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Transat A.T.
Transat A.T. (TRZ) investor relations material
Transat A.T. Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Dec, 2025
Executive summary
Achieved record adjusted EBITDA of $271 million for fiscal 2025, up 33% year-over-year, with revenues rising 3.5% to $3.4 billion, despite macroeconomic volatility and engine issues.
Net income reached $242 million, with negative free cash flow improving to $45 million from $122 million.
Fully met 2025 objectives, advanced long-term growth strategy, and reduced government debt through refinancing.
Pratt & Whitney engine issues led to 5-8 aircraft grounded during the year, impacting costs and revenues.
All collective agreements renegotiated through at least 2027, supporting operational stability.
Financial highlights
Q4 2025 revenues were $772 million, down 2.2% year-over-year, mainly due to lower Pratt & Whitney compensation, but passenger revenues rose 1.5% on higher yield.
Q4 adjusted EBITDA was $71 million, down from $128 million in Q4 2024, impacted by lower compensation and higher provisions.
Net loss for Q4 was $12 million, compared to net income of $41 million last year; adjusted net loss for Q4 was $19 million versus adjusted net income of $32 million in Q4 2024.
Full-year cash flows from operating activities totaled $157 million, up 65% year-over-year; free cash flow improved to negative $45 million from negative $122 million.
Year-end cash and cash equivalents were $165 million, down from $260 million a year earlier.
Outlook and guidance
Expects 6% to 8% capacity growth in fiscal 2026, with targeted network expansion in Africa, Europe, and South America.
Elevation Program initiatives are projected to contribute $100 million in adjusted EBITDA by mid-2026, with permanent cost reductions and improved revenue management.
Free cash flow anticipated to turn positive in 2026, with CapEx expected to remain stable.
Margin expansion expected in 2026, driven by increased capacity, productivity gains, and improved fleet utilization.
Winter 2026 airline unit revenues (yield) are 1.4% higher year-over-year, though load factors are 0.8 percentage points lower.
Impact of Pratt & Whitney engine issues on 2026 capacity
Elevation Program's specific 2026 revenue/cost drivers
Debt restructuring's impact on new growth funding
Outlook for recurring accounting provisions?
When will Elevation program one-time costs end?
How to sustain yields with 2026 capacity growth?
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Next Transat A.T. earnings date
Q1 202610 Mar, 2026
Transat A.T.
Next Transat A.T. earnings date
Q1 202610 Mar, 2026
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Frequently asked questions
Transat A.T. Inc. is a Canadian company specializing in the provision of integrated tourism services. The company operates primarily in the travel and vacation industry, offering a range of products including vacation packages, hotel stays, and air travel services. Transat A.T. Inc. serves a variety of international and domestic destinations, catering to both leisure and business travelers. It operates its own airline, which supports its vacation offerings, and also works with third-party travel providers to create comprehensive travel solutions. The company is headquartered in Montreal, Quebec, and its shares are listed on the TSX.
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