CAE Inc. today announced the appointment of Matthew Bromberg as President and Chief Executive Officer (CEO), effective August 13, 2025. In this role, Mr. Bromberg will lead the company’s strategic growth and drive its continued evolution into the future. Mr. Bromberg will also be a nominee for election to the Board at the upcoming Annual and Special Meeting of Shareholders.
CAE also announced that Calin Rovinescu will become Executive Chairman of the Board and that Sophie Brochu will serve as Lead Independent Director, reflecting CAE’s commitment to strong, best-in-class governance.
The appointment of Mr. Bromberg has been approved by CAE’s Board of Directors and will take effect as part of an orderly transition plan after the 2025 Annual and Special Meeting of Shareholders. This coincides with the previously announced departure of Marc Parent as CAE’s President and CEO. Mr. Bromberg will join CAE effective June 16, 2025, as Incoming President and CEO, working closely with Mr. Parent throughout the transition.
“Matthew Bromberg is a proven leader with deep experience in both aerospace and defence, involving large-scale international operations. His appointment is the result of a rigorous global selection process, and along with the entire Board, I am absolutely confident that CAE’s future will be bright with Mr. Bromberg at the helm, working together with the exceptionally talented leadership team that is in place at CAE. It will be a pleasure to work alongside him as I take on the role of Executive Chairman.” said Mr. Rovinescu.
Said Mr. Bromberg, “These are exciting times for CAE, with strong secular growth tailwinds across all its markets. CAE is already a recognized global leader in training solutions for civil aviation and defence and security. With the support of its dedicated team, I look forward to building on that leadership, advancing innovation, operational excellence, and creating long-term value for its stakeholders in Quebec, Canada and around the world. I am also excited to relocate to CAE’s global headquarters in Montreal in the coming weeks and contribute to its vibrant business community.”
Mr. Rovinescu added: “The Board once again thanks Marc Parent for his 16 years of devoted service as President and CEO, during which time he led the transformation of CAE from primarily an industrial products company to the world leader in aviation training solutions. Marc has left a lasting impact on CAE and global aerospace and has created a solid foundation for us to continue to build on.”
Said Mr. Parent, “I couldn’t be prouder to pass the torch of leadership to Matthew Bromberg. I have no doubt he will take CAE to new heights and inspire our team to extraordinary achievements. CAE is in good hands.”
Mr. Bromberg’s proven track record
Mr. Bromberg, 55, is a seasoned executive with a proven track record of driving operational excellence, transformation and growth in commercial and military aerospace markets for major global publicly traded companies. His strategic vision and deep industry expertise position him to lead CAE into its next phase of growth and innovation.
Since 2022, Mr. Bromberg has headed Global Operations for Northrop Grumman Corporation, located in Falls Church, VA, one of the world’s largest aerospace and defence technology companies. During his tenure, he spearheaded substantial enterprise cost efficiencies by driving program excellence, streamlining operations, and leading a major supply chain transformation. From 2017 to 2022 he was President, Military Engines, for Arlington, VA-based RTX Corp. (formerly Raytheon Technologies Corp.), the world’s largest aerospace and defence company. From 2013 to 2017 he was President, Commercial Aftermarket Operations, for the aircraft engine company Pratt & Whitney, located in East Hartford, CT.
Mr. Bromberg earned a Master of Business Administration and a Master of Mechanical Engineering from the Massachusetts Institute of Technology and a Bachelor of Arts in Physics at the University of California, Berkeley. A complete biography for Mr. Bromberg is available on CAE’s website.
Mr. Rovinescu as Executive Chairman and Ms. Brochu as Lead Independent Director
The appointments of Mr. Rovinescu and Ms. Brochu will also take place after the 2025 Annual and Special Meeting of Shareholders, subject to their election to the Board. Mr. Rovinescu was appointed to the Board on February 14, 2025 as an independent director and Chair. Ms. Brochu has been an independent director since 2023.
Mr. Rovinescu is a highly respected business leader and former President and CEO of Montreal-based Air Canada, the country’s largest air carrier. As Executive Chairman, he will work closely with the President and Chief Executive Officer in the development and execution of the Company’s strategic initiatives while also being responsible for the effective functioning of the Board. Along with Mr. Bromberg, Mr. Rovinescu, who is bilingual in French and English, will have the opportunity and authority to represent CAE to investors, governments, commercial partners and the media. Mr. Rovinescu’s extensive experience in corporate leadership and governance will be instrumental in helping to drive CAE’s long-term vision and to enhance stakeholder value.
Ms. Brochu is an accomplished business leader and former President and CEO of Hydro-Québec, the largest producer of hydroelectric power in North America. She brings extensive expertise in strategic leadership and management, government relations, human resources, compensation and sustainability. Her appointment as Lead Independent Director follows best-in-class practices, ensuring CAE retains its strong Board governance. She will also preside over executive sessions of the independent directors, without the presence of management.
Positioning CAE for the future
These appointments reflect CAE’s dedication to strengthening its leadership team to meet the evolving needs of its customers and stakeholders. Together, they will help guide CAE’s strategic priorities, expand its global reach, and drive sustainable growth, while following best governance practices.
About CAE
At CAE, we exist to make the world safer. We deliver cutting-edge training, simulation, and critical operations solutions to prepare aviation professionals and defence forces for the moments that matter. Every day, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security personnel to perform at their best and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees at around 240 sites and training locations in over 40 countries. For nearly 80 years, CAE has been at the forefront of innovation, consistently seeking to set the standard by delivering excellence in high-fidelity flight simulators and training solutions, while embedding sustainability at the heart of everything we do. By harnessing technology and enhancing human performance, we strive to be the trusted partner in advancing safety and mission readiness—today and tomorrow.
ATHENS, Greece, May 6, 2025 /CNW/ – (NYSE: CAE) (TSX: CAE) – CAE today announced that it has rebranded its portfolio of airline operations solutions to Flightscape – Powered by CAE. Flightscape is a data-driven platform for airlines that provides real-time insights to improve operational performance. With Flightscape, CAE is ushering in a new era in operational intelligence, empowering all Operations Control Centre (OCC) stakeholders to prevent disruptions and adapt seamlessly when challenges arise, to optimize operations and costs in even the most complex and time-sensitive situations.
“Flightscape is the ultimate decision-making platform for airlines, powered by CAE. In a dynamic operating environment, airlines need to seize every opportunity to improve performance, reduce costs and optimize resources while enhancing the passenger experience,” said Pascal Grenier, Division President, Flightscape, Airline Operations Solutions. “Flightscape provides real-time insights that enable airlines to adapt to ever-changing conditions. We recognize that our customers aren’t just buying a solution, they are choosing a long-term partner and our objective with Flightscape is to ensure our airline partners have advanced solutions to optimize their operations.”
Flightscape is the next chapter for CAE’s operations platform. Since entering the airline operations market three years ago, CAE has transformed the business and has put customers at the heart of everything it does. The company has invested significantly in its solutions and growing its airline OCC offering into a unified, modular platform that can scale with evolving needs. It has also strengthened its implementation process and customer service globally to ensure long-term success of its airline partners, including French regional airline, HOP! where Flightscape’s Operations Control solution was successfully implemented earlier this year.
“The implementation of our first module, Flightscape’s Operations Control solution was completed in the first quarter of this year, and we could not be more pleased with the results and impressed by the successful and customized implementation process,” said Eric Chaumette, Chief Information Officer of HOP!. Two more modules, Crew Manager and Crew Planner, are expected to go live in late 2025, a process overseen by a dedicated onboarding team. “This represents a technological transformation for us, as we were using old systems that were locally hosted. Moving to Flightscape’s cloud-based solution – which is continuously updated – we feel confident this new system is setting us up to be more cost-effective, reactive and proactive going forward, while maintaining a high passenger experience level.”
Built on a modular architecture, Flightscape enables airlines to deploy the solutions they need for operations control, crew management, flight management, airport management, and in-flight service management. Flightscape’s Unified Task Board integrates data from multiple OCC systems to streamline critical decision-making and boost operational efficiency during time-critical situations.
Delivered as a cloud-native SaaS, the Flightscape portfolio provides a more agile, cost-effective, and future-proof solution than proprietary software, ensuring continuous access to the latest features, security updates, and regulatory compliance without manual intervention. The system integrates easily with existing tools via secure APIs, and its architecture adapts to evolving technologies, making it a long-term, low-risk investment for modern airline operations.
About HOP!
HOP! is 100% owned by AIR FRANCE. The company provides flight hours in ACMI on behalf of Air France and offers more than 60 destinations in France and Europe. Flights, mainly to and from the Hubs at Roissy-CDG and Lyon, are operated regularly at times suited to business travellers and leisure customers alike. HOP’s Maintenance and Engineering Division carries out all maintenance of the airline’s fleet thanks to expertise acquired over more than 20 years of work on regional aircraft. It proposes engineering services, base maintenance and major maintenance inspections to other airlines operating regional aircraft. HOP!, which is Part-CAMO, Part-21-J, Part-147 and Part-145 approved, also operates an aircraft maintenance technician training centre in Clermont-Ferrand.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
6 March 2025, Toronto, ON – The Northern Lights Aero Foundation is pleased to announce eight recipients of the sixth annual Captain Judy Cameron scholarship for Canadian women in aviation. Air Canada and CAE generously provided funding of $5,000 for each scholarship recipient. Seven pilots and one Aircraft Maintenance Engineer were chosen from across Canada for their accomplishments, inspiration, and encouragement of other women in aviation.
“Meeting scholarship recipients at the Northern Lights gala each year is the highlight of the evening for me,” said Judy Cameron, retired Air Canada Boeing 777 Captain. “These young women are the future of aviation. They have not only shown determination and excellence in their training, but they have also encouraged other women by mentoring and volunteering. Thanks to Air Canada and CAE for supporting diversity in these fields where women are so underrepresented.”
Air Canada recipients of the Captain Judy Cameron Scholarship:
Liv Letourneau – Port Moody, British Columbia (Aircraft Maintenance Engineer)
Aymie Rioux – Lac La Tortue, Québec
Trisha Virdee – Innisfil, Ontario
CAE recipients of the Captain Judy Cameron Scholarship:
Neghat Hidari – Mount Brydges, Ontario
Miriam Roumia – Waterloo, Ontario
Kayla McNeely – Calgary, Alberta
Arpan Srawn – Edmonton, Alberta
Recipients will be acknowledged at the Northern Lights Aero Foundation’s annual gala on October 4, 2025, at the Pearson Convention Centre in Brampton, Ontario.
For more information about the Captain Judy Cameron scholarship or the Northern Lights Aero Foundation, visit northernlightsaerofoundation.com.
The recently opened training centre on CAE’s campus in Montreal marks a broadening of CAE’s training portfolio
MONTREAL, Jan. 16, 2025 /CNW/ – (NYSE: CAE) (TSX: CAE) – Today, global aviation training leader CAE has inaugurated its first Air Traffic Services (ATS) Training Centre, on its campus in Montreal, Canada. As the largest provider of civil aviation training worldwide, CAE trains pilots, aircraft maintenance technicians, and cabin crew. Last October, CAE started partnering in the training of air traffic controllers (ATC) and flight service specialists (FSS) with NAV CANADA.
“We are thrilled to officially inaugurate CAE’s first ATS training centre in collaboration with NAV CANADA. As an innovator in aviation learning sciences, CAE is perfectly positioned to partner with NAV CANADA and other Air Navigation Service Providers (ANSP) to meet the increasing global demand for air traffic services personnel and train the highly skilled professionals they need to manage air traffic safely,” said CAE President and CEO Marc Parent. “This is an extension of CAE’s core mission to make the world safer, and as a pilot, I can attest to the critical importance of the communication between flight crew and the air traffic personnel who play an essential role in the safety of every flight.”
“Air travel is a cornerstone of Canada’s social and economic vitality, with NAV CANADA positioned at the crossroads of international traffic, connecting communities and businesses globally,” said Mark Cooper, President and CEO of NAV CANADA. “This partnership with CAE exemplifies our dedication to operational excellence, ensuring safe and efficient air navigation while preparing for the future of aviation through innovative training and collaboration.”
CAE’s first partnership in the air traffic services sector is with the world’s first fully private ANSP, and second largest in terms of the size of its airspace, NAV CANADA.
The first students began their training at the new facility in October 2024, with CAE aiming to train approximately 500 air traffic professionals by 2028. CAE’s instructors deliver initial training for air traffic controllers and flight service specialists to students coming from across Canada using NAV CANADA’s training curriculum and courseware. NAV CANADA will continue to deliver basic training, all specialty courses, and on-the-job training, with the latter part of Air Traffic Services training solely offered by NAV CANADA.
“We are very proud of this first partnership with NAV CANADA and are excited to help them train more air traffic controllers and flight service specialists over the coming three years,” said Marie-Christine Cloutier, Vice President – Strategy, Performance & Marketing at CAE and Head of CAE’s new Air Traffic Services (ATS) division. “As ANSPs accelerate their airspace modernization efforts, it is critical that equal emphasis is placed on training innovation to prepare the next generation of air traffic personnel. CAE’s turn-key expertise in competency-based training design, advanced instructional delivery, and data-driven technologies can support ANSPs in this transformation.”
CAE has extensive experience and a strong understanding of global regulatory requirements, enabling the expansion of Approved Training Organizations across various authorities. The company intends to leverage its existing global footprint of over 70 facilities on five continents and expand its infrastructure to incorporate ATS training wherever there is demand.
Photos of the new Air Traffic Services Training Centre are available on CAE’s website.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
Further supporting Flexjet’s global pilot training needs to meet increasing pilot ranks
MONTREAL, Nov. 4, 2024 /CNW/ – (NYSE: CAE) (TSX: CAE) – CAE announced today that it will increase its ownership stake in its existing SIMCOM Aviation Training (SIMCOM) joint venture by purchasing a majority of SIMCOM shares from Volo Sicuro for USD $230 million, subject to customary adjustments, to be financed with CAE’s existing credit facility and cash on hand. As part of the transaction, Flexjet, LLC, a related party of Volo Sicuro, will retain a minority stake in SIMCOM following the closing, expected to take place in the coming days.
Additionally, CAE and SIMCOM will each extend their respective exclusive business aviation training services agreement with Flexjet and its affiliates by 5 years. This results in a remaining exclusivity period of 15 years for both agreements.
This significant organic investment will further solidify CAE’s presence in its core business aviation training market, increase recurring revenue streams, and reinforce its commitment to delivering world-class training solutions in business aviation. Its long-term exclusive training agreement with one of the world’s leading luxury private jet companies gives CAE even greater exposure to the rapidly growing fractional jet and charter aviation market. CAE expects this investment to be accretive to earnings and free cash flow in the first full-year post transaction.
“We are delighted to increase our investment in this core area and achieve majority ownership of SIMCOM to strengthen our position in the business aviation market, as well as extend our long-standing partnership with Flexjet, one of the leading and fastest growing private jet companies,” said Alexandre Prévost, Division President, Business Aviation. “This highlights our commitment to continuing to drive innovation and provide industry-leading technology to better serve our business aviation customers.”
“CAE has been a great partner over the years, consistently providing high-quality training and delivering a superior customer experience to all of our pilots,” said Flexjet CEO Mike Silvestro. “With this agreement, Flexjet’s 1,400+ pilots will continue to have access to state-of the-art facilities and experience world-class pilot training, enabling us to further enhance our pilots’ quality of life, both on the road, and during a pilot’s recurrent training. As demand for highly experienced, highly skilled pilots continues to rise, best-in-class training is essential to maintaining Flexjet’s unmatched safety standards. We look forward to our continued relationship and collaboration with CAE and SIMCOM long into the future.”
SIMCOM currently provides pilot training across multiple business aviation aircraft platforms, leveraging CAE’s innovative suite of training equipment, including CAE 7000XR Series full-flight simulators (FFSs) and CAE 400XR Series flight training devices (FTDs). SIMCOM operates four training centres in the United States, including its most recent state-of-the-art facility in Lake Nona, Florida.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
A privately-owned, comprehensive learning institution, SIMCOM utilizes realistic simulator-based training to provide advanced aviation training services to professional pilots, owner-operators, Part 135 operators and maintenance personnel operating in general aviation, regional, military, government and cargo operations around the world. SIMCOM currently operates 40+ simulators and flight training devices representative of a wide range of jet, turboprop and piston powered aircraft. The company is headquartered in Orlando, Florida. www.simulator.com
About Flexjet
Flexjet, Inc., a global leader in private aviation, first entered the fractional jet ownership market in 1995 and is about to celebrate its 30th anniversary. Flexjet offers fractional jet ownership and leasing and is the first in the world to be recognized as achieving the Air Charter Safety Foundation’s Industry Audit Standard, is the first and only company to be honored with 25 FAA Diamond Awards for Excellence, upholds an ARG/US Platinum Safety Rating, a 4AIR Bronze Sustainable Rating and is certified at Stage 2 with IS-BAO. Red Label by Flexjet, a market differentiator, which features an ultra-modern fleet, flight crews dedicated to a single aircraft and the LXi Cabin Collection of interiors. To date there are nearly 50 different interior designs across its fleet, which includes the Embraer Phenom 300 and Praetor 500, Bombardier Challenger 350/3500, the Gulfstream G450 and G650. Flexjet’s European fleet includes the Embraer Praetor 600 and the Gulfstream G650. Flexjet’s helicopter division sells fractional, lease and on-demand charter access to its fleet of owned, operated and maintained Sikorsky S-76 helicopters which boast 55,000 hours of safe flying certified by Wyvern and ARG/US and serving locations throughout the northeastern United States, United Kingdom and Florida. Flexjet is a member of the Directional Aviation family of companies. For more details on innovative programs and flexible offerings, visit www.flexjet.com or follow us on Instagram @FlexjetInc.
MONTREAL, Oct. 31, 2024 /CNW/ – Air Canada and CAE, two Montreal-based global aviation companies, proudly continue their collaboration in fostering the next generation of women in non-traditional airline careers through the Captain Judy Cameron Scholarship, and today announced that applications for the 2025 edition of the Scholarship will open on November 1, 2024.
Up to eight young Canadian women studying to become commercial pilots or aircraft maintenance engineers will be awarded scholarships to pursue their training in 2025. Among them, four recipients training to become commercial pilots will join the CAE Women in Flight program as ambassadors.
“As we go into our sixth year of the Captain Judy Cameron Scholarships, I am proud to see that past recipients are now first officers and flight instructors from across Canada. Meeting scholarship recipients at the Northern Lights Aero Foundation gala each year is the highlight of the evening for me. These young women are the future of aviation. They have not only shown determination and excellence in their training, but they have also encouraged other women by mentoring and volunteering. Thanks to Air Canada and to CAE for supporting them in their journey,” said Judy Cameron, Boeing 777 Captain at Air Canada (retired), and Director, Northern Lights Aero Foundation.
“At Air Canada, we are incredibly proud of the strides taken by the past recipients of the distinguished Captain Judy Cameron Scholarship. This initiative is important as we continue our work developing and supporting the next generation of aviation professionals. The success of this scholarship is already being seen, with past recipients achieving their goals of becoming Pilots or Aircraft Maintenance Engineers,” said Murray Strom, Senior Vice President, Flight Operations and Maintenance at Air Canada.
“Attracting more women to a career in the flight deck is a priority of CAE’s Women in Flight program, especially as the there is a projected need for 63,000 commercial pilots in North America by 2032. We are proud to play a part in broadening the appeal of a career in aviation and supporting underrepresented groups through initiatives like the Captain Judy scholarships for aspiring women pilots. As Women in Flight Ambassadors, CAE’s recipients will also become role models for the young women who will form the next generation of aviation professionals.” said Marie-Christine Cloutier, CAE’s Vice-President, Performance, Strategy and Marketing.
The annual Captain Judy Cameron Scholarships, established in honour of Air Canada’s first female pilot to help foster the next generation of women following in her trailblazing footsteps, are awarded in conjunction with the Northern Lights Aero Foundation.
The Captain Judy Cameron scholarships were launched in 2019 and initially awarded to four recipients. In 2023, Air Canada and CAE joined forces to double the number of recipients and award eight scholarships to eligible students.
Scholarship applications open on Nov. 1, 2024 here.
About Judy Cameron
Judy Cameron became the first female pilot hired by Air Canada, Canada’s largest airline, in April 1978 at the age of 23. She was the first woman to graduate from Selkirk College’s Aviation Technology Program in 1975. Throughout her flying career of 40 years and over 23,000 hours, she has flown the DC-3, Twin Otter, Hawker Siddeley 748, DC-9, Lockheed 1011, Airbus 320, Boeing 767 and Boeing 777 to the far corners of the world. She became a captain in 1997 and in 2010, she became the first female captain in Canada of a Boeing 777, the largest aircraft in Air Canada’s fleet. She retired in 2015, received the Elsie MacGill Northern Lights award in the Flight Operations category that year, and in 2016 she was chosen by the 99s (International Organization of Women Pilots) to be on its Canadian postage stamp. Today, Captain Cameron continues her volunteer work mentoring and supporting the next generation of female pilots with the Northern Lights Aero Foundation.
CAE’s Women in Flight Ambassador program is helping create a movement to encourage young girls and women to dream big and have no limits. As only five percent of pilots worldwide are women, this program is geared to show women that they too can reach for the sky. The goal of the program is to build a community of ambassadors who demonstrate leadership skills, active involvement in their communities, perseverance, who are passionate about aviation, and inspire women to join the pilot profession.
Launched in 2018, the Women in Flight Ambassador program was expanded in July 2022 to include partnerships with more airline customers to increase the number of scholarships given.
This is a co-branded program in which CAE is partnering with airline customers globally to create women pilot ambassadors via scholarships ranging from partially funded to fully funded pilot training.
Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, where members can earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours, and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger and freighter aircraft. Air Canada aims to achieve an ambitious net zero emissions goal from all global operations by 2050. Air Canada shares are publicly traded on the TSX in Canada and the OTCQX in the US.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
Montreal, Canada, October 1, 2024 — CAE announced today that it has signed a 25-year sub-contract valued at approximately $1.7 billion from SkyAlyne, a joint venture between CAE and KF Aerospace, to provide the Royal Canadian Air Force (RCAF) with modern, state-of-the-art pilot training.
As a major subcontractor to the Future Air Crew Training (FAcT) program, CAE will deliver over the course of the contract term comprehensive aircrew training including live flying, simulation, and ground school training. This will extend CAE’s long-standing presence at 15 Wing Moose Jaw where CAE currently operates the NATO Flying Training in Canada (NFTC) program.
As part of this sub-contract, CAE will initially develop and deliver a range of simulators and training devices to be installed in Moose Jaw, Saskatchewan and at Southport, Manitoba for the various aircraft fleets being procured for the RCAF under the FAcT program. These training devices are expected to be delivered over the next 5 years.
In addition to this initial approximately $1.7 billion sub-contract, CAE is also expected to sign a follow-on order in the near term involving sustainment-related in-service support services.
“The FAcT program launches a new era in Canadian military aircrew training, and CAE is proud to be delivering advanced products and services that will enable the most extensive training system recapitalization ever undertaken by the RCAF,” said Marc Parent, CAE’s President and Chief Executive Officer. “For more than 75 years, CAE has put the readiness and safety of military pilots and service members at the forefront of its training and simulation development. With FAcT, our priority will be to ensure the RCAF has the depth and the technical advantage it needs to support the mission readiness of Canada’s next generation of military personnel.”
SkyAlyne unites leading Canadian defence and aviation companies, CAE and KF Aerospace, in a joint venture designed to provide the RCAF with turnkey training operations delivered by a single provider. The partnership combines the expertise of both organizations’ highly successful and longstanding RCAF pilot training programs, while expanding training capabilities for Air Combat System Officers (ACSO) and Airborne Electronic Sensor Operators (AES Op) under an innovative and cost-effective single schoolhouse model for aircrew training.
“As the world we live in continues to change and evolve, the RCAF needs the most capable and well-trained aircrew that can excel in challenging and dynamic global environments. Together with partners like CAE, SkyAlyne is providing the RCAF with a world-leading training system that will set a new standard,” explained Kevin Lemke, General Manager of SkyAlyne. “The team supporting SkyAlyne includes leaders from coast-to-coast-to-coast and the personnel at CAE are among the best of the best. CAE’s contributions to the FAcT program will be immense.”
For nearly a quarter of a century, CAE has provided best-in-class pilot training trusted by the RCAF at 15 Wing Moose Jaw as part of the NFTC program. CAE is proud to continue this legacy of excellence and to participate in the overall delivery of the transformative FAcT program as Canada’s premiere military training partner.
About CAE At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
About SkyAlyne: The Future of Aircrew Training SkyAlyne is the Future Aircrew Training (FAcT) program provider for the Royal Canadian Air Force. SkyAlyne is a team of defence, training, simulation, and aviation industry experts assembled from across Canada, working to prepare the next generation of RCAF pilots and aircrew. SkyAlyne was formed in 2018 as a partnership between CAE and KF Aerospace, two Canadian aviation, training, and defence leaders. The partnership was built to jointly answer the call for the Government of Canada’s FAcT program. In 2023 SkyAlyne was named the preferred bidder, and in 2024, was officially contracted to deliver the FAcT program. Website
About Future Aircrew Training (FAcT) The Future Aircrew Training (FAcT) Program combines Royal Canadian Air Force (RCAF) pilot and aircrew training. Website
Revenue of $1,072.5 million vs. $1,012.0 million in prior year
Earnings per share (EPS) from continuing operations of $0.15 vs. $0.20 in prior year
Adjusted EPS(1) of $0.21 vs. $0.24 in prior year
Operating income of $108.6 million vs. $128.3 million in prior year
Adjusted segment operating income(1) of $134.2 million vs. $143.3 million in prior year
Adjusted order intake(1) of $1,192.0 million for a $17.0 billion adjusted backlog(1)
Net debt-to-adjusted EBITDA(1) of 3.41x (3.11x excluding Legacy Contracts(1)(2)) vs. 3.17x (2.89x excluding Legacy Contracts) at the end of the preceding quarter
463,500 common shares repurchased at a weighted average price of $25.21 and cancelled under NCIB
Comparative figures have been reclassified to reflect discontinued operations
MONTREAL, Aug. 13, 2024 /CNW/ – (NYSE: CAE) (TSX: CAE) – CAE Inc. (CAE or the Company) today reported its financial results for the fiscal first quarter ended June 30, 2024. The Company also provided an update on its progress to streamline its organization and operations by leveraging opportunities to enhance synergies between business units and drive efficiencies. Based on these initiatives and external market developments, management has also made incremental changes to its full-year outlook.
“Last quarter we took the necessary steps to provide a clear path to margin improvement in our Defense business, and I am pleased with the progress we have made since then to deliver on our commitments,” said Marc Parent, CAE’s President and Chief Executive Officer. “We have also continued to seize on opportunities to streamline CAE to further enhance our execution and operational efficiency. The secular growth backdrop remains compelling in both civil aviation and defence markets, and despite the short-term impact of the current supply chain headwinds on the airline industry, our nearly $1.2 billion in consolidated adjusted order intake and record $17.0 billion adjusted backlog this quarter continue to point to a particularly bright future for CAE.”
Cost optimization and reorganization
Under its recently appointed Chief Operating Officer (COO), Nick Leontidis, CAE has identified additional opportunities to further streamline its organization, remove duplication, and optimize its cost structure. The corporate level COO role now has purview over all five of CAE’s divisions, which enabled the removal of management layers in both Civil and Defense businesses and the further streamlining of support functions, engineering services, and footprint to drive additional synergies across the enterprise. The Company expects to incur approximately $20 million of additional restructuring expenses in the second quarter and expects to fully reach associated annual run-rate cost savings of approximately $20 million by the end of the next fiscal year.
Consolidated results
First quarter fiscal 2025 revenue was $1,072.5 million, compared with $1,012.0 million in the first quarter last year. First quarter EPS from continuing operations was $0.15 compared to $0.20 last year. Adjusted EPS in the first quarter was $0.21 compared to $0.24 last year.
Operating income this quarter was $108.6 million (10.1% of revenue), compared to $128.3 million (12.7% of revenue) last year. First quarter adjusted segment operating income was $134.2 million (12.5% of revenue) compared to $143.3 million (14.2% of revenue) last year. All financial information is in Canadian dollars and results are presented on a continuing operations basis, unless otherwise indicated.
Summary of consolidated results
(amounts in millions, except per share amounts)
Q1-2025
Q1-2024
Variance %
Revenue
$
1,072.5
$
1,012.0
6 %
Operating income
$
108.6
$
128.3
(15 %)
Adjusted segment operating income
$
134.2
$
143.3
(6 %)
As a % of revenue
%
12.5
%
14.2
Net income attributable to equity holders of the Company
$
48.3
$
65.3
(26 %)
Earnings per share (EPS) from continuing operations
$
0.15
$
0.20
(25 %)
Adjusted EPS
$
0.21
$
0.24
(13 %)
Adjusted order intake
$
1,192.0
$
967.9
23 %
Adjusted backlog
$
16,977.9
$
11,183.5
52 %
Civil Aviation (Civil)
First quarter Civil revenue was $587.6 million vs. $540.3 million in the first quarter last year. Operating income was $89.8 million (15.3% of revenue) compared to $105.6 million (19.5% of revenue) in the same quarter last year. Adjusted segment operating income was $106.4 million (18.1% of revenue) compared to $119.0 million (22.0% of revenue) in the first quarter last year. Civil adjusted segment operating income and margins were lower this quarter, mainly due to a higher level of Software as a Service (SaaS) conversions in Flight Operations Solutions and incrementally lower utilization in commercial aviation training. During the quarter, Civil delivered 8 full-flight simulators (FFSs) to customers and first quarter Civil training centre utilization was 76%.
During the quarter, Civil signed training solutions contracts valued at $770.5 million, including a range of long-term commercial and business aviation training agreements, digital flight services contracts, and 11 FFS sales.
The Civil book-to-sales ratio was a robust 1.31 times for the quarter and 1.23 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was a record $6.6 billion.
Summary of Civil Aviation results
(amounts in millions)
Q1-2025
Q1-2024
Variance %
Revenue
$
587.6
$
540.3
9 %
Operating income
$
89.8
$
105.6
(15 %)
Adjusted segment operating income
$
106.4
$
119.0
(11 %)
As a % of revenue
%
18.1
%
22.0
Adjusted order intake
$
770.5
$
730.2
6 %
Adjusted backlog
$
6,585.3
$
5,764.8
14 %
Supplementary non-financial information
Simulator equivalent unit
279
268
4 %
FFSs in CAE’s network
349
327
7 %
FFS deliveries
8
6
33 %
Utilization rate
%
76
%
77
(1 %)
Defense and Security (Defense)
First quarter Defense revenue was $484.9 million vs. $471.7 million in the first quarter last year. Operating income was $18.8 million (3.9% of revenue) compared to $22.7 million (4.8% of revenue) in the same quarter last year. Adjusted segment operating income was $27.8 million (5.7% of revenue), compared to $24.3 million (5.2% of revenue) in the first quarter last year.
Defense booked orders for $421.5 million this quarter for a book-to-sales ratio of 0.87 times. The ratio for the last 12 months was 1.13 times. The Defense adjusted backlog, including unfunded contract awards and CAE’s interest in joint ventures, at the end of the quarter was $10.4 billion, up from $5.7 billion at the end of the fourth quarter of fiscal 2024. This includes CAE’s 50% share of the $11.2 billion, 25-year contract for Canada’s Future Aircrew Training Program that was awarded to the CAE SkyAlyne joint venture. The Defense pipeline remains strong with some $10.0 billion of bids and proposals pending.
Summary of Defense and Security results
(amounts in millions)
Q1-2025
Q1-2024
Variance %
Revenue
$
484.9
$
471.7
3 %
Operating income
$
18.8
$
22.7
(17 %)
Adjusted segment operating income
$
27.8
$
24.3
14 %
As a % of revenue
%
5.7
%
5.2
Adjusted order intake
$
421.5
$
237.7
77 %
Adjusted backlog
$
10,392.6
$
5,418.7
92 %
Additional financial highlights
CAE incurred $10.8 million of costs related to the integration of AirCentre, which is expected to be completed in the second quarter of fiscal 2025, and $14.8 million in connection with its restructuring program to streamline CAE’s operating model and portfolio, optimize its cost structure and create efficiencies. Given additional opportunities for cost optimization and the streamlining of CAE’s organizational structure under its new COO, CAE expects to incur approximately $20 million of additional restructuring costs in the second quarter of fiscal 2025. This primarily involves the removal of management layers, including Group President positions in Civil and Defense and the consolidation of several shared services groups across the organization. CAE expects to fully achieve annual run rate cost savings of approximately $20 million by the end of the next fiscal year.
Net finance expense this quarter amounted to $49.5 million, compared to $52.4 million in the preceding quarter and $53.1 million in the first quarter last year.
Income tax expense this quarter amounted to $8.3 million, representing an effective tax rate of 14%, compared to 11% for the first quarter last year. The adjusted effective tax rate, which is the income tax rate used to determine adjusted net income and adjusted EPS, was 17% this quarter as compared to 13% in the first quarter of last year. The increase in the adjusted effective tax rate was mainly attributable to an income tax benefit resulting from a tax court decision last year, partially offset by the change in the mix of income from various jurisdictions.
Net cash used in operating activities was $12.9 million for the quarter, compared to $49.3 million in the first quarter last year. Free cash flow was negative $25.3 million for the quarter compared to negative $110.3 million in the first quarter last year. The increase was mainly due to higher net cash from operating activities and lower maintenance capital expenditures.
Growth and maintenance capital expenditures totaled $92.6 million this quarter.
Net debt at the end of the quarter was $3,129.7 million for a net debt-to-adjusted EBITDA of 3.41 times (3.11 times excluding Legacy Contracts). This compares to net debt of $2,914.2 million and a net debt-to-adjusted EBITDA of 3.17 times (2.89 times excluding Legacy Contracts) at the end of the preceding quarter.
Adjusted return on capital employed was 5.7% this quarter compared to 5.9% last quarter and 6.7% in the first quarter last year.
During the quarter, CAE repurchased and cancelled a total of 463,500 common shares under its normal course issuer bid (NCIB), which began on May 30, 2024, at a weighted average price of $25.21 per common share, for a total consideration of $11.7 million.
Sustainability
This quarter, CAE unveiled its FY24 Global Annual Activity and Sustainability Report. This comprehensive document emphasizes CAE’s integration of environmental, social, and economic factors in its business model and decision-making process to achieve long-term success and create long-term value for both its stakeholders and society at large. This report marks further progress of its 5-year ESG strategic roadmap. Testimony to CAE’s culture of upholding the best transparency standards, the report has been further enhanced for greater transparency. In preparation for compliance with mandatory extra-financial reporting regulations, CAE conducted an external readiness assessment for specific KPIs; findings will be incorporated in our continuous improvement process over the short-term.
The report showcases CAE’s ongoing journey towards environmental stewardship, social responsibility, and the adoption of sustainable business practices, including, CAE’s active commitment as a change agent within the Aerospace and Defense industry to inspire our peers and partners to unlock action and accelerate progress on decarbonization. With its suppliers, CAE fostered greater collaboration around decarbonization including its new CAE Resilient Together program. As a result, CAE’s supplier engagement with Ecovadis is the highest among its International Aerospace Environmental Group (IAEG) peers. CAE has also submitted its near-term science-based targets to the Science Based Targets initiative (SBTi) for validation, a year-long process that required the alignment of the entire organization. CAE also attained the ‘Committed’ status in Progressive Aboriginal Relations certification for the first time, a first significant milestone in its journey toward reconciliation.
Civil The secular demand picture for aviation training solutions remains compelling and the Company continues to be well positioned. Management is now targeting approximately 10 percent Civil annual adjusted segment operating income growth for the fiscal year with performance expected to be more heavily weighted to the second half. Annual Civil adjusted segment operating income margin is now expected to be in the range of 22 to 23 percent, with ample room to grow beyond the current year on volume, efficiencies and mix. The Civil outlook considers the known headwinds that have been affecting a portion of its commercial aviation training subsegment, which are precipitated by OEM aircraft supply chain constraints and the recent actions by some airlines to temporarily reduce pilot hiring. Underlying its outlook, CAE has taken initiatives to drive additional operational cost efficiencies that are expected to partially mitigate the effects of incrementally lower initial training demand in the short-term. The Company is also assuming some easing of commercial aircraft supply constraints and that pilot hiring will begin to resume in the second half of its fiscal year, which is consistent with current training bookings for the period. Also, it expects a continued strong performance in business aviation training, higher profitability in Flight Operations Solutions, and higher volume and profitability from full-flight simulator (FFS) deliveries. Management’s Civil outlook also considers the ongoing ramp up of newer training centres and recently deployed full-flight simulators, partially offset by the more intensive SaaS conversions underway in its Flight Operations Solutions software business.
Defense Having re-baselined the Defense business and substantially accounted for the previously identified programmatic risk, management expects Defense annual revenue growth in the low- to mid-single-digit percentage range and annual Defense adjusted segment operating income margin to increase to the 6- to 7-percent range in fiscal 2025, also with room to grow beyond the current year. Similarly, management expects annual Defense performance to be more heavily weighted to the second half. Management also expects significant Defense adjusted backlog growth in the fiscal year with the addition of large multiyear programs currently in negotiations.
The Company continues to target three-year EPS growth (FY22-25) in the low- to mid-teens-percentage range.
Finance expense and tax expense Management expects annual finance expense to be similar to fiscal 2024 on lower interest expense on debt, offset by higher lease expense in support of recent training centre expansions to its global training network in support of growth. The run-rate effective income tax rate is expected to be approximately 25%, considering the income expected from various jurisdictions and the implementation of global minimum tax policies.
Balanced capital allocation priorities, accretive growth investments As a reflection of its agile and disciplined approach to capital investment, CAE has reduced its total CAPEX outlook in fiscal 2025 to the low end of its previously indicated range of $50 to $100 million higher than fiscal 2024, which totaled $329.8 million. Commensurate with CAE’s ongoing success to capture market opportunities in training, approximately three-quarters of this relates to organic growth investments in simulator capacity to be deployed to CAE’s global network of aviation-related training centres and backed by multiyear customer contracts.
Solid financial position A tenet of CAE’s capital management priorities includes the maintenance of a solid financial position, and it expects to continue to bolster its balance sheet through ongoing deleveraging, commensurate with its investment grade profile.
Current returns to shareholders Given CAE’s progress over the last year to strengthen its financial position, an NCIB was established as part of its capital management strategy and is currently intended to be used opportunistically over time with excess free cash flow. Given the Company’s outlook and cash generative nature of its highly recurring business, CAE’s Board of Directors will also continue to evaluate the possibility of reintroducing a shareholder dividend.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts–the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
CAE adds Wizz Air to roster of airlines adopting its advanced Flight Operations Solutions
Wizz Air to deploy CAE‘s Operations Control, Crew Management and Recovery Manager
Montreal, Canada, May 27, 2024 – (NYSE: CAE; TSX: CAE)
CAE announced today that it has signed a multi-year agreement with the European ultra-low-cost carrier, Wizz Air, to equip the rapidly-growing airline with its feature-rich Operations Control and Crew Management software, part of CAE’s comprehensive suite of Flight Operations platform. Wizz Air will also implement CAE’s Recovery Manager solutions for operational and crew disruptions. With its powerful optimization tools, CAE’s Recovery Manager solutions enable airlines to recover from irregular operations more quickly, cost-effectively, and sustainably.
“We are thrilled to embark on this journey with CAE’s next-generation Crew Management and Operations Control software. Its tailored capabilities promise scalability for years ahead. This innovative solution is set to revolutionize our operations, accelerating processes, and ultimately become a cornerstone of efficiency for our company,” said Michael Delehant, Wizz Air’s Executive Vice President & Group Chief Operations Officer.”
“We are excited to welcome our newest airline partner, Wizz Air, to the growing roster of airline partners around the world implementing CAE’s Flight Operations software to drive efficiency in their operations,” said Pascal Grenier, Division President, Flight Solutions and Global Operations. “Leveraging our next-generation solutions will empower Wizz Air with the technology to elevate their operational performance, profitability, and overall passenger experience.”
Renowned for enhancing the operations of the world’s leading airlines, CAE Flight Operations Solutions stand out for their flexibility, configurability, scalability, and cloud-native design, facilitating seamless end-to-end management of flight operations.
The agreement includes CAE’s Operations Control – a comprehensive, real-time, scalable, and adaptable operations management system. It empowers operational controllers by facilitating faster and easier management, communication, and recovery processes. CAE’s Crew Management is a robust solution for the complex world of aviation crew management that enables airlines to optimize schedules, forecast crew resources, maintain safety standards, and recover from disruptions faster than ever.
About Wizz Air
Established in May of 2004, Wizz Air is an ultra-low-cost carrier headquartered at Budapest Airport. Wizz Air is Europe’s fastest growing and most environmentally sustainable airline globally. The airline serves 54 countries including destinations across Europe, in North Africa, the Middle East, and South Asia. It has the largest fleet of any Hungarian airline. Wizz Air operates a fleet of 153 ultramodern Airbus A320 family aircraft. With over 600 routes across Europe and beyond, Wizz Air welcomes travelers from all walks of life with the desire to travel through the sky their way.
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, maintenance technicians, airlines, business aviation operators, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with approximately 13,000 employees in more than 240 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
CAE Inc. (CAE or the Company) today announced the appointment of Patrick Decostre to the Board of Directors, effective immediately.
Mr. Decostre is President, Chief Executive Officer and a director of Boralex Inc., a provider of affordable renewable energy in North America and Europe. Prior to his appointment as President and CEO in 2020, he spent 18 years building Boralex’s business from the ground up in Europe, where he initiated wind energy initiatives and directed all operations and development activities of Boralex’s European subsidiaries. Mr. Decostre, an engineering physicist, graduated from the École Polytechnique of Brussels. He is also a graduate of the Solvay Business School in Brussels in business administration. His full biography is available on the Boralex website.
Mr. Decostre’s appointment is in conjunction with the retirement of Mr. Michael E. Roach, who has served on the Board since 2017.
“On behalf of the Board, I want to thank Mike for his dedication, insight, and wise counsel over the past seven years. His vast experience and outstanding judgment contributed constantly to productive discussions. We are grateful and we wish him the very best,” said Alan N. MacGibbon, Chair of the Board of Directors. “Patrick brings extensive executive leadership and operating experience to the Board, and we look forward to benefiting from his insight as we continue to improve execution and performance across our businesses.”
About CAE
At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying software-based simulation training and critical operations support solutions. Above all else, we empower pilots, cabin crew, airlines, and defence and security forces to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with more than 13,000 employees in approximately 250 sites and training locations in over 40 countries. CAE represents more than 75 years of industry firsts—the highest-fidelity flight and mission simulators as well as training programs powered by digital technologies. We embed sustainability in everything we do. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.
