Air Canada — Call Transcript 2026

[Non-English content] Before we begin, a few housekeeping notes. Today's meeting takes place at Telus Garden, a space designed to support collaboration, sustainability, and community. The building features energy-efficient systems, fresh air ventilation, and thoughtful designed work and gathering spaces. In the event of an emergency, please follow instructions from building personnel and proceed calmly to the nearest exit or designated assembly area. [Presentation] [Presentation] [Presentation] [Presentation] [Non-English content] Good morning, shareholders and guests. [Foreign language] I begin by reaffirming Air Canada's commitment to indigenous inclusion and reconciliation. Our network crosses many treaty lands as well as unceded and traditional territories of indigenous nations and governments on Turtle Island, that is, North America. In that spirit, we recognize the ancestral and traditional lands of the indigenous people we fly over. [Non-English content] [Non-English content] On behalf of the board of directors, I want to express our deepest condolences to the family, friends, and colleagues of the two Jazz pilots who tragically lost their lives. I also want to express our sincerest sympathies to the passengers, crew members, and others who were injured or otherwise affected, as well as our appreciation to everyone in our company, industry, or otherwise, who helped at the time and in the days that followed. [Non-English content] This tragedy has been felt by all in our Air Canada family. If you're able to do so, I invite you to stand and observe a moment of silence. [Non-English content] Thank you. We're pleased for the first time since 2013 to be back here in Vancouver, home to about 7,000 employees and one of our primary hubs. We want to thank Telus for having graciously opened Telus Garden for us to host our meeting in this remarkable space, and are grateful to the Telus team who have supported us in doing so. Today, our meeting includes shareholders from across Canada and around the world. We're glad you're joining us wherever you may be. Thank you for taking part in our annual dialogue. [Non-English content] Accordingly, with notice of the meeting having been duly given and a quorum being present, I call our 2026 annual shareholder meeting to order. I've adopted an agenda to govern the order of business and general rules of conduct for the meeting, which you can find in the document tab of your webcast screen. Voting is now open for all items to be voted on today and will close shortly after the last item has been discussed. This means we'll not pause the meeting to collect ballots as we progress through our agenda together. This will allow everyone more time to vote if they had not already done so. I'm joined on the podium on my immediate left by Marc Barbeau, our Executive Vice President, Chief Legal Officer, and Corporate Secretary, who will act as the secretary of this meeting. Also joined by Michael Rousseau, our President and Chief Executive Officer, and on the far left, John Di Bert, our Executive Vice President and Chief Financial Officer. [Non-English content] [Non-English content] Thank you, Mr. Chair, and good morning in turn to all our shareholders. [Non-English content] Since our comments or responses to the meeting today could contain forward-looking statements about our prospects, objectives, and strategies, I refer you to the cautionary statements concerning forward-looking information found in our public record, which is available on aircanada.com or SEDAR+. The record also includes an explanation of the non-GAAP measures we sometimes use, as well as a reconciliation with the most directly comparable GAAP measure. As we note in those filings, aircraft fuel prices continue to be subject to high volatility as a result of the ongoing conflict in the Middle East. [Non-English content] Thank you, Marc. [Non-English content] Marc. Following my opening remarks, we'll turn to the proposals in our information circular. Mike will share some remarks about our 2025 financial year, followed by a Q&A session. This year marks an important moment of transition for Air Canada and for our board. In March, we announced that our President and Chief Executive Officer, Mike Rousseau, will retire by the end of the third quarter of 2026. Mike has served Air Canada for nearly two decades, including as CEO or CFO, Deputy CEO, and President and CEO, guiding the company through significant periods of challenge and transformation. Under his leadership, Air Canada strengthened its financial position, navigated the pandemic, advanced customer-centric initiatives, and captured opportunities such as the acquisition of Aeroplan and restoring the solvency of our pension plans. On behalf of the board, I sincerely thank Michael Rousseau for his dedicated service and extraordinary contributions to Air Canada. The board is also grateful for his continued leadership and support as the board completes the process of selecting our new CEO. Succession planning has been a long-standing priority to the board. Consistent with this, and related specifically to CEO succession, we have a comprehensive internal executive development program that's been underway for over two years. Earlier this year, we complemented that program with an external global search. Our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. The board's performance criteria also include the ability to communicate to Canadians in both official languages. All these criteria are important and will not compromise on any of them. Our selection process has progressed significantly, and we have a strong group of internal and external candidates. In order to preserve the integrity of our selection process, we will not provide further details until an official announcement is made. This year, we also marking the retirement of Mr. Gary A. Doer from the board of directors. Gary has brought strategic insight and meaningful perspective to the board since his nomination. On behalf of the board, I sincerely thank Gary for his dedicated service and contributions to Air Canada and its shareholders during his tenure as director. We appreciate the voting support every board member nominee received from shareholders in the run-up to today's meeting. Together, all our board nominees bring remarkable accumulated experience, expertise, and background, helping to advance Air Canada's priorities in a changing world. Indeed, in 2025, Air Canada adapted to a changing environment and delivered solid financial results, capped by an exceptional fourth quarter despite significant headwinds. Throughout this unsettled period, the company made progress on its long-range plan and on capital allocation and other priorities we know our shareholders care about. Notably, since 2024, our over 64 million shares have been repurchased, returning more than CAD 1.5 billion to investors. We're pleased with Air Canada's strong start in 2026, including its delivery of record first quarter operating revenues. In 2026, our board and executive leadership will continue to work closely to execute on Air Canada's strategic plan, with safety first always remaining our overarching priority and customer centricity guiding our actions. At the same time, we'll continue to act on sustainability and to remain committed to excellence, innovation, profitable and sustainable growth, and disciplined capital allocation. We're immensely proud of being Canada's flag carrier. We want to share the best of Canada at home and abroad, inclusive culture where everyone belongs, and proudly promoting our official languages. [Non-English content] We're proud of how our leadership team and our over 39,000 employees have stayed true to the long-standing values and priorities that have guided us through challenging times. In closing, I want to express our thanks as a board to all Air Canada's employees around the world for their professionalism, resilience, and unwavering commitment to safety and service. Our annual meeting has been streamlined to allow as much time as possible for our remarks and our Q&A session. I also ask those of you planning to speak or raise a question to please keep your comments brief. A couple of minutes should be sufficient to make your point. Unless your questions or remarks relate to a specific item of business under consideration, I ask that you hold it until the question period. [Non-English content] [Non-English content] [Non-English content] [Non-English content] I don't see any question about this item on the agenda either for us or for our auditor, so we'll move to the next items on the agenda. [Non-English content] [Non-English content] Amee Chande, Christie J.B. Clark, Rob Fyfe, Michael M. Green, Jean-Marc Huot, Eric La Flèche, Claudette McGowan, Rachel Notley, Madeleine Paquin, Michael Rousseau, Vagn Sørensen, Kathleen Taylor, Annette Verschuren. [Non-English content] [Non-English content] Marc. Seeing no questions or comments from our shareholders, I encourage you to vote by using the online platform or by filling your ballots as the case may be. We'll proceed with the remaining business of the meeting, and the attendants will collect the ballots only once all votes are completed. Marc, would you move to the second item on the agenda? [Non-English content] Seeing no questions or comments from our shareholders, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. Again, for those of you here in person, please keep your ballot until all votes are completed. Marc, would you move to the third item on the agenda, please? [Non-English content] Thank you. Although this vote is advisory and non-binding, the board takes it into account and consults shareholders to understand their views and ensure our executive compensation policies support Air Canada's long-term goals and shareholder value creation. To this end, we met with shareholders who in 2025, represented most of the shares voted against our approach to executive compensation and have benefited from their insights. We continue this practice this year. Seeing no questions or comments, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. Again, for those of you here in person, please keep your ballot until all of the votes are completed. Marc, [Non-English content] [Non-English content] [Non-English content] The board of directors has determined it would be appropriate to increase the share reserve to provide an effective means to utilize incentive awards in future years. We're proposing to do so by replenishing the reserve by 6 million shares as described in our management proxy circular. Seeing no questions or comments, I encourage you to vote by using your webcast screen voting tab or by filling your ballot as the case may be. Marc, [Non-English content] [Non-English content] [Non-English content] Marc, seeing no questions or comments, I encourage you to vote by using the webcast screen voting tab or by filling your ballot as the case may be. Marc, [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Seeing no further questions or comments, I encourage you to vote in respect of shareholder proposal number one by using the webcast screen voting tab or by filling your ballot as the case may be. Given that this proposal is the last voting item on our agenda, I also encourage you to cast your votes now on this or any other prior proposal as we prepare to close the ballots shortly. For those of you who are here in person, I now ask that when your ballot is complete, you please hand it to the nearest attendant. Thank you. Before I invite Michael Rousseau to share his annual remarks, I remind shareholders and proxy holders that they may submit their questions or comments to us at any time before the end of the question period. For those attending the meeting online, if they've not done so, they must vote or change their votes within the next minute since the voting function will be deactivated shortly, putting an end to voting on the items on the agenda. For those attending the meeting in person, are there any more ballots to be collected? Yeah. Yeah. Thanks. I believe everyone has now had time to complete and return their ballots. I will now ask the scrutineers to tabulate all the ballots and report back. We'll now pause the formal proceedings of our meeting to allow our CEO, Michael Rousseau, to share his annual remarks. Michael. Well, good morning. [Non-English content] Thank you for taking time to be with us today for Air Canada's 2026 annual general meeting. I'm very pleased to be joined in the room by some members of our senior executive team. For those of you attending in person, I encourage you to say hello to our executives. They love talking about all the great things Air Canada is doing. We, as always, are interested also to hear what's on your mind and your suggestions for ways that we can improve. Before I begin, I would like to acknowledge the tragic incident involving Air Canada Express Flight AC8646 at LaGuardia Airport in March. I visited the scene the day of the accident. It was a humbling and powerful illustration of the importance of safety in what we do every day. On behalf of everyone at Air Canada, I extend condolences to the family and friends of the crew lost in the accident. Best wishes for the recovery of those injured and our deep regard for all involved. I can assure you that we will learn from what we can from this incident and apply any lessons to making travel even safer. Air Canada delivered a strong performance in 2025. The results show the effectiveness of our business plan and the strength of our business model we have built since the end of the pandemic. In 2025, we generated record operating revenue of nearly CAD 22.4 billion, an increase of CAD 117 million from 2024. Of particular note, premium revenues increased 2% year-over-year, outpacing the economy cabin by 3 points and representing about 30% of our total passenger revenues. We also saw increased contributions from all segments of the business, including Aeroplan, Air Canada Cargo, and Air Canada Vacations. Adjusted EBITDA totaled CAD 3.1 billion due to the very strong demand in the last two months of the year. We delivered CAD 747 million in free cash flow, and we ended the year with total liquidity of CAD 7.5 billion for a net leverage of 1.7x. Clearly, our results would have been much stronger except for the labor disruption in the third quarter. However, we quickly rebounded with a very strong record fourth quarter to end the year. Yesterday, we reported another record quarter to begin this year. Fourth quarter revenues reached CAD 5.8 billion, up 7% year-over-year. These were driven by industry-leading passenger unit revenue performance and strong premium demand. Our Q4 Adjusted EBITDA of CAD 867 million in the quarter was 25% higher than the prior year, a record for our company for Q4. We also just announced a record Q1 2026 EBITDA performance. In the quarter, our revenue increased 11% versus Q1 of 2025. Our Adjusted EBITDA in the first three months increased more than 60%, and Free Cash Flow almost doubled to CAD 1.6 billion. I believe two consecutive record quarters reflect the underlying strength of our plan and business model, and all stakeholders should be extremely excited as we move into the growth part of our strategic plan. Throughout 2025, we showed financial discipline, keeping a high conversion of, from earnings to the operating cash flow. This enabled us to invest confidently in our future, deploying CAD 2.9 billion in capital investments expected to generate incremental returns going forward. Another outcome of our excellent performance was during the year, we returned more than CAD 850 million to shareholders through share repurchases. We know this is especially important to you. We will continue to search for ways to create and return value to investors. An underlying factor critical to our success is running an efficient airline. Operationally, 2025 was another year of improvement that showed the dedication and professionalism of all our teams. Our focus was on all aspects of operational improvement, led by our on-time performance and Net Promoter Score to strengthen the overall dependability of our schedule and our premium brand positioning. In 2025, we operated more than 370,000 flights, carried over 45 million customers, and achieved an average Load Factor close to 85%. We finished 2025 with an average arrivals of 14% or on-time performance of 73%. This is a 2-point improvement from 2024 and a 10-point improvement from 2023. Our Net Promoter Score for the year was above our target and up a healthy 7 points from the prior year. I was extremely proud of our employees when our customers recognized our hard work. In 2025, Air Canada was voted by customers the best airline in North America at the Skytrax World Airline Awards at the Paris Air Show. We won in nine categories of these at these awards, which are globally recognized as the industry benchmark. Skytrax also ranked Air Canada as the only North American carrier among its global top 20 airlines. We were further recognized at APEX, the Passenger Experience Awards, for the sixth consecutive year with a passenger-rated five-star global airline award. I thank all our employees for their hard work and their dedication. Another indicator of our success with customers is the growth of our Aeroplan loyalty program. Aeroplan passed the 10 million member milestone in 2025. It has now more than doubled its membership since the program relaunched. Fueled by a younger, more engaged demographic, Aeroplan is attracting members and partners not normally associated with traditional airline loyalty programs. Aeroplan is a significant competitive advantage and an indicator that customers plan to continue booking with us far into the future. An important aspect of customer service is the aircraft we operate and invest in, as well as associated services we offer on board. Fleet renewal is an ongoing project. We have plans to acquire 70 new aircraft with options to purchase another 40. This includes 35 aircraft in 2026 and two new aircraft types for our fleet. With the new aircraft, we are also introducing the next-generation cabin interiors. Last month, we unveiled the new long-haul cabin design, our glowing-hearted standard. It features new seats, upgraded IFE systems, and warm accents inspired by the textures and materials that invoke Canada's natural environment. We are especially excited about having the Airbus A321XLR join the fleet. Despite being a narrow-body aircraft, its long-range capability will let it fly routes we normally have to operate with larger planes. This gives us options for extending service to seasonal markets off-peak, and it will be effective in opening up new markets where we need to build traffic. Because it is capable of long transatlantic flights, we are equipping the XLR with lie-flat Air Canada Signature Suites. This is the first time we will offer lie-flat seats on a narrow-body aircraft, and which is certain to be popular with the important premium traveler segment of our market. In a further evolution of our fleet, we are also transitioning our 737 MAX fleet to Air Canada Rouge. By replacing the older Rouge fleet, we will elevate the Air Canada leisure travel experience. For example, we will introduce seat-back entertainment and fast, free Wi-Fi for Aeroplan members. It will improve the consistency and quality of the Air Canada Rouge product for the benefit of our leisure customers and the entire Air Canada brand. Finally, earlier this year, we announced our plans to acquire eight Airbus A350-1000 wide-body aircraft to support our international network growth, with rights to purchase another eight. The first delivery of the state-of-the-art aircraft is expected in 2030. To further distinguish the customer journey, we are also working to improve the airport experience. This begins with a new approach to customer service that we have launched with our frontline employees called Care & Class, that encourages them to assist customers better on the spot, in the moment. Our program for this new approach won a well-deserved award last year at the Customer Centricity World Series Awards. Coupled with this, we are deploying new processes and new technology to improve important parts of the customer journey, such as baggage tracking and delivery, aircraft boarding, and lounge access. In terms of lounges, I hope those of you in Vancouver have already experienced our new Air Canada Café, opened last month at Vancouver's domestic C concourse. This is our second Café at the airport, and it offers an expanded 84-seat premium space inspired by West Coast design and culinary culture. We also just opened a new 62-seat Air Canada Café in Montreal Trudeau's U.S. departure pier that showcases the city's iconic coffee culture and local flavors. These investments form part of Air Canada's program to modernize its global lounge network, with many more further openings and renovations planned for the future. Taken together, all these initiatives are converging to drive forward our New Frontiers strategic plan. The plan clearly sets out Air Canada's objectives and outlines its ambitions through 2030. A distinctive element of New Frontiers will be the expansion of our network. As events of recent years have shown, our varied network and revenue sources play a critical role in delivering strong results despite shifting market conditions. This includes the earlier disruption to our Pacific flying due to the Russia overflight issue, events impacting the transborder market, and, more recently, the situation in the Middle East. Our diverse fleet and network allows us to mitigate disruptions in particular markets by quickly reallocating capacity to other markets. Recognizing these advantages, we are building scale in our hubs and reinforcing our competitiveness of our global network. In 2025, we added 13 new destinations on four continents. This includes Vancouver. In 2022, we began the only nonstop flights to Bangkok. They are becoming year-round this summer. We started our service to Manila. For this winter, we will operate the only nonstop flight linking North America to Sapporo in Japan from the city. These exciting route additions represent our commitment to Vancouver, our Pacific gateway. In support of this, we've also established a Rouge crew base at Vancouver, which will give travelers going to and from the city and BC additional leisure options. In a significant investment for our employees in the city, we will soon begin operating our expanded simulator training center. Back east, our hubs in Toronto and Montreal have the best geographical placement to connect Europe with Latin America. In the last quarter of 2025, we bolstered our competitiveness to better capture the counter-seasonal flows between those markets and grow our demand base outside Canada. Our strategy is also to diversify our Sixth Freedom revenues, which increased by 10% in 2025 versus 2024, to reach record levels. In Q1 of 2026, we further increased Sixth Freedom by 18% versus Q1 2025. In support of all this, we just started transborder flying from Billy Bishop Airport in downtown Toronto to major business centers in North America, reflecting our commitment to making business travel easier for our customers. For the summer, we will add several European routes to our network, and along with the Bangkok service from Vancouver, we introduce nonstop flights to China from Toronto. For next winter, we've already announced the addition of Peru and Quito to our passenger network. Last month, we announced new flights from Toronto and Montreal to Tenerife, the only nonstop service between North America and the Canary Islands. There are also several new sun destinations coming. More than just provide a geography lesson, New Frontiers is targeting approximately CAD 30 billion in revenue by 2028. Equally, if not important, more important, we intend to increase our Adjusted EBITDA margin and free cash flow through the same period. Against this backdrop, 2026 will be an important year, managing several complex external factors, as well as taking delivery of the majority of our new aircraft in the back half of this year. We are confident our investments are setting the stage for improved performance and greater efficiencies in 2027 and beyond. We are building for the long term, and I am convinced the decisions we're making today will continue to strengthen the airline for years to come. It has been a great privilege and honor for me to lead Air Canada. I thank our board members, both current and past, for their support, their guidance, and encouragement over the years. The success we have enjoyed since the pandemic is the result of a tremendous team effort. Our recent Q4 2025 and Q1 2026 record performances, and effectively dealing with a volatile fuel price and potential supply environment is just the latest examples of how good this team is. I also wish to thank all of my colleagues at the airline. One of the great rewards of working at Air Canada is the opportunity to meet and work with so many incredibly talented people at all the different positions here at Air Canada. I was just at the Awards of Excellence event last week, which recognizes our best employees as voted on by their peers and colleagues. Another group I wish to acknowledge is our shareholders. I have met with and heard from all of you over the years. I do believe that you'll be rewarded as we execute New Frontiers. Your decision to invest in our company is a very clear expression of your confidence in all of us at Air Canada, and I can assure you of our deep commitment to repay this trust. Finally, I want to thank our customers. It is our objective and our entire focus to earn their loyalty every day by flying everyone in comfort and safety to their destination, wherever in the world that may be. Thank you. [Non-English content] Thank you, Mike. [Non-English content] At this time, and having received a preliminary report from our scrutineers, I will ask Marc to share the results from the tabulation completed after all proposals were presented and voting closed. [Non-English content] Thank you, Marc, and thank you all to all our shareholders for their votes and continued support. I'm especially thrilled to officially welcome Rachel and Éric to our board. We look forward to the insights you'll bring as we continue to discuss Air Canada's future. [Non-English content] We want to thank you for the questions that you submitted in advance of the meeting. We'll start by answering one of those. [Non-English content] To ensure that as many questions or comments as possible can be addressed, I would ask that questions remain concise, ideally not exceeding two minutes. Please limit yourself to one question or comment at a time, allowing others to take their turn. If your question has already been asked by someone else, I'd kindly ask that you refrain from repeating it. We ask that you reserve your comments and questions to topics that may be of interest to all shareholders rather than of a personal nature. Marc will now read the 1st question submitted in advance. Thank you, Mr. Chair. The first question we received in advance reads as follows: Could you clarify how the board is weighing core leadership competencies such as safety, performance, strategic aptitude, and the ability to drive shareholder and employee value relative to language requirements in the CEO selection process? Given that the pool of candidates with top-tier aviation leadership experience may be limited, how do we balance the importance of bilingualism with the need to secure the strongest possible candidate to lead Air Canada effectively? Thank you for the question. As I stated in my opening remarks, succession planning has been a long-standing priority of the board, and our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. The board's performance criteria also include the ability to communicate to Canadians in both official languages. All these criteria are important, and we'll not compromise on any of them. We will now take a question from the floor, if any. If not the case, Marc, can you please read the next question? The next question we received in advance, it reads as follows: How do you explain the stagnant stock price compared to Delta or United? Air Canada's share price is drastically low. Given the high debt, cost pressures, and geopolitical issues, what measures are you taking to derive a healthy balance sheet reduction in costs, which ultimately drives a higher share price? I'll take that question. First of all, thank you for the question. I think that, you know, hearing Mike, we should all have a lot of positive confidence in what's going forward and in terms of our plan at Air Canada. We've taken significant steps to improve the balance sheet over the last few years. We came out of the pandemic with 5x leverage. Over the last two to three years, we've been able to take that down to 1.4x leverage. The balance sheet is very, very strong. Our liquidity actually and our leverage are peer benchmarks in the industry. The strength of that balance sheet is allowing us to make very important investments in the future. I think Mike outlined the New Frontiers plan. We also did speak about it at our most recent investor day in December 2024. The plan that we put forward creates significant value for shareholders. It allows for margins to expand and creates sustainable cash flows for the very long term. We continue to take very important steps in improving our capital allocation. Beyond the investments in the airline, we've decreased debt, as I said. We've also bought back over CAD 1.5 billion in stock in the last 15 months, and that has been to the benefit of shareholders, and will also allow them to participate in future profitability and growth as the airline continues its plan. Finally, we did announce yesterday that we do have an August 2026 maturity of $1.2 billion U.S., and with the strength of our balance sheet and liquidity, we'll be able to take that liquidity out and effectively extinguish the debt. I do have a lot of great confidence in the future of Air Canada, and we're confident that it will create a lot of value for shareholders. Thank you, John. We'll now take a question from the floor, if any. If not the case, Marc, can you please read the next question? Thank you, Mr. Chair. [Non-English content] Thank you, Marc. I'd ask you to answer that. Uh [Non-English content] [Non-English content] Marc. We'll now take a question from the floor. Please. Thank you. My name is Rod Holm. I am an independent beneficial shareholder. I have attended many of these meetings in the past, and my impetus for attending this meeting was to be able to express my thanks to Michael Rousseau for his leadership over many years, as I mentioned to him earlier that I met him at one of his first meetings. Mm-hmm. I was so worried about how the tragedy in New York was handled. I wanted to illustrate that by a very close relative who had worked at Air Canada and had apparently been keeping in touch with many of his colleagues, said that their network lit up. It was such a tragedy because in all the years that they had worked together, nothing like that had happened. When you mentioned, when we asked for a moment of silence, all the other people who had been affected, it's probably a lot more than most people would ever deem to realize, given the number of people who have worked with the airline. Thank you. Thank you, Mr. Holm, for these remarks. Really great remarks and much appreciated. Thank you so much. Are there any other questions from the floor, please? Good morning. Paul Foody, independent shareholder. I'm wondering, with ICANN opening up the second application window yesterday, does Air Canada have any intention of applying for its own new gTLD or any others? Sorry, could you repeat the question? Yeah, ICANN, the people who run, the internet, yesterday they opened up the second application window for new top-level domains. Okay. I'm wondering, will Air Canada be applying for its, gTLD? Okay. Well, thank you. The quick answer is no, but, you know, I'll introduce you to Mark Nasr and to Craig Landry. Craig oversees technology for the company, and Mark oversees operations, and they can provide some more details to you when the meeting's over. Well, might I suggest you speak to PwC about it. Yeah, yeah. They registered theirs back in 2012. Perfect. Thank you very much for that. Cheers. Thank you. Thank you. Are there any other questions from the floor? We do have a question from. If not the case, there is another question that came in. Can you please read the last or the next question, Marc? Thank you, Mr. Chair. The third question we received in advance was, for labor relations, have you concluded the arbitration process with CUPE? If so, what was the result? I'll ask Mike to take that question. Please, Mike. Thank you for the question. Thank you, Vagn. The quick answer is we do have a new four-year agreement with CUPE. To provide a little more detail, we signed a tentative agreement on August 19th, 2025. One item went to arbitration around wages. The federal arbitrator issued their decision on February 17th, 2026, and the arbitrator upheld that wages as agreed to in the tentative agreement would continue throughout the four-year contract, with the exception that wage rates for Rouge flight attendants would be increased by 1% in the first year. Again, we do have a solid four-year agreement with our flight attendants going forward. Marc, are there any other questions? I don't see any. Not coming in. Are there any other questions from the floor? No. Seeing no further questions in the meeting room online, the discussion of matters for shareholder consideration is completed as we reconvene the formal part of our meeting. [Non-English content] Marc, are there any other questions that have been raised or that have not yet been addressed? [Non-English content] No, Mr. Chairman, there are no other questions at this time. In conclusion, I want to thank you all for joining today's meeting and for your questions. [Non-English content] We are pleased to continue to engage with you over the coming year. I now declare that our 2026 annual meeting of shareholders has concluded.

Speaker 1: [Non-English content] Before we begin, a few housekeeping notes. Today's meeting takes place at Telus Garden, a space designed to support collaboration, sustainability, and community. The building features energy-efficient systems, fresh air ventilation, and thoughtful designed work and gathering spaces. In the event of an emergency, please follow instructions from building personnel and proceed calmly to the nearest exit or designated assembly area. [Non-English content ] Before we begin, a few housekeeping notes. [non-english content] before we begin a few housekeeping notes Today's meeting takes place at Telus Garden, a space designed to support collaboration, sustainability, and community. today's meeting takes place at telus garden a space designed to support collaboration sustainability and community The building features energy- efficient systems, fresh air ventilation, and thoughtful designed work and gathering spaces. the building features energy- efficient systems fresh air ventilation and thoughtful designed work and gathering spaces In the event of an emergency, please follow instructions from building personnel and proceed calmly to the nearest exit or designated assembly area. in the event of an emergency please follow instructions from building personnel and proceed calmly to the nearest exit or designated assembly area

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Speaker 9: Good morning, shareholders and guests. Good morning, shareholders and guests. good morning shareholders and guests

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Speaker 9: I begin by reaffirming Air Canada's commitment to indigenous inclusion and reconciliation. Our network crosses many treaty lands as well as unceded and traditional territories of indigenous nations and governments on Turtle Island, that is, North America. In that spirit, we recognize the ancestral and traditional lands of the indigenous people we fly over. I begin by reaffirming Air Canada's commitment to indigenous inclusion and reconciliation. i begin by reaffirming air canada's commitment to indigenous inclusion and reconciliation Our network crosses many treaty lands as well as unceded and traditional territories of indigenous nations and governments on Turtle Island, that is, North America. our network crosses many treaty lands as well as unceded and traditional territories of indigenous nations and governments on turtle island that is north america In that spirit, we recognize the ancestral and traditional lands of the indigenous people we fly over. in that spirit we recognize the ancestral and traditional lands of the indigenous people we fly over

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Speaker 9: On behalf of the board of directors, I want to express our deepest condolences to the family, friends, and colleagues of the two Jazz pilots who tragically lost their lives. I also want to express our sincerest sympathies to the passengers, crew members, and others who were injured or otherwise affected, as well as our appreciation to everyone in our company, industry, or otherwise, who helped at the time and in the days that followed. On behalf of the board of directors, I want to express our deepest condolences to the family, friends, and colleagues of the two Jazz pilots who tragically lost their lives. on behalf of the board of directors i want to express our deepest condolences to the family friends and colleagues of the two jazz pilots who tragically lost their lives I also want to express our sincerest sympathies to the passengers, crew members, and others who were injured or otherwise affected, as well as our appreciation to everyone in our company, industry, or otherwise, who helped at the time and in the days that followed. i also want to express our sincerest sympathies to the passengers crew members and others who were injured or otherwise affected as well as our appreciation to everyone in our company industry or otherwise who helped at the time and in the days that followed

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Speaker 9: This tragedy has been felt by all in our Air Canada family. If you're able to do so, I invite you to stand and observe a moment of silence. This tragedy has been felt by all in our Air Canada family. this tragedy has been felt by all in our air canada family If you're able to do so, I invite you to stand and observe a moment of silence. if you're able to do so i invite you to stand and observe a moment of silence

Speaker 7: [Non-English content] [Non-English content] [non-english content]

Speaker 9: Thank you. We're pleased for the first time since 2013 to be back here in Vancouver, home to about 7,000 employees and one of our primary hubs. We want to thank Telus for having graciously opened Telus Garden for us to host our meeting in this remarkable space, and are grateful to the Telus team who have supported us in doing so. Today, our meeting includes shareholders from across Canada and around the world. We're glad you're joining us wherever you may be. Thank you for taking part in our annual dialogue. Thank you. thank you We're pleased for the first time since 2013 to be back here in Vancouver, home to about 7,000 employees and one of our primary hubs. We want to thank Telus for having graciously opened Telus Garden for us to host our meeting in this remarkable space, and are grateful to the Telus team who have supported us in doing so. we're pleased for the first time since 2013 to be back here in vancouver home to about 7,000 employees and one of our primary hubs. we want to thank telus for having graciously opened telus garden for us to host our meeting in this remarkable space and are grateful to the telus team who have supported us in doing so Today, our meeting includes shareholders from across Canada and around the world. today our meeting includes shareholders from across canada and around the world We're glad you're joining us wherever you may be. we're glad you're joining us wherever you may be Thank you for taking part in our annual dialogue. thank you for taking part in our annual dialogue

Speaker 7: [Non-English content] [Non-English content] [non-english content]

Speaker 9: Accordingly, with notice of the meeting having been duly given and a quorum being present, I call our 2026 annual shareholder meeting to order. I've adopted an agenda to govern the order of business and general rules of conduct for the meeting, which you can find in the document tab of your webcast screen. Voting is now open for all items to be voted on today and will close shortly after the last item has been discussed. This means we'll not pause the meeting to collect ballots as we progress through our agenda together. This will allow everyone more time to vote if they had not already done so. Accordingly, with notice of the meeting having been duly given and a quorum being present, I call our 2026 annual shareholder meeting to order. accordingly with notice of the meeting having been duly given and a quorum being present i call our 2026 annual shareholder meeting to order I've adopted an agenda to govern the order of business and general rules of conduct for the meeting, which you can find in the document tab of your webcast screen. i've adopted an agenda to govern the order of business and general rules of conduct for the meeting which you can find in the document tab of your webcast screen Voting is now open for all items to be voted on today and will close shortly after the last item has been discussed. voting is now open for all items to be voted on today and will close shortly after the last item has been discussed This means we'll not pause the meeting to collect ballots as we progress through our agenda together. this means we'll not pause the meeting to collect ballots as we progress through our agenda together This will allow everyone more time to vote if they had not already done so. this will allow everyone more time to vote if they had not already done so

Speaker 7: I'm joined on the podium on my immediate left by Marc Barbeau, our Executive Vice President, Chief Legal Officer, and Corporate Secretary, who will act as the secretary of this meeting. Also joined by Michael Rousseau, our President and Chief Executive Officer, and on the far left, John Di Bert, our Executive Vice President and Chief Financial Officer. I'm joined on the podium on my immediate left by Marc Barbeau, our Executive Vice President, Chief Legal Officer, and Corporate Secretary, who will act as the secretary of this meeting. i'm joined on the podium on my immediate left by marc barbeau our executive vice president chief legal officer and corporate secretary who will act as the secretary of this meeting Also joined by Michael Rousseau, our President and Chief Executive Officer, and on the far left, John Di Bert, our Executive Vice President and Chief Financial Officer. also joined by michael rousseau our president and chief executive officer and on the far left john di bert our executive vice president and chief financial officer [Non-English content] [Non-English content] [non-english content]

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 9: Thank you, Mr. Chair, and good morning in turn to all our shareholders. Thank you, Mr. Chair, and good morning in turn to all our shareholders. thank you mr chair and good morning in turn to all our shareholders

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 9: Since our comments or responses to the meeting today could contain forward-looking statements about our prospects, objectives, and strategies, I refer you to the cautionary statements concerning forward-looking information found in our public record, which is available on aircanada.com or SEDAR+. The record also includes an explanation of the non-GAAP measures we sometimes use, as well as a reconciliation with the most directly comparable GAAP measure. As we note in those filings, aircraft fuel prices continue to be subject to high volatility as a result of the ongoing conflict in the Middle East. Since our comments or responses to the meeting today could contain forward-looking statements about our prospects, objectives, and strategies, I refer you to the cautionary statements concerning forward-looking information found in our public record, which is available on aircanada.com or SEDAR+. since our comments or responses to the meeting today could contain forward-looking statements about our prospects objectives and strategies i refer you to the cautionary statements concerning forward-looking information found in our public record which is available on aircanada.com or sedar+ The record also includes an explanation of the non-GAAP measures we sometimes use, as well as a reconciliation with the most directly comparable GAAP measure. the record also includes an explanation of the non-gaap measures we sometimes use as well as a reconciliation with the most directly comparable gaap measure As we note in those filings, aircraft fuel prices continue to be subject to high volatility as a result of the ongoing conflict in the Middle East. as we note in those filings aircraft fuel prices continue to be subject to high volatility as a result of the ongoing conflict in the middle east

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: Thank you, Marc. [Non-English content] Marc. Following my opening remarks, we'll turn to the proposals in our information circular. Mike will share some remarks about our 2025 financial year, followed by a Q&A session. This year marks an important moment of transition for Air Canada and for our board. In March, we announced that our President and Chief Executive Officer, Mike Rousseau, will retire by the end of the third quarter of 2026. Mike has served Air Canada for nearly two decades, including as CEO or CFO, Deputy CEO, and President and CEO, guiding the company through significant periods of challenge and transformation. Under his leadership, Air Canada strengthened its financial position, navigated the pandemic, advanced customer-centric initiatives, and captured opportunities such as the acquisition of Aeroplan and restoring the solvency of our pension plans. Thank you, Marc. thank you marc [Non-English content] Marc. [non-english content] marc Following my opening remarks, we'll turn to the proposals in our information circular. following my opening remarks we'll turn to the proposals in our information circular Mike will share some remarks about our 2025 financial year, followed by a Q&A session. mike will share some remarks about our 2025 financial year followed by a q&a session This year marks an important moment of transition for Air Canada and for our board. this year marks an important moment of transition for air canada and for our board In March, we announced that our President and Chief Executive Officer, Mike Rousseau, will retire by the end of the third quarter of 2026. in march we announced that our president and chief executive officer mike rousseau will retire by the end of the third quarter of 2026 Mike has served Air Canada for nearly two decades, including as CEO or CFO, Deputy CEO, and President and CEO, guiding the company through significant periods of challenge and transformation. mike has served air canada for nearly two decades including as ceo or cfo deputy ceo and president and ceo guiding the company through significant periods of challenge and transformation Under his leadership, Air Canada strengthened its financial position, navigated the pandemic, advanced customer-centric initiatives, and captured opportunities such as the acquisition of Aeroplan and restoring the solvency of our pension plans. under his leadership air canada strengthened its financial position navigated the pandemic advanced customer-centric initiatives and captured opportunities such as the acquisition of aeroplan and restoring the solvency of our pension plans On behalf of the board, I sincerely thank Michael Rousseau for his dedicated service and extraordinary contributions to Air Canada. The board is also grateful for his continued leadership and support as the board completes the process of selecting our new CEO. Succession planning has been a long-standing priority to the board. Consistent with this, and related specifically to CEO succession, we have a comprehensive internal executive development program that's been underway for over two years. Earlier this year, we complemented that program with an external global search. Our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. The board's performance criteria also include the ability to communicate to Canadians in both official languages. All these criteria are important and will not compromise on any of them. On behalf of the board, I sincerely thank Michael Rousseau for his dedicated service and extraordinary contributions to Air Canada. on behalf of the board i sincerely thank michael rousseau for his dedicated service and extraordinary contributions to air canada The board is also grateful for his continued leadership and support as the board completes the process of selecting our new CEO. the board is also grateful for his continued leadership and support as the board completes the process of selecting our new ceo Succession planning has been a long-standing priority to the board. succession planning has been a long-standing priority to the board Consistent with this, and related specifically to CEO succession, we have a comprehensive internal executive development program that's been underway for over two years. consistent with this and related specifically to ceo succession we have a comprehensive internal executive development program that's been underway for over two years Earlier this year, we complemented that program with an external global search. Our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. earlier this year we complemented that program with an external global search. our ceo role specification includes having proven airline experience a track record of setting enterprise strategy and for delivering results at scale The board's performance criteria also include the ability to communicate to Canadians in both official languages. the board's performance criteria also include the ability to communicate to canadians in both official languages All these criteria are important and will not compromise on any of them. all these criteria are important and will not compromise on any of them Our selection process has progressed significantly, and we have a strong group of internal and external candidates. In order to preserve the integrity of our selection process, we will not provide further details until an official announcement is made. This year, we also marking the retirement of Mr. Gary A. Doer from the board of directors. Gary has brought strategic insight and meaningful perspective to the board since his nomination. On behalf of the board, I sincerely thank Gary for his dedicated service and contributions to Air Canada and its shareholders during his tenure as director. We appreciate the voting support every board member nominee received from shareholders in the run-up to today's meeting. Together, all our board nominees bring remarkable accumulated experience, expertise, and background, helping to advance Air Canada's priorities in a changing world. Our selection process has progressed significantly, and we have a strong group of internal and external candidates. our selection process has progressed significantly and we have a strong group of internal and external candidates In order to preserve the integrity of our selection process, we will not provide further details until an official announcement is made. in order to preserve the integrity of our selection process we will not provide further details until an official announcement is made This year, we also marking the retirement of Mr. Gary A. Doer from the board of directors. this year we also marking the retirement of mr gary a. doer from the board of directors Gary has brought strategic insight and meaningful perspective to the board since his nomination. gary has brought strategic insight and meaningful perspective to the board since his nomination On behalf of the board, I sincerely thank Gary for his dedicated service and contributions to Air Canada and its shareholders during his tenure as director. on behalf of the board i sincerely thank gary for his dedicated service and contributions to air canada and its shareholders during his tenure as director We appreciate the voting support every board member nominee received from shareholders in the run-up to today's meeting. we appreciate the voting support every board member nominee received from shareholders in the run-up to today's meeting Together, all our board nominees bring remarkable accumulated experience, expertise, and background, helping to advance Air Canada's priorities in a changing world. together all our board nominees bring remarkable accumulated experience expertise and background helping to advance air canada's priorities in a changing world Indeed, in 2025, Air Canada adapted to a changing environment and delivered solid financial results, capped by an exceptional fourth quarter despite significant headwinds. Throughout this unsettled period, the company made progress on its long-range plan and on capital allocation and other priorities we know our shareholders care about. Notably, since 2024, our over 64 million shares have been repurchased, returning more than CAD 1.5 billion to investors. We're pleased with Air Canada's strong start in 2026, including its delivery of record first quarter operating revenues. In 2026, our board and executive leadership will continue to work closely to execute on Air Canada's strategic plan, with safety first always remaining our overarching priority and customer centricity guiding our actions. Indeed, in 2025, Air Canada adapted to a changing environment and delivered solid financial results, capped by an exceptional fourth quarter despite significant headwinds. indeed in 2025 air canada adapted to a changing environment and delivered solid financial results capped by an exceptional fourth quarter despite significant headwinds Throughout this unsettled period, the company made progress on its long-range plan and on capital allocation and other priorities we know our shareholders care about. throughout this unsettled period the company made progress on its long-range plan and on capital allocation and other priorities we know our shareholders care about Notably, since 2024, our over 64 million shares have been repurchased, returning more than CAD 1.5 billion to investors. notably since 2024 our over 64 million shares have been repurchased returning more than cad 1.5 billion to investors We're pleased with Air Canada's strong start in 2026, including its delivery of record first quarter operating revenues. we're pleased with air canada's strong start in 2026 including its delivery of record first quarter operating revenues In 2026, our board and executive leadership will continue to work closely to execute on Air Canada's strategic plan, with safety first always remaining our overarching priority and customer centricity guiding our actions. in 2026 our board and executive leadership will continue to work closely to execute on air canada's strategic plan with safety first always remaining our overarching priority and customer centricity guiding our actions At the same time, we'll continue to act on sustainability and to remain committed to excellence, innovation, profitable and sustainable growth, and disciplined capital allocation. We're immensely proud of being Canada's flag carrier. We want to share the best of Canada at home and abroad, inclusive culture where everyone belongs, and proudly promoting our official languages. [Non-English content] We're proud of how our leadership team and our over 39,000 employees have stayed true to the long-standing values and priorities that have guided us through challenging times. In closing, I want to express our thanks as a board to all Air Canada's employees around the world for their professionalism, resilience, and unwavering commitment to safety and service. Our annual meeting has been streamlined to allow as much time as possible for our remarks and our Q&A session. At the same time, we'll continue to act on sustainability and to remain committed to excellence, innovation, profitable and sustainable growth, and disciplined capital allocation. at the same time we'll continue to act on sustainability and to remain committed to excellence innovation profitable and sustainable growth and disciplined capital allocation We're immensely proud of being Canada's flag carrier. we're immensely proud of being canada's flag carrier We want to share the best of Canada at home and abroad, inclusive culture where everyone belongs, and proudly promoting our official languages. [Non-English content] We're proud of how our leadership team and our over 39,000 employees have stayed true to the long-standing values and priorities that have guided us through challenging times. we want to share the best of canada at home and abroad inclusive culture where everyone belongs and proudly promoting our official languages. [non-english content] we're proud of how our leadership team and our over 39,000 employees have stayed true to the long-standing values and priorities that have guided us through challenging times In closing, I want to express our thanks as a board to all Air Canada's employees around the world for their professionalism, resilience, and unwavering commitment to safety and service. in closing i want to express our thanks as a board to all air canada's employees around the world for their professionalism resilience and unwavering commitment to safety and service Our annual meeting has been streamlined to allow as much time as possible for our remarks and our Q&A session. our annual meeting has been streamlined to allow as much time as possible for our remarks and our q&a session I also ask those of you planning to speak or raise a question to please keep your comments brief. A couple of minutes should be sufficient to make your point. Unless your questions or remarks relate to a specific item of business under consideration, I ask that you hold it until the question period. [Non-English content] I also ask those of you planning to speak or raise a question to please keep your comments brief. i also ask those of you planning to speak or raise a question to please keep your comments brief A couple of minutes should be sufficient to make your point. a couple of minutes should be sufficient to make your point Unless your questions or remarks relate to a specific item of business under consideration, I ask that you hold it until the question period. [Non-English content] unless your questions or remarks relate to a specific item of business under consideration i ask that you hold it until the question period. [non-english content]

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Speaker 9: [Non-English content] I don't see any question about this item on the agenda either for us or for our auditor, so we'll move to the next items on the agenda. [Non-English content] I don't see any question about this item on the agenda either for us or for our auditor, so we'll move to the next items on the agenda. [non-english content] i don't see any question about this item on the agenda either for us or for our auditor so we'll move to the next items on the agenda

Speaker 3: [Non-English content] [Non-English content] [non-english content] [Non-English content] Amee Chande, Christie J.B. Clark, Rob Fyfe, Michael M. Green, Jean-Marc Huot, Eric La Flèche, Claudette McGowan, Rachel Notley, Madeleine Paquin, Michael Rousseau, Vagn Sørensen, Kathleen Taylor, Annette Verschuren. [Non-English content] [Non-English content ] Amee Chande, Christie J.B. [non-english content] amee chande, christie j.b Clark, Rob Fyfe, Michael M. clark rob fyfe michael m Green, Jean-Marc Huot, Eric La Flèche, Claudette McGowan, Rachel Notley, Madeleine Paquin, Michael Rousseau, Vagn Sørensen, Kathleen Taylor, Annette Verschuren. green jean-marc huot eric la flèche claudette mcgowan rachel notley madeleine paquin michael rousseau vagn sørensen kathleen taylor annette verschuren [Non-English content] [non-english content]

Speaker 7: [Non-English content] Marc. Seeing no questions or comments from our shareholders, I encourage you to vote by using the online platform or by filling your ballots as the case may be. We'll proceed with the remaining business of the meeting, and the attendants will collect the ballots only once all votes are completed. Marc, would you move to the second item on the agenda? [Non-English content] Marc. [non-english content] marc Seeing no questions or comments from our shareholders, I encourage you to vote by using the online platform or by filling your ballots as the case may be. seeing no questions or comments from our shareholders i encourage you to vote by using the online platform or by filling your ballots as the case may be We'll proceed with the remaining business of the meeting, and the attendants will collect the ballots only once all votes are completed. we'll proceed with the remaining business of the meeting and the attendants will collect the ballots only once all votes are completed Marc, would you move to the second item on the agenda? marc would you move to the second item on the agenda

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: Seeing no questions or comments from our shareholders, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. Again, for those of you here in person, please keep your ballot until all votes are completed. Marc, would you move to the third item on the agenda, please? Seeing no questions or comments from our shareholders, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. seeing no questions or comments from our shareholders i encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be Again, for those of you here in person, please keep your ballot until all votes are completed. again for those of you here in person please keep your ballot until all votes are completed Marc, would you move to the third item on the agenda, please? marc would you move to the third item on the agenda please

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: Thank you. Although this vote is advisory and non-binding, the board takes it into account and consults shareholders to understand their views and ensure our executive compensation policies support Air Canada's long-term goals and shareholder value creation. To this end, we met with shareholders who in 2025, represented most of the shares voted against our approach to executive compensation and have benefited from their insights. We continue this practice this year. Seeing no questions or comments, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. Again, for those of you here in person, please keep your ballot until all of the votes are completed. Marc, [Non-English content] Thank you. thank you Although this vote is advisory and non-binding, the board takes it into account and consults shareholders to understand their views and ensure our executive compensation policies support Air Canada's long- term goals and shareholder value creation. although this vote is advisory and non-binding the board takes it into account and consults shareholders to understand their views and ensure our executive compensation policies support air canada's long- term goals and shareholder value creation To this end, we met with shareholders who in 2025, represented most of the shares voted against our approach to executive compensation and have benefited from their insights. to this end we met with shareholders who in 2025 represented most of the shares voted against our approach to executive compensation and have benefited from their insights We continue this practice this year. we continue this practice this year Seeing no questions or comments, I encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be. seeing no questions or comments i encourage you to vote by using the voting tab on your webcast screen or by filling your ballot as the case may be Again, for those of you here in person, please keep your ballot until all of the votes are completed. again for those of you here in person please keep your ballot until all of the votes are completed Marc, [Non-English content] marc, [non-english content]

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: [Non-English content] The board of directors has determined it would be appropriate to increase the share reserve to provide an effective means to utilize incentive awards in future years. We're proposing to do so by replenishing the reserve by 6 million shares as described in our management proxy circular. Seeing no questions or comments, I encourage you to vote by using your webcast screen voting tab or by filling your ballot as the case may be. Marc, [Non-English content] [Non-English content] The board of directors has determined it would be appropriate to increase the share reserve to provide an effective means to utilize incentive awards in future years. [non-english content] the board of directors has determined it would be appropriate to increase the share reserve to provide an effective means to utilize incentive awards in future years We're proposing to do so by replenishing the reserve by 6 million shares as described in our management proxy circular. we're proposing to do so by replenishing the reserve by 6 million shares as described in our management proxy circular Seeing no questions or comments, I encourage you to vote by using your webcast screen voting tab or by filling your ballot as the case may be. seeing no questions or comments i encourage you to vote by using your webcast screen voting tab or by filling your ballot as the case may be Marc, [Non-English content ] marc [non-english content]

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: [Non-English content] Marc, seeing no questions or comments, I encourage you to vote by using the webcast screen voting tab or by filling your ballot as the case may be. Marc, [Non-English content] [Non-English content] Marc, seeing no questions or comments, I encourage you to vote by using the webcast screen voting tab or by filling your ballot as the case may be. [non-english content] marc seeing no questions or comments i encourage you to vote by using the webcast screen voting tab or by filling your ballot as the case may be Marc, [Non-English content ] marc [non-english content]

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Speaker 7: [Non-English content] [Non-English content] [non-english content]

Speaker 9: Seeing no further questions or comments, I encourage you to vote in respect of shareholder proposal number one by using the webcast screen voting tab or by filling your ballot as the case may be. Given that this proposal is the last voting item on our agenda, I also encourage you to cast your votes now on this or any other prior proposal as we prepare to close the ballots shortly. Seeing no further questions or comments, I encourage you to vote in respect of shareholder proposal number one by using the webcast screen voting tab or by filling your ballot as the case may be. seeing no further questions or comments i encourage you to vote in respect of shareholder proposal number one by using the webcast screen voting tab or by filling your ballot as the case may be Given that this proposal is the last voting item on our agenda, I also encourage you to cast your votes now on this or any other prior proposal as we prepare to close the ballots shortly. given that this proposal is the last voting item on our agenda i also encourage you to cast your votes now on this or any other prior proposal as we prepare to close the ballots shortly

Speaker 7: For those of you who are here in person, I now ask that when your ballot is complete, you please hand it to the nearest attendant. Thank you. Before I invite Michael Rousseau to share his annual remarks, I remind shareholders and proxy holders that they may submit their questions or comments to us at any time before the end of the question period. For those attending the meeting online, if they've not done so, they must vote or change their votes within the next minute since the voting function will be deactivated shortly, putting an end to voting on the items on the agenda. For those attending the meeting in person, are there any more ballots to be collected? Yeah. Yeah. Thanks. I believe everyone has now had time to complete and return their ballots. For those of you who are here in person, I now ask that when your ballot is complete, you please hand it to the nearest attendant. for those of you who are here in person i now ask that when your ballot is complete you please hand it to the nearest attendant Thank you. thank you Before I invite Michael Rousseau to share his annual remarks, I remind shareholders and proxy holders that they may submit their questions or comments to us at any time before the end of the question period. before i invite michael rousseau to share his annual remarks i remind shareholders and proxy holders that they may submit their questions or comments to us at any time before the end of the question period For those attending the meeting online, if they've not done so, they must vote or change their votes within the next minute since the voting function will be deactivated shortly, putting an end to voting on the items on the agenda. for those attending the meeting online if they've not done so they must vote or change their votes within the next minute since the voting function will be deactivated shortly putting an end to voting on the items on the agenda For those attending the meeting in person, are there any more ballots to be collected? for those attending the meeting in person are there any more ballots to be collected Yeah. yeah Yeah. yeah Thanks. thanks I believe everyone has now had time to complete and return their ballots. i believe everyone has now had time to complete and return their ballots I will now ask the scrutineers to tabulate all the ballots and report back. We'll now pause the formal proceedings of our meeting to allow our CEO, Michael Rousseau, to share his annual remarks. Michael. I will now ask the scrutineers to tabulate all the ballots and report back. i will now ask the scrutineers to tabulate all the ballots and report back We'll now pause the formal proceedings of our meeting to allow our CEO, Michael Rousseau, to share his annual remarks. we'll now pause the formal proceedings of our meeting to allow our ceo michael rousseau to share his annual remarks Michael. michael

Speaker 4: Well, good morning. [Non-English content] Thank you for taking time to be with us today for Air Canada's 2026 annual general meeting. I'm very pleased to be joined in the room by some members of our senior executive team. For those of you attending in person, I encourage you to say hello to our executives. They love talking about all the great things Air Canada is doing. We, as always, are interested also to hear what's on your mind and your suggestions for ways that we can improve. Before I begin, I would like to acknowledge the tragic incident involving Air Canada Express Flight AC8646 at LaGuardia Airport in March. I visited the scene the day of the accident. It was a humbling and powerful illustration of the importance of safety in what we do every day. Well, good morning. well good morning [Non-English content] Thank you for taking time to be with us today for Air Canada's 2026 annual general meeting. [non-english content] thank you for taking time to be with us today for air canada's 2026 annual general meeting I'm very pleased to be joined in the room by some members of our senior executive team. i'm very pleased to be joined in the room by some members of our senior executive team For those of you attending in person, I encourage you to say hello to our executives. for those of you attending in person i encourage you to say hello to our executives They love talking about all the great things Air Canada is doing. they love talking about all the great things air canada is doing We, as always, are interested also to hear what's on your mind and your suggestions for ways that we can improve. we as always are interested also to hear what's on your mind and your suggestions for ways that we can improve Before I begin, I would like to acknowledge the tragic incident involving Air Canada Express Flight AC8646 at LaGuardia Airport in March. before i begin i would like to acknowledge the tragic incident involving air canada express flight ac8646 at laguardia airport in march I visited the scene the day of the accident. i visited the scene the day of the accident It was a humbling and powerful illustration of the importance of safety in what we do every day. it was a humbling and powerful illustration of the importance of safety in what we do every day On behalf of everyone at Air Canada, I extend condolences to the family and friends of the crew lost in the accident. Best wishes for the recovery of those injured and our deep regard for all involved. I can assure you that we will learn from what we can from this incident and apply any lessons to making travel even safer. Air Canada delivered a strong performance in 2025. The results show the effectiveness of our business plan and the strength of our business model we have built since the end of the pandemic. In 2025, we generated record operating revenue of nearly CAD 22.4 billion, an increase of CAD 117 million from 2024. Of particular note, premium revenues increased 2% year-over-year, outpacing the economy cabin by 3 points and representing about 30% of our total passenger revenues. On behalf of everyone at Air Canada, I extend condolences to the family and friends of the crew lost in the accident. on behalf of everyone at air canada i extend condolences to the family and friends of the crew lost in the accident Best wishes for the recovery of those injured and our deep regard for all involved. best wishes for the recovery of those injured and our deep regard for all involved I can assure you that we will learn from what we can from this incident and apply any lessons to making travel even safer. i can assure you that we will learn from what we can from this incident and apply any lessons to making travel even safer Air Canada delivered a strong performance in 2025. air canada delivered a strong performance in 2025 The results show the effectiveness of our business plan and the strength of our business model we have built since the end of the pandemic. the results show the effectiveness of our business plan and the strength of our business model we have built since the end of the pandemic In 2025, we generated record operating revenue of nearly CAD 22.4 billion, an increase of CAD 117 million from 2024. in 2025 we generated record operating revenue of nearly cad 22.4 billion an increase of cad 117 million from 2024 Of particular note, premium revenues increased 2% year-over-year, outpacing the economy cabin by 3 points and representing about 30% of our total passenger revenues. of particular note premium revenues increased 2% year-over-year outpacing the economy cabin by 3 points and representing about 30% of our total passenger revenues We also saw increased contributions from all segments of the business, including Aeroplan, Air Canada Cargo, and Air Canada Vacations. Adjusted EBITDA totaled CAD 3.1 billion due to the very strong demand in the last two months of the year. We delivered CAD 747 million in free cash flow, and we ended the year with total liquidity of CAD 7.5 billion for a net leverage of 1.7x. Clearly, our results would have been much stronger except for the labor disruption in the third quarter. However, we quickly rebounded with a very strong record fourth quarter to end the year. Yesterday, we reported another record quarter to begin this year. Fourth quarter revenues reached CAD 5.8 billion, up 7% year-over-year. These were driven by industry-leading passenger unit revenue performance and strong premium demand. We also saw increased contributions from all segments of the business, including Aeroplan, Air Canada Cargo, and Air Canada Vacations. we also saw increased contributions from all segments of the business including aeroplan air canada cargo and air canada vacations Adjusted EBITDA totaled CAD 3.1 billion due to the very strong demand in the last two months of the year. adjusted ebitda totaled cad 3.1 billion due to the very strong demand in the last two months of the year We delivered CAD 747 million in free cash flow, and we ended the year with total liquidity of CAD 7.5 billion for a net leverage of 1.7x . we delivered cad 747 million in free cash flow and we ended the year with total liquidity of cad 7.5 billion for a net leverage of 1.7x Clearly, our results would have been much stronger except for the labor disruption in the third quarter. clearly our results would have been much stronger except for the labor disruption in the third quarter However, we quickly rebounded with a very strong record fourth quarter to end the year. however we quickly rebounded with a very strong record fourth quarter to end the year Yesterday, we reported another record quarter to begin this year. yesterday we reported another record quarter to begin this year Fourth quarter revenues reached CAD 5.8 billion, up 7% year-over-year. fourth quarter revenues reached cad 5.8 billion up 7% year-over-year These were driven by industry-leading passenger unit revenue performance and strong premium demand. these were driven by industry-leading passenger unit revenue performance and strong premium demand Our Q4 Adjusted EBITDA of CAD 867 million in the quarter was 25% higher than the prior year, a record for our company for Q4. We also just announced a record Q1 2026 EBITDA performance. In the quarter, our revenue increased 11% versus Q1 of 2025. Our Adjusted EBITDA in the first three months increased more than 60%, and Free Cash Flow almost doubled to CAD 1.6 billion. I believe two consecutive record quarters reflect the underlying strength of our plan and business model, and all stakeholders should be extremely excited as we move into the growth part of our strategic plan. Throughout 2025, we showed financial discipline, keeping a high conversion of, from earnings to the operating cash flow. Our Q4 Adjusted EBITDA of CAD 867 million in the quarter was 25% higher than the prior year, a record for our company for Q4. our q4 adjusted ebitda of cad 867 million in the quarter was 25% higher than the prior year a record for our company for q4 We also just announced a record Q1 2026 EBITDA performance. we also just announced a record q1 2026 ebitda performance In the quarter, our revenue increased 11% versus Q1 of 2025. in the quarter our revenue increased 11% versus q1 of 2025 Our Adjusted EBITDA in the first three months increased more than 60%, and Free Cash Flow almost doubled to CAD 1.6 billion. our adjusted ebitda in the first three months increased more than 60% and free cash flow almost doubled to cad 1.6 billion I believe two consecutive record quarters reflect the underlying strength of our plan and business model, and all stakeholders should be extremely excited as we move into the growth part of our strategic plan. i believe two consecutive record quarters reflect the underlying strength of our plan and business model and all stakeholders should be extremely excited as we move into the growth part of our strategic plan Throughout 2025, we showed financial discipline, keeping a high conversion of, from earnings to the operating cash flow. throughout 2025 we showed financial discipline keeping a high conversion of from earnings to the operating cash flow This enabled us to invest confidently in our future, deploying CAD 2.9 billion in capital investments expected to generate incremental returns going forward. Another outcome of our excellent performance was during the year, we returned more than CAD 850 million to shareholders through share repurchases. We know this is especially important to you. We will continue to search for ways to create and return value to investors. An underlying factor critical to our success is running an efficient airline. Operationally, 2025 was another year of improvement that showed the dedication and professionalism of all our teams. Our focus was on all aspects of operational improvement, led by our on-time performance and Net Promoter Score to strengthen the overall dependability of our schedule and our premium brand positioning. This enabled us to invest confidently in our future, deploying CAD 2.9 billion in capital investments expected to generate incremental returns going forward. this enabled us to invest confidently in our future deploying cad 2.9 billion in capital investments expected to generate incremental returns going forward Another outcome of our excellent performance was during the year, we returned more than CAD 850 million to shareholders through share repurchases. another outcome of our excellent performance was during the year we returned more than cad 850 million to shareholders through share repurchases We know this is especially important to you. we know this is especially important to you We will continue to search for ways to create and return value to investors. we will continue to search for ways to create and return value to investors An underlying factor critical to our success is running an efficient airline. an underlying factor critical to our success is running an efficient airline Operationally, 2025 was another year of improvement that showed the dedication and professionalism of all our teams. operationally 2025 was another year of improvement that showed the dedication and professionalism of all our teams Our focus was on all aspects of operational improvement, led by our on-time performance and Net Promoter Score to strengthen the overall dependability of our schedule and our premium brand positioning. our focus was on all aspects of operational improvement led by our on-time performance and net promoter score to strengthen the overall dependability of our schedule and our premium brand positioning In 2025, we operated more than 370,000 flights, carried over 45 million customers, and achieved an average Load Factor close to 85%. We finished 2025 with an average arrivals of 14% or on-time performance of 73%. This is a 2-point improvement from 2024 and a 10-point improvement from 2023. Our Net Promoter Score for the year was above our target and up a healthy 7 points from the prior year. I was extremely proud of our employees when our customers recognized our hard work. In 2025, Air Canada was voted by customers the best airline in North America at the Skytrax World Airline Awards at the Paris Air Show. We won in nine categories of these at these awards, which are globally recognized as the industry benchmark. Skytrax also ranked Air Canada as the only North American carrier among its global top 20 airlines. In 2025, we operated more than 370,000 flights, carried over 45 million customers, and achieved an average Load Factor close to 85%. in 2025 we operated more than 370,000 flights carried over 45 million customers and achieved an average load factor close to 85% We finished 2025 with an average arrivals of 14% or on-time performance of 73%. we finished 2025 with an average arrivals of 14% or on-time performance of 73% This is a 2-point improvement from 2024 and a 10-point improvement from 2023. this is a 2-point improvement from 2024 and a 10-point improvement from 2023 Our Net Promoter Score for the year was above our target and up a healthy 7 points from the prior year. our net promoter score for the year was above our target and up a healthy 7 points from the prior year I was extremely proud of our employees when our customers recognized our hard work. i was extremely proud of our employees when our customers recognized our hard work In 2025, Air Canada was voted by customers the best airline in North America at the Skytrax World Airline Awards at the Paris Air Show. in 2025 air canada was voted by customers the best airline in north america at the skytrax world airline awards at the paris air show We won in nine categories of these at these awards, which are globally recognized as the industry benchmark. we won in nine categories of these at these awards which are globally recognized as the industry benchmark Skytrax also ranked Air Canada as the only North American carrier among its global top 20 airlines. skytrax also ranked air canada as the only north american carrier among its global top 20 airlines We were further recognized at APEX, the Passenger Experience Awards, for the sixth consecutive year with a passenger-rated five-star global airline award. I thank all our employees for their hard work and their dedication. Another indicator of our success with customers is the growth of our Aeroplan loyalty program. Aeroplan passed the 10 million member milestone in 2025. It has now more than doubled its membership since the program relaunched. Fueled by a younger, more engaged demographic, Aeroplan is attracting members and partners not normally associated with traditional airline loyalty programs. Aeroplan is a significant competitive advantage and an indicator that customers plan to continue booking with us far into the future. An important aspect of customer service is the aircraft we operate and invest in, as well as associated services we offer on board. We were further recognized at APEX, the Passenger Experience Awards, for the sixth consecutive year with a passenger-rated five-star global airline award. we were further recognized at apex the passenger experience awards for the sixth consecutive year with a passenger-rated five-star global airline award I thank all our employees for their hard work and their dedication. i thank all our employees for their hard work and their dedication Another indicator of our success with customers is the growth of our Aeroplan loyalty program. another indicator of our success with customers is the growth of our aeroplan loyalty program Aeroplan passed the 10 million member milestone in 2025. aeroplan passed the 10 million member milestone in 2025 It has now more than doubled its membership since the program relaunched. it has now more than doubled its membership since the program relaunched Fueled by a younger, more engaged demographic, Aeroplan is attracting members and partners not normally associated with traditional airline loyalty programs. fueled by a younger more engaged demographic aeroplan is attracting members and partners not normally associated with traditional airline loyalty programs Aeroplan is a significant competitive advantage and an indicator that customers plan to continue booking with us far into the future. aeroplan is a significant competitive advantage and an indicator that customers plan to continue booking with us far into the future An important aspect of customer service is the aircraft we operate and invest in, as well as associated services we offer on board. an important aspect of customer service is the aircraft we operate and invest in as well as associated services we offer on board Fleet renewal is an ongoing project. We have plans to acquire 70 new aircraft with options to purchase another 40. This includes 35 aircraft in 2026 and two new aircraft types for our fleet. With the new aircraft, we are also introducing the next-generation cabin interiors. Last month, we unveiled the new long-haul cabin design, our glowing-hearted standard. It features new seats, upgraded IFE systems, and warm accents inspired by the textures and materials that invoke Canada's natural environment. We are especially excited about having the Airbus A321XLR join the fleet. Despite being a narrow-body aircraft, its long-range capability will let it fly routes we normally have to operate with larger planes. Fleet renewal is an ongoing project. fleet renewal is an ongoing project We have plans to acquire 70 new aircraft with options to purchase another 40. we have plans to acquire 70 new aircraft with options to purchase another 40 This includes 35 aircraft in 2026 and two new aircraft types for our fleet. this includes 35 aircraft in 2026 and two new aircraft types for our fleet With the new aircraft, we are also introducing the next- generation cabin interiors. with the new aircraft we are also introducing the next- generation cabin interiors Last month, we unveiled the new long-haul cabin design, our glowing- hearted standard. last month we unveiled the new long-haul cabin design our glowing- hearted standard It features new seats, upgraded IFE systems, and warm accents inspired by the textures and materials that invoke Canada's natural environment. it features new seats upgraded ife systems and warm accents inspired by the textures and materials that invoke canada's natural environment We are especially excited about having the Airbus A321XLR join the fleet. we are especially excited about having the airbus a321xlr join the fleet Despite being a narrow- body aircraft, its long-range capability will let it fly routes we normally have to operate with larger planes. despite being a narrow- body aircraft its long-range capability will let it fly routes we normally have to operate with larger planes This gives us options for extending service to seasonal markets off-peak, and it will be effective in opening up new markets where we need to build traffic. Because it is capable of long transatlantic flights, we are equipping the XLR with lie-flat Air Canada Signature Suites. This is the first time we will offer lie-flat seats on a narrow-body aircraft, and which is certain to be popular with the important premium traveler segment of our market. In a further evolution of our fleet, we are also transitioning our 737 MAX fleet to Air Canada Rouge. By replacing the older Rouge fleet, we will elevate the Air Canada leisure travel experience. For example, we will introduce seat-back entertainment and fast, free Wi-Fi for Aeroplan members. This gives us options for extending service to seasonal markets off-peak, and it will be effective in opening up new markets where we need to build traffic. this gives us options for extending service to seasonal markets off-peak and it will be effective in opening up new markets where we need to build traffic Because it is capable of long transatlantic flights, we are equipping the XLR with lie-flat Air Canada Signature Suites. because it is capable of long transatlantic flights we are equipping the xlr with lie-flat air canada signature suites This is the first time we will offer lie-flat seats on a narrow-body aircraft, and which is certain to be popular with the important premium traveler segment of our market. this is the first time we will offer lie-flat seats on a narrow-body aircraft and which is certain to be popular with the important premium traveler segment of our market In a further evolution of our fleet, we are also transitioning our 737 MAX fleet to Air Canada Rouge. in a further evolution of our fleet we are also transitioning our 737 max fleet to air canada rouge By replacing the older Rouge fleet, we will elevate the Air Canada leisure travel experience. by replacing the older rouge fleet we will elevate the air canada leisure travel experience For example, we will introduce seat-back entertainment and fast, free Wi-Fi for Aeroplan members. for example we will introduce seat-back entertainment and fast free wi-fi for aeroplan members It will improve the consistency and quality of the Air Canada Rouge product for the benefit of our leisure customers and the entire Air Canada brand. Finally, earlier this year, we announced our plans to acquire eight Airbus A350-1000 wide-body aircraft to support our international network growth, with rights to purchase another eight. The first delivery of the state-of-the-art aircraft is expected in 2030. To further distinguish the customer journey, we are also working to improve the airport experience. This begins with a new approach to customer service that we have launched with our frontline employees called Care & Class, that encourages them to assist customers better on the spot, in the moment. Our program for this new approach won a well-deserved award last year at the Customer Centricity World Series Awards. It will improve the consistency and quality of the Air Canada Rouge product for the benefit of our leisure customers and the entire Air Canada brand. it will improve the consistency and quality of the air canada rouge product for the benefit of our leisure customers and the entire air canada brand Finally, earlier this year, we announced our plans to acquire eight Airbus A350-1000 wide-body aircraft to support our international network growth, with rights to purchase another eight. finally earlier this year we announced our plans to acquire eight airbus a350-1000 wide-body aircraft to support our international network growth with rights to purchase another eight The first delivery of the state-of-the-art aircraft is expected in 2030. the first delivery of the state-of-the-art aircraft is expected in 2030 To further distinguish the customer journey, we are also working to improve the airport experience. to further distinguish the customer journey we are also working to improve the airport experience This begins with a new approach to customer service that we have launched with our frontline employees called Care & Class, that encourages them to assist customers better on the spot, in the moment. this begins with a new approach to customer service that we have launched with our frontline employees called care & class that encourages them to assist customers better on the spot in the moment Our program for this new approach won a well-deserved award last year at the Customer Centricity World Series Awards. our program for this new approach won a well-deserved award last year at the customer centricity world series awards Coupled with this, we are deploying new processes and new technology to improve important parts of the customer journey, such as baggage tracking and delivery, aircraft boarding, and lounge access. In terms of lounges, I hope those of you in Vancouver have already experienced our new Air Canada Café, opened last month at Vancouver's domestic C concourse. This is our second Café at the airport, and it offers an expanded 84-seat premium space inspired by West Coast design and culinary culture. We also just opened a new 62-seat Air Canada Café in Montreal Trudeau's U.S. departure pier that showcases the city's iconic coffee culture and local flavors. These investments form part of Air Canada's program to modernize its global lounge network, with many more further openings and renovations planned for the future. Taken together, all these initiatives are converging to drive forward our New Frontiers strategic plan. Coupled with this, we are deploying new processes and new technology to improve important parts of the customer journey, such as baggage tracking and delivery, aircraft boarding, and lounge access. coupled with this we are deploying new processes and new technology to improve important parts of the customer journey such as baggage tracking and delivery aircraft boarding and lounge access In terms of lounges, I hope those of you in Vancouver have already experienced our new Air Canada Café, opened last month at Vancouver's domestic C concourse. in terms of lounges i hope those of you in vancouver have already experienced our new air canada café opened last month at vancouver's domestic c concourse This is our second Café at the airport, and it offers an expanded 84-seat premium space inspired by West Coast design and culinary culture. this is our second café at the airport and it offers an expanded 84-seat premium space inspired by west coast design and culinary culture We also just opened a new 62-seat Air Canada Café in Montreal Trudeau's U.S. departure pier that showcases the city's iconic coffee culture and local flavors. we also just opened a new 62-seat air canada café in montreal trudeau's u.s departure pier that showcases the city's iconic coffee culture and local flavors These investments form part of Air Canada's program to modernize its global lounge network, with many more further openings and renovations planned for the future. these investments form part of air canada's program to modernize its global lounge network with many more further openings and renovations planned for the future Taken together, all these initiatives are converging to drive forward our New Frontiers strategic plan. taken together all these initiatives are converging to drive forward our new frontiers strategic plan The plan clearly sets out Air Canada's objectives and outlines its ambitions through 2030. A distinctive element of New Frontiers will be the expansion of our network. As events of recent years have shown, our varied network and revenue sources play a critical role in delivering strong results despite shifting market conditions. This includes the earlier disruption to our Pacific flying due to the Russia overflight issue, events impacting the transborder market, and, more recently, the situation in the Middle East. Our diverse fleet and network allows us to mitigate disruptions in particular markets by quickly reallocating capacity to other markets. Recognizing these advantages, we are building scale in our hubs and reinforcing our competitiveness of our global network. In 2025, we added 13 new destinations on four continents. This includes Vancouver. The plan clearly sets out Air Canada's objectives and outlines its ambitions through 2030. the plan clearly sets out air canada's objectives and outlines its ambitions through 2030 A distinctive element of New Frontiers will be the expansion of our network. a distinctive element of new frontiers will be the expansion of our network As events of recent years have shown, our varied network and revenue sources play a critical role in delivering strong results despite shifting market conditions. as events of recent years have shown our varied network and revenue sources play a critical role in delivering strong results despite shifting market conditions This includes the earlier disruption to our Pacific flying due to the Russia overflight issue, events impacting the transborder market, and, more recently, the situation in the Middle East. this includes the earlier disruption to our pacific flying due to the russia overflight issue events impacting the transborder market and more recently the situation in the middle east Our diverse fleet and network allows us to mitigate disruptions in particular markets by quickly reallocating capacity to other markets. our diverse fleet and network allows us to mitigate disruptions in particular markets by quickly reallocating capacity to other markets Recognizing these advantages, we are building scale in our hubs and reinforcing our competitiveness of our global network. recognizing these advantages we are building scale in our hubs and reinforcing our competitiveness of our global network In 2025, we added 13 new destinations on four continents. in 2025 we added 13 new destinations on four continents This includes Vancouver. this includes vancouver In 2022, we began the only nonstop flights to Bangkok. They are becoming year-round this summer. We started our service to Manila. For this winter, we will operate the only nonstop flight linking North America to Sapporo in Japan from the city. These exciting route additions represent our commitment to Vancouver, our Pacific gateway. In support of this, we've also established a Rouge crew base at Vancouver, which will give travelers going to and from the city and BC additional leisure options. In a significant investment for our employees in the city, we will soon begin operating our expanded simulator training center. Back east, our hubs in Toronto and Montreal have the best geographical placement to connect Europe with Latin America. In 2022, we began the only nonstop flights to Bangkok. in 2022 we began the only nonstop flights to bangkok They are becoming year-round this summer. they are becoming year-round this summer We started our service to Manila. we started our service to manila For this winter, we will operate the only nonstop flight linking North America to Sapporo in Japan from the city. for this winter we will operate the only nonstop flight linking north america to sapporo in japan from the city These exciting route additions represent our commitment to Vancouver, our Pacific gateway. these exciting route additions represent our commitment to vancouver our pacific gateway In support of this, we've also established a Rouge crew base at Vancouver, which will give travelers going to and from the city and BC additional leisure options. in support of this we've also established a rouge crew base at vancouver which will give travelers going to and from the city and bc additional leisure options In a significant investment for our employees in the city, we will soon begin operating our expanded simulator training center. in a significant investment for our employees in the city we will soon begin operating our expanded simulator training center Back east, our hubs in Toronto and Montreal have the best geographical placement to connect Europe with Latin America. back east our hubs in toronto and montreal have the best geographical placement to connect europe with latin america In the last quarter of 2025, we bolstered our competitiveness to better capture the counter-seasonal flows between those markets and grow our demand base outside Canada. Our strategy is also to diversify our Sixth Freedom revenues, which increased by 10% in 2025 versus 2024, to reach record levels. In Q1 of 2026, we further increased Sixth Freedom by 18% versus Q1 2025. In support of all this, we just started transborder flying from Billy Bishop Airport in downtown Toronto to major business centers in North America, reflecting our commitment to making business travel easier for our customers. For the summer, we will add several European routes to our network, and along with the Bangkok service from Vancouver, we introduce nonstop flights to China from Toronto. In the last quarter of 2025, we bolstered our competitiveness to better capture the counter- seasonal flows between those markets and grow our demand base outside Canada. in the last quarter of 2025 we bolstered our competitiveness to better capture the counter- seasonal flows between those markets and grow our demand base outside canada Our strategy is also to diversify our Sixth Freedom revenues, which increased by 10% in 2025 versus 2024, to reach record levels. our strategy is also to diversify our sixth freedom revenues which increased by 10% in 2025 versus 2024 to reach record levels In Q1 of 2026, we further increased Sixth Freedom by 18% versus Q1 2025. in q1 of 2026 we further increased sixth freedom by 18% versus q1 2025 In support of all this, we just started transborder flying from Billy Bishop Airport in downtown Toronto to major business centers in North America, reflecting our commitment to making business travel easier for our customers. in support of all this we just started transborder flying from billy bishop airport in downtown toronto to major business centers in north america reflecting our commitment to making business travel easier for our customers For the summer, we will add several European routes to our network, and along with the Bangkok service from Vancouver, we introduce nonstop flights to China from Toronto. for the summer we will add several european routes to our network and along with the bangkok service from vancouver we introduce nonstop flights to china from toronto For next winter, we've already announced the addition of Peru and Quito to our passenger network. Last month, we announced new flights from Toronto and Montreal to Tenerife, the only nonstop service between North America and the Canary Islands. There are also several new sun destinations coming. More than just provide a geography lesson, New Frontiers is targeting approximately CAD 30 billion in revenue by 2028. Equally, if not important, more important, we intend to increase our Adjusted EBITDA margin and free cash flow through the same period. Against this backdrop, 2026 will be an important year, managing several complex external factors, as well as taking delivery of the majority of our new aircraft in the back half of this year. We are confident our investments are setting the stage for improved performance and greater efficiencies in 2027 and beyond. For next winter, we've already announced the addition of Peru and Quito to our passenger network. for next winter we've already announced the addition of peru and quito to our passenger network Last month, we announced new flights from Toronto and Montreal to Tenerife, the only nonstop service between North America and the Canary Islands. last month we announced new flights from toronto and montreal to tenerife the only nonstop service between north america and the canary islands There are also several new sun destinations coming. there are also several new sun destinations coming More than just provide a geography lesson, New Frontiers is targeting approximately CAD 30 billion in revenue by 2028. more than just provide a geography lesson new frontiers is targeting approximately cad 30 billion in revenue by 2028 Equally, if not important, more important, we intend to increase our Adjusted EBITDA margin and free cash flow through the same period. equally if not important more important we intend to increase our adjusted ebitda margin and free cash flow through the same period Against this backdrop, 2026 will be an important year, managing several complex external factors, as well as taking delivery of the majority of our new aircraft in the back half of this year. against this backdrop 2026 will be an important year managing several complex external factors as well as taking delivery of the majority of our new aircraft in the back half of this year We are confident our investments are setting the stage for improved performance and greater efficiencies in 2027 and beyond. we are confident our investments are setting the stage for improved performance and greater efficiencies in 2027 and beyond We are building for the long term, and I am convinced the decisions we're making today will continue to strengthen the airline for years to come. It has been a great privilege and honor for me to lead Air Canada. I thank our board members, both current and past, for their support, their guidance, and encouragement over the years. The success we have enjoyed since the pandemic is the result of a tremendous team effort. Our recent Q4 2025 and Q1 2026 record performances, and effectively dealing with a volatile fuel price and potential supply environment is just the latest examples of how good this team is. I also wish to thank all of my colleagues at the airline. We are building for the long term, and I am convinced the decisions we're making today will continue to strengthen the airline for years to come. we are building for the long term and i am convinced the decisions we're making today will continue to strengthen the airline for years to come It has been a great privilege and honor for me to lead Air Canada. it has been a great privilege and honor for me to lead air canada I thank our board members, both current and past, for their support, their guidance, and encouragement over the years. i thank our board members both current and past for their support their guidance and encouragement over the years The success we have enjoyed since the pandemic is the result of a tremendous team effort. the success we have enjoyed since the pandemic is the result of a tremendous team effort Our recent Q4 2025 and Q1 2026 record performances, and effectively dealing with a volatile fuel price and potential supply environment is just the latest examples of how good this team is. our recent q4 2025 and q1 2026 record performances and effectively dealing with a volatile fuel price and potential supply environment is just the latest examples of how good this team is I also wish to thank all of my colleagues at the airline. i also wish to thank all of my colleagues at the airline One of the great rewards of working at Air Canada is the opportunity to meet and work with so many incredibly talented people at all the different positions here at Air Canada. I was just at the Awards of Excellence event last week, which recognizes our best employees as voted on by their peers and colleagues. Another group I wish to acknowledge is our shareholders. I have met with and heard from all of you over the years. I do believe that you'll be rewarded as we execute New Frontiers. Your decision to invest in our company is a very clear expression of your confidence in all of us at Air Canada, and I can assure you of our deep commitment to repay this trust. Finally, I want to thank our customers. One of the great rewards of working at Air Canada is the opportunity to meet and work with so many incredibly talented people at all the different positions here at Air Canada. one of the great rewards of working at air canada is the opportunity to meet and work with so many incredibly talented people at all the different positions here at air canada I was just at the Awards of Excellence event last week, which recognizes our best employees as voted on by their peers and colleagues. i was just at the awards of excellence event last week which recognizes our best employees as voted on by their peers and colleagues Another group I wish to acknowledge is our shareholders. another group i wish to acknowledge is our shareholders I have met with and heard from all of you over the years. i have met with and heard from all of you over the years I do believe that you'll be rewarded as we execute New Frontiers. i do believe that you'll be rewarded as we execute new frontiers Your decision to invest in our company is a very clear expression of your confidence in all of us at Air Canada, and I can assure you of our deep commitment to repay this trust. your decision to invest in our company is a very clear expression of your confidence in all of us at air canada and i can assure you of our deep commitment to repay this trust Finally, I want to thank our customers. finally i want to thank our customers It is our objective and our entire focus to earn their loyalty every day by flying everyone in comfort and safety to their destination, wherever in the world that may be. Thank you. [Non-English content] It is our objective and our entire focus to earn their loyalty every day by flying everyone in comfort and safety to their destination, wherever in the world that may be. it is our objective and our entire focus to earn their loyalty every day by flying everyone in comfort and safety to their destination wherever in the world that may be Thank you. [Non-English content] thank you. [non-english content]

Speaker 7: Thank you, Mike. [Non-English content] At this time, and having received a preliminary report from our scrutineers, I will ask Marc to share the results from the tabulation completed after all proposals were presented and voting closed. Thank you, Mike. thank you mike [Non-English content] At this time, and having received a preliminary report from our scrutineers, I will ask Marc to share the results from the tabulation completed after all proposals were presented and voting closed. [non-english content] at this time and having received a preliminary report from our scrutineers i will ask marc to share the results from the tabulation completed after all proposals were presented and voting closed

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 7: Thank you, Marc, and thank you all to all our shareholders for their votes and continued support. I'm especially thrilled to officially welcome Rachel and Éric to our board. We look forward to the insights you'll bring as we continue to discuss Air Canada's future. Thank you, Marc, and thank you all to all our shareholders for their votes and continued support. thank you marc and thank you all to all our shareholders for their votes and continued support I'm especially thrilled to officially welcome Rachel and Éric to our board. i'm especially thrilled to officially welcome rachel and éric to our board We look forward to the insights you'll bring as we continue to discuss Air Canada's future. we look forward to the insights you'll bring as we continue to discuss air canada's future [Non-English content] [Non-English content] [non-english content]

Speaker 9: We want to thank you for the questions that you submitted in advance of the meeting. We'll start by answering one of those. We want to thank you for the questions that you submitted in advance of the meeting. we want to thank you for the questions that you submitted in advance of the meeting We'll start by answering one of those. we'll start by answering one of those

Speaker 7: [Non-English content] [Non-English content] [non-english content]

Speaker 9: To ensure that as many questions or comments as possible can be addressed, I would ask that questions remain concise, ideally not exceeding two minutes. Please limit yourself to one question or comment at a time, allowing others to take their turn. If your question has already been asked by someone else, I'd kindly ask that you refrain from repeating it. We ask that you reserve your comments and questions to topics that may be of interest to all shareholders rather than of a personal nature. Marc will now read the 1st question submitted in advance. To ensure that as many questions or comments as possible can be addressed, I would ask that questions remain concise, ideally not exceeding two minutes. to ensure that as many questions or comments as possible can be addressed i would ask that questions remain concise ideally not exceeding two minutes Please limit yourself to one question or comment at a time, allowing others to take their turn. please limit yourself to one question or comment at a time allowing others to take their turn If your question has already been asked by someone else, I'd kindly ask that you refrain from repeating it. if your question has already been asked by someone else i'd kindly ask that you refrain from repeating it We ask that you reserve your comments and questions to topics that may be of interest to all shareholders rather than of a personal nature. we ask that you reserve your comments and questions to topics that may be of interest to all shareholders rather than of a personal nature Marc will now read the 1st question submitted in advance. marc will now read the 1st question submitted in advance

Speaker 3: Thank you, Mr. Chair. The first question we received in advance reads as follows: Could you clarify how the board is weighing core leadership competencies such as safety, performance, strategic aptitude, and the ability to drive shareholder and employee value relative to language requirements in the CEO selection process? Given that the pool of candidates with top-tier aviation leadership experience may be limited, how do we balance the importance of bilingualism with the need to secure the strongest possible candidate to lead Air Canada effectively? Thank you, Mr. Chair. thank you mr chair The first question we received in advance reads as follows: Could you clarify how the board is weighing core leadership competencies such as safety, performance, strategic aptitude, and the ability to drive shareholder and employee value relative to language requirements in the CEO selection process? the first question we received in advance reads as follows could you clarify how the board is weighing core leadership competencies such as safety performance strategic aptitude and the ability to drive shareholder and employee value relative to language requirements in the ceo selection process Given that the pool of candidates with top-tier aviation leadership experience may be limited, how do we balance the importance of bilingualism with the need to secure the strongest possible candidate to lead Air Canada effectively? given that the pool of candidates with top-tier aviation leadership experience may be limited how do we balance the importance of bilingualism with the need to secure the strongest possible candidate to lead air canada effectively

Speaker 7: Thank you for the question. As I stated in my opening remarks, succession planning has been a long-standing priority of the board, and our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. The board's performance criteria also include the ability to communicate to Canadians in both official languages. All these criteria are important, and we'll not compromise on any of them. We will now take a question from the floor, if any. If not the case, Marc, can you please read the next question? Thank you for the question. thank you for the question As I stated in my opening remarks, succession planning has been a long-standing priority of the board, and our CEO role specification includes having proven airline experience, a track record of setting enterprise strategy, and for delivering results at scale. as i stated in my opening remarks succession planning has been a long-standing priority of the board and our ceo role specification includes having proven airline experience a track record of setting enterprise strategy and for delivering results at scale The board's performance criteria also include the ability to communicate to Canadians in both official languages. the board's performance criteria also include the ability to communicate to canadians in both official languages All these criteria are important, and we'll not compromise on any of them. all these criteria are important and we'll not compromise on any of them We will now take a question from the floor, if any. we will now take a question from the floor if any If not the case, Marc, can you please read the next question? if not the case marc can you please read the next question

Speaker 3: The next question we received in advance, it reads as follows: How do you explain the stagnant stock price compared to Delta or United? Air Canada's share price is drastically low. Given the high debt, cost pressures, and geopolitical issues, what measures are you taking to derive a healthy balance sheet reduction in costs, which ultimately drives a higher share price? The next question we received in advance, it reads as follows: How do you explain the stagnant stock price compared to Delta or United? the next question we received in advance it reads as follows how do you explain the stagnant stock price compared to delta or united Air Canada's share price is drastically low. air canada's share price is drastically low Given the high debt, cost pressures, and geopolitical issues, what measures are you taking to derive a healthy balance sheet reduction in costs, which ultimately drives a higher share price? given the high debt cost pressures and geopolitical issues what measures are you taking to derive a healthy balance sheet reduction in costs which ultimately drives a higher share price

Speaker 2: I'll take that question. First of all, thank you for the question. I think that, you know, hearing Mike, we should all have a lot of positive confidence in what's going forward and in terms of our plan at Air Canada. We've taken significant steps to improve the balance sheet over the last few years. We came out of the pandemic with 5x leverage. I'll take that question. i'll take that question First of all, thank you for the question. first of all thank you for the question I think that, you know, hearing Mike, we should all have a lot of positive confidence in what's going forward and in terms of our plan at Air Canada. i think that you know hearing mike we should all have a lot of positive confidence in what's going forward and in terms of our plan at air canada We've taken significant steps to improve the balance sheet over the last few years. we've taken significant steps to improve the balance sheet over the last few years We came out of the pandemic with 5x leverage. we came out of the pandemic with 5x leverage Over the last two to three years, we've been able to take that down to 1.4x leverage. The balance sheet is very, very strong. Our liquidity actually and our leverage are peer benchmarks in the industry. The strength of that balance sheet is allowing us to make very important investments in the future. I think Mike outlined the New Frontiers plan. We also did speak about it at our most recent investor day in December 2024. The plan that we put forward creates significant value for shareholders. It allows for margins to expand and creates sustainable cash flows for the very long term. We continue to take very important steps in improving our capital allocation. Beyond the investments in the airline, we've decreased debt, as I said. Over the last two to three years, we've been able to take that down to 1.4x leverage. over the last two to three years we've been able to take that down to 1.4x leverage The balance sheet is very, very strong. the balance sheet is very very strong Our liquidity actually and our leverage are peer benchmarks in the industry. our liquidity actually and our leverage are peer benchmarks in the industry The strength of that balance sheet is allowing us to make very important investments in the future. the strength of that balance sheet is allowing us to make very important investments in the future I think Mike outlined the New Frontiers plan. i think mike outlined the new frontiers plan We also did speak about it at our most recent investor day in December 2024. we also did speak about it at our most recent investor day in december 2024 The plan that we put forward creates significant value for shareholders. the plan that we put forward creates significant value for shareholders It allows for margins to expand and creates sustainable cash flows for the very long term. it allows for margins to expand and creates sustainable cash flows for the very long term We continue to take very important steps in improving our capital allocation. we continue to take very important steps in improving our capital allocation Beyond the investments in the airline, we've decreased debt, as I said. beyond the investments in the airline we've decreased debt as i said We've also bought back over CAD 1.5 billion in stock in the last 15 months, and that has been to the benefit of shareholders, and will also allow them to participate in future profitability and growth as the airline continues its plan. Finally, we did announce yesterday that we do have an August 2026 maturity of $1.2 billion U.S., and with the strength of our balance sheet and liquidity, we'll be able to take that liquidity out and effectively extinguish the debt. I do have a lot of great confidence in the future of Air Canada, and we're confident that it will create a lot of value for shareholders. We've also bought back over CAD 1.5 billion in stock in the last 15 months, and that has been to the benefit of shareholders, and will also allow them to participate in future profitability and growth as the airline continues its plan. we've also bought back over cad 1.5 billion in stock in the last 15 months and that has been to the benefit of shareholders and will also allow them to participate in future profitability and growth as the airline continues its plan Finally, we did announce yesterday that we do have an August 2026 maturity of $1.2 billion U.S., and with the strength of our balance sheet and liquidity, we'll be able to take that liquidity out and effectively extinguish the debt. finally we did announce yesterday that we do have an august 2026 maturity of $1.2 billion u.s and with the strength of our balance sheet and liquidity we'll be able to take that liquidity out and effectively extinguish the debt I do have a lot of great confidence in the future of Air Canada, and we're confident that it will create a lot of value for shareholders. i do have a lot of great confidence in the future of air canada and we're confident that it will create a lot of value for shareholders

Speaker 7: Thank you, John. We'll now take a question from the floor, if any. If not the case, Marc, can you please read the next question? Thank you, John. thank you john We'll now take a question from the floor, if any. we'll now take a question from the floor if any If not the case, Marc, can you please read the next question? if not the case marc can you please read the next question

Speaker 3: Thank you, Mr. Chair. [Non-English content] Thank you, Mr. Chair. [Non-English content] thank you mr chair. [non-english content]

Speaker 7: Thank you, Marc. I'd ask you to answer that. Thank you, Marc. thank you marc I'd ask you to answer that. i'd ask you to answer that

Speaker 3: Uh [Non-English content] Uh [Non-English content] uh [non-english content]

Speaker 7: [Non-English content] Marc. We'll now take a question from the floor. Please. [Non-English content] Marc. [non-english content] marc We'll now take a question from the floor. we'll now take a question from the floor Please. please

Speaker 6: Thank you. My name is Rod Holm. I am an independent beneficial shareholder. I have attended many of these meetings in the past, and my impetus for attending this meeting was to be able to express my thanks to Michael Rousseau for his leadership over many years, as I mentioned to him earlier that I met him at one of his first meetings. Thank you. thank you My name is Rod Holm. my name is rod holm I am an independent beneficial shareholder. i am an independent beneficial shareholder I have attended many of these meetings in the past, and my impetus for attending this meeting was to be able to express my thanks to Michael Rousseau for his leadership over many years, as I mentioned to him earlier that I met him at one of his first meetings. i have attended many of these meetings in the past and my impetus for attending this meeting was to be able to express my thanks to michael rousseau for his leadership over many years as i mentioned to him earlier that i met him at one of his first meetings

Speaker 7: Mm-hmm. Mm-hmm. mm-hmm

Speaker 6: I was so worried about how the tragedy in New York was handled. I wanted to illustrate that by a very close relative who had worked at Air Canada and had apparently been keeping in touch with many of his colleagues, said that their network lit up. It was such a tragedy because in all the years that they had worked together, nothing like that had happened. When you mentioned, when we asked for a moment of silence, all the other people who had been affected, it's probably a lot more than most people would ever deem to realize, given the number of people who have worked with the airline. Thank you. I was so worried about how the tragedy in New York was handled. i was so worried about how the tragedy in new york was handled I wanted to illustrate that by a very close relative who had worked at Air Canada and had apparently been keeping in touch with many of his colleagues, said that their network lit up. i wanted to illustrate that by a very close relative who had worked at air canada and had apparently been keeping in touch with many of his colleagues said that their network lit up It was such a tragedy because in all the years that they had worked together, nothing like that had happened. it was such a tragedy because in all the years that they had worked together nothing like that had happened When you mentioned, when we asked for a moment of silence, all the other people who had been affected, it's probably a lot more than most people would ever deem to realize, given the number of people who have worked with the airline. when you mentioned when we asked for a moment of silence all the other people who had been affected it's probably a lot more than most people would ever deem to realize given the number of people who have worked with the airline Thank you. thank you

Speaker 7: Thank you, Mr. Holm, for these remarks. Really great remarks and much appreciated. Thank you so much. Are there any other questions from the floor, please? Thank you, Mr. Holm, for these remarks. thank you mr holm for these remarks Really great remarks and much appreciated. really great remarks and much appreciated Thank you so much. thank you so much Are there any other questions from the floor, please? are there any other questions from the floor please

Speaker 5: Good morning. Paul Foody, independent shareholder. I'm wondering, with ICANN opening up the second application window yesterday, does Air Canada have any intention of applying for its own new gTLD or any others? Good morning. good morning Paul Foody, independent shareholder. paul foody independent shareholder I'm wondering, with ICANN opening up the second application window yesterday, does Air Canada have any intention of applying for its own new gTLD or any others? i'm wondering with icann opening up the second application window yesterday does air canada have any intention of applying for its own new gtld or any others

Speaker 2: Sorry, could you repeat the question? Sorry, could you repeat the question? sorry could you repeat the question

Speaker 5: Yeah, ICANN, the people who run, the internet, yesterday they opened up the second application window for new top-level domains. Yeah, ICANN, the people who run, the internet, yesterday they opened up the second application window for new top- level domains. yeah icann the people who run the internet yesterday they opened up the second application window for new top- level domains

Speaker 2: Okay. Okay. okay

Speaker 5: I'm wondering, will Air Canada be applying for its, gTLD? I'm wondering, will Air Canada be applying for its, gTLD ? i'm wondering will air canada be applying for its gtld

Speaker 2: Okay. Well, thank you. Okay. okay Well, thank you. well thank you The quick answer is no, but, you know, I'll introduce you to Mark Nasr and to Craig Landry. Craig oversees technology for the company, and Mark oversees operations, and they can provide some more details to you when the meeting's over. The quick answer is no, but, you know, I'll introduce you to Mark Nasr and to Craig Landry. the quick answer is no but you know i'll introduce you to mark nasr and to craig landry Craig oversees technology for the company, and Mark oversees operations, and they can provide some more details to you when the meeting's over. craig oversees technology for the company and mark oversees operations and they can provide some more details to you when the meeting's over

Speaker 5: Well, might I suggest you speak to PwC about it. Well, might I suggest you speak to PwC about it. well might i suggest you speak to pwc about it

Speaker 4: Yeah, yeah. Yeah, yeah. yeah yeah They registered theirs back in 2012. They registered theirs back in 2012. they registered theirs back in 2012

Speaker 5: Perfect. Thank you very much for that. Perfect. perfect Thank you very much for that. thank you very much for that

Speaker 4: Cheers. Thank you. Cheers. cheers Thank you. thank you

Speaker 7: Thank you. Thank you. thank you Are there any other questions from the floor? Are there any other questions from the floor? are there any other questions from the floor

Speaker 3: We do have a question from. We do have a question from. we do have a question from

Speaker 7: If not the case, there is another question that came in. Can you please read the last or the next question, Marc? If not the case, there is another question that came in. if not the case there is another question that came in Can you please read the last or the next question, Marc? can you please read the last or the next question marc

Speaker 3: Thank you, Mr. Chair. The third question we received in advance was, for labor relations, have you concluded the arbitration process with CUPE? If so, what was the result? Thank you, Mr. Chair. thank you mr chair The third question we received in advance was, for labor relations, have you concluded the arbitration process with CUPE? the third question we received in advance was for labor relations have you concluded the arbitration process with cupe If so, what was the result? if so what was the result

Speaker 7: I'll ask Mike to take that question. Please, Mike. I'll ask Mike to take that question. i'll ask mike to take that question Please, Mike. please mike

Speaker 4: Thank you for the question. Thank you, Vagn. The quick answer is we do have a new four-year agreement with CUPE. To provide a little more detail, we signed a tentative agreement on August 19th, 2025. One item went to arbitration around wages. The federal arbitrator issued their decision on February 17th, 2026, and the arbitrator upheld that wages as agreed to in the tentative agreement would continue throughout the four-year contract, with the exception that wage rates for Rouge flight attendants would be increased by 1% in the first year. Again, we do have a solid four-year agreement with our flight attendants going forward. Thank you for the question. thank you for the question Thank you, Vagn . thank you vagn The quick answer is we do have a new four-year agreement with CUPE. the quick answer is we do have a new four-year agreement with cupe To provide a little more detail, we signed a tentative agreement on August 19th, 2025. to provide a little more detail we signed a tentative agreement on august 19th 2025 One item went to arbitration around wages. one item went to arbitration around wages The federal arbitrator issued their decision on February 17th, 2026, and the arbitrator upheld that wages as agreed to in the tentative agreement would continue throughout the four-year contract, with the exception that wage rates for Rouge flight attendants would be increased by 1% in the first year. the federal arbitrator issued their decision on february 17th 2026 and the arbitrator upheld that wages as agreed to in the tentative agreement would continue throughout the four-year contract with the exception that wage rates for rouge flight attendants would be increased by 1% in the first year Again, we do have a solid four-year agreement with our flight attendants going forward. again we do have a solid four-year agreement with our flight attendants going forward

Speaker 7: Marc, are there any other questions? Marc, are there any other questions? marc are there any other questions

Speaker 3: I don't see any. I don't see any. i don't see any

Speaker 7: Not coming in. Are there any other questions from the floor? Not coming in. not coming in Are there any other questions from the floor? are there any other questions from the floor

Speaker 3: No. No. no

Speaker 7: Seeing no further questions in the meeting room online, the discussion of matters for shareholder consideration is completed as we reconvene the formal part of our meeting. Seeing no further questions in the meeting room online, the discussion of matters for shareholder consideration is completed as we reconvene the formal part of our meeting. seeing no further questions in the meeting room online the discussion of matters for shareholder consideration is completed as we reconvene the formal part of our meeting [Non-English content] [Non-English content] [non-english content]

Speaker 9: Marc, are there any other questions that have been raised or that have not yet been addressed? Marc, are there any other questions that have been raised or that have not yet been addressed? marc are there any other questions that have been raised or that have not yet been addressed

Speaker 3: [Non-English content] [Non-English content] [non-english content]

Speaker 9: No, Mr. Chairman, there are no other questions at this time. No, Mr. Chairman, there are no other questions at this time. no mr chairman there are no other questions at this time

Speaker 7: In conclusion, I want to thank you all for joining today's meeting and for your questions. [Non-English content] In conclusion, I want to thank you all for joining today's meeting and for your questions. [Non-English content] in conclusion i want to thank you all for joining today's meeting and for your questions. [non-english content]

Speaker 9: We are pleased to continue to engage with you over the coming year. I now declare that our 2026 annual meeting of shareholders has concluded. We are pleased to continue to engage with you over the coming year. we are pleased to continue to engage with you over the coming year I now declare that our 2026 annual meeting of shareholders has concluded. i now declare that our 2026 annual meeting of shareholders has concluded