CAE Financial Overview and Strategic Outlook

RECONCILIATION OF NON-IFRS MEASURES Reconciliation of EBITDA, Adjusted EBITDA, net debt-to-EBITDA and net debt-to-adjusted EBITDA (last 12 months ended December 31) 33 (Amounts in millions, except net debt-to-EBITDA ratios) Operating income Depreciation and amortization EBITDA Restructuring, integration and acquisition costs Impairment reversal of non-financial assets following their repurposing and optimization Cloud computing transition adjustment Adjusted EBITDA Net Debt Net debt-to-EBITDA Net debt-to-adjusted EBITDA CAE Inc. Proprietary Information and/or Confidential 2023 2022 $525.9 $371.6 $359.7 $320.8 $885.6 $692.4 $91.5 $83.3 $9.8 $13.4 $977.1 $798.9 $3,085.4 $3,073.0 3.48x 4.44x 3.16x 3.85x CAE

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