grow in the mid-single-digit percentage range, which is at the lower end of the prior outlook. Annual aSOI margin is expected to remain stable. This outlook reflects the inherent resilience of Civil's business model and incorporates a measured view of first-half performance. Defense Management believes CAE is exceptionally well-positioned for long-term growth and enhanced profitability in Defense, backed by an adjusted backlog exceeding $11.0 billion and a prolonged up-cycle driven by rising defence budgets across NATO and allied nations—many of which are now targeting defence spending levels approaching 5% of GDP. In Canada in particular, the federal government recently announced that the country will achieve NATO's 2% of GDP defence spending target in the current fiscal year, at least five years ahead of schedule, and is now committing to a new target of 5% by 2035. Escalating geopolitical tensions, focusing militaries on peer threats, modernization, and readiness, are fueling robust demand for CAE's training and simulation solutions. A global shortage of uniformed personnel further amplifies this demand prompting armed forces to partner with CAE to sustain operational readiness. With the Defense foundation now solidified, evidenced by significant margin improvement driven by last fiscal year's high-cadence, high-quality execution, management expects low-double-digit percentage annual aSOI growth and an annual aSOI margin in the 8% to 8.5% range in fiscal 2026. Free cash flow CAE's business is highly cash-generative and following a significant multiyear investment cycle, management anticipates strong free cash flow in fiscal 2026, driven by robust operating cash flows, lower investments including capital expenditures, and further optimization of non-cash working capital. This performance is expected to translate into a conversion rate of approximately 150% of adjusted net income attributable to the Company's equity holders for this fiscal year—and beyond. Finance expense and tax expense Management expects quarterly run-rate finance expense of approximately $55 million on higher lease expense related to recently opened training centres in its global training network in support of growth and additional finance expense on borrowings to finance the SIMCOM transaction. The annual effective income tax rate is expected to be approximately 25%, considering the income expected from various jurisdictions and the implementation of global minimum tax policies. Balanced capital allocation priorities, accretive growth investments The Company expects total capital expenditures in fiscal 2026 to be modestly lower than fiscal 2025, which totaled $356.2 million. Most of this relates to organic growth investments in simulator capacity to be deployed to CAE's global network of aviation training centres and backed by multiyear customer contracts. Solid financial position A tenet of CAE's capital management priorities includes the maintenance of a solid financial position, and it expects to continue to bolster its balance sheet through ongoing deleveraging, commensurate with its investment grade profile. Having met its fiscal 2025 leverage target, CAE now expects to reach a net debt-to-adjusted EBITDA ratio of two-and-a-half times (2.5x) by fiscal year-end. Current returns to shareholders A NCIB was established in fiscal 2025 as part of CAE's capital management strategy and is intended to be used opportunistically over time with excess free cash flow. Trade tariffs impact CAE remains relatively well insulated from direct tariff impacts. Approximately 70% of the Company's revenues come from services delivered within our customers' own countries, which significantly limits exposure to cross- border trade tariffs—particularly for products sold into the U.S. Furthermore, CAE's flagship product, the FFS, is exempt from tariffs under the United States-Mexico-Canada Agreement. With approximately one-third of CAE's workforce based in the U.S., a substantial operational footprint, and a significant proportion of U.S.-sourced components in its bill of materials, CAE has the operational flexibility to effectively manage residual tariff-related risk. Caution concerning outlook Management's outlook for fiscal 2026 and the above targets and expectations constitute forward-looking statements within the meaning of applicable securities laws, and are based on a number of assumptions, including in relation to prevailing market conditions, macroeconomic and geopolitical factors, supply chains and labor markets. Expectations are also subject to a number of risks and uncertainties and based on assumptions about customer receptivity to CAE's training solutions and operational support solutions as well as material assumptions contained in this press release, quarterly Management's Discussion and Analysis (MD&A) and in CAE's fiscal 2025 MD&A, all available on our website ( SEDAR+ ( and EDGAR ( Please see the sections below entitled: "Caution concerning forward-looking statements", "Material assumptions" and "Material risks". Detailed information Readers are strongly advised to view a more detailed discussion of our results by segment in the MD&A and CAE's consolidated financial statements for the quarter ended June 30, 2025, which are available on our website ( SEDAR+ ( and EDGAR ( Holders of CAE's securities may also request a printed copy of the Company's consolidated financial statements and MD&A free of charge by contacting Investor Relations ([email protected]). Conference call Q1 FY2026 Calin Rovinescu, Chair of the Board, Corporate Director; Marc Parent, CAE President and CEO; Matthew Bromberg, incoming CEO; Nick Leontidis, COO; Constantino Malatesta, interim CFO; and Andrew Arnovitz, Senior Vice President, Investor Relations and Enterprise Risk Management, will conduct an earnings conference call tomorrow at 8:00 a.m. ET. The call is intended for analysts, institutional investors and the media. Participants can listen to the conference by dialing +1-800-206-4400. The conference call will also be audio webcast live at About CAE At CAE, we exist to make the world safer. We deliver cutting-edge training, simulation, and critical operations solutions to prepare aviation professionals and defence forces for the moments that matter. Every day, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security personnel to perform at their best and when the stakes are the highest. Around the globe, we're everywhere customers need us to be with approximately 13,000 employees at around 240 sites and training locations in over 40 countries. For nearly 80 years, CAE has been at the forefront of innovation, consistently seeking to set the standard by delivering excellence in high-fidelity flight simulators and training solutions, while embedding sustainability at the heart of everything we do. By harnessing technology and enhancing human performance, we strive to be the trusted partner in advancing safety and mission readiness—today and tomorrow. Caution concerning limitations of summary earnings press release This summary earnings press release contains limited information meant to assist the reader in assessing CAE's performance, but it is not a suitable source of information for readers who are unfamiliar with CAE and is not in any way a substitute for the Company's financial statements, notes to the financial statements, and MD&A reports. Caution concerning forward-looking statements This press release includes forward-looking statements about our activities, events and developments that we expect to or anticipate may occur in the future including, for example, statements about our vision, strategies, market trends and outlook, future revenues, earnings, cash flow growth, profit trends, growth capital spending, expansions and new initiatives, including initiatives that pertain to sustainability matters, financial obligations, available liquidities, expected sales, general economic and political outlook, inflation trends, prospects and trends of an industry, expected annual recurring cost savings from operational excellence programs, our management of the supply chain, estimated addressable markets, demands for CAE's products and services, our access to capital resources, our financial position, the expected accretion in various financial metrics, the expected capital returns to shareholders, our business outlook, business opportunities, objectives, development, plans, growth strategies and other strategic priorities, our competitive and leadership position in our markets, the expansion of our market shares, CAE's ability and preparedness to respond to demand for new technologies, the sustainability of our operations, our ability to retire the Legacy Contracts as expected and to manage and mitigate the risks associated therewith, the impact of the retirement of the Legacy Contracts, and other statements that are not historical facts. Since forward-looking statements and information relate to future events or future performance and reflect current expectations or beliefs regarding future events, they are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "likely", "may", "plan", "seek", "should", "will", "strategy", "future" or the negative thereof or other variations thereon suggesting future outcomes or statements regarding an outlook. All such statements constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties associated with our business which may cause actual results in future periods to differ materially from results indicated in forward-looking statements. While these statements are based on management's expectations and assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that we believe are reasonable and appropriate in the circumstances, readers are cautioned not to place undue reliance on these forward-looking statements as there is a risk that they may not be accurate. The forward-looking statements contained in this press release describe our expectations as of August 12, 2025 and, accordingly, are subject to change after such date. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Except as otherwise indicated by CAE, forward-looking statements do not reflect the potential impact of any special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may occur after August 12, 2025. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements are presented in this press release for the purpose of assisting investors and others in understanding certain key elements of our expected fiscal 2026 financial results and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Material assumptions The forward-looking statements set out in this press release are based on certain assumptions including, without limitation: the prevailing market conditions, geopolitical instability including the rapidly evolving trade and tariff environment, the customer receptivity to our training and operational support solutions, the accuracy of our estimates of addressable markets and market opportunity, the realization of anticipated annual recurring cost savings and other intended benefits from restructuring initiatives and operational excellence programs, the ability to respond to anticipated inflationary pressures and our ability to pass along rising costs through increased prices, the actual impact to supply, production levels, and costs from global supply chain logistics challenges, the stability of foreign exchange rates, the ability to hedge exposures to fluctuations in interest rates and foreign exchange rates, the availability of borrowings to be drawn down under, and the utilization, of one or more of our senior credit agreements, our available liquidity from cash and cash equivalents, undrawn amounts on our revolving credit facility, the balance available under our receivable purchase facility, the assumption that our cash flows from operations and continued access to debt funding will be sufficient to meet financial requirements in the foreseeable future, access to expected capital resources within anticipated timeframes, no material financial, operational or competitive consequences from changes in regulations affecting our business, our ability to retain and attract new business, our ability to effectively execute and retire the remaining Legacy Contracts while managing the risks associated therewith, our ability to defend our position in the dispute with the buyer of the CAE Healthcare business, and the realization of the expected strategic, financial and other benefits of the increase of our ownership stake in SIMCOM Aviation Training in the timeframe anticipated. Air travel is a major driver for CAE's business and management relies on analysis from the International Air Transport Association (IATA) to inform its assumptions about the rate and profile of growth in its key civil aviation market. Accordingly, the assumptions outlined in this press release and, consequently, the forward-looking statements based on such assumptions, may turn out to be inaccurate. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this press release, refer to Section 11 "Business risk and uncertainty" of our MD&A for the year ended March 31, 2025 available on our website ( SEDAR+ ( and EDGAR ( Material risks Important risks that could cause actual results or events to differ materially from those expressed in or implied by our forward-looking statements are set out in CAE's MD&A for the fiscal year ended March 31, 2025 and MD&A for the three months ended June 30, 2025, available on our website ( SEDAR+ ( and EDGAR ( Readers are cautioned that any of the disclosed risks could have a material adverse effect on our forward-looking statements. We caution that the disclosed list of risk factors is not exhaustive and other factors could also adversely affect our results. Non-IFRS and other financial measures This press release includes non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures. These measures are not standardized financial measures prescribed under IFRS and therefore should not be confused with, or used as an alternative for, performance measures calculated according to IFRS. Furthermore, these measures should not be compared with similarly titled measures provided or used by other issuers. Management believes that these measures provide additional insight into our operating performance and trends and facilitate comparisons across reporting periods. Certain non-IFRS and other financial measures are provided on a consolidated basis and separately for each of our segments (Civil Aviation and Defense and Security) since we analyze their results and performance separately. Reconciliations and calculations of non-IFRS measures to the most directly comparable measures under IFRS are also set forth below in the section "Reconciliations and Calculations of this press release". Performance measures Gross profit margin (or gross profit as a % of revenue) Gross profit margin is a supplementary financial measure calculated by dividing our gross profit by revenue for a given period. We track it because we believe it provides an enhanced understanding of our operating performance and facilitates the comparison across reporting periods. Operating income margin (or operating income as a % of revenue) Operating income margin is a supplementary financial measure calculated by dividing our operating income by revenue for a given period. We track it because we believe it provides an enhanced understanding of our operating performance and facilitates the comparison across reporting periods. Adjusted segment operating income or loss Adjusted segment operating income or loss is a non-IFRS financial measure that gives us an indication of the profitability of each segment because it does not include the impact of any items not specifically related to the segment's performance. We calculate adjusted segment operating income by taking operating income and adjusting for restructuring, integration and acquisition costs, and impairments and other gains and losses arising from significant strategic transactions or specific events. Impairments and other gains and losses arising from significant strategic transactions or specific events consist of the executive management transition costs (as described in Section 5.2 of the MD&A for the period ended June 30, 2025 and Section 5.6 of the MD&A for the year ended March 31, 2025), the gain on fair value remeasurement of SIMCOM (as described in Note 7 of our consolidated financial statements for the year ended March 31, 2025), the shareholder matters (as described in Section 5.5 of the MD&A for the year ended March 31, 2025), the impairment of goodwill (as described in Note 14 of our consolidated financial statements for the year ended March 31, 2024) and the impairment of technology and other non-financial assets (as described in Note 5 of our consolidated financial statements for the year ended March 31, 2024). We track adjusted segment operating income because we believe it provides an enhanced understanding of our operating performance and facilitates the comparison across reporting periods. Adjusted segment operating income on a consolidated basis is a total of segments measure since it is the profitability measure employed by management for making decisions about allocating resources to segments and assessing segment performance. Adjusted segment operating income margin (or adjusted segment operating income as a % of revenue) Adjusted segment operating income margin is a non-IFRS ratio calculated by dividing our adjusted segment operating income by revenue for a given period. We track it because we believe it provides an enhanced understanding of our operating performance and facilitates the comparison across reporting periods. Adjusted effective tax rate Adjusted effective tax rate is a supplementary financial measure that represents the effective tax rate on adjusted net income or loss. It is calculated by dividing our income tax expense by our earnings before income taxes, adjusting for the same items used to determine adjusted net income or loss. We track it because we believe it provides an enhanced understanding of the impact of changes in income tax rates and the mix of income on our operating performance and facilitates the comparison across reporting periods. Adjusted net income or loss Adjusted net income or loss is a non-IFRS financial measure we use as an alternate view of our operating results. We calculate it by taking our net income attributable to equity holders of the Company from continuing operations and adjusting for restructuring, integration and acquisition costs, and impairments and other gains and losses arising from significant strategic transactions or specific events, after tax, as well as significant one-time tax items. Impairments and other gains and losses arising from significant strategic transactions or specific events consist of the executive management transition costs (as described in Section 5.2 of the MD&A for the period ended June 30, 2025 and Section 5.6 of the MD&A for the year ended March 31, 2025), the gain on fair value remeasurement of SIMCOM (as described in Note 7 of our consolidated financial statements for the year ended March 31, 2025), the shareholder matters (as described in Section 5.5 of the MD&A for the year ended March 31, 2025), , the impairment of goodwill (as described in Note 14 of our consolidated financial statements for the year ended March 31, 2024), and the impairment of technology and other non-financial assets (as described in Note 5 of our consolidated financial statements for the year ended March 31, 2024) . We track adjusted net income because we believe it provides an enhanced understanding of our operating performance and facilitates the comparison across reporting periods. Adjusted earnings or loss per share (EPS) Adjusted earnings or loss per share is a non-IFRS ratio calculated by dividing adjusted net income or loss by the weighted average number of diluted shares. We track it because we believe it provides an enhanced understanding of our operating performance on a per share basis and facilitates the comparison across reporting periods. EBITDA and Adjusted EBITDA EBITDA is a non-IFRS financial measure which comprises net income or loss from continuing operations before income taxes, finance expense – net, depreciation and amortization. Adjusted EBITDA further adjusts for restructuring, integration and acquisition costs, and impairments and other gains and losses arising from significant strategic transactions or specific events. Impairments and other gains and losses arising from significant strategic transactions or specific events consist of the executive management transition costs (as described in Section 5.2 of the MD&A for the period ended June 30, 2025 and Section 5.6 of the MD&A for the year ended March 31, 2025), the gain on fair value remeasurement of SIMCOM (as described in Note 7 of our consolidated financial statements for the year ended March 31, 2025), the shareholder matters (as described in Section 5.5 of the MD&A for the year ended March 31, 2025), the impairment of goodwill (as described in Note 14 of our consolidated financial statements for the year ended March 31, 2024) and the impairment of technology and other non-financial assets (as described in Note 5 of our consolidated financial statements for the year ended March 31, 2024). We use EBITDA and adjusted EBITDA to evaluate our operating performance, by eliminating the impact of non-operational or non-cash items. Free cash flow Free cash flow is a non-IFRS financial measure that shows us how much cash we have available to invest in growth opportunities, repay debt and meet ongoing financial obligations. We use it as an indicator of our financial strength and liquidity. We calculate it by taking the net cash generated by our continuing operating activities, subtracting maintenance capital expenditures, intangible assets expenditures excluding capitalized development costs, other investing activities not related to growth and dividends paid and adding proceeds from the disposal of property, plant and equipment, dividends received from equity accounted investees and proceeds, net of payments, from equity accounted investees. Liquidity and capital structure measures Adjusted return on capital employed (ROCE) Adjusted ROCE is a non-IFRS ratio calculated over a rolling four-quarter period by taking net income attributable to equity holders of the Company from continuing operations adjusting for net finance expense, after tax, restructuring, integration and acquisition costs, and impairments and other gains and losses arising from significant strategic transactions or specific events divided by the average capital employed from continuing operations. Impairments and other gains and losses arising from significant strategic transactions or specific events consist of the executive management transition costs (as described in Section 5.2 of the MD&A for the period ended June 30, 2025 and Section 5.6 of the MD&A for the year ended March 31, 2025), the gain on fair value remeasurement of SIMCOM (as described in Note 7 of our consolidated financial statements for the year ended March 31, 2025), the shareholder matters (as described in Section 5.5 of the MD&A for the year ended March 31, 2025), the impairment of goodwill (as described in Note 14 of our consolidated financial statements for the year ended March 31, 2024) and the impairment of technology and other non-financial assets (as described in Note 5 of our consolidated financial statements for the year ended March 31, 2024). We use adjusted ROCE to evaluate the profitability of our invested capital. Net debt Net debt is a capital management measure we use to monitor how much debt we have after taking into account cash and cash equivalents. We use it as an indicator of our overall financial position, and calculate it by taking our total long-term debt, including the current portion of long-term debt, and subtracting cash and cash equivalents. Net debt-to-EBITDA and net debt-to-adjusted EBITDA Net debt-to-EBITDA and net debt-to-adjusted EBITDA are non-IFRS ratios calculated as net debt divided by the last twelve months EBITDA (or adjusted EBITDA). We use net debt-to-EBITDA and net debt-to-adjusted EBITDA because they reflect our ability to service our debt obligations. Maintenance and growth capital expenditures Maintenance capital expenditure is a supplementary financial measure we use to calculate the investment needed to sustain the current level of economic activity. Growth capital expenditure is a supplementary financial measure we use to calculate the investment needed to increase the current level of economic activity. The sum of maintenance capital expenditures and growth capital expenditures represents our total property, plant and equipment expenditures. Growth measures Adjusted order intake Adjusted order intake is a supplementary financial measure that represents the expected value of orders we have received: For the Civil Aviation segment, we consider an item part of our adjusted order intake when we have a legally binding commercial agreement with a client that includes enough detail about each party's obligations to form the basis for a contract. Additionally, expected future revenues from customers under short-term and long-term training contracts are included when these customers commit to pay us training fees, or when we reasonably expect the revenue to be generated; For the Defense and Security segment, we consider an item part of our adjusted order intake when we have a legally binding commercial agreement with a client that includes enough detail about each party's obligations to form the basis for a contract. Defense and Security contracts are usually executed over a long-term period but some of them must be renewed each year. For this segment, we only include a contract item in adjusted order intake when the customer has authorized the contract item and has received funding for it. Adjusted backlog Adjusted backlog is a supplementary financial measure that represents expected future revenues and includes obligated backlog, joint venture backlog and unfunded backlog and options: Obligated backlog represents the value of our adjusted order intake not yet executed and is calculated by adding the adjusted order intake of the current period to the balance of the obligated backlog at the end of the previous fiscal year, subtracting the revenue recognized in the current period and adding or subtracting backlog adjustments. If the amount of an order already recognized in a previous fiscal year is modified, the backlog is revised through adjustments; Joint venture backlog is obligated backlog that represents the expected value of our share of orders that our joint ventures have received but have not yet executed. Joint venture backlog is determined on the same basis as obligated backlog described above, but excludes any portion of orders that have been directly subcontracted to a CAE subsidiary, which are already reflected in the determination of obligated backlog; Unfunded backlog represents legally binding Defense and Security orders with the U.S. government that we have received but have not yet executed and for which funding authorization has not yet been obtained. The uncertainty relates to the timing of the funding authorization, which is influenced by the government's budget cycle, based on a September year-end. Options are included in adjusted backlog when there is a high probability of being exercised, which we define as at least 80% probable, but multi-award indefinite-delivery/indefinite-quantity (ID/IQ) contracts are excluded. When an option is exercised, it is considered adjusted order intake in that period, and it is removed from unfunded backlog and options. Book-to-sales ratio The book-to-sales ratio is a supplementary financial measure calculated by dividing adjusted order intake by revenue in a given period. We use it to monitor the level of future growth of the business over time. Supplementary non-financial information definitions Full-flight simulators (FFSs) in CAE's network A FFS is a full-size replica of a specific make, model and series of an aircraft cockpit, including a motion system. In our count of FFSs in the network, we generally only include FFSs that are of the highest fidelity and do not include any fixed based training devices, or other lower-level devices, as these are typically used in addition to FFSs in the same approved training programs. Simulator equivalent unit (SEU) SEU is a measure we use to show the total average number of FFSs available to generate earnings during the period. For example, in the case of a 50/50 flight training joint venture, we will report only 50% of the FFSs under this joint venture as a SEU. If a FFS is being powered down and relocated, it will not be included as a SEU until the FFS is re-installed and available to generate earnings. Utilization rate Utilization rate is a measure we use to assess the performance of our Civil simulator training network. While utilization rate does not perfectly correlate to revenue recognized, we track it, together with other measures, because we believe it is an indicator of our operating performance. We calculate it by taking the number of training hours sold on our simulators during the period divided by the practical training capacity available for the same period. Reconciliation of adjusted segment operating income Defense (amounts in millions) Civil Aviation and Security Total Three months ended June 30 2025 2024 2025 2024 2025 2024 Operating income $ 99.4 $ 89.8 $ 34.4 $ 18.8 $ 133.8 $ 108.6 Restructuring, integration and acquisition costs — 16.6 — 9.0 — 25.6 Impairments and other gains and losses arising from significant strategic transactions or specific events: Executive management transition costs 8.2 — 5.8 — 14.0 — Adjusted segment operating income $ 107.6 $ 106.4 $ 40.2 $ 27.8 $ 147.8 $ 134.2 Reconciliation of adjusted net income and adjusted EPS Three months ended June 30 (amounts in millions, except per share amounts) 2025 2024 Net income attributable to equity holders of the Company $ 57.2 $ 48.3 Restructuring, integration and acquisition costs, after tax — 19.5 Impairments and other gains and losses arising from significant strategic transactions or specific events: Executive management transition costs, after tax 10.3 — Adjusted net income $ 67.5 $ 67.8 Average number of shares outstanding (diluted) 321.1 318.8 Adjusted EPS $ 0.21 $ 0.21 Calculation of adjusted effective tax rate Three months ended June 30 (amounts in millions, except effective tax rates) 2025 2024 Earnings before income taxes $ 79.2 $ 59.1 Restructuring, integration and acquisition costs — 25.6 Impairments and other gains and losses arising from significant strategic transactions or specific events: Executive management transition costs 14.0 — Adjusted earnings before income taxes $ 93.2 $ 84.7 Income tax expense $ 19.0 $ 8.3 Tax impact on restructuring, integration and acquisition costs — 6.1 Tax impact on impairments and other gains and losses arising from significant strategic transactions or specific events: Tax impact on gain on executive management transition costs 3.7 — Adjusted income tax expense $ 22.7 $ 14.4 Effective tax rate % 24 % 14 Adjusted effective tax rate % 24 % 17 Reconciliation of free cash flow Three months ended June 30 (amounts in millions) 2025 2024 Cash provided by operating activities* $ 189.2 $ 127.2 Changes in non-cash working capital (204.5) (140.1) Net cash used in operating activities $ (15.3) $ (12.9) Maintenance capital expenditures (27.1) (19.9) Intangible assets expenditures excluding capitalized development costs (3.7) (5.1) Proceeds from the disposal of property, plant and equipment 5.1 1.7 Net (payments to) proceeds from equity accounted investees (13.1) 0.1 Dividends received from equity accounted investees 20.1 10.5 Other investing activities (2.2) 0.3 Free cash flow $ (36.2) $ (25.3) * before changes in non-cash working capital Reconciliation of EBITDA, adjusted EBITDA, net debt-to-EBITDA and net debt-to-adjusted EBITDA Last twelve months ended June 30 (amounts in millions, except net debt-to-EBITDA ratios) 2025 2024 Operating income (loss) $ 754.4 $ (205.1) Depreciation and amortization 430.6 376.7 EBITDA $ 1,185.0 $ 171.6 Restructuring, integration and acquisition costs 30.9 142.0 Impairments and other gains and losses arising from significant strategic transactions or specific events: Executive management transition costs 22.3 — Gain on fair value remeasurement of SIMCOM (72.6) — Shareholder matters 10.6 — Impairment of goodwill — 568.0 Impairment of technology and other non-financial assets — 35.7 Adjusted EBITDA $ 1,176.2 $ 917.3 Net debt $ 3,236.1 $ 3,129.7 Net debt-to-EBITDA 2.73 18.24 Net debt-to-adjusted EBITDA 2.75 3.41 Reconciliation of capital employed and net debt As at June 30 As at March 31 (amounts in millions) 2025 2025 Use of capital: Current assets $ 1,996.4 $ 2,143.6 Less: cash and cash equivalents (171.2) (293.7) Current liabilities (2,306.5) (2,686.5) Less: current portion of long-term debt 250.2 399.0 Non-cash working capital $ (231.1) $ (437.6) Property, plant and equipment 2,962.6 2,989.5 Intangible assets 3,730.0 3,871.0 Other long-term assets 2,189.7 2,209.7 Other long-term liabilities (424.0) (479.9) Capital employed $ 8,227.2 $ 8,152.7 Source of capital: Current portion of long-term debt $ 250.2 $ 399.0 Long-term debt 3,157.1 3,071.4 Less: cash and cash equivalents (171.2) (293.7) Net debt $ 3,236.1 $ 3,176.7 Equity attributable to equity holders of the Company 4,907.8 4,891.5 Non-controlling interests 83.3 84.5 Capital employed $ 8,227.2 $ 8,152.7 For non-IFRS and other financial measures monitored by CAE, and a reconciliation of such measures to the most directly comparable measure under IFRS, please refer to Section 9 of CAE's MD&A for the quarter ended June 30, 2025 (which is incorporated by reference into this press release) available on our website ( SEDAR+ ( and EDGAR ( Consolidated Income Statement (Unaudited) Three months ended June 30 (amounts in millions of Canadian dollars, except per share amounts) 2025 2024 Revenue $ 1,098.6 $ 1,072.5 Cost of sales 790.3 793.8 Gross profit $ 308.3 $ 278.7 Research and development expenses 36.7 35.9 Selling, general and administrative expenses 159.4 133.5 Other (gains) and losses — (0.9) Share of after-tax profit of equity accounted investees (21.6) (24.0) Restructuring, integration and acquisition costs — 25.6 Operating income $ 133.8 $ 108.6 Finance expense – net 54.6 49.5 Earnings before income taxes $ 79.2 $ 59.1 Income tax expense 19.0 8.3 Net income $ 60.2 $ 50.8 Attributable to: Equity holders of the Company $ 57.2 $ 48.3 Non-controlling interests 3.0 2.5 Earnings per share attributable to equity holders of the Company Basic and diluted $ 0.18 $ 0.15 Consolidated Statement of Comprehensive Income (Unaudited) Three months ended June 30 (amounts in millions of Canadian dollars) 2025 2024 Net income $ 60.2 $ 50.8 Items that may be reclassified to net income Foreign currency exchange differences on translation of foreign operations $ (218.8) $ 51.5 Net gain (loss) on hedges of net investment in foreign operations 112.9 (19.1) Reclassification to income of gains on foreign currency exchange differences (1.7) (0.1) Net gain (loss) on cash flow hedges 18.8 (6.8) Reclassification to income of (gains) losses on cash flow hedges (1.3) 3.3 Income taxes (4.7) (1.0) $ (94.8) $ 27.8 Items that will never be reclassified to net income Remeasurement of defined benefit pension plan obligations $ 26.7 $ 2.3 Income taxes (7.1) (0.6) $ 19.6 $ 1.7 Other comprehensive (loss) income $ (75.2) $ 29.5 Total comprehensive (loss) income $ (15.0) $ 80.3 Attributable to: Equity holders of the Company $ (16.0) $ 77.3 Non-controlling interests 1.0 3.0 Consolidated Statement of Financial Position (Unaudited) June 30 March 31 (amounts in millions of Canadian dollars) 2025 2025 Assets Cash and cash equivalents $ 171.2 $ 293.7 Accounts receivable 537.7 612.0 Contract assets 491.9 482.2 Inventories 616.4 595.0 Prepayments 88.7 78.2 Income taxes recoverable 62.4 59.0 Derivative financial assets 28.1 23.5 Total current assets $ 1,996.4 $ 2,143.6 Property, plant and equipment 2,962.6 2,989.5 Right-of-use assets 771.3 788.0 Intangible assets 3,730.0 3,871.0 Investment in equity accounted investees 564.4 559.1 Employee benefits assets 11.9 11.6 Deferred tax assets 177.8 191.8 Derivative financial assets 9.1 1.4 Other non-current assets 655.2 657.8 Total assets $ 10,878.7 $ 11,213.8 Liabilities and equity Accounts payable and accrued liabilities $ 965.9 $ 1,190.8 Provisions 28.4 34.5 Income taxes payable 19.6 18.4 Contract liabilities 1,020.9 1,001.6 Current portion of long-term debt 250.2 399.0 Derivative financial liabilities 21.5 42.2 Total current liabilities $ 2,306.5 $ 2,686.5 Provisions 14.0 14.3 Long-term debt 3,157.1 3,071.4 Employee benefits obligations 112.9 134.1 Deferred tax liabilities 38.9 40.7 Derivative financial liabilities 4.0 22.4 Other non-current liabilities 254.2 268.4 Total liabilities $ 5,887.6 $ 6,237.8 Equity Share capital $ 2,339.3 $ 2,327.1 Contributed surplus 89.9 69.8 Accumulated other comprehensive income 289.0 381.8 Retained earnings 2,189.6 2,112.8 Equity attributable to equity holders of the Company $ 4,907.8 $ 4,891.5 Non-controlling interests 83.3 84.5 Total equity $ 4,991.1 $ 4,976.0 Total liabilities and equity $ 10,878.7 $ 11,213.8 Consolidated Statement of Changes in Equity (Unaudited) Attributable to equity holders of the Company Three months ended June 30, 2025 Common shares Accumulated other (amounts in millions of Canadian dollars, Number of Stated Contributed comprehensive Retained Non-controlling Total except number of shares) shares value surplus income earnings Total interests equity Balances as at March 31, 2025 320,265,108 $ 2,327.1 $ 69.8 $ 381.8 $ 2,112.8 $ 4,891.5 $ 84.5 $ 4,976.0 Net income — $ — $ — $ — $ 57.2 $ 57.2 $ 3.0 $ 60.2 Other comprehensive (loss) income — — — (92.8) 19.6 (73.2) (2.0) (75.2) Total comprehensive (loss) income — $ — $ — $ (92.8) $ 76.8 $ (16.0) $ 1.0 $ (15.0) Exercise of stock options 348,020 12.2 (2.2) — — 10.0 — 10.0 Settlement of equity-settled awards 817 — — — — — — — Equity-settled share-based payments expense, after tax — — 22.3 — — 22.3 — 22.3 Transactions with non-controlling interests — — — — — — (2.2) (2.2) Balances as at June 30, 2025 320,613,945 $ 2,339.3 $ 89.9 $ 289.0 $ 2,189.6 $ 4,907.8 $ 83.3 $ 4,991.1 Attributable to equity holders of the Company Three months ended June 30, 2024 Common shares Accumulated other (amounts in millions of Canadian dollars, Number of Stated Contributed comprehensive Retained Non-controlling Total except number of shares) shares value surplus income earnings Total interests equity Balances as at March 31, 2024 318,312,233 $ 2,252.9 $ 55.4 $ 154.0 $ 1,762.6 $ 4,224.9 $ 77.7 $ 4,302.6 Net income — $ — $ — $ — $ 48.3 $ 48.3 $ 2.5 $ 50.8 Other comprehensive income — — — 27.3 1.7 29.0 0.5 29.5 Total comprehensive income — $ — $ — $ 27.3 $ 50.0 $ 77.3 $ 3.0 $ 80.3 Exercise of stock options 965,075 24.2 (3.0) — — 21.2 — 21.2 Settlement of equity-settled awards 34,917 1.0 (1.0) — — — — — Repurchase and cancellation of common shares (463,500) (3.3) — — (8.4) (11.7) — (11.7) Equity-settled share-based payments expense, after tax — — 16.3 — — 16.3 — 16.3 Balances as at June 30, 2024 318,848,725 $ 2,274.8 $ 67.7 $ 181.3 $ 1,804.2 $ 4,328.0 $ 80.7 $ 4,408.7 Consolidated Statement of Cash Flows (Unaudited) Three months ended June 30 (amounts in millions of Canadian dollars) 2025 2024 Operating activities Net income $ 60.2 $ 50.8 Adjustments for: Depreciation and amortization 113.7 97.8 Share of after-tax profit of equity accounted investees (21.6) (24.0) Deferred income taxes 6.3 (5.6) Investment tax credits (4.6) (5.0) Equity-settled share-based payments expense 19.5 16.3 Defined benefit pension plans 5.0 3.1 Other non-current liabilities — (2.6) Derivative financial assets and liabilities – net 2.9 2.2 Other 7.8 (5.8) Changes in non-cash working capital (204.5) (140.1) Net cash used in operating activities $ (15.3) $ (12.9) Investing activities Property, plant and equipment expenditures $ (106.9) $ (92.6) Proceeds from disposal of property, plant and equipment 5.1 1.7 Intangible assets expenditures (22.4) (28.6) Net (payments to) proceeds from equity accounted investees (13.1) 0.1 Dividends received from equity accounted investees 20.1 10.5 Other (3.4) 0.3 Net cash used in investing activities $ (120.6) $ (108.6) Financing activities Net proceeds from borrowing under revolving credit facilities $ 157.8 $ 119.6 Proceeds from long-term debt 75.3 10.5 Repayment of long-term debt (207.6) (25.1) Repayment of lease liabilities (15.8) (13.8) Net proceeds from the issuance of common shares 10.0 21.2 Repurchase and cancellation of common shares — (11.7) Other (1.3) — Net cash provided by financing activities $ 18.4 $ 100.7 Effect of foreign currency exchange differences on cash and cash equivalents $ (5.0) $ 3.9 Net decrease in cash and cash equivalents $ (122.5) $ (16.9) Cash and cash equivalents, beginning of period 293.7 160.1 Cash and cash equivalents, end of period $ 171.2 $ 143.2 ABOUT CAE At CAE, we exist to make the world safer. We deliver cutting-edge training, simulation, and critical operations solutions to prepare aviation professionals and defence forces for the moments that matter. Every day, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security personnel to perform at their best and when the stakes are the highest. Around the globe, we're everywhere customers need us to be with approximately 13,000 employees at around 240 sites and training locations in over 40 countries. For nearly 80 years, CAE has been at the forefront of innovation, consistently seeking to set the standard by delivering excellence in high-fidelity flight simulators and training solutions, while embedding sustainability at the heart of everything we do. By harnessing technology and enhancing human performance, we strive to be the trusted partner in advancing safety and mission readiness—today and tomorrow. Contacts General Media: Samantha Golinski, Vice President, Public Affairs & Global Communications +1-438-805-5856, [email protected]
