Bombardier Inc. Class B

Strong Q3 execution + record Services momentum (good): - Total revenue: $2.4B, +3% YoY. - Aircraft delivered: 33 (1 fewer than Q3 last year), broadly in line with expectations. - Services revenue: record $701M, +19% YoY—driven by higher utilization, fleet growth, and ramp-up/expansion of the service network. - Profitability: Adj. EBITDA $382M (+7% YoY); Adj. EBITDA margin 16.1% (+70 bps). - EPS: Adj. $1.72; reported net income $81M.

Cash flow strength + upgraded full-year guidance (forecast/outlook—good): - Q3 free cash flow: $183M, +20% YoY (improvement supported by working-capital dynamics like lower supplier payments; continued inventory investment). - Year-to-date free cash flow (9M): $771M, vs cash usage of $316M prior year (≈ $1.1B improvement YoY). - Guidance raised: Full-year free cash flow to >$1.3B, raised again (from >$1.0B). - Management expects Q4 to be strong with deliveries following a similar profile to 2025; also expects inventory/customer-advance conversion to support cash.

Demand/orderbook remains very strong (opportunities—good): - Quarter book-to-bill: 1.7x; YTD book-to-bill: 2.1x. - Backlog: $22.2B, +27% vs year-end 2025 and +34% YoY—supporting multi-year production growth and investments. - Demand described as healthy across segments and geographies, with only a noted slowdown in the Middle East (linked to geopolitical attention), but still viewed as having long-run strength.