Q1/26 First Look; Strong 30% EBITDA Growth Despite Mix Headwinds

研报英文原文证据摘录

Q1/26 First Look; Strong 30% EBITDA Growth Despite Mix Headwinds

Transportation/Aerospace

Exchange Income Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 11, 2026

Price: C$97.89 (05/11/2026) Q1/26 First Look; Strong 30% EBITDA Growth

Price Target: C$125.00 Despite Mix Headwinds

BUY (1)

ESG SCORE: 72/100

Tim James, CFA^ THE TD COWEN INSIGHT

416 308 9773

We believe higher-than-forecast EBITDA/EPS, strong growth (adj. EBITDA +28%)

tim.james@tdsecurities.com

and reiterated 2026 guide (+14% y/y EBITDA at mid-point) support recent re-rating.

Jasroop S Bains, CFA, CPA^ Manufacturing outlook biased incrementally higher. Expect bias higher to share price on

416 307 9422 results. Nothing in Q1 report suggests a material change in positive view. Window Solutions

jasroop.bains@tdsecurities.com

headwinds remain a watch item.

Key Data

Symbol TSX: EIF-T Impact: Slightly Positive For Estimates/Outlook

Market Cap C$5.5B

Q1/26 adj. EBITDA of $166mm (TD Cowen/cons: $156/$159mm), +28% y/y, and margin of

General: The data above (excl. 12-month dividend estimate

and float shares) reflects FactSet data. Refer to our comp 19.2%, -30 bps y/y. $0.47 adj. diluted EPS excl. non-recurring (TD Cowen/cons: $0.31/$0.36).

table for TD Cowen's calculation. Consolidated revenue +30% y/y, slightly above forecast with Aerospace & Aviation (A&A) and

Manufacturing both above expectations. See Figure 1 for details.

Impressive Q1 with Manufacturing & Aerospace & Aviation revenue/EBITDA/margin all

stronger-than-forecast. Reported adj. diluted EPS ($0.59) includes an $8.6mm non-recurring

impact. Excl. non-recurring, we estimate adj. diluted EPS of $0.47, significantly stronger than

our/consensus forecast, with the difference driven by adj. EBITDA and lower-than-forecast

capital asset D&A.