Slide 1: Investor Presentation Fourth Quarter Fiscal Year 2025
Investor Presentation Fourth Quarter Fiscal Year 2025 Data as of May 13, 2025 1
Slide 2: Disclaimer
Disclaimer CAUTION REGARDING FORWARD-LOOKING STATEMENTS This Presentation 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 outlo
Slide 3: Disclaimer
Disclaimer Readers are cautioned that any of the disclosed risks could have a material adverse effect on CAE’s forward-looking statements. Readers are also cautioned that the risks described above and elsewhere in this Presentation are not necessarily the only ones we face; additional risks and unce
Slide 4: Non-IFRS and Other Financial Measures
NON-IFRS AND OTHER FINANCIAL MEASURES This Presentation 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
Slide 5: 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 6: CAE is driving growth and creating value across key divisions
CAE is driving growth and creating value across 6 key divisions Defense & Security (USA) Commercial Aviation Training & Services Defense & Security (International) Business Aviation Training & Services Defense & Security (Canada) Airline Operations Digital Solutions (Flightscape) 6 CAE Inc. Inc.Prop
Slide 7: A global leader in training, mission, and operational support solutions
Total Revenue A global leader in Defense 42 % 58 Civil training, mission, and and Aviation Security operational support Products/Services Mix* solutions 40 % 60 $4.7B 40+ ~240 ~13,000 Products Services FY25 revenue countries sites employees Geographic Mix U.S.A. 48 % Europe & UK 20 32 Canada/ Rest o
Slide 8: Current and next-generation products enabling our training ecosystem
Current and next-generation products enabling our training ecosystem 8 CAE Inc. Proprietary Information and/or Confidential
Slide 9: Civil Aviation
Civil Aviation Elevating and advancing human performance
Slide 10: We are the world's largest provider of civil aviation training services
We are the world’s largest provider #1 Every 5 seconds of civil aviation training services Civil Aviation Training with the unique capability and a flight takes off global scale to address the total using Flightscape, powered by CAE lifecycle needs of the professional pilot, from cadet to captain 85
Slide 11: Significant growth runway with 1.3 million new commercial and business aviation personnel required by 2032
Significant growth runway with 1.3 million new commercial and business aviation personnel required by 2032 New Commercial Aviation New Business Aviation Commercial Personnel Needed: Personnel Needed: Commercial aviation fleet growth 1,180K 106K 2023-2032: 32K 74K 39% 252K 599K New Pilots New Cabin N
Slide 12: Defense & Security
Defense & Security Making the world a safer place through enhanced mission readiness
Slide 13: Located in key growth markets with local community and industry connection
Located in key growth markets with 140+ 40+ local community and sites countries industry connection 6,000+ 85+ Regional offices with manufacturing and integration capabilities employees platforms ▪ Tampa, FL (US HQ) ▪ Ottawa, ON ▪ Arlington, TX ▪ Burgess Hill, UK ▪ Halifax, NS ▪ Stolberg, DE ▪ Montr
Slide 14: Defence markets growing across regions and platforms
Defence markets growing across regions and platforms: Need to meet critical training needs in complex environments Forecasted defence budget growth across Military training spending forecast key allied nations, CAGR FY25-FY30 3.9% 5.9% 5-year CAGR* Average personnel shortfalls across key allied nati
Slide 15: Strong adjusted backlog growth fuels continued growth across Civil and Defense
Strong adjusted backlog growth fuels continued growth across Civil and Defense Civil Defense $8.8B 1.37x 20% 37% $11.3B 1.99x 97% Record adjusted Book to sales* y/y adjusted Adjusted Book to sales* y/y adjusted backlog* (TTM) backlog* growth backlog* (TTM) backlog* growth * Data as of Q4 FY25. Non-I
Slide 16: Our disciplined, balanced and market-led approach to capital allocation
Our disciplined, balanced and market-led approach to capital allocation Revenue, earnings and • Organic FFS deployments cash-flow growth through • New JV training agreements with airline partners multiple levers • Expanding training outsourcing of existing JV partners Strong financial • Continue to
Slide 17: Organic capital deployment driving recurring revenue and attractive incremental returns
Organic capital deployment driving recurring revenue and attractive incremental returns Year of FFS deployment Incremental Pre-tax Return % on Organic Capital $1,205M+ FY16 65% Deployed in Civil Training (FY16-FY25) FY17 organic capital* 55% invested in FY16-FY25 FY18 45% to deploy 138 Full Flight F
Slide 18: Outlook for FY26
Outlook for FY26 Consolidated • Annual adjusted segmented operating income* growth mid-to-high single digit Civil percent range • Modest expansion in annual Civil adjusted • Total CAPEX for fiscal 2026 to be modestly lower segment operating income margin* than fiscal 2025, which totaled $356.2 milli
Slide 19: Sustainability
Sustainability Civil Aviation Defense & Security Moving aviation safety, inclusion, and Noble mission to support preparedness; fostering industry decarbonization forward sovereignty, stability and safety through deterrence Committed to top 15% of our industry By FY33, CAE commits to: 100% sourcing M
Slide 20: Financial Highlights
Financial Highlights (amounts in millions, except per share amounts, adjusted ROCE and book-to-sales ratio) Q4-2025 Q4-2024 Variance % Performance Revenue $1,275.4 $1,126.3 13% Operating income (loss) $239.9 ($533.0) Adjusted segment operating income* $258.8 $125.7 106% Net income (loss) attributabl
Slide 21: Non-IFRS measures reconciliations
Non-IFRS measures reconciliations Last twelve months ended March 31 Reconciliation of EBITDA, adjusted EBITDA, net debt-to-EBITDA and net debt-to-adjusted EBITDA 2025 2024 (Amounts in millions, except net debt-to-EBITDA ratios) Operating income (loss) $ 729.2 $ (185.4) Depreciation and amortization
Slide 22: Non-IFRS measures reconciliations
Non-IFRS measures reconciliations Three months ended March 31 Reconciliation of adjusted net income and adjusted earnings per share (EPS) 2025 2024 (Amounts in millions, except per share amounts) Net income attributable to equity holders of the Company $ 135.9 $ (484.2) Net loss (income) from discon
Slide 23: Non-IFRS measures reconciliations
Non-IFRS measures reconciliations Reconciliation of adjusted segment operating income Civil Aviation Defense and Security Total Three months ended March 31 2025 2024 2025 2024 2025 2024 (Amounts in millions) Operating income (loss) $ 197.4 $ 147.0 $ 42.5 $ (680.0) $ 239.9 $ (533.0) Restructuring, in