Bombardier Inc.

Good morning, ladies and gentlemen, and welcome to the Bombardier Third Quarter 2025 Earnings Conference Call. Please be advised that this call is being recorded. At this time, I'd like to turn the discussion over to Mr. Francis Richy de la Fleche, Vice President, FPA, FP&A, and Investor Relations for Bombardier. Please go ahead, sir.

Good morning, everyone, and welcome to Bombardier's Earnings Call for the Third Quarter 2025. I wish to remind you that during the course of this call, we may make projections or other forward-looking statements regarding future events or the financial performance of the corporation. There are risks that actual events or results may differ materially from these statements. For additional information on forward-looking statements and underlying assumptions, please refer to the MD&A. I'm making this cautionary statement on behalf of each speaker on this call. With me today is our President and Chief Executive Officer, Eric Martel, and our Executive Vice President and Chief Financial Officer Bart Demoski to review our operations and financial results for the third quarter ended September 30th, 2025. I would now like to turn over the discussion to Eric.

Alors, merci Francis. Bonjour et bienvenue à tous, à toutes et à tous ce matin. Good morning everyone and thank you for joining us today. I have to start by saying Bombardier is in an excellent position. Our third quarter results have put us in a confident path to meet our 2025 guidance as we focus on executing our plan for a very strong end of year. Before Bart and I dive into the numbers, I want to take a moment to reflect on the few strategic accomplishments from this past quarter that also represent a perfect view of our long-term strategy. Yesterday marked an important moment for Bombardier. The Global 8000, the world's fastest business jet, received Transport Canada type certification. This aircraft leads the industry. With a maximum speed of Mach 0.95 and the lowest cabin altitude of any business jet in production, the program's journey will next continue with entry into service of our first aircraft before the end of the year. The Global 8000 crowns a lot of recent successes at Bombardier. On the performance front, For the third year in a row, Bombardier ranked amongst the TSX 30's top performing stocks, an achievement very few companies in the indexes history have ever reached. When it comes to our services, our customers have spoken loud and clear. Being ranked first in both the AI and in ProPILOT product survey results is not just a recognition of our aircraft reliability. but it's also a recognition of our people. It reflects the strength of the team we've built, one that is united by a single mission, putting our customers at the very heart of everything we do day in and day out. We also took a bold step forward, launching our U.S. expansion in August. In October, we began concrete actions with the announcement of our new service center in Fort Wayne, Indiana. And let me be clear, this is just the beginning. This facility will significantly strengthen Bombardier's footprint in the Midwest, placing us closer to key cities and customers. Once fully operational in the second half of 2026, This center will offer world-class maintenance, repair, and overall capabilities for all of our aircraft. Most importantly, it will create approximately 100 high-skilled jobs, further reinforcing our commitment to growth, to our customers, and to the communities we operate in. This past quarter also marked a key milestone in the evolution of our U.S. manufacturing footprint. In August, we officially inaugurated our new component manufacturing facility in Moorpark, California, replacing our previous Los Angeles area operation. The new 46,000 square foot site offers a modern and collaborative environment tailored to the expertise of our highly skilled team producing components for our Global 75 and Global 8000 business jet. Our third quarter momentum has also carried into the fall. We deepened our presence in Asia through an agreement with SoJets Corporation, one of Japan's leading business jet providers. They placed an order for both a global 6500 and a global 8000 flagship aircraft. This order will serve as a foundation for Japan's first large business jet shared ownership program. Bombardier Defense also continued to gain significant traction. We delivered the ninth Bombardier Global Aircraft to the U.S. Air Force for the Bacon Program, and we signed a 10-year service agreement with Sierra Nevada Corporation to support two Global 6500 aircraft equipped with RAPCON X technology. Bombardier Defense will contribute to our future growth meaningfully, and we are already seeing a strong foundation. In fact, we anticipate a growing number of aircraft deliveries in Q4. What's important to highlight here is that aircraft testing for defense mission are green or modified aircraft delivered directly from our facilities in Toronto and Wichita. This creates extra capacity or flexibility in our Montreal completion lines as they focus primarily on deliveries to civil customers. This operation allows us to scale our defense operation efficiently without having pressure to our core business jet production lines at critical times of the year. At the same time, demand remains strong across our entire portfolio, and our backlog remains at a five-year high levels with a healthy balance between individual and fleet customer. As we prepare for the second half of the decade, We are in a position to begin rehabilitating some longer-term production rates in areas where our facilities and the supply chain ecosystem could support increases to meet demand. That said, our top priority will remain to keep the operational discipline and customer focus that have defined our success until now. For Q4. we once again anticipate a more back-loaded delivery profile similar to 2024. Our teams are working well to manage the tight schedule and meet all our customer commitments. Of the risks we monitor proactively, supply chain continues to be our top priority, and what we can assure you is that our teams are working with agility and discipline to mitigate disruptions. With that in mind, let me return to the Q3 results themselves. We had a double-digit growth for several key metrics, starting with 13% more deliveries, 11% more revenues, including 12% more revenues from services, 16% more adjusted EBITDA, and 59% more adjusted net income. Our free cash flow was even more significant. with a generation of $152 million, which is $279 million higher than last year. These are results the entire team is very proud of, as we continue to demonstrate our strong growth potential and high levels of performance. We've also taken some action in the third quarter that focus on strengthening our balance sheet. Mark will go, will cover that in more details, as well as our commitments to continue retiring debt and meeting our on-track net leverage objectives. We are entering the final stretch of 2025 with excellent momentum across the board, and most importantly, I've stared meaningful cash generation ahead of what will be a very large fourth quarter for deliveries. Our growth across all key indicators reflect the entire Steam's relentless focus on executing our plan and supporting our customers. The Bombardier team is on track for a strong year-end. Bart, on that note, over to you to dive deeper into the numbers.