Bombardier Inc.

April 2024

800 René-Lévesque Blvd. West Tom Zoretich

Montréal, Québec Director, Corporate Analysis

Canada H3B 1Y8 703-385-1992

Tel: (514) 861-9481 tzoretich@tealgroup.com

Fax: (514) 861-7053

Internet: www.bombardier.com

Analytical Overview

Note: Unless noted, dollars ($) are US.

Strategy: Bombardier Inc., the world’s second largest business air- craft manufacturer, continues its ef- fort to reshape itself into a small company that is focused on manufac- turing and maintaining business air- craft. It sold off major portions of the company to stave off bankruptcy, re- pay debt and survive.

Burdened by heavy debt, Bombardier sold its rail transportation business, its regional jet (CRJ) business, its aerostructures business, and its re- maining interest in the A220 (CSeries).

As with other commercial aircraft manufacturers and suppliers, the company was adversely affected by the global COVID pandemic. Given the already challenging issues due to failed past strategies, the pandemic put downward pressure on sales and the ability to climb out of its steep fi- nancial hole.

The company was seriously weak- ened by its unsuccessful CSeries pro- gram. While Bombardier sold its re- maining stake in the program to Air- bus, the heavy debt load it took on to develop the jet and try to successfully market it continues to burden the company. By the end of 2023, the company had significantly reduced its long-term debt.

Within its business jet operations, it also made cutbacks. It shut down its Learjet family production in early 2022 with the last delivery of the iconic Learjet.

The company is pushing ahead with selected new products such as the Global 7500, which has more than 150 deliveries to date.

The company is working to expand its aftermarket to increase profits and improve business stability. Mainte- nance, repair, and overhaul are viewed as an important part of its sta- bilization and growth strategy.

As the next step in its efforts to ex- pand aircraft services, the company launched its New Smart Services De- fense program, which is focused on special mission, medevac, head-of- state and government operators.

Expanding the company's interna- tional presence is a critical element of this strategy. This involves adding new sales and marketing offices, in- creasing customer services capacity, and increasing overseas manufactur- ing and engineering services.

The company has reoriented its strat- egy towards making profitable sales rather than securing market share. This cultural shift for Bombardier to- wards greater emphasis on financial performance is being reflected in in- creased financial disclosure as well.

Other elements of the turnaround strategy involve aggressive cost-cut- ting to preserve funds.

Strengths: Bombardier enjoys strong support from the Canadian government, which has shown its willingness to provide financial as- sistance in various forms.

Bombardier is a market leader in business jets although it has been re- cently surpassed by Gulfstream.

In business aircraft, Bombardier has a broad mix of large-cabin aircraft in- cluding super large and ultra-long- range aircraft. Bombardier has strength in the medium and upper segments of the market.

Weaknesses: Bombardier continues to recover financially and therefore must aggressively manage its finan- cial performance. It is heavily in- debted, and its debt rating is signifi- cantly below its competitors. But the situation is improving as it pays off debt.

Its rating with Moody's Investors Service is five levels into being a junk bond. Its Corporate Family Rat- ing of B2 is described as speculative and subject to high credit risk. It re- mains in the Moody’s Non-Invest- ment Grade category, six levels above the default grade of C. Moody’s steadily raised its ratings over the last three years as the com- pany improved its financial situation and reduced its long-term debt.

Nevertheless, the company faces lim- ited flexibility in its ability to invest in the future. Given the strength of its product and service offerings and its prudent management, this is ex- pected to continue to improve over time.

Bombardier spends considerably less on research and development than major rivals, a factor that could grad- ually erode its strong position in the market.

Bombardier remains small compared to its main business jet rival, Gulf- stream, which is part of the much larger General Dynamics Corp. That gives Gulfstream considerable stabil- ity during a downturn.

Opportunities: Bombardier is bring- ing to market several new and up- graded business jets that offer con- siderable promise. In 2019, Bom- bardier reached full-scale production of its Global 7500 aircraft. With in- creased deliveries, the Global 7500 aircraft is expected to contribute sig- nificantly to revenue growth. As the aircraft progresses on the learning curve, it will also contribute to mar- gin expansion.

Bombardier certified the new Global 5500 and Global 6500 aircraft, fol- lowed by the entry into service of the Global 6500 aircraft in 2019.

The Global 8000 is expected to enter service in 2025.

Bombardier has been working to im- prove customer satisfaction by offer- ing technical service around the clock, increasing field service repre- sentatives, and moving parts to super warehouses.

In the business jet market, Bom- bardier is going after emerging mar- kets such as Russia, China, and India.

Bombardier is working to introduce lean initiatives to cut costs in areas such as business jet cockpits.

Bombardier has major aftermarket growth opportunities. Bombardier is seeking to win half of the aftermarket for an installed base of just more than 5,000 aircraft. That is expected to generate $2 billion in annual service revenue once the effort is fully in place.

Threats: The company is already highly leveraged, with its bonds in the junk bond category. The com- pany faces a possible cash crunch as liabilities come due over the next few years.

Product development funds are likely to be scarce and customers may be skittish about buying aircraft if they are concerned about the long-term future of the company.

Market Position: In business jets, Bombardier faces tough competition with Gulfstream for market leader- ship.

Teal Group Analysis

Consistent progress. The company continues to focus on financial fun- damentals as it works to climb out of the deep financial hole that has chal- lenged management for the past dec- ade. This has limited Bombardier’s

ability to invest in the future. Its stra- tegic focus on expanding its mainte- nance, repair and overhaul segment is key to its success, while nurturing its solid position in the business aircraft manufacturing segment as market conditions rebound.

With prudent action management has steadily improved the company’s overall financial health and dramati- cally reduced the risk of default. By the end of 2023, the company’s total long-term debt was $5.607 billion,

down 40% from its high of $9.325 at the end of 2019.

2023 revenues totaled $8.046 billion, up 16% from $6.9 billion in 2022. EBIT was up to $793 million in 2023 from $538 million in 2022, yielding an increased EBIT Margin from 7.8% in 2022 to 9.9% in 2023.

The company delivered 138 aircraft in 2023, compared to 123 in 2022,

120 in 2021, 119 in 2020 and 175 in

2019.

The company’s maintenance, repair, and overhaul business performed somewhat less robustly than did the manufacturing business, although both experienced strong growth in 2023.

Of its two operating segments, Busi- ness Aircraft Services, increased its 2023 revenues by 16% as it expanded from $1.508 billion in 2022 up to

$1.748 billion in 2023. The Business Aircraft Manufacturing segment grew by 17%, going from $5.345 bil- lion in 2022 to $6.261 billion in 2023.

Turnaround began in 2021; signif- icant challenges remained. Given the multiple issues that Bombardier faced in 2021, including debilitating debt, cost cutting, restructuring, di- vestment and the global pandemic, the company was able to make some financial improvement and partially

stabilize its operation by the end of the year.

Over the previous two years, the company has reduced its long-term debt by more than $2 billion, going from $9.3 billion in 2019 to $7 billion at year-end 2021. By the end of March 2022, it was further reduced to

$6.7 billion. While debt remained high relative to the size of the busi- ness operation, the ongoing reduction was positive.

2021 revenues totaled $6.1 billion, down 6% from $6.5 billion in 2020. EBIT was down to $241 million in 2021 from $912 million in 2020, yielding a declining EBIT Margin from 14% in 2020 to 4% in 2021. As concerning as these numbers were, they offered modest hope that the

business was moving in the right di- rection. However, the large debt still presented a serious limitation on op- erational and technology investment.

The figures were misleading because the 2020 revenue number included partial year revenues related to the aerostructure business that was sold to Spirit AeroSystems and the CRJ aircraft program sold to Mitsubishi Heavy Industries.

If those partial year revenues are backed out of the 2020 total company revenue figure, then 2020 compara- ble revenue was below $6 billion, likely in the $5.6-5.8 range. In this case, Bombardier likely had a com- parable revenue increase from 2020 to 2021.

A key component of the company’s growth strategy is the expansion of its maintenance, repair, and overhaul business. Of its two operating seg- ments, Business Aircraft Services demonstrated stronger growth in 2021, increasing revenues by 25% as it expanded from $988 million in 2020 to $1.237 million in 2021. The Business Aircraft Manufacturing segment only grew by 3%, going from $4,605 million to $4,759 mil- lion in 2021.

Serious challenges at end of 2020. The successful completion of the sale of Bombardier’s Transportation busi- ness in January 2021 provided the

company some leeway in its difficult circumstances.

The Transportation sale netted $3.6 billion to Bombardier, including

$600 million in Alstom shares. Bom- bardier used part of the proceeds to pay down net debt, which amounted to $4.7 billion as of December 31, 2020. Despite this improvement, se- rious challenges remained. Bom- bardier has more than $4 billion of debt coming due by 2023.

As it sought to service its debt, Bom- bardier also has cash flow demands. At the time, it was not expected to be- come cash-flow positive until at least 2022. It was $1.9 billion cash flow negative in 2020.

Bombardier’s debt rating was signif- icantly below competitors and had been recently downgraded. In April 2020, Moody’s Investors Service, a leading bond rating agency, cut Bom- bardier’s rating by two levels, assign- ing a corporate family rating of Caa-

2. It reaffirmed that rating in April 2021 despite the sale of the Transpor- tation unit.

The company’s debt rating was al- ready well into junk bond status. The ratings change placed it low even within junk bond status.

It was eight levels into being a junk bond. Its corporate family rating of

Caa-2 was described as poor quality and very high risk.

Moody’s rationale for the poor rating was the company’s high indebted- ness and cash flow requirements.

While Bombardier generated some cash, it would continue to have a high cash flow consumption in 2021, ac- cording to Moody’s and its leverage will remain “untenable.”

It faced a serious bill coming due as debt matured. The maturities con- sisted of EUR414 million ($510 mil- lion) due in May 2021, $60 million due December 2021 (net of tender of- fer payment), and $180 million due March 2022 (net of tender offer pay- ment).

The blockbuster debt repayments would come in the period from 2022 to 2025 when $4.7 billion was due. Moody’s Investors Service con- cluded that there was a “high refi- nancing risk” for this debt.

Growth strategy. Bombardier is heavily focused on the aftermarket in its strategy for the future.

The company’s growth targets call for an increase in overall revenue from $5.6 billion in 2020 to $7.5 bil- lion in 2025.

In 2020, Bombardier captured $1.2 billion in 2020 out of an addressable

aftermarket for Bombardier busi- ness jets that totaled $3.2 billion.

By 2025, Bombardier is seeking to take 50% of the market then of $4 billion.

In its strategy of going after a larger share of the Bombardier aftermar- ket, the company is adding signifi- cant new capacity to its global net- work with major expansion projects underway in Singapore, London, Melbourne, and Miami.

Options should the company run into problems. Bombardiers’ heavy debt load and poor debt rat- ing reduce its options if it faces un- expected setbacks.

It could turn to the Canadian govern- ment for assistance as it has in the past. The Canadian government has repeatedly provided aid to Bom- bardier when it runs into trouble.

Yet Bombardier’s difficult financial problems may undercut it anyway. Product development funds are likely to be scarce and customers may be skittish about the long-term future of the company.

It may also choose to sell itself to an- other company. Textron, which owns Cessna, would be a logical choice. Cessna is at the low end of the busi- ness jet market while Bombardier is on the high end. Together they would be able to offer a broader range of products while also saving on the worldwide network of sales and maintenance facilities.

Reshaping the business. In its effort to survive, Bombardier sold off ma- jor portions of the company business.

In January 2021, it completed the sale of its train business to France’s Alstom. In recent years that business accounted for almost half of Bom- bardier’s sales. The Transportation sale netted $3.6 billion to Bom- bardier, including $600 million in Al- stom shares.

In October 2020, Bombardier com- pleted the sale of its aerostructures

business to Spirit AeroSystems Holding, Inc. With this transaction, Spirit acquired Bombardier’s aero- structures activities and aftermarket services operations in Belfast, U.K.; Casablanca, Morocco; and its aero- structures maintenance, repair, and overhaul (MRO) facility in Dallas for a cash consideration of $275 million and the assumption of other liabili- ties. The total enterprise value of the acquisition is $865 million.

The company also got out of the re- gional aircraft business. In June 2020, Mitsubishi Heavy Industries, Ltd. (MHI) and Bombardier Inc. completed the sale of Bombardier’s regional jet program for a cash con- sideration of approximately $550 million USD and the assumption by MHI of liabilities amounting to ap- proximately $200 million USD.

Under the agreement, MHI acquired the maintenance, support, refurbish- ment, marketing, and sales activities for the CRJ Series aircraft, including the related services and support net- work located in Montréal, Québec, and Toronto, Ontario, and its service centers located in Bridgeport, West Virginia, and Tucson, Arizona, as well as the type certificates.

That sale got it out of the commercial airliner business.

Divesting the CSeries. In February 2020, Bombardier divested its re- maining stake in the A220, formerly known as the CSeries. That sale got it out of the commercial airliner busi- ness.

The $591 million sale generated much-needed cash and also enabled Bombardier to avoid paying roughly

$700 million it would have needed to pay for an expansion of production of the 100- to 150-seat single-aisle plane.

Airbus SE, the Government of Qué- bec, and Bombardier agreed upon a new ownership structure for the A220 program, whereby Bombardier transferred its remaining shares in Airbus Canada Limited Partnership

(Airbus Canada) to Airbus and the Government of Québec.

Bombardier received US$591 mil- lion net of adjustments, of which US$531 million was received at clos- ing.

This agreement brought the share- holdings in Airbus Canada, responsi- ble for the A220, to 75% for Airbus and 25% for the Government of Qué- bec. The government’s stake is re- deemable by Airbus in 2026 - three years later than before. As part of this transaction, Airbus, via its wholly- owned subsidiary Stelia Aerospace, also acquired the A220 and A330 work package production capabilities from Bombardier in Saint-Laurent, Québec.

The latest agreement to exit the A220 in favor of Airbus is the logical ex- tension of its earlier joint venture that sought to reduce risk from the pro- gram to Bombardier.

The company's deal with Airbus fi- nalized in July 2018 to create a CSeries joint venture was a critical element of this turnaround. In the joint venture, Airbus acquired a 50.01% interest in CSeries. It paid nothing but would manufacture and sell the plane. The terms of the joint venture were an admission that Air- bus' involvement is critical for the plane to sell and become a commer- cial success.

After the June 2018 deal Bombardier owned 31% of the joint venture and the Quebec government's investment agency held 19%.

Airbus had the right to buy out Bom- bardier after 7-1/2 years and the Que- bec government in 2023.

Bombardier’s sale of its remaining interest simply accelerated the pro- cess.

The rationale for divesting re- gional jets. In addition to its need for cash, Bombardier recognized that its position in the regional jet business was deteriorating.

The company no longer enjoyed its past leadership in the regional jet market. Embraer displaced Bom- bardier and is projected to remain in a leadership role throughout the dec- ade. Indeed, Embraer’s lead over Bombardier was growing.

In addition, threats to the regional business were growing as new en- trants came into the market. New ri- vals emerged in regional jets, includ- ing the Mitsubishi Regional Jet, the Chinese Regional Jet, and the Sukhoi Russian Regional Jet.

The problems in regional jets were aggravated by the resources being devoted to the troubled CSeries, which Bombardier has now divested.

The rise in the value of the Canadian dollar compared to the Brazilian real is a problem for Bombardier’s com- petitiveness in the regional jet market compared to rival Embraer.

The rationale for divesting aero- structures. In addition to its need for cash, the company's aerostructures business came under pressure from efforts by prime contractors to

squeeze cost concessions from their subcontractors.

Teal Group projects that Bom- bardier will be the 2nd largest busi- ness jet manufacturer over the next decade. Teal Group's latest forecast of the business jet market by dollar value shows that Gulfstream will be the market leader, with a 37% market share over the next decade, 2024-2033. The second-ranked Bombardier will have a 31% market share over the same period.

Other manufacturers remain far be- hind: Dassault, 10%; Cessna, 10%

and Embraer 6.%.

Gulfstream's strength is because of the G700, which is projected to be the best-selling business jet for the next decade, with an 11.2% market share although deliveries only began in 2022.

The Gulfstream G700 is the world’s largest private jet. The ultra-large- cabin, ultra-high-speed business jet offers considerable potential. Bom- bardier competes with the Global 7500.

Teal Group projects that the Global 7500 will be the best-selling business jet over the next decade with an 14.7% market share. It will be Bom- bardier’s best-selling product over the next decade.

Other top selling Bombardier air- craft, the Challenger 300 and Global 6500 will each have 5% market share.

Bombardier's strength stems from its broad range of products, with a strong concentration at the high-end of the market. Post-recession, that segment of the market performed sig- nificantly better than the low end of the market.

Bombardier benefits from a broader product offering than its competitors.

At the high end of the market, it com- petes against Dassault Aviation and Gulfstream while at the low end it competes against Cessna.

Order book underpinning deliver- ies. Bombardier’s business jet out- look was strong at the end of 2023. It had approximately a $14.2 billion backlog. The company delivered 138 aircraft in 2023 and projects that it will deliver between 150-155 in 2024.

As expected, deliveries during the pandemic declined. They totaled 114 aircraft in 2020, down from 142 in 2019 and 137 in 2018.

The delivery data show the extent to which the business has shrunk since the 2008 crisis. Deliveries fell from a peak of 235 aircraft in 2008 to 176 in

2009 and 143 in 2010. In 2011, they recovered to 163 business jets and then to 179 in 2012. They remained at 180 in 2013 before reaching 204 in

2014. They held stable at 199 in 2015

before declining to 163 in 2016.

Moves to broaden and improve the business jet product range. In 2010 Bombardier committed to introduc- ing two new business jets: one at the high end and one in the middle of its line. These aircraft are intended to fill gaps in the its business jet offerings.

The Global 7500 (originally named the 7000) and Global 8000, are ultra- long-range corporate aircraft. The Global 7500, with a range of 7,700 nm, was planned for entry into ser- vice in 2016, but was delayed with the first delivery in 2018.

The Global 8000 will have an 8,000 nautical mile range, enabling it to fly farther than any other business jet. It was planned to enter service in 2017 but has been delayed. It is expected to enter service in 2025.

In addition, Bombardier is offering re-engined versions of the Global 5500 and 6500 that have new wings, avionics, and cabin systems. The 6500 was first delivered in December 2019 and the 5500 followed in June 2020.

Bombardier's earlier turnaround from near bankruptcy only several years ago. Bombardier's precarious financial situation in 2015 resulted in Canadian government financial aid that was critical.

At the time, it reduced the risk to Bombardier, giving it the cash cush- ion that it needed to move ahead with

the CSeries program and ultimately bring Airbus into it.

Bombardier received a $1 billion US investment for the CSeries passenger jet program from the Quebec govern- ment in exchange for a 49.5% pro- gram stake in 2015. The company also sold a 30% stake in its railway division to pension fund manager Caisse de dépôt et placement du Qué- bec for $1.5 billion.

The Canadian federal government provided additional aid to Bom- bardier. In February 2017, it an- nounced plans to provide $372.5 mil- lion in interest-free loans to Bom- bardier. The money paid out over four years will be used to support the Global 7000 and CSeries aircraft pro- jects. About two-thirds would go to the Global 7000 business aircraft program, which is planned to go into service in 2018. The remaining third would go to the CSeries passenger jet.

                         Financials                           

Below is a selected summary of recent Bombardier financials.

($ Millions)	2017	2018	2019	2020	2021	2022	2023
Revenue	7,648	7,321	7,488	6,487	6,085	6,913	8,046
EBIT	-144	227	-520	912	241	538	793
EBIT Margin	-1.9%	3.1%	-6.9%	14.1%	4.0%	7.8%	9.9%
Net (Loss) Income	-667	-87	-1,541	-170	-249	-128	490
Long-term Debt	9,200	9,093	9,325	8,193	7,047	5,980	5,607
Total        Assets		24,916	24,958	24,972	23,090	12,764	12,324	12,458

Backlog
($ Millions)	2017	2018	2019	2020	2021	2022	2023
Backlog	13,800	14,300	16,300	10,700	12,200	14,800	14,200
Sales	7,648	7,321	7,488	6,487	6,085	6,913	8,046
Backlog/Sales Ratio	180%	195%	218%	165%	200%	214%	176%

Competitions

The following is a selection of programs for which Bombardier has either won or lost a competitive contract. Only those competitions in which Teal Group can readily identify the competitors are listed.

                                                                       Wins                                                                        

USAF Global 6000--Bombardier an- nounced an agreement between its Learjet Inc. subsidiary and the U.S. Air Force in support of the Battlefield Airborne Communications Node (BACN) program. The contract pro- vides the USAF with flexible order- ing and includes an immediate firm order for one Global 6000 aircraft, with as many as five additional Global 6000 aircraft. The contract, which includes engineering and modification work, represents a po- tential total value of close to $465 million U.S. [6/21]

JetBlue C Series Order—JetBlue Airways Corp. ordered 60 Airbus A220 jets, formerly known as Bom- bardier's C Series. The jet will re- place the Embraer SA E190. At list price, the sale would be worth $5.4 billion. [7/18]

American CRJ Series Order— Delta Air Lines, Inc. placed a firm or- der for 40 CRJ900 NextGen regional jets and has taken options on an addi- tional 30 CRJ900 NextGen aircraft.

Based on the list price of the CRJ900 NextGen aircraft, the firm order is valued at approximately $1.85 billion and could reach approximately $3.29 billion if the 30 options are converted to firm orders. Embraer also actively competed for the contract. [12/12]

CRJ200—Air Wisconsin Airlines Corporation awarded Bombardier Aerospace a contract for the sale of up to 150 CRJ200 aircraft including 75 orders, 51 firm orders, and 24 con- ditional orders, plus 75 options. The order is estimated at approximately

$1.68 billion. Bombardier won the order over Brazil’s Embraer because the Canadian government chose to match Brazil’s lucrative export fi- nancing offer. [4/01]

Australian UAV—The Australian MoD selected Bombardier, Defense Services Div. to provide its CL-327 Guardian vertical take-off and land- ing unmanned aerial vehicle under a short-term lease. Also competing for the contract were General Atomics

Aeronautical Systems, Inc. (San Di- ego, CA), AAI Corp., Defense Sys- tems (Hunt Valley, MD), Kentron (Pretoria, South Africa), and TRW Avionics Systems (San Diego, CA). [3/99]

RAF Primary Trainer—The UK Ministry of Defence selected Bom- bardier, Inc., Support Services Div. (Belfast, Northern Ireland, UK) as the preferred bidder to provide a new primary trainer aircraft to replace the 30-year old Bulldog trainers operated by the Royal Air Force (RAF). Also competing for the contract was Slingsby Aviation Ltd. (Kirk- bymoorside, York, England, UK), which had offered its M260 Firefly. [6/98]

Regional Jet—Atlantic Southeast Airlines awarded a contract to Cana- dair for 30 of the division’s Regional Jets, with options for 60 more. The contract is valued at around $600 million. Losing the competition was the Embraer 50-seat regional jet. [1/97]

                                                                     Losses                                                                      

Lufthansa Austrian order— Deutsche Lufthansa AG chose Em- braer SA jets to renew the short-haul fleet of its Austrian subsidiary. Aus- trian will get 17 Embraer 195 models to replace Fokker aircraft. The Em- braer selection means that Austrian no longer needs the CSeries. [3/15]

Qatar Airways Fleet Renewal— Akbar Al Baker, Chief Executive Of- ficer of Qatar Airways, said the C Se- ries is no longer in consideration for the carrier’s fleet renewal plan. Qatar Airways now plans to purchase Air- bus Group’s A319neo plane. [3/15]

Republic Airways Regional Jets— Embraer and Republic Airways Holdings Inc., operator of the largest E-Jets fleet in the world, contracted for the sale of 47 Embraer 175 jets. The agreement also includes options for an additional 47 aircraft, provid- ing a potential for 94 E175s, which could reach a total value of approxi- mately $4 billion, in 2013 economic conditions, at list price. The new air- craft will be operated by Republic Airlines, a Republic subsidiary, un- der American Eagle brand in the American Airlines’ regional net- work. Bombardier had been offering its CRJ 900. [1/13]

Indian Legacy purchase—The In- dian government purchased five 10- seat Legacy aircraft produced by Em- braer for executive transport. Bom- bardier’s offering in the competition lost. [4/03]

UAE Marine Patrol Aircraft—The UAE selected IPTN (Bandung, Indo- nesia) to provide its Airtech CN-235- 200 for a $150 million contract to supply four maritime patrol aircraft. Losing the competition was Bom- bardier, CASA, Fokker, Lockheed Martin, ARGOSystems, and DASA. [3/98]

Contracting

                     Contracts                                        In/Exports                                                            

Due to the relatively limited sales that Bombardier makes within Canada, the Contracts and Exports sections have been combined in this report.

Challenger 3500—Bombardier an- nounced that the company received a firm order for 12 Challenger 3500 aircraft. The transaction for the firm order is valued at US$326.4 million based on list prices. Deliveries are set to begin in the second half of 2025. [12/23]

NetJets Global 8000—Bombardier announced that NetJets will become the fleet launch customer for the Global 8000 aircraft. Adding to its existing global fleet of more than 850 aircraft (and still growing), NetJets has placed a new firm order for four Global 8000 aircraft, valued at $312 million dollars and converted eight existing orders for Bombardier prod- ucts. [11/22]

Air Corporate SRL Challenger 3500—Bombardier announced the sale of its industry-leading Chal- lenger 3500 business jet to Italian- based operator, Air Corporate SRL. This will be the first company to of- fer the aircraft for charter in Europe. [8/22]

Unspecified Customer—Bom- bardier announced a firm order for 20 Challenger 3500 Business Jets. The customer requested confidentiality. This is Bombardier’s largest business jet transaction of 2021, representing a value of $534 million U.S., based on current list pricing. [9/21]

Unspecified Customer—Bom- bardier announced that it received a firm order for 10 aircraft from an ex- isting customer. For competitive rea- sons, the order mix was undisclosed. The agreement represents a total value of $451.8 million U.S., accord- ing to current list prices. [6/21]

Airshare Challenger 350— Airshare has ordered three super- midsize Challenger 350 aircraft, with options for 17 more, which will ena- ble the Kansas City-based private aviation company to double the size of its fractional ownership fleet soon. [5/21]

VistaJet Challenger 350—VistaJet purchased 10 Challenger 350 Air- craft. The sale was originally an- nounced in December 2020. It was

one of the largest biggest business jet orders of 2020. [12/20]

Fargo Jet Center Learjet 75— Bombardier sold two Learjet 75 Lib- erty aircraft to North Dakota-based Fargo Jet Center. The aircraft are to be converted to dedicated medevac configuration and delivered to air ambulance service provider Lotnicze Pogotowie Ratunkowe (LPR), based in Warsaw, Poland. [1/20]

airBaltic CS300—airBaltic ordered up to 60 Bombardier CS300 aircraft. An all-C Series fleet is the backbone of airBaltic’s new business plan – Destination 2025. Bombardier Com- mercial Aircraft and Air Baltic Cor- poration AS (airBaltic) announced that the parties have executed a firm purchase agreement for the sale and purchase of 30 CS300 aircraft with options and purchase rights for an ad- ditional 30 aircraft of the same type. Based on the list price of the CS300 aircraft, the firm order is valued at approximately $2.9 billion. This amount would increase to nearly $5.9 billion should all 15 options and 15 purchase rights be exercised. [5/18]

American Airlines CRJ900—Bom- bardier Commercial Aircraft an- nounced today signed a firm order for 15 new CRJ900 regional jets with American Airlines, Inc. The purchase agreement also includes options on an additional 15 CRJ900 aircraft. Based on the list price of the CRJ900 aircraft, the firm order is valued at approximately $719 million. [5/18]

Ethiopian Airlines Q400 Air- craft—Bombardier Commercial Aircraft concluded a firm order for 10 new Q400 aircraft with Ethiopian Airlines. The order also includes pur- chase rights for five additional Q400 aircraft. Based on the list price of the Q400 aircraft, the firm order is val- ued at approximately $332 million. [4/18]

Egyptair CS300—Bombardier Commercial Aircraft and EgyptAir Holding Company announced today that the parties have executed a firm agreement for the sale and purchase of 12 CS300 aircraft along with pur- chase rights for an additional 12 CS300 aircraft. [12/17]

India SpiceJet Q400—Bombardier Commercial Aircraft concluded a firm purchase agreement with SpiceJet Limited of Gurgaon, India for up to 50 Q400 turboprop airliners, making it the largest single order ever for the Q400 turboprop aircraft pro- gram. The purchase agreement in- cludes 25 Q400 turboprops and pur- chase rights on an additional 25 air- craft. Based on list prices, the order is valued at up to $1.7 billion. [9/17]

Ireland's CityJet CRJ900—Bom- bardier Commercial Aircraft reached a firm purchase agreement with Ire- land's CityJet that includes six CRJ900 aircraft and options for an additional four aircraft. Upon deliv- ery, the aircraft will operate under wet lease in the Scandinavian Air- lines (SAS) network. Based on the list price of the CRJ900 aircraft, the firm order is valued at approximately

$280 million and could increase to

$467 million, should CityJet exercise all its options. [2/17]

US—Bombardier Commercial Air- craft signed a five-year heavy maintenance agreement with Mesa Air Group, Inc. of Phoenix, Arizona. Under this contract, which extends to 2020, Bombardier will perform all heavy maintenance tasks for the air- line’s fleet of CRJ700 and CRJ900 aircraft at its service centers in Ma- con, Georgia, Bridgeport, West Vir- ginia and Tucson, Arizona. [6/15]

Q400s—WestJet Encore Ltd. signed a firm order for five of Bombardier’s Q400 aircraft. The airline also signed a firm order for one Q400 aircraft in March 2015. These transactions are conversions of options previously booked by the carrier’s parent com- pany WestJet Airlines. Based on the list price of the Q400 airliner, the transactions are valued at approxi- mately $200 million. [6/15]

India, Poland, UAE—Bombardier Commercial Aircraft signed agree- ments with SpiceJet of India, Po- land’s LOT Polish Airlines and Abu Dhabi-based Falcon Aviation Ser- vices to enroll in Bombardier’s Smart Parts after-market support program to provide value-added dispatch availability and cost predictability for their growing fleets of Q400 air- craft. The agreements are each for five-year terms. [6/15]

Switzerland—Bombardier Business Aircraft and VistaJet decided to ex- pand VistaJet’s in-service fleet to 50 aircraft comprised exclusively of Bombardier business jets. This key milestone will be achieved within this month of June when the com- pany takes delivery of a Global 6000aircraft. [6/15]

Germany—SWISS launch operator converted 10 of its 30 firm-ordered CS100 aircraft to the larger CS300 aircraft. The original purchase agree- ment for 30 CS100 aircraft was signed by Deutsche Lufthansa AG on SWISS’s behalf and announced in 2009. [6/15]

Côte d’Ivoire (West Africa)—Air Côte d’Ivoire, the national airline of

the Republic of Côte d’Ivoire con- verted options on two Q400 NextGen airliners to a firm order with Bom- bardier. Air Côte d’Ivoire’s two op- tions were acquired under a contract announced on Dec. 18, 2013 that also included a firm order for two Q400 NextGen aircraft. Based on the list price for the Q400 NextGen turbo- prop, the firm order is valued at ap- proximately $69 million. [4/15]

Switzerland—Bombardier signed a firm purchase agreement with Swiss Air-Ambulance Rega for three Bom- bardier Challenger 650 aircraft. The transaction is valued at approxi- mately $130 million, based on 2015 list prices and includes various air- craft modifications, such as the in- stallation of a medical evacuation in- terior. Deliveries of the modified Challenger 650 aircraft are scheduled for 2018. [4/15]

UAE—Bombardier Commercial Aircraft signed a firm purchase agreement with lessor Palma Hold- ing Limited to provide an additional a dual-class Q400 NextGen aircraft. Under a joint venture between Palma and Ibdar Bank BSC (“Ibdar”), the firm-ordered aircraft will be leased to RwandAir of Kigali, Rwanda. [3/15]

Malaysia—Bombardier Commercial Aircraft and Fly Mojo signed a Letter of Intent (LOI) for the sale and pur- chase of 20 CS100 aircraft with op- tions for an additional 20 CS100 air- craft. Based on the list price of the CS100 aircraft, a firm order would be valued at approximately $1.47 bil- lion, and could increase to $2.94 bil- lion, should flymojo exercise all its options. [3/15]

US—Bombardier Commercial Air- craft and Mesa Air Group, Inc. of Phoenix, Arizona (Mesa Airlines) signed a firm purchase agreement for seven CRJ900 NextGen aircraft. Based on the list price of the CRJ900 NextGen aircraft, the firm order is valued at approximately $326 mil- lion. [3/15]

Luxembourg—Bombardier Com- mercial Aircraft and LUXAIR So- ciété Luxembourgeoise de Naviga- tion Aérienne S.A. signed a firm pur- chase agreement for three Q400 NextGen aircraft and options on an additional two Q400 NextGenair- craft. Based on the list price of the Q400 NextGen aircraft, the firm or- der is valued at approximately $100.3 million and could increase to $169.5 million should Luxair exercise all its options. [2/15]

Q400s—Bombardier Commercial Aircraft and Chorus Aviation Inc. signed a firm purchase agreement whereby Chorus will acquire 13 Q400 NextGen aircraft and options for 10 Q400 NextGen aircraft. Once delivered, the aircraft will be oper- ated by Jazz under the Air Canada Express banner. Based on the list price of the Q400 NextGen aircraft, the firm order is valued at approxi- mately $424 million, and could in- crease to $758 million should Chorus exercise all its options. [2/15]

US—Bombardier Commercial Air- craft and American Airlines, Inc. signed a firm order for 24 CRJ900 NextGen regional jets. Based on the list price for the CRJ900 NextGen aircraft, the firm order is valued at approximately $1.14 billion. [2/15]

US—Horizon Air Industries, Inc. converted two of seven previously acquired Q400 NextGen aircraft op- tions to firm orders. The airline re- tains its options on another five Q400 NextGen aircraft. Horizon Air and its sister carrier, Alaska Airlines are subsidiaries of Alaska Air Group. Based on the list price of the Q400 NextGen aircraft, the purchase agree- ment is valued at approximately

$70.1 million. [1/15]

Ireland—Elix Aviation Capital Lim- ited took an assignment of three Q400 NextGen aircraft previously booked by another Bombardier cus- tomer. Dublin-based Elix was launched in September 2013 with the equity backing of Oaktree Capital

Management, a premier global alter- native investment firm. [1/15]

US—Bombardier Commercial Air- craft and GE Capital Aviation Ser- vices signed a firm purchase agree- ment for five Q400 NextGen aircraft and took options on an additional 10 Q400 NextGen aircraft. Based on the list price of the Q400 NextGen air- craft, the firm order is valued at ap- proximately $160 million. The value could increase to $448 million should GECAS exercise all its options. [12/14]

Undisclosed—Bombardier Business Aircraft received a firm order for six Learjet 75 business jets with options for an additional three Learjet 75 air- craft from an undisclosed customer. The transaction for the firm aircraft is valued at approximately $83 million, based on the 2014 list price for typi- cally equipped aircraft. If all the op- tions are exercised, the total value of the order is approximately $124 mil- lion. [12/14]

Undisclosed—Bombardier Com- mercial Aircraft and an undisclosed customer signed a firm order for 24 CRJ900 NextGen regional jets. Based on the list price for the CRJ900 NextGen aircraft, the firm order is valued at approximately

$1.14 billion. [12/14]

US—Bombardier Commercial Air- craft and an entity owned by the IFL Group of Waterford, Michigan signed a firm purchase agreement to acquire the first Bombardier CRJ200 SF (Special Freighter) aircraft. Prior to being delivered to the IFL Group, the aircraft will be converted to all- cargo configuration by Aeronautical Engineers, Inc. (“AEI”) of Miami, Florida, a Bombardier-licensed Third Party Supplemental Type Certificate (STC). [12/14]

UAE—Bombardier Commercial Aircraft and Abu Dhabi-based Fal- con Aviation Services LLC (“Fal- con”) placed a firm order for three additional Q400 NextGen airliners.

The transaction represents the con- version to firm orders of three of the five Q400 NextGen aircraft included in a Letter of Intent (LOI). Based on list price, Falcon’s firm order for three Q400 NextGen aircraft is val- ued at approximately $90.3 million. [11/14]

Ireland—Bombardier Commercial Aircraft and a wholly owned affiliate of Macquarie AirFinance signed a firm purchase agreement for 40 CS300 jetliners and took options on an additional 10 CS300 aircraft. De- livery of the aircraft will be on a phased basis from 2017 to 2019. [9/14]

Undisclosed—Bombardier Aero- space and an undisclosed customer placed an additional conditional or- der for seven firm CS300 airliners as well as purchase rights for six addi- tional CS300 aircraft. Based on the list price of the aircraft, a firm order for the seven CSeries aircraft would be valued at approximately $553 mil- lion. [7/14]

Thailand—Bombardier Aerospace and Thai carrier Nok Air converted two of four previously acquiredQ400 NextGen aircraft purchase rights to firm orders. The purchase rights were acquired under a contract announced on Nov. 19, 2013, that also included two firm-ordered aircraft and two op- tions, which were converted to firm orders on March 31, 2014. Based on the list price for the Q400 NextGen airliner, the firm order is valued at approximately $66 million. [7/14]

US—Bombardier Aerospace and Horizon Air Industries, Inc. signed a firm purchase agreement for one Bombardier Q400 NextGen turbo- prop airliner. The airline retains its options on another seven Q400 NextGen aircraft as announced previ- ously. Additionally, Bombardier and Horizon Air confirmed they have signed a five-year heavy mainte- nance agreement whereby Bom- bardier will perform heavy mainte- nance tasks for the airline’s fleet of 52 Q400 aircraft. Based on the list

price of the Q400 NextGen aircraft, the aircraft agreement is valued at ap- proximately $32.6 million. [7/14]

China—Bombardier Aerospace and Zhejiang Loong Airlines Co., Ltd. signed a Letter of Intent to acquire 20 CS100 airliners. The operator began domestic service in 2013. Based on the list price for the CS100 aircraft, a firm order for 20 CS100 aircraft would be valued at approximately

$1.28 billion. [7/14]

Undisclosed—Bombardier Aero- space received a firm order for 38

Joint Ventures/Teaming

Bombardier business aircraft, includ- ing 28 Global business jets and 10 Challenger 605 business jets, from an undisclosed customer. The transac- tion is valued at approximately $2.2 billion, based on 2013 list prices for typically equipped aircraft. [12/13]

China—Bombardier Aerospace re- ceived a firm order for 10 Challenger 350 business jets from Minsheng Fi- nancial Leasing Co., Ltd. The trans- action is valued at approximately

$259 million, based on the 2013 list

price for typically equipped aircraft. [12/13]

Undisclosed—Bombardier Aero- space received a firm order for 10 Challenger business jets from an un- disclosed customer. The order in- cludes five Challenger 300 jets and five Challenger 605 jets. The transac- tion is valued at approximately $280 million, based on the 2013 list price for typically equipped aircraft. [12/13]

         Airbus                CSeries                Joint                Venture                                                      

Airbus SE and Bombardier Inc. be- come partners on the CSeries aircraft program under a deal finalized in July 2018. Under the agreement, Air- bus will provide procurement, sales and marketing, and customer support expertise to the CSeries Aircraft Limited Partnership (CSALP), the entity that manufactures and sells the

C Series. At closing, Airbus will ac- quire a 50.01% interest in CSALP. Bombardier and Investissement Qué- bec (IQ) will own approximately 31% and 19%, respectively.

CSALP’s headquarters and primary assembly line and related functions

will remain in Québec, with the sup- port of Airbus’ global reach and scale. Airbus’ global industrial foot- print will expand with the final as- sembly line in Canada and additional CSeries production at Airbus’ manu- facturing site in Alabama.

   Lufthansa              Bombardier              Aviation              Services                                              

Bombardier Business Aircraft Div. and Germany’s Lufthansa Technik established a joint venture company, Lufthansa Bombardier Aviation Ser- vices provides maintenance services

for a range of aircraft manufactured by Bombardier companies. The joint venture provides maintenance for the Learjet 31, 35/36, 55 and 60 jets and

Challenger 600, 601 and 604 aircraft

as well as the Bombardier Global Ex- press.

                   Business                                      JetSolutions                                                            

Business JetSolutions is a joint ven- ture of Canada’s Bombardier, Inc. and AMR Combs that sells fractional

ownership shares of business jets. In August 1995 it signed a long-term

contract with FlightSafety Interna- tional, Inc. (Flushing, NY) to provide pilot training.

       Canadair                Aviation                Service                GmbH                                                    

Canadair Aviation Service GmbH (CASG) was established by Canadair and Dornier GmbH in 1981 just

southwest of Munich to service Chal- lenger aircraft operators in Europe. It

is based in Oberpfaffenhofen, Ger- many.

   Canadair/DLT/CAE              (RJ              training              center)                                                

In October 1991 Canadair, DLT (Germany), and CAE Electronics

Ltd. jointly established an airline per- sonnel training center at Berlin- Schönefeld Airport for Regional Jet

operators in Europe. It is based at Berlin-Schönefeld Airport, Ger- many.

       Other       JV       &       Teaming       Activity                                                      

Targets—Short Brothers Defence Systems (Belfast, Northern Ireland, UK) received a license to manufac- ture and market the complete product

line of land, sea and air targets of Bristol Aerospace (Winnipeg, Can- ada) and the Canadian forces. The

product line was acquired from Boe- ing of Canada in 1992. [9/94]

Research & Development

                       In-house                                          R&D                                                                  

Below is a summary of Bombardier recent spending in this area.

($ Millions)	2017	2018	2019	2020	2021	2022	2023
R&D	240	217	156	320	338	360	373
Sales	7,648	7,321	7,488	6,487	6,085	6,913	8,046
R&D/Sales Ratio	3.1%	3.0%	2.1%	4.9%	5.6%	5.2%	4.6%

Acquisitions/Divestitures

Below are transactions that relate to the company’s defense and aerospace operations.

                                                                   Latécoère                                                                    

In July 2023, Bombardier completed acquisition of Latécoère’s assets and activities of its Electrical Wiring In- terconnection System (EWIS) busi- ness in Querétaro, Mexico. With this

acquisition, Bombardier retains stra- tegic EWIS activities and secures the assets and expertise to manufacture the electrical harnesses required in its aircraft. This initiative is aligned with

the company’s insourcing initiatives, aimed to optimize and bolster its sup- ply chain.

                                                               Transportation                                                                

In January 2021, Bombardier com- pleted the sales of its Transportation business to Alstom, a sale that com- pleted Bombardier’s repositioning as

a pure play business jet company. The sale netted $3.6 billion to Bom- bardier, including $600 million in Al- stom shares. Bombardier will use at

least part of the proceeds to begin paying down net debt, which amounted to $4.7 billion as of De- cember 31, 2020.

                                                               Aerostructures                                                                

In October 2020, Bombardier com- pleted the sale of its aerostructures business to Spirit AeroSystems Holding, Inc. With this transaction, Spirit acquired Bombardier’s aero- structures activities and aftermarket services operations in Belfast, U.K.; Casablanca, Morocco; and its aero- structures maintenance, repair and overhaul (MRO) facility in Dallas for a cash consideration of $275 million

and the assumption of other liabili- ties. On the first anniversary of clos- ing, Spirit will make a special contri- bution of £100 million (approxi- mately $130 million) to the Shorts pension scheme. The total enterprise valuation of the acquisition is $865 million.

With the addition of these sites, Spirit acquires the entire work package for

the A220 wing manufacturing pro- cesses and technology.

The acquired Bombardier operations employ approximately 3,300 people at three sites comprising approxi- mately 3.4 million square feet. The backlog of work includes long-term contracts on the Airbus A220 and Bombardier business jets, along with aftermarket services at two of the ac- quired sites.

                       Regional                                          Jets                                                                  

In June 2020, Mitsubishi Heavy In- dustries, Ltd. (MHI) and Bombardier

Inc. completed the sale of Bom- bardier’s regional jet program for a

cash consideration of approximately

$550 million USD, payable to Bom- bardier upon closing, and the as- sumption by MHI of liabilities amounting to approximately $200 million USD. Bombardier’s net ben- eficial interest in the Regional Air- craft Securitization Program

(RASPRO), which is valued at ap- proximately $180 million USD, will be transferred to MHI.

Pursuant to the agreement, MHI will acquire the maintenance, support, re- furbishment, marketing, and sales ac-

tivities for the CRJ Series aircraft, in- cluding the related services and sup- port network located in Montréal, Québec, and Toronto, Ontario, and its service centers located in Bridge- port, West Virginia, and Tucson, Ar- izona, as well as the type certificates.

                     CSeries                                          (A220)                                                                

In February 2020, Bombardier di- vested its remaining stake in the A220, formerly known as the CSeries.

Airbus SE, the Government of Qué- bec and Bombardier agreed upon a new ownership structure for the A220 program, whereby Bombardier transferred its remaining shares in Airbus Canada Limited Partnership

(Airbus Canada) to Airbus and the Government of Québec.

Bombardier received US$591 mil- lion net of adjustments, of which US$531 million was received at clos- ing.

This agreement brings the sharehold- ings in Airbus Canada, responsible for the A220, to 75% for Airbus and 25% for the Government of Québec.

The government’s stake is redeema- ble by Airbus in 2026 - three years later than before. As part of this transaction, Airbus, via its wholly owned subsidiary Stelia Aerospace, has also acquired the A220 and A330 work package production capabilities from Bombardier in Saint-Laurent, Québec

             Asset                          Sale                          Plans                                                                

In October 2004, Bombardier sold its military training business to L-3 Communications MAS, a unit of

New York-based L-3 Communica- tions. L-3 paid $87.4 million for the

business, which had about $80 mil- lion of annual sales.

             Asset                          Sale                          Plans                                                                

In April 2003, Bombardier an- nounced that it planned to sell assets valued at C$1.5 billion. The largest asset planned for disposal is Recrea- tional Products, the largest provider of recreational watercraft and the second-largest manufacturer of snowmobiles. It reported annual

sales of C$2.5 billion for the year ended Jan. 31, 2003. Also, for sale is the Defence Services business which trains of NATO pilots at facilities in Canada. With facilities in Mirabel, Quebec and Bridgeport, West Vir- ginia, it also provides technical ser- vices for military aircraft, such as

Canada’s CF-18 fighters and Cana- dian Armed Forces pilots.

Belfast City Airport in Northern Is- land is also in the process of being sold, with negotiations already un- derway with prospective buyers.

           Specialist                      Aviation                      Services                                                        

In December 1997 Bombardier an- nounced that it had acquired Special- ist Aviation Services, incorporating

Police Aviation Services and Medi- cal Aviation Services.

                       de                                            Havilland                                                                  

In February 1997 Bombardier ac- quired Ontario’s 49% share in de Havilland for C$49 million. The deal was conditioned on Bombardier’s

continued investment in de Havil- land, including maintaining final as- sembly of turboprops. In late 1997 Bombardier announced that its de

Havilland division would be cutting about 450 jobs, reflecting slowed production of the Dash 8.

         Belfast                  City                  Airport                  Ltd.                                                          

In April 1995 Shorts agreed to sell Belfast City Airport Ltd. and an ad- joining site to Sarcon Diamond Ltd. of Northern Ireland. for about £24

million ($38 million). The sales was not completed when the UK compe- tition authority stepped in to block

the sale to the owner of Belfast Inter- national Airport.

    West                  Virginia                  Air                  Center                                                          

In November 1994 Shorts acquired the 220-employee West Virginia Air Center, a Bridgeport, WV-based air- craft maintenance and modification

company. WVAC provides commer- cial-to-military aircraft conversion services and provides regional air- craft and airliner maintenance.

                                                                   Airwork                                                                      

In November 1993 Shorts acquired Airwork Ltd., a Bournemouth, UK- based provider of aviation-related

technical services, including facili- ties management, aircraft mainte- nance, and air traffic control and

flight training. Most of the com- pany’s business is in the Middle East. The purchase price was £14.9 mil- lion.

                                                                     UTDC                                                                        

In February 1992 Bombardier ac- quired Canadian transportation equipment manufacturer UTDC Inc. At the time of its acquisition UTDC

had a C$250 million contract to pro- duce 1,122 heavy logistics vehicles for the Canadian armed forces and was competing for a C$255 million

contract to build 3,300 light support vehicles.

             de                        Havilland                        Canada                                                            

In January 1992 Bombardier bought 51% of Boeing’s de Havilland Can- ada subsidiary for C$51 million. The

provincial government of Ontario purchased the remaining 49% for C$49 million.

                                                                     Learjet                                                                      

In June 1990 Bombardier acquired Learjet Inc. from Integrated Re- sources for $75 million.

                     Short                                          Brothers                                                                

In June 1989 Bombardier bought Short Brothers from the British Gov- ernment for $47.4 million.

                                                                   Canadair                                                                      

In August 1986 Bombardier pur- chased Canadair from the Canadian Government for $100 million.

Divisions/Subsidiaries

                 Bombardier                                    Aerospace                                                      

400 Cote-Vertu Road West Dorval, Québec

Canada H3B 1Y8 tel: (514) 855-5000

fax: (514) 855-7401

Bombardier Aerospace Group-North America includes Canadair, de Havilland and Learjet offering a line

of business jets and jet and turboprop aircraft.

       Bombardier              Business                Aircraft                Div.                                                  

Challenger

The main Challenger programs now are the Challenger 350 and the Chal- lenger 650. The Challenger 300 Se- ries has been the most delivered me- dium business jet for the last decade. The Challenger 600 Series has been the most delivered business jet in its segment for the last decade.

Learjet

Learjets are light business jets, more than 3,000 of which have been deliv- ered.

Bombardiers’ main programs cur- rently are Learjet 70, Learjet 75, and Learjet 75 Liberty.

The new Learjet 75 Liberty aircraft offers the only executive suite in the light jet category.

Bombardier announced in February 2021 that it would stop production of the Learjet to focus its efforts on the more profitable Challenger and Global Express families of aircraft. It will continue to fully support the Learjet fleet.

Global Express Family

The Global Express program was launched in December 1993 with de- liveries beginning in 1998 of this ul- tra-long-range, high-speed business jet.

It now includes six different models: Global 5000, Global 5500, Global

6000, Global 6500, Global 7500, and

Global 8000.

The Global 6000 aircraft family is the most delivered business jet in the large category. Bombardier’s new Global 5500 and Global 6500 aircraft received Transport Canada type cer- tification in September 2019, fol- lowed by entry-into-service of the Global 6500 business jet in the same month. The Global 7500 has a four- zone cabin and the longest range to link virtually any key city pair world- wide, non-stop, according to Bom- bardier. The Global 7500 aircraft en- tered service in December 2018,