CAE INC (CAE) SEC Filings

Brandes Investment Partners, L.P. reported beneficial ownership of 17,300,103 CAE Inc common shares on a Schedule 13G. This represents 5.38% of the outstanding common shares. Brandes has shared voting power over 14,512,660 shares and shared dispositive power over all 17,300,103 shares, with no sole voting or dispositive authority.

CAE Inc. reported fiscal Q1 2027 revenue of $1,173.4 million, up 6.8% year-over-year, driven by growth in both Civil Aviation and Defense and Security. Civil revenue rose to $641.6 million and Defense to $531.8 million.

Profitability declined under IFRS: operating income fell to $86.8 million from $133.8 million and EPS dropped to $0.10 from $0.18, largely due to $48.3 million of restructuring and related transformation costs. Adjusted segment operating income was $156.6 million (13.3% margin) versus $169.3 million (15.4%), while adjusted EPS held flat at $0.26.

Civil adjusted segment operating income decreased to $106.1 million with margin contracting to 16.5%, reflecting higher SG&A, lower simulator contribution and Middle East impacts, partly offset by stronger business aviation training and a 72.2% utilization rate. Defense adjusted segment operating income improved to $50.5 million (9.5% margin) on higher North American activity and program efficiencies, despite lower quarterly order intake.

Cash generation strengthened: free cash flow was $104.0 million versus negative $134.7 million a year ago, and net debt-to-adjusted EBITDA improved to 2.27x. Adjusted order intake was $1,289.6 million with a book-to-sales ratio of 1.10x and adjusted backlog of $19.2 billion. CAE repurchased about 1.1 million shares for $39.0 million and reiterated its fiscal 2027 outlook, including adjusted EPS guidance of $1.21–$1.28 and transformation run-rate savings of $125–$150 million by fiscal 2030.

1832 Asset Management L.P., MD Financial Management Inc., and Scotia McLeod (a division of Scotia Capital Inc.) report beneficial ownership of CAE INC common shares on a Schedule 13G/A (Amendment No. 3). The group reports beneficial ownership of 20,668,450 CAE common shares, representing 6.4295% of the class. They report sole power to vote and sole power to dispose of all 20,668,450 shares, with no shared voting or dispositive power.

Within this aggregate, 1832 Asset Management L.P. reports sole voting and dispositive power over 20,176,009 shares, MD Financial Management Inc. over 236,139 shares, and Scotia Capital Inc. over 256,302 shares, corresponding to 6.3%, 0.1%, and 0.1% of the class, respectively. The filers identify themselves as an investment adviser and broker-dealer and certify they are subject to a foreign regulatory scheme comparable to U.S. requirements.

CAE Inc. filed a Form 25 to remove its Common Shares from listing and/or registration on the New York Stock Exchange under Section 12(b) of the Securities Exchange Act of 1934. The company states it has complied with NYSE rules and the requirements governing the voluntary withdrawal of this class of securities.

CAE Inc. is transferring its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market as part of its transformation plan. The company expects the last day of trading on the NYSE to be July 22, 2026, with Nasdaq trading beginning July 23, 2026.

CAE’s Toronto Stock Exchange listing is unchanged, and its common shares will continue to trade under the symbol “CAE” on both the TSX and Nasdaq. Management describes the move as consistent with its focus on operational efficiency and aligning its market presence with its technology-driven training and simulation profile.

CAE Inc. files its Annual Report on Form 40-F for the fiscal year ended March 31, 2026, which supersedes prior Exchange Act filings for purposes of future offers or sales. The report states 321,734,387 common shares outstanding as of the period end, affirms management concluded disclosure controls and internal controls over financial reporting were effective, and notes PricewaterhouseCoopers LLP issued an attestation report on internal control. The filing lists a five-member independent Audit Committee with two audit committee financial experts and incorporates Exhibit 99.1 (Annual Information Form), Exhibit 99.2 (audited financial statements) and Exhibit 99.3 (Management’s Discussion and Analysis) by reference.

CAE Inc. has filed a Form 6-K furnishing its 2026 Management Proxy Circular and annual report for the year ended March 31, 2026. The documents support the hybrid annual shareholders’ meeting on August 12, 2026 in Montréal and via webcast.

Shareholders of record as of June 15, 2026 can vote on electing 13 directors, reappointing PwC as auditor, and an advisory “say on pay” resolution on executive compensation. The circular highlights CAE’s two core segments, Civil Aviation and Defense & Security, and describes an ongoing transformation plan focused on portfolio sharpening, capital discipline and execution.

Executive pay remains strongly performance-based, with a corporate short‑term incentive factor of 84% for FY2026 and a 26% payout factor for performance share units that vested based on FY2023–FY2025 results. Governance disclosures emphasize an 11‑of‑13 independent board, committee independence, director term and age limits, and director and executive share ownership requirements.

CAE Inc. has received regulatory approval to renew its normal course issuer bid, allowing it to repurchase for cancellation up to 16,073,033 common shares between June 10, 2026 and June 9, 2027. This represents approximately five percent of its issued and outstanding common shares as of May 29, 2026.

As of that date, CAE had 321,460,674 common shares outstanding. Purchases may be made on the TSX, NYSE, alternative trading platforms or through privately negotiated block trades, with TD Securities Inc. acting as designated broker and an automatic repurchase plan enabling buybacks during blackout periods.

Under the prior bid effective from June 10, 2025 to June 9, 2026, CAE was authorized to buy up to 16,019,294 shares and had repurchased 565,259 shares at a volume‑weighted average price of $35.4418 per share, for total consideration of $20.0 million. All shares repurchased under the renewed program will be cancelled.

CAE Inc. reported fiscal 2026 results showing modest revenue growth but weaker profitability, while launching a multi‑year transformation plan with detailed 2027 outlook and 2030 targets. Full‑year revenue rose to $4.9 billion from $4.7 billion, but diluted EPS declined to $0.97 from $1.27 as operating income fell to $612.3 million, or 12.5% margin.

Adjusted EPS was broadly stable at $1.20 versus $1.21, with adjusted segment operating income of $710.7 million (14.5% margin). Civil Aviation revenue grew 1% to $2,741.6 million, but adjusted margins contracted, while Defense revenue increased 9% to $2,172.4 million with stronger adjusted profitability. Free cash flow was solid at $473.8 million and net debt‑to‑adjusted EBITDA was 2.29x.

Management is executing an eight‑workstream transformation, including removing 10% of the commercial full‑flight simulator fleet and consolidating real estate, targeting $125–$150 million annual run‑rate savings and $950 million–$1 billion of adjusted segment operating income in fiscal 2030. For fiscal 2027, CAE guides to low‑single digit revenue growth, adjusted operating margin of 14.6%–15.1%, adjusted EPS of $1.21–$1.28, and cash conversion of 85%–95%, while absorbing $200–$250 million in total transformation costs.