Exchange Income : 2024 Annual Report
EIF.TO
Year End Report
For the year ended
December 31, 2024
Chairman's Message
Proud of our past twenty years and even more confident in our next twenty.
2024 marked EIC's 20th anniversary since its first acquisition of Perimeter on May 6, 2004. During this time of celebration I took the opportunity to read our first annual report from our 2004-year end. The principles of EIC and our initial investment thesis remain as true today as they were back then. When the founders of EIC (and its predecessor, Exchange Industrial Income Fund) developed the purpose for the Corporation, we wanted it to provide its shareholders with stable and growing cash distributions, maximize share value associated with its portfolio of subsidiaries and employ a disciplined acquisition strategy. We continue to be guided by those principles today. The commitment to those fundamental principles has resulted in incredibly strong returns to our shareholders having surpassed $1 billion in cumulative dividends in 2024. I want to congratulate our management teams on 20 years of success driven by their belief and commitment to our principles and values. Our incredible portfolio of businesses will carry us on into 2025 and beyond. I also wanted to say thank you to my current and past board members who all shared a common belief in the merits and purpose of our Corporation. I am as excited about our prospects as I am proud of our accomplishments over the past twenty years. My annual message will focus on our past achievements and Mike's message will focus on the future aspirations for the business.
It seems like the last few years were characterized by anomalous events, whether it be the pandemic, inflationary pressures, geopolitical concerns and more currently about national protectionism and tariffs. However, throughout all this instability, our businesses have remained resilient. We have a collective group of niche businesses which provide great diversification to weather any external events. This continued to be evident in our 2024 results as our Aviation & Aerospace segment posted record financial results which propelled the Company to records for our key financial metrics. These record results are just part of the story of our Company. As a Board we continue to focus on the benefits that our business provides for all our stakeholders whether it be our shareholders, our employees, the communities we serve and the broader environment.
Our Shareholders
We are incredibly proud of the returns we generate for our shareholders. When looking since inception or for any 1, 3, 5, 10 or 15 year period the combination of dividends paid and share appreciation have generated total compounded annual returns to our shareholders that are far in excess of market returns. Furthermore, since inception our shareholder returns have been approximately 20% on a cumulative annual compounded growth rate basis and the one-year return for fiscal 2024 was an outstanding return of 37%.
The growth that has occurred since inception has proven the business model - that you can achieve tremendous growth whilst paying a stable and growing dividend in any business environment. Furthermore, the growth of EIC has also resulted in greater diversification of the business amongst various business lines resulting in more predictable and stable financial results. The business model is perfectly summarized with a visual representation. The chart below demonstrates the total shareholder returns for EIC since inception compared to an investor in the S&P/TSX index. While a return of 439% in an index-based fund is laudable over a 20-year period, the EIC total shareholder return was a spectacular 3,960%. We are very proud of that achievement and believe that the decisions made in the past set the Corporation up for further long-term growth.
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Our Employees
Our employee group has grown from less than a handful of initial employees back in 2004 to over 8,000 strong by the end of 2024. Our employees are critical to our success and their level of engagement and pride in being part of the EIC family has driven the record financial results. We often talk about how important culture is at each and every subsidiary. Each subsidiary has a unique culture that has been an integral component of their individual successes, however there are commonalities of values amongst the cultures including teamwork, trust, passion, a sense of belonging, integrity and doing the right thing. It is clear that our employees share EIC's corporate purpose and values as nearly 20% of our employees participate in our employee share purchase plan. To illustrate the unique cultures of our subsidiaries and how EIC has contributed to their future growth while maintaining their culture, we have compiled a coffee table book which is available to our various stakeholders. This book has been distributed throughout our various employee groups and copies are available to those interested. If you would like a copy of the physical book please contact Pam Plaster, Vice President, Investor Development at [email protected].
Our employees are also very active in the communities in which we operate. Numerous hours are volunteered through various charitable organizations and our companies donate generously to causes within our communities through in-kind donations of goods and transportation. As an example of the level of volunteerism, our employees volunteer over 10,000 hours of time throughout the year to ensure a successful Truth and Reconciliation event with the Winnipeg Blue Bombers football club.
Our Communities that we Serve
One of our greatest achievements is giving back to the communities we serve. Through community partnerships in our various business lines, we provide profit sharing, free and discounted service, and investment capital for local economic and social development projects. This concept was established with EIC's very first acquisition of Perimeter in 2004 and continues to this day throughout our business lines. Our efforts continue to expand and impact individuals from northern and remote communities through the growth of the Atik Mason Indigenous Pilot Pathway program. The third season of the Atik Mason Indigenous Pilot Pathway saw another training location added in Rankin Inlet, Nunavut. The most recent cohort of students, who attended the program in either Thompson, Goose Bay or Rankin Inlet, saw 23 students fulfilling their dream of becoming a commercial pilot by graduating the program and starting their journey in accumulating flight hours that are necessary prior to joining our Essential Air Services business line as pilots. EIC has also been instrumental in several Indigenous community members becoming aircraft maintenance engineers through an EIC sponsored and internally developed program. Even though these programs are in their relative infancy the impact they are having within the communities we serve has been incredible and will only exponentially grow as we continue to expand in geography and the communities we serve.
During 2024 we continued to bring attention to the National Day for Truth and Reconciliation. We brought over 1,000 Indigenous peoples from across Canada to attend the Winnipeg Blue Bombers Canadian Football League game and bring attention to the need for reconciliation with our Indigenous peoples to a nationally broadcast audience. Collectively, through the Blue Bomber and Atik Mason Indigenous Pilot Pathway, EIC invested over $3 million annually back into our relationships with our Indigenous communities and partners. This initiative, which was started by EIC and the Winnipeg Blue Bombers, has been adopted by all nine CFL teams where Truth and Reconciliation is recognized by each team and their fans in different ways. These events, led by EIC, have provided opportunities to Indigenous community members and have inspired the next generation.
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The Environment
EIC continues to focus on best practices and innovations to minimize the environmental impact of its businesses. Our Environmental Access Solutions business line is dedicated to the preservation of ecologically sensitive areas where industrial activity is occurring. Our Essential Air Services are a critical link between northern Indigenous and remote communities and health care and supplies in the south. The aircraft that EIC flies are chosen because they are ideally suited to the conditions, routes, terrain, and runways within those communities. While management is constantly evaluating new technologies to provide our Essential Air Services, they remain steadfast in providing a safe and reliable mode of transportation to those who have no other means of transportation. Furthermore, due to the harsh conditions of the North, economic and supply factors do not allow us to currently utilize more environmentally friendly fuels such as sustainable aviation fuel although we remain active in industry groups that are continuing to invest in carbon reduction initiatives as well as research opportunities to utilize such fuels in the future. The Corporation continues working with governments and experts in reducing emissions, however there is no imminent solution. Each of our subsidiaries has developed policies and procedures to track our scope 1 and 2 emissions. In 2024, we undertook a project to compute our most material scope 3 emissions. We are actively evaluating ways to reduce our environmental impact at each of our businesses whether it be through more efficient equipment or upgrading our physical infrastructure. We are very proud of our achievements to date, and continue to invest in our businesses to reduce our impact on our environment. During 2024, we were proud to have our ESG efforts acknowledged through the receipt of one of Canada's first syndicated social loan facilities.
The Future
Many of our subsidiaries are celebrating milestone anniversaries in 2025 since their inception. I highlight this fact for two reasons. Firstly, these businesses were already strong niche businesses when we acquired them and they continue to thrive long since their inception. Secondly and more importantly, we provided them with capital, nurtured their management teams and they further thrived under our EIC model with exponential growth. That is our secret sauce that makes our model so successful.
Perimeter will be celebrating its 65th year milestone in 2025 and it has grown by approximately double digit multiples in Adjusted EBITDA and employee count since the acquisition by EIC in 2004. As another datapoint, WesTower is celebrating its 35th year milestone in 2025 and has effectively doubled its Adjusted EBITDA and employee head count since its acquisition in 2011. These examples illustrate that while investments are initially accretive to our shareholders the real benefits are seen a few years after they join EIC. They are able to achieve this unbelievable growth whilst maintaining the original culture that made them so special to their employees and customers.
Lastly, the maintenance of a strong balance sheet has allowed us to execute on our disciplined acquisition strategy irrespective of market conditions. Whether that be the acquisition of Calm Air at the height of the 2009 financial crisis or the execution of acquisitions of Carson Air, MacFab Manufacturing, Telcon Datvox, Ryco Communications, Crew Training International and Northern Mat & Bridge during the height of the pandemic. Our focus on a conservative balance sheet has afforded us opportunities to acquire great companies at any time and we have continued to focus on our balance sheet to set us up for the next 20 years. Accordingly, we successfully executed on calling the Series J convertible debentures in late 2024 and more recently called the Series K convertible debentures in February 2025, which in aggregate reduced our leverage by approximately $150 million.
The Board maintains a long-term focus and ensures we demonstrate a commitment to good governance and strong community and stakeholder relations to ensure the long-term sustainability of our businesses. Our purpose drives our strategy and the decisions that we make, however underpinning EIC's successes has always been doing the right thing. Those commitments have not changed over the past 20 years and will not change in the future.
The Board is very proud of our record results for 2024. Moreover, I am very proud of the continuation of our purpose-built culture that the Board and management continue to maintain. Our track record over the last two decades demonstrates how far we have come as an organization and illustrates the power of the EIC business model and its capability for the future. EIC was purpose built in 2004 and we continue to be "proud of our past twenty and even more confident in our next twenty." I personally want to thank all our stakeholders for their ongoing support, and I look forward to seeing many of you at our annual general meeting in May, where we look forward to the next 20 years.
Don Streuber, FCPA, FCA
Chairman, Board of Directors
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Exchange Income Corporation
CEO's Message
2024 marks the 20th anniversary since EIC's first acquisition and I believe the most apt descriptors of our business model are strength, stability, resilience and diversification. Back in May 2004, when embarking on our first acquisition of Perimeter Aviation Limited, we desired to acquire resilient businesses that had strong cash flows and operated in niche industries. Our business model made intuitive sense at the time and we thought that we would be successful based on our initial research performed. In fiscal 2024 our revenues and Adjusted EBITDA were $2.7 billion and $628 million, respectively, compared to our annualized revenues of $30 million and Adjusted EBITDA of $4 million back in 2004. This growth represents a cumulative aggregate annual growth rate on revenue and Adjusted EBITDA of 25% and 29%, respectively, which are incredible achievements over a 20-year history.
Another core tenet of our purpose was to pay a stable and growing dividend to our shareholders. Back in 2004 our distribution was $1.08 per unit and has grown to $2.64 per share today. In 2004 our annualized per annum dividend was approximately $1 million, while in 2024 we paid $126 million in dividends, which represents a cumulative annual growth rate of 25%. To date we have paid more than $1 billion of cumulative dividends to our shareholders, which is a remarkable achievement and demonstrates the success of our business model. Furthermore, in addition to the dividend, our shareholders were also rewarded through growth in our share price, which, when combined with the dividend, has yielded a 20% per annum compounded total return over the past 20 years.
We are extremely proud of these accomplishments, and this wouldn't have been possible without our shareholders, our employees and the communities we serve. I firstly wanted to say thank you for the past 20 years and while I am proud of our successes to date, I am even more excited about our future. Our story continues to resonate with numerous prospective business owners in our acquisition pipeline and our story continues to gain traction amongst institutional and retail investors as we meet with them around the world. This leads me to believe that we are only at the start of our journey and the next twenty years will see even greater growth and opportunity for all.
Let me highlight some of our 2024 financial results and then I will provide commentary on the future of EIC.
Highlights from EIC's 2024 Financial Performance
Fiscal 2024 represented a step-based improvement upon the foundations laid in prior years. The financial results were primarily driven by organic Growth Capital Expenditures made in the prior years due to previous contract awards. These results were generated while the external financial environment was characterized by difficult macro-economic factors including continued geopolitical instability due to conflicts and election uncertainty, sticky inflationary pressures and tight labour markets. Management was incredibly diligent in navigating through those conditions, whilst making investments and winning new contracts. This will allow us to start fiscal 2025 with strong momentum. Our financial results, our conservative leverage and our diversification will allow us to execute on acquisitions long into the future.
We remain committed to maintaining a strong liquid balance sheet. We called our Series J convertible unsecured subordinated debentures in December 2024 with the substantial portion of debentures being converted into equity. Subsequent to year end, we called our Series K convertible unsecured subordinated debentures in February 2025 with the vast majority being converted into equity once again. These transactions allowed us to reduce our overall leverage and set us up for future growth whether by acquisition or organic Growth Capital Expenditures in our existing businesses. While the convertible unsecured subordinated debentures were an effective financing source in the past, we anticipate transitioning to more conventional forms of financing to fund future growth.
Subsequent to year end, we were elated to announce the strategic Canadian North transaction. The addition of Canadian North will allow EIC, when approved, to knit together the complementary routes as there is currently essentially no overlap in the markets served by EIC and Canadian North. We have the core expertise in Northern aviation, and we have always been incredibly proud of the services we provide to our community partners. We anticipate that our new Canadian North communities will benefit from EIC's involvement whether it be through community infrastructure investments, training programs such as the Atik Mason Indigenous Pilot Pathway program, improved employment opportunities and general investment in the communities we serve. The acquisition is strategic to EIC in that it provides further infrastructure investment in our Northern operations and it will be ultimately accretive to our shareholders. We are confident in making this acquisition as we have significant experience in operating Northern airlines as evidenced by our growth experienced by Perimeter, Keewatin, Calm and PAL.
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Exchange Income Corporation
Acquisitions
We continued to execute our disciplined acquisition strategy and closed two strategic acquisitions within our Environmental Access Solutions business line. Each of the acquisitions was accretive individually to EIC and just as importantly they culturally aligned with our EIC values. These acquisitions will set us up for future growth on both an aggregate and per share basis. The acquisitions of Duhamel and Spartan will be important strategic pillars for the expansion of the business line further eastward and into the US, respectively.
Duhamel provides the Environmental Access Solutions business line a foothold into the Quebec and Eastern Canada markets. Hydro- Quebec's 2035 Action Plan highlights a $45 to $50 billion investment over the next 10 years to make the power grid more durable and meet the expected growth in electricity demand. These ambitious investment plans, which exist all across Canada and the US in the transmission and distribution sector, will require significant amounts of matting to protect ecologically sensitive areas and will provide significant tailwinds for our business line long into the future.
Spartan is one of three composite mat manufacturers in North America and provides opportunities to both sell and rent composite mats in the Canadian marketplace as well as allowing for the expansion of Environmental Access Solutions business line in the United States. The matting industry is expected to exhibit strong growth based on the need for transmission and distribution investment in the maintenance of their assets along with future expansion to meet energy demands. Current estimates indicate that the electrical grid's current capacity would have to quintuple over the next decade to handle the surge in power demand as outlined in the US Energy Departments latest state of the grid report. Furthermore, the new US administration is also anticipated to provide tailwinds in the pipeline and oil & gas industries, which will be beneficial for our Environmental Access Solutions business line throughout North America.
2025 is off to a strong start with our announcement that we have entered into a binding purchase agreement to acquire Canadian North. I previously touched on the strategic benefits to EIC along with the benefits to the Northern communities it serves. However, this transaction, once approved, will continue to add to the foundation of our Northern airlines. We have become synonymous with being experts on Northern aviation and we look forward to partnering with the various communities that Canadian North serves and extending our strong relationship with the Nunavut government and Inuit peoples. Our Northern flying is essential to the communities we serve. The map below, from the House of Commons INAN Committee Report, illustrates how the north is connected via airports due to the limited rail and road infrastructure, especially in the Eastern portion of the Northwest Territories and throughout Nunavut. The airlines serving the North are truly akin to the road and rail infrastructure connecting the southern communities. We take great pride in providing a safe and reliable method of transportation for the communities and people we serve.
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As important as the acquisitions we announced were the prospective acquisitions that we didn't proceed with. This is a testament to our disciplined acquisition strategy. Our acquisition team reviews a significant number of potential transactions throughout each year. If the acquisition metrics are not consistent with our key criteria, including expected returns, or if the target is not a cultural fit, we pass on the opportunity. This disciplined acquisition approach has served us well as we look at our 20-year track record and will continue to serve us well in the future.
Growth Capital Expenditures
In addition to our disciplined acquisition strategy, we embarked on several growth initiatives deploying capital into our existing subsidiaries. During the year, we continued to invest in new aircraft to service the BC Emergency Health Services fixed wing medevac contract. In 2024 we acquired two new King Air aircraft, modified the interiors and inducted them into the fleet. The Growth Capital Expenditures under the BC contract occurred later than initial expectations due to delays at the aircraft manufacturer because of a strike in 2024. However, we ensured that customer requirements were met by utilizing other aircraft in the short term. In 2025, we anticipate bringing eight to ten new King Air aircraft into the fleet to service the BC medevac contract. When the aircraft are received, we will be able to deploy the pre-existing aircraft throughout our fleet whether it be for charter services or to service other medevac contracts such as the recently announced Newfoundland and Labrador medevac contract.
During 2024, we also invested in our fixed and full motion King Air simulators. The project is well under way with the fixed simulator completed and the full motion simulator expected to be received in the first quarter of 2025 and fully commissioned by mid-year. This marks an important milestone for the training of our pilots, especially for pilots of our King Air fleet. We are one of the world's largest King Air fleet operators and the installation and operation of the simulators will allow us to provide the highest level of training for our pilots as they can simulate flying into the various communities that we serve. This is anticipated to provide real dollar cost savings whilst improving our training and safety for our pilots and passengers as well as reducing our carbon footprint.
During 2025 we plan to invest further capital into our ISR fleet to add an additional aircraft to service the UK Home Office. This second aircraft was acquired in 2024 and is being retrofitted with the ISR technologies requested by the UK Home Office and we anticipate it operating in mid-2025. Furthermore, during 2024 we invested in aircraft to service the growth in our route network including routes flown on behalf of Air Canada in the Maritimes and into the US. These investments will provide a foundation for continued momentum into 2025 and beyond.
Future Opportunities
In the world of business, the seeds we sow today shape the harvest we reap tomorrow. All our successes and results to date are just a precursor to what lies ahead. We have positioned our business lines to be growth catalysts for the future. Each of the business lines have strong underlying growth fundamentals and EIC has the capital to execute on those initiatives. While the number of initiatives and opportunities are too vast to discuss in my CEO Message, I wanted to highlight some of the most impactful opportunities that are before us in the short to medium-term.
Our Aerospace & Aviation segment has tremendous opportunities before it. As previously mentioned, the Canadian North acquisition, announced subsequent to year end, is strategic to our Northern footprint. The additional infrastructure, hangars and bases will allow for greater connectivity and the addition of jets into our fleet allows for greater opportunities for each of our carriers. We can provide our expertise and experience in Canadian North's turboprop passenger and combi configurations to ensure that our customers and communities are optimally served. We also see great opportunities in expanding our Aerospace ISR capabilities around the globe. I have spoken about our world-class ISR capabilities and that was in full demonstration as our Aerospace business line was one of only three proponents who were invited to bid on the Australia Department of Home Affairs Aerial Surveillance Services contract. This contract, which has an initial term of 15 years, would be one of the largest surveillance contracts around the world. Our Aircraft Sales & Leasing business line has been experiencing unprecedented demand for aircraft, engines and parts due to the continued demand for aircraft worldwide coupled with an acute shortage of parts from the original equipment manufacturers.
Our Manufacturing segment also has a plethora of accretive opportunities in front of it. Our Multi-Storey Window Solutions business line is part of the high-rise solution to the housing shortages across Canada and the US. Projects have been identified and due diligence performed, however developers are reticent to execute the development with high interest/mortgage rates and political uncertainty. We anticipate a wave of developments when these uncertainties abate. In fact, we started to see increased bookings in the latter part of 2024 which bodes well for the business 18 to 24 months out and beyond. Our Environmental Access Solutions business has strong tailwinds and energy independence continues to be forefront in Canada and the US. We see significant investments required over the next number of years in the transmission and distribution segment of the economy as electrical grids are required to be invested in to meet future demands. We are also seeing renewed interest in pipeline and oil and gas projects which perfectly align with our wooden matting business. Our Precision Manufacturing & Engineering business line is represented by a number of complementary businesses across several industries. They are seeing continued demand spurred on by defense, resource, telecommunications and technology sectors.
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The opportunities discussed above are just those generated by our pre-existing operations. Our acquisitions team has a strong pipeline of deals which would be complementary to our pre-existing operating segments. We remain steadfast in our disciplined acquisition strategy and will only execute on deals that meet our stringent criteria.
Funding the Future
One of the core tenets of EIC is to maintain a conservative balance sheet and modest leverage to ensure we have available capital to execute on our growth opportunities whether it be organic growth or via acquisition. To that end, we have been diligently working on reassessing our capital strategy and accordingly have called the Series J convertible unsecured subordinated debentures prior to year end and the Series K convertible unsecured subordinated debentures subsequent to year end. The conversion of those debentures will simplify our capital structure and reduce our overall leverage. Furthermore, we amended our credit facility in May 2024 and introduced one of the first syndicated social loans in Canada. These actions have ensured that we have available liquidity, as and when needed, to execute on our strategic growth initiatives. The corresponding reduction in overall leverage and increase in equity by approximately $150 million by converting the debentures will allow us to execute on strategic transactions such as the recently announced Canadian North acquisition along with other organic growth initiatives.
A year in review
Our people and our culture are our most important resources in executing our strategy. We are blessed with a strong and stable workforce due to the family-like atmosphere that each business fosters. We are very fortunate to have the leaders that we do within each business to inspire our people to always do the right thing. Each subsidiary has detailed succession plans for all key roles. Those succession plans are updated on an annual basis and presented to the Board of Directors. Furthermore, a robust talent identification network exists to help high potential candidates achieve their maximum potential along with a mentorship program that is continuing to expand. We are confident that as we continue to grow and our senior leadership team expands or retires, we have capable individuals within each organization to take the lead. Our culture is one of our most powerful advantages, hence why such attention is placed on our succession plans and recruiting of new team members.
Culture and the development of our own internal talent was the rationale for the Life in Flight Program ("Life in Flight"). Such program was unveiled in May 2019 and its express purpose was to proactively address the shortage in pilots in our airline operations. Life in Flight was later expanded to include aircraft maintenance engineers ("AME") to address the shortage in AMEs within the industry. Additionally, in April 2022, we announced the opening of the Atik Mason Indigenous Pilot Pathway ("Pilot Pathway") program in Thompson, Manitoba. In 2024, the Pilot Pathway operated in three jurisdictions - Manitoba, Nunavut and Newfoundland. The Pilot Pathway is a fully funded program that provides an opportunity for Indigenous and Inuit community members to learn to fly and build careers as professional pilots. It removes significant barriers to flight training faced by Indigenous candidates, including cost and location, and honors the importance of retaining a deep connection to Indigenous culture while training. We now have a number of pilots who have joined our various companies as first officers as a direct result of this program. These programs are illustrative of how each of our companies gives back to the communities that we serve and results in a win/win scenario for all involved. For EIC, we see greater retention rates by developing our own pilots and AMEs as opposed to hiring from outside. For our employees and communities, they receive strong stable employment opportunities and become role models for the next generation within their communities. These programs required significant investment in terms of time and dollars to set up the programs, however we are starting to reap the benefits from such investments. That is why we are so thrilled with the Canadian North announcement as it will allow us to expand the work that we do in their communities that will further benefit the Inuit.
Partnerships are at the core of our success at EIC. In 2017 we started partnering with the Winnipeg Blue Bomber Football Club to bring children from the remote, Northern communities we serve to a CFL game as part of an incentive to promote staying in school and supporting mental health. In 2021, in response to the Truth & Reconciliation Calls to Action and the elevation of Orange Shirt Day to a national day of recognition, we expanded that program significantly to raise awareness and bring attention to the need for reconciliation in Canada. In partnership with the Blue Bombers and several Indigenous organizations we brought 1,000 Indigenous guests to a CFL game to recognize Orange Shirt Day. That event has expanded every year since then and in 2024 more than 70 communities from coast to coast were involved in the event. Many of the community members had never travelled outside of their community nor had the opportunity to attend a professional sporting event and cheer as one with 30,000 other fans. The excitement and camaraderie of the guests, and the more than 200 volunteers, was evident on their faces as they arrived the week of the game and while attending the game. As part of the initiative, EIC covers the cost of transportation, lodging, and provides each of the participants with orange gear to wear to the game. All volunteers complete reconciliation education. The awareness this event now raises, across Canada, and the impact it has for both participants and our volunteers are immeasurable and is the reason why we will continue to expand our focus on Truth and Reconciliation and will continue this meaningful event in 2025.
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Exchange Income Corporation
2024 was an illustration of an adage of reaping the harvest of the seeds sown in the past. Our record results are the product of our investments made in the previous years and the continued execution of our strategy. Although we set several records for our key performance indicators, 2024 was not a simple year as our various businesses were impacted by geopolitical uncertainty associated with the US election coupled with an uncertain economy as central banks were actively monitoring inflationary pressures in making interest rate decisions. Overall, we were very happy with the performance of our business and our results demonstrate the resilience and diversification of our business model. We are not resting on our laurels; rather we continue to sow seeds for future growth. We continue to invest in our operating subsidiaries and the Canadian North transaction is another prime example of an acquisition which will set us up to realize on opportunities. Each of our business lines has strong fundamental growth opportunities and the senior management teams are regularly in contact with each other to discuss how each can capitalize on the opportunities before them, whether by the way of acquisition or organic growth capital investment.
I would like to thank all our shareholders, employees, and stakeholders for their continued support. I look forward to discussing our progress with the release of our 2025 first quarter results and seeing you at our AGM in May. I also wanted to say thank you for your support over the past 20 years and I am a firm believer that our next 20 will be even more successful.
Mike Pyle
Chief Executive Officer
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Exchange Income Corporation
February 26, 2025
TABLE OF CONTENTS
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Disclaimer
Exchange Income Corporation published this content on February 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 26, 2025 at 22:41:05.536.