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[40-F] CAE INC Annual Report (Canadian Issuer)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
40-F
Rhea-AI Filing Summary

CAE has filed its Annual Report (Form 40-F) as a Canadian issuer for the fiscal year ending March 31, 2025. The company operates through two main segments: Civil Aviation and Defense & Security.

Key operational highlights include:

  • Continued investment in simulator technology and training centers worldwide
  • Strategic focus on both product sales and training/services across segments
  • Geographic diversification across Canada, US, UK, Europe, Asia, and other regions
  • Management of a significant property portfolio including simulators, aircraft, and training facilities

Financial elements include management of defined benefit pension plans, tax positions across multiple jurisdictions, and strategic investments in R&D. The company maintains a complex international operational structure with significant assets and operations across multiple continents, reflecting its position as a global leader in training and simulation technology.

CAE ha depositato il suo Rapporto Annuale (Modulo 40-F) come emittente canadese per l'esercizio fiscale terminato il 31 marzo 2025. L'azienda opera attraverso due segmenti principali: Aviazione Civile e Difesa e Sicurezza.

I principali punti operativi includono:

  • Investimenti continui nella tecnologia dei simulatori e nei centri di formazione a livello globale
  • Focus strategico sia sulla vendita di prodotti che su formazione e servizi nei vari segmenti
  • Diversificazione geografica in Canada, Stati Uniti, Regno Unito, Europa, Asia e altre regioni
  • Gestione di un importante portafoglio immobiliare che comprende simulatori, aeromobili e strutture di addestramento

Gli aspetti finanziari comprendono la gestione di piani pensionistici a benefici definiti, posizioni fiscali in diverse giurisdizioni e investimenti strategici in ricerca e sviluppo. L'azienda mantiene una struttura operativa internazionale complessa con asset e attività significative distribuite su più continenti, riflettendo la sua posizione di leader globale nella tecnologia di formazione e simulazione.

CAE ha presentado su Informe Anual (Formulario 40-F) como emisor canadiense para el año fiscal que termina el 31 de marzo de 2025. La compañía opera a través de dos segmentos principales: Aviación Civil y Defensa y Seguridad.

Los principales aspectos operativos incluyen:

  • Inversión continua en tecnología de simuladores y centros de capacitación en todo el mundo
  • Enfoque estratégico tanto en la venta de productos como en la formación y servicios en ambos segmentos
  • Diversificación geográfica en Canadá, EE. UU., Reino Unido, Europa, Asia y otras regiones
  • Gestión de una importante cartera de propiedades que incluye simuladores, aeronaves e instalaciones de entrenamiento

Los elementos financieros incluyen la gestión de planes de pensiones de beneficios definidos, posiciones fiscales en múltiples jurisdicciones e inversiones estratégicas en I+D. La empresa mantiene una estructura operativa internacional compleja con activos y operaciones significativas en varios continentes, reflejando su posición como líder global en tecnología de formación y simulación.

CAE는 2025년 3월 31일 종료되는 회계연도에 대한 캐나다 발행인으로서 연례 보고서(Form 40-F)를 제출했습니다. 회사는 민간 항공국방 및 보안 두 주요 부문을 통해 운영되고 있습니다.

주요 운영 하이라이트는 다음과 같습니다:

  • 전 세계 시뮬레이터 기술 및 교육 센터에 대한 지속적인 투자
  • 제품 판매와 교육/서비스 모두에 대한 전략적 집중
  • 캐나다, 미국, 영국, 유럽, 아시아 및 기타 지역에 걸친 지리적 다양화
  • 시뮬레이터, 항공기 및 교육 시설을 포함한 상당한 부동산 포트폴리오 관리

재무 측면에서는 확정급여형 연금 계획 관리, 여러 관할 구역에 걸친 세무 포지션, 연구개발에 대한 전략적 투자가 포함됩니다. 회사는 다수 대륙에 걸친 중요한 자산과 운영을 보유한 복잡한 국제 운영 구조를 유지하며, 교육 및 시뮬레이션 기술 분야의 글로벌 리더로서의 입지를 반영합니다.

CAE a déposé son rapport annuel (Formulaire 40-F) en tant qu'émetteur canadien pour l'exercice fiscal se terminant le 31 mars 2025. La société opère à travers deux segments principaux : Aviation civile et Défense & Sécurité.

Les principaux points opérationnels incluent :

  • Investissements continus dans la technologie des simulateurs et les centres de formation à travers le monde
  • Focus stratégique à la fois sur la vente de produits et sur la formation/services dans les deux segments
  • Diversification géographique au Canada, aux États-Unis, au Royaume-Uni, en Europe, en Asie et dans d'autres régions
  • Gestion d'un portefeuille immobilier important comprenant des simulateurs, des avions et des installations de formation

Les aspects financiers comprennent la gestion des régimes de retraite à prestations définies, des positions fiscales dans plusieurs juridictions et des investissements stratégiques en R&D. La société maintient une structure opérationnelle internationale complexe avec des actifs et des opérations significatifs sur plusieurs continents, reflétant sa position de leader mondial dans la technologie de formation et de simulation.

CAE hat seinen Jahresbericht (Formular 40-F) als kanadischer Emittent für das am 31. März 2025 endende Geschäftsjahr eingereicht. Das Unternehmen ist in zwei Hauptsegmenten tätig: Zivile Luftfahrt und Verteidigung & Sicherheit.

Wichtige operative Highlights umfassen:

  • Kontinuierliche Investitionen in Simulator-Technologie und Trainingszentren weltweit
  • Strategischer Fokus sowohl auf Produktverkäufe als auch auf Schulungen/Dienstleistungen in beiden Segmenten
  • Geografische Diversifikation in Kanada, den USA, Großbritannien, Europa, Asien und weiteren Regionen
  • Verwaltung eines bedeutenden Immobilienportfolios einschließlich Simulatoren, Flugzeugen und Trainingsanlagen

Finanzielle Aspekte beinhalten die Verwaltung von leistungsorientierten Pensionsplänen, Steuerpositionen in mehreren Jurisdiktionen sowie strategische Investitionen in Forschung und Entwicklung. Das Unternehmen unterhält eine komplexe internationale Betriebsstruktur mit bedeutenden Vermögenswerten und Aktivitäten auf mehreren Kontinenten, was seine Position als globaler Marktführer in der Trainings- und Simulationstechnologie widerspiegelt.

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CAE ha depositato il suo Rapporto Annuale (Modulo 40-F) come emittente canadese per l'esercizio fiscale terminato il 31 marzo 2025. L'azienda opera attraverso due segmenti principali: Aviazione Civile e Difesa e Sicurezza.

I principali punti operativi includono:

  • Investimenti continui nella tecnologia dei simulatori e nei centri di formazione a livello globale
  • Focus strategico sia sulla vendita di prodotti che su formazione e servizi nei vari segmenti
  • Diversificazione geografica in Canada, Stati Uniti, Regno Unito, Europa, Asia e altre regioni
  • Gestione di un importante portafoglio immobiliare che comprende simulatori, aeromobili e strutture di addestramento

Gli aspetti finanziari comprendono la gestione di piani pensionistici a benefici definiti, posizioni fiscali in diverse giurisdizioni e investimenti strategici in ricerca e sviluppo. L'azienda mantiene una struttura operativa internazionale complessa con asset e attività significative distribuite su più continenti, riflettendo la sua posizione di leader globale nella tecnologia di formazione e simulazione.

CAE ha presentado su Informe Anual (Formulario 40-F) como emisor canadiense para el año fiscal que termina el 31 de marzo de 2025. La compañía opera a través de dos segmentos principales: Aviación Civil y Defensa y Seguridad.

Los principales aspectos operativos incluyen:

  • Inversión continua en tecnología de simuladores y centros de capacitación en todo el mundo
  • Enfoque estratégico tanto en la venta de productos como en la formación y servicios en ambos segmentos
  • Diversificación geográfica en Canadá, EE. UU., Reino Unido, Europa, Asia y otras regiones
  • Gestión de una importante cartera de propiedades que incluye simuladores, aeronaves e instalaciones de entrenamiento

Los elementos financieros incluyen la gestión de planes de pensiones de beneficios definidos, posiciones fiscales en múltiples jurisdicciones e inversiones estratégicas en I+D. La empresa mantiene una estructura operativa internacional compleja con activos y operaciones significativas en varios continentes, reflejando su posición como líder global en tecnología de formación y simulación.

CAE는 2025년 3월 31일 종료되는 회계연도에 대한 캐나다 발행인으로서 연례 보고서(Form 40-F)를 제출했습니다. 회사는 민간 항공국방 및 보안 두 주요 부문을 통해 운영되고 있습니다.

주요 운영 하이라이트는 다음과 같습니다:

  • 전 세계 시뮬레이터 기술 및 교육 센터에 대한 지속적인 투자
  • 제품 판매와 교육/서비스 모두에 대한 전략적 집중
  • 캐나다, 미국, 영국, 유럽, 아시아 및 기타 지역에 걸친 지리적 다양화
  • 시뮬레이터, 항공기 및 교육 시설을 포함한 상당한 부동산 포트폴리오 관리

재무 측면에서는 확정급여형 연금 계획 관리, 여러 관할 구역에 걸친 세무 포지션, 연구개발에 대한 전략적 투자가 포함됩니다. 회사는 다수 대륙에 걸친 중요한 자산과 운영을 보유한 복잡한 국제 운영 구조를 유지하며, 교육 및 시뮬레이션 기술 분야의 글로벌 리더로서의 입지를 반영합니다.

CAE a déposé son rapport annuel (Formulaire 40-F) en tant qu'émetteur canadien pour l'exercice fiscal se terminant le 31 mars 2025. La société opère à travers deux segments principaux : Aviation civile et Défense & Sécurité.

Les principaux points opérationnels incluent :

  • Investissements continus dans la technologie des simulateurs et les centres de formation à travers le monde
  • Focus stratégique à la fois sur la vente de produits et sur la formation/services dans les deux segments
  • Diversification géographique au Canada, aux États-Unis, au Royaume-Uni, en Europe, en Asie et dans d'autres régions
  • Gestion d'un portefeuille immobilier important comprenant des simulateurs, des avions et des installations de formation

Les aspects financiers comprennent la gestion des régimes de retraite à prestations définies, des positions fiscales dans plusieurs juridictions et des investissements stratégiques en R&D. La société maintient une structure opérationnelle internationale complexe avec des actifs et des opérations significatifs sur plusieurs continents, reflétant sa position de leader mondial dans la technologie de formation et de simulation.

CAE hat seinen Jahresbericht (Formular 40-F) als kanadischer Emittent für das am 31. März 2025 endende Geschäftsjahr eingereicht. Das Unternehmen ist in zwei Hauptsegmenten tätig: Zivile Luftfahrt und Verteidigung & Sicherheit.

Wichtige operative Highlights umfassen:

  • Kontinuierliche Investitionen in Simulator-Technologie und Trainingszentren weltweit
  • Strategischer Fokus sowohl auf Produktverkäufe als auch auf Schulungen/Dienstleistungen in beiden Segmenten
  • Geografische Diversifikation in Kanada, den USA, Großbritannien, Europa, Asien und weiteren Regionen
  • Verwaltung eines bedeutenden Immobilienportfolios einschließlich Simulatoren, Flugzeugen und Trainingsanlagen

Finanzielle Aspekte beinhalten die Verwaltung von leistungsorientierten Pensionsplänen, Steuerpositionen in mehreren Jurisdiktionen sowie strategische Investitionen in Forschung und Entwicklung. Das Unternehmen unterhält eine komplexe internationale Betriebsstruktur mit bedeutenden Vermögenswerten und Aktivitäten auf mehreren Kontinenten, was seine Position als globaler Marktführer in der Trainings- und Simulationstechnologie widerspiegelt.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F

(Check One)

    REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
or
    ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For fiscal year ended March 31, 2025            Commission File number 1-31402
CAE INC.
(Exact name of Registrant as specified in its charter)

Not Applicable
(Translation of Registrant’s name into English (if applicable))
Canada
(Province or other jurisdiction of incorporation or organization)
3699
(Primary Standard Industrial Classification Code Number (if applicable))
Not Applicable
(I.R.S. Employer Identification Number (if applicable))
8585 Côte-de-Liesse, Saint-Laurent, Québec, H4T 1G6
514-341-6780
(Address and telephone number of Registrant’s principal executive office)
CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, NY 10011 (212) 894-8700
(Name, address (including zip code) and telephone number (including area code) of
agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class            Trading                Name of Each Exchange
                    Symbol                On Which Registered
Common Shares,            CAE                New York Stock Exchange
including associated Common Share
purchase rights pursuant to the Registrant’s
Shareholder Rights Plan, which purchase rights
will trade together with the Common Shares
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None




For annual reports, indicate by check mark the information filed with this form:
Annual Information Form             Audited Annual Financial Statements
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 320,265,108 common shares
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes         No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes         No
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.         
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.        
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.                                             

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).                                     ☐

PRIOR FILINGS MODIFIED AND SUPERSEDED
The annual report on Form 40-F of CAE Inc. (“CAE” or the “Company”) for the year ended March 31, 2025, at the time of filing with the U.S. Securities and Exchange Commission (the “SEC” or “Commission”), modifies and supersedes all prior documents filed pursuant to Sections 13, 14 and 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) for purposes of any offers or sales of any securities after the date of such filing pursuant to any registration statement or prospectus filed pursuant to the Securities Act of 1933 which incorporates by reference such annual report on Form 40-F.



DISCLOSURE CONTROLS AND PROCEDURES
A. Evaluation of disclosure controls and procedures. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by CAE in reports filed with securities regulatory agencies is recorded, processed, summarized and reported on a timely basis and is accumulated and communicated to CAE’s management, including our President and Chief Executive Officer and Interim Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure.
Under the supervision of the President and Chief Executive Officer and Interim Chief Financial Officer, management evaluated the effectiveness of CAE’s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings, as of March 31, 2025, the end of the period covered by this Annual Report on Form 40-F. The President and Chief Executive Officer and the Interim Chief Financial Officer concluded from the evaluation that the design and operation of CAE’s disclosure controls and procedures were effective as at March 31, 2025.
B. Management’s annual report on internal control over financial reporting. CAE’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
CAE’s internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of CAE’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that CAE’s receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of CAE’s assets that could have a material effect on the financial statements.
Management evaluated the effectiveness of CAE’s internal controls over financial reporting as of March 31, 2025, based on the framework and criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and has concluded that CAE’s internal control over financial reporting is effective as of the end of the period covered by this Annual Report on Form 40-F.
C. Attestation report of the Independent Auditors. PricewaterhouseCoopers LLP (PCAOB ID 271), independent auditors who audited and reported on CAE’s financial statements included in this annual report, has issued an attestation report on the effectiveness of CAE’s internal control over financial reporting as of the end of the period covered by this Annual Report on Form 40-F.  This attestation report is included in Exhibit 99.2 to this Annual Report on Form 40-F and is incorporated herein by reference.



D. Changes in internal control over financial reporting. There were no changes to CAE’s internal control over financial reporting during the year ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, CAE’s internal control over financial reporting.
E. Limitations on the effectiveness of controls. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, CAE’s management, including our President and Chief Executive Officer and our Interim Chief Financial Officer, does not expect that CAE’s internal control over financial reporting will prevent or detect all errors and all fraud.
CAE will continue to periodically review its disclosure controls and procedures and internal control over financial reporting and may make modifications from time to time as considered necessary or desirable.
NOTICES PURSUANT TO REGULATION BTR
The Company was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or executive officers during the fiscal year ended March 31, 2025.
AUDIT COMMITTEE AND AUDIT COMMITTEE FINANCIAL EXPERT
CAE has a separately-designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The Company’s Audit Committee is comprised of five directors, all of whom, in the opinion of CAE’s board of directors, are independent (as determined under Rule 10A-3 of the Exchange Act and the rules of the NYSE) and are financially literate. CAE’s Audit Committee is, as of the date hereof, comprised of the following directors: Ayman Antoun, Patrick Decostre, Ian L. Edwards, Marianne Harrison and Louis Têtu.
CAE’s board of directors has determined that, as of the date hereof, it has one audit committee financial expert serving on its audit committee. The board of directors has determined that Ms. Marianne Harrison is an audit committee financial expert within the meaning of General Instruction B(8)(b) of Form 40-F and is independent as that term is defined by the New York Stock Exchange’s corporate governance standards applicable to CAE.
The Commission has indicated that the designation of a person as an audit committee financial expert does not make such person an “expert” for any purpose, does not impose on such person any duties, obligations or liability that are greater than those imposed on such person as a member of the audit committee and the board of directors in the absence of such designation and does not affect the duties, obligations or liability of any other member of the audit committee or board of directors.




CODE OF ETHICS
CAE has a code of ethics entitled “Code of Business Conduct,” which applies to all directors, officers, and employees of CAE and CAE’s wholly-owned and controlled subsidiaries, including CAE’s principal executive officer, principal financial officer, principal accounting officer, employees seconded to joint venture companies, agents, representatives, contractors, suppliers and consultants. The Code of Business Conduct is available at CAE’s website http://www.cae.com/investors/governance/ and is available in print to any shareholder who requests it. Requests for copies of the Code of Business Conduct should be made by contacting CAE’s Investor Relations department, 8585 de la Côte-de-Liesse, Saint-Laurent (Québec), Canada H4T 1G6, email: investor.relations@cae.com. Amendments to the Code of Business Conduct and waivers, if any, for executive officers will be disclosed on CAE’s website. Unless specifically referred to herein, the information on CAE’s website shall not be deemed to be incorporated by reference in this annual report.
CAE has adopted an insider trading policy that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to CAE. CAE’s Insider Trading Policy is available at CAE’s website at https://www.cae.com/sustainability/responsible-business-conduct.

PRINCIPAL ACCOUNTANT FEES AND SERVICES
The disclosure provided under section 10.3 “Approval of Services” on page 31 of Exhibit 99.1, Annual Information Form, providing details on the fees billed by PricewaterhouseCoopers LLP, the Company’s principal accountant, to CAE in each of the years ended March 31, 2025 and March 31, 2024 for professional services rendered to CAE, is incorporated by reference herein.
AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
The disclosure provided under section 10.3 “Approval of Services” on page 31 of Exhibit 99.1, Annual Information Form, is incorporated by reference herein.
OFF-BALANCE SHEET ARRANGEMENTS
The disclosure provided under section 8.2 “Off balance sheet arrangements” on page 25 of Exhibit 99.3, Management’s Discussion and Analysis, is incorporated by reference herein.
CONTRACTUAL OBLIGATIONS
The disclosure provided under section 7.4 “Contingencies and commitments” on page 23 of Exhibit 99.3, Management’s Discussion and Analysis, is incorporated by reference herein.
MINE SAFETY DISCLOSURE
Not applicable.



SIGNIFICANT DIFFERENCES
A summary of significant differences between corporate governance practices followed by CAE and corporate governance practices required to be followed by U.S. domestic companies under the New York Stock Exchange’s Listing Standards (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available at CAE’s website http://www.cae.com/investors/governance/.
UNDERTAKING AND CONSENT TO
SERVICE OF PROCESS
A.    Undertaking
    CAE Inc. (the “Registrant”) undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
B.    Consent to Service of Process
The Registrant has previously filed with the Commission a Form F-X in connection with the Common Shares, including the associated Common Share purchase rights pursuant to the Registrant’s Shareholder Rights Plan, which purchase rights trade together with the Common Shares.

SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
Date:    June 20, 2025                    CAE INC.


By:    /s/ Mark Hounsell                
Name:    Mark Hounsell
Title:     Chief Legal and Compliance Officer, and Corporate Secretary



EXHIBIT INDEX



Exhibit No.
Description
3.1
General By-Law of CAE Inc.
10.1
Nomination Right Agreement, dated February 13, 2025 (translation)
10.2
Letter Agreement, dated February 13, 2025
23.1
Consent of Independent Registered Public Accounting Firm
31.1
Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a)
31.2
Certification of Interim Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a)
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †
32.2
Certification of Interim Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †
97
CAE Inc. Executive Compensation Clawback Policy
99.1
Annual Information Form for the fiscal year ended March 31, 2025
99.2
Audited annual financial statements for the fiscal year ended March 31, 2025
99.3
Management’s Discussion and Analysis for the fiscal year ended March 31, 2025
99.4
Notice and Management Proxy Circular dated June 12, 2025 (incorporated by reference to CAE’s Form 6-K (commission file no. 1-31402) furnished to the Commission on June 20, 2025

† This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference on any filing under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

Exhibits 99.1, 99.2 and 99.3 of this Annual Report on Form 40-F are incorporated by reference into the Registration Statements on Form S-8 of the Registrant filed with the Securities and Exchange Commission on November 3, 2023 (Registration No. 333-275323), on October 7, 2022 (Registration No. 333-267775), on September 20, 2016 (Registration No. 333-213708), on November 14, 2008 (Registration No. 333-155366) and on July 26, 2002 (Registration No. 333-97185), (together, the “Registration Statements”). Exhibit 23.1 is incorporated by reference as an exhibit to the Registration Statements.

FAQ

What type of SEC filing did CAE submit on June 28, 2025?

CAE submitted a Form 40-F (Annual Report for Canadian Issuers) to the SEC on June 28, 2025. The 40-F is the annual report filing required for Canadian companies listed on U.S. exchanges.

What are CAE's main business segments as reported in their 2025 40-F?

Based on the filing, CAE operates through two main business segments: Civil Aviation and Defense and Security. The company reports results for both Products and Training & Services within these segments.

What geographical regions does CAE operate in according to the 2025 40-F?

CAE operates across multiple geographical regions including: Canada, United States, United Kingdom, Americas (excluding Canada and US), Europe, Asia, and Oceania and Africa.

What major asset categories does CAE report in their 2025 financial statements?

CAE reports several major asset categories including: Land and Buildings, Simulators, Machinery, Aircraft and Aircraft Engines, and Construction in Progress. The company also reports intangible assets including capitalized development costs, customer-related intangibles, licenses, and technology/software.
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