\n\nTotal revenues<\/p><\/td> | \n\u00a0<\/p><\/td> | \n285,102<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n260,898<\/p><\/td> | \n9.3%<\/p><\/td><\/tr>\n<\/table> \nRevenues in Canada increased 2.7% in the first quarter of 2026 compared to the corresponding period in 2025, primarily due to higher casting product and engine part revenues offset in part by lower propulsion product revenues.<\/p> \nRevenues in the United States increased 6.5% in the first quarter of 2026 compared to the first quarter of 2025, mainly due to higher narrow body and wide body aircraft part revenues, offset in part by lower engine shaft revenues and unfavourable foreign exchange impacts due to the weakening of the United States dollar relative to the Canadian dollar. On a currency neutral basis, revenues in the United States increased by 11.4% in the first quarter of 2026 over the same period in 2025.<\/p> \nEuropean revenues in the first quarter of 2026 increased 20.6% compared to the corresponding period in 2025 primarily driven by higher revenues for narrow body and wide body aircraft parts, higher maintenance, repair and overhaul (\u201cMRO\u201d) revenues and favourable foreign exchange impacts due to the strengthening of the British Pound relative to the Canadian dollar. On a currency neutral basis, revenues in Europe increased by 17.4% in the first quarter of 2026 over the same period in 2025.<\/p> \nGross Profit<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td> | \nChange<\/p><\/td><\/tr>\n | \n\nGross profit<\/p><\/td> | \n\u00a0<\/p><\/td> | \n40,613<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n33,732<\/b><\/p><\/td> | \n20.4%<\/p><\/td><\/tr>\n | \n\nPercentage of revenues<\/p><\/td> | \n\u00a0<\/p><\/td> | \n14.2%<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n12.9%<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nGross profit of $40.6 million for the first quarter of 2026 was $6.9 million higher than the $33.7 million gross profit for the first quarter of 2025, and gross profit as a percentage of revenues of 14.2% for the first quarter of 2026 increased from the 12.9% recorded in the same period in 2025. The gross profit in the current quarter increased from the same quarter in the prior year as a result of volume and price increases and favourable product mix, offset in part by price increases on purchased materials and supplies.<\/p> \nAdministrative and General Expenses<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td> | \nChange<\/p><\/td><\/tr>\n | \n\nAdministrative and general expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n17,377<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n15,229<\/p><\/td> | \n14.1%<\/p><\/td><\/tr>\n | \n\nPercentage of revenues<\/p><\/td> | \n\u00a0<\/p><\/td> | \n6.1%<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n5.8%<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nAdministrative and general expenses as a percentage of revenues of 6.1% for the first quarter of 2026 were higher on a nominal basis than the same period of 2025, and were also higher as a percentage of revenues. Administrative and general expenses increased $2.2 million or 14.1% to $17.4 million in the first quarter of 2026 compared to $15.2 million in the first quarter of 2025 mainly due to higher salary and benefit costs, including long-term incentive bonuses and increased information technology spending.<\/p> \nOther Expense<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nForeign exchange (gain) loss<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(2,194)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2,933<\/p><\/td><\/tr>\n | \n\nLoss on disposal of property, plant and equipment<\/p><\/td> | \n\u00a0<\/p><\/td> | \n241<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2500<\/p><\/td><\/tr>\n | \n\nOther<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3,155<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2500<\/p><\/td><\/tr>\n | \n\nTotal other expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n1,202<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2,933<\/p><\/td><\/tr>\n<\/table> \nOther expense for the first quarter of 2026 included a $2.2 million foreign exchange gain compared to a $2.9 million foreign exchange loss in the first quarter of the prior year. The movements in balances denominated in foreign currencies and the fluctuations of the foreign exchange rates impact the net foreign exchange gain or loss recorded in a quarter.<\/p> \nOther expense in the first quarter of 2026 also included $3.2 million of costs mainly related to legal defence costs of subsidiaries of the Corporation surrounding environmental claims and orders for former sites of such subsidiary companies, compared to a Nil amount in the first quarter of the prior year. Refer to the \u201cLegal Proceedings and Environmental Orders\u201d section under Liquidity and Capital Resources for more information.<\/p> \nInterest Expense<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nInterest (income) on cash, bank indebtedness and long-term debt<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(64)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(143)<\/p><\/td><\/tr>\n | \n\nAccretion charge on long-term debt and borrowings<\/p><\/td> | \n\u00a0<\/p><\/td> | \n198<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n207<\/p><\/td><\/tr>\n | \n\nAccretion charge for lease liabilities<\/p><\/td> | \n\u00a0<\/p><\/td> | \n441<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n455<\/p><\/td><\/tr>\n | \n\nDiscount on sale of accounts receivable<\/p><\/td> | \n\u00a0<\/p><\/td> | \n59<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n57<\/p><\/td><\/tr>\n | \n\nTotal interest expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n634<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n576<\/p><\/td><\/tr>\n<\/table> \nTotal interest expense of $0.6 million in the first quarter of 2026 was slightly higher compared to the first quarter of 2025 mainly due to lower net interest income on cash, bank indebtedness and long-term debt.<\/p> \nProvision for Income Taxes<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nCurrent income tax expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n5,918<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n5,508<\/p><\/td><\/tr>\n | \n\nDeferred income tax recovery<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(993)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,341)<\/p><\/td><\/tr>\n | \n\nTotal income tax expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n4,925<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n4,167<\/p><\/td><\/tr>\n | \n\nEffective tax rate<\/p><\/td> | \n\u00a0<\/p><\/td> | \n23.0%<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n27.8%<\/p><\/td><\/tr>\n<\/table> \nIncome tax expense for the three months ended March 31, 2026 was $4.9 million, representing an effective income tax rate of 23.0%, compared to 27.8% for the same period of 2025. The change in effective tax rate and current and deferred income tax expenses year over year was primarily due to the change in mix of income and loss across the different jurisdictions in which the Corporation operates and the reversal of temporary differences.<\/p> \n3. Selected Quarterly Financial Information\n<\/b>A summary view of Magellan\u2019s quarterly financial performance<\/p>\n\n| \n | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2024<\/b><\/p><\/td><\/tr>\n\n\nExpressed in millions of dollars,<\/p> \nexcept per share amounts<\/p><\/td> | \nMar 31<\/b><\/p><\/td> | \nDec 31<\/p><\/td> | \nSep 30<\/p><\/td> | \nJun 30<\/p><\/td> | \nMar 31<\/p><\/td> | \nDec 31<\/p><\/td> | \nSep 30<\/p><\/td> | \nJun 30<\/p><\/td><\/tr>\n | \n\nRevenues<\/p><\/td> | \n285.1<\/b><\/p><\/td> | \n278.3<\/p><\/td> | \n255.7<\/p><\/td> | \n249.8<\/p><\/td> | \n260.9<\/p><\/td> | \n240.7<\/p><\/td> | \n223.5<\/p><\/td> | \n242.9<\/p><\/td><\/tr>\n | \n\nIncome before taxes<\/p><\/td> | \n21.4<\/b><\/p><\/td> | \n13.0<\/p><\/td> | \n17.4<\/p><\/td> | \n8.7<\/p><\/td> | \n15.0<\/p><\/td> | \n19.4<\/p><\/td> | \n9.3<\/p><\/td> | \n9.9<\/p><\/td><\/tr>\n | \n\nNet income<\/p><\/td> | \n16.5<\/b><\/p><\/td> | \n10.5<\/p><\/td> | \n12.7<\/p><\/td> | \n5.4<\/p><\/td> | \n10.8<\/p><\/td> | \n15.9<\/p><\/td> | \n5.8<\/p><\/td> | \n7.5<\/p><\/td><\/tr>\n | \n\nNet income per share<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nBasic and diluted<\/p><\/td> | \n0.29<\/b><\/p><\/td> | \n0.19<\/p><\/td> | \n0.22<\/p><\/td> | \n0.09<\/p><\/td> | \n0.19<\/p><\/td> | \n0.28<\/p><\/td> | \n0.10<\/p><\/td> | \n0.13<\/p><\/td><\/tr>\n | \n\nEBITDA1<\/sup><\/p><\/td>\n33.8<\/b><\/p><\/td> | \n25.4<\/p><\/td> | \n29.8<\/p><\/td> | \n21.1<\/p><\/td> | \n27.3<\/p><\/td> | \n31.6<\/p><\/td> | \n21.5<\/p><\/td> | \n21.9<\/p><\/td><\/tr>\n | \n\nAdjusted EBITDA1<\/sup><\/p><\/td>\n36.9<\/b><\/p><\/td> | \n38.9<\/p><\/td> | \n29.8<\/p><\/td> | \n21.1<\/p><\/td> | \n27.3<\/p><\/td> | \n32.4<\/p><\/td> | \n21.5<\/p><\/td> | \n22.7<\/p><\/td><\/tr>\n<\/table> \n\n\n1<\/sup> 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. Please see Section 4 the \u201cReconciliation of Net Income to EBITDA and Adjusted EBITDA\u201d for more information.<\/p><\/td><\/tr>\n<\/table>\nRevenues and net income in the quarter were impacted by the movements of the Canadian dollar relative to the United States dollar and British pound, when the Corporation translates its foreign operations to Canadian dollars. Further, the movements in the United States dollar relative to the British pound impact the Corporation\u2019s United States dollar exposures in its European operations. During the periods reported, the average quarterly exchange rate of the United States dollar relative to the Canadian dollar fluctuated between a high of 1.4350 in the first quarter of 2025 and a low of 1.3637 in the third quarter of 2024. The average quarterly exchange rate of the British pound relative to the Canadian dollar reached a high of 1.8573 in the third quarter of 2025 and hit a low of 1.7272 in the second quarter of 2024. The average quarterly exchange rate of the British pound relative to the United States dollar reached a high of 1.3483 in the third quarter of 2025 and hit a low of 1.2600 in the first quarter of 2025.<\/p> \nRevenue for the first quarter of 2026 of $285.1 million was higher than that in the first quarter of 2025. The average quarterly exchange rate of the United States dollar relative to the Canadian dollar in the first quarter of 2026 was 1.3715 versus 1.4350 in the same period of 2025. The average quarterly exchange rate of the British pound relative to the Canadian dollar moved from 1.8081 in the first quarter of 2025 to 1.8490 during the current quarter. The average quarterly exchange rate of the British pound relative to the United States dollar increased from 1.2600 in the first quarter of 2025 to 1.3482 in the current quarter.<\/p> \nSince the second quarter of 2024, the Company has seen a general, but uneven, growth trend in quarterly revenues.<\/p> \n4. Reconciliation of Net Income to EBITDA and Adjusted EBITDA\n<\/b>A description and reconciliation of certain non-IFRS measures used by management<\/p> \nIn addition to the primary measures of earnings and earnings per share (basic and diluted) in accordance with IFRS, the Corporation includes EBITDA (net income before interest, income taxes and depreciation and amortization) and Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, and non-operational items related to former sites of subsidiary companies) in this news release.<\/p> \nThe Corporation has provided these measures because it believes this information is used by certain investors to assess financial performance and that EBITDA and Adjusted EBITDA are useful supplemental measures as they provide an indication of the results generated by the Corporation\u2019s principal business activities prior to consideration of how these activities are financed and how the results are taxed in the various jurisdictions. Each component of these measures is calculated in accordance with IFRS, but EBITDA and Adjusted EBITDA are not recognized measures under IFRS, and the Corporation\u2019s method of calculation may not be comparable with that of other companies. Accordingly, EBITDA and Adjusted EBITDA should not be used as an alternative to net income as determined in accordance with IFRS or as an alternative to cash provided by or used in operations.<\/p> \n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nIncome before interest and income taxes<\/p><\/td> | \n\u00a0<\/p><\/td> | \n22,034<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n15,570<\/p><\/td><\/tr>\n | \n\nAdd: Depreciation and amortization<\/p><\/td> | \n\u00a0<\/p><\/td> | \n11,744<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n11,713<\/p><\/td><\/tr>\n | \n\nEBITDA<\/p><\/td> | \n\u00a0<\/p><\/td> | \n33,778<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n27,283<\/p><\/td><\/tr>\n | \n\nAdd: Non-operational items related to former sites of subsidiary companies<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3,155<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2500<\/p><\/td><\/tr>\n | \n\nAdjusted EBITDA<\/p><\/td> | \n\u00a0<\/p><\/td> | \n36,933<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n27,283<\/p><\/td><\/tr>\n<\/table> \nAdjusted EBITDA in the first quarter of 2026 increased $9.6 million or 35.4% to $36.9 million in comparison to $27.3 million in the same quarter of 2025 mainly as a result of gross margin improvements and higher foreign exchange income movements offset in part by higher administrative and general expenses.<\/p> \n5. Liquidity and Capital Resources\n<\/b>A discussion of Magellan\u2019s cash flow, liquidity, credit facilities and other disclosures<\/p> \nThe Corporation\u2019s liquidity needs can be met through a variety of sources including cash on hand, cash provided by operations, short-term borrowings from its credit facility and accounts receivable securitization program, and long-term debt and equity capacity. Principal uses of cash are for operational requirements, capital expenditures, common share repurchases and dividend payments. Based on current funds available and expected cash flow from operating activities, management believes that the Corporation has sufficient funds available to meet its liquidity requirements at any point in time. However, if cash from operating activities is lower than expected or capital projects exceed current estimates, or if the Corporation incurs major unanticipated expenses, it may be required to seek additional capital in the form of debt or equity or a combination of both.<\/p> \nCash Flow from Operations<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nIncrease in trade and other receivables<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(40,327)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(25,104)<\/p><\/td><\/tr>\n | \n\n(Increase) decrease in contract assets<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(11,533)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n8,461<\/p><\/td><\/tr>\n | \n\nIncrease in inventories<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(9,569)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(6,367)<\/p><\/td><\/tr>\n | \n\nIncrease in prepaid expenses and other<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(11,570)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(361)<\/p><\/td><\/tr>\n | \n\nIncrease in accounts payable, accrued liabilities and provisions<\/p><\/td> | \n\u00a0<\/p><\/td> | \n46,428<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n19,098<\/p><\/td><\/tr>\n | \n\n(Decrease) increase in contract liabilities<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(3,715)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n3,579<\/p><\/td><\/tr>\n | \n\nChanges to non-cash working capital balances<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(30,286)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(694)<\/p><\/td><\/tr>\n | \n\nCash (used in) provided by operating activities<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,825)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n21,309<\/p><\/td><\/tr>\n<\/table> \nFor the three months ended March 31, 2026, operating activities used $1.8 million of cash compared to providing cash of $21.3 million in the first quarter of 2025. Changes in non-cash working capital items used cash of $30.3 million, $29.6 million higher when compared to the cash used from working capital of $0.7 million in the prior year. This working capital decrease is largely attributable to increases in accounts receivables from timing of customer payments, increases in contract assets due to higher in-process unbilled work, increases in prepaid expenses and other due to timing of vendor deposits and decreases in contract liabilities due to timing of customer deposits. These increases were offset in part by increases in accounts payable, accrued liabilities and provisions primarily driven by timing of material purchases and supplier payments.<\/p> \nCash Flow from Investing Activities<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nPurchase of property, plant and equipment<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(14,316)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(12,498)<\/p><\/td><\/tr>\n | \n\nIncrease in intangible assets<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,143)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(744)<\/p><\/td><\/tr>\n | \n\nCash used in investing activities<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(15,459)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(13,242)<\/p><\/td><\/tr>\n<\/table> \nInvesting activities used $15.5 million of cash in the first quarter of 2026 compared to $13.2 million of cash used in the same quarter of the prior year, an increase of $2.3 million. The increase in cash usage was primarily due to higher levels of investment in property, plant and equipment.<\/p> \nCash Flow from Financing Activities<\/b><\/p>\n\n\n\u00a0<\/p><\/td> | \nThree month period<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nended March 31<\/b><\/p><\/td><\/tr>\n\n\nExpressed in thousands of dollars<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/p><\/td><\/tr>\n | \n\nIncrease (decrease) in bank indebtedness<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2,487<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(4,533)<\/p><\/td><\/tr>\n | \n\nIncrease in long-term debt<\/p><\/td> | \n\u00a0<\/p><\/td> | \n8,000<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2500<\/p><\/td><\/tr>\n | \n\nLease liability payments<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,773)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,664)<\/p><\/td><\/tr>\n | \n\nDecrease in borrowings subject to specific conditions, net<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,454)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,391)<\/p><\/td><\/tr>\n | \n\nCommon share repurchases<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2500<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(4)<\/p><\/td><\/tr>\n | \n\nCommon share dividends<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(2,854)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(1,428)<\/p><\/td><\/tr>\n | \n\nCash provided by (used in) financing activities<\/p><\/td> | \n\u00a0<\/p><\/td> | \n4,406<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n(9,020)<\/p><\/td><\/tr>\n<\/table> \nFinancing activities provided $4.4 million of cash in the first quarter of 2026 compared to $9.0 million of cash used in the same quarter of the prior year. The increase in cash provided by financing activities was primarily driven by increases in bank indebtedness and increases in long-term debt.<\/p> \nFinancing Matters\n<\/b>On June 24, 2025, the Corporation extended its 2023 Credit Facility with a syndicate of lenders for an additional two-year period expiring on June 30, 2027. The 2025 Credit Facility provides for a multi-currency global operating credit facility to be available to the Corporation in a maximum aggregate amount of $75 million. Interest applicable to the facility is at adjusted term Canadian Overnight Repo Rate Average (\u201cCORRA\u201d) rates or adjusted term Secured Overnight Financing (\u201cSOFR\u201d) rates plus a spread of 1.00%. The facility also includes a $75 million uncommitted accordion provision, which provides the Corporation with the option to increase the size of the operating credit facility to $150 million. Extensions of the 2025 Credit Facility are subject to mutual consent of the syndicate of lenders and the Corporation. A fixed and floating charge on accounts receivable, inventories and property, plant and equipment are pledged as collateral for the operating credit facility.<\/p> \nIn March 2026, the Corporation received an $8,000 interest free government loan which is repayable over a five year period commencing in 2029 and is conditional on the achievement of certain terms in the agreement. The fair value of the loan was determined by discounting the expected future cash flows using a current rate for debt with similar terms and maturities. The difference between the fair value of the loan and the cash received has been recorded as a reduction in property, plant and equipment.<\/p> \nLegal Proceedings and Environmental Orders\n<\/b>A subsidiary of the Corporation is a defendant in a legal action related to the environmental remediation of a former operating site in Torrance, California. In the first quarter of 2026, the trial commenced and arguments by the plaintiff and the defendants were presented. At this time, management cannot predict with certainty the extent of the subsidiary\u2019s liability, if any, the total costs of remediation, the subsidiary\u2019s share of the total cost, the extent to which contributions will be available from other parties, the amount of time necessary to complete the remediation or the insurance coverage available to it.<\/p> \nCommitments\n<\/b>As at March 31, 2026, the Corporation had contractual commitments to purchase $20.0 million of capital assets.<\/p> \nDividends\n<\/b>During the first quarter of 2026, the Corporation declared a quarterly cash dividend of $0.05 per common share and paid dividends of $2.9 million.<\/p> \nSubsequent to March 31, 2026, the Corporation announced that its Board of Directors had declared a quarterly cash dividend on its common shares of $0.05 per common share. The dividend will be payable on June 30, 2026 to shareholders of record at the close of business on June 16, 2026. The Board of Directors of the Corporation continues to review its dividends on a quarterly basis to ensure that the dividend declared balances the return of capital to shareholders while maintaining adequate financial flexibility and funds available for growth initiatives.<\/p> \nNormal Course Issuer Bid\n<\/b>On June 11, 2025, the Corporation extended its previous normal course issuer bid (\u201c2025 NCIB\u201d). The 2025 NCIB allows the Corporation to purchase up to 2,856,929 common shares, over a 12-month period commencing June 13, 2025, and ending June 12, 2026.<\/p> \nDuring the first quarter of 2026, the Corporation did not purchase any common shares for cancellation. During the same period in the prior year, the Corporation purchased 400 common shares for cancellation at a cost of $4 thousand.<\/p> \nOutstanding Share Information\n<\/b>The authorized capital of the Corporation consists of an unlimited number of preference shares, issuable in series, and an unlimited number of common shares. As at May 8, 2026, 57,079,054 common shares were outstanding and no preference shares were outstanding.<\/p> \n6. Risk Factors\n<\/b>A summary of risks and uncertainties facing Magellan<\/p> \nThe Corporation manages a number of risks in each of its businesses in order to achieve an acceptable level of risk without hindering the ability to maximize returns. Management has procedures to help identify and manage significant operational and financial risks.<\/p> \nFor more information in relation to the risks inherent in Magellan\u2019s business, reference is made to the information under \u201cRisk Factors\u201d in the Corporation\u2019s Management\u2019s Discussion and Analysis for the year ended December 31, 2025 and to the information under \u201cRisks Inherent in Magellan\u2019s Business\u201d in the Corporation\u2019s Annual Information Form for the year ended December 31, 2025, which have been filed with SEDAR at www.sedarplus.ca<\/a>.<\/p>\n7, Outlook\n<\/b>The outlook for Magellan\u2019s business in 2026<\/p> \nCommercial Aerospace Market<\/i><\/p> \nThe industry outlook continues to be cautiously optimistic based on aircraft deliveries from Airbus and Boeing. The following commercial aircraft orders, backlog and delivery data was extracted from Forecast International\u2019s (\u201cFI\u201d) Flight Plan publication dated April 22, 2026 and verified with Airbus and Boeing official first quarter 2026 delivery announcements.<\/p> \nBoeing\u2019s gross order intake for the first quarter of 2026 was 161 aircraft of which 105 orders were for the 737 aircraft. This compares to gross orders of 408 aircraft for Airbus of which 336 of the aircraft orders were for the A320 family.<\/p><\/td><\/td><\/td><\/td> Contacts<\/b> \nFor additional information:<\/b>Phillip C. Underwood\nPresident & Chief Executive Officer\nT: (905) 677-1889\nE: phil.underwood@magellan.aero<\/a><\/p>\nElena M. Milantoni\nChief Financial Officer\nT: (905) 677-1889\nE: elena.milantoni@magellan.aero<\/a><\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"TORONTO–(BUSINESS WIRE)–Magellan Aerospace Corporation (\u201cMagellan\u201d or the \u201cCorporation\u201d) released its financial results for the first quarter of 2026. All amounts are expressed in Canadian dollars unless otherwise indicated. The results are summarize…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3517","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/3517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3517"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/3517\/revisions"}],"predecessor-version":[{"id":3518,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/3517\/revisions\/3518"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |