• Maximization of synergies by consistently promoting integrated and networked cooperation within the Group
• Focus on hub airlines: transformation programs and fleet renewal pave the way for greater profitability
• More than 230 new aircraft by 2030 – including 100 long-haul aircraft
• Point-to-point business with Eurowings, MRO and cargo business complete the Group’s broad portfolio
• New medium-term financial targets for 2028-2030:
  • 8-10 percent Adjusted EBIT margin
  • 15-20 percent Adjusted Return on Capital Employed
  • Over 2.5 billion euros in Adjusted Free Cash Flow per year
• Reduction of 4,000 administrative jobs by 2030 through digitalization, automation, and process consolidation 
   

At its Capital Markets Day in Munich, the Lufthansa Group presented its strategic planning and published new medium-term financial targets.

In front of analysts and investors, the company reaffirmed its goal of adapting the Group’s organizational and operational structure in order to reorganize cooperation and responsibilities within the Group. The aim is to achieve closer and more networked cooperation between group functions and airlines in order to leverage synergies and increase efficiency. In order to create sustainable value for customers, shareholders, and employees, the company is focusing on four strategic pillars under the umbrella of the group:

Network Airlines Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways: The airlines will move even closer together in the future as a result of adjustments to the organizational structure and processes and even deeper integration. This will clarify responsibilities, promote collaboration, and speed up decision-making processes. Group-wide steering of all commercial offer management (e.g., short- and medium-haul network management for all hub airlines) will increase productivity and efficiency. The airlines are also benefiting from continued strong global demand for air travel. This demand is being met by a tight offer due to ongoing delays in the supply chains of aircraft and engine manufacturers, which is having a positive effect on average revenues and load factors. The Lufthansa Group plays an active role in consolidation in Europe and is impressively demonstrating this through the rapid integration of ITA Airways. Existing transformation programs, such as “Turnaround” at the core brand Lufthansa Airlines, are being consistently implemented with the aim of significantly strengthening earnings performance. The largest fleet modernization in the company’s history is a key strategic element for future viability and increased profitability, and a clear commitment to innovation, sustainability, and premium quality. The Lufthansa Group expects to add more than 230 new aircraft by 2030, including 100 long-haul aircraft.

Point-to-point with Eurowings: Following its successful restructuring and repositioning as a value airline for Europe, accompanied by significant increases in earnings, the Eurowings success story is set to continue. In particular, Eurowings is consistently expanding its leisure travel offerings. The tour operator Eurowings Holidays, which was spun off in spring 2025, is bringing innovation and dynamism to the tourism business – with the clear goal of growing rapidly and becoming one of the top ten German tour operators. Further momentum is provided by the largest fleet renewal in the history of Eurowings, which will lead to significantly lower operating costs. With the gradual integration of new short- and medium-haul jets (40 Boeing 737-8 MAX), Eurowings will operate one of the youngest fleets in European aviation.

MRO with Lufthansa Technik: The global market leader in aircraft technical support is on track with the implementation of its “Ambition 2030” program for the future. Comprehensive investments in the growth of its core business, the expansion of locations and international presence, for example in Canada and Portugal, as well as the extension of digital business models are expected to significantly increase revenue and profit by 2030 and further secure the company’s future viability. In addition to its business with commercial airlines, Lufthansa Technik is pushing ahead with the development of its new “Defense” division in order to establish itself in this growth area.

Logistics with Lufthansa Cargo. Lufthansa Cargo is benefiting particularly from growing demand in the e-commerce business and opportunities arising from the volatility of global markets. The expansion of cargo capacities at Europe’s largest cargo airline, significant investments of 600 million euros in the central cargo hub at Frankfurt Airport, and the consistent expansion of automation and digitalization are increasing Lufthansa Cargo’s profitability with the aim of becoming one of the top three global players in the air cargo sector.

Consistent transformation

2025 and the coming years will be marked by significant investments and comprehensive adjustments for the Lufthansa Group. In particular, fleet renewal and future programs such as “Turnaround” at Lufthansa Airlines are part of a comprehensive change aimed at strengthening the Lufthansa Group in the long term and increasing productivity, efficiency, and profitability. These new measures are already delivering tangible positive effects.

The Lufthansa Group will also drive forward its digital transformation in the coming years. By consolidating all IT functions in one Executive Board department and combining the digital units and competencies from the ‘Digital Hangar’ with the ‘Innovation & Tech Factory’ in a new central role, the aim is to significantly expand digital expertise.

Another value driver is the Lufthansa Group’s customer loyalty program “Miles & More”. It is planned to increase the number of active members by 50 percent by 2030. Following the announcement of Deutsche Bank as a new partner for the Miles & More credit card and the strategic partnership with Marriott Bonvoy, the areas of Loyalty, Payment, Partnerships, and Retail Media are to be consistently expanded as growth areas for the Group in the coming years.

New medium-term financial targets

As a result, the Lufthansa Group expects significantly increased profitability by the end of the decade. The company is therefore setting itself new ambitious medium-term financial targets. These are aimed at exceeding the Lufthansa Group’s historical results.

Ultimately, all of the initiatives mentioned pursue a clear common goal: to position the company for the future and achieve sustainably attractive returns for shareholders. To this end, the company aims to achieve the following financial targets in the period 2028-2030:

·         Adjusted EBIT margin of 8 to 10 percent

·         Adjusted ROCE (Return on Capital Employed) before taxes of 15 to 20 percent

·         Adjusted Free Cash Flow of over 2.5 billion euros per year

Financial strength will continue to be the basis for achieving the financial targets. As is currently the case, the Lufthansa Group will continue to strive for an investment grade rating from leading rating agencies in the future. To hedge against potential crises, the Lufthansa Group will continue to maintain a conservative minimum liquidity of 8 to 10 billion euros.

In addition, the company will adhere to its existing dividend policy, which provides for a distribution of 20 to 40 percent of consolidated net income to shareholders.

Integrated cooperation within the Lufthansa Group will lead to significant changes in the processes and structures governing cooperation between Group companies in the future. On this basis, the Lufthansa Group is reviewing which activities will no longer be necessary in the future, for example due to duplication of work. In particular, the profound changes brought about by digitalization and the increased use of artificial intelligence will lead to greater efficiency in many areas and processes. Due to these developments and structural adjustments, the Lufthansa Group plans to cut a total of around 4,000 jobs worldwide by 2030, the majority of which will be in Germany. This will be done in consultation with the social partners. The focus will be on administrative rather than operational roles.

New security initiative streamlines the travel experience for connecting customers by eliminating bag re-check on select international routes

Airline launches new process on daily service from Sydney, Australia to San Francisco, California and plans to expand to additional routes

CHICAGO, Sept. 29, 2025 /PRNewswire/ — United today announced the launch of a new U.S. Customs and Borders Protection (CBP) initiative, the International Remote Baggage Screening (IRBS), for connecting passengers with checked bags that eliminates re-checking bags on select international routes, making the connecting experience even easier and reducing potential missed connections. The new process is currently available for United customers traveling on United’s daily service from Sydney, Australia (SYD) to San Francisco, California (SFO) with a connecting flight to a final destination.

Since launching the initiative, more than 160 passengers on each flight used the new process. These customers saved up to 45 minutes in their connection journey, relieving the stress of making their connecting flights to their final destinations.

Here’s how the process works for connecting passengers on the Sydney to San Francisco flights:

• Check bag at SYD – Travelers drop off checked bags as usual with an agent at the check-in counter in the lobby.
• Arrive at SFO – Passengers connecting on a flight to another destination go to CBP for customs, immigration and agriculture inspections and then head directly to the Transportation Security Administration (TSA) for security screening – removing the step for these travelers to pick-up checked bags at baggage claim and re-check them to their final destinations, unless specifically referred by CBP for further inspection. As the flight is heading to the United States from Sydney,  United, CBP and TSA work together to screen checked bags and once the flight arrives, the bags are loaded onto connecting flights.
• Pick-up at final destination – Travelers simply pick-up their baggage at baggage claim at their final destination and head on their way.

“We’re streamlining the international arrival process by eliminating extra steps for travelers to pick-up and re-check their bags on connecting flights,” said Jennifer Schwierzke, United’s Vice President of Customer Operations Strategy and Execution. “Together with CBP, we’re testing this new process on routes between Sydney and San Francisco and plan to expand to additional international routes in the months ahead.” 

United is partnering with Sydney Airport, BagCheck and Brock Solutions, leading baggage solution providers, to launch this initiative, streamline the connecting experience for customers and improve the efficiency of the bag inspection process.

“It’s great to see United Airlines trialing bag re-check elimination on the Sydney – San Francisco route, one of our busiest long-haul services,” said Scott Charlton, Sydney Airport CEO. “It’s a win for passengers – saving valuable time, making connections easier, and showing how Sydney Airport and our airline partners are working together to deliver smoother, more seamless journeys.”

CBP’s IRBS is the latest way United is improving the connecting experience for travelers. Earlier this summer, United launched new, personalized mobile app features for customers with connecting flights at United’s U.S. hub airports. They can now access a special section of the app that includes a countdown to connecting flights, customized turn-by-turn directions to their connecting gate with estimated walk times, real-time flight status updates, tips for longer layovers and notifications if United’s ConnectionSaver technology has been activated to hold the plane for them. Since launching the features, more than 3.5 million customers have used the new features, achieving a 95% success rate making their connection.

CALGARY, AB, Sept. 29, 2025 /CNW/ – WestJet, an Alberta Partnership and Canadian commercial airline headquartered in Calgary, Alberta (“WestJet”), is providing notice to United States residents of a recent cybersecurity incident that may affect certain individuals’ personal information.

On June 13, 2025, WestJet identified suspicious activity on its systems. WestJet immediately began its investigation and determined that these were the actions of a sophisticated, criminal third party, who gained unauthorized access to WestJet’s systems.

Given the significant importance of data security to the integrity of its business, WestJet was prepared for incidents of this nature and followed its response planning by taking immediate action to contain the incident and secure its systems. As a result, at no point was the safety and integrity of WestJet’s airline operations in question.

WestJet engaged internal and external experts to perform a technical and forensic investigation to identify the nature and scope of the event. Unfortunately, WestJet confirmed that certain data was obtained from its systems. Since making that determination, WestJet diligently conducted an extensive analysis of that data to identify specific data elements and locate current contact information for certain United States residents who were impacted. As of September 15, 2025, WestJet completed that analysis and as a result is providing this notice. Due to WestJet’s internal precautionary measures, no credit card or debit card numbers, expiry dates and CVV numbers, and no guest user passwords were obtained.

The personal information involved in this incident varies from person to person. For most individuals, the type of personal information involved was not sensitive. However, for certain individuals the data may include information such as name, contact details, information and documents provided in connection with their reservation and travel, and data regarding their relationship with WestJet. In line with regulatory requirements, WestJet has identified those individuals who it will contact to provide information and support regarding this incident where WestJet has sufficient contact information. For more information, WestJet has also posted additional information and guidance on its website.

Given the criminal nature of this incident, WestJet closely cooperated with law enforcement, including the US Federal Bureau of Investigation and the Canadian Centre for Cyber Security, and has notified the relevant authorities, including the US credit reporting agencies (TransUnion, Experian, and Equifax), the applicable Attorneys General of the US States with impacted residents, Transport Canada, the Office of the Privacy Commissioner of Canada and its provincial and international counterparts as appropriate.

Containment is complete, and some additional system and data security measures have been implemented. However, analysis is ongoing, and WestJet will continue to take measures to further enhance its cybersecurity protocols.

In addition, WestJet retained the assistance of Cyberscout, a TransUnion company, in providing impacted individuals with fraud assistance and remediation services. If you received an email or letter notice about this incident directly from WestJet, that notice sets out the types of personal information about you that may have been involved in this incident and provides information on how to access identity theft protection services.

If you were not contacted by WestJet directly and would like to know whether your data was involved, please contact WestJet at 1-888-937-8538 or wjresponseteam@westjet.com.

WestJet encourages individuals to remain vigilant against incidents of identity theft and fraud, to review account statements, and monitor free credit reports for suspicious activity. Out of an abundance of caution, if potentially affected individuals would like to take additional measures to protect against identity theft, the Federal Trade Commission provides general advice here: https://consumer.ftc.gov/features/identity-theft.

We sincerely regret this situation, and we remain grateful for the support and patience of the thousands of guests and WestJetters who place their trust in us.

– Global carrier grows its 787 Dreamliner order book to support growth, fleet renewal

– Commitment to purchase up to 150 737 MAX jets will be the airline’s largest Boeing single-aisle order

SEATTLE, Sept. 25, 2025 /PRNewswire/ — Boeing [NYSE: BA] and Turkish Airlines announced today a firm order for up to 75 787 Dreamliners, the flag carrier’s largest ever Boeing widebody purchase. The deal includes 35 of the 787-9 model, 15 of the larger 787-10, and options for 25 787 Dreamliners to grow and modernize the airline’s fleet. The new order will support more than 123,000 jobs across the U.S.

The airline also announced its intent to purchase up to 150 more 737 MAX airplanes, which will be its largest Boeing single-aisle order when finalized. The 787 and 737 MAX orders combined will double Turkish Airlines’ Boeing fleet as the carrier expands its capacity and network.

“This landmark agreement represents much more than a fleet growth. It is a reflection of our leadership in the industry as well as our dedication to innovation and operational excellence,” said Prof. Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee. “The addition of these advanced Boeing aircraft to our fleet will not only enhance our operational capabilities but also become a significant element supporting Turkish Airlines’ 2033 Vision of expanding our fleet to 800 aircraft.”

Across a network that reaches the most countries of any airline in the world, Turkish Airlines operates more than 200 Boeing jets today, including the 787-9, 777, 737 MAX, Next-Generation 737 and 777 Freighter airplanes.

Adding the larger 787-10 to its future fleet will enable Turkish Airlines to benefit from additional passenger and cargo capacity while improving fuel efficiency on high-demand routes between Istanbul and destinations in the U.S., Africa, Southeast Asia and the Middle East.

The 787-10, like the 787-9, also offers superior passenger comfort with the largest windows of any widebody jet, air that is less dry and pressurized at a lower cabin altitude, and technology that senses and counters turbulence for a smoother ride.

“We are honored that Turkish Airlines has once again chosen the 787 Dreamliner and 737 MAX to power its future growth,” said Stephanie Pope, president and CEO of Boeing Commercial Airplanes.

Turkish Airlines is one of the global operators that have made the 787 a versatile component of their long-haul fleets. With more than 1,200 airplanes delivered, the 787 Dreamliner family serves about 500,000 passengers daily and connects the most countries of any widebody fleet.

Pope added, “As a proud partner to Türkiye and the Turkish aviation industry for 80 years, we look forward to continuing our support of Turkish Airlines as they expand operations and deliver exceptional experiences to their passengers.”

For eight decades, Boeing has supported Türkiye’s airline operators with commercial jets and services, as well as the government with defense platforms.

With offices in Ankara and Istanbul, Boeing has invested $2 billion in supply chain development, creating nearly 5,000 jobs in Türkiye. These investments foster growth in the local aerospace sector, promote innovation, and enhance the integration of Turkish industry into the global aerospace supply chain through its supplier development program.

A leading global aerospace company and top U.S. exporter, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. Our U.S. and global workforce and supplier base drive innovation, economic opportunity, sustainability and community impact. Boeing is committed to fostering a culture based on our core values of safety, quality and integrity.

– Leading Scandinavian airline extends its commitment to the 737 MAX with agreement for 30 737-8 airplanes

– Fuel-efficient, reliable 737 MAX airplanes to help Norwegian Group expand its network across Europe

---

OSLO, Norway, Sept. 26, 2025 /PRNewswire/ — Boeing [NYSE: BA] and Norwegian Group announced today that the airline group has placed an order for 30 737-8 airplanes as the airline looks to expand its service across Europe.

The agreement represents the group’s first direct Boeing order since 2017 and increases their 737 MAX order book to 80 airplanes.

“This milestone aircraft order is on attractive terms and secures our fleet growth in a way that supports our planned growth and sustainability targets. By exercising the options and adjusting the delivery profile, we maintain flexibility while reinforcing our commitment to operating one of the most modern and fuel-efficient fleets in Europe,” said Geir Karlsen, CEO of Norwegian. “These aircraft will not only lower emissions but also provide our customers with an even better travel experience. We are pleased to extend our solid long-term partnership with Boeing through this order.”

Norwegian has predominantly operated Boeing single-aisle airplanes since placing its first order for the Next-Generation 737-800 in 2007. It was the first European airline to take delivery of the 737 MAX in 2017 and was also the first airline to operate the 737-8 model on transatlantic routes between Europe and the U.S.

In 2022, Norwegian restructured its order book, firming its commitment to 50 737-8s with options for an additional 30 airplanes.

“Norwegian’s impressive performance over the past few years has demonstrated the strength of their network, business model and strategy. Today’s agreement for an additional 30 737-8s will support their ambition to be the airline of choice in Scandinavia, providing flexibility to expand across Europe and beyond,” said Brad McMullen, Boeing senior vice president of Commercial Sales and Marketing. “Norwegian has been a great partner to the 737 program, having placed over 200 orders for the 737 NG and MAX since 2007. We are honored that Norwegian continues to place its trust in our 737 team to grow its business.”

The 737-8 model can carry up to 200 passengers depending on configuration, with a range of up to 3,500 nautical miles (6,480 km). The 737 MAX family is well-suited to support airline fleet modernization by reducing fuel use and carbon emissions by 20% compared to the airplanes they replace.

About Norwegian 
The Norwegian group is a leading Nordic aviation company, headquartered at Fornebu outside Oslo, Norway. The company has over 8,200 employees and owns two of the prominent airlines in the Nordics: Norwegian Air Shuttle and Widerøe’s Flyveselskap. Widerøe was acquired by Norwegian in 2024, aiming to facilitate seamless air travel across the two airline’s networks.

Norwegian Air Shuttle, the largest Norwegian airline with around 4,700 employees, operates an extensive route network connecting Nordic countries to key European destinations. In 2024, Norwegian carried 22,6 million passengers and maintained a fleet of 86 Boeing 737-800 and 737 MAX 8 aircraft.

United completed equipment installation on first 737-800 and expects first customer flight to depart from Newark/New York on October 15

Starlink is now installed on more than half of the aircraft in United’s regional fleet, and the airline continues to install Starlink on approximately 50 regional jets each month

CHICAGO, Sept. 26, 2025 /PRNewswire/ — United today announced the FAA certified its first mainline Starlink-equipped aircraft, and the first commercial flight is planned for October 15.

This certification comes less than five months since the first Starlink-equipped United customer flight on the Embraer 175 regional aircraft and less than a year since United signed the industry’s largest agreement of its kind with SpaceX to bring Starlink’s fast, reliable Wi-Fi service free to MileagePlus members on the airline’s mainline and regional aircraft fleet.

The FAA approved Starlink’s Supplemental Type Certificate (STC) amendment for the Boeing 737-800 to include United’s fleet. United completed the equipment installation on its first mainline aircraft and expects the first Starlink-equipped mainline flight to be onboard a United Boeing 737-800 that will fly from Newark/New York on October 15.

United’s first Starlink-equipped regional flight took place on a regional jet in May 2025, and the airline now has Starlink installed on more than half of the aircraft in its regional fleet. Initial customer scores on those flights have been noteworthy with 90% of customers appreciating the ability to stream onboard with Starlink’s high-speed, easy-to-use and consistent connection.  

“Customers are loving the Starlink experience onboard our regional aircraft, and our first Starlink-equipped mainline aircraft will bring a superior inflight experience to even more people,” said Grant Milstead, United’s Vice President of Digital Technology. “We’re working to install Starlink and offer game-changing inflight entertainment experiences like streaming services, shopping, gaming and more.” 

Starlink stands to unlock an incredible onboard experience for United customers – the fastest Wi-Fi in the sky, for free.

Starlink continues to secure an FAA STC to install Starlink on every United aircraft type getting the new equipment – more than 16 total regional and mainline aircraft models.

The FAA certification process involves approval of the design, installation, testing and certification of the system to ensure safe and reliable operations. United unveiled the Starlink installation process earlier this year, underscoring the technical operations benefits associated with the equipment, including size and weight as well as the ease of install and maintenance. The Starlink system, when compared to non-Starlink equipment, allows for a faster and simpler installation because it is lighter, requiring less fuel to operate the aircraft and is more reliable and weather-proofed.

Starlink is free for all MileagePlus® customers and includes game-changing inflight entertainment experiences like streaming services, shopping, gaming and more, thanks to Wi-Fi speeds up to 250 megabits per second (Mbps). Membership to MileagePlus® is also free, and people can sign-up now at united.com/starlink.

MONTRÉAL, Sept. 24, 2025 /CNW/ – Air Canada today provided certain estimated results for the third quarter of 2025 and updated full year 2025 guidance, which was suspended in August 2025. Air Canada also provided an estimate of the financial impact of the labour disruption in August by the Canadian Union of Public Employees (CUPE), the union representing cabin crew.

Q3 2025 Estimated Results

Air Canada anticipates, for the quarter ending September 30, 2025:

• Operated capacity to decline by approximately 2% from the same period in 2024 as a result of the cancellation of more than 3,200 flights;
• Operating income between $250 million and $300 million, which includes approximately $175 million from one-time non-cash pension plan amendments and other labour related charges and adjusted EBITDA* between $950 million and $1 billion. Air Canada’s operating income totalled $1.040 billion and adjusted EBITDA $1.523 billion for the third quarter of 2024.

^{*Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted CASM and free cash flow are referred to in this news release. Such measures are non-GAAP financial measures, non-GAAP ratios, or supplementary financial 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. Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of these measures, and for a reconciliation of Air Canada non-GAAP measures used in this news release to the most comparable GAAP financial measure.}

Labour Disruption Impacts

During the collective bargaining period with CUPE, Air Canada developed comprehensive plans to ensure the safe and orderly wind down and restart of its operations in the event of a labour disruption. When CUPE gave notice of its intent to strike, Air Canada acted on these contingency plans and ultimately cancelled over 3,200 flights in August 2025.

Financial impact. The financial impact of the labour disruption, which included an unlawful strike, is estimated to be $375 million in operating income and adjusted EBITDA*. This amount is derived from the combination of three components. First, the revenue impact is estimated to be $430 million, mainly due to refunds issued to customers, customer compensation and lower than expected travel bookings in August and early September. Second, $145 million in costs are estimated to have been avoided due to less flying activity, largely attributable to lower fuel expenses. Third, the cost avoidance was partially offset by an estimated $90 million of incremental costs associated with reimbursements to customers for out-of-pocket expenses and labour-related operating costs.

Affected customers. Air Canada deeply regrets the impact of the disruption on its customers and remains committed to resolving every claim submitted by affected customers quickly and accurately, having done so for more than 60,000 claims to date. Air Canada continues to update its progress and to provide information on its goodwill policies at the dashboard available at www.aircanada.com/action.

Arbitration with CUPE. Air Canada and CUPE are proceeding to arbitration to finalize the wage portion of the four-year tentative agreement. No labour disruption can be initiated by either party during the arbitration process or the term of the new agreement.

Updated Full Year 2025 Outlook

Air Canada is restoring and updating its full year 2025 financial and capacity guidance to reflect the financial and operational impact of the CUPE labour disruption and its expectations for the remainder of 2025, as follows:

Metric	Updated 2025 Guidance	Prior 2025 Guidance (Suspended on August 18, 2025)
Adjusted EBITDA*	$2.9 billion to $3.1 billion	$3.2 billion to $3.6 billion
ASM capacity	0.5% to 1.5% increase versus 2024	1% to 3% increase versus 2024
Adjusted CASM*	14.60 ¢ to 14.70 ¢	14.25 ¢ to 14.50 ¢
Free cash flow*	-$50 million to $150 million	Break even +/- $200 million

^{*Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of these measures, and for a reconciliation of Air Canada non-GAAP measures used in this news release to the most comparable GAAP financial measure.}

Major Assumptions

Air Canada made assumptions in providing its guidance—including a marginal Canadian GDP growth for 2025. Air Canada now assumes that the Canadian dollar will trade, on average, at C$1.39 per U.S. dollar for the full year 2025 and that the price of jet fuel will average C$0.92 per litre for the full year 2025. 

Air Canada’s estimates for the third quarter of 2025 and the guidance for the full year 2025 constitute forward-looking information within the meaning of applicable securities laws and are subject to important risks and uncertainties. Please see the discussion below under Caution Regarding Forward-looking Information. 

All figures and information indicated herein with respect to the third quarter ending September 30, 2025 reflect estimates with respect to such results based on currently available information, and have not been reviewed by the auditors. Air Canada’s actual results for the third quarter 2025 may vary from these estimates as the interim period is not yet complete and remains subject to completion of closing procedures, final adjustments, management’s review of results and completion of the interim unaudited consolidated financial statements. Other developments may arise between now and the time the financial results are finalized, and results could be materially different than the estimates set forth herein. These estimates will be supplemented by the third quarter 2025 consolidated financial information which will be released in accordance with applicable requirements.

Non-GAAP Financial Measures

Below is a description of certain non-GAAP financial measures and ratios used by Air Canada to provide readers with additional information on its financial and operating performance. 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 financial measures or ratios described in this section 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 for a more meaningful comparison to other airlines.

Air Canada excludes the effect of impairment of assets, if any, when calculating adjusted CASM and adjusted EBITDA, as it may distort the analysis of certain business trends and render comparative analysis across periods or to other airlines less meaningful.

A charge of $34 million was recorded in the third quarter of 2024 in other operating expenses related to estimated costs associated with contractual lease obligations. Air Canada excluded this expense in computing adjusted CASM and adjusted EBITDA.

Air Canada recorded a one-time pension past service cost of $490 million in the fourth quarter of 2024 as a result of certain pension plan amendments made in conjunction with the ratified 2024 collective agreement with its pilots. Air Canada excluded this charge in computing adjusted CASM and adjusted EBITDA.

In the third quarter of 2025 Air Canada expects to record a one-time pension past service cost and other labour related charges of approximately $175 million, including from the pension plan amendments made in conjunction with the tentative agreement reached with CUPE. Air Canada has excluded this charge in computing its estimated third quarter 2025 adjusted EBITDA and its guidance for the full year 2025 in respect of adjusted CASM and adjusted EBITDA.

Adjusted CASM

Air Canada uses adjusted CASM to assess the operating and cost performance of its ongoing airline business without the effects of aircraft fuel expense, the cost of ground packages at Air Canada Vacations, freighter costs and other items discussed above. These items 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 for a more meaningful comparison to that of other airlines.

In calculating adjusted CASM, aircraft fuel expense is excluded from operating expense results as it fluctuates widely depending on many factors, including international market conditions, geopolitical events, jet fuel refining costs and Canada/U.S. currency exchange rates. Air Canada also incurs expenses related to ground packages at Air Canada Vacations which some airlines, without comparable tour operator businesses, may not incur. In addition, these costs do not generate ASMs and therefore excluding these costs from operating expense results provides for a more meaningful comparison across periods when such costs may vary.

Air Canada also incurs expenses related to the operation of freighter aircraft which some airlines, without comparable cargo businesses, may not incur. Air Canada had six Boeing 767 dedicated freighter aircraft in service as at December 31, 2024, and seven as at December 31, 2023. These costs do not generate ASMs and therefore excluding these costs from operating expense results provides for a more meaningful comparison of the passenger airline business across periods.

The following tables provide the adjusted CASM reconciliation to GAAP operating expense for the periods indicated.

(Canadian dollars in millions, except where indicated)	Full Year
	2024		2023
Operating expense – GAAP	$	20,992	$	19,554
Adjusted for:
Aircraft fuel		(5,118)		(5,318)
Ground package costs		(782)		(720)
Freighter costs (excluding fuel)		(163)		(157)
Provision for contractual lease obligations		(34)		–
Pension plan amendments		(490)		–
Operating expense, adjusted for the above-noted items		14,405		13,359
ASMs (millions)		104,381		99,012
Adjusted CASM (cents)	¢	13.80	¢	13.49

Adjusted EBITDA

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) is commonly used in the airline industry and are used by Air Canada as a means to view operating results before interest, taxes, depreciation, amortization and impairment and other items discussed above. These items can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.

Adjusted EBITDA is reconciled to GAAP operating income (loss) as follows:

(Canadian dollars in millions)	Third Quarter				Full Year
	2025 (Estimated)		2024		2024		2023
Operating income – GAAP	$	250-300	$	1,040	$	1,263	$	2,279
Add back:
Depreciation and amortization		525		449		1,799		1,703
EBITDA	$	775-825	$	1,489	$	3,062	$	3,982
Add back:
Provision for contractual lease obligations		–		34		34		–
Pension plan amendments and other labour related charges		175		–		490		–
Adjusted EBITDA	$	950-1,000		1,523		3,586		3,982

Free Cash Flow

Air Canada uses free cash flow as an indicator of the financial strength and performance of its business, indicating the amount of cash Air Canada can generate from operations and after capital expenditures. Free cash flow is calculated as net cash flows from operating activities minus additions to property, equipment, and intangible assets, and is net of proceeds from sale and leaseback transactions.

The table below reconciles free cash flow to net cash flows from (used in) operating activities for the periods indicated.

(Canadian dollars in millions)	Full Year
	2024		2023
Net cash flows from operating activities	$	3,930	$	4,320
Additions to property, equipment, and intangible assets		(2,636)		(1,564)
Free cash flow (1)	$	1,294	$	2,756

The tables below present comparative figures for the 12-month periods ending December 31, 2024 and 2023, in reference to Air Canada’s full-year 2025 guidance.

(Canadian dollars in millions, except where indicated)	2024 Results	2023 Results
ASM Capacity	104.381 billion	99.012 billion
Adjusted CASM (cents)	13.80¢	13.49¢
Operating expenses	$20.992 billion	$19.554 billion
Adjusted EBITDA	$3.586 billion	$3.982 billion
Operating income	$1.263 billion	$2.279 billion
Free cash flow	$1.294 billion	$2.756 billion
Net cash flows from operating activities	$3.930 billion	$4.320 billion

Twenty-one teams from across Calgary compete to haul 67,000-pound aircraft, raising money for Canadian families in need of medical care far from home

CALGARY, AB, Sept. 24, 2025 /CNW/ – WestJet celebrates Hope Air’s annual Haul for Hope in Calgary today with a record number of all WestJet employee teams competing to haul a 67,000-pound Q400 aircraft to raise money for Hope Air. Of the total teams in Calgary competing, 10 of them are comprised of WestJet employees from across all areas of the business, signifying care and commitment to community investment.

“I am proud to once again participate in Hope Air’s Haul for Hope alongside 260 fellow participants who share in our commitment to provide Canadians in financial need access vital medical care far from home,” said Alexis von Hoensbroech, WestJet Chief Executive Officer. “Our longstanding partnership with Hope Air is a testament to how essential air travel is in Canada and with 41 domestic destinations across WestJet’s network, we are proud to support Hope Air in their mission to make it easier for Canadians to access vital medical care.”

“We are thrilled to celebrate the incredible energy, teamwork, and generosity at our final Haul for Hope in Calgary,” said Mark Rubinstein, CEO of Hope Air. “Thanks to WestJet, our amazing participants, and the Calgary International Airport (YYC) community, this event will have a direct impact on the patients and families who rely on Hope Air to access life-saving medical care far from home. Together, we’ve proven that when a community comes together, distance and cost don’t have to be barriers to care.”

“YYC Calgary International Airport connects Canadians across the country and around the world,” said Chris Dinsdale, President and CEO, Calgary Airports. “We’re proud to join with WestJet to raise funds for Hope Air, to support access to critical health care for everyone.” 

Since 2007, WestJet and Hope Air have partnered to provide thousands of flights for Canadian families in need of medical care and fundraised thousands of dollars for Hope Air through the gift of flight, signifying the transformative impact of this partnership.

Empowering customers with real-time visibility, instant booking, and 24/7 access – anytime, anywhere

Qatar Airways Cargo, the world’s leading air cargo carrier, has unveiled its newly revamped QR Cargo Mobile App, offering customers a powerful digital platform to manage their shipments with ease and flexibility. The enhanced app enables users to book cargo, track shipments in real time, access flight schedules, manage e-AWBs, request quotes, receive notifications, and connect with support – all from their mobile devices.

The launch aligns with the cargo carrier’s digitalisation vision by reducing manual dependencies and empowering customers with greater self-service capabilities through easy-to-use business channels. Registered customers can now manage their bookings on the go, enjoying full access to the carrier’s intuitive online booking portal, Digital Lounge, from quotation to confirmation. 

Mark Drusch, Chief Officer Cargo at Qatar Airways Cargo commented: “A robust and well-designed cargo app provides customers with the convenience they expect – managing their business through their mobile devices. Additionally, the revamped mobile app streamlines operations, enhances efficiency, and accelerates service delivery. We’ve meticulously enhanced the QR Cargo Mobile App to deliver a seamless digital experience for our customers. By placing our industry-leading Digital Lounge in the palm of our customers’ hands, we’re empowering them with full access to every capability needed to manage their shipment journey with us – through a smooth intuitive native mobile experience.

“Whether you’re a freight forwarder, shipper, consignee, or simply exploring our network and services, the app puts control at your fingertips – with instant booking options and real-time updates.”

With full-service capabilities and seamless integration into Qatar Airways Cargo’s backend systems, the app sets a new benchmark for online cargo bookings. Designed with user experience at its core, the QR Cargo Mobile App offers:

• Real-time shipment tracking
• Live flight schedules
• Station-level cargo handling capabilities  
• Instant booking and booking update functions
• Digital document upload (e.g. e-AWB)
• Push notifications and alerts
• Personalised dashboard
• 24/7 access to customer support
• Multi-user profile access (e.g. forwarders or agents)
• Integrated with the Digital Lounge e-booking platform