Bombardier : Investor Day 2024

Investor Day

MAY 1ST, 2024

Presenters

Éric Martel	Bart Demosky
PRESIDENT AND CHIEF EXECUTIVE OFFICER	EXECUTIVE VICE PRESIDENT AND CHIEF
	FINANCIAL OFFICER

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Caution Regarding Forward-looking Statements

This presentation includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business

outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of productivity enhancements, operational efficiencies, cost

reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government

assistance programs; the impact of new, or exacerbation of existing, global health, geopolitical or military events on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this presentation. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are

cautioned not to unduly rely on these statements.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "shall", "can", "expect", "estimate", "intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or "align", the negative of these terms,

variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this

presentation include the following material assumptions: growth of the business aviation market and the Corporation's share of such market; proper identification and continued management of recurring cost saving; optimization of our real estate portfolio; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this presentation, refer to the Forward-looking statements - Assumptions section of the Management

Discussion & Analysis (MD&A) of the Corporation's financial report for the fiscal year ended December 31, 2023. Given the impact of the changing circumstances surrounding new or continuing global health, geopolitical and military events, and the related response from the Corporation, governments (federal, provincial and municipal, both domestic, foreign and multinational inter-governmental organizations), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is an inherently higher degree of uncertainty associated with the Corporation's assumptions.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: operational risks (such as risks related to business development and growth; order backlog; deployment and

execution of our strategy, including cost reductions and working capital improvements and manufacturing and productivity enhancement initiatives; developing new products and services, including technological innovation and disruption; the certification of products and services; pressures on cash flows and capital expenditures, including due to seasonality and cyclicality; doing business with partners; product performance warranty and casualty claim losses; environmental, health and safety concerns and regulations; dependence on limited number of contracts, customers and suppliers, including supply chain risks; human resources including the global availability of a skilled workforce; reliance on information systems (including technology vulnerabilities, cybersecurity threats and privacy breaches);

reliance on and protection of intellectual property rights; reputation risks; scrutiny and perception gaps regarding environmental, social and governance matters; adequacy of insurance coverage; risk management; and tax matters); financing risks (such as risks related to liquidity and access to capital markets; substantial debt and interest payment requirements, including execution of debt management and interest cost reduction strategies; restrictive and financial debt covenants; retirement benefit plan risk; exposure to credit risk; and

availability of government support); risks related to regulatory and legal proceedings; risks associated with general economic conditions and disruptions, both regionally and globally, that may impact our sales and operations; business environment risks (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and geopolitical tensions; financial and economic sanctions and export control limitations; global climate change; and force majeure events); market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations); and other unforeseen adverse events. For more details, see the Risks and uncertainties section in Other of the Corporation's

financial report for the first quarter ended March 31, 2024 and in the MD&A of the Corporation's financial report for the fiscal year ended December 31, 2023. Any one or more of the foregoing factors may be exacerbated by new or continuing global health, geopolitical or military events, which may have a significantly more severe impact on the Corporation's business, results of operations and financial condition than in the absence of such events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management's expectations as at the date of this

report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.

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Caution Regarding Non-GAAP and Other Financial Measures

Certain financial measures in this presentation are non-GAAP financial measures, non-GAAP financial ratios or supplementary financial measures, including adjusted EBITDA, adjusted EBITDA margin, Free Cash Flow (FCF) (usage), available liquidity, adjusted available liquidity, adjusted net debt to adjusted EBITDA ratio and interest paid on long-term debt. Management believes that providing certain non-GAAP and other financial measures provides enhanced understanding of the Corporation's current and estimated future results.

Non-GAAP and other financial measures are measures mainly derived from the Corporation's consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring. Refer to the Non-GAAP and other

financial measures section in the MD&A of the Corporation's financial report for the year ended December 31, 2023 for definitions of these metrics and reconciliations to the most comparable IFRS measures. The aforementioned Non-GAAP and other financial measures section of the Corporation's MD&A is incorporated by reference herein. The Corporation's financial report for the year ended December 31, 2023 has been filed with the Canadian Securities Administrators and is available on SEDAR+ at www.sedarplus.com.

General Disclaimer

All amounts in this presentation are in US dollars unless otherwise indicated.

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Agenda

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Strategic Overview

Financial Overview

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Bombardier Is the World's Leading Business Aviation Company

Industry Leading	5,000+ Aircraft	Focused, Agile,	Pioneer in Sustainability
Engaged and Responsive
Product Portfolio	Installed-base	for Business Aviation
to our Customers

Note: Refer to our disclosure on forward-looking statements at the beginning of this presentation.

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Bombardier Supports Business Aviation's Commitment Toward Net-zero Carbon Emissions By 2050

Covering the totality of our flight operations with a blend of ~30% SAF via Book-and-Claim system

Industry-first publication of Environmental Product

Declarations (EPD) for complete product lineup

Committed to 25% reduction in greenhouse gas emissions (scope 1 and 2) by 2025 relative to 2019

Disclosed Climate Report with strategy toward net-zero carbon emissions by 2050

SAF: Sustainable Aviation Fuel.
Note: Refer to our disclosure on forward-looking statements at the	7
beginning of this presentation.

Impressive Financial Turnaround Since 2020

Revenues

• Aircraft Manufacturing & Other1
• Aftermarket

Deliveries

Adjusted EBITDA3

Adjusted EBITDA Margin5

FCF (usage)3

Net Leverage5

2020	2021		2022	2023
	18%	20%	22%	22%

$5.6B2$6.1B $6.9B $8.0B

82%	80%	78%		78%
		114	120	123	138

$197M4 $639M4 $930M4 $1,230M

3.5% 10.5% 13.5% 15.3%

$(1.9)B $100M $735M $257M

41.5x

7.7x

4.6x

3.3x

Since Fiscal year ended

December 31, 2020

13% Revenues CAGR

21% Aftermarket Revenues CAGR

Met delivery guidance since 2021

84% Adjusted EBITDA3 CAGR

+4x margin expansion

$1.1B FCF3 generation

$4.5B debt reduction as at May 1st, 2024

1. Represents revenues from sale of new aircraft, specialized aircraft solutions and pre-owned aircraft. Also includes revenues from sale of components related to commercial aircraft programs.
2. Excludes revenues related to Aerostructure prior to the disposal of the Aerostructure business on October 30, 2020 and to Commercial aircraft prior to the disposal of the CRJ businesses on June 1, 2020.
3. Adjusted EBITDA and Free Cash Flow (FCF) (usage) are non-GAAP financial measures. 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 Non-GAAP and other financial measures disclaimer at the beginning of this presentation.
4. Special items and certain items of other expense (income) were mainly reclassified to gain related to disposal of business, impairment and program termination, and restructuring charges. See Note 37 - Reclassification in the Corporation's consolidated financial statements for the fiscal year ended December 31, 2023.

5.	Adjusted EBITDA margin and adjusted net debt to adjusted EBITDA ratio (net leverage) are non-GAAP financial ratios. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to	8
	prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the Non-GAAP and other financial measures disclaimer at the beginning of this presentation.

Note: Refer to our disclosure on forward-looking statements at the beginning of this presentation.

Exceptional People and Strong Expertise to Deliver Results

Achievements Since 2020

Reached 79% employee engagement	Entry-into-service of Challenger	3500 and	~77% increase in Aftermarket revenues
	launch of Global 8000

Surpassing 1,700 aircraft	Launch and strong growth of	Meeting delivery guidance for
subscribed to Smart Services	Bombardier Defense	3 consecutive years

Note: Refer to our disclosure on forward-looking statements at the beginning of this presentation.

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On Track to Our 2025 Objectives and Positioned for Growth Through 2030

Revenues

◼	Aircraft Manufacturing	~65%
& Other1
◼	Aftermarket	~22%
◼	Defense & Pre-owned	~13%
Aircraft2

Adjusted EBITDA3

Adjusted EBITDA Margin4

2025 Objectives

>$9.0B

	Growth Levers Through 2030
>$1,625M	Industry-leading portfolio
~18%	Bombardier Defense growth
	Continued Aftermarket expansion

FCF3 Generation

Net Leverage4

>$900M

2.0x - 2.5x

Pre-owned market capture

M&A / Partnership opportunities

1. Represents revenues from sale of new aircraft and from sale of components related to commercial aircraft programs.
2. Represents revenues from sale of specialized aircraft solutions and pre-owned aircraft.
3. Adjusted EBITDA and Free Cash Flow (FCF) are non-GAAP financial measures. 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 Non-GAAP and other financial measures disclaimer at the beginning of this presentation.
4. Adjusted EBITDA margin and adjusted net debt to adjusted EBITDA ratio (net leverage) are non-GAAP financial ratios. 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 Non-GAAP and other financial measures disclaimer at the beginning of this presentation.	10
Note: Refer to our disclosure on forward-looking statements at the beginning of this presentation.