We don't expect material surprise from Q4/F26, but view highly anticipated long-term margin, FCF and ROCE targets as key to short-medium term share price. We believe consensus has appropriately discounted F2027/F2028 earnings pressure from recently announced transformation plan, and leaves upside potential. Financial target disclosure with Q4 will have heightened importance for 12-month view. Neutral For View We are updating our forecasts to reflect more detailed assumptions with respect to CAE's transformation plan and other industry specific and company specific factors, the net impact being -5% to forecast valuation period EBITDA and slightly lower target. We forecast Q4/F26 commercial training will reflect temporary pressures from war/jet fuel/air fare driven demand and therefore pilot training weakness (Figure 2).