Exchange Income Corp

EIF

Equity

ISIN null / Valor 10397381

Toronto Stock Exchange (2026-07-24)

CAD 125.60-0.57%

Exchange Income Corp
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About company

Exchange Income Corporation (EIC) is a diversified, acquisition-oriented company that operates primarily within the Aerospace & Aviation and Manufacturing sectors. Founded in 2004 and listed on the Toronto Stock Exchange under the ticker EIF, EIC has built a reputation for its consistent monthly dividend payments, a practice it has maintained without interruption. The company's portfolio comprises a variety of businesses that supply essential products and services, catering to both Canadian communities and international markets. This strategic focus on critical sectors has positioned EIC as a resilient investment option, capable of navigating various market conditions. Through targeted acquisitions, EIC aims to expand its reach and enhance its offerings, reinforcing its commitment to delivering value to shareholders while meeting the needs of its diverse customer base.

Summarized from source with an LLMView SourceSector: Industrials

Q4 2025 headline results

Q4 2025 revenue was a record $929.5M (+35% YoY). Adjusted EBITDA was $216.4M (+30%), net earnings $51.6M (+83%) and basic EPS $0.94 (+62%). Adjusted net earnings for the quarter were $58.4M (+51%).

Full-year 2025 records

For the year ended Dec 31, 2025 Exchange Income Corp posted record revenue of $3.277B (+23%), adjusted EBITDA $754.4M (+20%), net earnings $167.5M (+38%) and adjusted net earnings $195.5M (+33%).

Cash flow and shareholder returns

Q4 free cash flow was $164.9M (+49%) or $3.00/share (+30%). Trailing-12-month free cash flow less maintenance capex payout ratio improved to 58% (from 63%). Dividends declared increased (18% in Q4 YoY) and payout ratios continued to decline on their stated metrics.

Capital structure and liquidity

The company redeemed the last tranche of convertible debentures in Dec 2025, lowering pro forma leverage to 2.73 (15-year low). Subsequent to year-end EIC extended and expanded its credit facility to $3.5B (converted to unsecured) and announced an investment-grade bond rating to enable longer‑term fixed-rate financing.

Strategic acquisitions and commercial wins

EIC closed the Canadian North acquisition in 2025 and announced the Mach2 acquisition post‑year-end. Also extended/expanded its commercial agreement with Air Canada — moves that expand aerospace leasing/parts capabilities and northern operations.

Segment performance

Aerospace & Aviation revenue rose ~30% to $2.1B with adjusted EBITDA up strongly (notably from Canadian North, medevac contracts and ISR work). Manufacturing revenue grew ~12% to $1.1B, boosted by Spartan and demand for composite mat solutions; some project delays continued in the Multi‑Storey Window business.

Capex and growth initiatives

2025 maintenance capex was $302.1M and growth capex $322.4M, including the start of a new composite mat plant in Saltillo, Mississippi (expected online mid‑to‑late 2027) and fleet investments (King Airs for medevac, ISR deliveries).

Outlook for 2026

EIC reiterated 2026 adjusted EBITDA guidance of $825M–$875M with a bias to the mid‑to‑upper range, citing Mach2, the Air Canada agreement expansion, and their improved capital structure as supportive factors.

Summarized from source with an LLMView Source

Key figures

90.6%1Y

140%3Y

208%5Y

Performance

25.6%1Y

22.2%3Y

24.0%5Y

Volatility