Cae Inc. · TSX:CAE
Cae — Q1 FY2026 Earnings Presentation
23 slides from Cae's earnings presentation, Aug 13, 2025
Slide 1: Investor Presentation First Quarter Fiscal Year 2026
Investor Presentation First Quarter Fiscal Year 2026 Data as of 13 August 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 Products 40 % 60 Services $4.7B 40+ ~240 ~13,000 FY25 revenue countries sites employees Geographic Mix U.S.A. 48 % Europe 20 32 Canada/ & UK 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: 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: 1.5 million new personnel required by 2034 to support aviation growth
1.5 million new personnel required by 2034 to support commercial and business aviation growth Commercial New commercial aviation New business aviation 35% personnel needed: personnel needed: Commercial 3.25% 1,292K 102K aviation fleet growth* 9-year CAGR* 267K 678K 33K 69K New pilots New cabin New p
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 nat
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 $8.4B 1.27x 20% 27% $11.1B 2.08x 7% 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 Q1 FY26. Non-IFRS and
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 Incremental Pre-tax Return % on Organic Capital deployment Deployed in Civil Training (FY16-FY25) $1,205M+ FY16 60% FY17 organic capital* 50% invested in FY16-FY25 FY18 to deploy 138 Full Flight FY19
Slide 18: Outlook for FY26
Outlook for FY26 Consolidated • Annual adjusted segmented operating income* growth in the mid-single-digit Civil percent range • Annual adjusted segment operating income • Total CAPEX for fiscal 2026 to be modestly lower margin* expected to remain stable than fiscal 2025, which totaled $356.2 millio
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, net debt-to-adjusted EBITDA and book-to-sales ratio) Q1FY26 Q1FY25 Variance % Performance Revenue $ 1,098.6 $ 1,072.5 2% Operating income $ 133.8 $ 108.6 23% Adjusted segment operating income* $ 147.8 $ 134.2 10% Net
Slide 21: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Last twelve months ended June 30 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) $ 754.4 $ (205.1) Depreciation and amortization
Slide 22: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Three months ended June 30 Reconciliation of adjusted net income and adjusted EPS 2025 2024 (Amounts in millions, except per share amounts) Net income attributable to equity holders of the Company $ 57.2 $ 48.3 Restructuring, integration and acquisition costs, aft
Slide 23: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Reconciliation of adjusted segment operating income Civil Aviation Defense & Security Total Three months ended June 30 2025 2024 2025 2024 2025 2024 (Amounts in millions) Operating income $ 99.4 $ 89.8 $ 34.4 $ 18.8 $ 133.8 $ 108.6 Restructuring, integration and a