Europe
Bombardier’s Outlook Beyond 2025
Bombardier withdrew 2025 guidance due to tariff uncertainty.
• Analyst Tim James predicts a flat delivery environment at 150 units per year.
• Supply-chain headwinds likely to persist through 2025 before abating in 2026.
• James forecasts 2025 free cash flow of $819 million, 18% growth in adjusted Ebitda, and 170 basis points of EBIT margin expansion.
• Further upside beyond 2025 due to manufacturing margin expansion, product mix, and increasing Defense and Service revenues.
• James believes U.S. tariffs will likely be short-lived.
