Operator

Good day, ladies and gentlemen, and welcome to the CAE's Fourth Quarter and Full Year 2026 Financial Results and Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mr. Andrew Arnovitz. Please go ahead, Mr. Arnovitz.

Andrew Arnovitz
Chief Strategy Officer

Good morning, everyone, and thank you for joining us today. Before we begin, I'd like to remind you that today's remarks, including management's outlook for fiscal year 2027, our long-term fiscal 2030 financial targets and answers to questions contain forward-looking statements. These forward-looking statements represent our expectations as of today, May 22, 2026, and accordingly are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements.

The fiscal 2030 targets, in particular, are subject to a greater degree of uncertainty given the longer time horizon. These targets represent management's current view of the company's long-term trajectory and are meant to assist analysts and shareholders in forming their respective views on our strategy and in measuring progress toward our transformation objectives. They are based on the