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Hello/Bonjour VAL ÉR IE D URA ND He a d o f In ve st o r Re l a ti o n s a n d Co r p o r at e S u sta i n a b i l i ty De c em be r 1 7 , 2 02 4
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3 Caution regarding forward-looking information The presentations and related discussions at Air Canada’s investor day include forward-looking statements within the meaning of applicable securities laws. These include statements relating to Air Canada’s 2024 preliminary results, 2024 outlook, 2025 outlook and Air Canada’s long-term targets. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified using terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking statements, by their nature, are based on assumptions including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business of Air Canada. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those discussed below. Factors that may cause results to differ materially from results indicated in forward-looking statements include economic conditions as well as geopolitical conditions such as the military conflicts in the Middle East and between Russia and Ukraine, Air Canada’s ability to successfully achieve or sustain positive net profitability, industry and market conditions and the demand environment, competition, Air Canada’s dependence on technology, cybersecurity risks, interruptions of service, climate change and environmental factors (including weather systems and other natural phenomena and factors arising from anthropogenic sources), Air Canada’s dependence on key suppliers (including government agencies and other stakeholders supporting airport and airline operations), employee and labour relations and costs, Air Canada’s ability to successfully implement appropriate strategic and other important initiatives (including Air Canada’s ability to manage operating costs), energy prices, Air Canada’s ability to pay its indebtedness and maintain or increase liquidity, Air Canada’s dependence on regional and other carriers, Air Canada’s ability to attract and retain required personnel, epidemic diseases, changes in laws, regulatory developments or proceedings, terrorist acts, war, Air Canada’s ability to successfully operate its loyalty program, casualty losses, Air Canada’s dependence on Star Alliance® and joint ventures, Air Canada’s ability to preserve and grow its brand, pending and future litigation and actions by third parties, currency exchange fluctuations, limitations due to restrictive covenants, insurance issues and costs, and pension plan obligations as well as the factors identified in Air Canada’s public disclosure file available at www.sedarplus.caand, in particular, those identified in Air Canada's Investor Day news release dated December 17, 2024, section 18 “Risk Factors” of Air Canada’s 2023 MD&A and section 14 “Risk Factors” of Air Canada’s Third Quarter 2024 MD&A. Furthermore, all 2024 figures reported in these presentations are preliminary estimates. AirCanada's 2024 annual audited consolidated financial statements and notes are not yet complete and results for the full year 2024 may vary from these preliminary estimates upon completion of closing procedures and finalization of the audited consolidated financial statements. The forward-looking statements contained or incorporated by reference in these presentations represent Air Canada's expectations as of the date of these presentations (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
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4 Non-GAAP measures The presentations and related discussions at Air Canada’s investor day include references to non-GAAP measures which are used by Air Canada to provide readers with additional information on its financial and operating performance. These measures include adjusted CASM, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, adjusted net income, net cash flows from operating activities as a percentage of adjusted EBITDA, free cash flow, free cash flow margin, free cash flow per share, leverage ratio, additions to property and equipment and intangible assets as a percentage of revenues and return on invested capital. Such measures are not recognized measures for financial statement presentation under GAAP , do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. The non-GAAP measures described in these presentations typically have exclusions or adjustments that include one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded because the company believes these may distort the analysis of certain business trends and render comparative analysis across periods less meaningful and their exclusion generally allows for a more meaningful analysis of Air Canada’s operating expense performance and may allow a more meaningful comparison to other airlines. Refer to Air Canada’s public disclosure file available at www.sedarplus.ca and, in particular Air Canada’s Third Quarter news release dated November 1, 2024, and sections 16 and 20 (Non-GAAP Financial Measures) respectively of Air Canada’s Third Quarter 2024 MD&A and 2023 MD&A (which sections are incorporated by reference herein) for an explanation of the composition of certain of Air Canada’s non-GAAP financial measures and non-GAAP ratios referred to in the presentations and for a reconciliation to the most comparable GAAP financial measure.
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Value creation delivered through Air Canada’s transformation MI CHA EL RO US S EA U P r e si d e nt a n d Ch i e f Ex e cu ti ve O ffi ce r De c em be r 1 7 , 2 02 4
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50 40 30 20 10 0 2009 AC on TSX 2009: The beginning of a journey — Underutilized hubs Fleet in need of renewal Shares: ~$1/share Pension: -$2.8B solvency deficit ! ! Stabilize the company
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Next: Our transformation begins — Cost control 4 priorities set Revenue growth Network expansion Employee and customer engagement 50 40 30 20 10 0 2009 AC on TSX 2013 First Investor Day
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Result: We delivered on our priorities… and more — 50 40 30 20 10 0 2009 2013 2019 AC on TSX 7% CAGR Achievements Operating revenue $19.1B Diluted EPS of $3.37 +2,600%
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Fleet and Network —
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Product —
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Technology —
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Loyalty —
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Social licence to operate —
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Customer Service —
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People —
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Our strong foundation — Balance sheet and liquidity management Fleet Global network Brand Leading products and services Air Canada Rouge and Air Canada Vacations Air Canada Cargo Technology People Aeroplan
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Air Canada: A critical driver of the Canadian economy — We forge essential connections $70B total economic output 260,000 jobs Direct Air Canada’s operations Indirect Supplying and supporting businesses Induced Employees participating in economy Extended Air service facilitating: T ourism, Trade, etc.
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Our vision toward 2030 — * As communicated in Air Canada’s news release dated December 17, 2024 >$30B revenue +7-8% p.a. 18-20% adjusted EBITDA margin ~5% free cash flow margin
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Air Canada – Investment thesis 2024 – 2030 J O HN DI BE RT Executive Vice President and Chief Financial Officer December 17, 2024
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Performance culture, disciplined management and superior balance sheet enhance risk / reward proposition A unique value creation opportunity – 2030 aspiration 1 >$30B Revenue 2030 Accelerated revenue growth 7- 8% p.a. 18-20% adj. EBITDA margin Margin expansion of 300bps+ returning to pre- pandemic highs ~5% FCF margin <12% CAPEX investment levels Structural FCF margin of ~5% Shareholder returns ˂300M fully diluted shares outstanding Deploying >$2B to shareholder returns 241. As communicated in Air Canada’s news release dated December 17, 2024
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2030 Aspirations – Value creation levers >$30B Revenue 2030 Strong capacity growth at 5-6% p.a. and supported by system recovery >1 p.p. U.S. 6th Freedom market share expansion Canadian demographics fuelling growth to international markets RM and premium cabin solidify yield growth 18-20% adj. EBITDA margin Network scale and optimization drives >100bps margin expansion Modern fleet additions deliver 15-20% fuel and maintenance efficiency ~3%+ CAGR labour productivity increase enabled by tech, operational excellence and innovation ~5% FCF margin ~90% of adjusted EBITDA cash conversion <12% CAPEX as a share of revenue Shareholder returns >15% liquidity1 and <2x target leverage ~5% FCF margin and ≥12% ROIC Exceptional resilience and rapidly available liquidity ˂300M fully diluted shares outstanding by 2028 251 As percentage of revenue; including RCF of ~$1B
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Path toward the 2030 vision 26 2024 FY Preliminary results 2028 Objectives Revenue $B ~22B ~30B Adjusted EBITDA margin ~16% ≥17% Cash flow from operations % of adjusted EBITDA >90% ~90% CAPEX % of revenue ~12% ≤12% FCF margin % of revenue 4-5% ~5% 1. As communicated in Air Canada’s news release dated December 17, 2024 2024 Preliminary results and 2028 Objectives 1
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Targeting ~$30B revenue by 2028 1 Aeroplan Air Canada Vacations Partnerships Revenue innovation Cargo Revenue enhancement toolkit Product R E V E N U E 6th Freedom Recovery and natural growth Premium revenue Canadian demographic Revenue growth 7-8% p.a. 27 Accelerated revenue growth Capturing our ‘right to win’ and revenue optimization opportunities 1. As communicated in Air Canada’s news release dated December 17, 2024
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Revenue levers deep dive: 2024 – 2028 projected ASM growth of ~5-6% p.a. Air Canada capacity growth supported by ‘right to win’ ~104 2027 2028 81 113 99 2019 >130 2015 2026202520242023 ~5% ~5-6% p.a. +3-4% p.a. +3% p.a. GDP growth and system recovery Driven by natural passenger growth and volume share restoration in key Canadian non-hub markets US 6th freedom expansion Capture fair share of U.S.- International traffic Increase international flows Expand capacity to fast growth markets with strong ties to Canada’s diverse population ~+2% p.a. Maintaining growth trajectory in line with the past decade 28 Accelerated revenue growth Historical and targeted ASM Billions of ASMs by year
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4x 6th Freedom Favorable geographic and structural advantages Premium revenue Well-positioned in the premium segment 2 Member with premium credit card Average fare by customer type, $ Canadian demographic Canada’s diversity is a proven driver of international demand ~80% Of addressable U.S.– International market can efficiently connect through our hubs1 Revenue levers deep dive: Growth driven by AC’s competitive advantages 29 25%+ Additional premium seating ASM by 2028 Non- member 3x Member with premium credit card Non- member Number of bookings by customer type, # Revenue enhancement toolkit Revenue through Aeroplan Members3 ~11% p.a. PAX demand growth between Canada and India (‘16-’23) 1 International market defined as transatlantic and transpacific; Efficiency defined as within 7% circuity of the non-stop option 3 Average fare and number of booking data based on bookings created between November 2023 and October 2024. Member and non-member share of Air Canada spend data from January 1, 2023, to December 31, 2023. Accelerated revenue growth 2 Includes business class, premium economy and preferred seating capacity growth
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~$3.5B Targeting ≥$5B adjusted EBITDA and ≥17% adjusted EBITDA margin by 2028 1 30 Inflationary hotspots Capacity growth Network scale, mix and optimization Modern fleet cost optimization Labour productivity ≥17%~15%2Adj. EBITDA margin, % Margin levers ~$1B incremental adjusted EBITDA 300bps+ margin expansion by 2028 1. As communicated in Air Canada’s news release dated December 17, 2024 2. Conservative adjusted EBITDA margin assumption (below 16% 2024 FY Expectations) ≥$5B ~$1.5B incremental growth ’24-’28 Adj. EBITDA 2024 Adj. EBITDA 2028 Margin expansion ~10% p.a. EBITDA growth driven by additional capacity and margin expansion $B 1.
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ASM Fixed cost 5-6% 3-4% Modern fleet Fuel and maintenance cost reduction from new aircraft Labour productivity End-to-end operational excellence Network scale efficiency (Non-FTE) Fixed cost dilution via growth ASM growth versus fixed cost, 2024-28 CAGR, % ~3%+ p.a. From operational excellence and productivity initiatives 2028 vs. 2024 Margin levers deep dive: levers drive ~$1B of adjusted EBITDA and 300bps+ of margin expansion 31 Lower fuel and maintenance costs across capacity additions from new platforms 787-10 / A321XLR / A220 ~15-20% Network optimization Competitive economics through fleet efficiency ~15% of capacity growth achieved through efficiencies (e.g., upgauging, utilization) Margin expansion
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Margin levers deep dive: Strategic investments drive multi - year productivity Productivity drivers: Network schedule / fleet mix Labour productivity Technology enablement Business process excellence T ailwinds Headwinds Productivity gains, % Restoring the network and stabilizing ops training and fleet “entry into service” readiness requirements Network expansion and operations maturity technology enablement 4-5% ASM growth 5-7% p.a. ASM growth H2 2026 - 2028+ 1-2% productivity gain ~4% p.a. productivity gain 2024 - H1 2026 32 Margin expansion
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Targeting ~$4-5B in cumulative FCF over 5 years (’24-’28) 1 Cumulative free cash flow $B (2024-2028 inclusive) 5-year $20B cumulative cashflow from operations (CFO) Net CAPEX FCF2CFOCash interestCash taxesPension fundingΔ Net working capital ~21 ~19-20 ~4-5 EBITDA ~$15B net CAPEX High-quality conversion of earnings to cash 33 SLBs ~$18B gross CAPEX FCF margin 1 As communicated in Air Canada’s news release dated December 17, 2024 2. Does not factor in scheduled capital lease obligation payments
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Strategic investment cycle underway – modernized fleet and technology backbone deliver capacity and efficiency 34 Growth ~50% Sustaining ~50% ~25% ~50% ~25% ~$18B >$2B Incremental annual gross run-rate adjusted EBITDA contribution Driven by airline investments FCF margin Capital investments 2024-2028 (inclusive), % T echnology New aircraft Maintenance and inventory Infrastructure Aircraft reconfiguration
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ASMs from planned fleet Fleet exits Maintaining CAPEX guardrails of <12% of revenue 2023 (12/31/23) 2028 ~99 ~130 737 Max A220 A321 XLR 787-10 2029+ strategic options for future fleet composition Powering >$8B of revenue growth WB WB NB NB CAPEX deep dive: Comprehensive fleet strategy 2024 -2028 35 FCF margin ASM capacity1 Billions 1. Includes capacity growth achieved through efficiencies ▪ Ultra long-range capability ▪ Narrow-body replacement cycle ▪ Regional fleet evolution
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CAPEX deep dive: Our fleet plan is flexible, enabling growth and resilience Capacity flexibility scenarios 2028 targeted; billions of ASMs NB options 2028 New Frontiers NB options Extend NB leases Retain 319 aircraft >130 Flex-down scenario Lease expiries Retire older gen aircraft Flex-up scenario ~5-6% CAGR 2024-2028 Additional +1-2 p.p. CAGR 2024-2028 ~3-4 p.p. flex down capacity capability 36 FCF margin
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CAPEX deep dive: Optimizing fleet equity toward ~65 -70% ownership through strategic SLB transactions 37 FCF margin 1. Inclusive of sale-leasebacks ~20% ~80% 2024 New fleet additions1 ~30-35% ~65-70% 2028 Leased Owned Leased aircraft: 737 MAX / A321 XLR (50% leased/owned) Owned aircraft: 787-10 - ~$3B SLB strategy A220 EDC financing option A321 XLR (50% leased/owned) Fleet ownership by NBV %
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CAPEX deep dive: Technology portfolio investments ~1% of revenue Annual capital investments to modernize our technology backbone FCF margin 38 Capital investments 2024-2028 (inclusive), $B Driving business processes and operational excellence Technology Sample initiatives Commercial Corporate Operations
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CAPEX deep dive: Enhancing customer experience with aircraft reconfiguration and consolidation 39 Fleet -wide Wi-Fi Enhanced cabin storage Modern and comfortable seating >$1B Of fleet enhancement investments ~100% Of aircraft with modern cabins and CX enhancements ‘24-‘28 fleet improvements FCF margin
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Balance Sheet strategy • Exceptional resilience and rapidly available liquidity • Reliable FCF generation • Stable gross debt • Low leverage and investment grade -like credit quality and cost 40 Performance culture, disciplined management and superior balance sheet Resilient liquidity >15% of revenue on-hand >$10B accessible Reliable FCF generation ~5% FCF margin Responsible debt management <2x leverage ratio Disciplined capital allocation ˂300M fully diluted share count by 2028 ROIC ≥ 12% 2028 Liquidity, FCF, debt management & capital allocation target
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2023 Cash on hand Share buybacks <300M diluted share count target by 2028 Debt repayments (net of refinancings) Capital expenditures net of SLB 2024-2028 EBITDA contribution at ~90% CFO 2028 Cash on hand Minimum liquidity maintained above 15% of revenue Liquidity management $B ~$4-5B FCF Excess liquidity funding share buybacks through 2028 SLB Contingency ~$2B of contingency above >15% liquidity target Revolver Revolver 10 6-7 41 Performance culture, disciplined management and superior balance sheet
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Revolving credit facility Unused capacity slots, Gates and routes rights financing Unencumbered assets + Aeroplan (unlevered) Total additional sources of liquidity ~1 ~15 Total incremental access to liquidity $B (2024) Access to ~$15B in liquidity 42 Exceptional resiliency via significant and rapid access to additional liquidity Performance culture, disciplined management and superior balance sheet
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Disciplined gross debt management, net leverage target <2x 2028 12/31 Capital lease additions A220 EDC financing facility Scheduled debt repayment 2024 debt repayment ~14 ~14 2023 12/31 Includes SLB <2x leverage ratio target Net debt <2x leverage ratio 43 Performance culture, disciplined management and superior balance sheet Gross debt 2023-2028 $B
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Shareholder returns philosophy – Execute strategic airline investments and reward shareholders concurrently Target share count roadmap Millions 35 2028 target share count 25+ 2026-28 subsequent and opportunistic buyback programs 2025 convertible maturity anti-dilutive opportunity 376 <300 ~18 2024-25 NCIBQ3 2024 share count (diluted) 44 Shareholder returns ~20%+ share count reduction
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2019-2025 Adjusted net income bridge – Normalizing EPS in 2025 45 Shareholder returns Illustration purposes only, does not represent guidance 2025Depreciation & tax expense 2024Depreciation & tax expense 0.9 2019 Adjusted Net Income $B (2019 -2025), illustrative evolution Post-pandemic normalization of adjusted net income Recognition of income tax assets on balance sheet in Q3 2024 results in a non-cash income tax expense in 2025 Fleet growth strategy drives higher depreciation expense (~$200M per year) throughout plan period Creates an EPS reset in 2025
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Value creation plan execution targeting to deliver ~15% adjusted EPS CAGR and ~$5+ cashflow per share by 2028 Total adjusted earnings per share ($) 2028 FCF per share ($) 2025 46 Shareholder returns 1) Does not represent guidance ~2.25 1 (midpoint) ~3.25-3.751 ~5+1 Stronger and more competitive foundation Right to win opportunity in key markets Strong path to margin expansion Performance management culture Value creation for shareholders
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1. As communicated in Air Canada’s news release dated December 17, 2024 2. Includes sale leaseback proceeds 2024 & 2025 Guidance 1 2024 2025 Guidance Adj. EBITDA ~$3.5B $3.4B - $3.8B Adj. CASM ~2% YoY 14.25 ¢ - 14.50 ¢ ASMs ~5% YoY +3 - 5% YoY FCF2 Not guided Break even +/- $200M Assumptions FX, USD/CAD 1.36 1.40 Fuel, $/l 1.00 0.95 GDP Moderate Moderate 47
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Performance culture focused on execution Performance management driven by clear metrics and accountability Comprehensive strategic plan Integrates network, fleet, financial and operational strategies Air Canada’s vision Leveraging our competitive strengths to drive profitable growth concurrent with shareholder returns Investor dialogue Maintaining continuous communication on strategic progress Delivering on our commitments and communicating progress 48
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Accelerating revenue growth Capturing our ‘Right to win’ MA RK GA LAR DO Executive Vice President, Revenue & Network Planning, and President, Cargo December 17, 2024
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Air Canada’s New Frontiers: Continued evolution from flag carrier to global airline ~$30B revenue by 2028 +7-8% p.a. +5-6% p.a. capacity growth to 2028 ~130B ASMs * As communicated in Air Canada’s news release dated December 17, 2024
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New Frontiers builds off the strongest foundations in Air Canada’s history 53 A leading network, guided by our right to win A global carrier, leveraging our unique hub geography A modern fleet streamlined for success
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54 Diverse and growing Canadian demand Catch up to 2019 levels Fully leverage 6th freedom opportunity New Frontiers capitalizes on growing opportunities within Air Canada’s right to win
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Strong foundations The building blocks for success
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Air Canada has a diversified and comprehensive network 56 1. Based on October 1, 2023, to September 30, 2024 ASMs on scheduled passenger service | Note: Map is July 2025 route network map | Source: Cirium Diio, Air Canada analysis 21% 18% 34% 16% 10% Domestic Transborder Atlantic Pacific LATAM and Caribbean Air Canada capacity deployment 1 Air Canada’s revenue diversity provides flexibility to adapt to changing conditions
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Air Canada’s well-positioned hubs are some of North America’s leading international gateways 1 57 Air Canada’s market presence across Canada Ranked by 2024 departing seats per city Vancouver Calgary Edmonton Winnipeg Toronto Ottawa Quebec Halifax #1 #1 Montreal#1 #1 #1 #1 1. Internal Air Canada estimate for 2024 | Note: 2024 seats based on selling the week of Nov. 18, 2024 | Source: Cirium Diio, StatsCan census, Air Canada analysis North America hubs to the Atlantic and Pacific 2024 average daily seats EWR -UA SFO -UA YYZ-AC JFK -DL ATL -DL YUL-AC IAD -UA DFW -AA ORD -UA PHL -AA YVR-AC JFK -AA #3 for Atlantic #4 for Pacific #5 for Atlantic #2 for Pacific
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Largest or only foreign carrier Top 2-5 foreign carrier Other U.S. markets 58 Air Canada rank relative to foreign carriers at U.S. airports 2024 seats for Air Canada’s U.S. airports Source: Cirium Diio, Air Canada internal data ANC SJU Air Canada benefits from a comprehensive presence in the United States, targeting 60+ destinations New in 2025: Jacksonville 28 airports 21 airports 3 airports
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Air Canada’s smaller current fleet is more efficient and competitive, providing a strong base for future growth 59 Air Canada passenger fleet evolution Note: 2024 excludes 15 AC Express Mitsubishi CRJ-200 aircraft that are in long-term storage and 6 Boeing 767-300 freighters 403 aircraft on Dec. 31, 2019 347 aircraft on Sept. 30, 2024 • Retired older aircraft (e.g., 767s, E90s) • Modernized with new generation (e.g., A220s) • Rouge as a narrow-body operator • Simplified and smaller regional fleet 2028 fleet guiding vision 777 787 A330 A321 A220 737 MAX E75 CR9 Q400
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Air Canada’s partnership portfolio enables over 20% of passenger revenue 60 Note: Excludes reprotection-only intermodal operators and may include some overlap between categories (e.g., SNCF both codeshare and intermodal ) 3 40 120+ joint ventures codeshare partners interline partners 13 intermodal operators
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To New Frontiers Growing revenue from right -to-win opportunities
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62 Targeting ~$30B revenue by 2028 Capturing our right -to-win opportunities ~7-8% revenue growth p.a. Other revenue Passenger revenue growth drivers Diverse and growing Canadian demand Catch up to 2019 levels Take advantage of growing premium Fully leverage 6th freedom opportunity * As communicated in Air Canada’s news release dated December 17, 2024
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Canadian demographic diversity is a proven driver of demand growth 63 Key sources of new demographics to Canada Change between 2016 and 2021 census data by place of birth Source: Statistics Canada 2016 Census of Population (released 2017); Statistics Canada 2021 Census of Population (released 20 23), 2024 Annual Report to Parliament on Immigration, IATA DDS bi-directional total passengers, Air Canada analysis Canada and India demand has doubled and is poised for more growth 2016-2023: annual industry passengers between countries 2016 2017 2018 2019 2020 2021 2022 2023 1.0M 1.2M 1.5M 1.6M 0.5M 0.5M 1.8M 2.2M +11% CAGR India 6% CAGR Philippines 4% CAGR China 2% CAGR Nigeria 14% CAGR Other 1% CAGR Canadian immigration 2016-2021 More than 25% of immigration has come from India
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Air Canada offers the shortest flight paths for 6th freedom customers 64 Air Canada’s geographic advantage Illustrative examples for the U.S. market 1. Defined as within 7% circuity of the non-stop option; 2. In 2024 dollars | Source: IATA DDS 2023 data, Air Canada analysis Air Canada’s 6 th freedom ambitions 2.0% 6th freedom U.S. market share ~$900M additional revenue opportunity2 80% of the addressable U.S.-International market can efficiently connect through our hubs1
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65 Notes: Addressable market based on 80% coverage on shortest path defined as within 7% circuity of the non -stop option | Source: IATA DDS 2023 data, Air Canada analysis Air Canada’s complementary hubs can effectively address 6th freedom demand YUL YVR YYZ Toronto Our global hub Montreal Our transatlantic hub Vancouver Our transpacific hub Detroit Barcelona +0 miles via YYZ Philadelphia Osaka +11 miles via YYZ Cincinnati Athens +0 miles via YUL St. Louis Madrid +0 miles via YUL Austin Seoul +5 miles via YVR Miami Manila +53 miles via YVR ~122k daily passengers could efficiently connect ~189k daily passengers could efficiently connect ~55k daily passengers could efficiently connect
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Delivering New Frontiers Unlocking our right -to-win opportunities
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Fleet is at the core of New Frontiers value creation Anticipated EBITDA increase associated with fleet additions 2024 to 2028 1. Refers to expected in fleet by Dec. 31, 2028, per capacity plans; 2. Consists of 33 in fleet with some exercise of purchase rights; 3. Consists of 41 aircraft in fleet and 12 additional | Source: Air Canada analysis Enables better service to existing destinations Supports an enhanced experience Unlocks more destinations Key customer impacts Fleet strategy is at the heart of the >$2B gross EBITDA growth 2030+ 14 aircraft1 A220A321XLR787-10 Ultra-long Haul 737 MAX 25 aircraft1 70 aircraft2 T otal 53 aircraft3 T otal 67
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Boeing 787-10 supports enhanced premium and improved cargo performance 68 More premium seats 30% more business class vs. an A330 More cargo potential ~25% more than an A330 10% CASM reduction1 vs. an A330 Potential deployment possibilities 1. Represents variable CASM, excluding ownership/depreciation costs based on forecasted 2028 environment | Source: Air Canada analysis Key value drivers
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A321XLR has unique capabilities that support margin enhancement 69 12% better RASM than existing A321ceos ~30% lower fuel burn than existing A321ceos Improved schedule with frequency increases or less seasonality New opportunities within long and thin markets Key value drivers Potential deployment possibilities Source: Air Canada analysis
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A220s is the right aircraft for 6th freedom growth and improved regional market performance 70 July 2024 deployment Potential future deployment Key value drivers Potential deployment possibilities Superior financial performance enables new opportunities, such as: • Toronto – Monterrey • Toronto - Sacramento • Montréal - Austin New YVR base by 2026 24% CASM reduction1 vs. Regional Facilitates growth for 6th freedom and regional upgauge Better product on board for our customers 1. Represents variable CASM, excluding ownership/depreciation costs based on forecasted 2028 environment | Source: Cirium Diio, Air Canada analysis
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Boeing 737 MAX at Rouge enhances leisure competitiveness 71 New YVR base by 2026 Key value drivers Potential deployment possibilities ~20% lower CASM1 than existing A320-based fleet More destinations enabled by more capable aircraft Optimized product providing consistent seating New West Coast base to provide coast-to-coast coverage 1. Represents variable CASM, excluding ownership/depreciation costs based on forecasted 2028 environment | Source: Cirium Diio, Air Canada analysis
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72 Note: Opportunities displayed are illustrative and subject to a robust financial and operational assessment Potential international growth opportunities YUL YVR New in 2025: Manila YYZ Many viable international growth opportunities available for Air Canada
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Air Canada is well-positioned in the lucrative premium segment 73 Air Canada is Canada’s premium travel leader… Note: Premium includes First, Business and Premium Economy, with capacity statistics on the basis of premium ASMs | Source: C irium Diio as at Nov 4, 2024, Air Canada internal data Canada premium capacity share 2024; based on departing seats 52% 48% Premium Others …and our premium capacity will continue to grow over the next four years Strong business travel offering Superior product Leading network Exclusive lounges Award-winning loyalty program Premium demand is expected to continue growing, supporting New Frontiers revenue tailwinds Additional levers under evaluation to enable more premium capacity (e.g., LOPA) +24% business ASMs by 2028 +20% premium economy ASMs by 2028
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74 Capitalize on a compelling SME offer Today 2028 1,000+ new accounts since mid-Sept. 2024 Leverage network enhancements 13% more same- day options1 Embrace technology for corporates Self-serve travel buyer portal by 2026 1. 2025 vs. 2023 Air Canada schedule | Source: Air Canada analysis Air Canada is expecting further rebound in business travel
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Revenue management innovation will drive yield growth 75 Air Canada will continue to innovate in revenue management by leveraging modern capabilities to support our New Frontiers objectives AI-driven upselling AI-based market segmentation to optimize upselling Continuous pricing More flexibility within currently constrained RM class-based structure Next-gen airline retailing Investigating solutions to identify the best path forward Branded fares Increased segmentation and differentiated attributes
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Air Canada is well-equipped for New Frontiers growth 76 Network Canada’s leading choice of destinations across 6 continents Hubs In the right cities with the right design to fuel growth Fleet Fit-for-purpose under 3 brands, efficient to support climate goals Cargo RM Innovation Aeroplan Partnerships Vacations Revenue enhancement toolkit Core financial performance drivers Product YUL YVR YYZ
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Break
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Agenda Section Speaker Time Value creation delivered through Air Canada’s transformation MICHAEL ROUSSEAU 9 a.m. – 9:15 a.m. Air Canada Investment thesis 2024 – 2030: Reaching New Frontiers JOHN DI BERT 9:15 a.m. – 10 a.m. Accelerating revenue growth: Capturing our ‘Right to win’ MARK GALARDO 10 a.m. – 10:30 a.m. BREAK 10:30 a.m. – 10:45 a.m. Delivering transformative value MARK NASR 10:45 a.m. – 11:15 a.m. Operational excellence drives margin expansion CRAIG LANDRY 11:15 a.m. – 11:30 a.m. Performance culture committed to execution ARIELLE MELOUL-WECHSLER 11:30 a.m. – 11:45 a.m Strategic growth concurrent with shareholder returns MICHAEL ROUSSEAU 11:45 a.m. – 12 p.m. Questions & Answers – Lunch 12 p.m. – 1 p.m.
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Delivering Transformative Value MA RK NAS R Executive Vice President, Marketing & Digital; President, Aeroplan December 17, 2024
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Key levers for supporting revenue diversification, customer experience and margin expansion — 82 ProductLoyalty IT, Data & Digital
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Loyalty — 83
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Since program relaunch in 2020, Aeroplan has grown significantly, fuelled by a younger, more engaged membership — 2019 vs. 2024: 2X proportion of member base aged 18-24 65% faster to first redemption 50% increase in cobrand purchase volume 84 2014 2016 2018 2020 2022 2024 +2% +124% Active members “ v m mb ” b m m v 18 -months
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85 Gross billings from points issued by international activity 2019 2024 forecast 2.7X Partnerships with the best banks in the world, including all 3 major networks Data based on January to October 2024 Investment in international markets has supported growth of the program and diversification from Canada —
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Aeroplan Members fly more often and spend more with Air Canada – this accelerates after cobrand acquisition — 86 AVG. ANNUAL REVENUE BY CUSTOMER TYPE NUMBER OF TRIPS BY CUSTOMER TYPE Non-Member Basic Member No Card Entry / Core Credit Card Premium Credit Card 4.0X Non-Member Basic Member No Card Entry / Core Credit Card Premium Credit Card 3.3X Average revenue and number of trips data based on trips flown between November 2023 and October 2024. Member and non-member share of Air Canada spend data from January 1 2023, to December 31 2023. Share of total Air Canada spend in Premium Cabin Non-Member Member 7% 17%
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87 Retail partner linking Redeem for Wi - Fi Credit card acquisition Earn on eStore Redeem for flight Credit card upgrade Air Canada earn +21% credit card acquisition after retail linking +70% retail earn after credit card acquisition +42% points earned post- flight redemption +43% increase in flight bookings after becoming a member +26% flight revenue after card acquisition +60% flight revenue post-card upgrade Data based on members three months pre vs post stated member behaviour in 2023 The Aeroplan Flywheel —
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We are pursuing 4 focus areas to improve the program and further accelerate growth — 1 OPTIMIZE FOR INCREMENTALITY 2 NEXT GENERATION PARTNERSHIPS 3 GROW REDEMPTIONS 4 MONETIZE ADJACENCIES 88
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Optimizing core program design to drive airline profitability and passenger revenue incrementality — 89 End of year Status Qualifying Miles (SQM) balance distribution Opportunities to drive profitable customer behaviour Points accrual on Air Canada Elite status qualification Removing member friction 75K50K 100K 1
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First phase of partnership strategy nearly complete — 90 Air Non-air Travel Retail / Everyday 45+ Airline earn and redeem partners 1,400+ Destinations for redemption 40+ Hotel earn, redeem, conversion partners 7+ Car earn and redeem partners 250+ eStore retailers 80 Retail gift card brands 2
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Next phase of partner strategy is targeted, employing a novel approach to complement existing categories — 91 High potential segments Day of travel Innovators & disruption 2
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Significant opportunities to improve redemption proposition, while also expanding margin — Additional inventory from airline partners Seamless redemptions for everyday purchases Expanded hotel, car and vacation package content Leverage industry leadership in redemption science 92 3
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We will leverage the Aeroplan platform to participate in natural adjacencies and unlock new revenue streams — Loyalty-Adjacent Monetization Dining and Lifestyle Opportunities Media Revenue Growth • Growth to date driven by early-stage optimization and insourcing efforts • New insight-driven business model with upgraded technology will maximize revenue from our media properties • The leading dining and lifestyle assets in the country • Leverage existing sponsorships and selectively invest in additional assets to further engage our best customers and grow premium credit card portfolio 93 2019 2024 2026+ 1.5X 2X 4
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Transformation delivered: structural volume growth and margin expansion — 94 1.9X 3rd-party remuneration 1.5X 3rd-party remuneration forecast growth 2024 vs. 2019 2028 vs. 2024 2.0X Operating margin contribution 3rd-party remuneration based on 3rd-party gross billings, credit card benefit fees and other program access fees
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Product —
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Product investments are focused on increasing ticket yield and driving high-margin ancillaries — Premium product leadership Flight ancillary revenues Loyalty 96
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4 main areas of product investment that support customer satisfaction and yield growth — 97 Lounges Cabins Wi-Fi Food & Beverage
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Lounges are a key premium competitive advantage — 98 LOUNGE REVENUE 2019 2022 2023 2024 2025 2026 2027 2.0X 1.5X Most popular premium product 2X customers visit the lounge than fly business class1 +9 new lounges 8 renovated lounges Visitors generate higher revenues 20% higher spend per booking by lounge visitors Valued premium credit card benefit 3X premium cardholders since lounge eligibility 1. Based on flights that originate or depart from airports containing lounges 2. 2020 and 2021 figures have been skipped 43% added capacity 3-YEAR PLAN
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Air Canada is focused on maximizing premium capacity while maintaining cost efficient density — BUSINESS PREMIUM ECONOMY PREFERRED SEATS 24% higher ASM by 2028 99 20% higher ASM by 2028 136% higher ASM by 2028
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New LOPAs reflect our focus on premium revenue — BOEING 787 -10 LAYOUT +40% Business cabin seats +33% Premium Economy seats +117% Preferred seats +11% Overall capacity A220 +67% Preferred seats compared to E175 +300% Preferred seats compared to current layout 777-300ER 100 787 -9 787 -10
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New Glowing Hearted design standard will elevate the customer experience throughout the entire journey — 101
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Fast, free Wi-Fi 102 Availability of fast, free Wi-Fi across the AC fleet 83% 90% 97% 99% Q2'25 Q3'25 Q4'25 Q1'26 Fast, free Wi-Fi is a key enabler for revenue growth and improved onboard experience Improve Customer Experience Higher Premium Traffic New Media Business Sponsorships Modernize Onboard Retail Fast, free Wi-Fi will be ubiquitous across the Air Canada fleet by 2026 —
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+27 Economy Class NPS lift1 103 +32% Higher revenue per transaction vs. 2019 Upgraded Food and Beverage offering is a key element supporting improved NPS — 1. Undisrupted Economy U.S.& Canada flights YoY June-November 2024
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104 PRODUCT DESIRED OUTCOME Lounges • Expand lounge network in key markets • Increase capacity at existing lounges • Upgrade lounge product Cabins • Increase premium seating capacity • New layouts to optimize revenue • Update cabins to reflect new standard Wi-Fi • Ubiquitous fast, free Wi-Fi • Capable technologies • Capture media opportunities Food & Beverage • Modernize Bistro program & onboard retail • Increase willingness to pay • Improve NPS Best-in-class product enabling Air Canada’s right to win —
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IT, Data and Digital —
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106 Air Canada is enjoying the benefits of expanded tech investments; however, there is more to come… — Time Horizon Value Delivered 2025 2030 Commercial Operations Corporate Transformation 2015 Modernization Modernization Modernization Transformation Transformation Optimization Optimization Optimization Business transformation will require technology modernization across all remaining parts of our business 100% Transformational projects: • Origin – Destination revenue management system • New passenger service system with modernized website and app Foundational initiatives for next stage of growth: • Aeroplan relaunch • New distribution capability and channels transformation • Continuous pricing 2015 -2019 2020 -2024
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• Build on operations stability gains • Become more operationally reliable • Engage employees & drive up sentiment • Surpass pre-COVID satisfaction levels • Control costs & improve productivity Revamp Customer Disruption & Recovery Digitize Workforce with Employee Mobility New Crew Management System Digital Twins Step-change improvement to productivity, quality and decision support for our operations — ObjectivesKey Initiatives 107
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Commercial Corporate • Drive margins across the airline • Complete distribution transformation • Implement new retail capabilities • Grow Aeroplan, improve value proposition • Create and grow new ancillary businesses • Significantly improve employee experience • Transform for easier, more efficient processes • Drive back-office automation and productivity • Optimize fuel spend • Enable better decision-making with new data New Distribution Capability Continuous Pricing NextGen Retailing: Offer & Order Aeroplan Redemptions & Partnerships AI Fuel Purchase & Inventory System Modernized ERP / Finance System Replace HRIS & Evolve HR Ecosystem Employee Travel System Complementing operations, we have the capacity and expertise to deliver additional commercial value, while replatforming legacy Corporate technologies — 108 ObjectivesKey Initiatives
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Opportunity Themes Optimize resources 109 We have identified specific cost transformation opportunities in the IT, Data & Digital domains — 1. Excluding depreciation/ amortization 1 2 3 Complete cloud transition and modernize core infrastructure Pursue deeper partnerships with select high value providers 2017 2018 2019 2022 2023 2024 2025 2026 2027 2028 Air Canada technology spend 1, % of revenue
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~1% of revenue invested annually in IT, Data & Digital modernization, research and development — 110 +13 pts NPS improvement ~7-8% p.a. Revenue growth ~3% CAGR Productivity improvement Operations Commercial Customer 2024 -2028
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Building on our demonstrated success to reach New Frontiers — 111 Cementing Aeroplan’s competitive advantage and further accelerating its growth by improving value for both members and partners Investing to grow our premium product leadership position and further differentiate ourselves from competitors Investing in the right IT, Data & Digital capabilities that deliver step-change productivity and efficiency improvements while advancing our commercial capabilities
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Operational Excellence drives margin expansion CR AIG L AND RY Executive Vice President and Chief Operations Officer December 17, 2024
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~$3.5B Targeting ≥$5B adjusted EBITDA and ≥17% adjusted EBITDA margin by 2028 1 115 Inflationary hotspots Capacity growth Network scale, mix and optimization Modern fleet cost optimization Labour productivity ≥17%~15%2Adj. EBITDA margin, % Margin levers ~$1B incremental adjusted EBITDA 300bps+ margin expansion by 2028 1. As communicated in Air Canada’s news release dated December 17, 2024 2. Conservative adjusted EBITDA margin assumption (below 16% 2024 FY Expectations) ≥$5B ~$1.5B incremental growth ’24-’28 Adj. EBITDA 2024 Adj. EBITDA 2028 ~10% p.a. EBITDA growth driven by additional capacity and margin expansion $B 1.
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We continue to make smart investments that balance 3 core objectives, enabling growth for Air Canada 116 We already have a proven track record of driving improvements in our core objectives over recent years, seeing to date: On-Time Performance +17 percentage points Improvement vs. 2022 Customer Satisfaction +11 point improvement NPS vs. 2023 Efficiency – Productivity +13 % Improvement vs. 2022 Efficiency Operational Performance (OTP) Customer Experience (NPS) Through smooth operations and productivity Providing an elevated and smooth customer experience throughout their journey Based on 2024 projections
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Operational Performance (OTP) 117
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We have a proven track record of improving on-time performance On-Time Performance 118 Achieved through strategic investments in: AI-driven Schedule optimization balancing commercial and operational parameters to create the optimal schedule T echnology enhancements through customer channels addressing Carry-On Baggage and Documentation related-delays T echnology transformation in Operational systems such as AI-driven slot optimization to manage on-the-day decision-making Frontline colleague-rallying metrics to focus all team members on achieving OTP 2022 2023 2024 54 63 71 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022-2023 +9p.p. 2023-2024 +8p.p. A@14 Arrive on time!
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And a clear path that continues building OTP On-Time Performance 119 A data-led integrated planning approach with modifications to: ▪ Turnaround times ▪ Schedule peaks ▪ Minimum connecting times ▪ Gate assignments ▪ Maintenance downtime Younger fleet with improved dispatched reliability and optimized cabin designs, such as more carry-on baggage capacity Leveraging mobility and operational AI to improve turnaround performance at our airports worldwide Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 119 2023 +9p.p. Actual 2024 +8p.p. Projected 2025 +2p.p. Target 2026 +2p.p. Target A@14 Arrive on time! Improvement over time
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Operational performance (OTP) delivers strong financial benefits 120 Reduced disruption-related costs and improved customer satisfaction Increased fleet utilization allowing more ASM production and lower CASM RASM benefits from connecting customer high yield revenue strategy and competitive minimum connection times Improved workforce efficiency and supplier cost reductions A@14 Arrive on time! Contributing to EBITDA margin expansion toward 2028
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Customer Experience (NPS) 121 Providing an elevated and smooth customer experience throughout their journey
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Customer Satisfaction 122 We launched our Elevating the Customer Experience (ECX) transformation program in 2022. ECX is key to our commercial strategy to unlock our right to win in new markets and 6th freedom opportunities. +10 pts NPS improvement 2024 vs. 2023 +12 pts Connecting customer CSAT improvement NPS Customer Satisfaction +13 pts Further improvement planned by 2028
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Customer Satisfaction 123 Disruption & RecoveryOTP T able stakes. Customers hold the basic expectation that we will be on time. How we make it easy for customers when things go wrong Successfully implemented initiatives include: Full suite of customer -facing tools: Customer notifications | Baggage tracking Self-service options | Automated bebooking Digitization for disrupted customers: Automated meal vouchers | Digital self -service hotel options | Digital transportation vouchers Seamless connections on AC and our partners: Atlantic joint venture hub connection process Start Alliance connections centres Aligned customer handling and digital solutions Atlantic Joint Venture All together more We are focused on reducing detractors NPS Customer Satisfaction
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Disruption & RecoveryOTP T able stakes. Customers hold the basic expectation that we will be on time. How me make it easy for customers when things go wrong Customer Satisfaction 124 Customer Journeys Unique Service Culture Improving end-to-end travel with Air Canada by customer segment Service excellence and employee engagement that will differentiate Air Canada globally And improving promoters of Air Canada NPS Customer Satisfaction We are focused on reducing detractors
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125 Making it easy We are committing to making travel easy for our customers, and great service easy for our colleagues to deliver. Unique service culture We ensure our service feels uniquely yet consistently “Air Canada,” enshrined in bringing the best of Canada to the world. Do what you feel is right, we trust you Empowered frontline colleagues who can deliver intuitive customer service in the moment. Share the best of Canada – at home and around the world Care & Class creates service differentiation for Air Canada driving customer attraction and retention in Canada and around the world at a yield premium NPS Customer Satisfaction
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Efficiency 126 Through smooth operations and productivity
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Efficiency 127 Efficiency Productivity From 2024-28 ~3%+ CAGR productivity improvement Productivity profile, frontline operations MM ASMs per Adj. FTE, estimated2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Crisis and recovery Stabilization 2024-28 improvement >1% efficiency from schedule and fleet <1% efficiency from operational performance >1% efficiency from initiatives 3 components of efficiency (CAGR): • More efficient departure mix (e.g., larger gauge) • Reduced labour hours driven by improved OTP • Initiatives focused on improving labour productivity • New regulations • Ecosystem constraints and close -in schedule due to COVID • Workforce challenges Expected continued improvement to +20x% +20%+13% productivity improvement (MM ASMs per Adj. FTE)
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Efficiency 128 Our new fleet and network plans enable a lower CASM by reducing fixed labour costs exposure associated with turnarounds with only a modest increase in variable costs. Increased long-haul flying mix YYZ YHZ YYZ LHR Fixed: Ground-handling maintenance Variable: Crew pay YUL YOW Labor utilisation 12 Hour period for an A321 Fixed: Ground-handling maintenance Fixed: Ground-handling maintenance Variable: Crew pay Fixed: Ground-handling maintenance Variable: Crew pay Fixed: Ground-handling maintenance Variable: Crew pay Fixed: Ground-handling maintenance Efficiency Productivity
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Efficiency 129 Maintenance technology and modern fleet • Predictive maintenance powered by in-house AI • Better scheduling of parts, tools and mechanics • Reduces unproductive maintenance time and AOG events • Modern maintenance practices reducing task time and aircraft downtime such as drone inspection technology Efficiency Productivity
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Efficiency 130 Partnering on robotics and automation Airport baggage handling Partnering with our main airports as they plan to upgrade their infrastructure to install industry-leading autonomous baggage handling systems Autonomous vehicles Trialing partial and fully autonomous ground support equipment, which improves performance, improves safety and increases efficiency of our operations Efficiency Productivity
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Efficiency 131 Leveraging self-service and AI-augmented channels Leverage new functionality, such as generative AI and chat-based functionality, to drive efficiency and customer satisfaction. Customer self-service: Mobile app and online Over 80% of customers are utilizing online services for their travel. Continuously developing new functionality including baggage recovery, rebooking and day of travel information. Customer self-service: Airports Over the next 4 years we plan to improve self-service bag drop by 30%. A leader in Canada as we continue to roll out digital identification boarding. Efficiency Productivity Customer handling
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Efficiency 132 Elevating roles for our colleagues Improved availability for high-touch customer service Greater empowerment to improve customer experience Build further attraction and retention By leveraging automation, robotics and leveraging self-service technology we will elevate the roles of our frontline colleagues, unlocking: Our colleagues play a critical role in our business plan and success story We have a comprehensive range of initiatives underway that aim to elevate our employees driving further business efficiency benefits and operational performance Greater flexibility through upskilling driving efficiency Engaged workforce Efficiency Productivity
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Smart investments that balance 3 core objectives to reach New Frontiers 133 We already have a proven track record of driving improvements in our core objectives, over recent years, seeing to date: On-Time Performance + 4 percentage points 2026 vs. 2024 Customer Satisfaction + 12 NPS improvement 2028 vs. 2024 Efficiency – Productivity + 13 % 2028 vs. 2024 Efficiency Operational Performance (OTP) Customer Experience (NPS) Through smooth operations and productivity Providing an elevated and smooth customer experience throughout their journey Comparison based on 2024 projections
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Performance culture committed to execution AR IE LL E ME LO UL - WE CH S LE R Executive Vice President, Chief Human Resources Officer and Public Affairs December 17, 2024
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Building a culture of trust, resiliency and leadership for the future — 137
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We made necessary decisions, we knew we had to, but we chose to control how. Leadership during the pandemic — 138
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Maintained communication and trust by providing access to employee communication channels in real time — 139
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Rebuilding our workforce — We mounted one of the largest recruitment efforts in our history. More than 10,000 employees recalled in 2021
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141 Dramatic shift in workforce composition — We are now managing four generations in the workforce.
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Continued evolution of culture — 142 Trust Empowerment Performance
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A strong leadership team propels an empowered workforce — 143
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Elevating leadership — 144
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A resilient leadership bench = a resilient workforce — 145 We are strengthening a deep, resilient leadership bench, building on resiliency in our workforce.
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Ensuring we have the broadest pool of talent — 146
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147 Remaining connected to the pulse of our employees is a priority. We listen —
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Prioritizing health and wellness — 148 Health Wellness Safety Excellence
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A strong culture — 149
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Voluntary turnover numbers: We see results on tangible measures — 9.2% Transportation industry average (2023) 4.46% Air Canada (Jan. 1 - Oct. 31, 2024)
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Celebrating excellence — 151
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Success relies on a high-performance culture — Resiliency Trust Leadership development 152
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Performance culture committed to execution — 153
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Strategic growth concurrent with shareholder returns MI CHA EL RO US S EA U P r e si d e nt a n d Ch i e f Ex e cu ti ve O ffi ce r De c em be r 1 7 , 2 02 4
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Performance culture, disciplined management and superior balance sheet enhance risk / reward proposition A compelling value creation opportunity – 2030 aspiration >$30B Revenue 2030 Accelerated Revenue Growth 7-8% p.a. 18-20% EBITDA margin Margin Expansion of 300bps+ returning to pre- pandemic highs ~5% FCF Margins <12% Capex investment levels Structural FCF margin of ~5% Shareholder Returns ˂300M fully diluted shares outstanding Deploying >$2B to shareholder returns 158
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A compelling value creation plan = shareholder return 159 Strong shareholder return Consistently rewarding our shareholders with near - and long- term distributions Structural value creation generation Investing into our airline and maintaining the focus on operational excellence
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Panel discussion and Q&A De c em be r 1 7 , 2 02 4
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