Q4 2025 Air Canada Earnings Call Transcript
Key Points
- Air Canada (ACDVF) reported a strong Q4 2025 with revenues reaching $5.8 billion, up nearly 7% year-over-year.
- The company achieved a record Q4 adjusted EBITDA of $867 million, a 25% increase from the previous year.
- Air Canada (ACDVF) maintained a solid balance sheet with $7.5 billion in liquidity and a net leverage of 1.7x.
- The airline returned more than $850 million to shareholders through share repurchases in 2025.
- Air Canada (ACDVF) was voted the best airline in North America at the 2025 Skytrax World Airline Awards, along with wins in 8 tail categories.
- Air Canada (ACDVF) faced cost pressures due to labor agreements and depreciation, impacting adjusted CASM.
- The company anticipates a challenging 2026 with cost pressures from fleet deliveries and labor agreements.
- There is a potential impact on unit costs due to the transition of the Rouge fleet and planned aircraft retirements.
- Air Canada (ACDVF) expects depreciation to be a headwind for the next few years, impacting cost structure.
- The company faces competitive pressures in certain domestic markets, although it has less exposure to these areas.
Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the Air Canada to present fourth quarter and full year 2025 results conference call. (Operator Instructions)
I would now like to turn the conference over to Amanda Murray, Head of Financial Planning, Strategy and Investor Relations. Amanda, please go ahead.
Thank you, Krista. Hello, (spoken in foreign language). Welcome, and thank you for joining our fourth quarter and year-end 2025 earnings call. My name is Amanda Murray and I am pleased to hold the role of Head of Financial Planning, Strategy and Investor Relations at Air Canada. I look forward to working with the capital markets and fostering strong relationships with our investment community.
Joining us on the call are Michael Rousseau, our President and CEO; Mark Galardo, our CCO and President of Cargo; and John Di Bert, our CFO. Other
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