Q1/26; Record Results; Thematic Appeal & Growth Expected Through 2028

Research evidence excerpt

Q1/26; Record Results; Thematic Appeal & Growth Expected Through 2028

Transportation/Aerospace

Exchange Income Corp.

TD SECURITIES INC. - CANADA ESTIMATE CHANGES

May 12, 2026

Price: C$104.36 (05/12/2026) Q1/26; Record Results; Thematic Appeal &

Price Target: C$125.00 Growth Expected Through 2028

BUY (1)

ESG SCORE: 72/100

Tim James, CFA^ THE TD COWEN INSIGHT

416 308 9773

No change to bullish view. Q1 results and outlook highlight the numerous opportunities

tim.james@tdsecurities.com

ahead for Exchange and the proven resiliency of the business portfolio and M&A model.

Jasroop S Bains, CFA, CPA^ 2026/27 growth expected from recent contract wins, acquisitions, U.S. composite mat

416 307 9422 demand, Canadian rental mat outlook and Precision Manufacturing, with incremental upside

jasroop.bains@tdsecurities.com

from near-term opportunities (FAcT, Greenland).

Key Data

Symbol TSX: EIF-T Impact: Neutral For Bullish View

12-Month Div (Est.): C$2.76

Maintaining BUY and $125 target. Unchanged target reflects net impact of shift forward in

Beta: 0.89

valuation period to Q2/27-Q1/28, lower valuation-period net debt, immaterial changes to

12-Month Total

22.4% estimates reflecting new business line outlooks for Q2 and full year, and other minor modelingReturn:

52-Week Range: C$109.23-C$56.13 updates. Q1/26 adj. EBITDA was $166mm (TD Cowen/cons: $156/$159mm). $0.47 adj. diluted

Market Cap: C$5.9B EPS excl. non-recurring (TD Cowen/cons: $0.31/$0.36).

Net Debt (MM): C$1,796.3

Exchange provides exposure to numerous growth and long-term investment themes that

Cash/Share: C$2.15

also limit consumer or tariff-related risk. Recent news that the company was unsuccessful

Dil. Shares Out (MM): 57.4 in its bid for the Australia ISR contract removes the only (material) potential negative catalyst