Exchange Income Corporation

What Exchange Income Corporation does

Exchange Income Corporation (TSX: EIF) is a diversified, acquisition-oriented dividend company founded in 2002 in Winnipeg, Canada, operating two reporting segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment comprises Essential Air Services (subsidiaries Calm Air, Perimeter Aviation, Canadian North, PAL Airlines, Carson Air, Keewatin Air, Custom Helicopters, plus flight training through CANLink Aviation/Moncton Flight College), Aerospace (PAL Aerospace, Crew Training International, CarteNav Solutions, Team J.A.S. delivering aircraft missionization, ISR operations, and maritime surveillance to allied governments), and Aircraft Sales & Leasing (Regional One, EIC Aircraft Leasing). The Manufacturing segment comprises Environmental Access Solutions (Northern Mat & Bridge, Spartan Mat, Spartan Composites, Armand Duhamel & Fils), Multi-Storey Window Solutions (Quest Window Systems, BVGlazing Systems), and Precision Manufacturing & Engineering (Ben Machine, Hansen Industries, DryAir, LV Control, Overlanders, Stainless Fabrication, Water Blast, WesTower Communications). FY2025 revenue was $3.3 billion (+23% YoY) and adjusted EBITDA was $754 million (record).

The company's business model is acquisition-driven: management acquires established, cash-generative businesses in essential services and consolidates them under a central balance sheet, while paying a monthly dividend to shareholders ($0.23/share, $2.76 annualized, increased 18 times since 2004, over $1 billion distributed cumulatively through end of 2024). Go-to-market is direct B2B and government: long-term government contracts (Government of Canada ISR, Air Greenland maritime surveillance, provincial medevac agreements, Government of Nunavut territory-wide air service) provide revenue visibility; commercial aviation customers access regional jet and aftermarket parts through Regional One and MACH 2; Air Canada regional partnership (PAL Airlines) extends distribution. Notable technology assets include the TruSim Level D full-motion King Air simulator (Winnipeg, May 2026), PAL Aerospace's missionization systems converting DHC-8-200 aircraft into maritime surveillance platforms, CarteNav ISR software, and a patented closed-loop mat washing system for environmental access. The company completed its inaugural $600M senior unsecured note offering in March 2026 with a BBB (low) DBRS rating, expanded its credit facility to C$3.5B, and reduced leverage to 2.73x — the lowest in approximately 15 years.

Name

Exchange Income Corporation

Legal name

Exchange Income Corporation

Website

https://exchangeincomecorp.ca

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Exchange Income Corporation (TSX: EIF) is a Winnipeg-based diversified acquisition-oriented company operating subsidiaries across Aerospace & Aviation (essential air services, defense ISR, aircraft leasing) and Manufacturing (environmental access matting, window systems, precision parts), serving governments, remote Canadian communities, and industrial clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Winnipeg

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Aerospace & Aviation Revenue: The Aerospace & Aviation segment generates revenue through three lines of business: Essential Air Services (regional airline operations providing passenger, cargo, medevac, and charter services to remote Canadian communities), Aerospace (government ISR contracts, aircraft missionization, training solutions), and Aircraft Sales & Leasing (aftermarket aircraft, engine and parts sales, leasing, and asset management). Q1 2026 revenue was $608 million, representing 59% year-over-year growth.
2. Manufacturing Revenue: The Manufacturing segment generates revenue through three lines: Environmental Access Solutions (temporary matting and access solutions in Canada and US), Multi-Storey Window Solutions (design, manufacture, installation of windows and curtain walls for high-rises), and Precision Manufacturing & Engineering (wireless/wireline services, precision parts, hydronic climate control, stainless steel tanks, pressure washing systems). Q1 2026 Manufacturing revenue was $258 million.
3. Dividend Income to Shareholders: EIC distributes dividends to shareholders, currently at $0.23 per share monthly ($2.76 annualized). The company has increased dividends 18 times since 2004 and has distributed over $1 billion in cash dividends as of end of 2024. Dividends are classified as eligible dividends under Canadian tax law.
4. Acquisition-Driven Growth: EIC's business model is built on acquiring established companies in aerospace, aviation, and manufacturing sectors. Recent acquisitions include Canadian North ($205M), MACH 2 ($43M), Northern Mat & Bridge ($325M), BVGlazing Systems ($95M), and others. Acquisitions are funded through a combination of cash from credit facilities, issuance of EIC common shares, and debt financing.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Exchange Income Corporation is a diversified acquisition-oriented holding company that owns and operates wholly-owned subsidiaries across two segments: Aerospace & Aviation (essential regional passenger, cargo and medevac air services to remote Canadian communities, special-mission aircraft missionization and ISR for government/defense customers, and aircraft, engine and parts sales/leasing through Regional One) and Manufacturing (environmental access matting and composite solutions, multi-storey window wall and curtain wall systems for high-rise buildings, and precision manufacturing of engineered components, hydronic climate control and stainless steel equipment). Revenue is generated primarily through long-term government contracts, scheduled and charter air services, aftermarket aircraft parts sales and leasing, and direct industrial product sales.

Product overview

Exchange Income Corporation is a diversified acquisition-oriented company operating two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment comprises three lines of business: Essential Air Services (regional airlines including Calm Air, Perimeter Aviation, Keewatin Air, PAL Airlines, Carson Air, Canadian North, Custom Helicopters, and flight training through CANLink Aviation/Moncton Flight College), Aerospace (special mission aircraft solutions through PAL Aerospace and Crew Training International), and Aircraft Sales & Leasing (Regional One and EIC Aircraft Leasing). The Manufacturing segment comprises three lines of business: Environmental Access Solutions (Northern Mat and Bridge, Spartan Mat, Spartan Composites providing temporary access matting), Multi-Storey Window Solutions (Quest Window Systems, BVGlazing Systems for building facades), and Precision Manufacturing & Engineering (Ben Machine Products, DryAir Manufacturing, Hansen Industries, LV Control, Overlanders Manufacturing, Stainless Fabrication, Water Blast Manufacturing, WesTower Communications). The company also operates the TruSim full-motion flight simulator facility and the Atik Mason Indigenous Pilot Pathway program.

Differentiator

Problem solved

Functional benefit

Brands

• Regional One: Aircraft, engine and parts sales and leasing subsidiary specializing in regional and commuter aircraft
• Atik Mason Indigenous Pilot Pathway
• Life in Flight
• TruSim

Products and services

• Essential Air Services (Regional Airlines) Scheduled passenger, cargo, charter and medevac air services provided through wholly-owned subsidiaries including Calm Air, Perimeter Aviation (and Bearskin Airlines division), Keewatin Air, Carson Air, PAL Airlines, Canadian North and Custom Helicopters. Serves more than 50 remote and Indigenous communities across Canada's North (Nunavut, Northwest Territories, northern Manitoba, northwest Ontario, Atlantic Canada) under government agreements including a long-term air service agreement with the Government of Nunavut.
• Special-Mission Aircraft & ISR Solutions Vertically integrated special-mission aircraft solutions through PAL Aerospace and Crew Training International, including aircraft modifications, mission systems design, sensor integration, ISR operations, software development (CarteNav Solutions) and training solutions. Customers include Government of Canada, Netherlands Coastguard, Air Greenland and other allied nation governments.
• Aircraft Sales, Leasing and Aftermarket Parts Aircraft, engine and parts sales, leasing, asset management and consignment services for regional and commuter aircraft through Regional One, EIC Aircraft Leasing Limited and MACH 2. Includes commercial used serviceable material (USM) for narrow body aircraft and joint venture with SkyWest, Inc. leasing CRJ200s.
• TruSim Full-Motion King Air Flight Simulator Level D certified full-motion flight simulator for Beechcraft King Air 200 and 300 aircraft, offered for pilot training at Keewatin Air LP's Winnipeg facility. Canada's first commercially operated full-motion King Air simulator with dual-configuration capability on a single device.
• Environmental Access Solutions Temporary access matting, composite access mats and vertically integrated planning, consultation, delivery, installation, logistical support and removal services delivered through Northern Mat & Bridge (Canada), Spartan Mat, Spartan Composites and Armand Duhamel & Fils (US and Quebec). Includes a patented closed-loop mat washing system.
• Multi-Storey Window & Curtain Wall Solutions Design, manufacture and installation of unitized window wall systems, curtain walls and railing systems for residential and mixed-use high-rise buildings through Quest Window Systems (330,000 sq ft Garland, Texas plant) and BVGlazing Systems.
• Precision Manufacturing & Engineering Precision parts and engineered components, portable hydronic climate control equipment, electrical and control systems, stainless steel tanks and pressure washing/water recycling systems produced through Ben Machine Products, DryAir Manufacturing, Hansen Industries, LV Control Mfg., Overlanders Manufacturing, Stainless Fabrication, Water Blast Manufacturing and WesTower Communications.
• Aviation Pilot Training (CANLink / Moncton Flight College) Commercial pilot training delivered through CANLink Aviation / Moncton Flight College, supporting both EIC's own airlines and third-party airline customers worldwide.

Quantifiable outcome

• Q1 2026 revenue growth of 30% year-over-year, reaching $867 million
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Air GreenlandcoreStrategic or Co-development Partner · 8 May 2026PAL Aerospace, a subsidiary of EIC, has been selected by Air Greenland as the missionization partner to convert two DHC-8-200 aircraft into fully missionized maritime surveillance platforms with advanced sensor systems. This capability will support Air Greenland's transition to assume surveillance and search and rescue responsibilities in Greenland under negotiations with the Government of Denmark.
• Medavie Health NLcoreStrategic or Co-development Partner · 1 October 2024PAL Aerospace and Air Borealis selected with partners to manage and operate integrated ambulance services for Newfoundland and Labrador, partnering with Medavie Health NL for provincial medevac services.
• Government of NunavutcoreStrategic or Co-development Partner · 1 October 2024Long-term air service agreement with the Government of Nunavut covering the entire territory, providing essential passenger and cargo services to all Nunavut communities.
• Air CanadacoreChannel Partner/ Reseller/ Distributor · 30 May 2023PAL Airlines, a subsidiary of EIC, signed a Letter of Intent to provide regional service in Eastern Canada on behalf of Air Canada, expanding commercial aviation reach through the Air Canada brand and network.
• Indigenous Communities (Manitoba, Nunavut)coreStrategic or Co-development Partner · 14 April 2021Atik Mason Indigenous Pilot Pathway program provides fully funded pilot training for Indigenous youth, in partnership with community organizations like MKO. Program expanded to Rankin Inlet, Nunavut. Supports reconciliation and creates employment pathways.
• Indigenous Services CanadacoreStrategic or Co-development Partner · 1 March 2020EIC's aviation subsidiaries provided essential charter services to sustain nursing stations and medical clinics in remote First Nations communities during the COVID-19 pandemic, maintaining healthcare access when commercial flights were reduced.
• SkyWest, Inc.coreStrategic or Co-development Partner · 19 February 2019Regional One, a subsidiary of EIC, entered into a joint venture with SkyWest, Inc. for aircraft leasing and remarketing activities. The partnership includes agreements to lease 10 CRJ200 aircraft to SkyWest Airlines for regional operations.
• Wasaya GroupcoreStrategic or Co-development Partner · 1 June 2017Partnership announcement with Wasaya Group creating Air Borealis, an integrated aviation service provider for Newfoundland and Labrador. PAL Aerospace and Wasaya partnered to manage and operate integrated ambulance services for the province.
• Indigenous Organizations (Assembly of Manitoba Chiefs, Winnipeg Blue Bombers)minorGTM or Marketing Partner · 1 June 2017EIC partners with Indigenous organizations and the Winnipeg Blue Bombers Football Club for Truth & Reconciliation initiatives, including hosting Indigenous community members at CFL games and supporting Orange Shirt Day awareness events.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Toromont Industries: Canadian diversified acquisition-oriented industrial company with a long dividend-growth track record across equipment distribution (Caterpillar) and specialized manufacturing. Closely comparable to EIC in business model (acquisition-driven conglomerate), capital allocation discipline, and TSX dividend-investor base.
• Brookfield Business Partners: Canadian-listed diversified operating company that acquires and operates industrial and services businesses globally. Comparable to EIC's acquisition-oriented holding model and capital-markets access, though materially larger and broader in sector exposure.
• ATS Corporation: Canadian-listed provider of automation solutions and aftermarket services to industrial customers. Comparable to EIC's Manufacturing segment strategy of acquiring niche precision manufacturing businesses and growing them via aftermarket and lifecycle services.
• CAE Inc. Canadian global leader in flight simulation and training, with civil aviation, defense, and healthcare segments. Direct competitor to EIC's TruSim King Air simulator facility and Crew Training International; shares the same civil/defense training buyer base.
• Chorus Aviation: Canadian holding company for regional aviation (Jazz Aviation operates Air Canada Express) plus aircraft leasing (Chorus Aviation Capital). Closely comparable to EIC's combination of regional airline operations and aircraft sales & leasing (Regional One).
• Canadian Helicopters (HNZ Group): Canadian helicopter services provider serving offshore, medevac, and utility customers. Comparable to EIC's Custom Helicopters subsidiary in offering and customer base, though EIC's helicopter exposure is a smaller piece of its portfolio.

Broad incumbents

• Bombardier Inc. Canadian business jet OEM and aerospace services provider. Comparable to EIC's aerospace presence but as a much larger manufacturer of complete aircraft rather than a niche missionization/aftermarket/services player.
• Air Canada: Canada's flag carrier and PAL Airlines' regional capacity partner under the Air Canada Express brand. Indirect but key counterpart for EIC's regional aviation segment and an indicator of competitive dynamics in Canadian regional capacity.

Emerging players

• Bird Construction: Canadian diversified construction services company with industrial, commercial, and infrastructure operations. Partially comparable to EIC's Manufacturing/industrial subsidiaries (WesTower, Window Installation Specialists) in serving industrial and construction end markets.
• Stuart Olson / SkyWest-connected regional aviation peers: SkyWest Airlines, EIC's joint-venture partner for Regional One aircraft leasing, is the largest US regional carrier and operates many of the CRJ-200 aircraft EIC leases. Comparable as a key customer/channel rather than a true peer, but useful for assessing leasing economics and regional airline demand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/exchangeincome
• LinkedInlinkedin.com/company/exchange-income-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries33 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Exchange Income Corporation