Investor Relations

Investor Relations

Air Canada's principal objective is to become 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:

  • Identify and implement cost reduction and revenue enhancing initiatives;
  • Pursue profitable international growth opportunities and leverage its competitive attributes to expand margins, in large part by increasing connecting traffic through its strategic international gateways in Toronto, Vancouver and Montréal, and grow and compete effectively in both the business and leisure markets to and from Canada;
  • Foster 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.

Air Canada's Annual and Special Meeting of Shareholders will be held on May 6, 2019 at the Metro Toronto Convention Centre. A live webcast of the meeting will be available.

2019 Shareholder Meeting
WebcastOpens in New Window

2019 Shareholder Meeting
WebcastOpens in New Window

More information is available in our 2018 Annual ReportOpen PDF file, our 2018 Management's Discussion and Analysis Open PDF file  dated February 15, 2019 and our 2018 Annual Information Form Open PDF file , dated March 25, 2019.

Fourth Quarter 2018

Air Canada Deputy Chief Executive Officer and Chief Financial Officer, Michael Rousseau, will host a conference call and listen-only audio webcast on Friday, February 15, 2019 at 08:30 ET to announce Air Canada's fourth quarter and full year 2018 financial results.

Certain Air Canada Executives will be available for analysts' questions, and Michael Rousseau and Pierre Houle, Managing Director and Treasurer, will be available to answer questions from holders of Air Canada bonds and term loan B lenders.

Webcast: https://edge.media-server.com/m6/p/qgdbnrfu
External site which may not meet accessibility guidelines.

Conference call dial-in: 416-340-2219 or 1-800-377-0758
Replay (until May 21, 2019): 905-694-9451 or 1-800-408-3053 passcode: 5891130#.

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

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

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

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

Fourth Quarter and Year-End 2014 Results February 11, 2015

Third Quarter 2014 Results November 6, 2014

Second Quarter 2014 Results August 7, 2014

First Quarter 2014 Results May 15, 2014

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2013 Results February 12, 2014

Third Quarter 2013 Results November 8, 2013

Second Quarter 2013 Results August 7, 2013

First Quarter 2013 Results May 3, 2013

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2012 Results February 7, 2013

Third Quarter 2012 Results November 8, 2012

Second Quarter 2012 Results August 8, 2012

First Quarter 2012 Results May 4, 2012

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2011 Results February 9, 2012

Third Quarter 2011 Results November 4, 2011

Second Quarter 2011 Results August 4, 2011

First Quarter 2012 Results May 5, 2011

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2010 Results February 10, 2011

Third Quarter 2010 Results November 4, 2010

Second Quarter 2010 Results August 5, 2010

First Quarter 2010 Results May 6, 2010

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2009 Results February 10, 2010

Third Quarter 2009 Results November 6, 2009

Second Quarter 2009 Results August 7, 2009

First Quarter 2009 Results May 8, 2009

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2008 Results February 13, 2009

Third Quarter 2008 Results November 7, 2008

Second Quarter 2008 Results August 8, 2008

First Quarter 2008 Results May 8, 2008

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2007 Results February 7, 2008

Third Quarter 2007 Results November 9, 2007

Second Quarter 2007 Results August 10, 2007

First Quarter 2007 Results May 11, 2007

Annual Report & Annual Information Form

2019

Air Canada's Annual and Special Meeting of Shareholders will be held on May 6, 2019 at the Metro Toronto Convention Centre. A live webcast of the meeting will be available.

Management Proxy Circular

Other Documents

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Monday, April 30, 2018
2018 Annual Meeting of Shareholders

2017

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Friday, May 5, 2017
2017 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 10, 2016
2016 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 12, 2015
2015 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results May 21, 2008

Management Proxy Circular

Report on Voting Results March 27, 2007

Air Canada Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange (TSX)Opens in New Window 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.

The Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians. An issued and outstanding Class A variable voting share shall be converted into one Class B voting share, automatically and without any further act of Air Canada or the holder, if such Class A variable voting share becomes held, beneficially owned and controlled, directly or indirectly, otherwise than by way of security only, by a Canadian.

The Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians. An issued and outstanding Class B voting share shall be converted into one Class A variable voting share, automatically and without any further act of Air Canada or the holder, if such Class B voting share becomes held, beneficially owned or controlled, directly or indirectly, otherwise than by way of security only, by a person who is not a Canadian.

"Canadian" under section 55(1) of the Canadian Transportation Act may, currently, be summarized as follows:

  1. Canadian citizen or a permanent resident within the meaning of the Immigration and Refugee Protection Act(Canada);
  2. government in Canada or an agent of such a government; or
  3. a corporation or other 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 75%, or such lesser percentage as the Governor in Council may by regulation specify, of the voting interests are owned and controlled by Canadians.

Currently, the Air Canada Public Participation Act (ACPPA) limits ownership of Air Canada’s voting interests by non-residents of Canada to a maximum of 25%. The Canada Transportation Act (CTA) also requires that Canadians own and control at least 75% of the voting interests of licensed Canadian carriers. Accordingly, Air Canada’s articles contain restrictions to ensure that it remains “Canadian” as defined under the CTA. The restrictions provide that non-Canadians can only hold variable voting shares of Air Canada, that such variable voting shares will not carry more than 25% (or any higher percentage that the Governor in Council may be regulation specify) of the aggregate votes attached to all issued and outstanding voting shares and that the total number of votes cast by the holders of such variable voting shares at any meeting of shareholders will not exceed 25% (or any such higher percentage) of the votes that may be cast at such meeting.

The Government of Canada's Bill C-10, the Budget Implementation Act 2009, contains provisions whereby the restrictions on voting securities in the ACPPA would be repealed and the CTA would be amended to provide the Governor in Council with flexibility to increase the foreign ownership limit from the existing 25% level to a maximum of 49%. These provisions will come into force on a date to be fixed by order of the Governor in Council made on the recommendation of the Minister of Finance, in the case of the ACPPA, and on the recommendation of the Minister of Transport in the case of the CTA

Each Class A variable voting share confers the right to one vote unless: (i) the number of Class A variable voting shares outstanding, as a percentage of the total number of voting shares outstanding of Air Canada exceeds 25% (or any higher percentage that the Governor in Council may by regulation specify), or (ii) the total number of votes cast by or on behalf of holders of Class A variable voting shares at any meeting exceeds 25% (or any higher percentage that the Governor in Council may by regulation specify) of the total number of votes that may be cast at such meeting. If either of the above noted thresholds would otherwise be surpassed at any time, the vote attached to each Class A variable voting share will decrease proportionately such that: (i) the Class A variable voting shares as a class do not carry more than 25% (or any higher percentage that the Governor in Council may by regulation specify) of the aggregate votes attached to all issued and outstanding voting shares of Air Canada and (ii) the total number of votes cast by or on behalf of holders of Class A variable voting shares at any meeting do not exceed 25% (or any higher percentage that the Governor in Council may by regulation specify) of the votes that may be cast at such meeting.

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

Air Canada shares cannot be bought or sold directly with the Company. Air Canada shares can be purchased or sold through a brokerage firm or a financial institution that provides brokerage services.

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

Please visit the Financial Reports and Information tab or SEDAROpens in New Window to download copies of Air Canada’s financial documents. You may also contact Investor Relations or Shareholder Relations for printed copies.

If you are receiving more than one annual or quarterly report from us, it is likely you hold Air Canada shares in more than one account. Please contact either your brokerage firm or our transfer agent, Canadian Stock Transfer Company Inc.Opens in New Window, who can help cancel the duplicate mailings.

To ensure our share records are kept up-to-date, please contact either your brokerage firm or our transfer agent, CST Trust CompanyOpens in New Window, with any name or address changes.

Air Canada’s financial year ends on December 31.

PricewaterhouseCoopers LLP are Air Canada’s external auditors.

Kathleen Murphy
Director, Investor Relations and Corporate Reporting
Tel.: +1 514.422.7849
Fax: +1 514.422.7877
Email: investors.investisseurs@aircanada.ca

Shareholder Relations Manager
Tel.: +1 514.422.6644
Fax: +1 514.422.0296
Email: shareholders.actionnaires@aircanada.ca

Air Canada is covered by the following financial analysts:
Analyst Firm Phone
Andrew Didora Bank of America Merrill Lynch (646) 855-2924
Ben Cherniavsky Raymond James Ltd. (604) 659-8244
Cameron Doerksen National Bank Financial (514) 879-2579
Chris Murray AltaCorp Capital (647) 776-8246
Corey Hammill Paradigm Capital (416) 361-0754
David Ocampo Cormark Securities Inc. (416) 943-4232
Doug Taylor Canaccord Genuity (416) 867-6101
Fadi Chamoun BMO Capital Markets (416) 359-6775
Helane Becker Cowen and Company (646) 562 1399
Kevin Chiang CIBC World Markets Inc. (416) 594-7198
Konark Gupta Macquarie Capital Markets Canada Ltd. (416) 848-3539
Nishant Mani J.P. Morgan (212) 622-5707
Rajeev Lalwani Morgan Stanley (212) 761-8518
Tim James TD Securities Inc. (416) 308-9773
Turan Quettawala Scotia Capital Inc. - Canada (416) 863-7065
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.

ACPA
Refers to the Air Canada Pilots Association.
Adjusted CASM
Refers to operating expense per ASM adjusted to remove the effects of fuel expense, the cost of ground packages at Air Canada Vacations and unusual items.
Adjusted net income (loss)
Refers to the consolidated net income (loss) of the Corporation attributable to the shareholders of Air Canada adjusted to remove the effects of (to the extent included in consolidated net income (loss)) foreign exchange, net financing income (expense) relating to employee benefits, mark-to-market adjustments on derivatives and other financial instruments recorded at fair value and unusual items.
Atlantic passenger and cargo revenues
Refers to revenues from flights that cross the Atlantic Ocean with origins and destinations principally in Europe.
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.
CALDA
Refers to the Canadian Airline Dispatchers Association.
CASM
Refers to operating expense per ASM.
CUPE
Refers to the Canadian Union of Public Employees.
EBITDAR
EBITDAR is earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent and is a non-GAAP financial measure commonly used in the airline industry to view operating results before depreciation, amortization and impairment, and aircraft rent as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.
Effective Ton Miles or ETMs
Refers to the mathematical product of tonnage capacity times distance hauled.
IAMAW
Refers to the International Association of Machinists and Aerospace Workers.
IATA
Refers to the International Air Transport Association.
Other passenger and cargo revenues
Refers to revenues from flights with origins and destinations principally in Central and South America, the Caribbean and Mexico.
Pacific passenger and cargo revenues
Refers to revenues from flights that cross the Pacific Ocean with origins and destinations principally in Asia and Australia (prior to January 1, 2013, revenues from flights with origins and destinations in Australia were recorded under “Other passenger and cargo revenues”).
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 RASM
Refers to average passenger revenue per ASM (baggage fee revenues, which are included in passenger revenues, are removed for the purposes of calculating RASM).
Percentage point (pp)
Refers to a measure for the arithmetic difference of two percentages.
Revenue Passenger Carried
Refers to IATA’s definition of passenger carried whereby passengers are counted on a flight no. basis rather than by journey/itinerary or by leg.
Revenue Passenger Miles or RPMs
Refers to a measure of passenger traffic calculated by multiplying the total number of revenue passengers carried by the miles they are carried.
Revenue Ton Miles or RTMs
Refers to the mathematical product of weight in tons of a shipment being transported by the number of miles that it is transported.
Unifor
Refers to a trade union in Canada, launched in 2013, as a merger of the Canadian Auto Workers and Communications, Energy and Paperworkers unions.
Yield
Refers to average passenger revenue per RPM (baggage fee revenues, which are included in passenger revenues, are removed for the purposes of calculating yield).