Slide 1: Investor Presentation Fourth Quarter Fiscal Year 2026
Investor Presentation Fourth Quarter Fiscal Year 2026 Data as of 21 May 2026 1
Slide 2: Disclaimer
Disclaimer CURRENCY All amounts in this presentation are expressed in Canadian dollars unless otherwise indicated. CAUTION REGARDING FORWARD-LOOK ING STATEMENTS This Presentation includes forward-looking statements about our activities, events and developments that we expect or anticipate may occur
Slide 3: Disclaimer: Material Assumptions
Disclaimer MATERIAL ASSUMPTIONS The forward-looking statements set out in this Presentation are based on certain assumptions including, without limitation: prevailing market conditions, customer receptivity to our training and operational support solutions, moderate GDP growth and inflation broadly
Slide 4: Non-IFRS and other financial measures
Non-IFRS and other financial measures This Presentation includes historical and forward-looking 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 s
Slide 5: Forward-Looking financial measures
Forward-Looking financial measures Transformation run-rate sav ings Transformation run-rate savings is a supplementary financial measure we use to show the targeted total cost savings from the activities and initiatives associated with our transformation plan and their anticipated contribution to ad
Slide 6: Our vision
Our vision To be the trusted partner in advancing safety and mission readiness, defining the standard of excellence in training and critical operations by harnessing technology and enhancing human performance. CAE Inc. Proprietary Information and/or Confidential
Slide 7: A global leader in training, mission, and operational support solutions
A global leader in Total Revenue training, mission, and Defense % operational support 44 Civil and 56 Aviation Security Products/Ser vices Mix* solutions Products 40 % Geographic Mix $4.9B $1.20 $19.3B 45 U.S.A. 60 FY26 revenue FY26 adjusted FY26 adjusted Services EPS(1) backlog(1) % 20 35 ~11,500 4
Slide 8: Transformation priorities and workstreams
Transformation priorities and workstreams Three transformation priorities Eight focused work streams Selected considerations Transformation plan targeting $125 million to $150 million of run-rate savings by fiscal Review non-core businesses for strategic Portfolio alternatives 2030 Total cost of the
Slide 9: Fiscal 2027 outlook
Fiscal 2027 outlook Fiscal 2027 consolidated financial outlook , §∏$ Æ≠≤® £ §±†≥® Æ≠≤ Civil: flat to slightly down Revenue Low-single digit percentage growth Defense: mid-single digit percentage growth Intentional transformation investments and Adjusted segment operating decision to pause government
Slide 10: Fiscal 2030 targets
Fiscal 2030 targets Fiscal 2030 consolidated financial targets , §∏$ Æ≠≤® £ §±†≥® Æ≠≤ Organic growth across Civil Aviation and Defense. Annual organic revenue grow th Mid single-digit percentage Adjusted SOI (updated More than half of the anticipated performance $950 million - $1 billion improvement
Slide 11: Civil Aviation
Civil Aviation Elevating and advancing human performance
Slide 12: World's largest provider of civil aviation training services
We are the world’s largest provider of civil aviation training services with the global scale to address the total #1 lifecycle needs of the professional Civil Aviation Training pilot, from cadet to captain 1,350+ Full Flight Simulators manufactured 370+ $2.7B 155,000 1.3M Full Flight Simulators in
Slide 13: 1.5 million new personnel required by 2034
1.5 million new personnel required by 2034 to support commercial and business aviation growth Passenger Traffic New commercial aviation personnel needed: New business aviation personnel needed: 4.8% 1,292K 102K 4-year CAGR* Fleet Growth 267K 678K 33K 69K 35% 3.25% New pilots New cabin New pilots New
Slide 14: Defense & Security
Defense & Security Making the world a safer place through enhanced mission readiness
Slide 15: CAE a critical enabler in delivering integrated training architectures for allied nations
CAE a critical enabler in delivering integrated training architectures for allied nations Highly complex, integrated flight training programs a key differentiator Saab/Global FFLiT FSTSS Eye AEW&C F-AMTS FAcT Strategic partner Delivery of Cooperation Advancing next- SkyAlyne joint with the integrate
Slide 16: Global footprint with defined centres of gravity
Global footprint with defined centres of gravity anchored in key growth markets 40+ ~80 countries platforms Regional offices w ith integration capabilities $2.2B Tampa, FL (US HQ) Ottawa, ON FY26 Revenue Arlington, TX Burgess Hill, UK $10.8B Halifax, NS Stolberg, DE Montreal, QC Sydn
Slide 17: Defence markets growing across regions and platforms
Defence markets growing across regions and platforms: Need to meet critical training needs in complex environments Canada and NATO commit ~ 10% Of allied defence operations & maintenance to target of 5% of GDP in budgets allocated to training and simulation annual defence spending by 2035. 6% 4-year
Slide 18: Simulation Products & Technology
Simulation Products & Technology Advancing the realism and effectiveness of training
Slide 19: Current and next-generation products enabling our training ecosystem
Current and next-generation products enabling our training ecosystem 19 CAE Inc. Proprietary Information and/or Confidential
Slide 20: Technology enhancing high-performance integrated training solutions
Technology enhancing high-performance integrated training solutions across civil aviation and defence environments Integrated training architecture combining courseware content, classroom training, desktop trainers, simulation platforms, and immersive training devices — enabling a unified, scalable
Slide 21: Sustainability
Sustainability Civil Aviation Defense & Security Moving aviation safety, inclusion, and Supporting preparedness; fostering sovereignty, industry resilience forward stability and safety through deterrence By FY33, CAE commits to: Mobilizing our Committed to partners for greater Climate 100% sourcing
Slide 22: Financial Highlights
Financial Highlights (amounts in millions, except per share amounts, adjusted ROIC, net debt-to-adjusted EBITDA and book-to-sales ratio) Q4FY26 Q4FY25 Variance % Performance Revenue $ 1,326.7 $ 1,275.4 4% Operating income $ 127.4 $ 239.9 (47%) Adjusted segment operating income* $ 211.8 $ 258.8 (18%)
Slide 23: Appendix
Appendix Reconciliation of historical and forward-looking non-IFRS measures 23 CAE Inc. Proprietary Information and/or Confidential
Slide 24: Reconciliation of historical non-IFRS measures
Reconciliation of historical non-IFRS measures Last twelve months ended March 31 Reconciliation of EBITDA, adjusted EBITDA, net debt-to-EBITDA and net debt-to-adjusted EBITDA 2026 2025 (amounts in millions, except net debt-to-EBITDA ratios) Operating income $ 612.3 $ 729.2 Depreciation and amortizat
Slide 25: Reconciliation of historical non-IFRS measures
Reconciliation of historical non-IFRS measures 25 CAE Inc. Proprietary Information and/or Confidential
Slide 26: Reconciliation of historical non-IFRS measures
Reconciliation historical of non-IFRS measures 26 CAE Inc. Proprietary Information and/or Confidential
Slide 27: Reconciliation of historical non-IFRS measures
Reconciliation of historical non-IFRS measures 27 CAE Inc. Proprietary Information and/or Confidential
Slide 28: Reconciliation of historical non-IFRS measures
Reconciliation of historical non-IFRS measures 28 CAE Inc. Proprietary Information and/or Confidential
Slide 29: Reconciliation of forward-looking non-IFRS measures
Reconciliation of forward-looking non-IFRS measures 29 CAE Inc. Proprietary Information and/or Confidential
Slide 30: Reconciliation of forward-looking non-IFRS measures
Reconciliation of forward-looking non-IFRS measures 30 CAE Inc. Proprietary Information and/or Confidential
Slide 31: Reconciliation of forward-looking non-IFRS measures
Reconciliation of forward-looking non-IFRS measures 31 CAE Inc. Proprietary Information and/or Confidential
Slide 32: Reconciliation of forward-looking non-IFRS measures
Reconciliation of forward-looking non-IFRS measures 32 CAE Inc. Proprietary Information and/or Confidential