Exchange Income Corporation (TSX: EIF) 

Q1 Financial Highlights

• Record first quarter Revenue of $867 million, an increase of $198 million or 30% compared to the prior period.
• Record Adjusted EBITDA of $166 million, representing growth of $36 million or 28% over the prior period.
• Free Cash Flow first quarter record of $120 million representing growth of 48% compared to the prior period of $81 million.
• Net Earnings of $28 million compared to the prior period of $7 million, an increase of 287%, and Net Earnings per share of $0.50 compared to the prior period of $0.14 or an increase of 257%.
• Record Adjusted Net Earnings of $34 million compared to the prior period of $14 million, an increase of 139%, and Adjusted Net Earnings per share of $0.61 compared to the prior period of $0.28.
• Record Free Cash flow less Maintenance Capital Expenditures of $41 million compared to $26 million in the prior period.
• Trailing Twelve Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio ¹ improved to 57% compared to the prior period of 63% and Trailing Twelve Month Adjusted Net Earnings Payout Ratio ¹ improved to an all-time record of 67% compared to the prior period of 84%. The payout ratios significant declines included period over period increases in weighted average number of shares outstanding of 11% along with the 5% increase in dividend during the fourth quarter of fiscal 2025.
• Announced the extension and expansion of the Credit Facility to $3.5 billion while increasing the flexibility as the facility changed from a secured to unsecured facility.
• Announced an investment grade corporate rating and the issuance of $600 million of 4.324% senior unsecured notes due March 13, 2031 with the proceeds used to repay existing indebtedness under the Credit Facility.
• Announced the acquisition of Mach2 and the extension and expansion of the commercial agreement with Air Canada.
• Announced the renewal of the Normal Course Issuer Bid for Common Shares.