Air Canada (AC) AGM 2026 summary

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.