June 30, 2026
Condensed Interim Statement of Financial Position
(Unaudited)
| (In thousands of Canadian dollars) | June 30, 2026 | March 31, 2026 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | $ 15,487 | $ 18,096 |
| Trade and other receivables (note 4) | 145,785 | 155,959 |
| Inventories | 21,281 | 21,420 |
| Prepaids | 9,606 | 11,612 |
| Derivative financial assets | 341 | 75 |
| 192,500 | 207,162 | |
| Non-current assets | ||
| Property and equipment (note 5) | 407,250 | 413,509 |
| Intangible assets (note 6) | 12,554 | 12,930 |
| Right-of-use assets (note 7) | 19,533 | 13,325 |
| Employee benefits asset (note 8) | 122,663 | 98,841 |
| 562,000 | 538,605 | |
| Total assets | $ 754,500 | $ 745,767 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | $ 162,943 | $ 176,287 |
| Holdbacks | 922 | 835 |
| Lease liabilities (note 7) | 2,894 | 3,178 |
| Deferred operating funding (note 10) | 30,887 | 33,032 |
| Deferred revenue - other screening services | 3,503 | - |
| 201,149 | 213,332 | |
| Non-current liabilities | ||
| Lease liabilities (note 7) | 19,106 | 12,506 |
| Deferred capital funding (note 10) | 411,904 | 418,406 |
| Employee benefits liability (note 8) | 23,055 | 22,203 |
| Deferred revenue - other screening services | 6,130 | 6,032 |
| 460,195 | 459,147 | |
| Equity | ||
| Accumulated surplus | 93,156 | 73,288 |
| Total liabilities and equity | $ 754,500 | $ 745,767 |
Contingencies (note 9) and contractual commitments (note 13)
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Comprehensive Income (Loss)
(Unaudited)
| (In thousands of Canadian dollars) | Three Months Ended June 30 | |
|---|---|---|
| 2026 | 2025 | |
| Expenses | ||
| Pre-Board Screening | $ 181,493 | $ 175,060 |
| Hold Baggage Screening | 50,505 | 46,250 |
| Non-Passenger Screening | 45,245 | 41,103 |
| Restricted Area Identity Card Program | 1,074 | 1,067 |
| Corporate services | 14,476 | 15,032 |
| Total expenses (note 11) | 292,793 | 278,512 |
| Other (income) expenses | ||
| Finance costs | 156 | 169 |
| Foreign exchange loss (gain) | 48 | (219) |
| Write-off of property and equipment and intangible assets | 1 | - |
| Net (gain) loss on fair value of derivative financial instruments | (266) | 1,481 |
| Total other (income) expenses | (61) | 1,431 |
| Financial performance before revenue and government funding | 292,732 | 279,943 |
| Revenue | ||
| Other screening services | 521 | - |
| Finance income | 469 | 735 |
| Miscellaneous income | - | 18 |
| Total revenue | 990 | 753 |
| Government funding for | ||
| Operating expenses | 274,014 | 259,858 |
| Amortization of deferred capital expenditures | 13,491 | 13,008 |
| Lease payments | 979 | 978 |
| Total government funding (note 10) | 288,484 | 273,844 |
| Financial performance | $ (3,258) | $ (5,346) |
| Other comprehensive income | ||
| Item that will not be reclassified to financial performance | ||
| Remeasurement of defined benefit plans (note 8) | 23,126 | 9,893 |
| Total comprehensive income | $ 19,868 | $ 4,547 |
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Changes in Equity
(Unaudited)
For the three months ended June 30:
| (In thousands of Canadian dollars) | Accumulated surplus |
|---|---|
| Balance, March 31, 2026 | $ 73,288 |
| Financial performance | (3,258) |
| Remeasurement of defined benefit plans (note 8) | 23,126 |
| Balance, June 30, 2026 | $ 93,156 |
| Balance, March 31, 2025 | $ 41,257 |
| Financial performance | (5,346) |
| Remeasurement of defined benefit plans (note 8) | 9,893 |
| Balance, June 30, 2025 | $ 45,804 |
The accompanying notes are an integral part of these condensed interim financial statements.
Condensed Interim Statement of Cash Flows
(Unaudited)
| (In thousands of Canadian dollars) | Three Months Ended June 30 | |
|---|---|---|
| 2026 | 2025 | |
| Cash flows provided by (used in) | ||
| Operating activities | ||
| Financial performance | $ (3,258) | $ (5,346) |
| Items not involving cash | ||
| Depreciation and amortization (note 11) | 14,412 | 13,870 |
| Change in net employee benefits asset/liability | 156 | 1,108 |
| Other non-cash transactions | 42 | - |
| Write-off of property and equipment and intangible assets | 1 | - |
| Net (gain) loss on fair value of derivative financial instruments | (266) | 1,481 |
| Amortization of deferred capital funding (note 10) | (13,491) | (13,008) |
| Net change in working capital balances (note 15) | 1,058 | (79,549) |
| (1,346) | (81,444) | |
| Investing activities | ||
| Government funding received for capital expenditures | 16,521 | 15,022 |
| Purchase of property and equipment and intangible assets | (16,960) | (13,230) |
| (439) | 1,792 | |
| Financing activities | ||
| Lease principal payments | (824) | (823) |
| (824) | (823) | |
| Decrease in cash | (2,609) | (80,475) |
| Cash, beginning of period | 18,096 | 102,215 |
| Cash, end of period | $ 15,487 | $ 21,740 |
The accompanying notes are an integral part of these condensed interim financial statements.