Category: 3. Business

FREETOWN, November 6, 2025 – Sierra Leone’s economy is showing signs of stability in the face of heightened global challenges, with growth projected at 4.3 percent in 2025 and reaching 4.6 percent by 2027, according to the latest World Bank Sierra Leone Economic Update (SLEU) launched today in Freetown. This outlook is supported by expected improvements in agricultural productivity, expansion in the mining sector, and steady performance in services.

The report, “Enabling the Private Sector for Growth and Job Creation,” highlights the key constraints faced by the private sector and the critical role of private sector development in sustaining economic progress and generating jobs for Sierra Leone’s growing population.

“Unlocking the potential of the private sector remains critical to diversifying Sierra Leone’s economy and creating more meaningful jobs,” said Abdu Muwonge, World Bank Group Country Manager for Sierra Leone. “Sustaining the current reform trajectory to restore macroeconomic stability, improving the investment climate, and strengthening social spending will foster inclusive growth and development. The World Bank remains committed to supporting Sierra Leone’s journey toward inclusive and sustainable growth.”

Sierra Leone faces an enormous challenge in generating sufficient jobs for its expanding workforce with the country required to create at least 75,000 new jobs annually to maintain the current employment-to-population ratio, the report notes. Growth and employment opportunities are constrained by a lack of vibrant private sector activity, limited access to finance, land, electricity, and skills.

Revitalizing Sierra Leone’s private sector is essential for unlocking the country’s growth potential and creating more jobs,” said Subika Farazi, World Bank Senior Economist and co-author of the report. “As highlighted in the new World Bank Group flagship report, B-READY 2024, there is room to improve and strengthen Sierra Leone’s regulatory environment and service delivery. By doing so, the country can foster a more dynamic, resilient, and competitive business climate that empowers entrepreneurs and attracts investment.

Key policy recommendations from the report include:

• Strengthening fiscal management through revenue enhancement, improved expenditure controls, and stronger tax administration to reduce reliance on costly domestic debt and restore fiscal credibility.
• Boosting private sector competitiveness by simplifying regulations for business entry, operation, and exit, encouraging market competition, and reducing trade barriers.
• Improving access to finance by expanding credit reporting, modernizing collateral registration, and enhancing transparency to unlock inclusive finance and strengthening the private sector.
• Enhancing infrastructure by investing in reliable energy, transportation, and digital networks to reduce operational inefficiencies for firms.
• Streamlining foreign direct investment regulations and investment protection frameworks, and reforming restrictions in key industries to attract needed capital.

“Unlocking Sierra Leone’s private sector potential to create jobs and drive development should be prioritized,” said Michael Saffa, World Bank Senior Country Economist and lead author of the report. “Sierra Leone’s prospects for growth and poverty reduction depend on strengthening fiscal discipline, improving the business environment, and fostering private sector-led job creation. Without decisive reforms, the country risks falling short of its development objectives.”

• Third quarter revenues rose by 11% year-over-year to $2.3 billion, fueled by $590 million of Services revenues, up 12% compared to the same period last year, and 34 aircraft deliveries, up 4 units compared to the same quarter of 2024.
• Adjusted EBITDA⁽¹⁾ for the third quarter reached $356 million, marking a 16% year-over-year increase. The adjusted EBITDA margin⁽²⁾ increased by 60 basis points to 15.4%. Reported EBIT for the quarter was $227 million.
• Adjusted net income⁽¹⁾ was $129 million, an increase of 59% year-over-year, and net income⁽³⁾ was $85 million. Adjusted EPS⁽²⁾ was positive at $1.21 for the third quarter, with diluted EPS⁽³⁾ at $0.77. ​
• Strong free cash flow⁽¹⁾ generation of $152 million, an improvement of $279 million compared to the same quarter last year; cash flows from operating activities⁽³⁾ and net additions to PP&E and intangible assets⁽⁴⁾ were at $190 million and $38 million respectively.
• Backlog⁽⁵⁾ as at September 30, 2025, reached $16.6 billion, reflecting a unit book-to-bill⁽⁶⁾ of 1.3 for the quarter.​
• Available liquidity⁽¹⁾ remained strong at $1.6 billion, including cash and cash equivalents totaling $1.2 billion as at September 30, 2025. Deleveraging continues with the repayment of approximately $100 million in debt announced in November with a repayment date set for December 3, 2025.

• Results for the quarter reinforce the Corporation is on track to achieving full-year guidance⁽⁷⁾.

  All amounts in this press release are in U.S. dollars, unless otherwise indicated.
  Amounts in tables are in millions except per share amounts, unless otherwise indicated.  

Bombardier Inc. (TSX: BBD.B) today announced strong financial results for the third quarter of 2025, with multiple key metrics recording large year-over-year gains. The results emphasize the company’s ability to deliver a high level of performance and place the team in an excellent position to reach full-year guidance⁽⁷⁾. The third quarter saw sustained Services growth as well as the launch of a new expansion initiative geared toward the company’s footprint in the U.S. Increases in deliveries and continued momentum in the backlog both highlighted strong, sustained demand for Bombardier products.

“Bombardier’s third quarter performance marked by double-digit growth, or better, across all key indicators is a testament to the entire team’s relentless focus on executing our plan and supporting our customers. We delivered strong year-over-year cash flow improvement, driven by sustained customer demand, efficient operations, and strong uptake on parts and service programs,’’ said Éric Martel, President and Chief Executive Officer, Bombardier. “We are entering the final stretch of 2025 with excellent momentum across the board. The Global 8000, certified this week by Transport Canada, is the fastest business jet in the world, establishing new industry benchmarks with a maximum operating speed of Mach 0.95 and a cabin altitude of 2,691 ft. The aircraft is on track to enter service this year. Our service network is consistently full and expanding in the Middle East and the U.S. Finally, our defense team is well positioned to grow its proportion of deliveries in the near term. The Bombardier team is on track for a strong end of year.”

Revenues, Aircraft Deliveries and Services All Rise

The company generated $2.3 billion in revenues for the third quarter, reflecting 11% year-over-year growth. The delivery mix favored Global aircraft over Challenger, with a total of 34 units. 

Bombardier reported $590 million in revenues from its Services activities, achieving 12% year-over-year growth, a segment that continues to show high performance and even further growth potential. In August, the company unveiled major multi-phase U.S. expansion, the first step being the new service centre in Fort Wayne, Indiana, announced in October of 2025.

Adjusted EBITDA⁽¹⁾ reached $356 million for the third quarter, up 16% year-over-year increase. Adjusted EBITDA margin⁽²⁾ improved by 60 basis points year-over-year to 15.4%. This growth was driven by 4 incremental aircraft deliveries, a favorable delivery mix and increased defense-related content, partially offset by transitory supply chain-related costs. Reported EBIT for the third quarter was $227 million. Adjusted EPS⁽²⁾ was positive at $1.21 for the third quarter, with diluted EPS⁽³⁾ at $0.77. ​

Significant Improvement in Free Cash Flow

The company reported $152 million in free cash flow⁽¹⁾ for the quarter, an impressive $279 million improvement compared to the same quarter last year, driven by increased customer advances, robust order momentum, lower investments in inventories and incremental earnings. Cash flows from operating activities⁽³⁾ and net additions to PP&E and intangible assets⁽⁴⁾ were at $190 million and $38 million respectively.

Backlog Remains Strong

The backlog⁽⁵⁾ grew by $0.5 billion during the quarter, reaching $16.6 billion as at September 30, 2025.  The backlog⁽⁵⁾ remained at a 5-year-high level, supported by strong order intake that represented a unit book-to-bill⁽⁶⁾ of 1.3 at the end of the quarter. 

Continued Actions to Improve Balance Sheet 

The company maintained its disciplined approach to deleveraging, successfully refinancing $250 million in debt during the quarter and announced, in November, the repayment of another approximately $100 million in debt with a repayment date set for December 3, 2025. Building on our efforts to strengthen the balance sheet, Bombardier extended maturities and lowered the average cost of debt. Available liquidity⁽¹⁾ remained strong at $1.6 billion, including cash and cash equivalents totaling $1.2 billion as at September 30, 2025.

^{(1) Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures section of this press release and the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(2) Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(3) Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.
(4) Discontinued operations are related to the sale of the Transportation business. The expenses recorded in discontinued operations for the three- and nine-month periods ended September 30, 2025 principally relate to change in estimates of a provision for professional fees.
(5) Only from continuing operations.
(6) Represents order backlog for both manufacturing and Services.}

Selected results (PDF)

About Bombardier 

At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.   

For them, we are committed to pioneering the future of aviation – innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.  

Bombardier customers operate a fleet of more than 5,100 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.     

For Information  

For corporate news and information, including Bombardier’s Sustainability report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com.

Learn more about Bombardier’s industry-leading products and customer service network at
bombardier.com. Follow us on X
@Bombardier. 
^{Bombardier, Challenger, Global and Global 8000 are registered trademarks of Bombardier Inc. or its subsidiaries.}  

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The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at
ir.bombardier.com.

CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:

Non-GAAP and other financial measures are measures mainly derived from the consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring. 

Adjusted EBIT

Adjusted EBIT is defined as the EBIT excluding certain items which do not reflect the Corporations core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. Management uses adjusted EBIT for purposes of evaluating underlying business performance. Management believes presentation of this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

^{(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any.
(2) Includes changes in provisions related to past divestitures.
(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any.}

Adjusted EBITDA

Adjusted EBITDA is defined as the EBIT excluding restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, and amortization charges on PP&E and intangible assets. Management uses adjusted EBITDA for purposes of evaluating underlying business performance. Management believes this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business, since it excludes the effects of items that are usually associated with investing or financing activities and items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted net income (loss)

Adjusted net income (loss) is defined as the net income (loss) from continuing operations adjusted for certain specific items that are significant but are not, based on management’s judgment, reflective of the Corporation’s underlying operations. These include adjustments related to restructuring charges (reversals)⁽¹⁾, loss (gain) related to disposal of business⁽²⁾, impairment and program termination (reversals)⁽³⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligation, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. Management uses adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes this non-GAAP earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted net income (loss) excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)

Free cash flow (usage) is defined as cash flows from operating activities – continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.

Available liquidity

Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation’s ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

^{(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any.
(2) Includes changes in provisions related to past divestitures.
(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any.}

Adjusted EPS

Adjusted EPS is defined as the adjusted net income (loss) attributable to equity shareholders of Bombardier Inc., divided by the weighted-average diluted number of common shares for the period. Management uses adjusted EPS for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EPS excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBIT margin

Adjusted EBIT margin is defined as the adjusted EBIT expressed as a percentage of total revenues. Management uses adjusted EBIT margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBIT margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBITDA margin

Adjusted EBITDA margin is defined as the adjusted EBITDA expressed as a percentage of total revenues. Management uses adjusted EBITDA margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBITDA margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Reconciliations to the closest IFRS measures (PDF)

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of our industry; customer value; expected demand for products and services; growth strategies including, potential revenues and year-over-year growth generated therefrom; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, credit ratings, available liquidities and capital resources, expected financial requirements, capital allocation and deployment of excess liquidity and ongoing review of strategic and financial alternatives; the introduction and anticipated results of productivity enhancements and profitability initiatives, operational efficiencies optimizing the use of our manufacturing and services facilities, cost reduction and potential future restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government assistance programs; the impact of new, or exacerbation of existing global health, geopolitical or military events, or international trade disputes or renegotiation of existing trade arrangements, and the ability to mitigate the impacts resulting from a prolonged U.S. federal government shutdown, on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures. 

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. 

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following: alignment of production rates to market demand, including the supply base supporting our product development and production rates in a commercially acceptable and timely manner; deployment and execution of growth strategies, including our Services, Pre-owned and Defense businesses; and mitigation of international trade disputes and protection measures (including tariffs), changes to existing trade agreements and the ability to mitigate the impacts resulting from a prolonged U.S. federal government shutdown. For additional information about these and other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements – Assumptions section in the MD&A of the Corporation’s Interim Financial Report for the quarter ended September 30, 2025. Given the impact of the changing circumstances surrounding new or continuing global health, geopolitical and military events, and new or threatened international protectionist trade policies or measures, as well as the related response from the Corporation, governments (federal, provincial and municipal, both domestic, foreign and multinational inter-governmental organizations), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is an inherently higher degree of uncertainty associated with the Corporation’s assumptions.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: operational risks (such as risks related to business development and growth; order backlog; deployment and execution of our strategy, including cost reductions and working capital improvements and manufacturing and productivity enhancement initiatives; developing new products and services, including technological innovation and disruption; the certification of products and services; pressures on cash flows and capital expenditures, including due to seasonality and cyclicality; doing business with partners; product performance warranty and casualty claim losses; environmental, health and safety concerns and regulations; dependence on a limited number of contracts, customers and suppliers; supply chain risks; human resources risks including the departure of senior executives, the global availability of a skilled workforce, and the failure to attract and retain quality employees; reliance on information systems (including technology vulnerabilities, cybersecurity threats and privacy breaches); reliance on and protection of intellectual property rights; reputation risks; scrutiny and perception gaps regarding sustainability and corporate social responsibility matters; adequacy of insurance coverage; acquisitions; risk management; and tax matters); financing risks (such as risks related to liquidity and access to capital markets; substantial debt and interest payment requirements, including execution of debt management and interest cost reduction strategies; restrictive and financial debt covenants; retirement benefit plan risk; exposure to credit risk; and availability of government support); risks related to regulatory and legal proceedings, as well as changes in laws and regulations; risks associated with general economic conditions and disruptions, both regionally and globally, that may impact our sales and operations; business environment risks (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and geopolitical tensions; a prolonged U.S. federal government shutdown; financial and economic sanctions and trade control limitations; global climate change; and force majeure events); market risks (such as foreign currency fluctuations and changing interest rates, including our ability to hedge exposures thereto; increases in commodity prices; and inflation); and other unforeseen adverse events. For more details, see the Risks and uncertainties section in Other in this press release and in the MD&A of the Corporation’s Interim Financial Report for the quarter ended September 30, 2025 and for the Corporation’s Financial Report for the fiscal year ended December 31, 2024. Any one or more of the foregoing factors may be exacerbated by new or continuing global health, geopolitical or military events, or new or exacerbated international trade disputes or renegotiation of existing trade arrangements, which may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this press release and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

In this study, we introduced a method for performing ULM brain imaging in awake mice under a longitudinal study setting. Our method enabled high-resolution imaging of deep cerebral microvasculature with the animal under the awake state. We translated the awake imaging techniques previously described in fUS (Brunner et al., 2021) to our study to enable awake ULM and established a quantitative metric for ULM image reconstruction. Based on the setup above, we studied CBF changes induced by anesthesia, which aligned well with literature. Isoflurane has been shown to increase vascular diameter and CBF in mice, as validated by multiple imaging modalities including optical coherence tomography (Rakymzhan et al., 2021), photoacoustic microscopy (Cao et al., 2017), two-photon microscopy (Lyons et al., 2016), and laser speckle imaging (Sullender et al., 2022; Takuwa et al., 2012). These effects have also been validated in larger animal models such as rats (Sicard et al., 2003), dogs (Iida et al., 1998), and marmosets (Santisakultarm et al., 2016). In humans, vasodilation and increased CBF caused by volatile anesthetics such as isoflurane have also been reported (Slupe and Kirsch, 2018).

Statistical analysis from Figure 4 shows that certain vessels exhibit a larger diameter under isoflurane anesthesia, and the fractional vessel area, calculated as the percentage of vascular area within selected brain region ROIs, is also higher in the anesthetized state. These findings suggest a vasodilation effect induced by isoflurane, consistent with existing research (Sullender et al., 2022; Rakymzhan et al., 2021; Cao et al., 2017; Lyons et al., 2016; Takuwa et al., 2012). It is worth noting that although our data indicate a global elevation of CBF under isoflurane anesthesia, individual vessels exhibit large discrepancies in behavior. For example, the vessel at the left lower corner from Mouse 3 in the entorhinal cortex (Figure 3) shows almost no blood flow during anesthesia but then exhibits high vessel pixel density after awakening. The wide range of vessel behaviors was also previously reported in literature (Sullender et al., 2022; Santisakultarm et al., 2016). Our results indicate that awake ULM imaging has ample spatial resolution and imaging depth of penetration to resolve individual vessel variations down to micron-sized vessels deep into the brain. This is a unique capability that is not available from other biomedical imaging modalities.

Increased blood flow velocity induced by isoflurane has also been reported by other studies (Rakymzhan et al., 2021; Cao et al., 2017). However, previous research presented different speculations on the predominant factor contributing to the increase in CBF induced by anesthesia, specifically whether the increase is attributed to vasodilation or increase in blood flow velocity (Sullender et al., 2022). One study found significant changes in both blood flow and vessel diameter but minor changes in flow velocity, suggesting that the increase in blood flow was largely driven by vasodilation (Rakymzhan et al., 2021). Conversely, another study drew the opposite conclusion (Sullender et al., 2022). Benefiting from the large field of view of ULM and its capability to directly quantify microvascular blood flow velocity, we can make a more comprehensive inference regarding the relationship among the changes in vessel diameter, flow speed, and flow volume from anesthetized to awake states. For arteries, the change in blood flow velocity is not significant, indicating that the alteration in blood flow may be primarily due to vasodilation instead of velocity change. Isoflurane causes vasodilation by acting on the ion channels (e.g., potassium channel) of smooth muscle (Iida et al., 1998), which is more abundantly found in arteries than in veins. In the case of veins, which do not actively dilate or constrict, their vessel diameter and blood flow variations are more likely controlled by passive mechanisms. Figure 5 reveals significant differences in flow velocity of veins between anesthesia and awake state, suggesting that the changes in flow velocity may have a greater impact on venous blood flow volume compared with arterial volume.

The differences in cerebral vasculature between anesthetized and awake states observed using ULM are also in agreement with other studies (Sullender et al., 2022; Rakymzhan et al., 2021; Cao et al., 2017; Takuwa et al., 2012). However, previous studies mostly used optical imaging techniques, which have limited penetration depth and can only observe surface pial vessels in the cortex. Some other studies using fMRI can detect deeper CBF changes in the whole brain, but they do not provide insights about small vessel blood flow variations due to insufficient spatial resolution (Sicard et al., 2003). As a bridging imaging modality between MRI and optical techniques, awake ULM enables observations of detailed microvascular variations induced by anesthesia across the whole depth of the brain, which provides complementary information to existing biomedical imaging modalities.

Although isoflurane is widely used in ultrasound imaging because it provides long-lasting and stable anesthetic effects, it is important to note that the vasodilation observed with isoflurane is not representative of all anesthetics. Some anesthesia protocols, such as ketamine combined with medetomidine, do not produce significant vasodilation and are therefore preferred in experiments where vascular stability is essential, such as functional ultrasound imaging (Réaux-Le-Goazigo et al., 2022). Our current study primarily focused on demonstrating the feasibility of longitudinal ULM imaging in awake animals, instead of conducting a systematic investigation of how isoflurane anesthesia alters CBF. Due to the limited number of animals used, the analyses presented in this work should be interpreted as example case studies. While the trends observed across animals were consistent, the small sample size restricts the scope of statistical inference. For future work, it would be valuable to design more rigorous control experiments with larger sample sizes to systematically compare the effects of isoflurane anesthesia, awake states, and other anesthetics that do not induce vasodilation on CBF.

Our proposed method enabled repeatable longitudinal brain imaging over a 3-week period, addressing a key limitation of conventional ULM imaging and offering potential for various preclinical applications. However, there are still some limitations in this study.

One of the limitations is the lack of objective measures to assess the effectiveness of head-fix habituation in reducing anxiety. This may introduce variability in stress levels among mice. Recent studies suggest that tracking physiological parameters such as heart rate, respiratory rate, and corticosterone levels during habituation can confirm that mice reach a low stress state prior to imaging (Chabouh et al., 2024). This approach would be highly beneficial for future awake imaging studies. Furthermore, alternative head-fixation setups, such as air-floated balls or treadmills, which allow the free movement of limbs, have been shown to reduce anxiety and facilitate natural behaviors during imaging (Bertolo et al., 2021). Adopting these approaches in future studies could enhance the reliability of awake imaging data by minimizing stress-related confounds.

Another limitation of this study is the potential residual vasodilatory effect of isoflurane anesthesia on awake imaging sessions and the short imaging window available after bolus injection. The awake imaging sessions were conducted shortly after the mice had emerged from isoflurane anesthesia, required for the MB bolus injections. The lasting vasodilatory effects of isoflurane may have influenced vascular responses, potentially contributing to an underestimation of differences in vascular dynamics between anesthetized and awake states. In addition, since MBs are rapidly cleared from circulation, the duration of effective imaging is limited to only a few minutes, which also overlaps with the anesthesia recovery period, constraining the usable awake-state imaging window. Future improvement on MB infusion using an indwelling jugular vein catheter presents a promising alternative to address these limitations. This method allows for stable MB infusion without the need for anesthesia induction, ensuring that the awake imaging condition is free from residual anesthetic effects. Moreover, it has the potential to extend the duration of imaging sessions, offering a longer and more stable time window for data acquisition. Furthermore, by performing ULM imaging in the awake state first, instead of starting with anesthetized imaging, researchers can achieve a more rigorous comparison of how various anesthetics influence cerebral microvascular dynamics relative to the awake baseline.

In our longitudinal study, consistent imaging results were obtained over a 3-week period, demonstrating the feasibility of awake ULM imaging for this duration. However, for certain research applications, a monitoring period of several months would be valuable. Extending the duration of longitudinal awake ULM imaging to enable such long-term studies is a potential direction for future development.

Tissue motion is also a critical concern of ULM imaging. While rigid motion correction is often effective in anesthetized animals, awake animal imaging presents greater challenges due to the more prominent non-rigid motion, particularly in deeper brain regions. This is evidenced in Figure 1—figure supplement 1 (Mouse 7), where cortical vessels remain relatively stable, but regions around the colliculi and mesencephalon exhibit more noticeable motion artifacts, indicating that displacement is more pronounced in deeper areas. To address these deeper, non-rigid motions, recent studies suggest estimating non-rigid transformations from unfiltered tissue signals before applying corrections to ULM vascular images (Renaudin et al., 2022; Hingot et al., 2017). Such advanced motion correction strategies may be more effective for awake ULM imaging, which experiences higher motion variability. The development of more robust and effective motion correction techniques will be crucial to reduce motion artifacts in future awake ULM applications. Meanwhile, with 2D imaging, we cannot correct for out-of-plane motion, which necessitates 3D imaging. In the future, 3D motion correction techniques that account for complex tissue motions and are computationally efficient need to be developed for awake and longitudinal ULM imaging.

Advances in ULM imaging methods can benefit longitudinal awake imaging. For instance, dynamic ULM can differentiate between arteries and veins by leveraging pulsatility features (Bourquin et al., 2022). 3D ULM, with volumetric imaging array (McCall et al., 2023; Heiles et al., 2019), enables the reconstruction of whole-brain vascular network, providing a more comprehensive understanding of vessel branching patterns. Meanwhile, 3D ULM also helps to mitigate the challenge of aligning the identical coronal plane for longitudinal imaging, a process that requires precise manual alignment in 2D ULM to ensure consistency. Additionally, this alignment issue can also be alleviated in 2D imaging using backscattering amplitude method, which may assist in estimating out-of-plane positioning during longitudinal imaging (Renaudin et al., 2023).

Longitudinal brain imaging in the awake state offers a promising tool for neuroscience research as it not only avoids the confounding effects of anesthesia on cerebral vasculature, but also enables observations of intrinsic dynamics of the vasculature within the same subject, minimizing potential sources of bias associated with inter-subject variability. In the future, this technique is expected to be further integrated with disease models to study the changes in cerebral vasculature during the development of diseases. Also, this technique can be further combined with the latest functional ULM (fULM) studies (Renaudin et al., 2022) to allow awake fULM imaging. Our study laid the foundation for these studies with awake fULM, which is expected to improve the sensitivity of conventional fULM techniques because hemodynamic responses are much stronger in the awake state than in anesthesia (Aksenov et al., 2015; Pisauro et al., 2013; Desai et al., 2011). However, it is also important to note that although longitudinal awake imaging presents promise to avoid the confounding effects of anesthetics, imaging under anesthesia remains more convenient and controllable in many cases. For applications where the physiological question of interest is not sensitive to anesthesia-induced vascular effects, anesthetized imaging still offers a simpler and more stable approach. Awake imaging inherently exhibits greater physiological variability. However, care must be taken at the experimental level to minimize confounding sources of variation, such as stress level of the animal or handling inconsistencies, to ensure that the measurements are physiologically meaningful.

Air pollution is a major environmental and health threat. To tackle it, the Italian company ISCLEANAIR has developed an industrialised APA – a unique innovative air cleaning system that reduces the broadest spectrum of harmful pollutants, including ammonia, methane, and CO₂, directly from the air. To scale up and reach new markets, ISCLEANAIR turned to Green Assist for tailored advisory support.

APA (short for Air Pollution Abatement) is a modular, water-based system that cleans the air without filters or chemicals in places such as farms, factories, buildings, industrial sites, urban areas, and transport hubs. Recognised as a Best Available Technology (BAT) under EU environmental frameworks, APA has already been deployed across Europe with demonstrated impact in indoor and outdoor sectors, helping to significantly to reduce emissions, support biodiversity, improve energy efficiency, and actively combat climate change.

Although the technology was already proven, the company needed support to refine its business model, attract new partners and investors, and continue expanding its areas of value creation and target markets. To support its scale-up, ISCLEANAIR turned to Green Assist for assistance. Between August 2024 to April 2025, Green Assist provided tailored advice on strategic planning, business and financial modelling, market validation, and investment planning. This helped ISCLEANAIR to strengthen its value proposition, build a compelling case for international growth, and align with EU climate goals and biodiversity strategies.

The project is now moving into its next growth phase, with APA solutions recently included in the latest European Innovation Council Initiative. Strategically, it has already been operating in Europe, but also in the UK, India, the US, and soon Turkey. In addition, ISCLEANAIR recently completed a series of demonstration projects on UK farms, showing strong results in reducing livestock emissions. These outcomes confirm APA’s effectiveness in capturing CO₂ and ammonia in livestock settings – an innovation that could play a key role in decarbonising agriculture and improving animal welfare.

Fabio Galatioto, Chief Technology Officer of ISCLEANAIR, shared:

“We are fully prepared to meet new needs and proactively engage with emerging markets. Green Assist’s ongoing strategic support has been crucial to defining next steps and driving evolution: their experts not only recognised our challenges but also offered new insights, ideas, and concrete, actionable solutions. Their guidance has strongly strengthened the foundation of our growth and new plans, ensuring they are perfectly aligned to capture wide real market opportunities. Thanks to our rigorously validated and certified solutions, supported by robust industrial know-how and asset-backed business models, we can confidently expand our operations to new sectors and achieve sustained growth across all continents.”

ISCLEANAIR at Ecomondo

As a Green Assist success story, ISCLEANAIR was also prominently featured at Ecomondo on 5 and 6 November. The company joined CINEA at their stand to showcase APA, and also participated in the Green Assist session, where a representatives shared their experience with the advisory support and inspired potential beneficiaries. The event provided valuable visibility to the project and facilitated technical meetings with prospective industrial and commercial partners.

Giuseppe Spanto, Programme and Project Officer and Managing Director, stated: 

“Our joy and pride in sharing the successful experience with Green Assist at Ecomondo are immense and fully supported by the entire ISCLEANAIR team. More than 10 years ago, at Ecomondo, our environmental idea received the national award for the green economy. Now, more than a decade later, participating in Ecomondo as a testimonial and a recent international success story means not only celebrating the results we have achieved over time but also expressing our gratitude for the support we received from institutions and partners throughout the years for the impact and undeniable value created, which has enabled solutions also to eliminate costs of inaction. Green Assist’s support has helped us turn some complex challenges into real opportunities for new growth and European innovation.”

More information on the project

Visit their website and watch their explanatory video!

Green Assist aims to build a pipeline for high-impact green investment projects in sectors related to biodiversity, natural capital and circular economy, as well as in non-environmental sectors. 

Learn more about how Green Assist can help you get free tailored support for your green project or contact us at cinea-green-assistec [dot] europa [dot] eu (cinea-green-assist[at]ec[dot]europa[dot]eu). To request advisory services from Green Assist, simply fill out this short form.

Furthermore, the bills of lading incorporated MSC’s terms printed on the reverse. The front-facing page of the bills of lading referred to the terms on the reverse as well as to a larger, more accessible version on MSC’s website. The court held that reference to the location on the website alone was deemed sufficient. Thus, the bills of lading incorporated the jurisdiction clause.

Issue 2

Interglobal was bound by the terms via the application of the Carriage of Goods by Sea Act 1992 (“COGSA 1992”). They were subject to the same rights of suit and liabilities as if they had been a party to the original contract. The court gave three reasons, any one of which would suffice.

Firstly, all rights of suit under the contract vested in them as the consignee under s.2(1)(b).

Secondly, by taking delivery from the carrier, Interglobal were subject to the same liabilities under the contract, including the jurisdiction clause, under s.3(1)(a).

Thirdly, they were also subject to the same liabilities after making claims in Nigeria under the bills of lading and for breaches of the contracts of carriage thereunder, in accordance with s.3(1)(b).  Adopting the position in The Berge Sisar [2002] 2 AC 205 per Lord Hobhouse and his own position in The Ulsoy-11 [2020] EWHC 3445 (Comm), Mr Justice Bryan confirmed that the effect of s.3(1)(a), (b) or (c) also extends to any jurisdiction or arbitration clauses.

Interglobal argued that they lacked notice because the scans of the bills of lading provided by the shippers omitted their reverse side, where the MSC Terms could be found. The court rejected this, confirming there is no requirement the consignee has specific notice of the terms of the original contract under s.2 and s.3 of COGSA. In any case, the court said that the references on the bills to the terms and conditions being available on MSC’s website with a URL would have put Interglobal on reasonable notice under the common law test (see Transformers & Rectifiers Ltd v Needs Ltd [2015] EWHC 269 (TCC)). Further, directing a party to standard terms found on a website constitutes sufficient notice, relying upon Parker-Brennan v Camelot UK Lotteries Ltd [2024] EWCA Civ 185.

Issue 3

All arguments submitted by Interglobal in this regard were rejected. Firstly, their reliance on the Nigerian Admiralty Jurisdiction Act 1991 was dismissed, as the court had to apply English conflict of law principles.

Secondly, their argument that Nigeria was the appropriate forum under the facts and circumstances of the case was dismissed. The question is what the parties agreed, not which forum is most appropriate, following the explanation of Lord Leggatt in UniCredit Bank GmbH v RusChemAlliance LLC [2024] 3 WLR 659.

Thirdly, MSC had not submitted to Nigerian jurisdiction as Interglobal alleged. The question of submission to foreign jurisdiction was held to be a question of English law. Under the Civil Jurisdiction and Judgments Act 1982, a party does not submit only by appearing in proceedings to obtain the release of property seized.

Finally, there was no failure by MSC to give full and frank disclosure when they applied for the ASI. Interglobal raised concerns here that were ultimately held to be immaterial. Some of these related to Nigerian law, which was deemed irrelevant.