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Air Canada (AC) investor relations material
Air Canada AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Opening remarks and agenda
Meeting held at Telus Garden, emphasizing sustainability and collaboration; emergency procedures outlined.
Acknowledgement of indigenous lands and commitment to reconciliation.
Condolences expressed for the loss of two Jazz pilots and those affected by the Air Canada Express Flight AC8646 tragedy; moment of silence observed.
Meeting officially called to order with quorum present; agenda and voting procedures explained.
Board and executive committee updates
CEO Michael Rousseau to retire by end of Q3 2026; succession planning underway with both internal and external candidates.
Retirement of board member Gary A. Doer acknowledged; new board members Rachel and Éric welcomed.
Board succession criteria include airline experience, strategic leadership, and bilingualism.
Financial performance review
Record 2025 operating revenue of nearly CAD 22.4 billion, up CAD 117 million from 2024.
Premium revenues grew 2% year-over-year, representing 30% of total passenger revenues.
Adjusted EBITDA for 2025 was CAD 3.1 billion; free cash flow CAD 747 million; year-end liquidity CAD 7.5 billion.
Q4 2025 revenues reached CAD 5.8 billion, up 7% year-over-year; Q4 Adjusted EBITDA up 25%.
Q1 2026 revenue increased 11% over Q1 2025; Adjusted EBITDA up over 60%; free cash flow nearly doubled to CAD 1.6 billion.
Over CAD 850 million returned to shareholders via share repurchases in 2025; over 64 million shares repurchased since 2024, totaling more than CAD 1.5 billion.
Net leverage reduced from 5x post-pandemic to 1.4x; strong liquidity and capital allocation highlighted.
- Record Q1 revenue, EBITDA, and cash flow achieved; Q2 outlook strong despite fuel volatility.AC
Q1 20263 May 2026 - Record 2025 results, robust liquidity, and positive 2026 outlook amid cost pressures.AC
Q4 202512 Apr 2026 - Resilient demand, premium growth, and strong financials drive optimism for investment grade status.AC
JPMorgan Industrials Conference 202617 Mar 2026 - Strong international demand, premium growth, and disciplined cost management drive outlook.AC
24th Annual CIBC Eastern Institutional Investor Conference3 Feb 2026 - Q2 revenue rose 2% to CAD 5.5B, but net income and margins declined; outlook remains positive.AC
Q2 20242 Feb 2026 - Net income surged on a tax gain, with strong cash flow and a major share buyback announced.AC
Q3 202417 Jan 2026 - Strong demand, fleet renewal, and cost discipline set the stage for margin growth by 2026.AC
Scotiabank 24th Annual Transportation & Industrials Conference14 Jan 2026 - Aiming for CAD 30B+ revenue and 18-20% EBITDA margin by 2028, with robust shareholder returns.AC
Investor Day 202411 Jan 2026 - Record revenue in 2024, but profits and cash flow fell amid higher costs and one-time charges.AC
Q4 202429 Dec 2025
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