Highlights from the Elite Wings Aviation Summit

Research evidence excerpt

Highlights from the Elite Wings Aviation Summit

viation, providing

a useful anchor for through-cycle demand assumptions. For Bombardier, the panel reinforced our

constructive thesis around aftermarket differentiation, supply chain stabilization, and emerging market

optionality, all of which collectively support our positive view on earnings quality and revenue visibility.

And for CAE, the strong bizjet outlook sets the Civil segment up for solid high-margin organic growth

longer-term.

Honeywell Market Outlook Fireside Chat. Honeywell Aerospace provided an update from its 2025/2026

Global Business Aviation Outlook — an annual survey of 300+ operators and the industry's most

widely cited independent demand study — and the read-through for both BBD and CAE is positive.

Honeywell's forecast of 8,500 new deliveries worth $283B over 2025–2034 (3% CAGR), with 20% of

operators on firm order and 67% planning replacements, is consistent with our view that bizjet demand

fundamentals remain intact. Fractional ownership was a focal point, with fleet size up 65% since 2019

and 50% of owners citing capacity expansion as the primary driver; which we believe directly underpins

Bombardier's record $20.3B backlog. Honeywell also noted that COVID-era buyers are now actively

upgrading to larger platforms — a dynamic we view as a near-term tailwind for the Global series. The

same trends flow through constructively to CAE, where higher flight hours, fractional fleet growth, and

platform upgrades translate into simulator and training demand, with the Flexjet partnership positioning

CAE at the centre of the fastest-growing demand channel in the industry. We remind investors that

SIMCOM was acquired in Nov/24 with a 15-year exclusive training agreement with Flexjet — meaning