Investor Relations

Investor Relations

Air Canada's principal objective is to be a sustainable, profitable global champion. In pursuing this goal, Air Canada seeks to continually improve customer experience and employee engagement and create value for shareholders by focusing on four core priorities:  

  • Identifying and implementing cost reduction and revenue enhancing initiatives;
  • Pursuing profitable international growth opportunities and leveraging its competitive attributes to expand margins, in large part by increasing connecting traffic through its strategic international gateways in Toronto, Vancouver and Montréal, and growing and competing effectively in both the business and leisure markets to and from Canada;
  • Fostering positive culture change which includes making meaningful investments in training and other tools that support delivering exceptional customer experiences and that promote improved collaboration to enable Air Canada and its employees to better work together in a supportive and enriching environment.

More information is available in our 2020 Annual ReportOpen PDF file, our 2020 Annual Information Form Open PDF file , and our 2020 Corporate Sustainability Report.

Air Canada is committed to climate action and has endorsed the aviation industry's collective goals:  

  • An average improvement in fuel efficiency of 1.5% per year from 2009 to 2020
  • A cap on net aviation CO2 emissions from 2020 (carbon-neutral growth)
  • A reduction in net aviation CO2 emissions of 50% by 2050, relative to 2005 levels

Air Canada has reported to the CDP for 10 years and in 2018 was recognized by CDP for our commitment to disclosure and transparency. For additional information on our carbon footprint, targets and our climate protection strategy, and to gain access to our CDP response, please visit our dedicated environment site here

Third Quarter 2021

Michael Rousseau, Air Canada President and Chief Executive Officer, Amos Kazzaz, Executive Vice President and Chief Financial Officer, and Lucie Guillemette, Executive Vice President and Chief Commercial Officer, will hold a conference call for analysts on Tuesday, November 2, 2021 at 08:00 a.m. ET to announce the third quarter 2021 results and will be available for analysts' questions. Following the analysts' questions, Mr. Kazzaz and Pierre Houle, Vice President and Treasurer, will be available to answer questions from term loan B lenders and holders of Air Canada bonds.

Replay: An online replay will be available shortly after the conclusion of the call at https://bell.media-server.com/mmc/p/ja4va5uj

Third Quarter 2021 Results – November 2, 2021

Second Quarter 2021 Results – July 23, 2021

First Quarter 2021 Results – May 7, 2021

2020

Fourth Quarter and Year-End 2020 Results – February 12, 2021

Third Quarter 2020 Results – November 9, 2020

Second Quarter 2020 Results – July 31, 2020

First Quarter 2020 Results – May 4, 2020

Annual Report & Annual Information Form

2019

Fourth Quarter and Year-End 2019 Results – February 18, 2020

Third Quarter 2019 Results – October 29, 2019

Second Quarter 2019 Results – July 30, 2019

First Quarter 2019 Results – May 6, 2019

Annual Report & Annual Information Form

2018

Fourth Quarter and Year-End 2018 Results April 03, 2019

Third Quarter 2018 Results October 31, 2018

Second Quarter 2018 Results July 27, 2018

First Quarter 2018 Results April 30, 2018

Annual Report & Annual Information Form

2017

Fourth Quarter and Year-End 2017 Results February 16, 2018

Third Quarter 2017 Results October 25, 2017

Second Quarter 2017 Results August 1, 2017

First Quarter 2017 Results May 5, 2017

Annual Report & Annual Information Form

2016

Fourth Quarter and Year-End 2016 Results February 17, 2017

Third Quarter 2016 Results November 7, 2016

Second Quarter 2016 Results July 29, 2016

First Quarter 2016 Results April 29, 2016

Annual Report & Annual Information Form

2015

Fourth Quarter and Year-End 2015 Results February 17, 2016

Third Quarter 2015 Results November 5, 2015

Second Quarter 2015 Results August 12, 2015

First Quarter 2015 Results May 12, 2015

Annual Report & Annual Information Form

2021

Air Canada’s annual meeting of shareholders was held on Tuesday, June 29, 2021. A webcast replay of the meeting is available.

Webcast Replay

Proxy Materials

Report on Voting Results

Speeches and Presentations

Tuesday, June 29, 2021
2021 Annual Meeting of Shareholders

2020

Proxy Materials

Report on Voting Results

Speeches and Presentations

Thursday, June 25, 2020
2020 Annual Meeting of Shareholders

2019

Proxy Materials

Report on Voting Results

Speeches and Presentations

Monday, May 6, 2019
2019 Annual Meeting of Shareholders

2018

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Monday, April 30, 2018
2018 Annual Meeting of Shareholders

2017

2017

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Friday, May 5, 2017
2017 Annual Meeting of Shareholders

2016

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 10, 2016
2016 Annual Meeting of Shareholders

2015

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 12, 2015
2015 Annual Meeting of Shareholders

Where are Air Canada shares traded and what are the ticker symbols?

Air Canada Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange(TSX) under a single ticker designated AC (also designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Air Canada). In the United States, Air Canada’s Class A variable voting shares and Class B voting shares also trade on the OTCQX under the symbol ACDVF Opens in New Window.

What is the difference between Class A variable voting shares and Class B voting shares?

Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians.

Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians.

"Canadian" under section 55(1) of the Canadian Transportation Act means:

  1. (a) a Canadian citizen or a permanent resident (as defined in the Citizenship Act and the Immigration and Refugee Protection Act, a summary definition of each of which is provided below);

  2. (b) a government in Canada or an agent or mandatary of such a government; or

  3. (c) a corporation or entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least 51% of the voting interests are owned and controlled by Canadians and where:

    1. (i) no more than 25% of the voting interests are owned directly or indirectly by any single non-Canadian, either individually or in affiliation with another person; and

    2. (ii) no more than 25% of the voting interests are owned directly or indirectly by one or more non-Canadians authorized to provide an air service in any jurisdiction, either individually or in affiliation with another person.

What are the voting rights attached to a Class B voting share?

Each Class B voting share confers the right to one vote at all shareholder meetings.

How can I purchase and sell Air Canada shares?

You can purchase or sell Air Canada shares through a brokerage firm or a financial institution that provides brokerage services.

Who is Air Canada’s registrar and transfer agent?

AST Trust Company (Canada)
2001 Robert-Bourassa Boulevard
Suite 1600 
Montreal, Quebec H3A 2A6
Canada
Tel: 1.800.387.0825 
Email: inquiries@astfinancial.com
Web: www.astfinancial.com/caOpens in New Window

How can I obtain copies of Air Canada's financial documents?

Please visit the Financial Reports and Information tab or SEDAROpens in New Window to download copies of Air Canada’s financial documents.

How do I change my name or address?

To ensure Air Canada’s share records are up-to-date, please contact either your brokerage firm or our registrar and transfer agent, AST Trust CompanyOpens in New Window (Canada), with any name or address changes.

When is Air Canada’s fiscal year-end?

Air Canada’s financial year ends on December 31.

Who are Air Canada’s external auditors?

PricewaterhouseCoopers LLP are Air Canada’s external auditors.

Air Canada is covered by the following financial analysts:
Analyst Firm Phone
Andrew Didora BofA Global Research BofA Securities, Inc. (646) 855-2924
Cameron Doerksen National Bank Financial (514) 879-2579
Chris Murray ATB Capital Markets Inc. (647) 776-8246
Corey Hammill Paradigm Capital (416) 361-0754
David Ocampo Cormark Securities Inc. (416) 943-4232
Fadi Chamoun BMO Capital Markets (416) 359-6775
Helane Becker Cowen and Company (646) 562 1399
Hunter Keay Wolfe Research (646) 845-0751
Jamie Baker J.P. Morgan (212) 622-6713
Kevin Chiang CIBC World Markets Inc. (416) 594-7198
Konark Gupta Scotia Capital Inc. – Canada (416) 865-6337
Matthew Lee Canaccord Genuity (416) 687-5363
Savanthi Syth Raymond James (727) 567-5274
Stephen Trent CITI Research (212) 816-6901
Tim James TD Securities Inc. (416) 308-9773
Walter Spracklin RBC Capital Markets (416) 842-7877

Please note that any opinions, estimates or forecasts regarding the performance of Air Canada and its management made by these analysts are theirs alone and do not represent the opinions, estimates or forecasts of Air Canada or its management. Air Canada does not by its reference above or distribution imply that the Company analyzes or approves of such information, conclusions or recommendations. Moreover, Air Canada does not and will not distribute copies of analysts' reports to investors or other persons.

Adjusted CASM
Refers to operating expense per ASM adjusted to remove the effects of aircraft fuel expense, ground packages costs at Air Canada Vacations, and special items.

Adjusted net income (loss)
Refers to the consolidated net income (loss) of Air Canada adjusted to remove the after-tax effects of foreign exchange gains or losses, net financing expense relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets, and special items.

Adjusted pre-tax income (loss)
Refers to the consolidated income (loss) of Air Canada before income taxes and adjusted to remove the effects of foreign exchange gains or losses, net financing expense relating to employee benefits, gains or losses on financial instruments, gains or losses on sale and leaseback of assets, gains or losses on disposal of assets, and special items.

Atlantic passenger and cargo revenues
Refer to revenues from flights that cross the Atlantic Ocean with origins and destinations principally in Europe, India, the Middle East and North Africa.

Available seat miles or ASMs
Refers to a measure of passenger capacity calculated by multiplying the total number of seats available for passengers by the miles flown.

Average stage length
Refers to the average mile per departure seat and is calculated by dividing total ASMs by total seats dispatched.

CASM
Refers to operating expense per ASM.

Domestic passenger and cargo revenues
Refer to revenues from flights within Canada.

EBITDA
Refers to earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure. Air Canada excludes special items from EBITDA.

Free cash flow
Refers to net cash flows from operating activities minus additions to property, equipment and intangible assets, and is net of proceeds from sale and leaseback transactions. Free cash flow in 2019 also excludes the one-time proceeds related to the Aeroplan acquisition.

Leverage ratio
Refers to the ratio of net debt to trailing 12-month EBITDA (calculated by dividing net debt by trailing 12-month EBITDA).

Loss (gain) on debt settlements and modifications
Refer to gains or losses related to debt settlements and modifications that, in management's view, are to be separately disclosed by virtue of their size or incidence to enable a fuller understanding of the Corporation's financial performance.

Net cash burn
Refers to a measure of cash used to maintain operations, support capital expenditures, and settle normal debt repayments, all before the net impact of new financing proceeds. Net cash burn is defined as net cash flows from operating, financing for aircraft deliveries, and investing activities. Excluded are proceeds from non-aircraft financings, lump sum debt maturities made where Air Canada has refinanced or replaced the amount, and proceeds from sale and leaseback transactions. Net cash burn also excludes movements between cash and short and long-term investments.

Other passenger and cargo revenues
Refer to revenues from flights with origins and destinations principally in Central and South America, the Caribbean and Mexico.

Pacific passenger and cargo revenues
Refer to revenues from flights that cross the Pacific Ocean with origins and destinations principally in Asia and Australia.

Passenger load factor
Refers to a measure of passenger capacity utilization derived by expressing Revenue Passenger Miles as a percentage of Available Seat Miles.

Passenger revenue per available seat mile or PRASM
Refers to average passenger revenue per ASM.

Percentage point (pp)
Refers to a measure of the arithmetic difference between two percentages.

Return on invested capital or ROIC
Refers to return on invested capital and is a measure used to assess the efficiency with which a company allocates its capital to generate returns.

Revenue passenger carried
Refers to the International Air Transport Association's (IATA) definition of passenger carried whereby passengers are counted on a flight number basis rather than by journey/itinerary or by leg.

Revenue passenger miles or RPMs
Refer to a measure of passenger traffic calculated by multiplying the total number of revenue passengers carried by the miles they are carried.

Seats dispatched
Refer to the number of seats on non-stop flights. A non-stop flight refers to a single takeoff and landing.

Special items
Refer to those items that, in management's view, are to be separately disclosed by virtue of their significance to the financial statements, to enable a fuller understanding of the Corporation's financial performance.

Weighted average cost of capital or WACC
Refers to management's estimate of its cost of capital, in which each category of capital is proportionately weighted.

Yield
Refers to average passenger revenue per RPM.