Air Canada (AC) AGM 2025 summary

Opening remarks and agenda

• Reaffirmed commitment to Indigenous inclusion and recognized traditional lands flown over.

• Meeting called to order with quorum present and agenda adopted; rules of conduct and materials provided online.

• Voting opened for all agenda items, with shareholders participating globally.

• CEO Michael Rousseau absent due to medical reasons but remains engaged with operations.

Financial performance review

• Achieved record operating revenue of nearly CAD 22.3 billion in 2024, up CAD 422 million from 2023.

• Adjusted net income exceeded CAD 1.3 billion; adjusted EPS was $3.55.

• Generated CAD 1.3 billion in free cash flow and ended the year with CAD 9.2 billion in liquidity.

• Bought back and canceled over 35 million shares during the year and early 2025.

• Air Canada Vacations and Cargo divisions delivered strong performances, with cargo revenue up 7%.

Board and executive committee updates

• Board oversaw progress in financial performance, strategic initiatives, and sustainability.

• Two new board members added in the past five years, maintaining continuity and experience.

• If all nominees elected, 42% of the board will be women; new policy sets gender representation at 35%-45%.

• Acknowledged outgoing board member Michael Wilson for his service.