Bombardier has achieved its fourth consecutive year of diversified growth and strong financial performance

• Revenues beat guidance and grew year-over-year to $8.7 billion, driven by record service performance exceeding $2.0 billion, and 146 aircraft deliveries.
• Adjusted EBITDA⁽¹⁾ up 11% year-over-year to $1.36 billion, and adjusted EBITDA margin⁽²⁾ reached 15.7%. Full-year reported EBIT reached $878 million.
• Net income and adjusted net income⁽¹⁾ were $370 million and $547 million respectively. Diluted EPS⁽³⁾ reached $3.40, while adjusted EPS⁽²⁾ was up 31% year-over-year, from $3.94 to $5.16.
• Free cash flow generation⁽¹⁾ of $232 million; reported cash flows from operating activities⁽³⁾ and net additions to PP&E and intangible assets were at $405 million and $173 million respectively.
• Backlog⁽⁴⁾ up year-over-year to $14.4 billion as at December 31, 2024. Unit book-to-bill⁽⁵⁾ of 1.0 demonstrates consistent demand.
• Solid progress on deleveraging sees approximately $400 million debt reduction⁽⁶⁾⁽⁷⁾ launched in 2024, adjusted net debt to adjusted EBITDA ratio⁽²⁾ was reduced from 3.3x in 2023 to 2.9x. Further balance sheet strengthening with the purchase of approximately $635 million in annuities⁽⁸⁾ for some pension plans. Available liquidity⁽¹⁾ of $2.1 billion; cash and cash equivalents were $1.7 billion as at December 31, 2024.
• In light of the rapidly evolving landscape stemming from the February 1, 2025 executive orders signed by the President of the United States regarding new tariffs, Bombardier has elected to defer providing guidance and 2025 objectives⁽⁹⁾.
• All amounts in this press release are in U.S. dollars, unless otherwise indicated.
• Amounts in tables are in millions except per share amounts, unless otherwise indicated.

MONTRÉAL, Feb. 06, 2025 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) today announced solid fourth quarter and full-year 2024 financial results, closing out the company’s fourth consecutive year of sustained growth across all key metrics.

“Our team passionately and proudly executed our plan in 2024 at a very high level, growing revenue to meet guidance, growing deliveries, growing our backlog, meaningfully expanding our margins, and reaching a net leverage ratio of 2.9x,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Four years ago, we outlined a bold vision for how we wanted to structure Bombardier for success. Our company has accomplished more than we set out to,  including reaching our 2-billion-dollar service revenue ambition a full year ahead of schedule by rapidly elevating our customer experience and offerings. Whether in our operations, in the field or on our balance sheet, we have time and again demonstrated that we are strong and resilient.”

Strong Revenue Growth Driven by Impressive Services Performance

Bombardier reported total revenues of $8.7 billion for 2024, surpassing guidance with an 8% increase year-over-year, driven by a solid delivery mix and record services revenue. The company’s Services business continued its impressive performance with $2.04 billion in revenue, reaching the long-term objective outlined as part of the company’s 2021 Investor Day a full year in advance. Services revenues were up 16% from 2023, continuing its double-digit growth trend as all major network expansion projects are now fully operationalized.

Higher Deliveries and Order Activity Fuel Healthy Backlog

Bombardier continued to maintain a disciplined approach to its production, rounding out a particularly active fourth quarter of 2024 to reach total of 146 aircraft deliveries for the year, versus 138 in 2023. Backlog⁽⁴⁾ was up $200 million from 2023, reaching $14.4 billion as at December 31, 2024. The company also reported a full-year unit book-to-bill of 1.0⁽⁵⁾, reflecting steady and strong demand.

Increased Profitability Continues to Support Deleveraging Efforts

Bombardier maintained its profitable growth trajectory for 2024. Adjusted net income⁽¹⁾ saw a significant up-tick in 2024, reaching $547 million. Full-year adjusted EPS⁽²⁾ rose 31% year-over-year, up from $3.94 in 2023 to $5.16 in 2024. Diluted EPS⁽³⁾ was $3.40 for full-year 2024.

Adjusted EBITDA⁽¹⁾ came in at $1.36 billion for 2024, representing 11% growth year-over-year, driven mainly by higher deliveries and an increased contribution from Services, partially offset by supply chain disruption costs. Full-year adjusted EBIT⁽¹⁾  reached $915 million, up 15% from 2023.

The company reported free cash flow (FCF) generation⁽¹⁾ of $232 million, ending the year in line with expectations. Contributing factors to the full-year FCF generation⁽¹⁾ result included strong profitability, disciplined capital investments, inventory build to support production rates, higher supplier advances that offset lower customers advances, due to timing of progress payments. Cash flow from operating activities⁽³⁾ and net additions to PP&E and intangible assets were at $405 million and $173 million respectively for full-year 2024.

Bombardier continued its successful progress on de-leveraging with approximately $400 million in debt reduction⁽⁶⁾⁽⁷⁾ in 2024, bringing the adjusted net debt to adjusted EBITDA ratio⁽²⁾ down from 3.3x in 2023 to 2.9x. Available liquidity⁽¹⁾ was $2.1 billion as at December 31, 2024.

In 2024, approximately $635 million in annuities⁽⁸⁾ were purchased for certain pensioners and beneficiaries of the Bombardier pension plans registered in Québec, further strengthening the company’s balance sheet.

Update on 2025 Outlook

On February 1, 2025, the President of the United States issued three executive orders directing the United States to impose new tariffs on imports originating from Canada, Mexico and China. These orders call for additional 25% duty on imports into the United States of Canadian-origin and Mexican-origin products and 10% duty on Chinese-origin products, except for Canadian energy resources that are subject to an additional 10% duty. In light of the rapidly evolving schedule for tariff implementation and the effects they may have, Bombardier has elected to defer providing guidance and 2025 objectives⁽⁹⁾, until the Corporation has had the opportunity to further assess the direct and indirect impacts to its business of such tariffs, retaliatory tariffs or other trade protectionist measures implemented as this situation develops. Bombardier’s long-term priorities and strategic orientation remain intact, including plans for continuing growth in its Defense and Services businesses and continued de-leveraging.

1. Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation’s financial report for the fiscal year ended December 31, 2024 (“MD&A”) for definitions of these metrics and reconciliations to the most comparable IFRS measures.
2.  Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
3.  Only from continuing operations.
4. Represents order backlog for both manufacturing and Services.
5. Defined as net new aircraft orders in units over aircraft deliveries in units.
6. Including the partial repayment of $300 million of Senior Notes due 2027 completed in January 2025.
7.  Using cash from the Corporation’s balance sheet.
8.  In 2024, approximately $635 million of annuities were purchased for some pensioners and beneficiaries of the Bombardier pension plans registered in Québec, with legal discharge occurring in 2025.
9.  Refer to the Strategic Priorities and Investor Day Recap sections in the MD&A of the Corporation’s financial report for the six-month period ended June 30, 2024 for the most recent discussion of the 2025 Objectives.

SELECTED RESULTS

1. Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
2. Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
3. Supplementary financial measure. Refer to the Non-GAAP and other financial measures section of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.
4.  Discontinued operations are related to the sale of the Transportation business. The expenses recorded in discontinued operations for fiscal year 2023 principally relate to change in estimates of a provision for professional fees.
5. Only from continuing operations.
6.  Represents order backlog for both manufacturing and Services.