CAE Inc (CAE) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the CAE first quarter financial results for fiscal year 2026 conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

女士們、先生們，大家好。歡迎參加CAE 2026財年第一季財務業績電話會議。（操作員指示）會議正在錄音。（操作員指示）

I would now like to turn the conference over to Mr. Andrew Arnovitz, please go ahead, Mr. Arnovitz.

現在我想將會議交給安德魯·阿諾維茨先生，請繼續，阿諾維茨先生。

Good morning, everyone, and thank you for joining us today. Before we begin, I'd like to remind you that today's remarks, including management's outlook and answers to questions, contain forward-looking statements. These forward-looking statements represent our expectations as of today, August 13, 2025, and accordingly, are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements.

大家早安，感謝大家今天加入我們。在我們開始之前，我想提醒大家，今天的講話，包括管理階層的展望和對問題的回答，都包含前瞻性陳述。這些前瞻性陳述代表了我們截至 2025 年 8 月 13 日的預期，因此可能會發生變化。此類聲明基於可能不會實現的假設，並且受風險和不確定性的影響。實際結果可能存在重大差異，敬請聽眾不要過度依賴這些前瞻性陳述。

A description of the risks, factors and assumptions that may affect future results is contained in CAE's annual MD&A and MD&A for the three months ended June 30, 2025, available on our corporate website and in our filings with the Canadian Securities Administrators on SEDAR+ and at the US Securities and Exchange Commission on EDGAR.

有關可能影響未來結果的風險、因素和假設的描述包含在 CAE 的年度 MD&A 和截至 2025 年 6 月 30 日的三個月的 MD&A 中，可在我們公司網站上查閱，也可在我們向加拿大證券管理局通過 SEDAR+ 提交的文件以及向美國證券交易委員會通過 EDGAR 提交的文件中找到。

On the call with me this morning from CAE are Calin Rovinescu, the company's Chairman; Marc Parent, President and Chief Executive Officer; Matthew Bromberg, Incoming President and Chief Executive Officer; and Constantino Malatesta, our Interim Chief Financial Officer. Nick Leontidis, Chief Operating Officer, is on hand for the question period. After formal remarks, we'll open the call to questions from financial analysts.

今天早上與我一起參加 CAE 電話會議的有公司董事長 Calin Rovinescu、總裁兼執行長 Marc Parent、新任總裁兼執行長 Matthew Bromberg 以及我們的臨時財務長 Constantino Malatesta。營運長 Nick Leontidis 出席了提問環節。正式發言後，我們將開始回答金融分析師的問題。

Let me now turn the call over to Calin.

現在讓我把電話轉給卡林。

Thank you, Andrew, and good morning, everyone. Since being appointed Chairman of CAE earlier this year, I've had the chance to connect with a number of our long-term investors, many of whom I've known through my years at Air Canada.

謝謝你，安德魯，大家早安。自從今年早些時候被任命為 CAE 董事長以來，我有機會與許多長期投資者建立聯繫，其中許多人是我在加拿大航空公司工作期間認識的。

While this is my first time addressing the broader investment community in this role, I want to share why I was compelled to accept the Chairman position, and more recently to take on expanded responsibilities as Executive Chairman.

雖然這是我第一次以這個角色向更廣泛的投資界發表講話，但我想分享為什麼我不得不接受董事長的職位，以及最近承擔起執行董事長的更大職責。

My relationship with CAE goes back many years. As President and CEO of Air Canada, I saw firsthand the value CAE brought as a trusted partner in building and sustaining a world-class training organization, particularly through our co-located training centers in Toronto and Vancouver. Earlier in my career, during my time in law and as a managing partner at Stikeman Elliott, I also had a connection to CAE through one of its original investors and longtime Chairman, Fraser Elliott, Co-Founder of that firm that bore his name.

我與CAE的關係可以追溯到很多年前。身為加拿大航空公司總裁兼首席執行官，我親眼目睹了 CAE 作為值得信賴的合作夥伴在建立和維持世界一流培訓機構方面帶來的價值，特別是透過我們在多倫多和溫哥華的共同培訓中心。在我職業生涯的早期，從事法律工作並擔任 Stikeman Elliott 的執行合夥人期間，我也透過 CAE 的原始投資者之一兼長期董事長 Fraser Elliott（以他的名字命名的公司的聯合創始人）與 CAE 建立了聯繫。

And as an investor, I've been a long-time supporter of the company's mission and potential. So it's both an honor and a privilege to now take on an active role as Executive Chairman. I've reoriented my professional commitments to dedicate the time required to support Matt and help guide CAE's long-term direction.

作為一名投資者，我一直支持該公司的使命和潛力。因此，能夠擔任執行主席這一積極角色，我感到非常榮幸。我重新調整了我的職業承諾，投入必要的時間來支持馬特並幫助指導 CAE 的長期方向。

In addition to Board duties, I'll work closely with him on strategy, operational excellence and capital allocation with a clear focus on enhancing the customer experience, improving free cash flow conversion and driving stronger returns on invested capital. A key priority will be deleveraging the balance sheet, not merely as a financial objective, but as a means to enhance shareholder value and strengthen CAE's long-term resilience.

除了董事會職責外，我還將與他密切合作，制定策略、卓越營運和資本配置，明確重點是提升客戶體驗、改善自由現金流轉換和提高投資資本的回報率。一個關鍵優先事項是降低資產負債表的槓桿率，這不僅是一項財務目標，也是提高股東價值和增強 CAE 長期韌性的手段。

The company made solid progress last fiscal year, and we're targeting a net debt to adjusted EBITDA ratio of approximately 2.5 times by fiscal year-end. I see that as a way point, not the final destination, as I believe we can go further in reinforcing our financial position. At the same time, we continue to give thoughtful consideration to the potential timing and form of shareholder returns, including dividends and share repurchases. We have a buyback program in place to be used opportunistically and at the appropriate time, we may also consider reinstating a dividend.

公司在上個財年取得了穩步進展，我們的目標是到財年末將淨債務與調整後 EBITDA 的比率達到約 2.5 倍。我認為這只是一條路徑，而不是最終目的地，因為我相信我們可以進一步鞏固我們的財務狀況。同時，我們繼續認真考慮股東回報的潛在時機和形式，包括股利和股票回購。我們有一個回購計劃，可以在適當的時候使用，我們可能還會考慮恢復股利。

As Executive Chairman, I'll also engage regularly with key stakeholders, including investors and government leaders, with defense spending accelerating across NATO towards 5% of GDP, along with initiatives like the EU's ReARM strategy and renewed momentum in Canada, I intend to play an active role in positioning CAE as a strategic partner.

身為執行主席，我還將定期與主要利益相關者（包括投資者和政府領導人）進行接觸，隨著北約國防開支加速增長至 GDP 的 5%，以及歐盟的 ReARM 戰略和加拿大的新勢頭等舉措，我打算在將 CAE 定位為戰略合作夥伴方面發揮積極作用。

This includes sustained engagement with federal and provincial governments, particularly in Quebec, where CAE is a long-standing anchor company. Our goal is to ensure CAE is recognized not only for its critical training and simulation capabilities, but also for the broader economic value we deliver through high-quality jobs, exportable IP and technology leadership. As defense procurement and policy frameworks continue to evolve, we remain committed to close alignment and active participation.

這包括與聯邦和省政府的持續合作，特別是魁北克省，CAE 是該省的長期支柱公司。我們的目標是確保 CAE 不僅因其關鍵的培訓和模擬能力而獲得認可，而且還因其透過高品質的工作、可出口的智慧財產權和技術領導力所提供的更廣泛的經濟價值而獲得認可。隨著國防採購和政策框架的不斷發展，我們將繼續致力於密切協調和積極參與。

As you all know, today marks an important milestone for CAE as Matt Bromberg, formally succeeds Marc Parent and steps into the role of Chief Executive Officer following our AGM. I want to acknowledge Marc for his outstanding leadership and enduring contribution to CAE. Over his 21 years with the company, including 16 as CEO, Marc guided CAE through a period of tremendous transformation and growth.

眾所周知，今天對 CAE 來說是一個重要的里程碑，因為 Matt Bromberg 在我們的年度股東大會後正式接替 Marc Parent 擔任執行長一職。我要感謝馬克的傑出領導能力和對 CAE 的持久貢獻。在為公司效力的 21 年裡，其中 16 年擔任首席執行官，馬克帶領 CAE 度過了一段巨大的轉型和發展時期。

Under his stewardship, CAE became the global leader in civil aviation and defense training and simulation that it is today. Perhaps most importantly, Marc is widely credited with instilling a deeply customer-centric culture across the organization that continues to define the way CAE's more than 13,000 employees around the world serve our partners and stakeholders each day.

在他的領導下，CAE 成為了當今民航和國防培訓和模擬領域的全球領導者。或許最重要的是，馬克因在整個組織內灌輸深刻的以客戶為中心的文化而受到廣泛讚譽，這種文化繼續決定著 CAE 遍布全球的 13,000 多名員工每天為我們的合作夥伴和利益相關者提供服務的方式。

Marc has earned a deep respect within the global aerospace industry, and his impact extends far beyond CAE. His vision, passion and unwavering commitment to excellence have helped shape the future of aviation training globally. On behalf of the Board and the entire CAE team, I want to thank Marc for his legacy that will continue to inspire us as we build upon his accomplishments.

馬克在全球航空航太業贏得了深深的尊重，他的影響力遠遠超出了 CAE。他的遠見、熱情和對卓越的堅定追求幫助塑造了全球航空培訓的未來。我謹代表董事會和整個 CAE 團隊感謝馬克留下的寶貴遺產，我們將在他的成就基礎上繼續激勵他。

It's also my pleasure to formally mark the beginning of Matt's tenure as Chief Executive Officer as he steps into this important leadership role at CAE. I had the privilege of leading the Board's CEO selection process, and I'll speak briefly to the qualities and experience that led us to the clear conclusion that Matt is the right person to lead CAE into its next era as the company builds on nearly eight decades of leadership and innovation.

我也很高興正式標誌著馬特擔任執行長的開始，他將擔任 CAE 的這一重要領導職務。我有幸領導董事會的執行長選拔過程，我將簡要地談談他的品質和經驗，這些品質和經驗使我們得出了明確的結論：在公司近八十年的領導和創新的基礎上，馬特是帶領 CAE 進入下一個時代的合適人選。

His appointment follows a comprehensive and highly competitive international search. Given the distinctiveness of CAE's business, we sought a leader with a strong record of value creation in either aerospace or defense. And in Matt's case, we found both. We also prioritized candidates with experience managing complex, large-scale global operations.

他的任命是經過全面且競爭激烈的國際搜尋後做出的。鑑於 CAE 業務的獨特性，我們尋求一位在航空航太或國防領域擁有出色價值創造記錄的領導者。就馬特的情況而言，我們發現兩者皆有。我們也優先考慮具有管理複雜、大規模全球業務經驗的候選人。

And most recently, Matt led global operations at Northrop Grumman, where he drove significant enterprise-wide cost and performance transformations. Prior to that, he served as President of Military Engines at Raytheon, and earlier as President of Commercial Aftermarket at Pratt & Whitney. Matt brings a rare combination of strategic insight, operational depth and leadership acumen. He is, as one would expect of an MIT trained engineer with a business degree, intellectually rigorous. But equally important, he brings a high degree of emotional intelligence.

最近，馬特領導了諾斯羅普格魯曼公司的全球運營，推動了整個企業範圍內的重大成本和性能轉型。在此之前，他曾擔任雷神公司軍用發動機總裁，更早之前擔任普惠公司商業售後市場總裁。馬特擁有罕見的策略洞察力、營運深度和領導能力。正如人們所期望的那樣，他是一位擁有麻省理工學院商學院學位的工程師，思維嚴謹。但同樣重要的是，他具有很高的情緒智商。

His track record of leadership in world-class aerospace and defense organizations, combined with that important balance of IQ and EQ, makes them exceptionally well suited to carry forward CAE's unique culture, which we believe is one of our most important differentiators.

他在世界級航空航天和國防組織中的領導記錄，加上智商和情緒智商的重要平衡，使他們非常適合弘揚 CAE 獨特的文化，我們相信這是我們最重要的差異化因素之一。

Equally important to the Board was Matt's full commitment to CAE's identity as a proudly Quebec headquartered global company. Matt and his family are relocating to Montreal, which we view as essential. He has also begun taking French lessons, a reflection of his respect for our local roots and commitment to leading CAE in a way that is fully aligned with our values and culture. On behalf of the Board and the broader CAE community, I want to formally welcome Matt as he begins this important new phase with us.

對董事會來說同樣重要的是，馬特全力致力於 CAE 作為一家總部位於魁北克的全球性公司的身份。馬特和他的家人正在搬遷到蒙特利爾，我們認為這是必不可少的。他也開始學習法語，這體現了他對我們的本土根源的尊重，以及以完全符合我們的價值觀和文化的方式領導 CAE 的承諾。我謹代表董事會和更廣泛的 CAE 社區，正式歡迎 Matt 與我們一起開始這一重要的新階段。

As Matt, the management team and I begin to assess CAE's forward plans, I'm highly optimistic about the next three to five year period. We're building on the strong foundation established under Marc's leadership and are now well positioned to unlock the next level of performance and value creation.

當 Matt、管理團隊和我開始評估 CAE 的未來計畫時，我對未來三到五年非常樂觀。我們正在馬克領導下建立的堅實基礎上繼續前進，現在我們已做好準備，開啟更高水準的績效和價值創造。

With a refreshed Board, new CEO and an even sharper focus on financial and operational priorities, we see a clear path to delivering stronger returns. These internal drivers, combined with favorable long-term market dynamics support what we believe is a compelling and durable investment thesis.

隨著董事會的改組、新執行長的上任以及對財務和營運重點的更加關注，我們看到了實現更強勁回報的清晰道路。這些內部驅動因素，加上有利的長期市場動態，支持了我們所認為的引人注目且持久的投資論點。

In Civil, the long-term fundamentals remain particularly strong despite some timing noise around pilot hiring this summer. The two major aircraft OEMs currently hold a record combined backlog of more than 17,500 aircraft, and both forecast that the global in-service fleet will nearly double over the next 20 years.

在民用領域，儘管今年夏天在飛行員招募方面存在一些時間波動，但長期基本面依然特別強勁。兩大飛機原始設備製造商目前共持有超過 17,500 架飛機的積壓訂單，創下歷史新高，並且都預測未來 20 年全球在役機隊數量將增加近一倍。

CAE also estimates that approximately 300,000 new pilots will be needed globally over the next decade to support this growth and offset retirements. These structural drivers point to a sustained runway for growth in commercial pilot training and in earnings.

CAE 還估計，未來十年全球將需要約 30 萬名新飛行員來支持這一成長並抵消退休人數。這些結構性驅動因素表明，商業飛行員培訓和收入將持續成長。

In Business Aviation, the long-term outlook remains quite positive as well, supported by strong aircraft OEM backlogs, an expanding population of high net worth individuals and a shift towards fractional ownership models. We are in the early stages of a generational upcycle in Defense driven by rising geopolitical tensions and a surge in spending across NATO, the EU and Canada. This is fueling sustained demand for advanced training and simulation. This is an area where CAE's global reach, technical capabilities and trusted customer relationships position us to lead.

在公務航空領域，長期前景仍然相當樂觀，這得益於強勁的飛機原始設備製造商積壓訂單、不斷增長的高淨值個人數量以及向部分所有權模式的轉變。我們正處於國防升級週期的早期階段，這一週期受到地緣政治緊張局勢加劇以及北約、歐盟和加拿大支出激增的推動。這推動了對高級培訓和模擬的持續需求。在這一領域，CAE 的全球影響力、技術能力和值得信賴的客戶關係使我們處於領先地位。

The Canadian government's renewed emphasis on aerospace and sovereign industrial capacity further reinforces the durability of this demand. As Allied Nations work to rebuild critical capabilities, CAE's alignment with national priorities from mission readiness to supply chain resilience supports our conviction in the long-term growth opportunity ahead.

加拿大政府對航空航太和主權工業能力的重新重視進一步增強了這種需求的持久性。隨著盟國努力重建關鍵能力，CAE 與國家優先事項（從任務準備到供應鏈彈性）的一致性支持了我們對未來長期成長機會的信心。

Importantly, our growing Defense business provides a predictable revenue stream and adds balance to CAE's portfolio, offering meaningful upside in a sustained upcycle and complementing the secular growth we see -- we continue to see in civil aviation.

重要的是，我們不斷成長的國防業務提供了可預測的收入來源，並增加了 CAE 投資組合的平衡，在持續的上升週期中提供了有意義的上升空間，並補充了我們所看到的——我們繼續在民航領域看到的——長期增長。

Looking ahead, our priorities, our disciplined execution, greater operating leverage and translating earnings into robust and sustainable cash generation to support future investment and shareholder returns. With strong market tailwinds, a focused leadership team and a reinforced internal foundation, I believe we're well positioned to deliver meaningful long-term value to our shareholders.

展望未來，我們的優先事項是嚴謹的執行、更大的經營槓桿以及將收益轉化為強勁、可持續的現金創造，以支持未來的投資和股東回報。憑藉強勁的市場順風、專注的領導團隊和強化的內部基礎，我相信我們有能力為股東創造有意義的長期價值。

Now turning to the first quarter performance. Overall, we had a solid start to the year amid a backdrop of heightened economic uncertainty. We delivered adjusted earnings per share of $0.21 and secured $1.1 billion of adjusted order intake. Defense delivered strong year-over-year growth in adjusted segment operating income and margin expansion, driven by improved execution and disciplined program management. In Civil, performance was mixed with continued strength in business aviation, offset, as I said, by some near-term softness in commercial training and pilot hiring, consistent with the outlook we provided.

現在來談談第一季的表現。總體而言，在經濟不確定性加劇的背景下，我們今年取得了良好的開端。我們實現了每股 0.21 美元的調整後收益，並獲得了 11 億美元的調整後訂單量。得益於執行力的提升和嚴格的專案管理，國防業務調整後的部門營業收入和利潤率較去年同期大幅成長。在民航領域，業績表現好壞參半，但正如我所說，商務航空持續走強，抵消了短期內商業培訓和飛行員招聘方面的一些疲軟影響，這與我們提供的前景一致。

I'll now turn it over to Marc and Constantino to walk you through the results in more detail.

現在我將把主題交給馬克和康斯坦丁諾，讓他們更詳細地向您介紹結果。

Thank you, Calin, for your very kind words. Let me start with a few highlights from the quarter. In Civil, we delivered solid results, supported by the essential nature of our services and the durability of our recurring training business. As indicated last quarter, we continue to make -- take a measured view of the first half of this year in light of macroeconomic uncertainty and ongoing aircraft supply constraints.

謝謝你，卡林，謝謝你的善意言辭。首先，我來介紹一下本季的一些亮點。在土木工程領域，我們取得了穩健的業績，這得益於我們服務的本質以及我們持續培訓業務的持久性。正如上個季度所指出的，鑑於宏觀經濟的不確定性和持續的飛機供應限制，我們繼續對今年上半年進行審慎的評估。

In Q1, we saw an extension of the temporary pause in pilot hiring and a more cautious approach from commercial airlines, particularly in the US, where we believe hiring reach a trough. We have just 55 pilots hired in June by the 13 largest airlines.

在第一季度，我們看到飛行員招募的暫停期延長，商業航空公司採取了更謹慎的態度，尤其是在美國，我們認為招募已經觸底。6 月份，我們僅有 13 家最大的航空公司聘用了 55 名飛行員。

Similar dynamics were observed in other regions, and these factors contributed to lower utilization and fewer full-flight simulator orders in the quarter. By contrast, market conditions for business aviation, which accounts for about half of Civil's profit, remains strong throughout the period.

其他地區也觀察到了類似的動態，這些因素導致本季利用率下降和全飛行模擬器訂單減少。相較之下，佔 Civil 公司利潤約一半的商務航空市場狀況在整個期間依然保持強勁。

Training center utilization came in at 71%, down from 76% in the prior year period, consistent with the short-term softness in commercial training we experienced last year. We also delivered eight full flight simulators, which is the same number that we delivered last year.

培訓中心使用率為 71%，低於去年同期的 76%，與我們去年經歷的商業培訓短期疲軟情況一致。我們還交付了八台全飛行模擬器，與去年交付的數量相同。

And while the early part of the year was shaped by macroeconomic uncertainty, we're beginning to see encouraging signs of stabilization, along with improvements in aircraft supply chains that are bringing greater clarity to airline hiring and fleet planning. The recovery in demand for commercial training solutions is really a matter of when, not if, and we continue to expect a positive inflection in the second half of the fiscal year.

儘管今年年初受到宏觀經濟不確定性的影響，但我們開始看到令人鼓舞的穩定跡象，同時飛機供應鏈的改善也為航空公司的招募和機隊規劃帶來了更大的清晰度。商業培訓解決方案需求的復甦實際上只是時間問題，而不是是否會發生的問題，我們繼續預計本財年下半年將出現積極的變化。

On the order front, we secured $511 million of business, including five full-flight simulators for a book-to-sales ratio of 0.84 times and 1.27 times on a trailing 12-month basis. We ended the quarter with $8.4 billion of total Civil adjusted backlog, which is up notably 27% year-over-year.

在訂單方面，我們獲得了價值 5.11 億美元的業務，其中包括五台全飛行模擬器，過去 12 個月的訂單銷售額比分別為 0.84 倍和 1.27 倍。本季結束時，我們的土木工程調整後積壓訂單總額為 84 億美元，年增 27%。

During the quarter, we announced the expansion of our commercial Embraer E2 training offering with the deployment of the first full-flight simulator to support the growing E2 fleet across Europe, the Middle East and Africa. Since quarter end, we also announced the E2 pilot training will be delivered in Montreal, further supporting Porter Airlines expanding fleet and enhancing the efficiency of their pilot training program.

本季度，我們宣布擴大商用巴西航空工業公司 E2 訓練服務，部署首個全飛行模擬器，以支援歐洲、中東和非洲不斷成長的 E2 機隊。自季度末以來，我們也宣布將在蒙特婁進行 E2 飛行員培訓，進一步支持波特航空擴大機隊並提高其飛行員培訓計畫的效率。

In business aviation, we were pleased to open our first dedicated training center in Central Europe located in Vienna, which welcomed its first customer in April. The state-of-the-art Business Aviation Training Center, an 8,000 square foot facility, offers an elevated training experience and reflects our continued commitment to supporting customers closer to where they operate.

在商務航空領域，我們很高興在維也納開設了我們在中歐的第一個專門培訓中心，該中心於四月迎來了第一位客戶。最先進的商務航空培訓中心佔地 8,000 平方英尺，提供高級的培訓體驗，體現了我們持續致力於為客戶提供更貼近其營運地點的支援。

Our Gulfstream G550 full-flight simulator is already in service and new Pilatus PC-24 full flight simulator will be added in the second half of 2026. The center will ultimately feature up to nine full-flight simulators, including Europe's first Bombardier Global 7500, a global vision, Embraer Phenom 300 and a Bombardier Challenger 3500.

我們的灣流 G550 全飛行模擬器已經投入使用，新的皮拉圖斯 PC-24 全飛行模擬器將於 2026 年下半年加入。該中心最終將配備多達九台全飛行模擬器，包括歐洲首台龐巴迪環球 7500、一架環球視野、巴西航空工業公司飛鴻 300 和一架龐巴迪挑戰者 3500。

And in airline operations, we're proud to have rebranded our suite of solutions under a new name, Flightscape powered by CAE. Flightscape is a data-driven platform that delivers real-time insights to help airlines enhance operational performance. It empowers operations controlled center teams to anticipate disruptions, adapt quickly to changing conditions and optimize costs even in the most complex time-sensitive scenarios.

在航空運營方面，我們很榮幸地將我們的解決方案套件更名為「由 CAE 提供支援的 Flightscape」。Flightscape 是一個數據驅動的平台，可提供即時洞察，幫助航空公司提高營運績效。它使營運控制中心團隊能夠預測中斷、快速適應不斷變化的條件並優化成本，即使在最複雜的時間敏感場景中也是如此。

During the quarter, we signed a long-term agreement with Allegiant, which will leverage Flightscape to transform its operational intelligence and drive improved performance. CAE has a proven track record of leveraging technology to drive innovation and improve the effectiveness of our training solutions. Last fall, we became the first to develop an immersive pilot training app for Apple Vision Pro, enabling pilots to complete key training activities remotely, enhancing efficiency and scalability and training outcomes.

本季度，我們與 Allegiant 簽署了一項長期協議，Allegiant 將利用 Flightscape 轉變其營運智慧並提高績效。CAE 在利用技術推動創新和提高培訓解決方案的有效性方面有著良好的記錄。去年秋天，我們率先為 Apple Vision Pro 開發了一款沉浸式飛行員訓練應用程序，使飛行員能夠遠端完成關鍵的訓練活動，從而提高效率、可擴展性和訓練成果。

Apple selected CAE as a flagship use case for Vision Pro in Aviation. And Apple's CEO, Tim Cook, and the CFO, highlighted us on their latest earnings call. They recognize how our adoption of spatial computing will improve pilot readiness and drive more productive simulator training.

蘋果選擇 CAE 作為 Vision Pro 在航空領域的旗艦用例。蘋果執行長庫克和財務長在最近的財報電話會議上對我們進行了重點介紹。他們認識到我們採用空間運算將如何提高飛行員的準備程度並推動更有效率的模擬器訓練。

Turning to Defense. We had a particularly strong quarter driven by solid program execution across the board and improving product mix -- program mix, I should say. Adjusted segment operating income and margin grew significantly year-over-year, reflecting better program performance and the successful completion of lower-margin contracts.

轉向防禦。我們本季表現尤為強勁，這得益於全面穩健的計劃執行和不斷改善的產品組合（應該說是計劃組合）。調整後的部門營業收入和利潤率同比大幅增長，反映了更好的專案績效和低利潤合約的成功完成。

We recorded a total of $611 million in Defense orders, achieving a book-to-sales ratio of 1.25 times, contributing to $11 billion in Defense adjusted backlog, up 7% year-over-year. Over the last 12 months, the Defense book-to-sales ratio stood at 2.08 times. The pipeline continues to be robust, with some $6 billion of orders pending customer decisions.

我們共獲得 6.11 億美元的國防訂單，訂單銷售比達到 1.25 倍，國防調整後積壓訂單金額達到 110 億美元，較去年同期成長 7%。過去 12 個月，國防帳面銷售額比率為 2.08 倍。管道繼續保持強勁勢頭，約有 60 億美元的訂單等待客戶決定。

In Defense, we continue to win strategically important contracts that really reflect the breadth of our training and mission support capabilities. During the quarter, we secured a continuation of flight training services for the United States Air Force on the KC-135 tanker aircraft as well as an extension of our management role in the simulator common architecture requirements and standards program for the United States Air Force. SCARS is a centralized open systems architecture initiatives that supports US Air Force platform simulators and the joint synthetic environment, underscoring CAE's leadership in enterprise training solutions.

在國防領域，我們繼續贏得具有重要戰略意義的合同，這些合同真正反映了我們培訓和任務支援能力的廣度。在本季度，我們確保繼續為美國空軍提供 KC-135 加油機的飛行訓練服務，並擴展我們在美國空軍模擬器通用架構要求和標準計劃中的管理角色。SCARS 是一個集中式開放系統架構計劃，支援美國空軍平台模擬器和聯合合成環境，彰顯了 CAE 在企業培訓解決方案方面的領導地位。

For the US Army, we signed an agreement with GDIT under the Flight School Training Support Contract, or FTSS, providing simulation capabilities and training support for rotary wing pilot instruction at Fort Novosel, Alabama.

對於美國陸軍，我們與 GDIT 簽署了飛行學校培訓支援合約 (FTSS) 協議，為阿拉巴馬州諾沃塞爾堡的旋翼機飛行員指導提供模擬能力和培訓支援。

In operational support solutions, we announced a collaboration with Sikorsky to deliver CAE's magnetic anomaly detection extended role system for the US Navy and the Royal Australian Navy MH-60R Seahawk helicopters. Built by CAE and integrated by Sikorsky, this compact removable this compact removable sensor detects magnetic anomalies caused by submarines, providing a powerful new anti-submarine warfare capability for MH-60R operators.

在營運支援解決方案方面，我們宣布與西科斯基合作，為美國海軍和澳洲皇家海軍 MH-60R 海鷹直升機提供 CAE 的磁異常偵測擴展角色系統。這款緊湊型可拆卸感測器由 CAE 製造並由西科斯基集成，可檢測潛艇引起的磁異常，為 MH-60R 操作員提供強大的新型反潛戰能力。

In Canada, we signed an additional amendment under the FACT program, bringing the total value of subcontracts awarded to CAE under the Skyline joint venture to approximately $2 billion. This is aligned with our strategy to transition the defense adjusted backlog towards more accretive long-term contracts.

在加拿大，我們根據 FACT 計劃簽署了附加修正案，使 Skyline 合資企業授予 CAE 的分包合約總價值達到約 20 億美元。這與我們將國防調整後的積壓訂單轉向更具增值的長期合約的策略相一致。

Since the end of the quarter, we were also awarded a contract by the Italian Air Force to deliver a Block 5 Predator Mission Trainer Plus or PMT Plus for the MQ9A Reaper. Developed in partnership with General Atomics, our PMT Plus is the most advanced simulator for the Reaper platform, offering a highly immersive training environment that accelerates readiness and reduces the need for live aircraft time during pilot and sensor operator training.

自本季結束以來，我們還獲得了義大利空軍的合同，為 MQ9A 收割者無人機提供 Block 5 掠食者任務教練機 Plus 或 PMT Plus。我們的 PMT Plus 是與通用原子公司合作開發的，是 Reaper 平台最先進的模擬器，提供高度沉浸式的訓練環境，可加快準備速度並減少飛行員和感測器操作員訓練期間對實機時間的需求。

These wins underscore the impact of the improvements we've made across the defense business. Through stronger execution and disciplined program delivery, we are seeing tangible results, both in our operational performance and in growing customer confidence. This progress reflects the focus and hard work of our teams to turn strategy into results and improve profitability.

這些勝利凸顯了我們在國防業務方面所取得的進步的影響。透過更強有力的執行和更有紀律的計畫交付，我們在營運績效和不斷增強的客戶信心方面都看到了切實的成果。這項進步體現了我們團隊將策略轉化為成果並提高獲利能力的專注和努力。

Before I close, I'd like to shift gears. As many of you know, today is my last day as CEO of CAE. And I want to take a moment to reflect on what these 21 years have meant to me. It's really been the honor of my professional life to lead this company for the past 16 years. When I joined in 2005, CAE was a very different business, and we've gone through multiple transformations since then, expanding into new markets.

在結束之前，我想換個話題。你們很多人都知道，今天是我擔任 CAE 執行長的最後一天。我想花點時間回顧一下這 21 年對我來說意味著什麼。能夠領導這家公司 16 年來，是我職涯中的一大榮幸。當我在 2005 年加入時，CAE 是一家截然不同的公司，自那時起，我們經歷了許多轉型，並擴展到新的市場。

And today, we are the global leader in aviation and defense training. But what I'm most proud of us is our culture. From the very beginning, I believe that if we take care of our people and our customers, the results will follow. And that's what we've built together at CAE, a company that leads with purpose and a company where people take pride in the mission, our noble mission, where safety, innovation and customer partnerships aren't slogans, but they're part of who we are. They're part of our DNA.

如今，我們已成為航空和國防訓練領域的全球領導者。但最讓我感到自豪的是我們的文化。從一開始，我就相信，如果我們照顧好我們的員工和客戶，就會得到成果。這就是我們在 CAE 共同打造的，一家以目標為導向的公司，一家人們以我們的使命為榮的公司，我們的崇高使命，在這裡，安全、創新和客戶夥伴關係不是口號，而是我們自己的一部分。它們是我們 DNA 的一部分。

And none of this would have been possible without the incredible team at CAE. And I want to thank our instructors, our engineers, our technicians, our support staff and everyone in between for their dedication, their grit, their passion and their belief in what we do. As I've often remarked, without the employees of CAE, we are merely a collection of buildings without 13,000 people who bring CAE to life.

如果沒有 CAE 出色的團隊，這一切都不可能實現。我要感謝我們的教員、工程師、技術人員、支援人員以及所有工作人員，感謝他們的奉獻、勇氣、熱情和對我們所做工作的信念。我常說，如果沒有 CAE 的員工，我們只不過是一堆建築物，沒有 13,000 名讓 CAE 充滿活力的人。

I know much have been asked of you over the past 1.5 decades, all of our employees listen to me, and I'm extremely proud of all that you have accomplished to make CAE the global leader that we are today. I'm equally grateful to our exceptional civil aviation and defense customers around the world. We exist to make the world safer, and it's been a true honor to serve as your trusted partner and to help you prepare for the moments that matter most.

我知道過去 15 年裡你們肩負著許多重任，我們所有的員工都聽從我的指揮，我為你們所取得的成就感到無比自豪，正是這些成就讓 CAE 成為了今天的全球領導者。我同樣感謝我們在世界各地的傑出民航和國防客戶。我們的存在是為了讓世界更安全，我們非常榮幸能夠成為您值得信賴的合作夥伴並幫助您為最重要的時刻做好準備。

I also wanted to thank the Board and our investors for their trust over the years. And of course, I want to thank Calin warmly, and welcome Matt as he officially steps into the CEO role today. I had the opportunity to work closely with Matt over the past couple of months, and I can say without hesitation that he brings the right mix of leadership, operational discipline and vision to take CAE forward, and I am honored that he has been chosen to replace me.

我還要感謝董事會和投資者多年來的信任。當然，我要熱烈感謝 Calin，並歡迎 Matt 今天正式擔任執行長一職。在過去的幾個月裡，我有幸與馬特密切合作，我可以毫不猶豫地說，他擁有正確的領導能力、營運紀律和遠見卓識，能夠推動 CAE 向前發展，我很榮幸他被選中來接替我。

I'm confident in the team, confident in the company and incredibly grateful for the opportunity to have served as CAE's CEO, which has really have been the privilege of my life.

我對團隊充滿信心，對公司充滿信心，並非常感謝有機會擔任 CAE 的首席執行官，這確實是我一生的榮幸。

With that, I'll turn it over to Dino for some additional financial details.

說完這些，我會把話題交給 Dino，詢問一些額外的財務細節。

Thank you, Marc. Good morning, everyone. Consolidated revenue of $1.1 billion was 2% higher compared to the first quarter last year, while adjusted segment operating income was $147.8 million, up 10% compared to $134.2 million in the first quarter last year. Our quarterly adjusted EPS was $0.21, in line with the first quarter last year.

謝謝你，馬克。大家早安。綜合營收為 11 億美元，較去年第一季成長 2%，調整後分部營業收入為 1.478 億美元，較去年第一季的 1.342 億美元成長 10%。我們的季度調整後每股收益為 0.21 美元，與去年第一季持平。

Net finance expense this quarter amounted to $54.6 million, up from $49.5 million in the first quarter last year, mainly because of additional lease financing costs related to the recently opened training centers in our global network in support of growth. We also have additional financing costs associated with the consolidation of the SIMCOM joint venture in business aviation, which took place in Q3 last year. The increase was partially offset by lower finance expense on long-term debt on a lower level of borrowings during the period, in line with our ongoing deleveraging undertakings.

本季淨財務支出為 5,460 萬美元，高於去年第一季的 4,950 萬美元，主要原因是為支援成長，我們全球網路中最近開設的培訓中心產生了額外的租賃融資成本。我們還需要額外的融資成本，這與去年第三季合併 SIMCOM 商務航空合資企業有關。這一增長被期內較低借款水準導致的長期債務財務費用降低所部分抵消，這與我們持續的去槓桿承諾一致。

Income tax expense this quarter was $19 million for an effective tax rate of 24%. The adjusted effective income tax rate was also 24%, which is the basis for the adjusted EPS. We continue to expect a run rate effective income tax rate of 25%, considering the income anticipated from various jurisdictions and the impact from global minimum tax legislative changes.

本季所得稅費用為 1,900 萬美元，有效稅率為 24%。調整後的有效所得稅率也是24%，這是調整後每股盈餘的基礎。考慮到預期來自不同司法管轄區的收入以及全球最低稅立法變化的影響，我們繼續預期實際所得稅率為 25%。

Net cash from operating activities this quarter was negative $15.3 million compared to negative $12.9 million in the first quarter of fiscal 2025. Free cash flow was negative $36.2 million compared to negative $25.3 million in the first quarter last year. The decrease is mainly due to a higher investment in noncash working capital, partially offset by higher net income adjusted for noncash items and higher dividends received from equity accounted investees.

本季經營活動淨現金為負 1,530 萬美元，而 2025 財年第一季為負 1,290 萬美元。自由現金流為負 3,620 萬美元，去年第一季為負 2,530 萬美元。下降的主要原因是非現金營運資本投資增加，但非現金項目調整後的淨收入增加和按權益法核算的被投資方收到的股息增加部分抵消了這一影響。

With continued expected reversals in noncash working capital investments and our outlook for operations, we expect to generate strong free cash flow in the year with a conversion of adjusted net income of approximately 150%.

隨著非現金營運資本投資的持續逆轉以及我們對營運前景的預期，我們預計今年將產生強勁的自由現金流，調整後淨收入的轉換率約為 150%。

Capital expenditures totaled $106.9 million this quarter, with approximately 75% invested in growth. Approximately 40% of the growth capital expenditures this quarter were for simulators deployed to the FSTSS program in support of US Army helicopter training in Alabama. We remain highly focused on capital efficiency.

本季資本支出總計 1.069 億美元，其中約 75% 用於成長。本季度成長資本支出的約 40% 用於部署到 FSTSS 計畫的模擬器，以支援在阿拉巴馬州進行的美國陸軍直升機訓練。我們仍然高度關注資本效率。

And notwithstanding this contract specific investment opportunity in Defense, we continue to expect total CapEx in fiscal 2026 to be modestly lower than in fiscal 2025. This will be concentrated mainly on organic growth investments in simulator capacity to be deployed to CAE's global network of aviation training centers, which are backed by multiyear customer contracts.

儘管國防領域存在特定合約投資機會，但我們仍預期 2026 財年的總資本支出將略低於 2025 財年。該投資將主要集中在模擬器產能的有機成長投資上，這些投資將部署到 CAE 的全球航空訓練中心網絡，並由多年的客戶合約支援。

Our net debt position at the end of the quarter was approximately $3.2 billion for a net debt to adjusted EBITDA of 2.75 times at the end of the quarter. As Calin indicated, we remain committed to further strengthening our financial position and continue to expect to reach 2.5 times net debt to adjusted EBITDA by the end of the fiscal year.

本季末，我們的淨負債狀況約為 32 億美元，淨負債與調整後 EBITDA 的比率為 2.75 倍。正如卡林所指出的，我們仍然致力於進一步加強我們的財務狀況，並繼續預計到本財年末淨債務與調整後 EBITDA 比率將達到 2.5 倍。

Now turning to our segmented performance. In Civil, first quarter revenue grew 3% year-over-year to $607.7 million, while adjusted operating income rose 1% to $107.6 million, resulting in a 17.7% margin. The approximate 40 basis points decrease in the Civil margin reflects lower utilization in commercial training and some differences in product solution mix this quarter.

現在來談談我們的分段性能。在民用領域，第一季營收年增 3% 至 6.077 億美元，調整後營業收入成長 1% 至 1.076 億美元，利潤率為 17.7%。民用產品利潤率下降約 40 個基點，反映出本季商業培訓利用率較低以及產品解決方案組合存在一些差異。

Looking ahead for Civil, we continue to take a measured view of the first half given commercial market dynamics. While I'll also factor in the usual seasonal impact on our second quarter from busy summer travel period when pilots are flying. We now expect annual adjusted segment operating income to grow in the mid-single-digit percentage range at the lower end of our prior outlook, with annual segment operating income margin remaining stable year-over-year.

展望 Civil 的未來，考慮到商業市場的動態，我們將繼續對上半年持審慎的看法。同時，我也會將飛行員飛行的繁忙夏季旅行期對我們第二季度的通常季節性影響考慮在內。我們現在預計，年度調整後分部營業收入將在我們先前預測的低端以中等個位數百分比範圍增長，年度分部營業收入利潤率將保持同比穩定。

The expected weighting of Civil's results toward the second half is consistent with prior fiscal years, supported by usual seasonality, improving market dynamics and macroeconomic conditions. Adding to our confidence is a recent increase in activity with our US airline customers.

預計 Civil 業績對下半年的權重與前幾財年一致，這受到通常的季節性、不斷改善的市場動態和宏觀經濟條件的支持。我們與美國航空公司客戶的合作近期有所增加，這增強了我們的信心。

In Defense, revenue remained stable at $490.9 million, while adjusted segment operating income increased 45% to $40.2 million, delivering an 8.2% margin, thanks to higher profitability and activity on our North American programs. Legacy contracts remain on track with costs and schedules well managed, and there is no change to our annual outlook for Defense.

在國防領域，收入保持穩定在 4.909 億美元，而調整後的部門營業收入增長 45% 至 4020 萬美元，利潤率為 8.2%，這得益於我們北美項目的盈利能力和活動增加。遺留合約仍在按計劃進行，成本和進度得到良好管理，我們對國防的年度展望沒有變化。

With that, I will turn the call over to Matt.

說完這些，我會把電話轉給馬特。

Thank you, Dino, and good morning, everyone. I also want to thank Marc and Calin for the kind words, and the entire CAE team for a warm welcome. Let me start by saying what an honor it is to be joining CAE and to be stepping into the role of CEO later today. It is a privilege to follow Marc, whose leadership over the past two decades has shaped the CAE we know today. I'm also grateful to have had the opportunity to work closely with him in the recent weeks, which has helped ensure both continuity and a smooth handoff.

謝謝你，迪諾，大家早安。我還要感謝馬克和卡林的友好言辭，以及整個 CAE 團隊的熱情歡迎。首先，我要說的是，我很榮幸能夠加入 CAE，並在今天晚些時候擔任執行長。我很榮幸能夠跟隨馬克，他在過去二十年的領導下塑造了我們今天所知的 CAE。我也很感激最近幾週有機會與他密切合作，這有助於確保連續性和順利交接。

Although my appointment becomes official following today's Annual General Meeting, I've already had a valuable introduction to CAE through time spent with our people and our customers and other key stakeholders. One of my first experiences was attending the Paris Air Show last month, along with the team. It was an intensive and energizing start.

雖然我的任命是在今天的年度股東大會之後正式生效的，但透過與我們的員工、客戶和其他主要利害關係人共度的時光，我已經對 CAE 有了寶貴的了解。我最早的經歷之一是上個月和團隊一起參加巴黎航展。這是一個緊張又充滿活力的開始。

And I can say without hesitation, after attending air shows for more than 25 years, I have never seen a company so consistently respected. Every conversation spoke to CAE's professionalism, technical leadership, safety mindset and culture and a deep, deep commitment to customer success.

我可以毫不猶豫地說，在參加航展 25 多年後，我從未見過一家公司如此持續受到尊重。每次對話都體現了 CAE 的專業、技術領導、安全意識和文化以及對客戶成功的深切承諾。

In these early weeks, I've been extremely impressed by the caliber of CAE's people, the strength of our technology and the depth of our customer relationships. This is a fantastic organization. With tremendous potential to build upon past successes, it is clear to me that we have a world-class team, which is an excellent place to start.

在最初的幾周里，CAE 員工的素質、我們技術的實力以及我們與客戶關係的深度給我留下了深刻的印象。這是一個非常棒的組織。我們擁有巨大的潛力，可以在過去的成功基礎上再接再厲，我很清楚我們擁有一支世界一流的團隊，這是一個很好的起點。

Over the next 90 days, I will take a pragmatic approach to evaluating the business, both operationally and strategically. My focus will be on understanding where we can further improve efficiency, sharpen execution and unlock synergies across our balanced portfolio. I value what makes CAE distinctive, especially a strong culture. And as I look to the future, I intend to protect what's core while building on our strengths.

在接下來的 90 天裡，我將採取務實的方式評估業務，包括營運和策略。我的重點是了解我們可以在哪些方面進一步提高效率、加強執行力並釋放我們平衡投資組合的協同效應。我重視 CAE 的獨特之處，尤其是強大的文化。展望未來，我打算在鞏固優勢的同時保護核心業務。

While it will take time to fully assess and quantify the scale of the opportunities ahead, my initial impressions are that there is real potential to strengthen free cash flow and improve returns on invested capital. This can be achieved not only through enhanced operational excellence, but also through disciplined, data-driven capital allocation. This work will be thoughtful, collaborative and grounded in a clear objective, creating long-term value for our shareholders.

雖然需要時間來全面評估和量化未來機會的規模，但我的初步印像是，確實有潛力加強自由現金流並提高投資資本的回報率。這不僅可以透過提高卓越營運來實現，還可以透過規範的、數據驅動的資本配置來實現。這項工作將是深思熟慮的、協作的、以明確的目標為基礎的，為我們的股東創造長期價值。

While CAE is best known for its leadership in civil aviation, our defense technologies are increasingly seen as mission-critical. We help military forces train more safely, more effectively and with a level of realism that is essential in today's environment. Having spent a fair part of my career in and around defense, including service as a US Navy Submarine Officer, I understand how vital it is to be fully prepared before mission ever begins. That's exactly what CAE enables, and it is why I believe we are uniquely positioned to grow our impact as a strategic partner of choice in defense.

儘管 CAE 以其在民航領域的領導地位而聞名，但我們的國防技術越來越被視為任務關鍵型技術。我們幫助軍隊進行更安全、更有效的訓練，並達到當今環境下必不可少的真實感水平。我的職業生涯中有相當一部分時間是在國防領域及其周邊度過的，包括擔任美國海軍潛艇軍官，我明白在任務開始前做好充分的準備是多麼重要。這正是 CAE 所能夠實現的，這也是為什麼我相信我們作為國防領域的首選戰略合作夥伴，具有獨特的優勢，可以擴大我們的影響力。

I see real potential to leverage our advanced defense technologies more broadly across CAE's portfolio, including in commercial aviation. At the same time, we can drive greater efficiency by applying commercial practices within our Defense business. This cross-pollination of innovation and efficiency can unlock new value, enhance customer outcomes and support higher returns. As we focus on efficiency, we will relentlessly maintain our commitment to our customers to quality and to safety.

我看到了在 CAE 的產品組合中更廣泛地利用我們的先進國防技術的真正潛力，包括商業航空領域。同時，我們可以在國防業務中運用商業實務來提高效率。這種創新與效率的相互影響可以釋放新的價值、提高客戶成果並支持更高的回報。在我們注重效率的同時，我們將堅持不懈地履行對客戶的品質和安全承諾。

Before I turn the call back to Andrew, I want to take a moment to speak directly to our investors and analysts. I know many of you have long-standing relationships with Calin and Andrew, and I've benefited from their insights about what matters to you. I look forward to building those relationships over time, and once I'm fully up to speed, I'll welcome the opportunity to engage with you directly.

在我將電話轉回給安德魯之前，我想花點時間直接與我們的投資者和分析師交談。我知道你們中的許多人都與 Calin 和 Andrew 有著長期的關係，我從他們對你們關心的事情的見解中受益匪淺。我期待著隨著時間的推移建立這些關係，一旦我完全適應，我將很高興有機會與您直接接觸。

In the meantime, thank you again for the warm welcome. I'm excited to be here, focused on the work ahead and confident that we can achieve good growth and a great future together.

同時，再次感謝大家的熱情歡迎。我很高興來到這裡，專注於未來的工作，並相信我們能夠共同實現良好的成長和美好的未來。

Andrew, back to you.

安德魯，回到你身邊。

Thanks, Matt. Operator, we'll now open the lines to questions from financial analysts.

謝謝，馬特。接線員，我們現在開始回答金融分析師的問題。

(Operator Instructions)

（操作員指示）

Fadi Chamoun, BMO Capital Markets.

蒙特利爾銀行資本市場的 Fadi Chamoun。

Okay, good morning. First, I want to say congrats to Marc on the retirement and outstanding career. My question may be to Calin and Matt, but -- you both referenced, I think, in the press release operational focus excellence -- focus on operational efficiency side of the story. And maybe it seems also logical after significant growth in the buildup that happened in the last decade that there's kind of a road for optimization here.

好的，早安。首先，我要祝賀馬克退休並取得傑出的職業生涯。我的問題可能是針對 Calin 和 Matt 的，但是——我認為你們倆在新聞稿中都提到了營運重點卓越——關注故事的營運效率方面。並且，在過去十年的建設中取得了顯著增長之後，這似乎也是合乎邏輯的，這裡有一條優化的道路。

I just wanted to see if you have even high-level thoughts, I know it's kind of early days here in this transition, but if you have any high-level thoughts on where exactly you see the opportunities in terms of improving the margin, improving the cash flow conversion that you talked about.

我只是想看看您是否有更高層次的想法，我知道現在這個轉變還處於早期階段，但是如果您有任何更高層次的想法，您究竟在哪裡看到了提高利潤率、改善您談到的現金流轉換的機會。

Right, thanks. Good morning, Fadi. Calin here, and it's good to hear your voice again. Two things. One, as has been referenced in these remarks, CAE has invested significantly over the last period of time in building up capability. That investment is -- has started to pay dividends based on the earnings that we're seeing. But we think there's much more potential there. So that obviously requires an opportunity to leverage those investments, and that may result in some additional focus on cost, how it is we can best optimize.

好的，謝謝。早安，法迪。我是 Calin，很高興再次聽到你的聲音。兩件事。首先，正如這些評論中所提到的，CAE 在過去一段時間內為能力建設投入了大量資金。根據我們看到的收益，這項投資已開始產生股息。但我們認為那裡還有更大的潛力。因此，這顯然需要一個機會來利用這些投資，而這可能會導致對成本的更多關注，以及我們如何才能最好地進行最佳化。

And from my vantage point, as you know, and I referenced as well this in my remarks, that's actually within Matt's wheelhouse in terms of operational excellence. And so it's a simple formula of saying when you look at the commercial side of the business, in particular, and frankly, the entire Civil side of the business, a lot of investment has been made, now is the time to optimize it, and we think that there are some great opportunities ahead. We're still early on, I'd say, in the early innings of that cycle. So there's a lot more room to go. And so that's quite an exciting time to see earnings growth there.

從我的角度來看，如你所知，我在我的評論中也提到了這一點，這實際上在馬特的卓越營運方面的職責範圍內。因此，這是一個簡單的公式，當你看業務的商業方面時，特別是坦率地說，整個民用業務方面，已經進行了大量投資，現在是優化它的時候了，我們認為未來有一些很好的機會。我想說，我們還處於該週期的早期階段。因此還有很大的發展空間。因此，看到那裡的獲利成長真是令人興奮。

On the Defense side, you've seen the positive results this quarter. And we'll continue to build sort of sustainable, profitable long-term contracts and execute well on these various programs. But I think that's as simple as that.

在國防方面，您已經看到了本季的正面成果。我們將繼續建立可持續的、有利可圖的長期合同，並順利執行這些不同的計劃。但我認為就是這麼簡單。

I don't know, Matt, if you want to comment further?

我不知道，馬特，你是否想進一步評論？

Look, thanks, Calin, and thanks for the question. Recognizing that I'm on the doorstep of the role later today, I have spent my entire career looking at complex global organizations and understanding how to drive efficiency, improve operations, maintain quality and maintain safety. And from what I've seen, we have that opportunity to continue to do that CAE. And as I get into the next 90 days and find out and discover where that is, we'll come back and share that with you.

瞧，謝謝，卡林，謝謝你的提問。我意識到今天晚些時候我將要擔任這個職務，我的整個職業生涯都在研究複雜的全球組織，了解如何提高效率、改善營運、維持品質和維護安全。據我所見，我們有機會繼續進行 CAE。當我進入接下來的 90 天並發現這一點時，我們會回來與你們分享。

Appreciate it. Thanks.

非常感謝。謝謝。

Kevin Chiang, CIBC.

加拿大帝國商業銀行的 Kevin Chiang。

Hi, thanks for taking my question and, I echo Fadi's comment there. Marc, congratulations on your upcoming retirement, and welcome, Matt, to CAE.

你好，謝謝你回答我的問題，我同意 Fadi 的評論。馬克，祝賀你即將退休，歡迎馬特加入 CAE。

Maybe as I look at the outlook you provided for fiscal 2026, it seems like you're facing some transit headwinds in Civil. Just wondering as you think about utilization, maybe being a little bit weaker than you anticipated. Does that change near-term CapEx spending opportunities? Like could you see upside to your CapEx guidance this year in the sense that maybe there's an opportunity to push some of that spend further out just as you look to better match near-term demand with supply just given some of the transient headwinds you noted in the prepared remarks?

也許當我看到您提供的 2026 財年前景時，似乎您在 Civil 領域面臨著一些交通方面的阻力。只是想知道，當您考慮利用率時，可能會比您預期的要弱一些。這會改變近期的資本支出機會嗎？例如，您是否認為今年的資本支出指引有上升空間，即考慮到您在準備好的評論中提到的一些暫時的不利因素，也許有機會進一步推遲部分支出，因為您希望更好地匹配短期需求和供應？

Yeah, Kevin, Calin here, and again, good to hear your voice as well. Listen, there's some timing noise for sure around pilot hiring this summer, but the big picture is that the earning potential can be a lot higher over time. And as I said, we're just at the beginning of that journey. But in terms of getting a bit more granular on capital, I'll ask Constantino to comment briefly.

是的，我是凱文·卡林，很高興再次聽到你的聲音。聽著，今年夏天飛行員招募肯定會出現一些時機問題，但總的來說，隨著時間的推移，收入潛力會大大提高。正如我所說，我們才剛開始這段旅程。但為了更詳細地了解資本狀況，我會請康斯坦丁諾簡單評論一下。

Yeah, good morning. Thanks for the question. Thanks, Calin. So effectively, we continue to expect CapEx to be slightly lower year-over-year in FY '26. Overall, in line with our disciplined approach, and I think that's going to be key disciplined approach to capital deployment.

是的，早安。謝謝你的提問。謝謝，卡林。因此，我們實際上仍然預計 26 財年的資本支出將比去年同期略有下降。整體而言，這符合我們嚴謹的做法，我認為這將是資本部署的關鍵嚴謹做法。

When you look at it, Civil CapEx is lower year-over-year in Q1 by about $10 million already. I mentioned it in my remarks, the 40% of the growth CapEx this quarter was for one specific program in Defense & Security. So we are being disciplined, making sure that we're not ahead of the market and we're listening carefully to -- and looking carefully to where we can find savings and push out CapEx, if necessary.

從數據來看，第一季民用建築資本支出年比已經下降了約 1,000 萬美元。我在我的發言中提到過，本季 40% 的資本支出成長是用於國防和安全領域的特定項目。因此，我們嚴格遵守紀律，確保我們不會領先市場，並且我們正在仔細傾聽並仔細尋找可以節省成本的地方，並在必要時增加資本支出。

That's helpful. And maybe just -- maybe back to you as well. Just on the working capital, you mentioned typically seasonally, Q1 is a bigger working capital drag, and it sounds like we'll reverse that. But in fiscal '24 and '25, working capital was on an absolute basis for the full year, a tailwind. Is that something we can expect for fiscal 2026?

這很有幫助。或許只是──或許也會回到你身邊。就營運資本而言，您提到通常存在季節性，第一季營運資本受到較大拖累，聽起來我們會扭轉這種情況。但在 24 財年和 25 財年，營運資本在全年絕對量上呈現順風態勢。這是我們能在 2026 財年期待的事嗎？

Or is it a more neutral working capital year for CAE?

或者對 CAE 來說，這是一個更中性的營運資本年？

Yeah. So definitely, it is typical to see higher investment in noncash working capital in the first half. It's not inconsistent with the seasonal profile of our business. So we do expect a stronger cash generation profile in the second half and remain on track to deliver strong free cash flow for the year, targeting our conversion and adjusted net income of 150%. With that, that comes with disciplined approach to noncash working capital. And yes, we are aiming to have a more neutral approach to noncash working capital this year.

是的。因此，上半年非現金營運資本投資增加是典型的現象。這與我們業務的季節性特徵並不矛盾。因此，我們確實預計下半年的現金產生能力將更強，並有望在今年實現強勁的自由現金流，目標是實現 150% 的轉換率和調整後淨收入。隨之而來的是，對非現金營運資本採取嚴謹的態度。是的，我們今年的目標是對非現金營運資本採取更中立的態度。

Perfect. I'll leave it there. Thank you very much.

完美的。我就把它留在那裡。非常感謝。

Cameron Doerksen, National Bank Financial.

卡梅倫‧多爾克森 (Cameron Doerksen)，國家銀行金融。

Yeah, thanks very much. Good morning and yeah, congratulations, Marc, on the retirement, and welcome, Matt. I wanted to ask a question about, I guess, the Civil outlook obviously, some incremental softness that you've seen here. But it does sound like you're fairly confident that we'll see a better second half of the fiscal year for you. I guess what indicators do you have that provide that visibility in the second half rebound and, I guess, especially the airline pilot training part of the business. So is there anything that you're seeing specifically that I could point to that?

是的，非常感謝。早上好，是的，恭喜馬克退休，歡迎馬特。我想問一個問題，我想，顯然，民事前景，您在這裡看到的一些漸進的軟化。但聽起來您確實相當有信心，我們會看到您在本財年下半年取得更好的表現。我想問一下，有哪些指標能夠預示下半年經濟將反彈，尤其是航空公司飛行員培訓業務。那麼，您看到了什麼特別之處，我可以指出來嗎？

Yes. Cameron, Calin here, and good to hear your voice, too. So look, as I said, this appears to have been a trough in pilot hiring. And I think as you know, and obviously, I've lived this, when you hire pilots, there's a built-in lag before the training programs start. So this is a natural built-in lag.

是的。卡梅倫，我是卡林，也很高興聽到你的聲音。所以，正如我所說，這似乎是飛行員招募的低谷。我想，正如你所知，而且顯然我也經歷過這種情況，當你僱用飛行員時，在培訓計劃開始之前總會有一個內在的滯後。所以這是一個自然的內在滯後。

We've not only seen what we believe to be the trough, and Marc commented on that in his remarks. But we've also started to see some increased activity now which trends well for the rest of the year. However, we also have seen some of the airlines that were more cautious in their announcements. And so we're using the data that we have, and I'm going to ask Nick to comment what we're seeing on the -- in terms of commercial hirings, especially in the United States, but we are cautiously optimistic about the rest of the year. Nick?

我們不僅看到了我們認為的低谷，馬克在他的評論中也對此進行了評論。但我們現在也開始看到一些活動的增加，這對今年剩餘時間的趨勢來說很好。不過，我們也看到一些航空公司在發佈公告時更加謹慎。因此，我們正在使用我們擁有的數據，我將請尼克評論我們所看到的情況——在商業招聘方面，特別是在美國，但我們對今年剩餘時間持謹慎樂觀的態度。缺口？

Yeah, thank you, Calin. Yeah, I guess a couple of things that, I guess, just to point to. One is, as we come out of August into September, we know our customers are going to resume hiring, and that's just through conversations and some discussions around access to capacity. So hiring is definitely going to ramp up in the second half.

是的，謝謝你，卡林。是的，我想有幾件事，我想，只是指出來。一是，隨著八月進入九月，我們知道我們的客戶將恢復招聘，而這只是透過圍繞產能獲取的對話和一些討論來實現的。因此下半年招募肯定會增加。

The other thing to remember is that Boeing and Airbus are now delivering more normal levels of airplanes. And that's now gone on for a couple of months. So it's not -- we're not going to call it a victory yet, but those levels of deliveries are going to start to drive more demand for capacity as we go forward. As you know, Airbus has reaffirmed our guidance. Boeing is at 35 or 40 airplanes a month. And these are numbers that will drive more demand as a lot of our customers are taking airplanes.

另一件需要記住的事情是，波音和空中巴士現在交付的飛機數量已達到更正常的水平。這種情況已經持續了幾個月了。所以，我們暫時還不能稱之為勝利，但隨著我們不斷前進，這些交付水準將會開始推動對運力的更多需求。如您所知，空中巴士公司已重申了我們的指導。波音公司每月生產 35 或 40 架飛機。由於我們的許多乘客都乘坐飛機，這些數字將推動更多的需求。

So a combination of airplanes being ramped up and our customers starting to talk about capacity demands. I think we're pretty confident that we've got -- we're going to see an improvement in the take-up of the training operation.

因此，飛機數量不斷增加，我們的客戶也開始談論運力需求。我認為我們非常有信心——我們將看到訓練行動的接受度有所提高。

Good. That's great color. Thanks very much. Appreciate the time.

好的。顏色真棒。非常感謝。珍惜時間。

Konark Gupta, Scotia Bank.

加拿大豐業銀行的 Konark Gupta。

Thanks, operator. Good morning, everyone, and, congrats to Marc for an outstanding career. As well as congrats to Matt and Calin. Calin, nice to hear your voice too on the earnings calls now. My first question, I guess, goes to I think some of the remarks that Calin, you, and Matt made about how you want to kind of tackle the operational efficiency, enhance free cash profile, return on capital, et cetera.

謝謝，接線生。大家早安，祝賀馬克取得傑出的職業生涯。同時也祝賀 Matt 和 Calin。卡林，很高興在收益電話會議上聽到你的聲音。我想我的第一個問題是關於 Calin、您和 Matt 所發表的一些評論，關於你們希望如何解決營運效率、提高自由現金狀況、資本回報率等問題。

How do you see the executive compensation alignment should evolve over time as you execute on those priorities? I mean, return on capital is obviously one of the metrics that you've been kind of factoring in. Free cash and other kind of metrics. Did you see any room for some innovation there on the executive competition side?

在執行這些優先事項時，您認為高階主管薪酬調整應該如何隨時間演變？我的意思是，資本回報率顯然是你一直在考慮的指標之一。免費現金和其他類型的指標。您是否認為高階主管競爭方面存在一些創新的空間？

Yeah. We look at these -- thank you very much, Konark, and good to hear your voice as well. We look at the various metrics, and we also compare the various drivers that other organizations have looked at. We've done a deep dive on the aerospace and defense. There's this whole discussion whether ROCE is the right measure to do it. We'll continue to assess that.

是的。我們看了這些——非常感謝，科納克，也很高興聽到你的聲音。我們研究了各種指標，也比較了其他組織研究過的各種驅動因素。我們對航空航太和國防領域進行了深入研究。關於 ROCE 是否是正確的衡量標準，有許多爭論。我們將繼續評估這一點。

And I'm not convinced of that. And again, this is early days for Matt. We need Matt to kind of get up to speed and sort of see what are the right drivers. But capital allocation is one of the main objectives of this new exercise, this new chapter, if I can say.

但我對此並不確信。再說一次，這對馬特來說才剛開始。我們需要馬特加快速度並了解什麼是正確的驅動因素。但如果我可以說的話，資本配置是這項新措施、新篇章的主要目標之一。

So as we look to compare ourselves to best-in-class within the aerospace and defense industry and recognizing that the two segments have got obviously different capital allocation basis and targets, it's clear that we see room for steady improvement. And this is the -- this is not a situation where you're going to have like an overnight dynamic that changes everything.

因此，當我們將自己與航空航天和國防工業領域的一流企業進行比較，並認識到這兩個領域的資本配置基礎和目標明顯不同時，很明顯我們看到了穩步改進的空間。而這並非是一夕之間就能改變一切的狀況。

This is room for steady improvement, and we are still extremely committed to both segments of the business, the aerospace and defense side. And so when you put all that together, that means that we will be looking at different capital allocation measures and measuring ourselves and comparing ourselves to best-in-class.

這是一個穩步改進的空間，我們仍然非常致力於業務的兩個部分，即航空航天和國防方面。因此，當你把所有這些放在一起時，這意味著我們將研究不同的資本配置措施，衡量自己，並與同類最佳進行比較。

Okay. That's a fair comment, Calin. Thank you so much for that. If I can quickly follow up on Defense. The margin in Defense for the first quarter was pretty solid, I would say, like 8% plus. Usually, you have high-pronounced seasonality and lock-ins in Defense orders. I think, Marc, you mentioned about some of the weaker margin, also lower margin contracts rolling over and the mix, et cetera.

好的。這是一個公正的評論，卡林。非常感謝。如果我能快速跟進防守。我想說，第一季國防利潤率相當穩定，大約在 8% 以上。通常，國防訂單具有明顯的季節性和鎖定性。馬克，我想您提到了一些較弱的保證金，以及較低保證金合約的展期和組合等等。

Can you speak to the mix shifts between the legacy contracts and the non-legacy contracts and like what kind of contributed this margin? And I mean, does it give you even more confidence in the top end of the range that we have for the full year?

您能否談談遺留合約和非遺留合約之間的組合變化以及這種利潤的貢獻？我的意思是，這是否讓您對我們全年的最高銷售更有信心？

Yeah, thanks for the question. Look, I think the short answer here is we're executing exactly what we said we would. We're on plan. Actually, we're slightly ahead of plan. And we're -- I'm very, very happy with where we are. I mean the plan we put in place a few quarters ago as we were well known with regards to the legacy contracts, we're right on plan, and see no issue at all would be able to execute the remaining programs that are there.

是的，謝謝你的提問。聽著，我認為簡短的回答是，我們正在嚴格執行我們所說的話。我們正在按計劃進行。事實上，我們比計劃稍微提前了一點。而且我們——我對我們現在的狀況非常非常滿意。我的意思是，我們在幾個季度前就制定了計劃，因為我們對遺留合約非常了解，我們完全按照計劃進行，並且看不到任何問題，能夠執行剩餘的計劃。

We're executing a strategy that we had to basically replace programs that are dilutive to our margin expectations, which those are quite nicely accretive to gross margin expectations, which is, as you know, low double digits in Defense, which again, we've said is more of a way point to a destination. So we're on track to do that. We're very happy with what we're seeing.

我們正在執行一項策略，基本上要取代那些稀釋我們利潤預期的項目，這些項目對毛利率預期有很好的增值作用，正如你所知，國防領域的毛利率為低兩位數，我們再次說過，這更像是一種指向目的地的方式。所以我們正在按計劃進行。我們對所見的感到非常高興。

We're very happy with regard to the order intake as well, as I mentioned, and the backlog growth. So look, I think it's just steady, very disciplined program execution here. So I think that -- I think in terms of revenue, we might see, as we've always seen, revenue being lumpy quarter-over-quarter, but that's just the nature of the business as you execute programs. But I think we're very confident. We're not changing our guidance, but we're very confident.

正如我所提到的，我們對訂單量和積壓訂單的成長感到非常高興。所以看，我認為這只是穩定、非常有紀律的程序執行。所以我認為——就收入而言，我們可能會看到，正如我們一直看到的那樣，收入環比波動，但這只是執行計劃時業務的本質。但我認為我們非常有信心。我們不會改變我們的指導方針，但我們非常有信心。

Okay. Well, thanks so much for the question. Thank you.

好的。嗯，非常感謝您的提問。謝謝。

Benoit Poirier, Jordan.

伯努瓦·普瓦里爾，喬丹。

Yeah, good morning, everyone, and Congrats, Marc for those 21 years, and welcome, Calin and Matt, to the CAE team. I know, Matt, it's early on in the role, but you know obviously quite well the US defense market. I would be curious to have your view about how this market is different from other regions. And what's your first impression of CAE's positioning and potential for margin improvement, especially for the US specifically.

是的，大家早上好，恭喜馬克工作 21 年，歡迎卡林和馬特加入 CAE 團隊。我知道，馬特，你擔任這個職位才剛開始，但你顯然非常了解美國國防市場。我很想知道您對這個市場與其他地區有何不同的看法。您對 CAE 的定位和利潤率提升潛力的第一印像是什麼，尤其是對美國而言。

Yeah, Thanks, Benoit. I appreciate the question and look forward to getting to know you. I think we're in a very unique period in defense. First, CAE's role in mission safety and mission reversal transcends borders. But we also have tremendous once-in-a-generational growth in defense, not only in the US but in other parts of the world.

是的，謝謝，Benoit。我很感謝你的提問，並期待認識你。我認為我們正處於一個非常獨特的防禦時期。首先，CAE 在任務安全和任務逆轉中的作用超越國界。但我們的國防實力也經歷了一代人以來的巨大增長，不僅在美國，而且在世界其他地區。

And I think CAE is well positioned to do several things. One, capitalize on those opportunities; two, leverage the defense business across our commercial enterprise, as I mentioned earlier, from technology; and three, create scalable international solutions among our defense partners. So I see a huge opportunity, and I'm excited to have work to unlock that over the next few months.

我認為 CAE 有能力做幾件事。第一，利用這些機會；第二，正如我之前提到的，從技術角度利用我們整個商業企業的國防業務；第三，在我們的國防合作夥伴之間創建可擴展的國際解決方案。因此，我看到了一個巨大的機會，我很高興能夠在接下來的幾個月中開展工作來解鎖這個機會。

Okay. That's great. And when we look in Canada, obviously, very bullish defense outlook with the intent to reach 5% of GDP. CAE extremely well positioned with the FAcT program, but also the future flip. Where do you see the greatest opportunities for CAE outside those two sizable programs?

好的。那太棒了。當我們看加拿大時，顯然國防前景非常樂觀，目標是達到 GDP 的 5%。CAE 在 FAcT 計劃中佔據著極其有利的地位，而且未來也會發生轉變。除了這兩個大型專案之外，您認為 CAE 的最大機會在哪裡？

Benoit, it's Calin here. And likewise, good to reconnect. Canada is a huge opportunity, of course, because we're -- Prime Minister Carney's announcements on increasing spend is, frankly, exponential. It's -- we've never seen that before in this country.

貝諾特，我是卡林。同樣，重新建立聯繫也是一件好事。當然，加拿大是一個巨大的機遇，因為我們——卡尼首相宣布增加支出，坦白說，是指數級的。這是我們在這個國家從未見過的。

So they are in many, many, many different areas. But one of the things that we believe, and certainly as the country takes on more responsibility in protecting its own sovereignty, it's where the data is maintained, where the training is maintained. If it buys fighter aircraft, who is it that is doing the training on those fighter aircraft, expected to be CAE.

所以它們存在於許多不同的領域。但我們相信，隨著國家在保護自身主權方面承擔更多責任，資料和訓練的維護也應該放在何處。如果它購買戰鬥機，那麼誰來對這些戰鬥機進行訓練，預計是 CAE。

As we look forward to programs in other countries, if Canada buys equipment from other countries, we would want to accompany the government on those initiatives. And I think that this is something that we look to leverage the opportunities for CAE not only directly in connection with government of Canada, not only in relation to government of Canada programs, but quite frankly, international programs throughout.

我們期待其他國家的項目，如果加拿大從其他國家購買設備，我們希望陪同政府進行這些舉措。我認為我們希望利用 CAE 的機會，不僅與加拿大政府直接相關，不僅與加拿大政府計畫相關，而且坦白說，還與整個國際計畫相關。

And so this is an extremely unique opportunity for us. And this is not something that is going to happen overnight because, obviously, defense programs take time to be approved. We've also raised the question of some urgency with government that there are opportunities to exercise the prerogatives that they have as a government to expedite programs and not go through normal procurement processes that can bog down. But we see this as being a fairly exciting long-term growth opportunity as we get to this 5% of GDP spending over time.

所以這對我們來說是一個極其獨特的機會。這不是一朝一夕就能實現的事情，因為國防計畫的批准顯然需要時間。我們也向政府提出了一些緊迫問題，希望政府有機會行使特權，加快專案進度，而不必經歷可能陷入困境的正常採購流程。但我們認為，隨著我們逐漸達到 GDP 支出的 5%，這將是一個相當令人興奮的長期成長機會。

Great color. Thanks for the time.

顏色很棒。謝謝你的時間。

James McGarragle, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 James McGarragle。

Hey, thanks for having me on and congrats, Marc, on a great career, and Matt, on the new role. I'm sure it's an exciting time for you. But I just have one on the Defense results here. The margin guidance implies kind of mostly stable margins for the rest of the year, whereas last year, margins kind of stepped up as the year progressed. So anything to call out in Q1 that might have helped out margins here?

嘿，謝謝你邀請我，祝賀馬克事業有成，祝賀馬特擔任新職務。我確信這對你來說是一個令人興奮的時刻。但我這裡只得到一份有關國防的結果。利潤率指引意味著今年剩餘時間的利潤率基本上保持穩定，而去年，利潤率隨著時間的推移有所上升。那麼，第一季有什麼事情可能對利潤率有幫助嗎？

Or should we kind of expect similar sequential trends in margin improvement that we saw in the prior fiscal year?

或者我們應該預期利潤率會出現與上一財年類似的連續成長趨勢？

Hi James, thanks for the question. Good morning. So we guide on an annual basis because effectively, there's always potential for volatility in the margins. We did have a step-up in the margins. It really is, as we remarked, some lower margin contracts falling off and some higher-margin contracts being ramped up.

你好，詹姆斯，謝謝你的提問。早安.因此，我們以年度為基礎進行指導，因為實際上利潤率總是存在波動的可能性。我們的利潤確實有所提高。正如我們所說，一些低利潤合約確實在減少，而一些高利潤合約則在增加。

So it will be depending on the ramp-up of other contracts, and we can see that change throughout the year. But that's why we guide on an annual basis because we're confident we're going to meet that and guidance is unchanged.

因此，這將取決於其他合約的成長，我們可以看到全年的變化。但這就是我們每年制定指導的原因，因為我們有信心實現這一目標，而且指導不會改變。

Yeah, thanks for the color there, And then on the Civil margin outlook and some of the utilization drop we saw in Q1, can you just walk me through the puts and takes on the margin outlook for the rest of the year? I guess, given the drop in utilization, the stable margins kind of implies you're working on some things operationally to drive an improvement in margins.

是的，感謝您對此的詳述，然後關於民用工程利潤率前景以及我們在第一季度看到的利用率下降，您能否向我介紹一下今年剩餘時間的利潤率前景？我想，考慮到利用率的下降，穩定的利潤率意味著你正在營運上做一些事情來提高利潤率。

Can you just kind of talk us through what those things are? And then is to look out into fiscal 2027, as we kind of see utilization to kind of normalize and pick back up, we be kind of modeling for kind of a step function improvement in margin as we look out longer term, as utilization starts to improve back up to where it has trended historically. And after that, I can turn the line over. Thank you.

您能簡單跟我們講講這些事情是什麼嗎？然後展望 2027 財年，隨著利用率逐漸恢復正常併回升，我們將對利潤率的階躍函數改進進行建模，從長遠來看，隨著利用率開始回升至歷史趨勢水平。此後，我就可以把線翻過來。謝謝。

Hi. So I guess margin improvement in the second half obviously is going to come from utilization. We're going to have -- we're going to have improvements in utilization for the rest of the year. The other thing is cost controls. I mean, like anything else, I mean, cost measures are always part of everyday life. And so this particular -- for this particular period in the second half, we're making some assumptions around cost avoidance to be able to maintain these numbers. Dino?

你好。所以我猜下半年利潤率的提高顯然將來自於利用率。我們將在今年剩餘時間內提高利用率。另一件事是成本控制。我的意思是，就像其他事情一樣，成本衡量始終是日常生活的一部分。因此，對於下半年的這個特定時期，我們對避免成本做出了一些假設，以便能夠維持這些數字。迪諾？

I just want to add that we had reflected back in May that the first half of this year will be similar to the first half of last year. And so that was a ramp-up, meaning a ramp-up in the second half of this quarter. And again, based on all the things that Nick talked about. So we are expecting, as usual, more deliveries back-ended and some of the efficiencies you're driving through to make sure that we deliver as we committed.

我只想補充一點，我們在五月就曾反映過，今年上半年的情況將與去年上半年相似。所以這是一個上升趨勢，意味著本季下半段將會出現上升趨勢。再次強調，基於尼克談論的所有內容。因此，像往常一樣，我們期望有更多的後端交付和一些您正在推動的效率，以確保我們按照承諾交付。

Thank you.

謝謝。

Tim James, TD Cowen.

蒂姆·詹姆斯 (Tim James)，TD Cowen。

Okay, thanks very much. Okay. Best wishes for the future, Marc. It's been a real privilege watching your career and learning from you over the years. Welcome, Matt and Calin. I look forward to your insights and soaking up all I can on CAE's way forward.

好的，非常感謝。好的。祝你未來一切順利，馬克。多年來，能夠專注於您的職業生涯並向您學習是我的榮幸。歡迎，馬特和卡林。我期待您的見解並盡我所能地了解 CAE 未來的發展方向。

Just one question here. It was mentioned earlier in the call about the trend towards fleet operators and functions and the business aviation side. I know CAE's really well positioned for whatever way the wind blows in business aviation. But is there anything specifically the company can do or needs to do strategically to really take advantage of that trend towards fleet operators and business aviation?

這裡只有一個問題。早些時候在電話會議上提到了機隊運營商和職能以及商務航空方面的趨勢。我知道無論商務航空業如何變化，CAE 都能夠很好地應對。但是，為了真正利用機隊營運商和商務航空的趨勢，公司在策略上可以做什麼或需要做什麼？

Well, I can start it off, Tim, look, I think one of the big things I think we've already done, right, is the acquisition of the remaining part of SIMCOM, which obviously gives us extended exclusivity with regards to train a Flexjet, which is, as you know, one of the -- I think the second largest fleet operator fractional jets. So we're very well exposed to that segment.

好吧，我可以先說，蒂姆，你看，我認為我們已經做的一件大事就是收購 SIMCOM 的剩餘部分，這顯然使我們在訓練 Flexjet 方面獲得了延長的獨家經營權，正如你所知，Flexjet 是第二大機隊運營商分時噴氣機之一。因此，我們對該領域有很好的了解。

And the fact that -- because of the fact that we trained the majority of the airlines around the world, either in simulators or in our training centers, makes us obviously, very fluid in executing airline-type training, which is really when you look at fractional owners, that's what they're looking for because they're operating -- their pilots are our quasi airline pilots. So they're looking for that kind of train which is different than with your traditional business aircraft training, which is having smaller flight departments. So I think we're very well positioned. And we have everything.

而且事實上——由於我們透過模擬器或在我們的培訓中心對世界各地的大多數航空公司進行過培訓，這顯然使我們在執行航空類型的培訓時非常流暢，當你看部分所有者時，這就是他們所尋求的，因為他們在運營——他們的飛行員是我們的準航空公司飛行員。因此，他們正在尋找與傳統商務飛機培訓不同的培訓，因為傳統培訓的飛行部門規模較小。所以我認為我們處於非常有利的位置。我們擁有一切。

You look at our -- I mentioned Flexjet, but you look across the board in terms of our fleet operators that we service, I just mentioned, for example, AirSprint in Canada, a very, very good customer. So look, I'm quite optimistic that we'll continue to do very well as a result of that exposure, that fractional ship plus the preponderance of the larger cabin business jets that we cover.

你看看我們的——我提到了 Flexjet，但你看看我們服務的機隊運營商，我剛才提到，例如，加拿大的 AirSprint，一個非常非常好的客戶。所以，我非常樂觀地認為，憑藉這種曝光度、這艘分時租賃船以及我們所覆蓋的大量大客艙公務機，我們將繼續取得良好的業績。

Thank you very much.

非常感謝。

Operator, that's all the time we have for the call this morning. I want to thank all of our participants for joining in, and remind you that a transcript of the call will be on CAE's website later today. Thank you. Have a good day.

接線員，今天早上我們的通話時間就這麼多了。我要感謝所有參與者的參與，並提醒大家，通話記錄將於今天稍晚發佈在 CAE 的網站上。謝謝。祝你有美好的一天。

This brings to close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。