CAE Inc. (CAE) 2026 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the CAE's fourth quarter and full year 2026 financial results and conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 CAE 2026 財政年度第四季及全年財務業績發布與電話會議。(接線員指示) 本次會議將被錄音。(接線員指示)

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

現在我想把會議交給 Andrew Arnovitz 先生。Arnovitz 先生，請開始。

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 for fiscal year 2027, our long-term fiscal 2030 financial targets, and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, May 22, 2026, 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.

各位早安，感謝各位今天加入我們。在開始之前，我想提醒各位，今天的發言（包括管理層對 2027 財政年度的展望、我們至 2030 財政年度的長期財務目標，以及對提問的回答）包含前瞻性陳述。這些前瞻性陳述代表我們截至今天（2026 年 5 月 22 日）的預期，因此可能會有所變動。此類陳述係基於可能不會實現的假設，並受風險與不確定性影響。實際結果可能存在重大差異，並提醒聽眾不要對這些前瞻性陳述過度依賴。

The fiscal 2030 targets, in particular, are subject to a greater degree of uncertainty given the longer time horizon. These targets represent management's current view of the company's long-term trajectory and are meant to assist analysts and shareholders in forming their respective views on our strategy and in measuring progress toward our transformation objectives. They are based on the assumptions set out in our press release issued yesterday and are subject to the risks described therein. A description of the material risks, factors and assumptions that may affect future results is contained in our press release issued yesterday and in CAE's annual MD&A, both available on our corporate website and on our filings with the Canadian Securities Administrators on SEDAR+ and the US Securities and Exchange Commission on EDGAR.

尤其是 2030 財政年度目標，由於時間跨度較長，面臨更高程度的不確定性。這些目標反映管理層目前對公司長期發展軌跡的看法，旨在協助分析師與股東形成各自對我們策略的觀點，並衡量我們朝轉型目標邁進的進度。這些目標係基於我們昨日發布之新聞稿所載的假設，並受其中所述風險影響。可能影響未來業績的重大風險、因素與假設之說明，載於我們昨日發布的新聞稿以及 CAE 的年度 MD&A，兩者均可於我們公司網站，以及向加拿大證券管理機構（Canadian Securities Administrators）在 SEDAR+ 的申報文件與向美國證券交易委員會（US Securities and Exchange Commission）在 EDGAR 的申報文件中取得。

On the call with me this morning are Calin Rovinescu, Executive Chairman; Matthew Bromberg, CAE's President and Chief Executive Officer; and Ryan McLeod, our Chief Financial Officer. After formal remarks, we'll open the call to questions from financial analysts.

今天早上與我一同出席電話會議的有：執行董事長 Calin Rovinescu；CAE 總裁兼執行長 Matthew Bromberg；以及我們的財務長 Ryan McLeod。在正式發言後，我們將開放財務分析師提問。

Let me now turn the call over to Calin.

現在我把電話會議交給 Calin。

Good morning, everyone. Before turning it over to Matt, I would like to briefly share a few observations. As all of you know, we have just finished the first fiscal year following Matt's appointment as CEO and mine as Executive Chairman. It has been a very busy year, full of change and renewal for this organization. In addition to a new Chair and new CEO, we also have new heads in each of our Civil and Defense businesses, a new Head of Operations and a new Head of Flightscape. We've also simplified reporting structures for greater accountability.

各位早安。在交給 Matt 之前，我想先簡要分享幾點觀察。各位都知道，我們剛完成 Matt 就任執行長、以及我就任執行董事長後的第一個財政年度。這是一個非常忙碌的一年，對本組織而言充滿變革與更新。除了新任董事長與新任執行長之外，我們的民航與國防兩大業務也各自有新的負責人，並新增營運負責人以及 Flightscape 的新負責人。我們也簡化了匯報架構，以提升問責性。

The Board recently met with Matt and the leadership team for a detailed review of the company's five-year strategic plan and transformation plan targets. We carefully assessed CAE's strengths and opportunities for the future and have now set specific plans and detailed financial targets for the longer term as we promised the market we would, which were announced today and which Matt will review with you shortly.

董事會近期與 Matt 及領導團隊會面，對公司五年策略計畫與轉型計畫目標進行了詳細檢視。我們審慎評估了 CAE 的優勢與未來機會，並如同我們對市場所承諾的，現已制定具體計畫與更長期的詳細財務目標；這些內容已於今日公布，Matt 稍後也將向各位說明。

I would characterize this work as rigorous and ambitious, yet grounded in a high level of operational and financial detail. More importantly, it's also actionable with clearly defined initiatives, accountabilities and time lines. CAE's long-term growth prospects remain strong despite some challenges.

我會將這項工作形容為嚴謹且具雄心，同時建立在高度細緻的營運與財務細節之上。更重要的是，這些計畫可落地執行，並具備明確界定的措施、責任歸屬與時間表。儘管面臨一些挑戰，CAE 的長期成長前景仍然強勁。

Our Civil business continues to benefit from durable fundamentals with Aviation Training Solutions representing an essential component of a secular growth market. Commercial Aircraft and Business Jet OEMs have backlogs that extend beyond several years of deliveries. As we previously stated, this segment is also underpinned by global regulatory requirements mandating recurrent training on each aircraft type, providing a recurring demand base. Additional growth is driven by the ongoing need to train pilots due to fleet expansion and retirements as well as transition training for pilots moving between platforms.

我們的民航業務持續受惠於穩健的基本面，其中航空訓練解決方案（Aviation Training Solutions）是長期結構性成長市場中不可或缺的一環。商用飛機與商務噴射機 OEM 的訂單積壓已延伸至未來數年的交付。如我們先前所述，此業務亦受全球法規要求支撐：規定必須針對每一機型進行定期複訓，因而提供可重複的需求基礎。額外的成長動能來自機隊擴張與退休潮所帶來的持續飛行員訓練需求，以及飛行員在不同平台間轉換所需的轉訓。

Now the ongoing conflict in the Middle East and its impact on fuel supply and prices has created disruptions for our business as well as for the broader aviation business. Of course, we are monitoring developments closely, and we'll continue to make short-term adjustments to help mitigate this impact as required. As Ryan will outline, this has had an impact on our fiscal 2026 results and will continue to affect the first half of fiscal 2027.

目前中東持續的衝突及其對燃料供應與價格的影響，已對我們的業務以及更廣泛的航空業造成干擾。當然，我們正密切關注事態發展，並將在需要時持續進行短期調整，以協助緩解其影響。如 Ryan 將說明，這已影響我們 2026 財政年度的業績，並將持續影響 2027 財政年度上半年。

Our D&S business is at the front end of an up cycle driven by rising defense budgets across NATO and allied nations, many of which are now targeting spending levels approaching 5% of GDP. In Canada, the government has articulated an ambition to reach that level by 2035, representing a generational investment opportunity. This environment creates a significant opportunity for CAE to continue evolving as an international defense leader, leveraging our technology, domain expertise, and global network.

我們的 D&S（國防與安全）業務正處於上行週期的前段，動能來自北約及盟國國防預算上升，其中許多國家目前的目標支出水準接近 GDP 的 5%。在加拿大，政府已表達希望於 2035 年達到該水準的企圖，這代表一個世代級的投資機會。此一環境為 CAE 持續演進為國際國防領導者創造重大機會，讓我們得以運用技術、領域專業與全球網絡。

Heightened geopolitical tensions, modernization imperatives, and a global shortage of uniform personnel are driving sustained demand for training, simulation and mission rehearsal solutions, all core competencies of CAE. As Canada's largest publicly traded defense contractor, CAE is well positioned to play a meaningful role alongside domestic and international partners in the defense area.

地緣政治緊張升高、現代化需求，以及全球軍職人員短缺，正推動對訓練、模擬與任務演練解決方案的持續需求，而這些皆為 CAE 的核心能力。作為加拿大最大之上市國防承包商，CAE 具備良好定位，可在國防領域與國內外夥伴並肩合作，扮演具意義的角色。

Overall, we expect fiscal 2027 to be a year of execution and delivery of the various components of our detailed transformation plan, prioritizing core assets and competencies, operational excellence, capital allocation, and improved investment outcomes. The focus now is all about execution balancing growth with improved efficiency, discipline, and returns as we position the company for stronger performance, higher margins, improved free cash flow, and sustained value creation over our outlook period.

整體而言，我們預期 2027 財政年度將是執行與交付的一年，落實我們詳細轉型計畫的各項組成，並優先聚焦核心資產與能力、營運卓越、資本配置，以及更佳的投資成果。目前的重點完全在於執行：在成長與效率提升、紀律與報酬之間取得平衡，讓公司在展望期間具備更強勁的表現、更高的利潤率、更佳的自由現金流，以及持續的價值創造。

Matt, over to you.

Matt，交給你。

Thank you, Calin, and good morning, everyone. We delivered solid performance in fiscal 2026. Overall, strong Defense revenue and profit was tempered by a soft Civil market. In particular, events in the Middle East were challenging in Q4. But stepping back, after nine months as CEO, I'm further resolved by the opportunity CAE presents.

謝謝你，Calin，各位早安。我們在 2026 財政年度交出穩健表現。整體而言，強勁的國防營收與獲利，被較疲弱的民航市場所抵銷。尤其是第四季，中東事件帶來挑戰。但從更宏觀的角度來看，在擔任執行長九個月後，我對 CAE 所帶來的機會更加篤定。

The company operates in two markets, both with strong secular tailwinds. We have industry-leading technologies and an entrepreneurial customer-centric team. At the same time, through the transformation plan, we are starting to unlock higher performance with internally driven actions that will focus our portfolio on opportunities where we can differentiate and win, sharpen our capital allocation to drive higher returns, and drive a performance culture to improve margins and free cash flow.

公司營運於兩個市場，兩者皆具強勁的長期結構性順風。我們擁有產業領先的技術，以及具創業精神、以客戶為中心的團隊。同時，透過轉型計畫，我們正開始以內部驅動的行動釋放更高績效：聚焦我們的投資組合於能夠差異化並取勝的機會、強化資本配置以帶動更高報酬，並推動績效文化以改善利潤率與自由現金流。

Today, I'll provide an update on the Civil and Defense segments as well as on our transformation plan and new long-term financial targets. We continue to make meaningful progress aligning our organization around end markets, operationalizing the transformation plan, and positioning the company to capture long-term growth. We are working through many demanding transformation actions organized along eight key work streams that support our objectives. These work streams will generate $125 million to $150 million of structural cost reduction by 2030. This is hard work, but the team is energized with the prospects of a stronger CAE.

今天，我將就民航與國防兩大部門，以及我們的轉型計畫與新的長期財務目標提供最新進展。我們持續在多方面取得實質進展：使組織圍繞終端市場對齊、將轉型計畫落地營運化，並讓公司具備掌握長期成長的定位。我們正推進多項具挑戰性的轉型行動，並依八個關鍵工作主軸加以組織，以支持我們的目標。這些工作主軸將在 2030 年前帶來 1.25 億至 1.50 億美元的結構性成本削減。這是一項艱鉅的工作，但團隊對打造更強大的 CAE 充滿動能。

This year, 2027 is a reset year. First, given the soft market of last year, we entered 2027 with a lighter order backlog of civil full-flight simulators. Secondly, the Middle East conflict is having a month-by-month impact on our bookings and sales. Additionally, the network rationalization that we launched last quarter is proceeding. And while we are working closely with customers to retain their business, we expect some stranded cost and attrition as we consolidate sites and rationalize capacity.

今年，也就是 2027 年，是一個重置之年。首先，鑑於去年市場疲弱，我們進入 2027 年時，民航全動飛行模擬機（full-flight simulators）的訂單積壓較少。其次，中東衝突正以逐月的方式影響我們的接單與銷售。此外，我們在上一季啟動的網絡整併（network rationalization）正在推進。雖然我們正與客戶密切合作以維持其業務，但在整併據點與合理化產能的過程中，我們預期將出現部分閒置成本與客戶流失。

Finally, we are increasing investments on key internal systems, including simplifying our ERP from five separate systems to two and modernizing our factory. These investments will have long-term benefit for CAE. And at the same time, we are not assuming any benefit from government R&D programs. Our latest federal funding program recently came to an end, and we decided to pause future programs while we work with the government to align a structure that will advance Canada's defense industrial strategy, further elevate civil aviation, and enhance CAE's capital discipline and flexibility.

最後，我們正在加大對關鍵內部系統的投資，包括將我們的 ERP 從五套獨立系統簡化為兩套，並推動工廠現代化。這些投資將為 CAE 帶來長期效益。同時，我們並未假設可從政府研發（R&D）計畫中獲得任何效益。我們最新的聯邦資助計畫近期已告一段落，我們也決定在與政府合作、對齊一套能推進加拿大國防工業策略、進一步提升民用航空、並強化 CAE 資本紀律與彈性的架構期間，暫停未來的計畫。

Looking past this reset year, both businesses remain strong, and we'll work to mitigate some of the referenced disruptions. We know the actions being taken are necessary to reposition CAE for balanced profitable growth.

展望這個重置年度之後，兩項業務仍然穩健，我們將努力緩解前述部分干擾因素。我們知道，正在採取的行動對於重新定位 CAE、以實現均衡且具獲利性的成長是必要的。

Shifting to the team. During the quarter, we announced several important leadership appointments that strengthen the team responsible for executing the transformation and advancing our strategy. Ryan McLeod joined CAE as Chief Financial Officer. Ryan brings significant external experience to CAE's financial organization and is rapidly coming up to speed.

接著談談團隊。本季度，我們宣布了數項重要的領導任命，強化了負責執行轉型並推進策略的團隊。Ryan McLeod 加入 CAE 擔任財務長（CFO）。Ryan 為 CAE 的財務組織帶來豐富的外部經驗，並正迅速熟悉業務。

Pascal Grenier was appointed President, Defense & Security. Pascal's role centralizes three defense strategies and efforts into a single team that will leverage our unique local presence and our strong technology core. And finally, our transformation program management office is fully staffed and operating at a rigorous cadence to drive alignment, accountability, and progress.

Pascal Grenier 獲任命為國防與安全事業總裁。Pascal 的職務將三項國防策略與相關工作整合至單一團隊，運用我們獨特的在地布局與強大的技術核心。最後，我們的轉型計畫管理辦公室已全面到位，並以嚴謹的節奏運作，以推動一致性、問責與進展。

Over the past year, with these final leadership changes, we have simplified CAE, reducing the previous seven president positions, staffs and organizations to two. This aligns our talent and organizations around our two customer segments. Additionally, efforts continue to streamline the company and reduce spans and layers. This will further drive performance as we execute our transformation and grow.

過去一年，隨著這些最後的領導層調整，我們已簡化 CAE，將先前七個總裁職位及其人員與組織縮減為兩個。這使我們的人才與組織能圍繞兩大客戶區隔進行配置。此外，精簡公司並降低管理幅度與層級的工作仍在持續。這將在我們推動轉型與成長的同時，進一步提升績效。

Now let's look at the business developments during the quarter, starting with Civil. Demand in the Civil segment is supported by structural growth in global air travel, fleet expansion, and training demand. Civil is a fantastic business, and we are the market leader across commercial and business aviation product and training services. We know that air travel has consistently grown faster than GDP, and one of the core initiatives of our transformation is to streamline our operations to drive structural improvements in returns.

現在來看本季度的業務進展，先從民航（Civil）開始。民航部門的需求受全球航空旅行的結構性成長、機隊擴張與訓練需求所支撐。民航是一項極具吸引力的業務，我們在商用與公務航空產品及訓練服務方面皆為市場領導者。我們知道航空旅行長期以來的成長速度持續快於 GDP，而我們轉型的核心舉措之一，就是精簡營運以推動報酬率的結構性改善。

In Civil, for fiscal 2026, we delivered modest revenue growth, helped by the successful integration of our SIMCOM acquisition. Our full year book-to-sales ratio was 0.96x, with lower product order intake weighing on our expectations for fiscal 2027. Civil profitability was negatively impacted by a number of factors, including training market headwinds and volatility in the Middle East. Ryan will provide additional details around the items influencing our Q4 results and fiscal year 2027 outlook.

在民航方面，2026 財年我們實現了溫和的營收成長，部分受益於成功整合 SIMCOM 的收購。我們全年接單/銷售比（book-to-sales）為 0.96 倍，產品接單量較低使我們對 2027 財年的預期承壓。民航獲利能力受到多項因素的不利影響，包括訓練市場逆風以及中東地區的波動。Ryan 將就影響我們第四季結果與 2027 財年展望的項目提供更多細節。

This year, we marked an important milestone with the FAA and EASA qualification of the world's first Boeing 777-9 full flight simulator. This represents yet another example of CAE innovation and more importantly, trust and collaboration with the Boeing Company, and it reinforces CAE's position at the forefront of next-generation simulator development. Based on Boeing's order book for the 777X, this represents a meaningful pipeline of opportunities for civil aviation over the next decade in a market where CAE is the established leader.

今年，我們與 FAA 與 EASA 完成一項重要里程碑：全球首台波音 777-9 全動飛行模擬機（full flight simulator）的資格認證。這再次展現 CAE 的創新能力，更重要的是，體現我們與波音公司的信任與合作，並鞏固 CAE 在下一代模擬機開發領域的領先地位。根據波音 777X 的訂單簿，這在未來十年將為民用航空帶來具意義的機會管線，而 CAE 在該市場中是既有的領導者。

We also expanded our partnership with InterGlobe, the parent of IndiGo Airlines, to grow our training network in India with the inauguration of our fourth advanced pilot training center located in Mumbai. Our joint venture services multiple airlines in India, which is one of the fastest-growing aviation markets globally and already the third largest domestic market with passenger volumes approaching 240 million annually. Our partnership with InterGlobe positions us well to meet that demand and support the next phase of growth in the Indian market.

我們也擴大與 InterGlobe（IndiGo 航空的母公司）的合作，於孟買啟用第四座先進飛行員訓練中心，以擴展我們在印度的訓練網絡。我們的合資企業為印度多家航空公司提供服務；印度是全球成長最快的航空市場之一，且已是第三大國內市場，年旅客量接近 2.4 億人次。我們與 InterGlobe 的合作使我們能更好地滿足該需求，並支持印度市場下一階段的成長。

In the Business Aviation segment, we signed a long-term training services agreement with BOND, a new private jet fractional operator. This agreement aligns CAE with a high-growth segment of the business aviation market, where training demand is recurring and predictable. BOND's fleet will be comprised of super midsized and ultra-long-range aircraft, which is well suited to CAE's global training network and capabilities.

在公務航空（Business Aviation）部門，我們與 BOND（一家新的私人飛機分時共享營運商）簽署長期訓練服務協議。該協議使 CAE 與公務航空市場中一個高成長區隔對接，該區隔的訓練需求具有重複性且可預測。BOND 的機隊將由超中型與超長程機型組成，與 CAE 的全球訓練網絡與能力高度契合。

Despite CAE's world-class platform, our utilization performance and returns have been below expectations. This underscores the need to have a nimble, right-sized training network. As discussed last quarter, we will rationalize the training network, and we've set the following objectives: we're going to remove approximately 10% of our commercial full-flight simulators; we will then relocate and optimize more than a dozen additional full-flight simulators to facilities where they can be better utilized; and finally, we will close between four and six of our training centers after all this activity is done.

儘管 CAE 擁有世界級的平台，我們的使用率表現與報酬仍低於預期。這凸顯了建立靈活且規模適當的訓練網絡之必要性。如同上季所述，我們將對訓練網絡進行合理化調整，並設定以下目標：我們將移除約 10% 的商用全動飛行模擬機；接著將遷移並優化十多台額外的全動飛行模擬機至可更有效利用的設施；最後，在上述工作完成後，我們將關閉 4 至 6 個訓練中心。

To date, we've already retired five devices and closed one training center. Across the remainder of fiscal year 2027, we expect to retire 8 to 10 additional devices, remove over 300,000 square feet from our global footprint and continue to look for opportunities to close additional centers. These actions will better align the civil business with anticipated demand over the long term. These initiatives will drive structural improvements in our profitability, cash flow and returns on invested capital through greater efficiency, stronger asset utilization, and a more disciplined operating framework.

截至目前，我們已退役五台設備並關閉一個訓練中心。在 2027 財年其餘期間，我們預期將再退役 8 至 10 台設備，將全球據點面積縮減超過 30 萬平方英尺，並持續尋找關閉更多中心的機會。這些行動將使民航業務在長期上更貼近預期需求。透過更高效率、更強的資產使用率，以及更具紀律的營運框架，這些舉措將推動我們獲利能力、現金流與投入資本報酬率的結構性改善。

Now let's turn to our Defense business. We delivered another strong quarter across the board with revenues growing 6% in Q4 and 9% for fiscal year 2026. A positive demand backdrop drove our book-to-sales north of 1.11x in Q4. Additionally, alongside solid growth metrics, the team realized another quarter of year over year adjusted segment operating income expansion to 10.2% as programmatic and operational improvements continue and the business benefits from program timing and mix. Overall, very solid results from the Defense team in the quarter and for the year with further progress anticipated in fiscal 2027 and beyond.

現在轉向我們的國防業務。我們在各方面再度交出強勁的一季，第四季營收成長 6%，2026 財年成長 9%。正向的需求環境推動我們第四季接單/銷售比超過 1.11 倍。此外，在穩健的成長指標之下，隨著專案與營運改善持續推進，且業務受益於專案時點與組合，團隊再度實現調整後部門營業利益率年增擴張至 10.2%。整體而言，國防團隊本季與全年表現非常扎實，並預期在 2027 財年及之後持續取得進展。

Looking more broadly at the strategic context for Defense. We are seeing sustained increases in defense spending, driven by readiness, modernization, and evolving mission requirements, and this is creating a significant opportunity for CAE. We are also seeing a robust pipeline of opportunities that is multiple times our current defense backlog, including several programs with potential contract values in excess of $1 billion in Canada and across NATO.

更廣泛地看國防的策略脈絡。我們看到國防支出持續增加，驅動因素包括戰備、現代化與不斷演變的任務需求，這為 CAE 創造了重大機會。我們也看到強勁的機會管線，其規模為我們目前國防在手訂單（backlog）的數倍，其中包括加拿大及北約（NATO）多個潛在合約價值超過 10 億美元的計畫。

In Canada, the federal government has committed approximately $82 billion to defense spending over the next five years with a long-term ambition to reach roughly 5% of GDP by 2035. Training and mission rehearsal accounts for approximately 10% of this expenditure. And while that includes infrastructure and organic spending that is not addressable, it represents a large market opportunity for CAE.

在加拿大，聯邦政府承諾未來五年投入約 820 億美元於國防支出，並以 2035 年達到約 GDP 的 5% 為長期目標。其中，訓練與任務演練約占該支出的 10%。雖然其中包含基礎設施與內部支出等我們無法切入的部分，但這仍代表 CAE 的龐大市場機會。

This is reinforced by Canada's defense industrial strategy, which the Prime Minister announced at our Montreal headquarters. There's a clear shift towards bolstering sovereign capabilities, reinforcing Canada's industrial base and fostering long-term partnerships. We are continuing to work closely with the Government of Canada to expand and create new Canadian franchise programs such as the Future Aircrew Training program, the Future Fighter Lead-in Training program, and the Future Canadian Submarine program.

加拿大的國防工業策略亦進一步強化了這一點，該策略由總理在我們蒙特婁總部宣布。政策方向明顯轉向強化主權能力、鞏固加拿大的工業基礎並促進長期夥伴關係。我們將持續與加拿大政府密切合作，擴大並創建新的加拿大特許經營式（franchise）計畫，例如未來空勤人員訓練（Future Aircrew Training）計畫、未來戰鬥機前導訓練（Future Fighter Lead-in Training）計畫，以及未來加拿大潛艦（Future Canadian Submarine）計畫。

As a proud and homegrown Canadian training, mission readiness and simulation leader, we are uniquely positioned to support Canada's defense modernization and mission readiness mandate. Our strategy for defense is focused on scalable, repeatable growth.

作為一家令人自豪、在地孕育的加拿大訓練、任務戰備與模擬領導者，我們具備獨特優勢，可支持加拿大的國防現代化與任務戰備要求。我們的國防策略聚焦於可擴展、可複製的成長。

First, we are deepening our relationship with OEMs and platform providers to embed training and simulation capabilities directly into platform offerings. This positions CAE earlier in the program life cycle and strengthens our role across long-term program execution and sustainment. We have already begun advancing the strategy through relationships with leading operators and OEMs, including Saab. Additionally, during the quarter, we announced a team agreement with TKMS to pursue the Canadian Patrol Submarine project, reinforcing CAE's role as a trusted partner to both global OEMs and national customers.

首先，我們正深化與OEM與平台供應商的關係，將訓練與模擬能力直接嵌入平台產品中。這使CAE能在專案生命週期更早階段切入，並強化我們在長期專案執行與維持（sustainment）中的角色。我們已透過與領先營運商與OEM（包括Saab）的合作關係，開始推進此策略。此外，本季我們宣布與TKMS達成團隊協議，共同爭取加拿大巡邏潛艦（Canadian Patrol Submarine）專案，進一步鞏固CAE作為全球OEM與國家客戶可信賴合作夥伴的角色。

This partnership brings together two world-class companies, TKMS and CAE. Together, we would support a sovereign in-country training and simulation solution for the Royal Canadian Navy. This partnership not only supports Canada's submarine ambitions, but also positions CAE to support TKMS' international customers in both submarine and maritime pursuits. We hope to expand these partnerships over time.

此合作夥伴關係匯聚兩家世界級公司：TKMS與CAE。我們將共同為加拿大皇家海軍提供具主權、在地化的國內訓練與模擬解決方案。此合作不僅支持加拿大的潛艦願景，也使CAE得以支持TKMS的國際客戶在潛艦與海事領域的各項布局。我們希望隨時間推進，擴大這些合作夥伴關係。

We also have an established track record of successful collaboration with OEMs, including the International Flight Training School, or IFTS, in Sardinia, Italy, developed in partnership with Leonardo. IFTS combines advanced simulation technologies with live flight training to deliver world-class pilot instruction and operational readiness. Over the last four years, IFTS has delivered over 44,000 flight and synthetic training hours to over 15 nations.

我們也擁有與OEM成功合作的既有實績，包括位於義大利薩丁尼亞、與Leonardo合作開發的國際飛行訓練學校（International Flight Training School，IFTS）。IFTS結合先進模擬技術與實機飛行訓練，提供世界級的飛行員教學與作戰準備度。過去四年，IFTS已為超過15個國家提供逾44,000小時的飛行與合成訓練時數。

Establishing a leadership position in the market necessitates world-class leadership, and that's why our defense business will be integrated across the globe with a centralized team for business development and engineering solutions. This simplifies our structure, reduces duplication, improves execution, reduces spans and layers, and will drive SG&A savings. Additionally, the defense team is also looking to rationalize its footprint where possible and focus on growth franchise, and this is evidenced by our decision to exit our Broken Arrow facility, which is in Oklahoma.

要在市場建立領導地位，需要世界級的領導力；因此，我們的國防業務將在全球範圍內整合，並由集中式團隊負責業務開發與工程解決方案。此舉可簡化組織架構、降低重複、提升執行力、減少管理幅度與層級，並帶動SG&A節省。此外，國防團隊也在可行處精簡據點並聚焦成長型核心業務；這點可從我們決定退出位於奧克拉荷馬州的Broken Arrow設施看出。

Shifting to the portfolio. On May 11, we announced that we are exploring strategic alternatives for Flightscape. This action reflects early momentum in building a more focused portfolio. While Flightscape is a high-quality business with a world-class platform, it sits outside our core, and we believe it can better realize its full potential outside of CAE. Advisers have been engaged and the process is underway.

接著談投資組合。5月11日，我們宣布正在為Flightscape探索策略性替代方案。此舉反映我們在打造更聚焦的投資組合方面已出現初步動能。儘管Flightscape是具高品質、擁有世界級平台的業務，但其不屬於我們的核心；我們相信在CAE之外，它能更充分發揮其全部潛力。我們已聘請顧問，相關流程正在進行中。

Flightscape represents 4% to 5% of our revenues and the bulk of the 8% announced in April. Of the 8% announced in April revenue that we identified as noncore, the majority sits within our Civil business.

Flightscape約占我們營收的4%至5%，並占4月所宣布8%中的大部分。在我們於4月宣布、並認定為非核心的8%營收中，多數位於我們的民航（Civil）業務。

Looking internally, we are identifying opportunities to insert artificial intelligence and automation to improve efficiency and customer experience. One example recently deployed in our Civil business is leveraging AI to reduce the time it takes to complete technical resolution of certain issues within our full-flight simulator network related to customer simulator issues and integration of software and hardware. We've reduced the execution time from hours to minutes. We'll execute initiatives like this and other key actions over the next 18 months.

就內部而言，我們正在找出導入人工智慧與自動化的機會，以提升效率與客戶體驗。近期在民航業務中部署的一個例子，是運用AI縮短在全飛行模擬機（full-flight simulator）網路中，針對部分問題完成技術解決所需的時間；這些問題與客戶模擬機問題以及軟硬體整合相關。我們已將執行時間從數小時縮短至數分鐘。未來18個月，我們將推動此類計畫與其他關鍵行動。

Overall, these actions demonstrate clear progress against our strategy. We are aligning leadership to execute the transformation, sharpening the portfolio, expanding in attractive growth markets, deepening OEM and customer partnerships, and leveraging our technology leadership and network to drive higher performance and long-term value.

整體而言，這些行動展現我們在策略上的明確進展。我們正調整領導團隊以推動轉型、聚焦投資組合、在具吸引力的成長市場擴張、深化與OEM及客戶的合作夥伴關係，並運用我們的技術領先地位與網路，帶動更高績效與長期價值。

Underlying this growth and transformation is a necessary evolution of CAE's culture to reinforce accountability, operational excellence, and continuous improvement across the organization. Looking forward, I will be personally spending a significant amount of my time on embedding a more disciplined performance-oriented operating model across the company because I believe this cultural evolution is critical to the long-term success of our transformation and growth of our franchise.

支撐此成長與轉型的，是CAE文化的必要演進，以在全組織強化問責、營運卓越與持續改善。展望未來，我將親自投入相當多時間，在全公司推動更具紀律、以績效為導向的營運模式；因為我相信，這項文化演進對我們轉型的長期成功與核心業務的成長至關重要。

Over the last decade, we have fallen short of investor expectations too often. Going forward, our objective is to build a company that consistently delivers on its commitments and is recognized as a reliable compounder of long-term shareholder value. At its core, this means strengthening CAE's culture as a disciplined steward of shareholder capital with a clear focus on accountability, execution, profitability, cash generation, and returns.

過去十年，我們太常未能達到投資人期望。未來，我們的目標是打造一家能持續兌現承諾、並被視為可靠的長期股東價值複利成長者（compounder）的公司。其核心在於：強化CAE文化，成為具紀律的股東資本管理者，清楚聚焦於問責、執行、獲利能力、現金創造與報酬。

Starting in fiscal 2027, we are moving forward to a more disciplined and aligned executive incentive structure, which is centered on free cash flow, operating margin and operating margin expansion, returns on invested capital, and EPS growth. This is expected to help align every leader and employee around the priorities driving our transformation and shareholder value. The announced update to our free cash flow definition is an important example of this progression. We believe capital expenditure should be valued with a consistent lens regardless of whether they are categorized as growth or maintenance. Both represent real uses of cash.

自2027財年起，我們將推動更具紀律且更一致的高階主管獎酬激勵架構，核心指標包括自由現金流、營業利益率與營業利益率擴張、投入資本報酬率（ROIC）以及每股盈餘（EPS）成長。預期這將有助於讓每位領導者與員工都圍繞推動轉型與股東價值的優先事項一致對齊。我們已宣布更新自由現金流定義，這是此一進程的重要例證。我們認為，資本支出應以一致的視角衡量，不論其被歸類為成長性或維持性。兩者都是真實的現金用途。

By incorporating total CapEx into our free cash flow framework, standardizing how we measure simulator utilization and asset performance and increasing focus on free cash flow conversion and returns on invested capital, we are reinforcing capital discipline and improving visibility into the underlying drivers of performance across the business. As we continue this evolution, we remain committed to preserving the customer focus, entrepreneurial mindset and cultural innovation that have defined CAE for nearly 80 years.

透過將總資本支出（CapEx）納入自由現金流架構、標準化我們衡量模擬機使用率與資產績效的方式，並更聚焦於自由現金流轉換率與投入資本報酬率，我們正在強化資本紀律，並提升對全公司績效底層驅動因素的可視性。在持續演進的同時，我們仍致力於保有以客戶為中心、創業家精神與文化創新——這些特質已定義CAE近80年。

With that, I will turn it over to Ryan to discuss the Q4 2026 financials and our fiscal 2027 outlook in more depth. When Ryan has concluded his remarks, I'll discuss CAE's transformation plan and the new fiscal 2030 financial targets. Ryan, over to you.

接下來，我把時間交給Ryan，請他更深入說明2026財年第四季（Q4 2026）財務表現與我們對2027財年的展望。在Ryan結束發言後，我將說明CAE的轉型計畫以及新的2030財年財務目標。Ryan，交給你。

Thank you, Matt, and good morning, everyone. Before I get into the results for the quarter and our outlook, I'd like to start with some initial observations from my first months at CAE and take a moment to thank Constantino Malatesta for his partnership and support during the transition.

謝謝你，Matt，各位早安。在我進入本季結果與展望之前，我想先分享我加入CAE頭幾個月的一些初步觀察，並藉此感謝Constantino Malatesta在交接期間的合作與支持。

This is a business with strong market positions, a high-quality installed base, and clear opportunities to improve performance through more disciplined capital allocation and execution. My immediate focus has been on learning the business with a view to driving the transformation priorities, including strengthening capital rigor, improving margins and returns, and ensuring we are allocating capital to the highest value opportunities across the portfolio. In addition, activities are underway to strengthen our financial planning and analysis capabilities to improve visibility, tighten forecasting and support more disciplined execution across the business. In parallel, we're planning and executing systems and process modernization initiatives to drive greater efficiency, integration, and scalability across the organization.

這是一項擁有強勢市場地位、高品質已安裝基礎（installed base），且可透過更具紀律的資本配置與執行來提升績效的業務。我目前的首要重點是深入了解業務，以推動轉型優先事項，包括強化資本嚴謹度、改善利潤率與報酬，並確保我們在整體投資組合中將資本配置到最高價值的機會。此外，我們也正推動強化財務規劃與分析（FP&A）能力，以提升可視性、收緊預測，並支持全公司更具紀律的執行。同時，我們也在規劃並執行系統與流程現代化計畫，以提升整體效率、整合度與可擴展性。

From a capital allocation standpoint, our priorities are clear. First, we are committed to maintaining an investment-grade balance sheet. We ended the year with net debt of $2.7 billion and a net debt to adjusted EBITDA ratio of 2.29 times. We are well positioned to execute on our transformation plans, support the growth of the business and maintain our investment-grade rating.

就資本配置而言，我們的優先事項很明確。第一，我們承諾維持投資等級的資產負債表。我們在年度結束時的淨負債為27億美元，淨負債對調整後EBITDA比率為2.29倍。我們具備良好條件來執行轉型計畫、支持業務成長，並維持投資等級評等。

Second, we're embedding a more disciplined, returns-based framework across the organization. All investment decisions will be evaluated through a return on invested capital lens with a clear focus on prioritizing the highest risk-adjusted returns.

第二，我們正在全組織導入更具紀律、以報酬為基礎的框架。所有投資決策都將以投入資本報酬率（ROIC）的視角評估，並明確聚焦於優先選擇風險調整後報酬最高的機會。

Third, we are funding the transformation plan while maintaining balance sheet strength. The transformation is targeting total onetime costs between $200 million and $250 million, of which approximately $100 million is noncash. We incurred $84 million of expenses in fiscal 2026, of which $59 million was noncash charges. The majority of the remaining expenses are expected to be incurred in fiscal 2027.

第三，我們在維持資產負債表強健的同時，為轉型計畫提供資金。本次轉型目標的一次性總成本為2億至2.5億美元，其中約1億美元為非現金項目。我們在2026財年認列了8,400萬美元費用，其中5,900萬美元為非現金費用。其餘費用的大部分預期將在2027財年發生。

Importantly, this is an intentional time-bound transformation program designed to improve the structural performance of the business, which we are anticipating will yield $125 million to $150 million of run rate savings by fiscal 2030. As we execute on our transformation plan, the targeted improvement in earnings and cash generation will provide flexibility to return capital to shareholders while also investing in high-return opportunities to drive growth in the business.

重要的是，這是一項有意為之、具時間期限的轉型計畫，旨在改善業務的結構性表現；我們預期到2030財政年度可帶來每年經常性節省（run rate savings）1.25億至1.50億美元。隨著我們推進轉型計畫，獲利與現金創造能力的目標改善將提供彈性，使我們在投資於高報酬機會以推動業務成長的同時，也能向股東回饋資本。

As Matt discussed, our transition to a more conventional definition of free cash flow reflects the cash we generate from operations less all capital and intangible investments, whether for maintenance or growth with no exclusions, plus any cash we invest in or receive back from our joint ventures. This will provide greater transparency, both inside CAE and to our stakeholders and is consistent with the increased capital discipline we are implementing across the business.

如Matt所述，我們轉向較傳統的自由現金流定義，反映的是：營運所產生的現金，扣除所有資本性與無形資產投資（不論為維持或成長用途，且不作任何排除），再加上我們對合資企業投入或收回的任何現金。這將在CAE內部及對利害關係人提供更高透明度，並與我們在全公司推行的更嚴格資本紀律一致。

Additionally, we've also decided to further refine other non-IFRS measures to better align our external reporting with how we measure the performance of the business internally with a focus on underlying value creation and cash earnings. As a result, effective in the first quarter of fiscal 2027, we will update our definition of adjusted segment operating, income adjusted net income, and adjusted EPS to exclude the impact of amortization of acquisition-related intangible assets, removing a noncash expense that we no longer consider in evaluating our return on invested capital. Taken together, these changes simplify our reporting, reinforce our focus on cash generation, capital discipline and will help drive the right behaviors and focus across the company.

此外，我們也決定進一步精煉其他非IFRS衡量指標，使對外揭露更貼近我們內部衡量業務表現的方式，並聚焦於基礎價值創造與現金獲利。因此，自2027財政年度第一季起，我們將更新調整後分部營業利益（adjusted segment operating income）、調整後淨利（adjusted net income）及調整後每股盈餘（adjusted EPS）的定義，排除併購相關無形資產攤銷的影響，移除一項非現金費用；我們在評估投入資本報酬率時已不再將其納入考量。綜合而言，這些變更可簡化我們的報導，強化我們對現金創造與資本紀律的聚焦，並有助於在全公司推動正確的行為與關注重點。

Turning briefly to our results. In the fourth quarter, consolidated revenue was $1.3 billion, up 4% year over year. Adjusted segment operating income was $211.8 million compared to $258.8 million last year, and adjusted EPS was $0.42 per share.

接著簡要說明我們的業績。第四季合併營收為13億美元，年增4%。調整後分部營業利益為2.118億美元，去年同期為2.588億美元；調整後每股盈餘為每股0.42美元。

Lower adjusted segment operating income was driven by softer Civil training performance, which included headwinds from the Middle East conflict that impacted our business in the region. Performance also reflected several discrete items in the quarter, including higher credit-related charges, lower government grant contributions, higher research and development costs, and a tougher year over year comp, which included a gain on an asset sale a year ago. This was partially offset by improved performance in our Defense business.

調整後分部營業利益下滑，主要受民航訓練業務表現較疲弱所致，其中包含中東衝突對我們在該區域業務造成的不利影響。本季表現亦反映數項一次性（離散）因素，包括較高的信用相關費用、較低的政府補助貢獻、較高的研發成本，以及更具挑戰的年對年比較基期（去年包含一筆資產出售收益）。上述影響部分被國防業務表現改善所抵銷。

For the full year, revenue was $4.9 billion, up 4%. Adjusted segment operating income was $710.7 million, down 3% and adjusted EPS was $1.20.

全年而言，營收為49億美元，年增4%。調整後分部營業利益為7.107億美元，年減3%；調整後每股盈餘為1.20美元。

Turning to cash flow. For fiscal 2026, we generated $473.8 million in free cash flow under our updated definition, representing a conversion rate of approximately 123%. This compares to an average conversion rate of less than 50% over the four-year period from fiscal 2022 to fiscal 2025. The step change in the conversion reflects the early actions taken in fiscal 2026 to sharpen capital allocation and noncash working capital management, with total CapEx down approximately 20% year over year, driven by an approximate 30% reduction in civil CapEx.

接著談現金流。2026財政年度，依我們更新後的定義，自由現金流為4.738億美元，換算率約為123%。相較之下，2022至2025財政年度四年間的平均換算率低於50%。換算率的躍升反映我們在2026財政年度早期採取的行動，以強化資本配置與非現金營運資金管理；資本支出（CapEx）年減約20%，主要由民航資本支出約減少30%所帶動。

In Civil, fourth quarter revenue was $746.7 million, up 3% year over year, while adjusted segment operating income declined to $152.4 million, primarily reflecting lower utilization and the impact from disruptions in the Middle East, along with the majority of the discrete items I described previously.

在民航業務方面，第四季營收為7.467億美元，年增3%；調整後分部營業利益下滑至1.524億美元，主要反映使用率較低與中東地區干擾的影響，並包含我先前所述多數一次性（離散）項目。

For the full year, Civil revenue was $2.7 billion and adjusted segment operating income was $510.5 million with a margin of 18.6%. In Defense, fourth quarter revenue was $580 million, up 6% with adjusted segment operating income of $59.4 million and a margin of 10.2%. For the full year, Defense revenue increased 9% to $2.2 billion with adjusted segment operating income of $200.2 million and a margin of 9.2%, reflecting strong demand and improved execution.

全年而言，民航營收為27億美元，調整後分部營業利益為5.105億美元，利潤率為18.6%。在國防業務方面，第四季營收為5.80億美元，年增6%；調整後分部營業利益為5,940萬美元，利潤率為10.2%。全年而言，國防營收成長9%至22億美元；調整後分部營業利益為2.002億美元，利潤率為9.2%，反映需求強勁與執行改善。

Let me now turn to fiscal 2027. As Matt noted, fiscal 2027 will be focused on transformation, where we are actively implementing the actions required to reshape the business and improve its long-term performance while simultaneously maintaining focus on our core operations. We expect consolidated revenues to grow at a low single-digit rate, with Civil revenue expected to be flat to slightly down and Defense expected to grow at a mid-single-digit rate.

接著談2027財政年度。如Matt所指出，2027財政年度將聚焦於轉型；我們正積極推動重塑業務並改善長期表現所需的各項行動，同時也持續專注於核心營運。我們預期合併營收將以低個位數成長；民航營收預期持平至小幅下滑，國防則預期以中個位數成長。

Adjusted segment operating income margin under our updated definition is expected to be in the range of 14.6% to 15.1%. Adjusted EPS under our updated definition is expected to be between $1.21 and $1.28, and free cash flow conversion is expected to be between 85% and 95%. Of note, fiscal 2027 cash conversion is embedded in our outlook for 100% cumulative cash conversion over the four-year period ending in fiscal 2030.

依我們更新後的定義，調整後分部營業利益率預期介於14.6%至15.1%。依我們更新後的定義，調整後每股盈餘預期介於1.21至1.28美元；自由現金流換算率預期介於85%至95%。值得注意的是，2027財政年度的現金換算已納入我們的展望之中：截至2030財政年度止的四年期間，累計現金換算率達100%。

All in, our capitalized investments in growth, maintenance, and research and development are expected to be approximately flat year-over-year in fiscal 2027. Over time, while our sharpened focus on capital discipline and free cash flow generation will necessitate a more effective balance between returns and growth, we will not shy away from responsibly and diligently using our capital to invest in growth opportunities that generate attractive returns and create sustainable shareholder value.

整體而言，2027財政年度我們在成長、維護以及研發方面的資本化投資，預期將與前一年大致持平。長期來看，雖然我們更聚焦於資本紀律與自由現金流創造，將要求在報酬與成長之間取得更有效的平衡，但我們不會迴避以負責且審慎的方式運用資本，投資於能帶來具吸引力報酬並創造可持續股東價值的成長機會。

With our greater cash optionality over the next several years, there will potentially be additional opportunities to accretively deploy cash towards incremental growth opportunities or in their absence, return excess cash to shareholders. Our commitment is to remain measured, disciplined and transparent while ensuring that we maximize shareholder value and deliver on our promises.

隨著未來數年我們在現金運用上的選擇性提高，可能會有更多機會以增益方式（accretively）運用現金投入額外的成長機會；若缺乏此類機會，則可將多餘現金回饋股東。我們的承諾是保持審慎、紀律與透明，同時確保股東價值最大化並履行我們的承諾。

I'd also like to provide some additional details around our expected fiscal 2027 performance. There are three key factors driving the year over year margin and earnings profile for fiscal year 2027.

我也想就我們預期的2027財政年度表現提供一些補充細節。推動2027財政年度年對年利潤率與獲利輪廓的關鍵因素有三項。

First, to successfully execute the transformation plan, we're making intentional investments in our systems and processes, including ERP as well as our factory. These investments will not be excluded from adjusted segment operating income or adjusted EPS in fiscal year 2027, and they will enable a more effective operation and the capture of operational synergies over time.

第一，為成功執行轉型計畫，我們正有意投入資源於系統與流程，包括ERP以及我們的工廠。這些投資在2027財政年度不會自調整後分部營業利益或調整後每股盈餘中排除，並將使營運更有效率，且隨時間推進可擷取營運協同效益。

Second, we expect fiscal 2027 to be impacted by inefficiencies associated with several of our transformation actions, including underutilization in parts of the civil network as training centers are wound down and revenues are temporarily negatively impacted by lower utilization as we reposition assets in our network. In addition, we expect some temporary cost dis-synergies as we consolidate our footprint and reshape the business.

第二，我們預期2027財政年度將受到多項轉型行動所伴隨的效率損失影響，包括：隨著部分訓練中心逐步關閉，民航網路部分區域出現產能未充分利用；以及在我們重新配置網路資產期間，因使用率降低而使營收暫時受到負面影響。此外，隨著我們整併據點並重塑業務，我們也預期會出現一些暫時性的成本反協同（dis-synergies）。

Third, in Civil, the training market remains subdued and recent developments in the Middle East are expected to continue to impact our operations and customers. We have seen some volumes move to other parts of our network. However, the impact of the conflict on the aviation industry, including the cost and availability of jet fuel could have a knock-on impact on demand for training.

第三，在民航方面，訓練市場仍然低迷，而中東近期發展預期將持續影響我們的營運與客戶。我們已看到部分訓練量轉移至我們網路的其他地點。然而，衝突對航空產業的影響，包括航空燃油成本與供應可得性，可能對訓練需求產生連鎖影響。

Lastly, as Matt mentioned, we are not assuming any potential benefits from specific government R&D programs in our outlook. In fiscal 2026 and fiscal 2025, these programs benefited our adjusted segment operating income by approximately $11 million and $34 million, respectively. Importantly, the actions we are taking to drive the transformation plan and position CAE for accelerating performance are discrete, intentional, time-bound, and tied to activities within our control. They're expected to enable an attractive payback on the capital we are investing through the transformation.

最後，如Matt所提到，我們在展望中未假設任何特定政府研發計畫可能帶來的效益。在2026與2025財政年度，這些計畫分別使我們的調整後分部營業利益受益約1,100萬美元與3,400萬美元。重要的是，我們為推動轉型計畫並使CAE具備加速表現所採取的行動，是明確的、有意為之的、具時間期限的，且與我們可控的活動相連結。預期這些行動將使我們在轉型期間投入的資本獲得具吸引力的回收。

Fiscal 2027 represents a temporary step back in margins and earnings as we invest to execute the transformation and position the business for improved performance, stronger margins and higher cash generation as we move into fiscal 2028 and beyond. Although the timing of resolution of the Middle East conflict is unknown, we expect that over the mid- to long term, the civil aviation market will remain resilient.

2027財政年度將在利潤率與獲利上出現暫時性的退步，因我們投入資源以執行轉型並為業務定位，隨著進入2028財政年度及之後，帶來更佳表現、更強勁的利潤率與更高的現金創造。儘管中東衝突何時解決仍不明朗，我們預期從中長期來看，民用航空市場將維持韌性。

With that, I will turn it back to Matt.

那麼，我把時間交還給 Matt。

Thanks, Ryan. To summarize, we announced the transformation plan in November, outlined our first steps in February, and now we are operating at pace. At its core, the transformation is about focusing on where we can win, investing where we have higher returns and improving how the business performs and generates cash.

謝謝你，Ryan。總結來說，我們在 11 月宣布了轉型計畫，2 月概述了第一步，現在我們正以既定節奏推進。轉型的核心，是聚焦在我們能夠勝出的領域，在回報更高的地方加大投資，並改善業務表現與現金創造能力。

In practical terms, this means we're evaluating areas of our portfolio for strategic alternatives, rationalizing our worldwide network by 10% and driving cost reductions through standardization, automation and better use of data while also strengthening our go-to-market approach and improving asset utilization. This is a significant transformation and a necessary one. This is hard work. We will focus on our core, we will sweat our assets, and we will rethink how we operate. At the same time, we will maintain customer focus and continue driving results.

就實務層面而言，這代表我們正在評估投資組合中部分領域的策略性替代方案，將全球網路精簡 10%，並透過標準化、自動化與更有效運用數據來推動成本降低，同時強化我們的市場進入（go-to-market）策略並提升資產使用效率。這是一項重大且必要的轉型。這是艱鉅的工作。我們將聚焦核心業務、充分榨取資產效益，並重新思考我們的營運方式。同時，我們將維持以客戶為中心，並持續推動成果。

These actions are intended to create a structurally stronger business with higher margins, stronger free cash flow generation, and improved returns over time, with the benefits of the action materializing more meaningful in fiscal 2028 and performance anticipated to build from there through fiscal 2030 and beyond.

這些行動旨在打造一個結構上更強健的企業，具備更高的利潤率、更強的自由現金流創造能力，以及隨時間改善的報酬率；相關行動的效益預期在 2028 財政年度更為顯著地顯現，並預期自此在 2030 財政年度及其後持續累積表現。

As we execute, we are targeting mid-single-digit organic revenue growth, and we are targeting $950 million to $1 billion of adjusted segment operating income under our updated definition in fiscal 2030. And this is backstopped by a cash conversion rate of 100% cumulatively over the four-year period.

在執行過程中，我們的目標是達成中個位數的有機營收成長，並在 2030 財政年度依我們更新後的定義，達到 9.5 億至 10 億美元的調整後分部營業利益。此外，這些目標以四年期間累計 100% 的現金轉換率作為支撐。

As we've said, we are targeting approximately $125 million to $150 million in annual run rate savings from the transformation plan by fiscal 2030. This means that more than half of the anticipated performance improvement is expected to come from internally driven transformation initiatives already identified and underway. And the balance is supported by volume growth and operating leverage. Importantly, our targets do not contemplate any inorganic investments. While we remain focused on rationalizing our portfolio and executing the transformation, we will opportunistically evaluate potential incremental growth investment and shareholder return opportunities through a shareholder value creation and return on capital lens.

如同我們所說，我們的目標是在 2030 財政年度前，透過轉型計畫達成約 1.25 億至 1.5 億美元的年度常態化（run rate）節省。這意味著，預期的績效改善中，超過一半將來自已識別且正在推進的內部驅動轉型舉措。其餘部分則由銷量成長與營運槓桿支撐。重要的是，我們的目標不包含任何非有機（inorganic）投資。在我們持續聚焦投資組合精簡並執行轉型的同時，我們也將以股東價值創造與資本報酬率的視角，伺機評估潛在的增量成長投資與股東回報機會。

As the teams are now mobilized and committed to both business and transformation, my focus will be on supporting them to act with speed. This is my top priority. CAE is an amazing organization with a worldwide team of customer-centric and entrepreneurial individuals who are passionate about the company and what we do. We will maintain that. At the same time, my focus over the next year will be continuing to build a stronger performance culture, one with a team aligned around a clear plan, supported by incentives and metrics that connect execution directly to strong financial performance, free cash flow generation, and long-term shareholder value.

目前各團隊已動員並同時投入於業務與轉型，我的重點將是支持他們以速度推進行動。這是我的首要任務。CAE 是一個卓越的組織，擁有遍布全球、以客戶為中心且具企業家精神的團隊成員，他們對公司與我們所做的事情充滿熱情。我們會維持這一點。同時，在接下來一年，我的重點將是持續建立更強的績效文化：讓團隊圍繞清晰的計畫對齊，並以能將執行與強勁財務表現、自由現金流創造及長期股東價值直接連結的激勵與衡量指標作為支撐。

We believe CAE's global installed base, our customer relationship, our technology leadership, and our long-term positioning in both civil and defense provide a strong foundation for the next phase of CAE's growth and improvement. We are up to the challenge. We are very proud of CAE, and we see a stronger, more profitable and higher-performing company ahead.

我們相信，CAE 的全球已安裝基礎（installed base）、我們的客戶關係、技術領導地位，以及在民航與國防領域的長期定位，為 CAE 下一階段的成長與改善提供了堅實基礎。我們有能力迎接挑戰。我們以 CAE 為榮，也看見一個更強大、更高獲利且表現更佳的公司在前方。

Thank you, and I'd be happy to take your questions.

謝謝，我很樂意回答各位的問題。

Matt, thank you for that. Operator, I'd now ask that you please open the lines to members of the financial community.

Matt，謝謝你的分享。接線員，現在請為金融界的與會者開放提問線路。

(Operator Instructions)

(接線員指示)

Konark Gupta, Scotiabank.

Konark Gupta，豐業銀行（Scotiabank）。

I think my first question is, Matt, in light of the current geopolitical environment we are seeing, obviously, this new world where anything can happen, I'm wondering what adjustments are you contemplating if you think might be required in your transformation approach or even execution on noncore assets given the unknowns we are facing today?

我第一個問題是，Matt，鑑於我們目前看到的地緣政治環境，顯然這是一個任何事情都可能發生的新世界。我想請教，在面對當前未知因素時，你們是否考慮需要對轉型方法做出調整，或甚至在非核心資產的執行上做出調整？

I'm sorry, can you repeat the question? It was a little garbled.

不好意思，你可以重複一下問題嗎？剛剛聲音有點不清楚。

Sorry. Yeah. Hopefully, you can hear me okay. I was wondering if there would be any adjustments required in your approach to transformation or execution on noncore assets in this new environment where a lot of things are changing dramatically, whether it's geopolitics or something else. So I'm just curious if you have any updates or thoughts on how you're positioning the transformation in this new world.

抱歉。是的。希望你能清楚聽到。我想問的是，在這個許多事情都劇烈變動的新環境下，不論是地緣政治或其他因素，你們在轉型方式或非核心資產的執行上，是否需要做任何調整。所以我想了解，你們對於在這個新世界中如何定位轉型，有沒有任何更新或想法。

Yeah. No, look, I appreciate the question. Thanks. I understand. Two answers.

是的。我理解，也謝謝你的問題。謝謝。我明白。我有兩個回答。

If you think about the portfolio and Flightscape and the other assets that we're looking for strategic alternatives, clearly, these processes always have some uncertainty. They take time. They have advisers, you have counterparties. We need a solid contract and good value for CAE.

如果你從投資組合的角度來看，包含 Flightscape 以及我們正在尋求策略性替代方案的其他資產，這些流程顯然總是帶有一些不確定性。它們需要時間。會有顧問，也會有交易對手。我們需要一份穩健的合約，以及對 CAE 來說良好的價值。

Having done this before, we don't know the outcome until we get there, but I'm confident we'll work through that, but there's always a bit of uncertainty. But we're committed to pursue Flightscape strategic alternatives, which is why we announced it, and we're excited by the prospects of finding the right owner for that asset.

以我過去做過這類事情的經驗，在走到最後之前我們不會知道結果，但我有信心我們能把它推進完成；不過確實總會有一些不確定性。但我們承諾會推進 Flightscape 的策略性替代方案，這也是我們宣布此事的原因；我們也對為該資產找到合適的擁有者的前景感到振奮。

So I feel good about the process. I've run processes like this before in my prior companies. We have an excellent team engaged, and we're working with advisers. We also have strong interest in Flightscape now that we're public with its announcement.

所以我對這個流程感覺良好。我在先前任職的公司也主導過類似流程。我們有一支非常優秀的團隊投入其中，並與顧問合作。此外，在我們公開宣布之後，Flightscape 目前也獲得強勁的市場興趣。

On the asset side, we've carefully selected these based on where they sit, the regions in which they operate, the customers that are impacted by it and all the local regulations and laws. One of the challenges we have is we have to work through those, and that's why there's always some uncertainty. There's a little bit of execution risk, which is why we've pushed the team to start executing and why we're committed to do it, but also we recognize it will take time.

在資產方面，我們是根據它們所處的位置、營運所在的區域、受影響的客戶，以及所有當地法規與法律，審慎挑選這些項目。我們面臨的挑戰之一，是必須逐一處理這些事項，這也是為什麼總會存在一些不確定性。會有一些執行風險，因此我們推動團隊開始執行並承諾完成，但同時我們也認知這需要時間。

I don't think geopolitics will impact either one of these, but general execution risk is something we have our eyes on. But I feel very good about both the portfolio exercises and the network rationalization. Thanks for the question.

我不認為地緣政治會影響這兩件事，但一般性的執行風險是我們正在密切關注的。不過我對投資組合相關工作以及網路精簡都非常有信心。謝謝你的提問。

I appreciate it. If I can follow up with Ryan actually. On the capital allocation side, I know you guys have not provided a framework today on capital allocation in the next four years. But looking at your long-term targets, the $1 billion in adjusted segment operating income and free cash conversion of 100%, I mean, it sounds like you might have access to dry powder over the next four years.

謝謝。如果可以的話，我想追問 Ryan。在資本配置方面，我知道你們今天沒有提供未來四年的資本配置框架。但從你們的長期目標來看，10 億美元的調整後分部營業利益以及 100% 的自由現金轉換率，聽起來你們在未來四年可能會有可運用的資金餘裕。

Do you have any sense of what would be your priorities with that excess cash? I know you have done a lot of M&A in the past, and now you're kind of unwrapping some of that. But would shareholder returns be incrementally focused on this new plan?

你是否能分享，對於這些超額現金，你們的優先順序會是什麼？我知道你們過去做過很多併購，而現在你們正在把其中一些拆解回來。但在這個新計畫下，股東回報是否會成為更增量的重點？

Yeah. Good morning, Konark. So a couple of things. I'll reiterate first. So we are committed to maintaining an investment-grade balance sheet. We're going to fund the transformation.

是的。早安，Konark。我說幾點。我先重申一下。我們承諾維持投資級的資產負債表。我們會為轉型提供資金。

Beyond that, capital allocation, it's really going to be return and opportunity driven. So I do expect there will be incremental opportunity for returning capital to shareholders. We're going to look at incremental organic investments. And as well, there's going to be opportunity for incremental inorganic investments.

除此之外，資本配置將主要由報酬與機會所驅動。因此我確實預期，會有更多把資本回饋給股東的增量機會。我們也會評估增量的有機投資。同時，也會有增量的非有機投資機會。

So over a four-year period, it's a little bit difficult to sit here today and give you a lot of clarity on how that's going to look. But what we've tried to do is give clarity over the framework with which we're going to evaluate those alternatives, and that's through a return on invested capital lens, and it's going to depend on the opportunity set that comes up over the next four years. So I think given our plan, given the focus on capital discipline, we do anticipate, as we've talked about and as you noted, to generate attractive free cash flow over the period. And then it's going to be a disciplined process on how we allocate and deploy that capital.

因此在四年的期間內，今天坐在這裡要就那會呈現成什麼樣子給你很多明確說法，確實有點困難。但我們嘗試做的是，針對我們將用來評估這些替代方案的框架提供清晰度，也就是以投入資本報酬率（ROIC）的視角來看；而這將取決於未來四年出現的機會組合。所以我認為，基於我們的計畫、基於對資本紀律的聚焦，我們確實預期——如同我們談過、也如你所指出的——在這段期間產生具吸引力的自由現金流。接下來，關鍵就是以紀律性的流程來決定我們如何配置並運用這些資本。

Calin, would you like to jump in on this?

Calin，你要不要補充一下？

Yeah. Hi, Konark, Calin here. You'll remember when I came on Board, capital discipline, capital allocation was one of the main issues of concern, and it's obviously made its way up to the Board level. We like the flexibility that this will give us. We've said we're not going to do acquisitions that don't make sense that are outside the core.

好。嗨，Konark，我是 Calin。你會記得我加入董事會時，資本紀律、資本配置是主要關切議題之一，而這顯然也已提升到董事會層級。我們喜歡這將帶給我們的彈性。我們也說過，我們不會做那些不合理、且偏離核心業務的併購。

We've said that several times. But for sure, there might be some interesting opportunities, especially in and around defense with what's coming up.

我們已經多次這麼說。但當然，確實可能會有一些有趣的機會，特別是在國防相關領域，考量到接下來將出現的情勢。

And then secondly, we've talked -- people have asked in the past, what about a dividend, what about greater share buybacks, et cetera, et cetera. This is one of those areas that the Board and I are personally involved with. As you know, disciplined capital allocation is a Board level sort of a decision. And so we're excited at the prospect that this strategy will yield additional liquidity that we will have the opportunity to deploy and make it in an attractive way for shareholders.

第二點，我們也談過——過去大家問過，股利呢、更大規模的庫藏股回購呢，等等等等。這是董事會和我個人都會親自參與的領域之一。如你所知，有紀律的資本配置屬於董事會層級的決策。因此，我們對於這項策略有望帶來額外流動性、讓我們有機會加以運用，並以對股東具吸引力的方式部署資金，感到非常期待。

Fadi Chamoun, BMO.

BMO 的 Fadi Chamoun。

I appreciate the detailed presentation this morning. A question on the long-term targets. So just trying to understand the bridge to the 2030 guidance, which at the middle of the range is $975 million of adjusted operating income. You did almost $800 million in fiscal 2026, and you're suggesting a cost saving run rate of $125 million to $150 million. Really, this underscores very limited contribution from this mid-single-digit organic growth rate on revenue.

感謝今天早上非常詳盡的簡報。我有一個關於長期目標的問題。我想了解一下通往 2030 年指引的橋接；在區間中位數是 9.75 億美元的調整後營業利益。你們在 2026 財年做了接近 8 億美元，而你們提出的成本節省年化水準是 1.25 億到 1.5 億美元。這其實凸顯出：來自營收中個位數中段（mid-single-digit）的有機成長率，對營收的貢獻看起來非常有限。

So I just want to understand the bridge. What's kind of built into it? Why isn't there more kind of incremental contribution from the organic growth that you've built into those assumptions? What are the various moving parts?

所以我想了解這個橋接。裡面大概包含了什麼？為什麼你們在這些假設中納入的有機成長，沒有帶來更多的增量貢獻？有哪些不同的變動因素？

And related to that, it seems like a lot of the heavy lifting on the transformation plan happens kind of in fiscal '27. I'm just wondering if you can give us some color about when do you expect to achieve that run rate of $125 million, $150 million? Like how -- what's the cadence like of that $125 million to $150 million in the next maybe 24 months?

另外相關的是，看起來轉型計畫的大部分艱鉅工作都發生在 27 財年左右。我想請你們多給一些說明：你們預期何時能達到 1.25 億、1.5 億美元的年化水準？也就是說——在接下來大概 24 個月內，這 1.25 億到 1.5 億美元的節奏會是怎樣？

Yeah. Thanks, Fadi. I'll take the first part and give it to Ryan for the second part. I'm not surprised that your question feels like a body check, but let me get to the answer.

好。謝謝你，Fadi。第一部分我先回答，第二部分交給 Ryan。我不意外你這個問題聽起來像是正面衝撞，但我來回答。

First, if you think back to nine months ago when we started, there were many questions facing CAE. Our leverage ratio was high. Our balance sheet was big. Our free cash flow conversion was poor.

首先，如果你回想九個月前我們開始的時候，CAE 面臨很多問題。我們的槓桿比率很高。我們的資產負債表規模很大。我們的自由現金流轉換率很差。

We didn't understand what to do with CapEx. Utilization was a question mark. Were we focused on the right things? What was the defense strategy? And were we hitting our commitments?

我們不清楚資本支出（CapEx）該怎麼做。產能利用率是個問號。我們是否聚焦在正確的事情上？國防策略是什麼？我們是否有達成我們的承諾？

This transformation plan is about addressing all of that and more. We have a fantastic environment, both in civil and defense, putting aside the noise in 2027. The transformation plan is going to unlock $125 million to $150 million of value. We are divesting or finding alternatives for 8% of our revenue, rationalizing 10% of our civil network, shutting five to six training centers and possibly a few other sites, and investing in technologies that are overdue to improve our performance.

這個轉型計畫就是要解決上述所有問題，甚至更多。撇開 2027 年的雜音不談，無論在民航或國防領域，我們都處在非常好的環境中。這個轉型計畫將釋放 1.25 億到 1.5 億美元的價值。我們正在剝離或為占我們營收 8% 的業務尋找替代方案，精簡我們民航網路的 10%，關閉 5 到 6 個訓練中心，並可能關閉其他一些據點，同時投資於早就該導入的技術，以改善我們的表現。

There's a fair amount of execution required to do this. This is heavy lifting. This is hard work. And there is execution risk baked in here, and that is factored into how we're looking at 2030.

要做到這些需要相當多的執行。這是艱鉅的工作。這是辛苦的工作。而且其中內含執行風險，這也已反映在我們看待 2030 年的方式之中。

And most importantly, we're changing the culture of one that has missed internally and externally, and that's disappointing to all the shareholders, all the analysts and us, and we're going to turn the corner. We're going to clarify our metrics. We have a new incentive compensation system, a new operating cadence, and we're becoming a company that meets its commitments.

最重要的是，我們正在改變一種在內部與外部都曾失準的文化；這讓所有股東、所有分析師以及我們都感到失望，而我們將扭轉局面。我們會釐清我們的衡量指標。我們有新的獎酬激勵制度、新的營運節奏，我們正成為一家能夠達成承諾的公司。

And so that's why when we put those 2030 guidance out, think about transformation plan and organic growth, we feel good about what we're telling you, recognizing that we have tremendous free cash flow generation opportunities. We'll have flexibility to pivot if things don't materialize the way we want. We have time to get there and we have the team to deliver.

因此，當我們提出 2030 年指引時，請把它視為轉型計畫加上有機成長；我們對我們告訴各位的內容感到有信心，同時也認知到我們在自由現金流創造方面有非常大的機會。如果事情沒有如我們所希望的那樣實現，我們也有彈性可以調整方向。我們有時間達成目標，也有團隊能交付成果。

We are the world leader in civil training. We're the world leader in full-flight simulator production and development and the largest defense training company in the world. It's a fantastic platform, and this transformation will unlock incredible value.

我們是全球民航訓練的領導者。我們是全球全動飛行模擬器（full-flight simulator）製造與開發的領導者，也是全球最大的國防訓練公司。這是一個非常出色的平台，而這次轉型將釋放驚人的價值。

Ryan, the second question?

Ryan，第二個問題？

Yeah. So maybe just a bit of a finer point on the financials. So to be clear, our fiscal '27 outlook guidance includes the full business. The long-term targets assume, as Matt said, the divestiture of 8% of our revenue. So there's earnings tied to that, and that has to be factored into that longer-term bridge.

好。我可能把財務面再講得更精準一點。先說清楚，我們對 27 財年的展望指引包含完整的業務。長期目標則如 Matt 所說，假設剝離我們 8% 的營收。因此那部分會連帶影響獲利，必須納入更長期橋接的考量。

The other piece is we've benefited from government funding over the last several years. And where we sit today, that's not in our plan. And I'd say we're hopeful that, that will be in the future, but we need to ensure there's alignment with how we -- our priorities and government priorities and making sure there's a fit there. And then as Matt said, and I'll reemphasize, there's a high degree of confidence in achieving what we've laid out today, and that was very important to the team in putting forward these long-term targets.

另一個因素是，過去幾年我們受惠於政府資金。以我們目前的狀況來看，那並未納入我們的計畫。我會說我們希望未來仍能有，但我們必須確保——我們的優先事項與政府的優先事項之間要一致，並確保彼此契合。另外如 Matt 所說、我也要再次強調，我們對於達成今天所提出的內容有高度信心；在提出這些長期目標時，這對團隊而言非常重要。

And on that cadence of $125 million to $150 million, because it seems like a lot of the heavy lifting is in '27. Like is there a big jump into that kind of number in the early years? Or is it kind of more spread out over the four years?

至於 1.25 億到 1.5 億美元的節奏，因為看起來很多艱鉅工作都在 27 年。也就是說，前幾年會不會很快就跳升到那樣的數字？還是會比較平均地分散在四年期間？

Well, so there's a bigger impact in '28 versus the incremental benefit in '29 and '30. But as Matt said, there's a lot of execution to happen between now and then. So I don't want to put too fine a point on a number. But '27, as we've talked about, there's -- it's full on execution this year. We will see that benefit materialize in '28, and then it's a bit more incremental for '29 and '30.

嗯，所以在 '28 的影響會更大，相較之下 '29 和 '30 的增量效益較小。但如 Matt 所說，從現在到那時之間還有很多執行工作要完成。所以我不想把某個數字講得太精確。不過 '27，如同我們討論過的，今年就是全力執行的一年。我們會在 '28 看到效益實現，而在 '29 和 '30 則會比較偏向小幅增量。

Yeah, the only thing I'd add, Fadi, and thanks, Ryan, is that as we look at the investments on transformation, which today is the best use of capital as I think about where I want to spend our money, these are two- to three-year payback projects. Some are on the shorter end, some are on the longer end, but that's a way to characterize. We're spending the bulk of the money in 2027 and think about two- to three-year paybacks for every project.

對，我唯一想補充的，Fadi，也謝謝 Ryan，是當我們看待轉型方面的投資——就我思考我們的資金要花在哪裡而言，這是目前最好的資本用途——這些都是兩到三年回收期的專案。有些回收期較短，有些較長，但可以用這種方式來概括。我們會在 2027 年投入大部分資金，並以每個專案兩到三年的回收期來思考。

Cameron Doerksen, National Bank.

Cameron Doerksen，National Bank。

I guess a question on the segment operating margins within your longer-term targets. I know you're not providing that now, but you have sort of talked about some of the expectations of those in the past between Civil and Defense. Obviously, you've changed your, I guess, definition of segment operating income. But any commentary you could provide on what you think ultimately in 2030, the individual segment margins will look like?

我想問一個關於你們長期目標中，各事業部門營業利益率的問題。我知道你們現在不提供這個，但你們過去曾談到過民航與國防之間的一些預期。顯然，你們也改變了你們對事業部門營業利益的定義。但你們能否評論一下，你們認為最終在 2030 年，各個事業部門的個別利潤率會是什麼樣子？

Yeah. Let me comment and if Ryan wants to add something. As I've said from my initial day on the job here, I saw there was opportunity to improve Defense margins. I don't subscribe to a mid-single-digit Defense business from an operating income level, and we're on a path to improve that.

好的。我先評論一下，如果 Ryan 想補充也可以。從我第一天上任開始我就說過，我看到國防利潤率有改善空間。我不認同國防業務在營業利益層面只能做到中個位數百分比的水準，而我們正走在改善的路徑上。

We're only a couple of years into improving our margins, but we're making good progress. And it's about improving our mix. It's about winding down the legacy programs, which were dragging us down and having better contract performance and bidding going forward. So we're going to take a methodical, gradual approach.

我們改善利潤率才進行了幾年，但進展良好。這關乎改善我們的組合。也關乎逐步結束那些拖累我們的舊有專案，並在未來取得更好的合約履約表現與投標品質。因此我們會採取有方法、循序漸進的方式。

When I look at Defense businesses stepping back, 11% plus or minus is a solid margin, and that's where we're going to march to. And then if you infer from that from operating margins within Civil, they will be higher, and that's what we're targeting.

從更宏觀的角度看國防業務，11% 上下是一個穩健的利潤率，而這就是我們要邁進的方向。然後如果你由此推論民航事業的營業利潤率，它們會更高，這也是我們的目標。

Ryan, do you need to add anything?

Ryan，你需要補充什麼嗎？

No, I think that covered it.

不用，我覺得已經涵蓋了。

Okay. And just on the -- I guess, the optimization of the pilot training network. Obviously, you kind of mentioned that you expect to be some attrition of customers. Can you discuss, I guess, some of the discussions you're having with customers there as you shift the network around? And I guess, any other discussions that you're having with customers on potential pricing improvements with some contracts that you have that maybe are a little lower than what they should be?

好的。另外關於——我想是飛行員訓練網路的最佳化。顯然你提到你預期會有一些客戶流失。你能否談談，當你們調整網路配置時，與客戶之間正在進行哪些討論？以及我想問，你們是否也在與客戶討論某些合約可能存在的定價改善空間——有些合約的價格可能低於應有水準？

Yeah, that's a great question. Thank you. So every site is going to be an interplay of multiple stakeholders. We have a landlord. We have employees, often have work councils and yes, multiple customers, usually one anchor customer, but multiple customers.

是的，這是個很好的問題。謝謝。所以每個據點都會涉及多方利害關係人的互動。我們有房東。我們有員工，通常也有工會委員會，而且是的，還有多個客戶，通常有一個主力客戶，但也有多個客戶。

Those conversations started prior to our April announcement of where we were going, and they're complex, but we're having exactly that dialogue. If the contract structure changes, there may be a reason to keep a site open. I've said to many of our investors and analysts, don't over-index on utilization. If I have a low utilized full-flight sim, but a very, very highly priced contract, that's a fantastic place to be. So it's a combination of pricing, contract structure and volume.

這些對話在我們 4 月宣布方向之前就已經開始了，而且很複雜，但我們正在進行你所說的那種對話。如果合約結構改變，可能就有理由讓某個據點繼續營運。我也對許多投資人與分析師說過，不要過度只看使用率。如果我有一台使用率不高的全動飛行模擬機，但合約價格非常、非常高，那就是非常理想的狀態。所以這是定價、合約結構與量的綜合考量。

And so we're ongoing with that. We're optimistic that we're going to retain most of our customers, but I'll be honest, there will be some attrition, which is why we factored it into our 2027 long-term guidance. We hope to retain every single one of them. We think we're the best provider for their training services. But ultimately, we have to come to agreement, and it's one customer at a time, and that's ongoing.

因此我們會持續推進這些工作。我們樂觀認為能保留大多數客戶，但坦白說，確實會有一些流失，這也是我們把它納入 2027 年長期指引的原因。我們希望能保留每一位客戶。我們認為我們是他們訓練服務的最佳供應商。但最終我們必須達成共識，而且是一個客戶一個客戶地談，這項工作仍在進行中。

Daryl Young, Stifel.

Daryl Young，Stifel。

With respect to the 100% cumulative free cash flow target, you're obviously starting from a low point in 2027. Are you able to share with us what you think the sort of run rate 2030 free cash flow conversion? I'm assuming it's more like 110% plus.

關於 100% 累計自由現金流目標，你們顯然在 2027 年是從較低的起點開始。你們能否分享一下，你們認為 2030 年自由現金流轉換率的常態水準大概會是多少？我猜應該更接近 110% 以上。

I mean think about it in the range of 100%. I wouldn't want to be more precise than that. Obviously, given what our '27 number is, when you do the math to '30, it's slightly higher than 100%. But that's a good range to think about over the long term.

我的意思是，把它想成大約 100% 的區間即可。我不想比這更精確。顯然，考量我們 '27 的數字，當你把數學算到 '30，會略高於 100%。但從長期來看，這是一個可以參考的合理區間。

Yeah. Thanks, Ryan. The only thing I would add is some of our investments are large and could be lumpy that affect our free cash flow in a given year. We announced our WestJet training center in the fall. We're finalizing agreements to get started on that project.

對。謝謝，Ryan。我唯一要補充的是，我們有些投資規模很大，且可能呈現不均勻（lumpy），會影響某一年度的自由現金流。我們在秋季宣布了 WestJet 訓練中心。我們正在敲定協議，以便啟動該專案。

That's a large investment that may cause a spike in one year, and our responsibility as stewards of capital is to make sure that we draw that down. So large investments happen, which can run up and down. But if you step back, over the past five years, we've averaged about 50% free cash flow conversion using our new more simplified definition. Over the next five years, we're going to be cumulative around 100%.

那是一項大型投資，可能會導致某一年出現支出高峰，而作為資本的管理者，我們的責任是確保把這種高峰拉平。所以大型投資會發生，數字可能上下波動。但如果你退一步看，過去五年，使用我們新的、更簡化的定義，我們平均約有 50% 的自由現金流轉換率。未來五年，我們累計將在 100% 左右。

Some years will be up, some years will be down. But in total, we're going to be generating a lot of incremental free cash flow for shareholders.

有些年份會高一些，有些年份會低一些。但總體而言，我們將為股東創造大量的增量自由現金流。

Got it. Okay. And then with respect to the 2027 guide, it doesn't sound like you're going to add back effectively all of the ERP or maybe even all of the transformation costs in your EBITDA numbers. So are you able to ring-fence for us just how big of an impact that ERP spend is and some of those sort of nonrecurring onetime costs actually are?

了解。好的。另外關於 2027 年的指引，聽起來你們不會在 EBITDA 數字中把 ERP 或甚至全部轉型成本都有效地加回去。所以你們能否為我們劃定一下，ERP 支出以及那些所謂非經常性一次性成本，實際影響大概有多大？

Yeah. So I mean, there's -- when we look at '27 versus '26, there's a number of headwinds embedded in that guidance. Those, I'll call them, investments. As we've talked about, they're intentional, they're time-bound. It's about a third of the cost. And there are costs we can't capitalize. They're not restructuring, but they are important enablers for the transformation and for the long-term success of the business and helping to unlock some of the benefits we see and are working towards as part of the transformation.

可以。所以我的意思是，當我們看 '27 相對 '26 時，該指引中內含了若干不利因素。那些我會稱之為投資。如我們所談，它們是有意為之、且有時間界限的。大約占成本的三分之一。而且其中有些成本我們無法資本化。它們不是重組成本，但它們是轉型與公司長期成功的重要推動因素，也有助於解鎖我們在轉型過程中所看到並正努力實現的一些效益。

So it's about a third of that. There's some headwind, as we've talked about from not having the government funding benefits. Again, that's an intentional choice we're making is we want to make sure that whatever funding that we're seeking and getting is well aligned with the plans and operational plans for the business. And then the rest is -- we've talked about, it's a softer civil backlog going into the year. There's the Middle East headwinds. And so that's kind of the high-level bridge from '26 to '27.

所以大約是那個數字的三分之一。正如我們談到的，因為不再享有政府資金補助，確實有一些逆風。再次強調，這是我們刻意做出的選擇：我們希望確保我們所尋求並取得的任何資金，都能與公司的計畫與營運計畫高度一致。其餘部分——我們也談過——是今年進入年度時民用積壓訂單較疲弱。還有中東的逆風。以上就是從'26到'27的高層次銜接說明。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

This is Kyle on for Sheila. I had a question just about the FY27 guide for the Civil business. You talked in the prepared remarks about, I think, fewer simulators in backlog entering the year. That's despite planned higher airframer build rates and then obviously, the training side of the business still being subdued.

我是代替Sheila的Kyle。我有個問題是關於民用業務FY27的指引。你在事先準備的發言中提到，我想是指進入年度時，積壓訂單中的模擬器數量較少。這是在計畫中的機身製造商（airframer）更高的產量增速之下發生的，而且顯然，業務中的訓練端仍然低迷。

Can you sort of parse that out across sims and training and then commercial and business aviation as you look at the near term and ultimately, what the sort of terminal growth rates could be for those pieces of the business as you look out towards that mid-single-digit growth rate to FY30 for the total comp?

你能否把這些在模擬器與訓練，以及商用與商務航空之間拆解說明一下：在你看近期時，以及最終當你展望到FY30整體薪酬（total comp）達到中個位數成長率時，這些業務板塊各自可能的終端成長率會是什麼？

Yeah. Thanks for the question. Let me start, and then I'll turn it over to Ryan. Entering 2027, 2026 was one of the lightest order years we've had since COVID. And so we have a much lower backlog going into the year.

好的。謝謝你的問題。我先開始回答，然後再交給Ryan補充。進入2027年，2026年是我們自COVID以來訂單最少的年度之一。因此，我們進入該年度時的積壓訂單要低得多。

Lead time on our devices is 12 months plus or minus. So that's the backdrop. Add to it the network, which we all have come to recognize was overbuilt given the market, and so we're rationalizing it. So those are the primary moving pieces.

我們設備的交期大約是12個月上下。所以這就是背景。再加上我們大家都已經認知到，考量市場狀況，我們的網路（network）建置過度，因此我們正在進行合理化調整。這些是主要的變動因素。

If you step long term, as air traffic grows 4% to 5%, putting aside year over year ups and downs on deliveries and other factors, the need for simulators is going to grow 4% to 5%, and we're the market leader. And so if I look long term, that's how I frame it. There will be ups and downs inside there. There'll be deliveries and new aircraft type, but that's the market if you look over the next 20 years, it's been the market for the last 20 years, and we intend to maintain our market share and continue to grow our position.

如果拉長到長期來看，當航空交通量成長4%到5%時，先不考慮年度間交付量及其他因素的起伏，對模擬器的需求也會成長4%到5%，而我們是市場領導者。所以從長期角度，我是這樣來框架這件事的。其中會有起起落落。會有交付量、新機型等因素，但如果你看未來20年，這就是市場；過去20年也是如此。我們打算維持市占並持續強化我們的市場地位。

I'll turn it to Ryan for a little bit more specific.

我把問題交給Ryan，請他更具體補充一些。

Well, yeah, I think that largely covered it. I mean the headwinds in Civil, I just kind of talked through, there's --as Matt said, the lower backlog, there's some -- as these simulators come offline as they get relocated, there are stranded costs tied to that. There's cost to move them. There's some inefficiencies as these things wind down.

嗯，是的，我想剛才大致都涵蓋了。我的意思是，民用端的逆風我剛剛也大概走過一遍：如Matt所說，積壓訂單較低；另外，當這些模擬器下線並被重新安置時，會有與之相關的閒置成本（stranded costs）。搬移也有成本。在這些事情逐步收尾的過程中，也會出現一些效率不彰。

And so that's, call it, a third. And then as we've talked about the Middle East, the uncertainty there is really the balance.

所以這部分大概可說是三分之一。然後如我們談到的，中東的不確定性基本上就是其餘的部分。

Okay. That's very helpful. Follow-up on margin trajectory for the Civil segment. It sounds like some of those stranded costs are at the company level about like the ERP integration and whatnot in FY27.

好的。這非常有幫助。我想追問民用部門的利潤率走勢。聽起來其中一些閒置成本是在公司層級，例如FY27的ERP整合之類。

When you think about the Civil margin over the longer term, is there any reason why it shouldn't be structurally higher than it is today as it comes to rationalizing some of the footprint and some of the pricing comments you made earlier?

當你從更長期來看民用端的利潤率時，隨著你們合理化部分據點（footprint）以及你先前提到的一些定價評論，是否有任何理由使得它不應該在結構上高於目前的水準？

Well, I mean, our expectation is over the mid- to long-term and embedded within the longer-term outlook is there's margin expansion in both sides of the business, both civil and defense. And whether measured under the new definition or old definition, the margins in both businesses would be at levels that we haven't -- it hasn't been achieved in this business. So the transformation is an important part of unlocking that. But certainly, there is margin expansion expectations in both businesses.

嗯，我們的預期是，在中期到長期，而且也已內嵌在更長期的展望中，業務兩端——民用與國防——都會有利潤率擴張。不論是用新的定義或舊的定義來衡量，兩個業務的利潤率都會達到我們在這項業務中尚未達成過的水準。因此，轉型是解鎖這一點的重要一環。但可以確定的是，兩個業務都存在利潤率擴張的預期。

Krista Friesen, CIBC. Krista Friesen, your line is open.

Krista Friesen，CIBC。Krista Friesen，你的線路已開通。

Mark Neville, Canaccord Genuity.

Mark Neville，Canaccord Genuity。

Maybe first on the cost savings, maybe just two parts. I guess, just first, how much of that sort of -- I'm just trying to handicap or think about the number. How much of that $125 million to $150 million is identified now and just needs to be acted on? Just sort of thinking, is there potential for that to grow over the years?

我先問成本節省，可能分兩部分。第一，我想只是試著估算或理解這個數字：這1.25億到1.5億美元當中，目前已經辨識出多少、只差執行？也就是說，這個數字未來幾年是否有可能再成長？

And the second part, I would -- I presume any CapEx or working cap efficiencies is on top of that number or incremental?

第二部分，我推測任何資本支出（CapEx）或營運資金（working cap）效率提升，應該是在這個數字之上、或是額外增量的？

Yeah. So the short answer, Mark, is it's all identified. Now I don't mean to sound overconfident. We're very confident in achieving the target, but there's going to be pluses and minuses certainly as we get into execution.

是的。所以簡短回答，Mark，是全部都已經辨識出來了。我不是要顯得過度自信。我們對達成目標非常有信心，但在執行過程中，當然會有一些正負差異。

But the short answer is it's all identified and roughly half of it is going to come from labor productivity, about a third is tied to footprint efficiencies, and then the balance is other operational efficiencies. So there's a very robust plan set of targets that are tied to that.

但簡短回答就是：全部都已辨識出來；其中大約一半將來自勞動生產力提升，約三分之一與據點/場地效率（footprint efficiencies）相關，其餘則是其他營運效率。因此，針對這些有一套非常扎實的計畫與目標。

Your question or the second part around CapEx. So that I would look at is not margin driving as much, but certainly will positively impact the free cash flow, and that's partly how we get to the free cash flow conversion that we've -- that we're targeting. And so I mentioned this in the prepared remarks, but over the last four or five years from '22 to '25, our free cash flow conversion was less than 50%. And so as we look at targeting 100%, there's an element of margin expansion there. There's an element of growth, but a lot of that is going to be capital discipline.

你第二部分關於資本支出（CapEx）的问题。我會把它視為不那麼直接驅動利潤率，但肯定會對自由現金流帶來正面影響，而這也是我們達到所設定自由現金流轉換率目標的部分原因。我在事先準備的發言中提到，過去四到五年，從'22到'25，我們的自由現金流轉換率低於50%。因此，當我們以100%為目標時，其中有一部分來自利潤率擴張。有一部分來自成長，但很大一部分將來自資本紀律。

As Matt said, there's still -- we're still going to spend capital. This is not a low single-digit CapEx business. This is a mid- to high single-digit CapEx business. That will vary year-to-year depending on the nature of projects. And it's also a long-cycle business.

如Matt所說，我們仍然——我們仍會投入資本。這不是一個資本支出占比（CapEx）低個位數的業務。這是一個資本支出占比中到高個位數的業務。這會因專案性質而逐年變動。而且這也是一個長週期的業務。

So if we build out a training center, that's a year process minimum. And then it takes a year to ramp up. And so you got to think about these in two- to three-year sort of time frames from beginning then. But as I said, that's all embedded in that free cash flow conversion that we've outlined in our targets.

所以如果我們要建置一個訓練中心，至少是一年的流程。接著還需要一年時間爬坡（ramp up）。因此，你必須用兩到三年的時間框架來思考：從開始到後續。但如我所說，這些都已內嵌在我們目標中所列出的自由現金流轉換率裡。

Thanks, Ryan. Let me just amplify -- yeah, I just want to amplify, behind every one of these boxes in our spreadsheet that makes up the $125 million to $150 million savings, there's a project, there's a time line, there's a team of dozens, if not hundreds of people.

謝謝，Ryan。我再補充強調一下——是的，我只是想強調，在我們試算表中構成1.25億到1.5億美元節省的每一個方框背後，都有一個專案、一條時間線，以及一個由數十人、甚至上百人組成的團隊。

As I talk about with the training center, it is a lot of moving pieces. We have landlords. We have suppliers. We have customers. We have employees.

就像我談到訓練中心那樣，這牽涉到很多變動環節。我們有房東。我們有供應商。我們有客戶。我們有員工。

We have work councils, and so we feel good about it. It's about executing. And every two weeks, we get together with the leadership team and we go down and review project by project. So we feel good about the portfolio of projects, and we have to now go work them, and the team is up to the task.

我們有工會委員會，因此我們對此感到很放心。重點在於執行。而且每兩週，我們都會與領導團隊聚在一起，逐一按專案往下檢視、逐案審查。所以我們對專案組合感到很有信心，接下來就要把這些專案落地推進，團隊也有能力勝任。

We know how to do these, can do it. We've done it before, and that's the focus of 2027.

我們知道怎麼做，也做得到。我們以前做過，而這就是 2027 年的重點。

Got it. That's super helpful. Maybe a second question. Maybe just on the noncore assets.

了解。這非常有幫助。也許第二個問題。想請教一下非核心資產。

The -- I can appreciate they consume capital effort. They may not be meeting the return thresholds. But when you think about sort of what you would consider a value-accretive divestiture or finish to sort of divesting these assets, how -- there's a certain way, I guess, analysts think about it. So how would you sort of think about a value-accretive resolution to those assets?

我理解它們會消耗資本與投入精力。它們可能未達到報酬門檻。但當你思考什麼樣的處置會是增值型的剝離，或是完成這些資產的剝離時，分析師大概有一套思考方式。那你會如何看待對這些資產做出一個具增值性的解決方案？

Yeah. First, let me start from a strategic lens and let Ryan follow up from a financial lens. Strategically, I look at these businesses and try and understand do they support our core training and simulation franchises, and they don't. While they're aviation service related, they're not right in the center of what we do, which is aviation safety and training and simulation.

是的。首先，我先從策略角度談起，然後再請 Ryan 從財務角度補充。在策略上，我會看這些業務並試著理解它們是否支持我們核心的訓練與模擬特許經營業務，而它們並不支持。雖然它們與航空服務相關，但並不位於我們所做事情的核心，也就是航空安全、訓練與模擬。

Secondly, we look at how it impacts our customer discussions. And they're in different parts of the airline organizations.

第二，我們會看它對我們與客戶的討論有何影響。而它們位於航空公司組織的不同部門。

And third, if I think about use of the capital, we're very, very good at allocating capital to develop, manufacture and deploy full flight systems and building training centers. And that's the best use of my growth capital going in the future. And so strategically, when I look at that lens, that's why these businesses, aviation service businesses, good businesses, are not core to what we do.

第三，如果我從資本使用來看，我們非常、非常擅長配置資本，用於開發、製造與部署全動飛行模擬系統，以及建置訓練中心。而這將是我未來投入成長資本的最佳用途。因此從策略角度來看，這就是為什麼這些航空服務業務——它們是好業務——但並非我們的核心。

Now Ryan from a financial perspective can add to this.

現在請 Ryan 從財務角度補充。

Well, I mean, I don't want to get into too many specifics. I think the way to think about it, Mark, is there's a value to CAE if we retain the business, and there's a value if we divest. And when we think about that in the strategic lens that Matt just talked about, we think there may be a better opportunity for these businesses with another owner. And that's -- it's as simple as that without getting into the specifics on expectations of value and so forth.

嗯，我的意思是，我不想談太多細節。Mark，我認為可以這樣思考：如果我們保留該業務，對 CAE 有一個價值；如果我們剝離，也有一個價值。而當我們從 Matt 剛才提到的策略角度來看，我們認為這些業務在另一位所有者手中可能有更好的機會。不談對價值的預期等細節，事情就這麼簡單。

Tim James, TD Cowen.

Tim James，TD Cowen。

First question, just returning to the asset divestitures. Is there any color you can provide on kind of a margin profile or how we should think about the assets being sold? I mean you've mentioned that the majority of them are civil businesses.

第一個問題，回到資產剝離。你們能否提供一些資訊，例如利潤率概況，或我們應如何看待正在出售的資產？我的意思是，你們提到其中大多數是民用業務。

Would we be wrong in assuming that the margin profile is generally lower than kind of the consolidated Civil business just by virtue of your decision to sell them? Or is that not necessarily the case? I'm just trying to get a bit of a sense on how we should think about the margin that's coming from those assets?

我們若假設其利潤率概況通常低於合併後的民用業務（僅因你們決定出售它們），這樣的假設會不會錯？還是不一定是這樣？我只是想更了解一下，我們應如何看待這些資產所帶來的利潤率？

Yeah. No. So your assumption is fine. They're below the company average. But I guess to be clear and maybe it'll be a little bit repetitive with my previous answer, it's not as simple as to say it's a low-margin business, and therefore, it should be divested.

是的。不會。所以你的假設沒問題。它們低於公司平均。但我想說清楚一點，也許會和我前面的回答有些重複：事情並不是簡單地說，因為它是低利潤率業務，所以就應該剝離。

It's more of a where is it today? Where can it be in the future? The capital required to get it there?

更重要的是：它現在在哪裡？未來可以到哪裡？要達到那裡所需的資本？

Does it fit with the strategy? Is it a distraction to management? And so all those factors go into that framework to make that kind of a decision.

是否符合策略？是否會分散管理層注意力？因此，所有這些因素都會納入該框架，用來做出這類決策。

Okay. That's helpful. My second question, just thinking about sort of future potential M&A. And I realize I'm kind of looking forward and this is maybe a strategic question. I'm just wondering, is it possible to kind of identify the type of targets that might be valuable CAE?

好的。這很有幫助。第二個問題，想談談未來可能的併購（M&A）。我知道我有點往前看，這可能是策略性問題。我想問的是，你們是否能大致指出，哪些類型的標的可能對 CAE 有價值？

And I guess I'm thinking more on the defense side. Is it about bringing new capabilities in-house that kind of tack on nicely with what you've got? Is it more about building scale in certain areas? Just any insights you can, if you have them at this point on the M&A opportunity set that investors could maybe think about for the next several years?

我想更多是從國防端來看。是把新的能力內部化，並能與你們現有能力很好地加掛整合嗎？還是更多是在某些領域建立規模？就未來幾年投資人可能思考的併購機會集合，你們若此刻有任何洞見，都請分享。

Yeah. Look, I appreciate the question, and I view it as a great question because we will earn the right to go back into the M&A market. That is one of the primary purposes of the transformation strategy. And I think defense is a very attractive field.

是的。我理解這個問題，而且我認為這是個很好的問題，因為我們將贏得重返併購市場的資格。這正是轉型策略的主要目的之一。而我認為國防是一個非常具吸引力的領域。

So yes, one lens is defense technology. We have an amazing suite of simulation training, synthetic environment technologies. We'll start talking more about that in the future. But there are areas where we can augment that using some of these exciting small defense tech companies.

所以是的，其中一個視角是國防科技。我們擁有一套非常出色的模擬訓練與合成環境技術。未來我們會更多談到這些。但在某些領域，我們可以透過一些令人振奮的小型國防科技公司來強化這些能力。

We will bring the scale, go-to-market. They'll bring unique technologies.

我們會帶來規模與市場進入（go-to-market）能力。他們會帶來獨特技術。

And we're pragmatic. If we have it in-house, we'll develop it. If we need to partner or buy it, we can. So that's one lens.

而我們很務實。如果我們能在內部做到，我們就自行開發。如果需要合作或收購，我們也可以。所以這是一個視角。

The second lens, as you said, is there are sovereign opportunities where we may not have the scale we want or those companies may not have the resources we have. So adding scale in the right geographies is the second lens.

第二個視角，如你所說，是存在一些主權國家層面的機會：我們可能在某些地方的規模不如我們希望的，或那些公司可能沒有我們所具備的資源。因此，在合適的地理區域擴大規模是第二個視角。

The third that you didn't mention is domain. So we are heavily focused on aviation. It's not surprising because simulation and training started in the aviation segment. But over the past few years, it's evolving quickly into land, maritime, space and cyber.

第三個你沒有提到的是領域（domain）。我們高度聚焦於航空。這並不令人意外，因為模擬與訓練起源於航空領域。但在過去幾年，它正快速演進到陸域、海事、太空與網路。

So we're excited with our partnership with TKMS because that is a chance to bring our world-leading simulation training, hardware, software integration technology to a submarine and maritime environment, but we're going to continue to look for other companies in other domains because those are rapidly growing parts of the addressable market. So those are three lenses I would think about as we earn the right to go back into the M&A market over the next couple of years. Thanks for the question.

因此，我們對與 TKMS 的合作感到興奮，因為這讓我們有機會把世界領先的模擬訓練、硬體、軟體整合技術帶到潛艦與海事環境；但我們也會持續尋找其他領域的公司，因為那些都是可服務市場中快速成長的部分。所以，當我們在未來幾年贏得重返併購市場的資格時，我會用這三個視角來思考。謝謝你的提問。

Sorry, operator, I see we've exceeded the time here, but glad that we got everybody in here for questions. I think we'll conclude the call here. And I want to thank all participants for joining us today and to remind you that a transcript of the call can be found on CAE's website. Thank you, and have a good day.

抱歉，接線員，我看到我們已經超過時間了，但很高興我們讓每位提問者都能發問。我想我們就在此結束電話會議。也感謝所有與會者今天加入，並提醒各位，會議逐字稿可在 CAE 的網站上找到。謝謝，祝各位有美好的一天。

This brings to a 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。您可以掛斷電話線。感謝您的參與，祝您有愉快的一天。