Montreal Industrial Site Tours Recap

研报英文原文证据摘录

Montreal Industrial Site Tours Recap

RBC Dominion Securities Inc.

Sabahat Khan (Analyst)

(416) 842-7880,

sabahat.khan@rbccm.com

James McGarragle, CFA, CPA

(Analyst)

(416) 842-7862,

james.mcgarragle@rbccm.com

June 15, 2026 Arthur Nagorny, CFA

(416) 842-9988, Montreal Industrial Site Tours Recap arthur.nagorny@rbccm.comRESEARCH Our view: We hosted investors for site tours and management meetings in Montreal between June 9-11.

Companies in attendance included AC, BBD/B, DOO, CCL/B, EIF, STN, and WSP.

AC: Our facility tour of Air Canada's TechOps operation and management discussions reinforced

our constructive view. The organizational discipline observed across line maintenance, 24/7 global

support, parts management, and scheduled planning underpins our confidence in management's ability

to integrate new aircraft types efficiently, namely the A321XLR, which we believe will unlock year-

round profitable service to secondary European markets while freeing wide-body capacity for higher-EQUITY yielding long-haul redeployment — a critical enabler of the unit cost improvement thesis. On demand,

management noted the backdrop remains resilient with forward booking curves healthy, with modest

economy yield pressure offset by continued premium cabin and Sixth Freedom strength.

BBD/B: Our visit to Bombardier's Centre of Excellence provided first-hand validation of the premium

manufacturing discipline, with the bespoke craftsmanship observed on the Global series assembly floor

consistent with the brand's differentiated positioning in the ultra-long-range segment. The demand

backdrop also remains structurally robust, highlighted by record backlog levels, all-time low used aircraft

inventory, and above-prior-year flight hour utilization.