Base year is F 2026 from the August 2026 monthly report. All values in 000' CAD unless stated. F 2026 comes from the August 2026 reports: every region, Cranes and Case from their own report. Head Office West and NAEPDI are the West report less its five regions, split by 2026 YTD share; Head Office East is the consolidated figure less the East, West, Cranes and Case reports. The reports have no branch level data, so this stops at region level.
Assumptions
Head office East and West costs:
VCE GPE market growth, %
Volvo CE GPE only. F 2026 base: market 6 134 units, 7.0% share, 426 units, average price 535 k CAD, turnover 228 045 k CAD. Margin at equipment GM2 of 9.7% (F 2026, after sales commissions and other direct costs; GPE GM1 is 10.5%).
Incremental revenue is allocated to CE regions pro rata to their 2026 YTD equipment turnover. Incremental gross margin uses the F 2026 equipment GM2 of 9.7%, so sales commissions and other direct costs are already deducted.
Consolidated P&L
Forecast 2026 P&L by region
F 2026 as reported for Ontario, Quebec, Atlantic, Alberta, BC North, BC South, Manitoba, Aggregate, Cranes and Case. Head Office West and NAEPDI are the West report less its five regions, split line by line by their 2026 YTD share. Head Office East is derived by difference to the consolidated report. Tax and net income in this table are as reported: the regional reports carry no tax, so the consolidated tax sits in Head Office East.
EBT needed from East, West & Cranes
Tax is assessed on Nors CE Canada as a whole, so segments are asked for EBT. The company net income target is grossed up at the tax rate to a required EBT, and the gap to the projected 2027 EBT is allocated to operating segments pro rata to 2027 turnover.
EBT needed from regions/BUs
East and West rows are the sum of their regions. Branch targets would need branch level data, which is not in the report. "Uplift" is the increase in EBT each unit needs over its projected 2027 result on the current assumptions.
Region P&L: R 2025 to 2027
Region assumptions
Apply to the selected region or segment only. They start at the company assumptions, with GM2 at the region's own F 2026 margin and VCE GPE market share and average price at the region's own F 2026 figures from its report; they feed the "2027 region scenario" column, while the company projection and the required column are unchanged. The market scenario applies to the region's VCE GPE turnover only, on top of the equipment growth input.
Share saved assumptions
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Roll-up of saved region assumptions
Every unit runs on its own saved assumptions (a unit's own set first, then its segment's set, otherwise the company assumptions) and the results are summed. Head office allocation, tax and the ambition are recalculated on the rolled-up figures. Gross margin and opex are the operating units' own; with head office costs allocated, EBT and net income include each segment's allocated share, otherwise the head offices appear on their own rows.
Method and limits
R 2025 actuals come from the R 2025 column of the same reports and reconcile to the consolidated report (turnover 704 629, EBIT 21 820). Head Office East and the Head Office West and NAEPDI remainder are derived by difference as for F 2026; page 30 of the consolidated report gives Head Office West 6 132 and NAEPDI 4 914 of R 2025 turnover as a cross check.
F 2026 is taken from the August 2026 reports for all ten operating units (eight regions, Cranes and Case) and reconciles to the East, West and consolidated reports within rounding (turnover 733 433). Only two lines remain derived: Head Office West and NAEPDI are the West report less its five regions, split by their 2026 YTD share of each line, and Head Office East is the consolidated figure less the East, West, Cranes and Case reports.
2027 projection: equipment, rental and after-sales turnover each grow with their own input. The GM2 inputs set the company margin for each line; each region keeps its own F 2026 margin adjusted by the same difference. Impairments move with total turnover; indirect staff costs grow with the staff input; facilities, other indirect costs, depreciation and interest are flat unless changed; FX is set to zero as in the rolling forecast.
East: CE Ontario, CE Quebec, CE Atlantic and Head Office East. West: CE Alberta, BC North, BC South, Manitoba, Aggregate, NAEPDI and Head Office West, matching the West report. Cranes and Case stand alone. The allocated view follows the Monthly Financial Review method: Head Office East (ST) is spread pro rata to turnover over Ontario, Quebec, Atlantic, Alberta and Cranes, because Alberta reports under ST; Head Office West (BC) over BC North, BC South, Manitoba and Aggregate. Case and NAEPDI carry no head office cost. Calgary and Acheson facility costs are moved from Alberta to Cranes at 1 000 per year, the Monthly Financial Review estimate. Alberta is still presented under West.
VCE GPE market, share, units and average price by region come from the New GPE VCE page of each regional report (F 2026 column). Ontario, Quebec and Atlantic add to the East report (market 3 852, 262 units) and Alberta, BC North, BC South and Manitoba to the West report (2 282, 164 units); together they equal the consolidated 6 134 units of market and 426 units sold. Aggregate, Cranes, Case and NAEPDI sell no VCE GPE.
Rental and after-sales sub-lines come from the Rental Activity and After-sales activity pages of each report (F 2026 and R 2025 columns): Dedicated Rental Fleet, R2R and RPO with their GM1, and rental commissions at total level; regular Service, regular Parts and Warranties (service plus parts) with their GM1, and other direct expenses and income (ODEI) at total level. Sub-lines add to the income statement rental and after-sales lines in every report; Head Office East and the Head Office West and NAEPDI remainder are derived by difference as for the other lines. With a breakdown switched on, each sub-line grows at its own rate and keeps its own GM1 adjusted by the company input, while commissions and ODEI stay at the F 2026 rate of turnover; with it off, the total-line inputs apply and the switch does not change any total.
F 2026 tax is shown as reported (none at region level; the consolidated 1 559 sits in Head Office East by difference). For 2027 the model applies one rate to every unit, including a credit on losses, so region net income sums to the consolidated figure. Region EBT is unaffected by this convention.