1407 ET - Bombardier's lighter-than-expected Ebitda outlook for 2026 is only a blemish in an otherwise solid 4Q report, according to National Bank of Canada's Cameron Doerksen. He points to management's guided for Ebitda of greater than $1.63 billion, which implies flat margins, and misses consensus of around $1.7 billion. But it doesn't alter the broader trajectory. The guide factors higher R&D, incremental strategic investments and lingering supply chain drag. Doerksen says these pressures are likely temporary, saying "we still see a path to an Ebitda margin of around 18% over time" as supply chain issues ease and higher margin aftermarket and defence revenue grow. Doerksen maintains an outperform rating, calling the long term setup intact despite current margin questions.(adriano.marchese@wsj.com)

(END) Dow Jones Newswires

February 12, 2026 14:07 ET (19:07 GMT)

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