Exchange Income earnings date
Exchange Income (0ON) Q3 2026 Earnings Report
DE:0ON Q3 2026 EPS Results
- Actual EPS
- EUR 1.15
- Consensus EPS
- EUR 1.02
- Beat/Miss
- Beat by +EUR 0.13
- One Year Ago EPS
- EUR 0.93
DE:0ON Q3 2026 Revenue Results
- Actual Revenue
- EUR 672.15M
- Expected Revenue
- EUR 682.42M
- Beat/Miss
- Missed by -EUR 10.27M
- YoY Revenue Growth
- +10.18%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- After Close
- Conference Call
- Thursday, November 12, 2026
Exchange Income's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly optimistic, supported by record third-quarter results across all key metrics, adjusted EBITDA guidance of CAD 1.0 billion-CAD 1.06 billion for 2027, record revenue above CAD 1 billion in the quarter, a 15-year best leverage ratio of 2.64x EBITDA, strong liquidity, and broad-based demand across aviation, aerospace, matting, and manufacturing. Management also highlighted multiple strategic contracts, acquisitions, and growth investments. The principal challenges were inflation, higher maintenance CapEx, OEM parts shortages, tariffs, short-term fuel-cost timing, Southern Ontario window-market softness, and slow government procurement processes, but these were outweighed by the company's stated growth outlook and operating momentum.
For fiscal 2026, EIC expects to be at the top or above its previously adjusted EBITDA range of CAD 890 million-CAD 920 million; for fiscal 2027, it provided adjusted EBITDA guidance of CAD 1.0 billion-CAD 1.06 billion, representing growth of over 20% compared to the midpoint of its original 2026 guidance, excluding unannounced contract wins and unannounced acquisitions. For Q4 2026, Aerospace & Aviation and manufacturing revenue and profitability are expected to be higher than the comparative period, while Precision Manufacturing and Engineering revenue and profitability are expected to slightly decline; for 2027, revenue and profitability are expected to grow in Aerospace & Aviation, manufacturing revenue and profitability are expected to increase, Multi-Storey Window Solutions is expected to show a slight improvement from a revenue and EBITDA perspective, and Precision Manufacturing and Engineering anticipates moderate growth across the business line from a revenue and profitability perspective. Maintenance capital expenditures are expected to improve for Q4 2026 in Aerospace & Aviation, increase in fiscal 2027 in line with growth in EBITDA, and be higher than 2026 in manufacturing; growth capital expenditures are expected in Q4 2026 and fiscal 2027 for composite mat plants and additional Canadian rental fleet investments, with Saltillo production expected in the fourth quarter of 2027. The payout ratio is expected to break the 50% level in the near future, the net earnings payout ratio is expected to fall below 60%, and management said 2027 sees EIC break both goals, while continuing its 5% CAGR.
- Record Third-Quarter Performance Across Key MetricsExchange Income Corporation reported records in all key metrics for the third quarter, including revenue, adjusted EBITDA, net earnings, adjusted net earnings, free cash flow, free cash flow less maintenance capital expenditures, per-share amounts, payout ratios, and leverage. Management attributed the performance to operational excellence at subsidiaries and returns from past growth capital expenditures.
- Adjusted EBITDA Guidance Raised for Fiscal 2026Based on the momentum achieved, management expects fiscal 2026 adjusted EBITDA to be at the top or above the previously adjusted CAD 890 million-CAD 920 million range. This was the fourth update to 2026 guidance.
- 2027 Adjusted EBITDA Guidance Exceeds CAD 1 BillionThe company introduced fiscal 2027 adjusted EBITDA guidance of CAD 1.0 billion-CAD 1.06 billion, representing growth of over 20% compared to the midpoint of the original 2026 guidance. The guidance excludes unannounced contract wins and acquisitions, which management said would be additive.
- First Quarterly Revenue Above CAD 1 BillionThe third quarter was the first quarter in which Exchange Income Corporation recorded more than CAD 1 billion of revenue.
- Record Per-Share Results Despite Higher Share CountThe company reported record net earnings and adjusted net earnings per share even though the weighted number of shares increased by 8% year over year following the conversion of convertible debentures and the simplification of the balance sheet.
- Strong Payout Ratios and DeleveragingThe adjusted net earnings payout ratio was 60%, while the free cash flow less maintenance capital expenditures payout ratio was 52%. Aggregate leverage reached a 15-year best at 2.64x EBITDA, with management highlighting that the company delevered while delivering per-share growth, increasing dividends, and continuing to invest.
- Significant Liquidity and Robust Acquisition PipelineThe company reported over CAD 2 billion of available liquidity and said it is well-positioned to pursue acquisitions and invest in existing businesses while maintaining disciplined capital allocation. Management described the M&A pipeline as robust, with more advanced opportunities generally tangential to existing businesses and concentrated in high-growth areas.
- Strategic Acquisitions and Contract MilestonesThe TerraPro acquisition is expected to provide access to inventory and support growth in Environmental Access Solutions as larger projects begin in 2027 and beyond. Cartel is expected to diversify WesTower and expand relationships with telecommunications and infrastructure companies. The aerospace business line also signed definitive agreements confirming the scope of services under the 25-year, CAD 750 million Future Aircrew Training Program with SkyAlyne.
- Future Aircrew Training Program Provides Long-Term Aerospace ActivityModification efforts on aircraft under the SkyAlyne Future Aircrew Training Program are anticipated to start in 2027, with the majority of modification and missionization services occurring in the first five years. The remainder of the 25-year, CAD 750 million contract will focus on training and in-service support, with minimal capital investment expected.
- Broad-Based Strength in Essential Air ServicesEssential Air Services experienced broad-based strength across scheduled air service, cargo, charter, and medevac services. For the fourth quarter of 2026, revenue and profitability are expected to be higher than in the fourth quarter of 2025, driven by strong load factors, cargo, charter and medevac demand, and the expanded Air Canada commercial agreement, with all but one aircraft deployed.
- Aerospace and Aviation Growth InitiativesGrowth investments, the MACH 2 acquisition, the Newfoundland and Labrador medevac contract startup, and the expanded Air Canada commercial agreement are expected to support higher revenue and profitability into 2027. Aerospace results are also expected to benefit from strong aircraft flying tempo and modification services on two Air Greenland aircraft.
- Strong Aircraft Sales, Leasing, and Parts DemandAircraft sales and leasing continued to experience robust demand, including increasing rental rates and strong global demand for parts, aircraft, and engines. Management expects revenue and profitability to grow in 2027 and said prior growth CapEx and inventory investments for Regional One should continue to be monetized.
- Regional One Momentum and ExpansionManagement described Regional One as being very busy amid a global shortage of engines. The quarter included engine sales, engine leases, and parts sales, and management said there was nothing outside the normal course of business. MACH 2 has been integrated into Regional One's operating sales floor, and the company is considering purchasing two or three 737 aircraft to expand its parts portfolio.
- Record Composite Mat Output and Strong Matting DemandEnvironmental Access Solutions reported strong results, with output from existing composite mat plants exceeding the company's high expectations and reaching records for the quarter. The company is seeing continued market-share transition to composite mats in the southern U.S., significant demand for wood mat solutions in Canada, increasing rentals, and expanding rental rates.
- Saltillo Plant Progress and Manufacturing ExpansionThe Saltillo composite mat plant is on time and on budget, with operations expected in the latter part of 2027 and mat production expected later in 2027. Management also said at least five manufacturing companies are expanding facilities or being financed for expansion to meet market demand.
- Positive Medium- and Long-Term Matting OutlookManagement said mats on rent are approaching levels seen in 2023, while rental pricing is expanding. Larger nonlinear projects are expected to begin in 2027 and grow further in 2028, with management expecting multiplier effects from longer mat rentals and bridge rentals.
- Window Solutions Showing Early ImprovementMulti-Storey Window Solutions recorded a third consecutive positive book-to-bill ratio and continued to see strong inquiry and booking levels. The business has diversified into hospitals, long-term care homes, student housing, government institutions, and other end markets, and management expects slight revenue and EBITDA improvement in 2027.
- Precision Manufacturing Pipeline Remains StrongDespite an expected fourth-quarter decline caused by a strong prior-year comparison and customer order deferrals, the remainder of the Precision Manufacturing and Engineering businesses was described as very strong, with inquiry and booking trends supported by aerospace, defense, telecommunications, and data-farm end markets. Moderate revenue and profitability growth is anticipated in 2027.
- Dividend Growth and Lower Future Payout RatiosManagement expects the free cash flow payout ratio to fall below 50% and the net earnings payout ratio to fall below 60% in 2027, returning to pre-COVID goals. The company intends to continue growing its dividend and cited a 5% compound annual growth rate.
- Expanding Global ISR Opportunity SetThe company is in discussions with the Canadian government, two or three European countries, and parties in the Middle East regarding surveillance and aerospace opportunities. Management said the ISR market is growing rapidly and that the company's aircraft, unmanned-platform, data-management, and CarteNav capabilities position it across multiple technology formats.
- Northern Infrastructure and Aviation TailwindsManagement is already seeing increased northern aviation activity from proposed runway extensions, new facilities, and other projects, with higher northern load factors. Known increases in airline volumes and matting work are included in 2027 guidance, while unawarded large projects would provide additional upside.
- Tax Incentives Accelerating Planned InvestmentsThe Productivity Mega Deduction is causing the company to accelerate investments it was already considering, particularly in airline fleets and the wood mat fleet. Management said it is maintaining its 15% pre-tax cash-on-cash return threshold and will not make investments below that threshold.
DE:0ON Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 0.86- | 0.67 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 1.021.15 | 0.93 | 23.97% (+0.22) | |
| Aug 11, 2026 | 2026 (Q2) | 0.670.72 | 0.58 | 22.83% (+0.13) | |
| May 11, 2026 | 2026 (Q1) | 0.230.39 | 0.18 | 117.86% (+0.21) | |
| Feb 24, 2026 | 2025 (Q4) | 0.650.67 | 0.51 | 32.50% (+0.17) | |
| Nov 06, 2025 | 2025 (Q3) | 0.940.93 | 0.75 | 23.73% (+0.18) | |
| Aug 11, 2025 | 2025 (Q2) | 0.570.58 | 0.49 | 19.48% (+0.10) | |
| May 12, 2025 | 2025 (Q1) | 0.170.18 | 0.13 | 40.00% (+0.05) | |
| Feb 26, 2025 | 2024 (Q4) | 0.520.51 | 0.44 | 14.29% (+0.06) | |
| Nov 07, 2024 | 2024 (Q3) | 0.770.75 | 0.69 | 8.26% (+0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
